Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors on recent developments and potential impacts on company performance [2]. Company Announcements - Water Well Square: Director Sathish Krishnan resigned due to work reasons and will no longer hold any position in the company [3]. - Victory Energy: The company reported normal operating conditions with no significant changes in the internal or external business environment [4][5]. - Dream Network Technology: The company plans to jointly invest in a private equity fund with a target fundraising scale of 2 billion yuan, with a commitment of 50 million yuan from the company [6]. - Guoen Co., Ltd.: The company has completed the development of PEEK material production technology and aims to build a vertical integration platform for the entire PEEK industry chain [7]. - Action Education: The controlling shareholder proposed a mid-term dividend of 10 yuan per 10 shares for the 2025 fiscal year [8]. - Southern Road Machine: The company noted that its stock price has deviated from its fundamentals, indicating potential risks for investors [9]. - Shandong Highway: The company plans to participate in a capital increase project for Weihai Bank, with a total investment not exceeding 348 million yuan [11]. - Dalian Friendship: The company reached a settlement in a lawsuit with its controlling shareholder, with plans to withdraw the case [12]. - Huilv Ecology: The company plans to increase investment by 600 million yuan to build a production base in Ezhou [13]. - Qingdao Bank: The bank reported a net profit of 3.065 billion yuan for the first half of 2025, a year-on-year increase of 16.05% [14]. - Ankai Micro: The company will launch a low-power lock control SoC chip designed for smart locks [15]. - Yingweike: The company has built a complete liquid cooling technology and product solution capability [16][17]. - Dashengda: The company plans to acquire a 30% stake in Thailand Far East International Environmental Co., Ltd. for 20.4 million Thai Baht [18]. - Dongxin Co., Ltd.: The company clarified that its chip products are not intended for large model computing clusters [19]. - Tibet Tourism: The company will apply for a trading suspension if significant trading anomalies continue [20]. - New Aluminum Era: The company plans to invest at least 500 million yuan in a lightweight high-strength automotive parts project [21]. - Darui Electronics: The company plans to acquire 80% of Weiste's shares to enhance its strategic layout in lightweight materials [22]. Performance Reports - Jiejia Weichuang: The company expects a net profit of 1.7 billion to 1.96 billion yuan for the first half of 2025, a year-on-year increase of 38.65% to 59.85% [23]. - Sinopec: The company anticipates a net profit of 20.1 billion to 21.6 billion yuan for the first half of 2025, a decrease of 39.5% to 43.7% year-on-year [24]. - Da Da Quan: The company reported a net profit of 181 million yuan for the first half of 2025, a year-on-year increase of 563.15% [25]. - Zhengdan Co., Ltd.: The company reported a net profit of 630 million yuan for the first half of 2025, a year-on-year increase of 120.35% [26]. - New Light Optoelectronics: The company expects a revenue of approximately 21 million yuan for the first half of 2025, with a net loss of 19 million to 23 million yuan [27]. - Xiangfenghua: The company reported a net loss of 294,590 yuan for the first half of 2025, compared to a profit in the previous year [28]. Major Contracts - Shenlian Bio: The company signed contracts for the development of multi-valent vaccines with the Chinese Academy of Agricultural Sciences [29]. - Boying Special Welding: The company signed a cooperation framework agreement with Weirham for special welding technology applications [30]. Shareholding Changes - Jiangnan Yifan: The company's general manager plans to increase his shareholding [31]. - Jieya Co., Ltd.: Major shareholders plan to reduce their holdings by up to 4.95% [32]. - Tongda Co., Ltd.: A major shareholder plans to reduce holdings by up to 3% [34]. - Haohuan Depth: A major shareholder plans to reduce holdings by up to 2.17% [35]. - Jiahua Technology: A major shareholder plans to reduce holdings by up to 2% [36]. - Heyuan Gas: A major shareholder plans to reduce holdings by up to 2% [37]. Share Buybacks - Fuanna: The company plans to repurchase shares for an amount between 55.85 million and 104 million yuan [38]. Financing Activities - Aoshikang: The company plans to issue convertible bonds not exceeding 1 billion yuan for high-end printed circuit board projects [39].

