AI Computing Power - AI computing power is entering a new stage, with a focus on structural changes by 2026, including a shift in demand from training to inference computing [2] - Capital expenditure (Capex) investment structure shows stability among leading cloud providers, with second-tier cloud providers joining the market [2] - The architecture of computing networks is evolving, with scale-up and scale-across strategies contributing to increased network demand [2] - Continuous upgrades in GPU technology and the rise of ASIC chips are accelerating the growth of domestic computing power [2] Optical Interconnection - The industry is facing a supply-demand imbalance, particularly in optical modules, optical chips, and Faraday rotators [3] - Key technological trends include 1.6T, silicon photonics, OCS, and CPO, with a focus on resolving supply-demand conflicts and the impact of technological upgrades on supplier dynamics and profitability by 2026 [3] - Major beneficiaries of technological upgrades in the optical module sector include leading companies like Zhongji Xuchuang and Xinyi Technology [3] - Supply constraints are noted for optical chip suppliers such as Yuanjie Technology and Shijia Photonics [3] Liquid Cooling - The server liquid cooling market is at a historic turning point, with significant demand in North America, Southeast Asia, and China, particularly in the North American computing market [4] - Current suppliers of liquid cooling solutions are primarily from Taiwan and the United States, with potential for domestic manufacturers to achieve breakthroughs [4] - Key focus on Invec [4] AIDC (Artificial Intelligence Data Center) - The IDC industry is expected to maintain an expansion trend driven by AI development, with an increase in AIDC penetration rates by 2026 [5] - Core focus areas include the international expansion of third-party IDC companies and the optimization of industry competition dynamics [5] - New REITs are anticipated to be released, enhancing companies' financing capabilities [5] Supernode Integrated Equipment - The supernode network requires high standards for complete cabinets, circuit boards, and connection chips, with strong supply chain dependencies [6] - Focus on connection chip suppliers, including switching chips and interface chips, as well as Ethernet switch manufacturers [6] Commercial Aerospace - The low Earth orbit satellite sector is entering an accelerated growth phase, supported by national policies and a strong upward trend in the commercial aerospace industry [7] - The successful launch of the Zhuque-3 rocket marks the beginning of a new era for China's commercial aerospace sector, which is expected to experience rapid growth [7] - Key variables include the success rate of various rocket payloads and capacity planning, with attention to satellite constellation bidding orders once capacity stabilizes [7]

Core Viewpoint - Lens Technology (06613) has seen a stock increase of over 3%, currently at 25.7 HKD, with a trading volume of 52.058 million HKD, following the announcement of a proposed acquisition of 100% equity in Peimei Gao International, which holds a 95.1164% stake in Yuan Shi Technology [1] Company Summary - Lens Technology has signed a letter of intent with an independent third party to acquire Peimei Gao International, which is involved in the production and sales of server cabinets and liquid cooling modules [1] - The acquisition is expected to be completed next year and will help Lens Technology enter the NVIDIA AI server supply chain, significantly boosting its AI server business scale [1] - Credit Lyonnais has reiterated a "outperform" rating for Lens Technology, maintaining a target price of 38 HKD [1] Industry Summary - Yongxing Securities believes that liquid cooling is likely to become a trend in the industry due to increasing chip power consumption, with the TDP of GB300 expected to rise to 1400W and NVIDIA's next-generation Rubin Ultra GPU potentially reaching 2300W [1] - According to ASHRAE recommendations, liquid cooling technology is advised when chip TDP exceeds 300W and cabinet power density exceeds 40kW [1] - The growing energy consumption requirements in data centers are also driving the development of the liquid cooling industry [1]

