继之前的 文章中聚焦3M氟化液退场风波，以及第二期梳理， 更多从业者关心：这 些新型冷却液到底在怎 样的系统中真正应用起来了？从实际落地来看，"浸没式液冷"无疑是当前冷却液材料创新最活跃的应用场 景之一。 点击扩展阅读 世界巨头将停产，这一化工新材料迎来入局关键期 有机硅与合成油类冷却液 路线之后， 过去几年 阿里、华为、浪潮 等均参与过相关试点，例如阿里云早在2018年前后，便在张北数据中心尝试 部署浸没式液冷方案，并联合多家系统与液体厂商进行验证。 但最终由于成本、设备通用性、生态标准不 完善等因素，项目未能进一步规模化推进。 相比之下，国外市场的探索节奏明显更快更深，以微软、Meta、谷歌为代表的算力巨头持续加码液冷基础 设施建设。继聚焦氟化液材料变局以及针对有机硅与合成油路线的深度解析之后，我们将目光投向冷却液 真正的"落地战场"——全球典型浸没式液冷项目。 在这一轮国际浸没式液冷项目中，冷却液早已不再是单纯的"配套消耗品"，而成为体现系统性能、材料工 程能力乃至环保标准的"技术核心"。在全球各大数据中心与高算力节点的液冷实践中， 氟化液、有机硅液 体、合成烃等多条材料路线 正在展开"技术竞速"。 本 ...

Core Viewpoint - Feilong Automotive Parts Co., Ltd. is leveraging its advantages in automotive thermal management to expand into the server liquid cooling market, aiming to enhance profitability and capture market share [1][2]. Group 1: Company Strategy and Market Position - The company has transitioned from automotive thermal management to the server liquid cooling sector, utilizing its expertise in electronic water pumps and temperature control valves [1][2]. - Feilong has established connections with approximately 70 targeted clients in the server liquid cooling field, with over 100 ongoing projects, some of which are already in mass production [1][2]. - The company is actively expanding its production capacity and exploring international markets, including a new production facility in Thailand expected to start trial production by the end of June [2][3]. Group 2: Market Growth and Opportunities - The liquid cooling technology is gaining traction due to the rapid growth of the computing power market, with IDC forecasting a compound annual growth rate of 46.8% for China's liquid cooling server market from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [1]. - Feilong's recent increase in orders for civilian sector products indicates a positive growth trajectory, with expectations for continued growth in customer base and orders over the next two years [3]. - The company has made significant market breakthroughs by securing orders from a globally recognized power electronics and energy management solutions provider, marking a key advancement in the high-power water pump sector [3].

证券代码：300839证券简称：博汇股份 债券代码：123156 债券简称：博汇转债 了哪些思考和努力，生产情况、竞争优势等介绍一下。 答：您好！公司以市场需求为导向，协同油品贸易商、仓储物 流、检验检测等相关方，在政府相关部门的支持指导下，广泛调研 商讨执行要求和监管要点，顺利打通了该业务模式。这也是响应国 家能源自主战略、突破进口依赖的积极探索，打破了该产品期货交 割品依赖进口的局面，为我国保税船供油业务的稳健发展注入新动 能。公司目前可用于生产高硫燃料油的装置产能为40万吨/年，主要 客户方向为国际船舶加注，目前如无特殊情况，可满负荷生产。目 前在民营炼厂阵营中，公司是唯一一家经营保税高硫燃料油的企业， 并且生产基地位于国家一级化工区宁波石化经济技术开发区，便利 的港口交通和上下游企业聚集，地缘优势显著。 3、请问国资入驻能为公司带来什么支持？ 答：国资的入驻有利于发挥国资平台在产业培育、产业升级方 面的作用，促进公司发展更加稳健，进而加快完成产业转型，助力 公司长远发展。 宁波博汇化工科技股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会 ...

3、知情人士：光伏三季度"减产令"升级，开工率环降10%、低价销售将审计核查。 4、北京：支持游戏企业通过算力构建、大模型部署、数据治理等方式提升研发效率， 给予最高不超过3000万元奖励。 5、宇树科技完成C轮融资交割，移动、腾讯、阿里、蚂蚁、吉利领投。 早 报 精 选 1、 外交部：中方强烈呼吁冲突当事方立即停火止战，特别是以色列。 2、商务部：将依法依规不断加快对稀土相关出口许可申请的审查。 4、国际原子能机构当地时间19日表示，其掌握的信息显示，正在建设中的伊朗洪达 卜重水反应堆遭到袭击。国际原子能机构称，该反应堆并未运行，且未装载任何核材 料，因此没有放射性影响。 宏 观 新 闻 1、 6月19日下午，国家主席习近平同俄罗斯总统普京通电话，重点就中东局势交换 意见。习近平阐述了中方的原则立场并表示，当前中东局势很危急，再次印证世界进 入新的动荡变革期。如果冲突进一步升级，不仅冲突双方将遭受更大损失，地区国家 也将深受其害。针对当前事态，习近平提出四点主张。第一，推动停火止战是当务之 急。第二，保障平民安全是重中之重。第三，开启对话谈判是根本出路。第四，国际 社会促和努力不可或缺。 行 业 新 闻 1 ...