Core Insights - The company has launched a full lifecycle service for liquid-cooled data centers, indicating a strategic move towards advanced cooling solutions in the data center industry [1] - The company has developed both cold plate and immersion liquid cooling products, with liquid-cooled computing containers already exported overseas, showcasing its international market reach [1] - A pilot project for a decoupled liquid cooling system has been established for China Mobile's Yangtze River Delta (Suzhou) data center, highlighting the company's innovative approach to infrastructure [1] - The company has created a highly decoupled system architecture for China Mobile's Intelligent Computing Center (Nanjing), which aligns with leading domestic liquid cooling servers, further establishing industry benchmarks [1] - In collaboration with Muxi Co., the company has introduced a high-density liquid-cooled computing POD, specifically designed for high-performance GPU server clusters, demonstrating its commitment to R&D in next-generation infrastructure [1]

智通财经7月31日讯，市场全天震荡调整，三大指数均跌超1%。本月市场总体呈现震荡攀升态势，三大指数月线均收涨，其中创业板指本月累计涨超8%， 但沪指3600点整数关得而复失。今日沪深两市全天成交额1.94万亿，较上个交易日放量917亿。盘面上，市场热点较为凌乱，个股跌多涨少，全市场超4200 只个股下跌。从板块来看，创新药概念反复走强，南新制药等多股涨停；AI应用端全天逆势活跃，易点天下等涨停；AI硬件股表现分化，液冷服务器概念 全天强势，英维克等涨停；下跌方面，钢铁、有色等顺周期方向集体走弱，安阳钢铁跌超7%。大金融板块全天低迷，中银证券跌超5%。截至收盘，沪指跌 1.18%，深成指跌1.73%，创业板指跌1.66% 板块方面 受益于微软、Meta业绩超预期以及再度上调资本支出的消息催化，今日AI产业链持续活跃，其中液冷服务器概念股全天强势，思泉新材、英维克、冰轮环 境、川润股份涨停，申菱环境、依米康、优刻得工业富联涨超6%。 浙商证券发布研报表示，随着AI应用拉高算力需求，液冷技术正迎来爆发式增长。预计2025-2027年中国液冷市场规模将从149.8亿元增长至347.4亿元，年复 合增长率达52.3%。 ...

Core Viewpoint - The company focuses on liquid cooling technology primarily applied in energy storage systems and charging stations, enhancing operational stability through efficient thermal management solutions [1] Group 1: Energy Storage Applications - The liquid cooling technology is designed to optimize the efficiency of large-scale energy storage power stations by adapting products for integrated AC and DC systems [1] - The technology contributes to improved energy efficiency in energy storage applications [1] Group 2: Charging Station Applications - In the charging sector, liquid cooling technology supports rapid energy replenishment needs in high-power ultra-fast charging scenarios [1] - The company has not yet ventured into temperature control for data centers [1]

Summary of Key Points from Conference Call Records Industry Overview - The computer sector's holdings are near historical lows at approximately 2.0%, compared to a peak of 6% during the 2018 cloud computing boom, indicating potential for growth [1][3] - The 2025 World Artificial Intelligence Conference (WAIC) has a total area exceeding 70,000 square meters, with significant proposals from Premier Li Qiang regarding AI accessibility and governance [1][4] Key Insights and Arguments - The AI sector is expected to see several catalytic events, including the WAIC, the anticipated release of GT5 in early August, and the Rtwo or V4 models in the latter half of Q3, which will drive AI technology development and application [1][5] - Recommended AI application stocks include Kingdee Digital Enterprise in Hong Kong and several A-share companies such as Jingjie, Hand, Saiyi, Kingsoft, and Hongsoft, all of which have stable fundamentals and positive Q2 earnings expectations [1][6] - China aims to enhance AI chip independence through improved single-card capabilities and distributed network construction, exemplified by Huawei's Cloudmagic 384 [1][7] Technological Developments - Huawei's Cloudmetric 384 features high bandwidth and low latency designs, significantly improving multi-expert inference efficiency, equipped with 384 cards, achieving a single card BF16 computing power of 800 TFLOPS, surpassing NVIDIA A100 [1][8][9] - The AI chip sector is witnessing significant advancements, with the VICO2.25 showcasing multiple AI chips, including the 910C chip with BF16 computing power nearing 800 TFLOPS and a memory capacity of 128GB [1][10] Liquid Cooling Technology - Liquid cooling technology is highlighted as a key feature at the Wetalk 2025 conference, with the Chinese liquid cooling server market projected to reach approximately 11.5 billion in 2024 and expand to 68 billion by 2027, reflecting a compound annual growth rate of over 45% [2][12] AI Applications and Innovations - The 2025 AI conference showcased over 40 large models, with significant updates from major companies like Alibaba, SenseTime, and China Mobile, focusing on model upgrades and applications [1][20] - Kingsoft's WPS AI 3.0 version emphasizes AI PPT and personal knowledge base features, enhancing user experience through improved document interaction and real-time modifications [1][29][30] Market Trends and Future Outlook - The AI sector is transitioning into a multi-agent collaboration phase, where complex task planning and iterative reflection are becoming standard practices [1][37] - The evolution of enterprise AI is expected to significantly alter business models, moving towards performance-based pricing structures and revenue-sharing models [1][38] Recommendations for Investment - When selecting ToB AI software companies, it is advisable to focus on firms with stable business development and significant future growth potential, such as Kingdee, Maifushi, Jingjie, and Xunfei Medical [1][39]

