Group 1 - The core inquiry from investors is whether the subsidiary Jiangsu Aitasi New Energy Technology Co., Ltd.'s cold night products can be used for solid-state batteries [2] - Aotega (002239.SZ) responded on September 17, stating that its subsidiary Aitasi produces thermal management equipment for energy storage batteries, utilizing a liquid cooling technology route [2] - The main focus of Aitasi's products is on thermal management for large power batteries, and they can develop liquid cooling thermal management products tailored to various energy storage battery products based on customer needs [2]

Core Insights - The article discusses the increasing demand for AI computing power and the challenges in thermal management, particularly the introduction of microchannel liquid cooling plate (MLCP) technology as a potential solution [2][57]. Group 1: MLCP Technology Overview - MLCP technology integrates a metal cover and liquid cooling plate with a microchannel design, enhancing cooling efficiency and reducing system size [4][6]. - The cost of MLCP is projected to be 3 to 5 times higher than existing cooling solutions, with manufacturing costs for GPUs potentially increasing by 5 to 7 times if MLCP is widely adopted [2][4]. Group 2: Thermal Management Challenges - The thermal power of the Rubin GPU is expected to rise from 1.8 kW to 2.3 kW, necessitating the introduction of MLCP technology by late 2026 [7][9]. - Current cooling solutions may not suffice for the increasing power demands of AI chips, indicating a critical need for advanced thermal management technologies [2][9]. Group 3: Industry Developments - Boyd, a leading supplier, has delivered 5 million liquid cooling plates to large-scale data centers, highlighting the growing importance of liquid cooling technology in AI computing [10]. - The article emphasizes that MLCP technology is gaining traction in the industry, with ongoing research and development efforts to address its challenges [6][57]. Group 4: Future Outlook - The article concludes that MLCP technology represents a significant advancement in thermal management for high-power AI platforms, despite facing production and technical validation challenges [57][59]. - The upcoming Thermal Management Industry Conference will focus on the latest developments in MLCP and liquid cooling technologies, providing a platform for industry experts to discuss solutions to the growing thermal challenges in AI computing [59].

Core Viewpoint - The article discusses the recent high interest in NVIDIA's new liquid cooling solution, specifically the microchannel lid, and its implications for the semiconductor industry [2][4]. Group 1: Investment Bank Perspectives - JP Morgan and Morgan Stanley provided detailed analyses of the microchannel lid, highlighting its efficiency in heat dissipation compared to traditional cooling methods [5]. - The microchannel lid integrates a heat spreader and cold plate, allowing for efficient heat transfer and cooling, which is crucial as chip power requirements increase [8][11]. - The adoption of the microchannel lid could increase the number of quick disconnects (QD) in VR series compute trays to at least 12, compared to 8 in the existing GB300 compute trays [12]. - In the short term, the impact on liquid cooling suppliers is limited, as a significant portion of NVIDIA's GPU shipments will still use traditional cold plates [13]. - Currently, ODMs are in the testing phase for the microchannel lid, with a decision expected in one to two months [14]. Group 2: Industry Perspectives - The microchannel lid concept was discussed in the industry as early as late August, with market speculation about its potential use in NVIDIA's Rubin GPU [15]. - Jentech, a key supplier for NVIDIA's lid products, is closely tied to NVIDIA's technology iterations and order fluctuations, which can influence its stock performance [16]. - The maturity of different cooling technologies ranks single-phase cold plates as significantly ahead, followed by dual-phase cold plates and immersion cooling, with microchannel lids lagging behind [18]. - Cold plate suppliers like AVC indicated that the microchannel lid may not be adopted until the release of the Rubin Ultra model, as current production timelines do not support its implementation [18]. - Companies are currently sending samples for the microchannel lid, but sample approval does not guarantee immediate procurement [19]. - Key players in the lid and cold plate sectors, such as Jentech and AVC, are conducting advanced research on microchannel lids, but it remains uncertain which company will dominate the market [21]. - Besides microchannel lids, 3D printing is also emerging as a cutting-edge research direction in the cooling field, offering high precision and customization capabilities [21].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Viewpoints - The mechanical industry is experiencing a recovery in demand, particularly in the engineering machinery sector, driven by significant projects such as the construction of the Yarlung Tsangpo River hydropower project, which is expected to generate substantial new demand for engineering machinery [14][15] - The humanoid robot sector is poised for a breakthrough in 2025, with mass production expected to drive down costs and enhance data collection capabilities, thus promoting wider adoption [6] - Liquid cooling technology is becoming increasingly important due to the rising power consumption of chips, with a projected increase in the adoption of liquid cooling systems in data centers [7][8] Summary by Relevant Sections Humanoid Robots - Significant investments in humanoid robotics have been made, including a nearly 1 billion yuan A+ round financing for a startup focused on embodied intelligence [4] - The year 2025 is anticipated to be a pivotal year for humanoid robot mass production, with expectations of overcoming data scarcity issues [6] Liquid Cooling - Innovations in liquid cooling technology are being driven by the need for efficient thermal management in high-performance chips, with a notable shift towards liquid cooling systems in new data centers [7][8] Engineering Machinery - The engineering machinery sector is benefiting from the commencement of major infrastructure projects, with domestic sales of excavators showing a year-on-year increase of 14.8% in August 2025 [15] - The report highlights the potential for continued growth in the engineering machinery sector due to policy support and the ongoing internationalization and electrification trends [15] Robotics and Automation - The report notes a significant increase in the sales of various types of forklifts, with a year-on-year growth of 14.4% in July 2025, indicating a robust market for automated solutions [16] - The penetration rate of unmanned forklifts is expected to rise significantly, with a projected 39.3% increase in sales in 2025 [16] Semiconductor Equipment - The report discusses the acceleration of domestic substitution for semiconductor equipment due to geopolitical tensions and trade restrictions, emphasizing the importance of local manufacturers [18][19] New Energy Equipment - The report highlights advancements in battery technology, including the introduction of solid-state batteries, which are expected to revolutionize the energy storage market [21][22]

