（1）Vertiv的公司背景 Vertiv是全球最大的 液冷和电源管理提供商之一，属于 AI基础设施领域的稀缺标的。 公司约80%的营收来自数据中心业务，远超同行，业务高度聚焦，使其能最大程度受益于AI算力建设浪潮。 Vertiv与NVIDIA的深度战略合作构筑了坚固的护城河。通过联合下一代芯片技术，Vertiv能提前6-12个月布局适配下一代AI芯片（如Blackwell及Rubin平 台）的基础设施解决方案，抢占市场先机。 当竞争对手还在为新芯片进行研发时，Vertiv已拥有经过验证的成熟解决方案。 作者 | Alpha Engineer 今天继续给大家带来 「一页纸」 讲透美股公司系列。 对国内投资者而言，美股研究资料相对匮乏，导致认知大多停留在几家全球科技巨头，但其实美股存在大量的"隐形冠军"，都录得相当不错的收益。 这是一个非常「有钱景」的方向，我会借助 AlphaEngine的帮助，帮你跨越美股研究的信息鸿沟，每天挖掘一个潜在的美股财富密码。 本期的主角是 全球液冷龙头Vertiv 。 Vertiv的前身是艾默生电气旗下的网络能源部门（Emerson Network Power）。 2016年，私 ...

液冷专题 20250924 摘要 全球液冷市场规模预计在 2026 年达到千亿人民币，并有望在 2028 年 随着 A4 芯片出货加速增至 2000 亿人民币，未来几年内市场增长潜力 巨大。 英维克作为国内液冷龙头企业，凭借 Meta 大额订单及技术优势，有望 保持领先地位，同时国内其他公司通过代工积极进入全球液冷赛道。 液冷技术快速迭代，微通道钙设计和芯片内置微流控冷却成为趋势，对 液冷板和 CDU 等定制化产品需求增加。 液冷产业链中，液冷板和 CDU 占据主要价值量，接头技术壁垒高。国内 公司在全球 ASIC 产业链中存在机会，有望获得市场份额。 预计 Meta 等厂商将在 2026 年初开始大规模采用液冷方案，推动机柜 级液冷需求增长，ASIC 芯片与英伟达芯片市场空间相当。 国内液冷行业市场份额将提升，交换机、光模块连接器等环节也将采用 液冷技术。英维克和伊顿电子等公司已获订单，预计 2025 年底利润将 兑现。 鼎通科技受益于 IO 液冷连接器渗透率提升和机柜内部连接器需求增加， 预计 2026 年和 2027 年营收和毛利率将保持高速增长。 Q&A 液冷市场的增长前景如何？ 液冷市场正处于高速增 ...