Core Viewpoint - Guangdong Dongyangguang Technology Holdings Co., Ltd. plans to invest in Changzhou Zonghui Chip Semiconductor Technology Co., Ltd. through a capital increase, aiming to enhance its position in the data center liquid cooling technology sector by leveraging synergies with optical chip technology [1][3][10]. Summary by Sections 1. Overview of Related Transactions - The company will invest CNY 90 million to acquire 2.575% of Zonghui Chip's new registered capital of CNY 795,205.23, while its affiliate, Ningbo Yongcheng Dongyangguang Venture Capital Fund, will invest CNY 60 million for a 1.717% stake [1][2]. - This transaction has been approved by the company's board and does not require shareholder approval [2][4]. 2. Purpose and Reasons for the Transaction - The investment aims to address the growing demand for high-speed, low-energy data transmission in data centers, integrating optical chips and liquid cooling technology to enhance efficiency and reliability [3][10]. - Zonghui Chip is recognized as a leading player in the VCSEL chip sector, with strong capabilities in technology iteration and industry chain integration [3][10]. 3. Basic Information about the Investment Target - Changzhou Zonghui Chip Semiconductor Technology Co., Ltd. was established on November 18, 2015, with a registered capital of CNY 29.024 million [6][7]. - The company specializes in chip design, manufacturing, and sales of electronic products, with total assets of CNY 89.487 million and a net loss of CNY 5.829 million reported [7][8]. 4. Pricing Policy and Basis for the Transaction - The transaction pricing was determined based on a pre-investment valuation of CNY 3.285 billion, reflecting the market expectations and the company's industry characteristics [8][9]. 5. Impact on the Company - This investment is a strategic move to extend the company's reach into the upstream core components of data centers, enhancing its competitive edge in the liquid cooling technology sector [10][11]. - The funding for this transaction will come from the company's own resources, ensuring no adverse impact on its financial status [11].

Group 1 - The 3D printing industry in China is experiencing rapid growth, with equipment production increasing by 36%, 11%, and 45% year-on-year from 2023 to Q1 2025, and export volumes rising by 55%, 6%, and 24% during the same period [1] - The market applications of 3D printing have expanded from consumer goods in Europe and the US to include trendy toys in China, and are gradually penetrating functional items such as footwear and helmets [1] - 3D printing is recognized as a strategic emerging industry with strong domestic and international policy support, leading to sustained market growth [1] Group 2 - Tencent's WeGame Game Night is scheduled for June 16, showcasing important game releases and new titles, indicating a positive outlook for the gaming sector [2] - The gaming and media sectors are viewed as one of the best emerging consumer segments, with recent stock price increases in companies like Lehua, Juxing, Alibaba Pictures, Maoyan, and NetEase Music signaling a valuation recovery [2] - The cultural export of gaming and media is just beginning, supported by favorable policies, which presents further growth opportunities [2] Group 3 - The construction of new data centers is on the rise due to the AI wave, with liquid cooling technology becoming essential to address energy consumption challenges [3] - The power density of AIDC cabinets is increasing from traditional IDC levels of 5-15KW to several tens of KW, while traditional air cooling systems have a maximum cooling capacity of 25KW per cabinet [3] - Liquid cooling systems can significantly enhance energy efficiency and reduce overall costs, positioning them to become mainstream in the AIDC era [4] Group 4 - Major corporations like Amazon and Walmart are exploring the possibility of issuing their own stablecoins in the US, indicating a growing interest in digital currencies among large enterprises [5]

早 报 精 选 1、 外交部：呼吁伊以双方立即采取措施为冲突升级踩刹车。 2、财政部：自2025年7月1日起，大连市、湖北省实施境外旅客购物离境退税政策。 3、新一轮保险产品预定利率调整启幕，同方全球人寿上新两款分红险产品，预定利率 已从目前市场2%的上限下调至1.5%。 4、高盛再次唱多：全球资金回归中国，看好中国"十巨头"股票。 5、美的集团：拟以50亿元-100亿元回购股份。 宏 观 新 闻 1、 6月16日，外交部发言人郭嘉昆主持例行记者会。有记者就当前中东局势提问。 郭嘉昆表示，我们呼吁各方立即采取措施，推动紧张局势尽快降温。王毅外长已分别 同伊朗外长阿拉格齐，以色列外长萨尔通电话，呼吁双方通过对话解决分歧，双方应 该立即采取措施，为冲突升级踩刹车，为紧张局势降温。 2、高盛首席中国股票策略师刘劲津近日发布名为《中国民营企业的回归：潮流已经逆 转》的研究报告。刘劲津指出，在各种宏观、政策和微观因素驱动下，中国民营企业 的中期投资前景正在改善。高盛列出了中国"十巨头"，即高盛特别看好的十大中国民 营上市公司。分别是：腾讯、阿里巴巴、小米、比亚迪、美团、网易、美的、恒瑞医 药、携程和安踏。 3、加皇资本 ...

