Core Viewpoint - The company is committed to strengthening its global strategic layout and enhancing its core competitiveness in overseas markets, with confidence in achieving breakthroughs in key areas such as top liquid cooling clients, top power energy clients, and top embodied intelligence clients [1] Group 1 - The company aims to continuously solidify its global strategy [1] - The company expects significant enhancement in growth momentum and performance elasticity as new businesses accelerate and scale gradually release [1]

证券日报网2月11日讯 ，众捷汽车（301560）在接受调研者提问时表示，公司主要从事汽车热管理系统 精密加工零部件的研发、生产和销售。公司产品为数据中心液冷芯板，并已成功拓展与全球热管理解决 方案领导者Boyd宝德集团的合作，成为其精密加工零部件供应商。目前公司液冷相关产品收入占比较 低。公司将会持续聚焦液冷赛道的技术迭代与市场拓展，在巩固现有合作的同时，积极推进与挖掘更多 合作机会。 ...

Group 1 - The stock price of Cheng Tian Wei Ye has shown a downward trend, closing at 48.90 yuan on February 11, 2026, down 15.47% from 55.40 yuan on February 5, 2026 [1] - On February 6, the stock price was 54.40 yuan, with a daily decline of 1.81% and a net inflow of 13.30 million yuan from main funds; however, on February 11, there was a net outflow of 7.56 million yuan, indicating a bearish market trend [1] - The stock price fluctuations may be influenced by overall market adjustments and sentiment in the liquid cooling sector [1] Group 2 - Recent developments in the liquid cooling business are a core focus, with Cheng Tian Wei Ye entering the supply chain of leading U.S. semiconductor companies through a Taiwanese partner, providing key components such as liquid cooling plates and pipes [2] - The company is also advancing sample testing with domestic server manufacturers and internet companies, driven by AI computing power demand accelerating the commercialization of liquid cooling [2] - A fundraising plan was disclosed on January 16, 2026, aiming to raise no more than 800 million yuan for the industrialization of liquid cooling heat dissipation systems to expand production capacity [2] - Policy support is evident, with the Ministry of Housing and Urban-Rural Development seeking opinions on data center design standards, which now include requirements for liquid cooling systems [2] Group 3 - Institutional research indicates that Cheng Tian Wei Ye's liquid cooling business is receiving significant attention, with the next-generation microchannel packaging cover plate (MLCP) technology in the joint R&D stage with clients, expected to enhance cooling efficiency [2] - Valuation analysis by Securities Star suggests a relative valuation range of 44.03-48.66 yuan, with a C rating for valuation accuracy, indicating that the stock price may be high, but future revenue growth prospects are favorable [2] - Overall, institutional ratings remain neutral, with no significant positive or negative changes observed [2]

证券研究报告 | 浙商早知道 ：wanghe@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商电子 王凌涛/沈钱】鸿富瀚（301086）公司深度：精密制造平台化延展，液冷与自动化驱动全新成长极 — —20260209 重要观点 ❑ 【浙商 ESG 祁星】专题研究：国内首个金融 ESG 国标与可持续信息鉴证准则发布，加速推进信息披露体系标准 化——20260210 报告日期：2026 年 02 月 11 日 浙商早知道 2026 年 02 月 11 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ❑ 大势：2 月 10 日上证指数上涨 0.13%，沪深 300 上涨 0.11%，科创 50 上涨 0.91%，中证 1000 上涨 0.2%，创业板 指下跌 0.37%，恒生指数上涨 0.58%。 ❑ 行业：2 月 10 日表现最好的行业分别是传媒（+4.27%)、综合（+2.15%)、家用电器（+1.11%)、煤炭（+0.88%)、 社会服务（+0.74%)，表现最差的行业分别是房地产（-1.4%)、食品饮料（-1.31%)、商贸零售（-0.87%)、美容护 理（-0 ...

Group 1 - The core viewpoint is that the ongoing electricity shortage in North America, combined with the accelerated construction of AI data centers, is driving a surge in demand for liquid cooling solutions, presenting new growth opportunities for the company [1][2]. Group 2 - The electricity shortage logic in North America is deepening, with data center primary and backup power installations accelerating, leading to increased cooling and supporting demand. By 2026, the combined capital expenditure of Meta, Google, Microsoft, and Amazon is expected to rise to the range of $700-900 billion, which will drive the rapid construction of AI data centers [2]. - The U.S. Department of Energy predicts that from 2023, the electricity demand from U.S. data centers will increase by approximately 13-27% annually, reaching 325-580 TWh by 2028, accounting for 6.7%-12% of total U.S. electricity demand [2]. - The company, as a core supplier of commercial vehicle engines, is positioned to benefit from the electricity shortage logic in North America, with its supply capabilities extending to natural gas and diesel cooling modules and after-treatment systems [2]. Group 3 - The upgrade of chip power is driving growth in the cabinet liquid cooling market. Current mainstream chips from NVIDIA have thermal design power ratings of 1.0 kW and 1.2 kW, with cabinet power exceeding 130 kW [3]. - As rack power density exceeds 75 kW, direct liquid cooling solutions can meet the cooling needs of high-density cabinets, leading to increased shipments of high-power cabinets and rising penetration rates of liquid cooling [3]. - The company has developed a comprehensive liquid cooling product layout covering both internal and external server cabinets, including immersion cooling equipment, precision air conditioning, and diesel generator liquid cooling modules [3]. Group 4 - The company forecasts revenues of 15.13 billion, 18.21 billion, and 21.41 billion yuan for 2025-2027, representing year-on-year growth of 19%, 20%, and 18% respectively. The net profit attributable to the parent company is expected to reach 0.95 billion, 1.35 billion, and 1.70 billion yuan, with year-on-year growth of 21%, 41%, and 26% respectively [4].

