格隆汇8月13日丨丰茂股份(301459.SZ)在互动平台表示，液冷管路核心需求在于高密封性、耐腐蚀性、 耐高低温及长效可靠性。公司深耕流体管路领域，在橡胶等高分子材料改性、多层复合管路结构设计、 精密挤出方面拥有深厚积累。公司具有液冷管路适配开发能力，现正积极拓展相关领域客户。 ...

Core Viewpoint - Cheng Tian Wei Ye aims to become a global leader in smart cards, dedicated chips, semiconductor packaging materials, AIOT products, and digital and energy thermal management solutions, driven by technological innovation and system integration [1] Business Overview - The company has established a comprehensive solution provider model focusing on high-performance, low-power, and high-security solutions for global clients [1] - Cheng Tian Wei Ye's business strategy includes extending the industrial chain and exploring new fields to enhance core competitiveness and create a business closed loop [1][19] Business Segments - The company operates in four main business areas: smart card business, semiconductor manufacturing (smart card dedicated chips and semiconductor packaging materials), digital and energy thermal management, and smart security [1] Recent Performance - In Q1 2025, the company reported a revenue growth of 236.78% year-on-year, driven by increased sales of smart card products and successful implementation of semiconductor packaging materials [3][4] - The company anticipates continued growth in Q2 2025, with a positive trend across all business segments [5] Strategic Initiatives - The 2025 employee stock ownership plan sets performance targets for net profit and revenue growth at no less than 16%, with a focus on deepening cooperation with domestic operators and expanding the application of super SIM cards [6][12] - The company plans to enhance market penetration for semiconductor packaging materials and promote liquid cooling and packaging products with technological innovations and cost advantages [6][15] Market Position and Competitive Advantage - Cheng Tian Wei Ye is one of the earliest entrants in the smart card sector, establishing an end-to-end process from chip application research and development to production and sales, achieving a one-stop delivery capability [2][12] - The company has formed strong partnerships with international leaders like THALES and IDEMIA, with over 60% of its products exported [12] Liquid Cooling Technology - The liquid cooling products are designed for AI servers and high-performance computing, with a focus on high thermal efficiency and low energy consumption [14] - The company has completed multiple rounds of technical validation for its liquid cooling products and is preparing for mass production [15] Smart Security Business - The smart security business focuses on high-speed rail safety solutions, with a new generation of safety barriers that enhance passenger protection [18] - The business model is based on pricing per platform length, with potential for significant added value due to high technical barriers [18] Future Outlook - The company is cautious about pursuing mergers and acquisitions, focusing on stable growth and maintaining a watchful eye on quality targets within the industry [20]

成都凯普乐资产管理有限公司成立于2017年10月，于2018年8月成为私募证券投资基金管理人。公司经 营范围涵盖资产管理、投资管理，主营业务为国内外证券、大宗商品期货及衍生品类资产管理、投资顾 问。 根据市场公开信息及8月12日披露的机构调研信息，知名私募凯普乐资管近期对1家上市公司进行了调 研，相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）依米康 （凯普乐资管参与公司特定对象调研） 机构简介： 调研纪要：公司拥有市场全部温控方案的产品与技术。海外液冷应用节奏更快，欧美领先，中东、日韩 次之；国内以风液同源为主。2023年公司逐步布局海外，跟随阿里、字节等需求出海，2024年确认境外 订单收入4,771.88万元。公司拥有液冷全栈解决方案，涵盖智能工程、关键设备、物联软件和智慧服务 四大板块，已成功投运液冷集装箱等产品。阿里巴巴、字节跳动、华为等是公司的重要客户和战略合作 伙伴，公司订单情况良好，生产经营活动正常运行。 ...