Summary of Shuguang Data Creation Conference Call Company Overview - **Company**: Shuguang Data Creation - **Industry**: Liquid Cooling Technology for Data Centers Key Points Industry Insights - The penetration rate of liquid cooling technology is increasing, with the Chinese liquid cooling data center market expected to exceed 100 billion yuan by 2027, growing at a compound annual growth rate (CAGR) of over 50% [2][8][30]. - The demand for AI computing power and carbon neutrality policies are driving market expansion [2][8]. Company Performance - In the first half of 2025, Shuguang Data Creation achieved revenue of 140 million yuan, a year-on-year increase of 43% [3]. - The company’s silent phase change liquid cooling technology has a minimum Power Usage Effectiveness (PUE) of 1.04, significantly lower than traditional air cooling systems, aligning with national requirements for data centers [2][9]. - The gross margin for silent liquid cooling data center infrastructure products reached 40% in 2023, accounting for 58% of the company's revenue [11]. Product Development - The company launched the C7,000 phase change liquid cooling solution in June 2025, enhancing cooling capacity by 15% [6]. - The silent liquid cooling product revenue grew by 212% year-on-year in the first half of 2025, indicating strong recovery momentum [12][20]. Market Expansion - Shuguang Data Creation is actively expanding into overseas markets, with projects established in Malaysia and Japan, and plans to enter Europe, the Middle East, and South Korea [2][7][25]. - The company won a bid for a 61 MW liquid cooling equipment procurement project in Malaysia in 2024 and established a wholly-owned subsidiary in Singapore [7][25]. Customer Concentration - The top five customers accounted for 88% of total revenue in the first half of 2025, with the largest customer contributing nearly 54.7% [5][15]. - Transactions with the controlling shareholder, Zhongke Shuguang, represented 56% of total revenue [5][15]. Future Projections - Revenue growth is projected at approximately 69% for 2025, with profit growth expected to exceed 70% [5][18]. - The company anticipates significant growth opportunities driven by the increasing number of large data centers and the penetration of AI applications [21][38]. Competitive Advantages - Shuguang Data Creation is the only company in China to achieve large-scale deployment of immersion phase change liquid cooling technology, holding a 61.3% market share in 2023 [20]. - The company has a high technical barrier in liquid cooling technology, requiring expertise in fluid mechanics, thermodynamics, and materials science [19]. Regulatory Environment - The Chinese government mandates that new large data centers must achieve a PUE of less than 1.25 by 2025, which supports the demand for liquid cooling solutions [9][28]. Financial Performance - The company’s net profit margin has fluctuated, with a decrease to 12.13% in 2024, but is expected to recover with projected profits of 105 million, 150 million, and 195 million yuan from 2025 to 2027 [36][37]. Technological Achievements - Shuguang Data Creation has made significant advancements in technology, holding 48 software copyrights and numerous patents, and has been recognized with several industry awards [22][38]. Strategic Mergers and Acquisitions - The recent acquisition of Shuguang Data Creation by Haiguang Information is expected to enhance its strategic position within the domestic computing power ecosystem [4][39]. This summary encapsulates the key insights and developments regarding Shuguang Data Creation and the liquid cooling technology industry, highlighting the company's growth trajectory, market strategies, and competitive advantages.

申菱环境 20250925 摘要 申菱环境深耕专业温控设备领域 20 余年，已从设备销售商转型为垂直 一体化解决方案提供商，产品主要面向数据服务、工业、特种工件四大 场景，并建设了五个核心生产基地。 2025 年上半年，公司营收 16.8 亿元，同比增长 29%，数据服务板块 收入占比超 50%，同比增长 43.77%。1-8 月新增订单同比增长 200%。归母净利润 1.5 亿元，同比增长 36%，盈利能力显著修复。 数据中心板块受益于智算中心占比提升及芯片算力高速发展，预计未来 三年收入复合增长率将超过 50%。液冷技术是重要发展方向，公司已建 立全链条解决方案。 公司定位垂直一体化整体方案解决商，提供产品、运维服务及数据中心 能耗管控，全面覆盖风冷端与液冷端，为客户提供高价值温控产品与服 务。 数据中心能耗管理至关重要，需考虑新能源发电方式及能耗管控措施以 满足 PUE 指标要求。公司提供涵盖用能规划、系统设计、设备定制等全 生命周期监测解决方案。 Q&A 申菱环境在国内和海外市场的地位如何？未来三年的业绩预期是什么？ 申菱环境在国内数据中心机房温控领域具有龙头地位，类似于小维地。同时， 公司在海外市场 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the liquid cooling technology industry, particularly focusing on microchannel liquid cooling solutions and their application in the AIDC hardware sector. The technology is experiencing significant growth and investment opportunities, especially in the context of domestic computing power chip manufacturers adopting liquid cooling solutions, such as Alibaba's recent ultra-node initiative [1][2]. Core Insights and Arguments - **Market Potential**: The liquid cooling market is expected to reach nearly 100 billion by 2026, driven by the increasing demand for NV and ASIC cooling solutions. The technology's evolution and price inflation will continue to expand market size [1][3]. - **Inflationary Attributes**: Liquid cooling technology is characterized by its inflationary nature, primarily driven by the increasing computing power and energy consumption of chips, necessitating advanced cooling solutions. The transition from single-phase cooling plates to microchannel designs is projected to enhance value by approximately 20% [2][5]. - **Decision Chain Changes**: The decision-making chain in the liquid cooling sector has evolved, with more participants, including server ODM manufacturers and power supply companies, entering the market. This shift presents opportunities for domestic suppliers to collaborate and produce under private labels [4][6]. - **Microchannel Technology Development**: Microchannel liquid cooling technology is rapidly advancing, with major players like NVIDIA and Microsoft pushing its adoption. The anticipated power requirements for next-generation chips, such as the Ruping Ultra, are expected to exceed 2000 watts, challenging existing cooling solutions [5][6]. Additional Important Insights - **Challenges in Microchannel Technology**: Despite its advantages, microchannel technology faces challenges such as complex manufacturing processes, high pump capacity requirements, and stringent water quality standards. These factors necessitate synchronized product iterations across the entire liquid cooling system [10][12]. - **Opportunities for Domestic Suppliers**: The transition to microchannel solutions may create new opportunities for domestic suppliers, especially if existing suppliers cannot keep pace with product iterations or quality standards. Startups with innovative technologies may also require ODM partnerships to scale production [14][15]. - **Potential Growth Areas**: Several types of companies within the domestic liquid cooling supply chain show promise for growth, including traditional cooling module manufacturers and companies specializing in chip cover plates. These firms are already integrating microchannel cooling solutions into their offerings [15][16]. - **Future Trends**: The development of microchannel liquid cooling systems is expected to enhance overall liquid cooling management logic, despite current production challenges. The anticipated increase in value and demand for advanced cooling solutions indicates a growing market for innovative technologies [17].