Group 1 - The company established a subsidiary, Anhui Hangyi Technology Co., Ltd., in Wuhu, Anhui, focusing on the research, production, and sales of liquid cooling pumps for data centers, renewable energy storage, and charging piles, with a power range of 16W to 22kW [2] - The company has over 40 clients in the liquid cooling sector, including HP, Shunling Environment, and Delta, and has a maximum production capacity of 1.2 million electronic pumps per year to meet the growing demand [2] - Currently, the company is involved in over 120 projects in the liquid cooling field, with some already in mass production, and is integrating thermal management technology with various advanced sectors such as AI cooling, 5G base stations, and renewable energy [2] Group 2 - In the first half of the year, the company reported revenue of 2.162 billion yuan, a year-on-year decrease of 8.67%, while net profit attributable to shareholders increased by 14.49% to 210 million yuan [3] - The company's net profit excluding non-recurring items reached 218 million yuan, reflecting a year-on-year growth of 24.65% [3]

Core Insights - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a significant breakthrough [1][2] - Nvidia's new Rubin architecture chips have completed tape-out and are set for mass production next year, with global data center infrastructure capital expenditure expected to reach $3-4 trillion over the next five years [2] - The competitiveness of the domestic AI industry chain is continuously improving, exemplified by Cambrian's approved fundraising of 3.985 billion yuan for large model chip and software platform development, with a staggering 4347% year-on-year revenue increase in the first half of the year [1][2] Industry Summary - Overseas computing demand has exceeded expectations, accelerating the maturation of the domestic ecosystem [2] - Oracle's latest financial report indicates a projected 77% surge in cloud infrastructure revenue, with unconfirmed performance obligations skyrocketing to $455 billion, including a $300 billion contract with OpenAI [2] - The upgrade in cooling demand driven by enhanced computing density necessitates liquid cooling technology, which is becoming essential due to the advanced process of Rubin chips [2] - Major cloud providers are expected to significantly boost liquid cooling server demand through substantial collaborations and capital investments [2] Company Insights - Cambrian's fundraising approval and its remarkable revenue growth highlight the potential of domestic AI companies [2] - Shenghong Technology has also received approval for a 1.9 billion yuan fundraising aimed at overseas AI-related production capacity [2] - Industry leaders are accelerating the integration of domestic computing clusters and ecosystems through the development of a series of chips and open platforms [2] Investment Perspective - The sector shows strong AI beta resonance across established overseas companies, companies still validating overseas chains, and purely domestic companies [3] - The power generation sector remains a logical choice for simultaneous volume and profit growth, with recommendations for companies like Keta Power [3] - Other recommended companies include AIDC leasing target Hongjing Technology, and those benefiting from power upgrades such as Yingweike and Shenling Environment [3]