卡特彼勒目前在手订单4000-5000台，公司占到卡特中较大份额，预计年内会有收入贡献。 机器人、液冷双轮驱动，机器人上公司在F、T客户上核心卡位，供应品类拓展中；服务器液冷产业链上，公司具 备柴发/燃气发动机冷却模块、板式换热器、冷板、CDU整机等多个产品布局，目前已逐步进入北美AI客户及其台 系供应商体系。 【zx汽车】银轮股份推荐-卡特彼勒合作深化，AI浪潮下价值重估 卡特彼勒是公司深度合作伙伴，2024Q4开始给卡特彼勒北美供应柴油发电机冷却模块，单套价值量约2万美 金，2025年营收约3亿人民币。 卡特壁垒在柴发冷却模块的合作基础上，新给到公司燃气发电机组后处理产品需求，单台15万美金，价值量大幅 提升。 【zx汽车】银轮股份推荐-卡特彼勒合作深化，AI浪潮下价值重估 卡特彼勒是公司深度合作伙伴，2024Q4开始给卡特彼勒北美供应柴油发电机冷却模块，单套价值量约2万美 金，2025年营收约3亿人民币。 卡特壁垒在柴发冷却模块的合作基础上，新给到公司燃气发电机组后处理产品需求，单台15万美金，价值量大幅 提升。 卡特彼勒目前在手订单4000-5000台，公司占到卡特中较大份额，预计年内会有收入贡 经过 ...

Group 1: Core Business and Market Trends - The company focuses on precision manufacturing in consumer electronics, building a comprehensive product platform covering thermal management, optics, insulation, shielding, and structural components [1] - The recovery in smartphone demand, accelerated penetration of AI PCs, and upgrades in wearables and new energy vehicles are driving a resurgence in functional components, which are evolving from simple material parts to integrated solutions [1] - The company's engineering capabilities in high-clean manufacturing, defect control, and online inspection support its growth within a robust customer base, backed by industry trends and customer structure [1] Group 2: Liquid Cooling Technology - The increasing power density in AI servers and high-speed switching devices is driving the shift towards liquid cooling, which is transitioning from limited introduction to large-scale application [2] - The Direct-to-Chip approach is establishing advantages in engineering replicability and system efficiency, leading to increased penetration and higher single-unit value, making the liquid cooling market significantly elastic [2] - The company is expanding beyond single cold plate processing to modular products like cold plate modules, manifolds, and connectors, leveraging its precision functional components and multi-process manufacturing capabilities [2] Group 3: Automation Business Development - The automation equipment business has evolved from internal support for major consumer electronics clients to an independent revenue-generating unit, driven by a deep understanding of processes [3] - The shift in manufacturing demand from "replacing labor" to "empowering processes" is leading to the application of micro-level precision assembly and inspection capabilities in new energy lithium battery production [3] - This business model emphasizes process understanding and engineering delivery, positioning the automation segment for mid-term growth potential as it transitions from a cost-reduction tool to an external profit unit [3] Group 4: Financial Projections and Valuation - Revenue projections for 2025-2027 are estimated at 1.03 billion, 3.04 billion, and 4.37 billion yuan, with year-on-year growth rates of 25.79%, 195.22%, and 43.78% respectively [4] - Corresponding net profits for the same years are forecasted to be 134 million, 425 million, and 689 million yuan, with current market valuations reflecting PE ratios of 85.30, 26.91, and 16.60 times [4] - The company is rated as a "buy" based on these financial metrics [4]