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry [2]. Core Insights - Global light vehicle sales in October reached approximately 7.9 million units, a year-on-year increase of 2.6% and a month-on-month increase of 0.5%. However, overseas sales totaled about 4.77 million units, showing a year-on-year decline of 0.4% and a month-on-month decline of 1.5% [2]. - North American sales were 1.56 million units, down 5.0% year-on-year but up 1.1% month-on-month. European sales were approximately 1.48 million units, up 2.9% year-on-year but down 7.5% month-on-month. In contrast, Chinese sales reached 3.13 million units, up 7.6% year-on-year and 3.7% month-on-month [2]. - The report anticipates that overseas light vehicle sales will reach 55.88 million units in 2025, a year-on-year increase of 1.3%, and 56.14 million units in 2026, a year-on-year increase of 0.5% [2]. Summary by Sections 1. Industry: Sales, Exchange Rates, Freight - Global light vehicle sales data indicates a mixed performance across regions, with North America and Europe facing declines while China shows growth [2][5]. - The report highlights the impact of exchange rates and freight costs on the automotive industry, noting a downward trend in the CCFI (China Container Freight Index) [24]. 2. Market Competition - The competitive landscape is analyzed, showing the market shares of major automotive groups, including Toyota, Volkswagen, and BYD, with a focus on their performance in the global market [28][29]. - The report also discusses the dynamics of the global new energy vehicle market, emphasizing the growth of companies like BYD and Tesla [33][34]. 3. Export Situation of Automotive and Parts Companies - The report provides insights into the export performance of domestic automotive manufacturers, highlighting the monthly growth rates of narrow passenger vehicle exports [39][40]. - It lists companies with significant overseas revenue, indicating their reliance on international markets [42].

基于"液冷模组及连接头的市场空间巨大"这一研判，蓝思科技开始规划液冷相关业务，聚焦AI服务器机 柜和液冷方向，并批量招募面向海外大客户的服务器品质工程师、散热器开发工程师、液冷项目经理等 关键技术岗位。 此后，"液冷"这个概念成为蓝思科技投资者关注的焦点之一，并多次在该公司召开的投资者交流活动中 出现。此次蓝思科技收购裴美高公司，无疑是其迈出了进军液冷领域的重要一步。 在资本追捧热潮下，当前的液冷概念股究竟是泡沫炒作还是长线战略投资的开端？展望明 年，液冷市场的空间具体有多大？ 2025年12月11日，总市值高达1500亿元的"果链"龙头蓝思科技（300433.SZ）发布公告称，拟购买PMG International Co.,LTD.（下称"裴美高公司"）100%股权，公司借此将快速获得国内外特定客户服务器机 柜业务的成熟技术与客户认证，以及先进的液冷散热系统集成能力。 经济观察报记者发现，除了蓝思科技，近一个月以来，包括中石科技（300684.SZ）、奕东电子 （301123.SZ）、春秋电子（603890.SH）等多家公司，均纷纷出手布局液冷领域。 二级市场上，液冷概念股今年以来备受市场资金追捧。万得数 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The collaboration between Muxi and domestic GPU chip manufacturers such as Birun and Suiruan to launch high-density liquid cooling solutions is highlighted [1] - The company has developed self-researched GPGPU chips that integrate graphics and AI computing power, with recent server chips supporting AIPC applications and deep collaboration with the HarmonyOS to build an industrial control ecosystem [1]

Core Viewpoint - The article discusses whether the current liquid cooling concept stocks are a bubble or the beginning of long-term strategic investments, and it explores the potential market size for liquid cooling in the coming year [1][3][13]. Company Developments - Lens Technology (蓝思科技) announced plans to acquire 100% of PMG International Co., LTD, aiming to quickly gain mature technology and customer certifications in the server cabinet business, along with advanced liquid cooling system integration capabilities [2][4]. - Other companies such as Zhongshi Technology (中石科技), Yidong Electronics (奕东电子), and Chunqiu Electronics (春秋电子) have also made moves to enter the liquid cooling sector, indicating a trend of capital influx into this market [2][8]. Market Performance - The liquid cooling server index has seen a significant increase of 49.66% year-to-date, with several component stocks doubling in price [2][12]. - Notable stock performances include Siquan New Materials (思泉新材) with a 286.21% increase, Yinvike (英维克) at 155.36%, and Kexin New Source (科创新源) at 123.97% [12]. Market Potential - The liquid cooling market is projected to exceed 100 billion yuan, with specific components like cold plates estimated to have a market size of around 30 to 40 billion yuan [13]. - Analysts predict that by 2026, the liquid cooling market for computing power will surpass 100 billion yuan, driven by the increasing demand for high-density computing and the limitations of traditional air cooling [14].

