Summary of Liquid Cooling Technology Conference Call Industry Overview - Liquid cooling technology has become essential for high-power equipment cooling, particularly in the server sector, where cabinets exceeding 20 kW must rely on liquid cooling to enhance data center signal transmission efficiency [1][2] - The liquid cooling market is expected to reach a trillion-level valuation in the future, driven by demand from companies like NVIDIA and major cloud service providers such as Google and Amazon [1][7] Key Points and Arguments - **Development Stages**: Liquid cooling technology has evolved from air cooling to plate-level liquid cooling and now to immersion cooling. The GV300 level plate cooling is currently a market hotspot, but its thermal management system is still in the early stages, with revenue realization expected to take time [1][5] - **Market Position**: China holds a significant advantage in the PCB sector, capturing 60% to 70% of global production capacity. However, it lacks a strong foundation in liquid thermal management systems, with Japan and Taiwan currently leading in this area [6] - **Market Potential**: The domestic liquid cooling market is valued at approximately 600 to 700 million yuan, with potential growth to 100 billion yuan when including external equipment and demand from major tech companies [7] - **Transition from PCB to Liquid Cooling**: As the PCB sector grows, liquid cooling is becoming a critical segment, particularly in the transition from chip-level to system-level cooling solutions [2] Challenges and Opportunities - The liquid cooling industry faces market divergence due to stock market adjustments, but it still holds significant long-term growth potential. The market is expected to expand rapidly, with domestic manufacturers moving from low-end components to high-end core components [8][9] - **Investment Timing**: Current market conditions present a favorable opportunity for investors, as the industry is still in its early stages, with the formation of Tier 1 and Tier 2 suppliers just beginning [18] Additional Insights - **Certification Requirements**: Liquid cooling modules must undergo NVIDIA certification for Tier 1 and Tier 2 suppliers, while some components can enter the system through indirect means, allowing for quicker market entry [10] - **Component Performance**: Cold plates are progressing rapidly in the market, while CDU and UQD components are lagging due to their complexity and the need for extensive certification [11] - **Future Trends**: The industry is moving towards improved cooling efficiency and stability, with new materials like graphene and liquid metals emerging as alternatives to traditional thermal grease [15][16] Conclusion - The liquid cooling industry is poised for significant growth, driven by increasing demand for high-performance computing and data center solutions. The transition from traditional cooling methods to liquid cooling systems is expected to accelerate, creating numerous investment opportunities in the coming years [19]

Group 1 - The core viewpoint of the report is that Yinlun Co., Ltd. (002126.SZ) is rated as a "buy" due to its potential for growth in multiple sectors [2] - The first growth curve is driven by data center liquid cooling and energy storage ultra-fast charging liquid cooling, which is expected to create a third growth curve [2] - The second growth curve is led by the humanoid robot business, which is anticipated to break through and establish a fourth growth curve [2] - The company is expanding globally with local production strategies [2]

北美云厂商资本开支持续扩张，显示AI算力需求强劲，国产算力产业链有望深度受益于海外映射逻 辑。公开信息显示，云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高， 覆盖了光模块&光器件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF （516630）为跟踪该指数合计费率最低的ETF。 （文章来源：每日经济新闻） 天风证券指出，在整体市场延续较强动能之际，AI算力方向凭借行业持续高景气，需求旺盛，成为重 要的主线之一。海外算力产业链高景气度依旧，相关产业链的基本面共振更强，持续看好海外算力产业 链投资机会。该机构坚定看好AI行业作为年度投资主线，国内方面，后续伴随着DeepSeekR2/V4等以及 包括Agent、多模态方面相关进展，仍然看好AI行业以及围绕AIDC产业链的持续高景气。 国信证券最新周报称，继续推荐AI算力链，本土多相控制器及OCS产业进程提速。近期在北美算力强势 上涨的带动下，相关映射链条成为主要情绪拉动点，尤其是受益于ASIC趋势下网络架构的变化而带来 显著增量的交换机及服务器产业链。该机构表示，当下时点仍坚定看好25年电子板块在"宏 ...

格隆汇8月20日｜A股主要指数走弱，创业板指跌幅扩大至2%，沪指跌0.56%，深成指跌1.13%。CPO、 液冷、电源、铜链接等算力硬件方向跌幅居前，沪深京三市下跌个股近4500只。 | 上证指数 | 3706.39 | -20.90 | -0.56% | | --- | --- | --- | --- | | 000001 | | | | | 创业板指 | 2549.83 | -51.91 | -2.00% | | 399006 | | | | | 深证成指 | 11687.68 | -133.94 | -1.13% | | 399001 | | | | | 科创50 | 1106.97 | -5.30 | -0.48% | | 000688 | | | | | 北证50 | 1592.03 | -4.64 | -0.29% | | 899050 | | | | | 沪深300 | 4192.85 | -30.53 | -0.72% | | 000300 | | | | | 上证50 | 2800.69 | -11.74 | -0.42% | | 000016 | | | | (责任编辑：宋政 HN002) ...