Core Viewpoint - The automotive industry is focusing on three main themes: smart technology, overseas expansion, and AI integration, with significant growth expected in these areas by 2026 [1] Group 1: Smart Technology - The trend of equal access to intelligent driving in China is gradually establishing, with high-level autonomous driving penetration expected to continue increasing due to the L3 autonomous driving policy and technological iterations by 2026 [1] - Key components to watch include intelligent driving chips and cockpit domain controllers [1] Group 2: Overseas Expansion - The penetration rate of new energy vehicles in Europe is continuously rising, and domestic automotive parts companies are expected to leverage overseas production capacity, cost, and technological advantages for expansion [1] Group 3: AI Integration - The Robotaxi industry is accelerating, with multiple Robotaxi models set for large-scale production and expanding operational areas [1] - Tesla's Optimus Gen3 is expected to achieve mass production by 2026, while domestic automakers are rapidly developing humanoid robots, creating new growth opportunities for local automotive parts companies [1] - Liquid cooling technology, which is relevant for vehicle thermal management and server systems, presents an opportunity for domestic automotive parts companies to enter the supply chain of overseas manufacturers [1] Group 4: ETF Information - The Smart Automotive ETF (159889) tracks the CS Smart Automotive Index (930721), which selects listed companies involved in autonomous driving, vehicle networking, terminal perception, and platform applications to reflect the overall performance of related securities [1]

Core Viewpoint - The surge in performance forecast for Jiechuang Intelligent highlights a significant investment opportunity in the liquid cooling sector, driven by the increasing demand for AI computing power and supported by major institutional investments [1][3][4]. Group 1: Company Performance - Jiechuang Intelligent's net profit for 2025 is projected to reach between 27.1 million and 38.3 million yuan, representing a year-on-year increase of 133.88% to 147%, recovering from a loss of approximately 79.98 million yuan [3]. - The company's growth is primarily attributed to the booming demand for AI computing hardware, with its self-developed "liquid cooling intelligent computing integrated machine" gaining traction in the supply chain for computing centers [3][4]. Group 2: Institutional Investment - Major institutions, including Goldman Sachs, have significantly increased their holdings, with Goldman Sachs acquiring 2.4162 million shares, and Northbound funds increasing their positions by over 290% within a month [3][4]. - The presence of multiple institutional investors, including UBS and JPMorgan, indicates strong confidence in Jiechuang Intelligent's future performance, with a total of 90.38 million shares held by the social security fund [3][4]. Group 3: Industry Dynamics - The liquid cooling market is expected to exceed 100 billion yuan by 2026, transitioning from a "discretionary" to a "necessity" due to the limitations of traditional air cooling in meeting the thermal management needs of high-power chips [4]. - Jiechuang Intelligent's liquid cooling technology effectively reduces operational temperatures, minimizes chip wear, and lowers energy consumption, making it a competitive player in various sectors, including government and finance [4]. Group 4: Investment Logic - The investment rationale for institutions includes the clear growth trajectory of the liquid cooling industry, the high visibility of orders, and the attractive valuation of Jiechuang Intelligent at around 30 times earnings compared to other high-valuation computing stocks [4]. - The company's dual focus on liquid cooling and AI security products enhances its resilience and market appeal, positioning it well for future growth [4].

Core Viewpoint - The company has signed a tripartite framework agreement with Guangdong Quanxiang Intelligent Technology Co., Ltd. and Jiangxi Xiexun Intelligent Equipment Co., Ltd., along with a purchase contract worth 480 million yuan, aiming to enhance collaboration in AI servers and robotics [1] Strategic Aspects - The agreement is expected to deepen the binding with major clients and seize opportunities in the AI and robotics sectors [2] - The collaboration with Jiangxi Xiexun, a wholly-owned subsidiary of Luxshare Precision, and Guangdong Quanxiang, a company focused on AGV development, will create a closed loop of "technology R&D + product supply + market promotion," accelerating product iteration and market entry [2] - The partnership is anticipated to strengthen the industry ecosystem and enhance the company's bargaining power within the supply chain, potentially expanding cooperation to other products [2] Market and Business Aspects - The purchase contract of 480 million yuan accounts for approximately 59.68% of the company's projected revenue for 2024, with full delivery expected by the end of 2026, directly contributing to performance growth [3] - The collaboration with Jiangxi Xiexun allows the company to enter the promising markets of AI server hardware supply and robotics, leading to order growth and new opportunities in liquid cooling technology [3] - The company is focusing on liquid cooling solutions, having established partnerships with major domestic and international clients, including ZTE and Meta, positioning liquid cooling as a strategic growth direction [3] Investment Recommendations - The company is actively expanding into AI, robotics, and cooling solutions while maintaining its core business, with the 480 million yuan contract providing revenue certainty in the short term [4] - If the ecological cooperation is executed efficiently, it could open new growth trajectories, leading to revised profit forecasts for 2025-2027, with expected revenues of 1.065 billion, 2.872 billion, and 3.741 billion yuan, reflecting year-on-year growth of 30.0%, 169.7%, and 30.2% respectively [4] - The projected net profits for the same period are 150 million, 455 million, and 682 million yuan, maintaining a "strong buy" rating [4]