Core Insights - 2025 is expected to be a significant year for the penetration of liquid cooling in NVIDIA's AI chip market, driven by increased power consumption per chip [1] - The market size for liquid cooling is anticipated to grow substantially as ASIC cabinet solutions gradually adopt liquid cooling, alongside the introduction of ultra-node solutions by domestic manufacturers [1] - The maturity of the liquid cooling supply chain is expected to enhance the penetration of liquid cooling in both the ASIC market and the domestic market, further expanding market opportunities [1] Summary by Categories - **Market Trends** - Liquid cooling is projected to see a substantial increase in market penetration in 2025 due to rising chip power consumption [1] - The adoption of liquid cooling in ASIC cabinet solutions is expected to accelerate, contributing to market growth [1] - **Industry Developments** - Domestic manufacturers are launching ultra-node solutions that will support the growth of liquid cooling technologies [1] - The liquid cooling supply chain is maturing, which will facilitate faster adoption in the ASIC and domestic markets [1]

Core Viewpoint - SuperX has established a joint venture, SuperX Cooltech Pte. Ltd., with a subsidiary of Cheng Tian Wei Ye to address the cooling challenges posed by the exponential growth of AI computing power [1][2] Group 1: Joint Venture Formation - The joint venture aims to integrate both companies' strengths in AI system integration and thermal management components to provide advanced liquid cooling products and infrastructure solutions globally [1][2] - SuperX will become the largest shareholder of the joint venture upon completion of the investment [1] Group 2: Market Context and Technology - Traditional air cooling methods are insufficient for managing the high thermal flux required by AI training and inference clusters, making power consumption and cooling issues critical bottlenecks for AI data center deployment [1] - Efficient cabinet-level liquid cooling technologies, including cooling distribution units (CDUs) and high-performance liquid cooling plates, are rapidly becoming mainstream in the industry [1] Group 3: Competitive Advantages - SuperX's core advantages include a global perspective, AI server system integration capabilities, and an end-to-end customer service network, with a product line that includes high-performance AI servers and AI cloud services [2] - Cheng Tian Wei Ye has established a complete layout in key products such as nano-injection liquid cooling plates and CDU systems, enhancing the joint venture's competitive edge in the AI infrastructure solutions sector [2] Group 4: Production and Efficiency - The joint venture can leverage Cheng Tian Wei Ye's mature engineering and intelligent manufacturing systems to quickly convert advanced R&D results into reliable mass production, meeting global customers' stringent requirements for high-quality and stable supply chains [3] - Standardized modular designs will shorten project delivery cycles and optimize system-level thermal management, significantly improving customers' long-term return on investment [3]

Core Viewpoint - The company, Siquan New Materials, has established a production line for liquid cooling products and is capable of large-scale production of liquid cooling modules, confirming its position as a key supplier in the market [1] Group 1 - The company is recognized as the second core supplier of liquid cooling plates for NVIDIA's GB200 chip, following Invec [1] - The company emphasizes that specific business conditions should be verified through official disclosures on designated information platforms [1]

Core Viewpoint - The company, Qiansuan New Materials (思泉新材), has confirmed its involvement in the production of liquid cooling components for NVIDIA's servers, indicating that its high-performance liquid cooling plates have passed validation tests and are in small batch testing [2]. Group 1 - The company has invested in the construction of a production line for liquid cooling products, demonstrating its capability for large-scale production of liquid cooling modules [2]. - The specific business details are advised to be referenced from the company's designated information disclosure media and platforms [2].

