Core Viewpoint - In the first half of 2025, the company reported significant revenue growth driven by increased sales of energy-efficient temperature control products for data centers and related sectors [1][2]. Financial Performance - The company achieved a revenue of 2.573 billion yuan, representing a year-on-year increase of 50.25% [1]. - The net profit attributable to shareholders was 216 million yuan, reflecting a year-on-year growth of 17.54% [1]. Product and Service Offering - The company specializes in precision temperature control and energy-saving solutions, catering to various sectors including cloud computing data centers, power grids, and electric vehicle charging stations [1]. - The main focus of the company's temperature control products is on providing specialized solutions for data centers, computing equipment, and high-precision laboratories [1]. Liquid Cooling Business - The liquid cooling business has seen accelerated adoption due to the high-density heat trends in computing equipment and data centers, with related revenue exceeding 200 million yuan during the reporting period [2]. - The company emphasizes a "platform-based" approach and a systematic methodology as key competitive advantages in the liquid cooling sector [2]. Market Performance - The company's stock price has shown strong performance, with monthly increases of 35.34% in July and 74.58% in August, driven by market interest in AI computing themes [2]. - The company has issued multiple announcements regarding stock price fluctuations, confirming no undisclosed significant information affecting stock trading [2]. Future Outlook - The company aims to leverage its technological innovations in both air and liquid cooling to expand its customer base in domestic and international data center and computing equipment sectors [3]. - The company has established a comprehensive capability in liquid cooling technology, products, and solutions [3].

Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

Group 1: Stock Market Activity - 37 stocks were listed on the institutional leaderboard today, with 19 showing net purchases and 18 showing net sales [1] - The top three stocks with the highest net purchases by institutions were: Zhinan Zhen (3.85 billion), Dazhihui (2.34 billion), and Tenglong Co., Ltd. (2.27 billion) [1][2] Group 2: Liquid Cooling Industry - The liquid cooling industry is entering a demand expansion phase, with key players like Yingwei Ke and Qiangrui Technology actively engaging with major clients such as ZTE, Inspur, and AVIC [2] - NVIDIA's GB300, launched in July, features a fully liquid-cooled design, increasing the demand for core components like liquid cooling plates and quick connectors [2] - North American cloud providers like Google, Meta, and Microsoft are expected to transition to liquid cooling technology in their next-generation self-developed ASIC chip clusters [2] Group 3: Film and Television Industry - Huace Film & TV is focusing on "AI + script" development, with self-developed tools for script evaluation and a library of over 50,000 hours of audio and video material [3] - Recent policy changes from the National Radio and Television Administration may relax restrictions on the number of episodes and types of historical dramas, potentially revitalizing the long-form drama sector [3] - The film and television industry is positioned for a recovery cycle, with improved supply and demand dynamics expected to enhance cash flow and advertising revenue [3]

板块题材上，液冷服务器、影视院线、华为海思概念板块涨幅居前，煤炭、贵金属等板块调整。 今天，A股市场三大指数收涨，创业板指表现较为强势，全市场超4000只个股上涨。上证指数创近十年新高，深证成指、创业板指均突破2024年10月8日 高点。午后，指数涨幅均有所收窄，市场热点快速轮动，PEEK、军工、数字货币板块活跃。 截至收盘，上证指数涨0.85%，深证成指涨1.73%，创业板指涨2.84%。市场全天成交额超2.8万亿元，较上一交易日增加5363亿元，单日成交额创今年以来 新高。 | | | 大元泵业[603757] 2025-08-18 15:00 | | | 5PMA = | 10PMA = 20PMA = 30PMA = | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 55.18 | | | | | | | | | | 50.54 | | | | | | | | | | 45.89 | | | | | | | | | | 41.24 | | | | | | | | | | 36.60 | | | | | | | | | | 3 ...

8月18日消息，沪指收涨近1%，创指涨近3%。板块方面，液冷服务器概念爆发，曙光数创30cm涨停，高澜股份、强瑞技术等20cm涨停；短剧游戏概念强 势，华智传媒、中科金财等盘中涨停；稀土永磁板块走高，天通股份、英威腾、盛和资源等午后涨停；软件开发板块走强，科创信息20cm涨停；下跌方 面，黄金概念多股调整，盛屯矿业（维权）、衢州发展领跌；煤炭股走弱，电投能源跌幅居前；油气股走低，海油发展领跌。总体来看，个股呈普涨态势， 上涨个股超4000只。 截至收盘，沪指报3728.03点，涨0.85%；深成指报11835.57点，涨1.73%；创指报2606.20点，涨2.84%。 盘面上，液冷服务器、影视院线、科创次新股板块涨幅居前，煤炭开采加工、贵金属、工业金属板块跌幅居前。 热点板块： 1、液冷服务器 消息面上，据网络平台数据，截至8月18日，2025年暑期档电影总票房（含预售）破100亿。《南京照相馆》《浪浪山小妖怪》《长安的荔枝》分列前三位。 消息面： 1、 【IDC：华为重夺二季度中国智能手机市场榜首】IDC最新研究显示，2025年第二季度全球智能手机市场出货量总计2.97亿台，同比增长1.4%。二季度 中国 ...