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is evolving with significant attention on NVIDIA's GB300 and the upcoming LOBIN structure, transitioning from traditional air cooling to advanced cooling solutions like microchannel cooling plates (MLCP) and bidirectional energy boards [1][2][6] Key Trends and Technologies - **Bidirectional Energy Boards**: Expected to become mainstream by 2026, currently facing design complexity and material selection challenges. R134 and 1,233ZD are the main candidates for refrigerants, each with pros and cons [1][4][3] - **Microchannel Cooling Plates (MLCP)**: Aiming to enhance cooling efficiency by integrating the cooling plate directly with chip packaging, though costs are significantly higher (3 to 7 times traditional plates) [7][6] - **Refrigerant Selection**: The industry is cautious about the transition to new refrigerants, with R134A likely to coexist with newer options due to its maturity and cost-effectiveness [2][13] Future Directions - **Integration of Technologies**: Companies are exploring the combination of bidirectional energy boards with silent cooling methods to address GPU cooling challenges [5][6] - **Material Innovations**: New materials such as quick connectors, CDU, and stainless steel hoses are expected to enhance overall system performance [8][6] - **Economic and Environmental Considerations**: The choice of immersion cooling fluids will focus on cost, performance, and environmental impact, with options like silicone oil and perfluoropolyether (PFPE) being prominent [9][10] Challenges and Considerations - **Design and Implementation**: The complexity of bidirectional energy board design and the need for better sealing and pressure tolerance in the phase change process are significant challenges [4][6] - **Market Dynamics**: The partnership between Dow and Intel has seen slow progress due to pricing mechanisms and responsibility allocation issues, impacting the adoption of silicone oil in data centers [11][9] Emerging Materials - **Liquid Metal**: Offers excellent thermal conductivity but is still in early experimental stages due to high costs and oxidation issues [14][15] - **New Tri-block Materials**: Recent advancements in tri-block materials have improved stability and reduced volatility, making them viable for semiconductor temperature control [17][16] Market Outlook - **Cost Trends**: The cost of K-type PFPE is expected to decrease below 300 RMB per kilogram in the long term, while Y-type PFPE remains high due to supply chain constraints [18][19] - **GWP Concerns**: The high Global Warming Potential (GWP) of PFPE remains a challenge, with no effective methods currently available to significantly reduce it [19][10] This summary encapsulates the key points discussed in the conference call regarding the liquid cooling industry, highlighting trends, challenges, and future directions.

