一、市场热点 微泵液冷：华为 Mate 80 RS 或搭载独家微泵散热芯片 驱动：2025 年 8 月 19 日消息，华为即将发布的 Mate 80 RS 或搭载独家微泵散热芯片，性能 暴增不发烫，可能是目前智能手机行业中首次商用级别的技术集成。 ○微泵液冷系统：由液冷驱动芯片、压电微泵、高柔性液冷膜片组成，是利用微小型泵驱动 冷却液，在封闭循环系统中流经发热器件，通过液体的高比热容和强制对流高效带走热量的 散热技术，作为主动散热有望替代和融合传统 VC 热管散热成为手机等热管理的优势方案。 市场空间：据券商调研纪要，华为、小米、vivi 等头部厂商已在导入，MATE80 等机型已有 搭配液冷机壳，单机液冷模块价值量超 50 元，市场超百亿。 ○核心公司： 日丰股份：网传公司是华为"微泵液冷手机壳"的液冷板主力供应商；公司主营电线电缆， 产品涉及机器人动力及信号电缆、5G 基站用电源/通信电缆(合作华为)等，此外，在液冷领 域，公司自主研发了液冷充电枪(包含液冷装置系统——1000A/1500VDC)。 艾为电子：成功研发超低功耗高压 180Vpp 压电微泵液冷驱动产品，产品已在多家客户完成 验证测试，并计划 ...

Group 1 - The core viewpoint of the article highlights the strong capabilities of the company's immersion liquid cooling energy storage technology and its application in data centers [2] - The company has achieved mass application of its liquid cooling energy storage products, utilizing fully immersed liquid cooling technology in data center scenarios [2] - The liquid cooling energy storage products and systems offered by the company are characterized by high safety, high conversion efficiency, and long lifespan [2] Group 2 - The company has not yet applied liquid cooling technology to liquid-cooled servers but is focused on promoting fully immersed liquid cooling products in high-demand scenarios such as data centers [2]

2025 年 08 月 21 日 英维克(002837.SZ) 液冷驱动 25H1 业绩高增，算力时代机 遇铸就增长引擎 事件：8 月 18 日公司发布 2025 年半年度报告 收入端，25H1 公司营业收入高增报告期机房及机柜温控节能产品收 入增加所致，营业收入分别同比+57.91%/+32.02%，报告期内公司在 算力的设备及机房的液冷相关营业收入超过 2 亿元。利润端，25H1 公 司业务整体毛利率为 26.15%，同比-4.84pcts，主要原因应为公司机 房和机柜温控节能产品受到区域及产品销售组合的影响，同时在中国 市 场 的 竞 争 加 剧 ；销售 / 管 理 / 研 发 费 用 率 分 别 为 3.91%/4.01%/7.61%，同比-2.90/-0.56/-0.75pcts；公司净利率为 8.78%，同比-1.92pcts。 液冷全链路产品布局完善，携手英伟达受益于算力浪潮 公司数据中心液冷产品覆盖从冷板、快速接头、Manifold、CDU、机 柜等各类产品。英伟达公司在其官网上公布了有关其 Blackwell GB200 系统开发成果的相关资讯，公司的 UQD 产品被列入英伟达的 MGX 生 ...

Core Viewpoint - As of August 20, 2025, the stock price of Porton Medical (301515) closed at 23.72 yuan, reflecting a decrease of 0.55% with a turnover rate of 4.15% and a trading volume of 26,400 shares, amounting to a transaction value of 62.26 million yuan [1]. Group 1: Company Operations - The company specializes in providing medical gas equipment and systems, as well as medical clean equipment and systems, aimed at addressing medical gas supply and infection issues [1]. - The company's products are primarily utilized in hospital wards, operating rooms, ICUs, central supply rooms, various laboratories, and high-altitude diffusion oxygen scenarios [1]. - The company's clean equipment and systems technology can be applied to data centers and laboratories for clean processing, although it has not yet been applied to liquid-cooled servers [1]. Group 2: Market Activity - On August 20, the net outflow of main funds from Porton Medical was 1.44 million yuan, while retail investors saw a net inflow of 1.47 million yuan [2]. - The trading data indicates that speculative funds experienced a net outflow of 27,200 yuan on the same day [2].