Core Viewpoint - The company is actively developing composite cooling liquids for next-generation servers and is involved in the certification process for these products, while also participating in the supply chain for North American supercomputing centers [2]. Group 1: Product Development and Certification - The company emphasizes the importance of research and innovation in cooling liquid technology and has developed multiple technical routes for composite cooling liquid products [2]. - The company has a strong technical foundation in fluorinated liquids and has established a mature quality management system, contributing to the formulation of several standards and specifications in the liquid cooling field [2]. - Various products for different scenarios in IDC data centers have reached mature mass production, and the company is actively promoting certification work with major domestic and international manufacturers [2]. Group 2: Market Position and Future Plans - The company is currently engaged in verification testing of some new cooling liquid products with domestic and international clients, although specific details about the certification stages are confidential [2]. - The company plans to continuously enhance the competitiveness of its liquid cooling products, ensure production capacity, and improve customer service levels [2]. - Investors are encouraged to follow the company's periodic reports on the Giant Tide Information Network for updates on product layout [2].

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Retail Sector**: In August 2025, the total retail sales of consumer goods grew by approximately 3.4% year-on-year, with offline sales showing resilient growth while online sales remained stable [2][4]. - **Restaurant Industry**: Restaurant revenue increased by 2.1% year-on-year, influenced by factors such as the alcohol ban, improved weather, and a low base from the previous year [1][5]. - **Hotel Industry**: The hotel sector experienced a decline in occupancy rates due to weak summer travel demand and oversupply, but a slowdown in supply may lead to a long-term reversal [1][6]. - **Automotive Market**: The automotive market's retail sales totaled approximately 409.3 billion yuan in August, with a year-on-year growth of 0.8%. Notably, passenger car exports surged by 22% [1][8][9]. Core Insights and Arguments - **Automotive Trends**: The rise of high-end domestic brands, particularly in the 200,000 yuan and above segment, is driving the penetration of new energy vehicles (NEVs), which saw sales of 1.28 million units in August, a 22% increase year-on-year [1][10]. - **New Energy Vehicles**: NEVs accounted for about 50% of total vehicle sales in August, with cumulative sales from January to August reaching approximately 893,000 units, reflecting a 34% year-on-year growth [9]. - **High-End Market Dynamics**: The ultra-luxury car market continues to grow, with brands like Zun Jie performing exceptionally well in deliveries [10][11]. - **Component Sector Focus**: The future of the automotive components sector is centered on smart driving, robotics, and liquid cooling technology, with the latter expected to see a tenfold increase by 2026 [12][13]. Additional Important Insights - **Investment Recommendations**: For the upcoming months, it is suggested to focus on high-performing stocks that may experience pullbacks and to position for stocks with strong earnings visibility in the fourth quarter [4]. - **Household Appliances**: The household appliance sector saw a year-on-year retail growth of 14.3% in August, with significant performance variations across product categories [23][24]. - **Cleaning Products**: The cleaning product category showed remarkable growth, with online sales of robotic vacuums and floor washers increasing by over 80% [25][26]. - **Textile and Apparel Sector**: The textile and apparel industry showed good retail performance in August, with many brands experiencing a rebound, potentially influenced by the stock market's wealth effect [15][16]. Future Trends and Strategies - **Consumer Goods**: The consumer goods sector is expected to continue its recovery, with a focus on companies that can maintain pricing power and cost transfer capabilities [22]. - **Light Industry**: Investment strategies in the light industry should focus on new product penetration and international expansion opportunities [18][19]. - **Food and Beverage Sector**: The food and beverage sector is projected to maintain steady growth, with a focus on high-end brands and those benefiting from supply chain standardization [20][22]. This summary encapsulates the key points from the conference call records, highlighting the performance and trends across various industries, along with strategic insights for future investments.