Summary of Key Points from Conference Call Records Industry Overview - **Pharmaceuticals**: The focus is on innovative drugs and price optimization in the procurement process. Over 100 drug varieties are applying for inclusion in the innovative drug directory as of July 24, 2025 [1]. The 11th batch of centralized procurement has started, emphasizing the principle that new drugs will not be included in centralized procurement [1]. - **Vaccines**: Companies like Zhifei Biological and Nanjing Xinbai are expanding their vaccine pipelines, with a total of 15 products expected to be launched by the end of 2024 [2]. - **Liquid Cooling Technology**: The adoption of liquid cooling in high-end AI chips is increasing, with predictions that over 50% of new data center projects will use liquid cooling technology by 2025 [6]. The global data center cooling market is expected to grow from $18.78 billion in 2025 to $42.48 billion by 2032 [6]. - **Coal and Steel Industries**: The coal industry is experiencing price increases due to high demand driven by power consumption [12]. The steel industry is facing intense price competition, with a focus on improving product quality and phasing out outdated capacity [13]. Core Company Insights - **KQ-2003 CAR-T Therapy**: Key partnership between Kayi Pharmaceutical and ERIGEN LLC for the exclusive overseas licensing of KQ-2003, with potential milestone payments reaching $1.33 billion [2]. - **Nanjing Xinbai**: Introduced the first FDA-approved CAR-T therapy for solid tumors, currently in Phase III clinical trials [2]. - **Hainan Rubber**: The company is the largest natural rubber producer in China, with a significant market share and plans for joint ventures in the duty-free sector [27]. - **Jinlong Co.**: Engaging in the acquisition of Shenzhen Benmao Technology to enhance its capabilities in intelligent computing centers [23]. Additional Important Information - **Regulatory Changes**: The National Development and Reform Commission is seeking public opinion on a draft amendment to the Price Law, aiming to regulate unfair pricing behaviors and combat "involution" in competition [11]. - **Market Dynamics**: The coal and steel industries are under pressure to stabilize prices and improve quality, with government interventions to curb excessive competition [12][13]. - **Technological Advancements**: The development of static pressure equipment is crucial for solid-state battery production, with significant market potential exceeding 10 billion yuan [19]. Conclusion The conference call records highlight significant developments across various industries, particularly in pharmaceuticals, vaccines, liquid cooling technology, and traditional sectors like coal and steel. Companies are adapting to regulatory changes and market demands while exploring innovative partnerships and technological advancements to maintain competitive advantages.

Group 1: Business Focus and Strategy - The company is focusing on the light commercial refrigeration market, optimizing product structure and enhancing competitiveness [2] - In the automotive sector, the company is actively developing heat management systems for new energy vehicles and exploring new customers and markets [2] - The company plans to increase R&D investment in IDC liquid cooling business to meet the growing demand from data centers [2] Group 2: Pricing and Cost Management - The company faces annual price reduction pressure, a common phenomenon in the industry, and is implementing price linkage and raw material locking measures [2] - To enhance competitiveness, the company is also focusing on process innovation and improving production efficiency [2] Group 3: Product Performance and Market Expansion - The revenue from heat pump dryers, including heat exchangers and dryer modules, has been steadily growing [3] - The production capacity at the Qingdao base will be gradually released based on market demand, and the company is exploring other potential applications in the household sector [3] Group 4: Export and Tariff Impact - Exports to the U.S. account for less than 5% of total revenue, and U.S. tariff policies have some impact on the company's export business [3] - The company is responding by establishing overseas production bases and optimizing the supply chain while negotiating cost-sharing with customers [3] Group 5: Industry Outlook and Future Plans - According to the "China Artificial Intelligence Computing Power Development Assessment Report," the Chinese liquid cooling server market is expected to reach $105 billion by 2028, with a compound annual growth rate of 48.3% from 2023 to 2028 [3] - The company plans to closely monitor market trends and actively explore opportunities in the liquid cooling data center business to provide high-quality products and services [3]