空间测算：液冷有多大的星辰大海？20250820 摘要 国内液冷市场逐步渗透扩展，市场空间预计可达 70 至 80 亿元，升腾芯 片液冷市场 2024 年预计达五六亿元，2026 年或增至 45 亿元，表明液 冷技术应用前景广阔。 英伟达 GTC 大会发布液冷架构，GB200 单柜液冷价值量约 8 万美元， GB300 单柜约 11 万美元，CDU 环节价值量 1.8 万至 3.75 万美元，标 志着液冷技术进入规模化应用阶段。 英伟达 GB200 和 GB300 整柜出货量假设下，2025 年液冷市场空间预 计达 200 至 300 亿元人民币，2026 年若交付 10 万柜，市场空间或增 至 700 亿元人民币，英伟达产品推动市场快速增长。 2026 年液冷市场预计显著增长，Meta 计划 100%采用液冷，谷歌和亚 马逊也将推出液冷架构产品，中性预估下 ASIC 单卡液冷价值量约 1,250 美元，市场空间约 200 亿元人民币。 综合来看，2026 年英伟达和 ASIC 领域的液冷市场总规模可能达到 900 亿元人民币，接近千亿赛道，市场潜力巨大。 液冷行业增速陡峭，目前处于渗透率快速爬坡阶段，与云商 ...

Summary of the Conference Call for AVIC Optoelectronics Industry and Company Overview - The conference call focuses on AVIC Optoelectronics, a leading company in the connector industry, particularly in the fields of liquid cooling technology and military applications [2][3][4]. Key Points and Arguments Liquid Cooling Technology - AVIC Optoelectronics is actively developing liquid cooling technology to address the limitations of traditional air cooling systems, driven by increasing chip power consumption and the growing number of chips in cabinets [2][5]. - The company provides complete cabinet solutions and individual components for data centers, supercomputing, and energy storage applications [3][4]. - The domestic liquid cooling market is driven by demand for computing power and procurement from overseas system integrators, with AVIC participating in industry standard formulation and expanding into Southeast Asia and Japan [2][6]. AI Power Sector - The company is expanding its presence in the AI power sector, having participated in the Global Computing Alliance launch conference to enhance its market influence [7]. - AVIC aims to innovate in AI data centers and technology, transitioning from a single component supplier to a system integrator to capture domestic and international market opportunities [2][7]. Military Business Growth - The military segment benefits from stable growth in defense budgets, projected at 6%-7%, with the military connector market expanding significantly [2][13]. - AVIC Optoelectronics holds a substantial market share in military connectors, supported by accelerated information technology construction [2][13]. System Interconnection Technology - The company has invested approximately 2.3 billion yuan in a foundational component factory, enhancing its capabilities in system interconnection and transitioning from a single component supplier to an integrated interconnection provider [2][14]. - AVIC's technology is being applied in various military aircraft projects, including the C919, indicating potential for further market expansion [14]. Financial Performance and Projections - From 2019 to 2023, the company's revenue grew from approximately 9.2 billion yuan to 20.1 billion yuan, with a compound annual growth rate (CAGR) of 21% [11]. - Future revenue projections for 2025 to 2027 are 27.17 billion yuan, 28 billion yuan, and 31.04 billion yuan, with corresponding net profits of 4.113 billion yuan, 4.821 billion yuan, and 5.4 billion yuan [16]. Employee Growth and Cost Control - The workforce increased from 13,300 in 2019 to 17,700 in 2023, with a CAGR of 7.3%, indicating effective control over employee growth relative to revenue [12]. - The company has maintained stable operating expenses, with a notable decrease in stock incentive amortization expected in the coming years, positively impacting operational capacity [12]. Additional Important Insights - The liquid cooling industry is driven by three main factors: increasing chip power consumption, the significant rise in the number of chips per cabinet, and the overall value of liquid cooling systems [4][5]. - AVIC Optoelectronics has a long history of development, evolving through four stages since its establishment in 1970, focusing on innovation and market expansion [8]. - The company has implemented a long-term equity incentive plan to align the interests of shareholders, investors, and the company, promoting sustainable development [9][10].