Core Viewpoint - Chuanrun Co., Ltd. reported a revenue of approximately 804 million yuan for the first half of 2025, marking a year-on-year increase of 25.08%, while the net profit attributable to shareholders was a loss of 23.57 million yuan, a reduction from the previous year's loss of 56.60 million yuan [1][3] Financial Performance - The company achieved a revenue of 312 million yuan in Q1 2025, a year-on-year growth of 9.44%, with a net profit of -28 million yuan; in Q2 2025, revenue rose to 492 million yuan, reflecting a 37.54% increase, and a net profit of 0.4 million yuan [3] - The net cash flow from operating activities turned positive at approximately 1.41 million yuan, attributed to strategic adjustments in subsidiaries reducing bulk trade purchases [1][3] Shareholder Changes - In Q2 2025, new institutional shareholders included UBS and Morgan Stanley, with JPMorgan increasing its stake by approximately 951,500 shares [5] - The stock price of Chuanrun Co., Ltd. surged by 63.52% from July 31 to August 19, 2025, benefiting from the growth in liquid cooling business [5] Business Developments - The company launched a comprehensive liquid cooling solution and signed a strategic cooperation agreement with Xiangjiang Technology, a leading enterprise in data center infrastructure [5] - Chuanrun Co., Ltd. is actively expanding its business in liquid cooling and temperature control technologies for applications in data centers, cloud computing, and AI [5]

今天，A股市场再次出现8月12日-13日的一幕：寒武纪、工业富联吸引了市场的目光。 首先，寒武纪股价盘中突破一千元大关。不过，到收盘时，寒武纪下跌1.69%，以933.98元报收。 最近几年，A股市场共出现过5只千元股，包括贵州茅台、寒武纪、石头科技、禾迈股份、爱美客。这 些个股，其股价跨进千元大关时，基本都是其所在板块被热炒的时候。 其次，工业富联今天收盘涨停，总市值来到9713.27亿元。工业富联只要再涨2.96%，就能迈进万亿市值 俱乐部。 8月12日-13日，寒武纪、工业富联双双大涨。达哥在8月13日的文章中提到，他们作为A股AI芯片与服 务器的代表，其大涨对相关板块有引领作用。 自那之后，国产算力迎来异动，以CPO、PCB、AI服务器为代表的出海类AI硬件方向迎来大幅上涨。 在之前的文章中，达哥一直在提，人工智能科技革命将掀起一轮AI大行情。 结合2014-2015年的"互联网+"行情以及2020-2022年的逆变器行情，哪些板块容易迎来"疯狗浪"呢？ 就经验来看，业绩爆发式增长的板块容易迎来"疯狗浪"。 在达哥看来，AI方向上，CPO、PCB的业绩已经开始爆发式增长，其他如AI芯片、AI服务器、液 ...

Macro Economic Overview - The report indicates that the next important time point may be in the late third quarter of 2025, with a suggested asset allocation order of stocks > commodities > bonds > currency [2][4] - In the first half of 2025, China's actual GDP grew by 5.3% year-on-year, laying a good foundation for achieving the annual target of 5.0% [2][4] - Economic data from July shows signs of growth pressure, including weakened external demand due to increased tariffs from the US and sluggish domestic consumption [2][4] Asset Performance - The A-share market saw an increase, with the CSI 300 index rising by 2.37% and the CSI 300 stock index futures up by 2.83% [11][12] - Commodity futures showed mixed results, with coking coal futures up by 0.33% and iron ore down by 1.65% [11][12] - The yield on ten-year government bonds rose by 6 basis points to 1.75%, while active ten-year government bond futures fell by 0.26% [11][12] Policy Insights - The report emphasizes the importance of expanding domestic demand in the second half of the year, suggesting that policies should be implemented to enhance efficiency and release domestic demand [2][4] - It is noted that the fiscal policy may have room for further adjustments within the year, particularly in light of external pressures easing due to potential interest rate cuts by the Federal Reserve [2][4] Sector Performance - The report highlights that the TMT sector has shown significant growth, with the ChiNext index leading with an 8.58% increase, followed by the Shenzhen Component Index at 4.55% [35][36] - The report also notes that the banking sector has faced declines, with a drop of 3.22% [35][36] Financial Data - In July, new social financing amounted to 1.13 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating weak financing demand in the real economy [4][17] - The M2 money supply grew by 8.8% year-on-year, reflecting a relatively strong liquidity environment despite weak economic indicators [4][17]