Group 1: Company Strategy and Development - The company is shifting its development philosophy from "large and strong" to "specialized and precise" [2] - Key initiatives in the past six months include enhancing supply chain resilience and accelerating global sourcing, particularly direct supply from sources [2][3] - The company has adjusted its product structure to focus on technical research and innovation in specialty oils and new chemical materials [2][3] Group 2: New Business Ventures - The establishment of a wholly-owned subsidiary in Wuxi for liquid cooling is based on the explosive growth in national computing power demand [4] - The liquid cooling subsidiary aims to provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems [4] - The subsidiary is currently in its initial stage, with team building and business development progressing in an orderly manner [4] Group 3: Financial and Market Position - The company is the only private refinery operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - The company has received acceptance notification from the Shenzhen Stock Exchange for a private placement of shares, pending further regulatory approvals [5] - The company is monitoring its stock price closely, with potential triggers for early redemption of convertible bonds based on specific price thresholds [6]

Group 1 - Foreign investment is increasingly favoring A-shares, with Citigroup upgrading the ratings for Chinese and South Korean markets to "overweight" and predicting a 7% return for the MSCI Asia (excluding Japan) index by mid-2026 [1][2] - As of mid-July, South Korean investors have traded over $540 million in Hong Kong and A-shares, making China the second-largest overseas investment destination for them after the US [2] - Northbound capital has increased its holdings in A-shares, with a total of 123.066 billion shares held by the end of Q2 2024, reflecting an increase of 6.75 billion shares [2] Group 2 - The AI computing power sector is experiencing significant growth, with companies like Mankun Technology, Dongshan Precision, and others seeing stock price surges [3] - NVIDIA's resumption of sales to China and the introduction of new compliant GPUs are expected to boost domestic data center construction and related demand [4] - The global 800G optical module market is projected to exceed $12 billion by 2025, with a compound annual growth rate of 67% [5] Group 3 - The industry is currently in a three-phase climb: demand explosion, technological breakthroughs, and performance realization, with companies that possess technological synergy and capacity advantages set to benefit first [7] - CITIC Securities forecasts that the PE valuation levels for first-tier and second-tier PCB companies are expected to rise to 25-35x and 15-25x, respectively, supporting current valuation levels [8] Group 4 - The hardware sector for computing power is benefiting from government policies promoting the construction of "computing power network national hubs," which favor local companies with high-density servers and liquid cooling technology [9] - Major players in the server and integration segment, such as Inspur Information and Zhongke Shuguang, are capitalizing on the surge in AI server demand, with Inspur's H20 order volume increasing by 300% in Q1 2025 [10][11] Group 5 - The data center and infrastructure sector is evolving towards "high power, low energy consumption" due to the explosive demand for AI computing power, with policies driving the adoption of liquid cooling technologies [17] - Companies like Shuguang Shuchuang and Yingweike are leading in liquid cooling solutions, with significant growth in their business expected by 2025 [19][20]

Core Insights - The 2025 Asia Data Center Summit and Exhibition in Hong Kong highlighted the importance of liquid cooling technology, with Shuguang Data's innovative solutions gaining significant attention [1][2] - The demand for computing power is increasing due to advancements in AI models and high-density computing, with global data center installed capacity reaching 46 GW in 2023 and expected to grow to 87 GW by 2027 [1][2] - Traditional air cooling methods are facing challenges in meeting the performance, energy efficiency, and reliability needs of future data centers, leading to a shift towards liquid cooling solutions [1][2] Industry Trends - Liquid cooling technology offers superior thermal conductivity compared to air cooling, enabling greater computing power deployment in the same space while significantly reducing energy consumption of auxiliary equipment [2] - The value of liquid cooling is evolving from merely efficient heat dissipation to becoming a strategic support for overall data center operations [2] - Despite its advantages, the implementation of liquid cooling faces challenges such as server selection mismatches, lack of industry standards, and conflicts with traditional HVAC concepts [2] Company Developments - Shuguang Data has established a comprehensive one-stop delivery system that covers the entire lifecycle of liquid cooling data centers, addressing challenges from planning and design to operation and maintenance [2] - The company has developed the SLiquid intelligent operation and maintenance platform, transitioning from manual operations to intelligent monitoring, enhancing system stability and management efficiency [2] - With over a decade of experience in liquid cooling technology, Shuguang Data has positioned itself as a leader in the field, moving from concept validation to large-scale application [3]