Summary of Liquid Cooling Industry and AI Server Market Industry Overview - The liquid cooling industry is experiencing rapid growth driven by the increasing power consumption of AI chips, with NVIDIA GPUs rising from 400 watts to 1,400 watts over five years, and the DGX D200 server consuming up to 14.3 kilowatts, far exceeding traditional servers [1][2][3] - Virtus predicts that by 2029, the power of a single AI GPU cabinet will exceed 1 megawatt, with an average cabinet density surpassing 50 kilowatts, indicating a significant advantage for liquid cooling as cabinet density exceeds 20 kilowatts [1][3] Key Points and Arguments - **Market Growth**: The Chinese liquid cooling market is expected to reach $2.4 billion in 2024, growing 67% year-on-year, with a projected compound annual growth rate (CAGR) of 47% over the next five years, reaching $16.2 billion by 2029 [1][12] - **Technology Adoption**: Cold plate liquid cooling technology is expected to mature and be adopted first due to its higher efficiency compared to air cooling, while immersion cooling, although more efficient, faces challenges related to cooling media and long-term immersion [1][4] - **Investment Opportunities**: The current market is at a pivotal point, transitioning from traditional air cooling to liquid cooling, driven by the need for efficient heat dissipation in high-power AI servers [2][5] - **Component Value**: The core components of liquid cooling systems, such as cold plates and CDU, have significant value, with the GB200NZL72 system valued between $73,000 and $83,000 per cabinet [2][17] Market Dynamics - **Demand Drivers**: Major demand drivers include large data centers, AI chips, and telecommunications operators, which collectively account for 90% of the demand in the Chinese market [12] - **Global AI Server Market**: The global AI server market is projected to reach $3.1 billion in 2025 and $8.6 billion in 2026, with NVIDIA GPUs accounting for over 80% of the market share [13][14] - **Capital Expenditure Trends**: There is an optimistic outlook for capital expenditures in 2026, driven by the acceleration of AI business models and sustained growth in AI computing demand [7][6] Competitive Landscape - **Key Players**: Major players in the liquid cooling supply chain include Vertiv, Colt, and Delta, with Vertiv being a significant partner in NVIDIA's ecosystem [21][22] - **Domestic Developments**: Chinese companies like InnoTek and Shuguang are rapidly developing liquid cooling technologies and entering global supply chains, with InnoTek recognized in NVIDIA's partner network [23][24] Investment Considerations - **Focus Areas**: Investors should consider companies capable of entering overseas supply chains, particularly those recognized by NVIDIA, as well as domestic firms involved in AI chip development and high-density solutions [25] - **Market Trends**: The increasing power levels of AI chips are driving the need for advanced cooling solutions, making this an opportune time to explore various liquid cooling technologies [26][27] Conclusion - The liquid cooling market is poised for significant growth, driven by the rising power demands of AI technologies and the transition from traditional cooling methods. Investors should closely monitor developments in this sector and consider the implications of technological advancements and market dynamics on potential investment opportunities.

Summary of Invek's Conference Call Company Overview - Invek's revenue primarily comes from two main product lines: temperature control energy-saving products (approximately 50%) and energy storage business (approximately 40%), with 90% of the latter being energy storage-related income [2][3] - The electronic cooling business (including liquid cooling plates and air cooling components) is expected to become a new growth point for the company [2] Financial Performance - The latest interim report shows that data center revenue grew by over 50%, while energy storage business revenue reached 800 million yuan, a year-on-year increase of approximately 35% [2][4] - Despite a significant apparent decline in gross margin due to accounting standard adjustments, the actual impact on profit was negligible. After excluding these adjustments, the overall gross margin decreased by 2.3 percentage points [5] - Liquid cooling revenue reached 200 million yuan, with a year-on-year growth of over 200%, primarily driven by the expansion of electronic cooling [5] Strategic Advantages - Invek's strategic advantages include a management team focused on profitability, a stable workforce, and a combination of Huawei's innovative spirit and Emerson's quality operational advantages. The company avoids price wars and emphasizes quality and operations [6] - The management team has a strong R&D background, which enhances the company's capabilities in technological innovation and strategic planning [9] Future Development Focus - The future focus for Invek will be on the development of the electronic cooling business, which includes liquid cooling plates and cooling modules for base stations and mining machines. This segment is expected to become a significant third growth curve [7][8] - Inventory and contract liabilities increased at the end of Q2 compared to Q1, providing revenue assurance for Q3 [7] Innovation and R&D - Invek employs a platform-based R&D model that enhances overall efficiency and optimizes product design. This model integrates various development steps to achieve high collaboration and efficiency [10] - The company has demonstrated strong innovation capabilities, particularly in the data center sector, where it has maintained positive growth despite industry pressures [11][12] Liquid Cooling Technology - Invek offers a comprehensive solution in the liquid cooling field, covering both the data center side and server-side cooling, allowing the company to capture 100% of the value chain [13] - The company has established strong partnerships in both domestic and international markets, positioning itself as a leading player in the liquid cooling sector [14] Conclusion - Invek is recognized as a high-quality growth company in the liquid cooling market, with a strong foundation in both domestic and international markets, and a comprehensive capability to provide complete solutions [14]