Group 1 - The company Yimikang has a comprehensive range of temperature control solutions and technologies, with a focus on overseas liquid cooling applications, particularly in Europe and the United States [1] - In 2023, the company is gradually expanding its overseas presence, following the demand from major clients like Alibaba and ByteDance, with confirmed overseas order revenue of 47.7188 million yuan for 2024 [1] - Yimikang offers a full-stack liquid cooling solution that includes smart engineering, key equipment, IoT software, and intelligent services, and has successfully launched products like liquid cooling containers [1] Group 2 - Major clients and strategic partners of the company include Alibaba, ByteDance, and Huawei, indicating a strong order situation and normal operational activities [1]

Group 1: Market Overview - The liquid cooling technology is experiencing explosive growth in demand due to increasing heat dissipation issues in data centers and computing equipment [1] - The liquid cooling server concept index has risen by 13.64% since August, indicating strong market interest [1] - IDC projects that the Chinese liquid cooling server market will reach $2.37 billion in 2024, a 67% increase from 2023, with a compound annual growth rate of 46.8% from 2024 to 2029 [2] Group 2: Company Performance - Feirongda expects a revenue of approximately 2.886 billion yuan for the first half of 2025, with a net profit increase of 103.95% to 123.69% year-on-year [2] - Zhongshi Technology anticipates a net profit of 116 million to 129 million yuan for the first half of 2025, reflecting an 85.01% to 105.75% increase compared to the previous year [3] - Huazheng New Materials forecasts a net profit of 37 million to 47 million yuan for the first half of 2025, representing a year-on-year increase of 271.02% to 371.30% [3] Group 3: Industry Trends - The liquid cooling technology is evolving towards modular, intelligent, and scenario-adaptive solutions driven by the growing AI computing demands [2] - Analysts predict that 2025 will see a significant increase in the penetration of liquid cooling technology in NVIDIA's AI chips, leading to market growth [4] - Domestic liquid cooling companies are expected to reshape the global industry landscape, with a clear trend of increasing market share for local manufacturers [4][5]

Core Viewpoint - Feilong Automotive Parts Co., Ltd. is expanding its liquid cooling technology applications beyond the automotive sector into various advanced fields, establishing partnerships with over 80 clients and managing more than 120 ongoing projects, some of which have already achieved mass production [1] Group 1: Business Development - The company has established collaborations with over 40 leading enterprises in the server liquid cooling sector, including HP and Lenovo [1] - In the charging pile sector, clients include Xiaomi Automotive and Teld [1] - The company has entered the supply chain systems of major firms such as State Power Investment Corporation and Sany Heavy Industry [1] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 2.162 billion yuan and a net profit of 210 million yuan, marking a year-on-year growth of 14.49% and 24.65% respectively [2] - The management attributes the revenue growth to stable raw material prices, optimized product structure, and enhanced internal and external management [2] - The company anticipates improved revenue in the second half of 2025, driven by new overseas projects, increased orders for new energy vehicle integrated modules, and growing sales of liquid cooling products [2] Group 3: Global Strategy - The company’s first overseas smart factory in Thailand commenced trial production on June 26, 2025, serving as a strategic hub for global expansion [3] - The establishment of the Thai production base aims to mitigate international trade risks and enhance supply chain resilience against geopolitical fluctuations [3] - The company plans to accelerate the construction of the Thai facility to adapt to U.S. tariff adjustments and diversify its international market strategy [3] Group 4: Robotics Strategy - The company has outlined its strategic planning for the robotics sector, focusing on two complementary paths: extending core components and developing liquid cooling solutions for robotics [4] - It aims to leverage its expertise in thermal management to provide key components for the robotics industry [4] - Collaborations with certain vehicle manufacturers for product co-development in the robotics field have already begun [5] Group 5: Production Capacity - The subsidiary Zhengzhou Feilong specializes in new energy thermal management components, with over 20 assembly lines and production capabilities for various thermal management products [5] - The ongoing project to produce 5.6 million new energy thermal management components is under construction, focusing on thermal control valves and integrated modules [5] Group 6: New Subsidiary - The newly established subsidiary Hangyi Technology focuses on non-automotive liquid cooling pump research and production, targeting data centers and charging piles [6] - The company aims to become a leader in IDC liquid cooling pump technology and a core supplier in the global market [6] - Future plans include solidifying automotive thermal management business while integrating thermal management technology with emerging industries like robotics [6]