Core Viewpoint - The article discusses the growing importance of liquid cooling technology in data centers due to increasing power consumption and heat generation from AI server chips, highlighting the shift from traditional air cooling to liquid cooling solutions. Group 1: Liquid Cooling Technology Types - Liquid cooling technology is categorized into two main types: cold plate and immersion cooling, with cold plate cooling holding a 91% market share in 2022 due to its maturity and compatibility [3][31]. - Immersion cooling, while having the highest heat dissipation capability, accounts for about 8% of the market and is represented by companies like Shuguang Data and Guangdong He Yi [4][31]. - Cold plate cooling primarily uses water-based coolants, offering advantages such as low cost and fast heat dissipation [5]. Group 2: Cooling Liquid Material Systems - The main types of cooling liquids include water-based, oil-based, and fluorinated coolants [7]. - Water-based coolants are mainly used in single-phase cold plate cooling, supplied by companies like Compton and Unification [8]. - Oil-based coolants are used in single-phase immersion cooling, with suppliers like China Petroleum and Unification [8]. - Fluorinated coolants are crucial for high reliability and extreme physical conditions, with companies like Juhua and Dongyue Group achieving large-scale production [8]. Group 3: Microchannel Liquid Cooling Breakthroughs - Microchannel cold plate technology is becoming a focus for AI chip manufacturers, with companies like Nvidia and Microsoft pushing for MLCP standards [9]. - Domestic companies such as Highlan and Feirongda are gaining certifications and expanding their market share in this area [9]. Group 4: Market Size and Price Logic - By 2028, the global AI data center installation capacity is expected to reach 59 GW, corresponding to a cooling liquid demand exceeding 89,000 tons [10]. - The Chinese market for liquid-cooled data centers is projected to grow at a compound annual growth rate (CAGR) of 51.4%, with the industry scale expected to exceed 100 billion yuan by 2027 [10]. Group 5: Leading Projects - Major companies like Alibaba, Shuguang, Huawei, and Lenovo are implementing liquid-cooled data center demonstration projects, with Alibaba achieving a PUE of 1.12 in its 5A green liquid-cooled data center [14][15]. - Shuguang has realized the world's first large-scale commercial application of immersion phase change liquid cooling [15]. - Huawei's cloud data center in Ulanqab utilizes indirect evaporative cooling, achieving a PUE of 1.15 [16]. Group 6: Mainstream Cooling Pathways - The article outlines the mainstream cooling pathways, including water-based, oil-based, and fluorinated cooling liquids, emphasizing the rapid growth of the liquid cooling market [18][21].

证券日报网讯科华数据9月25日在互动平台回答投资者提问时表示，公司作为行业内第一批进入液冷领 域的先行者，凭借多年的技术沉淀和数据中心建设运维经验，现已推出了液冷数据中心全生命周期服 务，包括自主研发的系列液冷产品，产品系统有风-液抽屉式CDU，液-液抽屉式CDU和液-液机柜式 CDU等；集成系列有WiseCooling板式液冷微模块，液冷集装箱，液冷一体机等产品。同时，公司与沐 曦股份已联合推出高密度液冷算力POD，以超节点作为核心技术切入点来探索相关解决方案，为高性能 算力需求提供稳定、高效、灵活扩展的实时保障。 （文章来源：证券日报） ...

格隆汇9月25日丨溯联股份(301397.SZ)在投资者互动平台表示，公司液冷管路产品能满足UL V0阻燃要 求，相关认证正在进行中。 ...

科华数据（002335.SZ）9月25日在投资者互动平台表示，公司作为行业内第一批进入液冷领域的先行 者，凭借多年的技术沉淀和数据中心建设运维经验，现已推出了液冷数据中心全生命周期服务，包括自 主研发的系列液冷产品，产品系统有风-液抽屉式CDU，液-液抽屉式CDU和液-液机柜式CDU等；集成 系列有Wise Cooling板式液冷微模块，液冷集装箱，液冷一体机等产品。同时，公司与沐曦股份已联合 推出高密度液冷算力POD，以超节点作为核心技术切入点来探索相关解决方案，为高性能算力需求提供 稳定、高效、灵活扩展的实时保障。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在液冷方面主要采用什么技术，微通道液 冷技术是否开展布局？ ...