Core Viewpoint - The company, Qingsuan New Materials (思泉新材), has confirmed its role as a core supplier of liquid cooling components for NVIDIA's servers, with its high-performance liquid cooling plates having passed NVIDIA's validation tests and entering small batch testing phase [1] Group 1: Company Developments - The company has invested in the construction of a production line for liquid cooling products, indicating its capability for large-scale production of liquid cooling modules [1] - The company emphasized that specific business details should be referred to in its designated information disclosure media and platforms [1]

Core Viewpoint - The company has received positive feedback regarding its production capacity and growth potential, particularly in the automotive and liquid cooling product sectors, indicating a strong operational status and future growth prospects [1][3][9]. Group 1: Company Performance and Financials - As of September 22, 2025, the top-performing fund under the management of the company, "泉果旭源三年持有期混合A," achieved a return of 71.65% over the past year [2]. - The company has a current production capacity utilization rate of approximately 75% and is preparing for expansion plans [11]. - The company anticipates continued growth in revenue and net profit for 2025, with specific targets linked to its stock incentive goals [15]. Group 2: Production and Capacity - The company has four production bases, with the Dongguan facility focusing on communication connectors and the Henan facility producing automotive connectors, which has not yet reached saturation [4]. - The company is in the early planning stages for a new wholly-owned subsidiary in Vietnam, with production expected to commence by the end of next year [3]. - The company has received customer notifications to prepare production capacity for liquid cooling products, indicating strong demand [4]. Group 3: Product Development and Market Demand - The company’s liquid cooling products are primarily used for heat dissipation in connectors and optical modules, with some products already in the sampling stage for mass production [21][22]. - The automotive business has shown quarter-on-quarter growth, with products developed in collaboration with BYD beginning to ramp up production [6]. - The company maintains strong relationships with major clients such as Amphenol and Molex, and plans to continue developing new communication connector products in response to market demand [8][24]. Group 4: Strategic Outlook - The company is exploring opportunities for mergers and acquisitions as part of its future strategic planning, although specific details are not yet available [19][20]. - The company is actively developing new liquid cooling products in response to North American demand, indicating a proactive approach to market trends [23]. - The company’s growth in the automotive sector is expected to be a significant driver, with ongoing collaborations with major automotive manufacturers [24].

Core Viewpoint - The company is deeply engaged in the consumer electronics component sector and is expected to benefit from the AI-driven new cycle of smart device upgrades, with significant revenue growth projected in the coming years [1][4]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 820 million yuan, representing a year-on-year growth of 22%, with a CAGR of 13.0% from 2019 to 2024 [1]. - The net profit attributable to shareholders for 2024 was 110 million yuan, up 3.7% year-on-year, with a CAGR of 5.5% from 2019 to 2024 [1]. - In the first half of 2025, the company reported a revenue of 360 million yuan, a year-on-year increase of 9.4%, but the net profit dropped by 52.4% to 20 million yuan due to increased resource investments [1]. Group 2: Market Position and Client Relationships - The company has established a strong position in the supply chains of major manufacturers such as Foxconn, BOE, and Amphenol, enhancing its brand recognition and market share [2]. - The company is a supplier for major clients like Meta and Amazon, providing functional components and automation equipment, which is expected to increase with the launch of foldable smartphones [2]. Group 3: Product Development and Innovation - The company's cooling products are categorized into three main types: liquid cooling modules for data centers, air cooling modules for data centers, and air cooling modules for consumer electronics [3]. - The company has secured sample qualification from major North American clients and is collaborating with leading domestic manufacturers in the cooling sector, indicating a strong potential for market expansion [3]. Group 4: Future Projections - The company is projected to achieve revenues of 1.065 billion yuan, 1.391 billion yuan, and 1.746 billion yuan from 2025 to 2027, with respective year-on-year growth rates of 30.0%, 30.6%, and 25.5% [4]. - The net profit attributable to shareholders is expected to reach 145 million yuan, 253 million yuan, and 355 million yuan during the same period, with growth rates of 32.56%, 73.74%, and 40.32% respectively [4].