Summary of Huaguang New Materials Conference Call Company Overview - **Company**: Huaguang New Materials - **Main Business**: Soldering materials, including silver paste, copper-based materials, and other soldering materials [3][4] Industry Insights - **Downstream Market**: The main markets are refrigeration and HVAC, accounting for approximately 47% of revenue. The home appliance segment has decreased from over 70% to around 45%, but still maintains a growth rate of about 20% [2][3] - **Low-Temperature Soldering Materials Market**: The domestic market is valued at approximately 40 billion yuan. Revenue from low-temperature soldering materials reached about 300 million yuan in 2024, with expectations to exceed 500 million yuan in 2025 [6] Key Financial Metrics - **Revenue Growth**: - Silver paste and rare metal materials revenue reached 300 million yuan in 2024, a 200% increase year-on-year [2][4] - Rare metal materials revenue grew ninefold to 170 million yuan [2][4] - Expected revenue for special metal materials to surpass 300 million yuan in 2025 [5] - **Profit Margins**: - Gross margin for main business has been affected by raw material price fluctuations, particularly silver prices. However, there is an upward trend in gross margin since 2023 [7][9] - Information materials are expected to enhance overall gross margin due to their rapid growth and higher margins [7][9] - **Stock Performance**: The stock price has doubled since September 2024, and the current valuation is considered low [2][8] Growth Strategies - **Second Curve Growth**: Significant growth in silver paste and rare metal materials, with a focus on high-margin tin-based products like tin solder paste and pre-formed solder sheets [2][4][6] - **New Business Ventures**: - Breakthroughs in AI server liquid cooling plates, with expected revenue of nearly 100 million yuan for the year [11] - Collaboration in robot thermal management with Sanhua [11] - **Capacity Expansion**: Total production capacity will reach 10,000 tons after new production starts in 2025, supporting revenue growth [14] Market Position and Future Outlook - **International Market**: Huaguang has made significant progress in overseas markets, particularly in Southeast Asia, with plans to expand production capacity to 4,500 tons [10] - **Financial Health**: Despite poor operating cash flow, financing cash flow remains positive, allowing for capacity expansion and alleviating financial pressure [12][13] - **Long-Term Growth Potential**: The company is transitioning from mid-temperature soldering materials to low-temperature fields and equipment solutions, aiming to become a platform company [18][19] Conclusion - **Performance Expectations**: Projected revenue for 2025 is around 2.5 billion yuan, with net profit margins expected to improve from under 4% in 2024 to 5% [17] - **Investment Thesis**: The company is positioned for sustained growth through diversification, new product development, and market expansion, making it an attractive investment opportunity in the soldering materials sector [19]

证券代码：300249 证券简称：依米康 | 投资者关系活动 | √特定对象调研□ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访□业绩说明会 | | | □ 新闻发布会□ 路演活动 | | | □ 现场参观 | | | □ 其他（请文字说明其他活动内容） | | 参与单位名称及 | 富达基金陈月桥 | | 人员姓名 | | | 时间 | 2025 年 6 月 16 日（周一）上午 10:00~11:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：叶静 | | 员姓名 | 证券事务代表：吴慧敏 | | | Q1：目前公司液冷进展如何？ | | | A：公司已成功完成浸没式液冷产品的开发，并在中东地区 | | | 成功投运首台套 NetLiq200 2.0 液冷升级版产品；继液冷集装箱 | | | 于中东成功投运后，公司持续开发基于风冷、水冷等多种室外散 | | | 热形式的冷板、浸没式液冷整体解决方案，包括：液冷整套系统 | | | 解决方案及配套的液冷控制系统、液冷运维系统等，实现客户液 | | 投资者关系活动 | 冷从建设到运维的整体解决方案。 | | ...

探寻海外 AI 算力是否到了新的拐点 20250615 摘要 海外算力基建担忧缓解，英伟达、博通等数据中心企业业绩良好，AI 训 练和推理需求乐观，多国新建超大规模数据中心，Oracle 和 Coface 的 AI 云业务也实现显著增长。 国内算力市场 H20 禁令导致供给下跌，但推理端需求涌现，训练端供给 不足。建议关注关税影响小、依赖内循环的国内算力链标的，以及业绩 超预期的光通信公司。 光通信产业景气度高，关税影响减弱，预计 2026 年全球 800G 模块需 求达 3,500 万至 4,000 万支，DSP、EML 激光器等存在缺货，多家公 司业绩出现拐点，市场保持乐观。 数据中心产业链积极准备液冷技术量产，短期内 H20 有影响，但国内算 力发展信心充足，技术成熟。关注旭创、新易盛和天孚等业绩高增长且 PE 估值较低的标的。 AI 算力对光通信影响显著，云厂商加码 AI 资本开支，推理需求快速膨胀， 预计下半年 1.6T 光模块导入将推动头部公司业绩提升，AEC 有望快速 释放。 Q&A 海外算力在 5 月和 6 月初的明显上涨原因是什么？这一波上涨到了什么阶段， 后续应该关注哪些方面？ 今年 5 ...