Core Viewpoint - The company is leveraging its liquid cooling technology to support the construction of intelligent computing centers in Hangzhou, aiming to capture a share of the local market driven by the city's digital trade goals of 440 billion yuan [1] Group 1: Company Strategy - The company offers a comprehensive liquid cooling solution that includes both cold plate and immersion cooling technologies, covering the entire product chain from nodes to data centers [1] - The company has established a full lifecycle service system for data centers, enhancing reliability, energy efficiency, and intelligence [1] - The company is actively involved in the formulation of liquid cooling technology standards and has successful deployment experience in national and local intelligent computing center projects [1] Group 2: Market Engagement - The company plans to collaborate with local enterprises and institutions to provide efficient and green liquid cooling technology support for the construction of intelligent computing centers in Hangzhou [1]

Core Insights - Dongyangguang achieved a revenue of 7.124 billion yuan in the first half of 2025, representing a year-on-year growth of 18.48%, and a net profit attributable to shareholders of 613 million yuan, up 170.57% [1] Business Performance - The main business segments of Dongyangguang include electronic components, high-end aluminum foil, chemical new materials, energy materials, and liquid cooling technology [2] - In the electronic components segment, revenue reached 1.810 billion yuan, a year-on-year increase of 13.91% [2] - The high-end aluminum foil segment generated 2.907 billion yuan in revenue, growing by 9.20% year-on-year [2] - The chemical new materials segment saw revenue of 1.968 billion yuan, marking a significant growth of 47.59% [2] - Revenue from energy materials and other businesses was 18.6 million yuan and 6.552 million yuan, respectively [2] - The growth in electronic components is attributed to the booming data center and energy storage industries, with steady capacity release and cost structure optimization [2] Strategic Initiatives - Dongyangguang established a wholly-owned subsidiary, Guangdong Dongyangguang Supercapacitor Technology Co., Ltd., focusing on the development of supercapacitor and hybrid capacitor technologies [2] - The company has signed supply orders for megawatt-level supercapacitor energy storage systems for power frequency regulation [2] - Dongyangguang is also investing in advanced applications such as grid-side SVG, self-healing technology, flexible DC transmission, and AI data center server power [2] Emerging Business Expansion - Dongyangguang is actively expanding into liquid cooling and embodied intelligence sectors [3] - The price of refrigerants has surged, significantly benefiting the company, particularly with the core product R32 refrigerant, which increased from 17,000-18,000 yuan per ton at the beginning of 2024 to 57,000-59,000 yuan per ton in the first half of this year [3] - The company has launched core products such as 1.4MW CDU and liquid cooling plates, continuously enhancing its product matrix [3] Embodied Intelligence Development - Dongyangguang has partnered with Shanghai Zhiyuan New Technology Co., Ltd. and Wuhan Artificial Intelligence Research Institute to establish Hubei Guanggu Dongzhi Embodied Intelligence Technology Co., Ltd. [4] - The company aims to create a robust robot data collection center, facilitating the application of robots in various industries [4] - The first humanoid robot "Photon" was launched, marking a significant step from laboratory to industry application, with initial orders received from commercial services, government, and education sectors [4] - The Hubei factory of Guanggu Dongzhi has been completed, with an annual production capacity of 300 units [4]

今日（8月15日），A股市场低开高走。截至收盘，沪指上涨0.83%，报3696.77点，距离3700点大关仅 一步之遥；深证成指上涨1.6%，创业板指上涨2.61%。全市场4623只个股上涨，641只个股下跌。 东莞证券表示，随着指数的快速上涨，在高位出现一定的分化，前期涨幅较高的板块普遍开始回调，市 场分歧开始显现，投资者需要注意高位的震荡调整风险，虽然短期市场出现技术性调整，但中期来看， 支撑A股向好的核心逻辑并未改变。 大元泵业斩获5连板！ 今日，液冷龙头大元泵业再度涨停，斩获5连板，收盘价47.14元/股，8月以来累计涨幅超过80%。 有消息称，英伟达旗下GB300系统日前正式交付，该系统集成72颗NVIDIA Blackwell Ultra GPU和36颗 基于Arm架构的Grace CPU，全部采用液冷散热设计，对液冷服务器板块形成利好。 大元泵业连续发布股票交易异常波动公告，表示近期市场对数据中心液冷等行业动态较为关注，经自 查，液冷温控业务为公司原有业务。2025年一季度，公司能够识别的直接用于数据中心液冷的产品销售 收入约160万元，占公司营业总收入的0.43%，对公司报表影响小，业务发展存 ...