Core Viewpoint - The acquisition of PMG International Co., LTD. by Lens Technology aims to enhance its capabilities in the liquid cooling sector, which is gaining traction in the AI server market, reflecting a strategic move to secure advanced technology and customer certifications [2][4]. Company Developments - Lens Technology plans to acquire 100% of PMG International Co., LTD. to quickly gain access to mature technology and customer certifications in the server cabinet business, as well as advanced liquid cooling system integration capabilities [2][4]. - The company has been actively recruiting key technical positions to focus on liquid cooling and AI server cabinets, indicating a strong commitment to this market segment [3]. - The acquisition is expected to significantly enhance Lens Technology's core competitiveness in AI computing hardware solutions, leveraging its existing manufacturing capabilities [5]. Industry Trends - The liquid cooling sector has seen increased interest from various companies, including Zhongshi Technology, Yidong Electronics, and Chunqiu Electronics, all of which are making moves to establish a presence in this field [6][8]. - The liquid cooling technology is recognized as essential for addressing the heat dissipation challenges in data centers, with advantages over traditional air cooling methods [6][9]. - The liquid cooling server index has risen by 49.66% this year, with several stocks doubling in value, indicating strong market interest and investment potential [9]. Market Potential - The liquid cooling market is projected to exceed 100 billion yuan, with significant growth expected in the coming years, particularly in the AI data center segment [9][10]. - By 2026, the liquid cooling market for ASIC systems is expected to reach 35.3 billion yuan, while NVIDIA's liquid cooling systems could reach 69.7 billion yuan, highlighting the substantial market opportunity [9][10]. - The penetration rate of liquid cooling in AI data centers is anticipated to reach 40% by 2025, marking a critical turning point for infrastructure technology [10].

编号：2025-07 证券代码：300320 证券简称：海达股份 江阴海达橡塑股份有限公司投资者关系活动记录表 | 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： | | 参与单位名称及 | 华西证券 白宇 | | 人员姓名 | 华安基金 辛大伟 | | 时间 2025 | 年 12 月 3、4 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 胡蕴新、姜松岐 | | 员姓名 | | | | 1、总体介绍公司业务板块情况。 | | | 2、请问今年经营情况及以后的业务展望： | | | 答：2025 年 1-9 月，公司实现营业收入 26.67 亿元，较上年 | | | 同期增长 13.43%，归属于上市公司股东的净利润为 1.67 亿元, | | | 较上年同期增长 42.99%。 | | | 未来，公司将立足中高端定位，围绕橡胶制品密封、减振 | | | 两大基本功能，发挥多领域配套战略和技术融合的优势，夯实 | | 投资者关系活动 | ...

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in investment decision-making, focusing on the investment value of significant events, analysis of industry chain companies, and key points of major policies [1] Group 1: Product Development - The company is advancing in liquid cooling technology, with product layouts covering both internal and external server cabinet components [1] - Certain product categories have begun to ramp up production, indicating a positive growth trajectory [1] Group 2: Client Base - The company has established a strong client base in the thermal management sector, including leading firms such as CATL, BYD, and NIO [1] Group 3: Technological Advancements - The company has successfully completed the development of the first generation of rotating joint modules and actuator modules, showcasing its innovation capabilities in the industry [1]

Core Viewpoint - The increase in shareholding by the controlling shareholder of Meili Xin reflects confidence in the company's development, with expectations that performance in the liquid cooling and semiconductor equipment sectors will exceed market expectations [1] Group 1: Company Performance and Strategy - The company's private placement will help accelerate capacity construction in key sectors, solidifying its leading advantage [1] - The company's "heat dissipation + die-casting" products are applicable in high-end heat dissipation areas such as 5G-A communication base station heat dissipation components, thermal management flow plates for new energy vehicles, and cold plates for intelligent driving controllers in new energy vehicles [1] - The company is one of the earliest and few enterprises in the global communication industry to achieve large-scale production of such products [1] Group 2: Future Outlook - The timing for the company's performance upgrade is approaching, with 2025 identified as a critical year for deepening transformation and solidifying the foundation [1] - The company has completed strategic layout in its core sectors, with confidence that these initiatives will translate into growth momentum by 2026, driving a return to rapid development [1] - Due to the company's increased focus on liquid cooling and semiconductors, along with the controlling shareholder's plan to increase holdings, the company's rating has been upgraded to "Buy" [1]