Group 1 - The global artificial intelligence market is expected to achieve a compound annual growth rate (CAGR) of over 35% from 2023 to 2030, driving the demand for advanced cooling technologies in data centers [1][2] - Traditional air cooling systems are limited to a cooling capacity of around 20 kW per cabinet, making it increasingly difficult to meet the high cooling demands of modern data centers [2] - Liquid cooling technology, which uses liquid instead of air as a cooling medium, significantly improves cooling efficiency and can effectively meet the high heat dissipation requirements of IT equipment [3] Group 2 - Liquid cooling technology can greatly reduce energy consumption in data centers, leading to significant savings in power system construction and operational costs [3] - The use of cold plate liquid cooling can lower the Power Usage Effectiveness (PUE) to between 1.15 and 1.25, while phase change immersion cooling can achieve a PUE below 1.1 [3] - For a 10 MW data center, a reduction of 0.1 in PUE can result in annual energy savings of 8.76 million kWh, equivalent to a reduction of 8,730 tons of CO2 emissions [3] Group 3 - The penetration rate of immersion liquid cooling is expected to increase, leading to a significant rise in demand for fluorinated liquids [4] - The global market for immersion cooling liquids in data centers is projected to reach $970 million by 2030, with a CAGR of 21.2% in the coming years [4] - Perfluoropolyether (PFPE) is anticipated to become a mainstream product in the fluorinated cooling liquid market due to its excellent chemical and thermal stability, high thermal conductivity, and dielectric strength [4] Group 4 - Companies to watch include New Zobang (300037.SZ), a global leader in PFPE, which has developed a series of products for immersion cooling technology [5] - Juhua Co., Ltd. (600160.SH) is actively expanding its presence in the liquid cooling sector, with a planned production capacity of 5,000 tons per year for its cooling liquids [5]

3D 打印液冷专家交流 20250819 摘要 英伟达等公司自 2024 年起采用 OCP ORV3 单向冷板式液冷方案，因其 具备产业链支持和大规模交付能力，已成为智算领域主流，而散热不均 衡问题的浸没式液冷方案逐渐被取代。 3D 打印技术适用于液冷系统中的微通道和异形结构制造，能实现传统 CNC 加工难以完成的复杂几何形状，降低热阻和流阻，提高散热效率， 单板可实现 150 升/分钟的水流量，温度控制在 4 千瓦以内。 3D 打印液冷板技术壁垒高，涉及光源控制、工艺方式和加工中心设备定 向开发。掌握高频绿光激光头、薄铜箔堆锻技术和专用设备的企业具有 显著先发优势。 中国供应链在制冷领域优势在于材料、工艺和规模化生产能力。成功企 业专注于某一环节，具备大规模产能。寻找标的时，应关注具备这三项 能力的企业。 液冷板企业盈利水平与规模密切相关，新工艺和材料能否实现规模化生 产是关键。在智算领域，液冷系统价值量虽小，但对提升核心 IP 性能稳 定性至关重要。 业内更多关注如何挖掘单向冷板潜力，通过降低热阻和减少流阻来提升性能。 例如，通过降低入水温度至 25 度以提高散热效果。因此，可以预见单向冷板 技术仍有很长 ...