液冷彻底冷不下来了！ 8月15日，液冷板块彻底沸腾。该板块涨幅超过5%的股票一度达到27只，其中有13只股票一度涨停或涨幅超过10%。大元 泵业最近连拉5个涨停板，金田股份亦因此表现强势。今天出现首板的股票也有不少，如川环科技、川润股份、东阳光 等。 今日A股整体盘面也非常强劲，截至收盘，沪指创阶段收盘新高，创业板指涨逾2%。上证指数收涨0.83%报3696.77点， 深证成指涨1.6%，创业板指涨2.61%，北证50涨3.04%，科创50涨1.43%，万得全A涨1.44%。市场逾4600股上涨，成交额 连续3日突破2万亿。 市场上亦产生了一种预期：液冷服务器就是下一个光模板，而光模板产生了多只十倍股。因此，亦有人将液冷比作下一 个"印钞机"。那么，为何液冷会如此火爆？究竟是资本炒作，还是需求驱动？ 全线大涨 又见液冷大爆发。 在大元泵业今天拉出第5个涨停板的时候，液冷的持续性就烘托出来了。今天，液冷服务器板块共有13只股票一度涨停或 涨幅超过10%，其中不少是首板。此前已经爆发的高澜股份、英维克等比较正宗的概念股今天亦有强劲表现。显示出板 块整体强势的特征。 | 13 11 11 11 11 | | | | ...

Core Viewpoint - The liquid cooling sector is experiencing a significant surge, with expectations that it will become a major growth area similar to the optical module market, driven by increasing demand for cooling solutions in high-performance computing and AI applications [1][3]. Market Performance - On August 15, the liquid cooling sector saw over 27 stocks rise by more than 5%, with 13 stocks hitting the daily limit or increasing by over 10%. Notable performers included Dayuan Pump Industry and Jintian Co., which both showed strong gains [1]. - The overall A-share market was robust, with the Shanghai Composite Index closing up 0.83% at 3696.77 points, and the ChiNext Index rising over 2% [1]. Price Dynamics - In August, the price of liquid cooling quick connectors surged from 700 yuan to 2100 yuan, a 200% increase, while cold plate prices rose from 1500 yuan/kW to 1800 yuan/kW. This reflects a significant demand increase as power consumption in data centers rises [2]. - The penetration rate of liquid cooling is expected to increase from less than 15% in 2023 to over 50% by 2025, driven by the need for efficient cooling solutions in high-power computing environments [2]. Industry Growth - The global liquid cooling market is projected to exceed 70 billion yuan by 2026, which is four times the size of the PCB market during the same period [2]. - Vertiv, a leading overseas liquid cooling company, reported revenue of $2.638 billion for Q2 2025, exceeding guidance and indicating strong demand for liquid cooling solutions [3]. Technological Trends - Liquid cooling technology is becoming essential for managing the heat generated by AI chips, with NVIDIA's GB300 platform fully adopting liquid cooling designs, positioning it as a mainstream solution in data centers [4]. - The liquid cooling industry is expected to enter a rapid growth phase from late 2025 to 2026, benefiting from technological advancements and increased adoption [5]. Investment Opportunities - The liquid cooling supply chain includes upstream components, midstream system integration, and downstream applications, with significant investment opportunities in high-barrier upstream segments [5]. - Analysts believe that liquid cooling represents a more favorable investment compared to existing hot sectors, given its early development stage and low penetration rate [5].

Group 1 - The core viewpoint of the article is that Rujing Technology (301525.SZ) is actively involved in the development of thermal management systems for electric vehicles, utilizing liquid cooling technology to maintain battery temperatures within a comfortable range [1] Group 2 - The company's thermal management system specifically addresses the needs of new energy vehicles [1] - The liquid cooling battery thermal management solution is highlighted as an effective method for temperature regulation [1]

Core Viewpoint - Dongyangguang reported significant growth in its 2025 semi-annual results, with revenue reaching 7.124 billion yuan, a year-on-year increase of 18.48%, and a net profit of 613 million yuan, reflecting a remarkable growth of 170.57% [1] Group 1: Business Performance - The chemical refrigerant business laid a solid profit foundation for the performance increase, with liquid cooling and intelligent robotics also achieving revenue breakthroughs [1] - The company aims to become an international leader in liquid cooling core components, materials, and solutions within 3-5 years, targeting a significant market share in the trillion-yuan market [4] Group 2: Liquid Cooling Technology - Dongyangguang has established a comprehensive layout in liquid cooling technology, focusing on both cold plate and two-phase immersion cooling, and has formed a joint venture with Zhongji Xuchuang to cover the entire industry chain from materials to systems [2][3] - The company is collaborating with the Shaoguan municipal government to build a liquid cooling equipment manufacturing and supercapacitor R&D base, leveraging policy advantages and regional benefits [3] Group 3: Intelligent Robotics - The intelligent robotics sector is experiencing rapid growth, with a 35.6% year-on-year increase in industrial robot production in the first half of 2025, and Dongyangguang is leveraging its full-stack self-research and vertical integration strategy to achieve quick commercialization [5][6] - The company has established a complete closed loop for intelligent robotics, integrating core components, AI algorithms, and data collection for efficient production and application [6] Group 4: Chemical New Materials and Electronic Components - The chemical new materials sector, particularly the refrigerant business, is positioned for historic growth, with the third-generation refrigerant becoming the market leader amid a stable supply-demand environment [8] - Dongyangguang's electronic components segment showcases robust strength through a complete industry chain layout, with successful collaborations and product launches in emerging applications [9] Group 5: Strategic Focus - The company's performance surge is attributed to its long-term grasp of technology and business trends, continuous resource integration, and strategic investments in various sectors [12] - Dongyangguang aims to transform short-term performance growth into long-term competitive advantages through technological innovation, industry upgrades, and capital operations [12]