Market Overview - The market experienced a modest increase on Monday, with the CSI All Share Index rising by nearly 1.4% and a trading volume of 2.7 trillion, marking the third-highest in history [1] - The surge in the North Stock Exchange 50 indicates the emergence of market bubbles, with the influx of funds primarily from short-term investors [1][3] - Without significant overnight positive news, market volatility is expected to increase on Tuesday [1] Themes of Market Performance Economic Bull Market - The economic bull market is characterized by strong institutional support, focusing on three main sectors: Hong Kong innovative pharmaceuticals, rare earths and non-ferrous metals, and Nvidia-related concepts (CPO, liquid cooling, PCB) [4] - The Hong Kong innovative pharmaceuticals sector is noted for its minimal external dependencies, making it a potentially attractive investment if market adjustments occur [5] - The CPO, liquid cooling, and PCB sectors are more reliant on external factors, with Nvidia's sustained performance being crucial for their success [7] Popular Bull Market - The popular bull market is driven by retail investors, focusing on sectors like real estate, brokerage firms, and technology [8] - Stocks such as Dongfang Caifu and Tonghuashun have shown significant short-term gains, with performance metrics indicating strong upward trends over various time frames [9] - The brokerage sector has underperformed, but there is hope for it to become a long-term investment option if trading volumes stabilize above 2.5 trillion [11] Sector-Specific Insights - The "small science and technology" sector has been highlighted as a key area for investment, with significant returns observed in indices like the Science and Technology 200 and 100 [13] - The artificial intelligence segment within the science and technology sector has gained traction due to its popularity, contrasting with the more institutionally driven sectors [15] - Other sectors such as coal and media have shown mixed performance, with coal stocks like Shenhua experiencing volatility despite positive merger news [19] Conclusion - The current market dynamics reflect a preference for sectors with clear growth potential and investor interest, with both economic and popular bull markets showing signs of resilience [22] - Future market movements are anticipated to be more volatile, with a focus on new positive developments that could influence investor sentiment [23]

Core Viewpoint - The company, Inveck, reported a significant increase in revenue and net profit in Q2 2025, driven by strong demand in data centers, energy storage, and AI servers, despite facing challenges such as declining gross margins and increased cash flow pressure [2][3][7]. Financial Performance - Q2 2025 revenue reached 16.41 billion, a year-on-year increase of 69.67% [4][3]. - Net profit attributable to shareholders was 1.68 billion, reflecting a 37.98% increase year-on-year [5][3]. - For the first half of 2025, total revenue was 25.73 billion, up 50.25% from the previous year [7][17]. - Gross margin for Q2 was 25.97%, down 19 percentage points compared to the previous year [6][8]. Operational Insights - The company generated over 2 billion in revenue from liquid cooling related to computing equipment and data centers during the reporting period [7][17]. - R&D expenses amounted to 1.96 billion, representing 7.6% of revenue, focusing on advanced technologies like liquid cooling and high-density heat dissipation [17]. - The company’s construction in progress balance increased to 2.24 billion, indicating capacity expansion to meet market demand [17]. Cash Flow and Working Capital - The net cash flow from operating activities was -2.34 billion, with a significant increase in inventory and accounts receivable [21][19]. - Accounts receivable rose to 28.1 billion, with an increase in turnover days, indicating potential collection challenges [19][18]. - Inventory surged to 12.39 billion, up 40.10% from the beginning of the year, reflecting strong order intake but increased turnover pressure [15][17]. Market Demand and Product Performance - Demand for data center temperature control equipment remains a key growth driver, benefiting from AI computing needs [13][16]. - The cabinet temperature control energy-saving products performed well, with a low bad debt provision ratio of 1.18%, indicating high customer quality [14][20].

8月18日，沪指创10年新高，截至收盘，沪指涨0.85%报3728点，深证成指涨1.73%创2023年4月以来新高，创业板指涨2.84%创2023年 2月以来新高，北证50指数涨6.79%创历史新高。全市场超4000股上涨。市场热点聚焦液冷、CPO、军工、船舶制造板块。 高位股上，影视股吉视传媒（601929）11天7板，液冷服务器概念股大元泵业（603757）6连板、飞龙股份（002536）9天5板，商业航 天概念股国机精工（002046）11天6板，服务器电源概念股同洲电子（002052）6天5板。 下面我们来看下今日龙虎榜情况： 龙虎榜单日净买入额前三为利欧股份（002131）、恒宝股份（002104）、中科金财（002657），分别为6.22亿元、4.86亿元、2.77亿 元。 龙虎榜单日净卖出额前三为英维克（002837）、衢州发展（600208）、万通发展（600246），分别为4.46亿元、4.25亿元、2.83亿 元。 龙虎榜中涉及机构专用席位的个股中，当日净买入额前三为大智慧、腾龙股份（603158）、恒宝股份，分别为2.34亿元、2.27亿元、 2.17亿元。 1、DC报告预计2024-2 ...