Core Viewpoint - HUT8's Q2 2025 report highlights the advancement of liquid cooling systems, bridging the gap between traditional air-cooled ASIC infrastructure and liquid-cooled GPU infrastructure, with increasing cabinet density and market potential for liquid cooling solutions [1] Group 1: Market Trends - The trend towards liquid cooling has been initiated by the increasing shipment of NVIDIA's GB200 cabinets, which feature cold plate liquid cooling design, marking the beginning of a new era in liquid cooling [2] - The growth of the liquid cooling market is driven by two main factors: the rising power consumption of GPU chip designs necessitating upgraded cooling solutions, and the increasing integration demands of data centers [2][3] Group 2: Industry Dynamics - The integration of data centers is pushing the need for advanced cooling solutions, as traditional air cooling cannot meet the economic and integration requirements of high-performance computing centers [3] - The future of the liquid cooling industry is clear, with a shift from traditional air cooling to liquid cooling solutions, including cold plate, spray, and immersion cooling systems [3] Group 3: Investment Opportunities - Companies to watch in the liquid cooling space include Invec (002837.SZ), Kehua Data (002335.SZ), Wangsu Science & Technology (300017.SZ), Yimikang (300249.SZ), Shenling Environment (301018.SZ), and Gaolan Co. (300499.SZ) [3]

Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index recording a seven-day winning streak, reaching a new high for the year, while the ChiNext Index rose over 1% in the afternoon [1] - Semiconductor stocks collectively surged, with Cambrian Technology hitting the daily limit and reaching a new high [1] - The liquid cooling server concept continued to perform strongly, with companies like Dayuan Pump Industry and others hitting the daily limit [1] - Local stocks in Xinjiang maintained strength, with multiple stocks achieving three consecutive limits [1] - The military industry sector experienced fluctuations, with Jihua Group dropping over 7% [1] Hot Topics Domestic Chips - Domestic chip stocks saw significant gains, with companies like Haili Co., Wante Development, and others hitting the daily limit [4] - Cambrian Technology recorded a daily limit with a trading volume exceeding 15 billion, setting a historical high [4] - The rise in domestic chips is attributed to the increasing demand for computing power and the gradual slowdown in technological supply, providing an opportunity for Chinese AI chip manufacturers to catch up [5][6] Brain Science - The brain science sector performed well, with companies like Innovation Medical and Qisheng Technology hitting the daily limit, while others saw gains exceeding 10% [7] - The Ministry of Industry and Information Technology and other departments released implementation opinions to promote the innovation and development of the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [7] - The establishment of the Hubei Brain-Computer Interface Industry Innovation Development Alliance indicates growing support for this sector [7] Liquid Cooling Servers - The liquid cooling sector remained active, with Dayuan Pump Industry achieving two consecutive limits, and other companies like Xinpeng and Hongsheng hitting the daily limit [10] - The demand for liquid cooling technology is expected to increase as traditional cooling methods become inadequate for high-performance computing systems [12] - The value of core components in liquid cooling systems is projected to exceed 200,000 yuan per unit, indicating a strong market potential for this technology [12] Stock Performance Highlights - Notable stock performances included: - Cambrian Technology (688256.SS) with a 20% increase, reaching a price of 848.88 [5] - Innovation Medical (002173.SZ) with a 9.99% increase, reaching a price of 20.59 [8] - Dayuan Pump Industry (603757.SS) with a 10% increase, reaching a price of 35.41 [11]

Core Viewpoint - The article discusses the liquid cooling technology utilized by Maglev Technology (688448.SH) for data centers, highlighting its efficiency in heat management and energy consumption reduction [1] Group 1: Liquid Cooling Technology - Liquid cooling technology uses liquid as a heat transfer medium to directly or indirectly remove heat from data center components such as CPUs and GPUs [1] - Both direct and indirect liquid cooling require a cooling system to lower the temperature of the heat transfer medium for stable system operation [1] Group 2: Cooling Systems - The magnetic levitation chiller is identified as a highly efficient cooling system that significantly reduces energy consumption in data center operations [1]

格隆汇8月12日丨协昌科技(301418.SZ)在投资者互动平台表示，公司的新一代液冷高性能控制器通过液 冷技术提升了产品的散热性能和稳定性，相关产品经江苏省工业和信息化厅鉴定该技术产品总体处于国 际先进水平，目前应用于电动车辆领域；公司在立足于功率芯片和运动控制器产品领域，把握电动车辆 运动控制领域应用的同时，将持续积极布局新兴行业，丰富下游客户构成，提升公司的抗风险能力，保 障公司持续稳定的发展。 ...