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The high power consumption of AI chips is accelerating the adoption of liquid cooling technology, with cold plate solutions becoming mainstream in data centers [1] - Policy incentives and the demand for computing power are driving the rapid growth of the liquid cooling industry, with significant market potential anticipated by 2025 [2] - The penetration rate of liquid cooling technology is still in its early stages, but is expected to see rapid growth as high-power chips become more widely used [3] Summary by Sections Section 1: Industry Dynamics - The latest Blackwell Ultra chip from NVIDIA has a power consumption of 1.4kW, leading to a total rack power consumption of 120-130kW, making traditional air cooling inadequate [1] - Liquid cooling technology is projected to be adopted in over 50% of new data center projects by the end of 2025, driven by policies such as China's "East Data West Computing" initiative [2] Section 2: Market Growth - The Chinese liquid cooling server market is expected to grow at a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, potentially reaching a market size of $16.2 billion by 2029 [2] - The global penetration rate of liquid cooling in data centers is currently around 10%, with expectations to rise to over 30% in China by 2025 [3] Section 3: Industry Opportunities - The increasing shipment of NVIDIA's Blackwell series chips is a key driver for the adoption of liquid cooling, with projections indicating that Blackwell will account for over 80% of high-end GPU shipments by 2025 [3] - The report highlights several companies involved in the liquid cooling supply chain, including Xiangxin Technology and Kexin New Source, as potential beneficiaries of this growth [3]

Investment Rating - The report recommends an "Overweight" rating for the liquid cooling industry, anticipating significant growth driven by AI and increased capital expenditure from major domestic companies and telecom operators [5][75]. Core Insights - Liquid cooling technology offers multiple advantages over traditional air cooling, including lower energy consumption (over 70% reduction in energy use in 2MW data centers), higher heat dissipation capabilities, and lower total cost of ownership (TCO) [3][15]. - The demand for liquid cooling is expected to surge due to AI advancements, with global liquid cooling market size projected to exceed $19 billion by 2032 [3][56]. - The increasing thermal design power (TDP) of chips necessitates a shift from air cooling to liquid cooling, as TDPs surpass 350W [3][42]. Summary by Sections Section 1: Advantages of Liquid Cooling - Liquid cooling systems demonstrate superior energy efficiency, achieving a PUE (Power Usage Effectiveness) of below 1.2 compared to air cooling's typical PUE of 1.5-1.8 [3][15]. - The cooling capacity of liquid cooling systems is significantly higher, with power density increasing from 15 kW/rack for air cooling to over 135 kW/rack for immersion cooling [15][11]. Section 2: AI-Driven Demand for Liquid Cooling - The global AI development is expected to drive the demand for computing power, with projections indicating a global computing capacity exceeding 16 ZFlops by 2030, growing at a CAGR of over 50% [38]. - Major companies like Nvidia are transitioning to liquid cooling solutions, with Nvidia's new GPU models requiring liquid cooling due to their high TDP [55][40]. Section 3: Industry Chain and Recommended Stocks - The liquid cooling industry chain includes upstream component suppliers, midstream liquid cooling server manufacturers, and downstream users such as telecom operators and internet companies [59]. - Recommended stocks for investment include Fangsheng Co., Ltd. (focused on liquid cooling heat exchangers), Litong Technology (liquid cooling hoses), and Shuguang Digital Innovation (leading in immersion cooling solutions) [60][67][70].

Market Overview - A-shares rebounded with humanoid robots, computing power, and new energy sectors leading the recovery [1] - Major financial sectors, including brokerage and internet finance, showed significant activity, contributing to the index's gains [1] - The Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index increased by 1.19%, and the ChiNext Index climbed by 2.14% [3] Liquid Cooling Server Sector - The liquid cooling server sector experienced a substantial increase, with stocks like Chuanhuan Technology and Jintian Co. hitting the daily limit [5] - The market is witnessing a shift in perception regarding liquid cooling technology, driven by three main factors: increased power consumption, diverse cluster initiation, and accelerated deployment progress [6][7] - According to estimates, the liquid cooling market is projected to grow significantly, reaching approximately 35.4 billion yuan in 2025, 71.6 billion yuan in 2026, and 108.2 billion yuan in 2027, with a potential to exceed 100 billion yuan by 2027 [7] Solid-State Battery Sector - The solid-state battery sector saw a rise, with companies like Jiurong New Materials and Copper Crown Copper Foil experiencing significant stock increases [10] - Companies are making progress in the solid-state battery field, with Guoxuan High-Tech reporting a 90% yield rate for its solid-state battery pilot line and initiating the design of a 2GWh production line [12] - The solid-state battery production process is expected to benefit equipment manufacturers, as the transition from traditional lithium-ion battery production to solid-state technology alters the value dynamics of equipment used [12]