Core Viewpoint - The company, Xiangxin Technology, is leveraging its liquid cooling and direct cooling refrigerant technologies across various sectors, including power service servers, new energy vehicle batteries, and data centers [1] Group 1: Liquid Cooling Technology - The company supplies a range of liquid cooling products for new energy vehicle batteries, including liquid cooling plates and battery enclosures, to notable clients such as Guoxuan High-Tech and Yiwei Lithium Energy [1] - In May 2024, the company received a project development notification from a leading flying car manufacturer to supply battery enclosures and liquid cooling plates [1] - In October 2024, the company was awarded a project for wind and liquid cooling supercharging stations, with an expected sales total of RMB 300-400 million over a project lifecycle of 1-2 years [1] Group 2: Direct Cooling Refrigerant Technology - The company is actively promoting its direct cooling refrigerant technology to downstream clients and providing diversified solutions based on customer needs [1]

8月18日消息，沪指收涨近1%，创指涨近3%。板块方面，液冷服务器概念爆发，曙光数创30cm涨 停，、强瑞技术等20cm涨停；短剧游戏概念强势，华智传媒、等盘中涨停；稀土永磁板块走高，、、 等午后涨停；软件开发板块走强，20cm涨停；下跌方面，黄金概念多股调整，（维权）、衢州发展领 跌；煤炭股走弱，电投能源跌幅居前；油气股走低，领跌。总体来看，个股呈普涨态势，上涨个股超 4000只。 截至收盘，沪指报3728.03点，涨0.85%；深成指报11835.57点，涨1.73%；创指报2606.20点，涨2.84%。 盘面上，液冷服务器、影视院线、科创次新股板块涨幅居前，煤炭开采加工、贵金属、工业金属板块跌 幅居前。 热点板块： 消息面上，据网络平台数据，截至8月18日，2025年暑期档电影总票房（含预售）破100亿。《南京照相 馆》《浪浪山小妖怪》《长安的荔枝》分列前三位。 机构观点： 1、液冷服务器 消息面： 1、【IDC：华为重夺二季度中国智能手机市场榜首】IDC最新研究显示，2025年第二季度全球智能手 机市场出货量总计2.97亿台，同比增长1.4%。二季度中国市场前五名厂商为华为、vivo、OPPO、小米 ...

Group 1: Liquid Cooling Technology - Companies like Yidong Electronics are developing liquid cooling components for GPU servers and AI data centers, collaborating with major clients such as ZTE and Inspur [3] - Feilong Co. has established dedicated production lines for liquid cooling products in Wuhu and Zhengzhou, with ongoing projects in the liquid cooling sector [3] - Yingwei Technology has achieved V0 level standards for its liquid cooling server pipeline products and has received UL certification in the US [3] Group 2: Film and Media Industry - Companies like Wenhua Media are actively developing and producing micro-short dramas and interactive dramas, leveraging AI for classic IP adaptations [4] - Huayi Century has produced several popular TV dramas and is expanding its interactive film and game offerings [4] - Jilin Cable Network is involved in film production and has participated in the making of significant films [4] Group 3: Semiconductor and Electronics - Companies such as Huahong are planning asset injections to enhance their semiconductor capabilities [5] - Kosen Technology is providing structural components for household robots and precision parts for Apple products [5] - Jin Tian Co. has successfully integrated its copper heat pipes and liquid cooling products into major server manufacturers [5] Group 4: Robotics and Automation - Companies like Lingyun Co. are collaborating with research institutions to develop key technologies for humanoid robots [6] - Zhong'an Technology has developed a security service robot management platform with various monitoring and control features [7] - Yihua Technology is focusing on the production of precision components for robots and has established partnerships with major brands [7] Group 5: Renewable Energy and Battery Technology - Companies like Evergrande are investing in solid-state battery manufacturing projects, with significant capital commitments [16] - North Rare Earth is the largest supplier of rare earth products globally, with substantial profit growth expected [17] - Companies are exploring hydrogen fuel cell technologies and have secured contracts for testing services in this area [9] Group 6: Consumer Electronics and E-commerce - Companies like Dibei Electric are experiencing significant profit growth due to government incentives boosting consumer electronics sales [16] - New energy vehicle sales have seen a year-on-year increase, indicating a robust market for automotive components [16] - Companies are expanding their eSIM services and platforms to capture market share in the telecommunications sector [19]