Summary of Liquid Cooling Technology Conference Call Industry Overview - The focus is on liquid cooling technology innovations primarily in the server and data center sectors, with existing solutions including cold plate, spray, and silent cooling methods. The unidirectional cold plate method is highlighted as the mainstream solution due to its high thermal efficiency and cost-effectiveness [1][4]. Key Points and Arguments - **Drivers of Liquid Cooling Technology Development**: 1. Continuous increase in chip and cabinet power consumption, with CPUs now exceeding 10 kW and cabinet peak power reaching 120-130 kW [5]. 2. Strict PUE (Power Usage Effectiveness) requirements, with new data centers needing to maintain a PUE below 1.25 [5]. 3. Total Cost of Ownership (TCO) considerations, where unidirectional cold plate systems show significant economic advantages over traditional air cooling [5]. - **Market Growth Projections**: - The domestic market is expected to reach 4-5 billion yuan in 2025 and grow to 7-8 billion yuan by 2026. The global market is projected to approach 100 billion yuan by 2026 [1][10]. - **Key Components of Liquid Cooling Systems**: - Liquid cooling plates and CDU (Central Distribution Unit) each account for approximately 30% of the system's value. Other components like manifolds and quick connectors contribute an additional 10-20% [9]. - **Challenges for Silent Cooling Solutions**: - Silent cooling methods face challenges due to high costs and environmental concerns regarding refrigerants, limiting their market viability [8][6]. - **Opportunities for Chinese Companies**: - Chinese firms are gaining ground in the global liquid cooling supply chain, with some technologies now comparable to international competitors. There is potential for increased orders, especially in high-value segments [11]. Additional Important Insights - **Liquid Cooling System Components**: - The liquid cooling system includes critical components such as liquid cooling plates, CDU, and quick connectors, which are essential for effective thermal management [9]. - **Future Trends**: - The liquid cooling industry is expected to experience a steeper growth trajectory compared to other segments like optical modules by 2026, with a focus on companies that can achieve order breakthroughs [16]. - **Competitive Landscape**: - Companies like Invec are noted for their comprehensive capabilities in both server and data center liquid cooling solutions, positioning them well for future growth [17]. - **Research and Development**: - Ongoing exploration of integrating microchannels into cooling plates is underway, which could enhance thermal performance, although this is still in the research phase [7]. This summary encapsulates the key discussions and insights from the conference call regarding the liquid cooling technology sector, highlighting its growth potential, challenges, and the competitive landscape.

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [28]. Core Views - The company achieved a total revenue of 2.573 billion yuan in the first half of 2025, representing a year-on-year growth of 50.25%, with a net profit attributable to shareholders of 216 million yuan, up 17.54% year-on-year [7][8]. - The rapid growth in revenue is driven by significant increases in the data center cooling and cabinet cooling segments, which grew by 58% and 32% respectively [8]. - The company is positioned to benefit from the increasing adoption of liquid cooling technology in high-density data centers, particularly in overseas markets [11][12]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 2.573 billion yuan, a 50.25% increase year-on-year, and a net profit of 216 million yuan, reflecting a 17.54% growth [7][8]. - The gross margin and net margin for H1 2025 were 26.15% and 8.78%, respectively, with slight declines of 2.33 percentage points and 1.92 percentage points year-on-year [9]. - The company's revenue from the data center cooling business was 1.351 billion yuan, a 57.91% increase, making it the largest segment [10]. Business Segments - The data center cooling segment accounted for 52.5% of total revenue, while the cabinet cooling segment contributed 36% [10]. - The company has seen a significant increase in revenue from energy storage applications, which reached approximately 800 million yuan, a growth of about 35% year-on-year [10]. - Other business segments, including customized cooling solutions for various electronic fields, generated 253 million yuan, marking a 216.04% increase [10]. Market Position and Outlook - The company is recognized as a leader in liquid cooling solutions, with a comprehensive product offering that includes components from cooling plates to delivery systems [11]. - The increasing power consumption of AI servers, such as NVIDIA's GB200, is driving demand for liquid cooling solutions, positioning the company to benefit from this trend [12]. - Revenue projections for the company are optimistic, with expected revenues of 6.621 billion yuan, 8.847 billion yuan, and 11.362 billion yuan for 2025, 2026, and 2027, respectively [13][14].