Core Viewpoint - The company has established a leading position in the thermal management materials sector, leveraging over 20 years of experience and continuous investment in niche areas [2] Group 1: Technology Layout in Consumer Electronics - The company provides comprehensive solutions in thermal management, including high thermal conductivity graphite products, thermal interface materials, heat pipes, and thermal modules [2] - The company maintains a leading position in artificial synthetic graphite materials, with applications expanding from smartphones to tablets and laptops [2] - The company is accelerating the R&D and mass production of various high-performance liquid-absorbing core materials, establishing core technological barriers [2] Group 2: Data Center Business Layout - The company has qualified as a supplier of thermal interface materials for major North American clients and has achieved production delivery [2] - The market application of the company's VC module products in high-speed optical modules is accelerating [2] - The company is supplying core components of thermal modules and TIM materials in bulk to server manufacturers and is actively promoting the introduction, product certification, and mass production of liquid cooling thermal modules [2]

行情复盘： 1）行业层面：本周新能源汽车指数、锂电池指数、燃料电池指数、充电桩指数、储能 指数分别涨跌幅为+3.68%、+9.20%、-0.94%、-0.95%、+11.45%；2）公司层面：参考锂电 池指数，本周天宏锂电、先导智能、杭可科技、亿纬锂能、天际股份表现靠前，分别上涨 78.8%、51.5%、49.7%、36.4%、30.2%，本周比亚迪、星云股份、东方精工、大族激光、中 材科技表现靠后，分别下跌6.0%、7.4%、8.1%、9.2%、9.7%。 华鑫证券近日发布新能源汽车行业周报：根据中汽协数据，7月新能源汽车产销分别完 成124.3万辆和126.2万辆，同比分别增长26.3%和27.4%；新能源汽车新车销量达到汽车新车 总销量的48.7%。1-7月，新能源汽车产销分别完成823.2万辆和822万辆，同比分别增长 39.2%和38.5%；新能源汽车新车销量达到汽车新车总销量的45%。 以下为研究报告摘要： 政策呵护，供需结构持续优化。根据中汽协数据，7月新能源汽车产销分别完成124.3万 辆和126.2万辆，同比分别增长26.3%和27.4%；新能源汽车新车销量达到汽车新车总销量的 48.7%。 ...

Core Viewpoint - The article highlights the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand, indicating a positive outlook for core companies in the industry [1][2]. Industry Overview - In July, NEV production and sales reached 1.243 million and 1.262 million units, respectively, marking year-on-year increases of 26.3% and 27.4% [1]. - From January to July, NEV production and sales totaled 8.232 million and 8.22 million units, with year-on-year growth of 39.2% and 38.5% [1]. - NEV sales accounted for 48.7% of total new car sales in July and 45% from January to July [1]. Supply and Demand Dynamics - The supply side is seeing new product launches from battery and main engine manufacturers, while the demand side is responding positively [1]. - The industry has experienced significant price declines, leading to reduced capital expenditures, which is optimizing the supply-demand balance [1]. - The overall price level in the industry is at a low point, with prices expected to rise due to strong demand resilience [1]. Investment Strategy - The industry is rated as "recommended," with a focus on sectors expected to yield excess returns, including robotics, solid-state batteries, battery materials, and liquid cooling technologies [2]. - Key companies in the main materials sector include Yiwei Lithium Energy, CATL, and Tianji [3]. Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index saw weekly changes of +3.68%, +9.20%, -0.94%, -0.95%, and +11.45%, respectively [4]. - Notable performers in the lithium battery index included Tianhong Lithium, Xianlead Intelligent, Hangke Technology, Yiwei Lithium Energy, and Tianji, with increases of 78.8%, 51.5%, 49.7%, 36.4%, and 30.2% [4]. - Conversely, companies like BYD, Xingyun Co., Dongfang Precision, Dazhu Laser, and China National Materials experienced declines of 6.0%, 7.4%, 8.1%, 9.2%, and 9.7% [4]. Price Trends - Lithium carbonate prices are at 74,700 CNY/ton, down 6.2% from last week, while lithium hydroxide is at 75,500 CNY/ton, down 1.7% [5]. - Nickel prices on the LME are at 15,100 USD/ton, down 0.5%, while cobalt prices are at 271,000 CNY/ton, up 1.5% [5]. - Phosphate iron lithium prices remain stable at 34,300 CNY/ton, and various ternary precursor prices have seen slight increases [5].