Summary of Liquid Cooling Technology Conference Call Industry Overview - Liquid cooling technology is transitioning from an optional solution to a necessary one for data center cooling, with major companies like Meta, Google, Amazon, and Microsoft adopting or preparing to adopt liquid cooling in their self-developed chips [1][2] - The liquid cooling market is expected to reach a scale of hundreds of billions, with the value of liquid cooling per chip estimated between 2000 to 3000 RMB, indicating potential for growth [1][4] Key Insights and Arguments - The market size calculation for liquid cooling is based on two main factors: 1. The value per chip multiplied by the number of chips, suggesting a market space in the hundreds of billions as high-power chips increase [3][4] 2. The cost of complete cabinets, with the ML72 cabinet costing around 500,000 to 600,000 RMB, and a potential market size of approximately 60 billion RMB if 100,000 cabinets are shipped [4] - The liquid cooling industry is currently in an explosive growth phase, with increasing penetration rates and significant growth opportunities for companies across the supply chain, particularly for leading firms like Inveck and others such as Chuanhuan Technology and Highcool [3][8] Company-Specific Insights - Inveck has several advantages in the liquid cooling sector, including a highly experienced management team with backgrounds from Huawei and Emerson, a focus on temperature control, and significant R&D investment, with the number of PhDs doubling last year [5] - Other notable companies in the liquid cooling management supply chain include Chuanhuan Technology, Qiangrui Technology, Shenling Environment, Yinlun Co., Tongfei Co., and Highcool, all of which are positioned to benefit from the burgeoning market [6][8] Product and Market Opportunities - The liquid cooling management supply chain includes various products such as cold plates, quick connectors, CDU pipelines, pumps, and plate heat exchangers, all driven by the demand for efficient heat dissipation [7][9] - Long-term prospects may also see the emergence of immersion cooling as a significant development direction [7] Future Market Outlook - The liquid cooling market is anticipated to experience substantial growth in the coming years, with companies like Meta, Google, and Amazon gradually launching related resource chips, potentially reaching market sizes in the tens of billions or even hundreds of billions [10] - The GB300 model is expected to enhance value compared to the GB200 model, with improvements in cold plate design and cooling capacity, indicating a trend towards more efficient cooling solutions [11] Technological Development and Market Expectations - As chip and cabinet power consumption continues to rise, the overall value of liquid cooling is expected to grow, with new technologies such as phase change cooling plates and new architectures providing additional market opportunities [12] - Recommended companies for investment include Inveck, Highcool, Shenling Environment, Tongfei Co., Kehua Data, and Yinlun Co., all of which are positioned well in the liquid cooling sector [12][13] Competitive Landscape - Companies with competitive advantages in the liquid cooling field include Inveck, Highcool, Shenling Environment, Tongfei Co., Kehua Data, and Yinlun Co., all providing comprehensive solutions and demonstrating strong performance in technological innovation and market expansion [13]

Summary of Data Port Conference Call Company Overview - Data Port reported a revenue of 810 million yuan for the first half of 2025, representing a year-on-year growth of 4.13% [2] - The net profit for the same period was 85 million yuan, up 20.37% year-on-year, while the net profit attributable to the parent company, excluding non-recurring gains and losses, was 70 million yuan, reflecting a 9.9% increase [2] - Cash flow has improved, with cash reserves reaching 2.4 billion yuan, providing financial support for future expansion [2] Industry Insights - Industry demand is expected to increase starting from the second half of 2024, despite initial impacts from the H20 ban on large manufacturers' capital expenditures [2][6] - The lifting of the H20 ban is anticipated to positively affect the AI industry chain and the IDC market [7] - Supply-side regulatory management is expected to promote healthier industry development, although short-term prices have not yet rebounded [6][7] Business Development - Data Port is focusing on small to medium-sized acquisition projects, targeting capacities between 10 MW to 80 MW, to expand its strategic customer base and increase revenue [2][10] - The company has a total capacity of approximately 371 MW as of mid-2025, with expectations for growth due to new customer orders [3] - The company is actively monitoring the first-tier market for price recovery, which has returned to acceptable levels [10] Regional Performance - The gross profit margin in East China has been affected by the handling of old data centers, while North China faced challenges due to project impacts from heavy rainfall [11] - The Midwest region is supportive of data center construction, offering policy incentives and stable green electricity supply [12] - Land acquisition costs in the West are lower than in the East, providing a cost advantage for future projects [14][15] Project Updates - The Langfang project has a 100% order signing rate, with the first building expected to be delivered by the end of September 2025 [16] - The design of the Langfang project primarily utilizes air cooling, with future adoption of liquid cooling dependent on power demand changes [18] Technology and Market Trends - Rapid development of liquid cooling technology is noted, with potential impacts on IDC layout strategies [4][17] - The demand for high-power cabinets has been expressed by some customers, but the volume remains low [20] Regulatory Environment - The National Development and Reform Commission (NDRC) has strict energy consumption audits for large IDC projects, affecting project approvals [21][22] - Wholesale IDC prices have stabilized without significant fluctuations [23] Pricing Strategy - Data Port does not have annual price adjustment clauses in contracts with major clients; pricing varies based on the speed of deployment [24] - The pricing model incentivizes faster deployment with lower unit prices [25]