每经AI快讯，2月2日，利通电子（603629）(603629.SH)发布异动公告。关于网传的"利通电子拥有自研 的液冷技术(PUE值低于行业平均)，能帮助解决数据中心高能耗的痛点，提升资源利用率"等，公司澄清 如下：公司液冷产品的研发尚处于前期探讨阶段，公司目前并无相关液冷产品的具体开发与生产计划， 以上传闻不实。关于网传的"星云2.0算力调度平台资源利用率达93.2%，模型训练效率提升40%""东南亚 布局:马来西亚波德申AI数据中心项目预计2025年底建成，规划东南亚算力池规模3000P""设备出口:签 订3亿美元海外算力设备合同，覆盖印尼、泰国节点"等内容，公司澄清如下：公司无星云算力调度平 台，无马来西亚波德申AI数据中心项目，并未有设备出口至印尼、泰国或签订3亿美元海外算力设备合 同，以上传闻不实。 ...

关于网传的"星云2.0算力调度平台资源利用率达93.2%，模型训练效率提升40%。""东南亚布局:马来西 亚波德申AI数据中心项目预计2025年底建成，规划东南亚算力池规模3000P。""设备出口:签订3亿美元 海外算力设备合同，覆盖印尼、泰国节点。"公司澄清如下：(1)公司无星云算力调度平台，以上传闻不 实。(2)公司无马来西亚波德申AI数据中心项目，以上传闻不实。(3)公司并未有设备出口至印尼、泰 国，签订3亿美元海外算力设备合同，以上传闻不实。 智通财经APP讯，利通电子(603629.SH)发布股价异动公告称，关于网传的"液冷技术突破:自研浸没式液 冷模组适配英伟达H100/B100芯片，PUE值低至1.09，运维成本下降42%。"、"利通电子拥有自研的液 冷技术(PUE值低于行业平均)，能帮助解决数据中心高能耗的痛点，提升资源利用率。"公司澄清如下： 公司液冷产品的研发尚处于前期探讨阶段，公司目前并无相关液冷产品的具体开发与生产计划，以上传 闻不实。 ...

利通电子公告，公司股票于2026年1月30日、2月2日连续2个交易日内收盘价格涨幅偏离值累计达20%， 属于股票交易异常波动情况。经自查，公司目前经营状况正常，主营业务未发生变化，内外部经营环境 或行业政策未发生重大变化。同时，公司及控股股东、实际控制人不存在影响公司股票交易异常波动的 重大事项，也无其他应披露而未披露的重大信息。此外，针对网传的液冷技术突破、星云算力调度平 台、马来西亚波德申AI数据中心项目及海外算力设备合同等不实传闻，公司均已澄清。 ...

Summary of Bojie Co., Ltd. Conference Call Company Overview - Bojie Co., Ltd. is benefiting from a surge in demand for AI servers, particularly from North American clients N, J, and M, with a significant increase in demand for functional testing equipment. The annual market demand is expected to reach at least 10 billion yuan, with a target to capture 30% of the global market share. Last year, the company shipped hundreds of units, and this year it is expected to scale up to thousands of units [2][5]. Financial Performance - For Q4 2024, the net profit after deducting non-recurring items is impacted by long-term equity investment impairment and stock incentive expenses, totaling approximately 40 million yuan. If these expenses are excluded, the operating net profit is expected to be between 70 million and 90 million yuan, which is better than Q3 performance [2][4]. - The revenue forecast for 2025 is between 1.7 billion and 1.95 billion yuan, with a net profit expected to be between 130 million and 160 million yuan, representing a year-on-year growth of 40% to 61%. The operating net profit is projected to be between 80 million and 110 million yuan [3]. Industry Dynamics - The MLCC (Multi-layer Ceramic Capacitor) sector is currently in an expansion cycle, driven by the surge in AI server demand, which is expected to increase demand by 10 to 100 times. Bojie Co., Ltd. aims to significantly increase its revenue, targeting a two to threefold increase, which will require substantial equipment expansion [11]. - The company is positioned favorably within multiple industry sectors experiencing concurrent expansion cycles, leading to an optimistic outlook for overall performance in 2026 [6]. Product Development and Strategy - Bojie Co., Ltd. has developed a self-researched liquid cooling module that has been applied to client N and is currently being validated by other North American clients. The company is actively seeking domestic supply chain partners for key components and plans to send samples to the U.S. to promote the application of liquid cooling solutions [2][7]. - The company is focusing on providing complete liquid cooling solutions, including cold plates, quick connectors, and CPUs, to directly serve clients and ensure quality assurance [8]. Future Growth Opportunities - In the AI server sector, Bojie Co., Ltd. is working on 3-4 testing solutions with clients, expecting significant progress in 2026, which will drive revenue growth. The demand for components and equipment driven by AI is anticipated to significantly enhance the company's growth potential [9]. - The company is also exploring collaborations in humanoid robotics and Robot Taxi autonomous vehicles, with expectations of substantial demand growth in 2026 [9]. International Market Performance - Since its transformation began in 2023, Bojie Co., Ltd. has made significant strides, particularly in overseas markets, achieving good performance in areas such as optical modules. The company is recognized as a key equipment provider benefiting from AI capital expenditures, with its testing equipment receiving high recognition from major North American clients [12].

据最新数据，今年1月份，号称全球经济"金丝雀"的韩国出口半导体总金额达205亿美元，同比暴涨超 102%。这预示着，在AI浪潮下，全球半导体需求仍非常强劲。 与此同时，芯片产业链的涨价潮正持续蔓延，分析认为，2026年上半年国产芯片涨价趋势将延续，甚至 可能有更多企业跟进。 随着散热需求向超高热密度演进，应重点关注从显热交换向相变潜热(如双相冷板、浸没式液冷)的技术 跨越，以及氟化液等新型冷却介质和芯片级微流体冷却带来的结构性投资机会。 液冷方向产业链港股： 敏实集团(00425)：AI服务器液冷业务获台湾头部厂商订单，切入全球半导体企业供应链，与福曼科技 合资建厂，2025年底将具备大批量生产能力。 中信证券发布研报，在AI算力需求与芯片功耗持续攀升的背景下，AI加速芯片的TDP已突破风冷散热的 物理极限，全球各大云服务商(CSP)正明确将液冷定为下一代架构的默认标准，这种结构性转型将推动 液冷市场空间的快速成长。 津上机床中国(01651)：AI服务器液冷行业开始进入批量采购设备的阶段，公司以自动车床产品为主， 在加工快速液冷接头方面具有明显的性价比优势。2025年1-9月，已与数十家客户签订设备订单，占 ...

Group 1: AI Computing Hardware - Microsoft and Meta reported that the AI computing power supply will remain tight until 2026, with Q4 capital expenditures exceeding market expectations: Microsoft at $37.5 billion and Meta at $22.137 billion [5] - Meta is preparing to pay up to $6 billion to Corning for fiber optic cables, driven by AI computing demand, which is expected to boost the global fiber optic market for 2 to 3 years [10] - Shanghai plans to advance the construction of intelligent computing infrastructure, with increasing AI computing demand leading to a rise in single-chip power consumption and cabinet density, making liquid cooling technology a mainstream solution [14] Group 2: Semiconductor Industry - Micron Technology announced an additional investment of $24 billion in Singapore over the next decade for a new NAND flash wafer fab, following a $100 billion project in New York to address unprecedented supply tightness [16] - Cokwan Technology, which specializes in functional devices, has launched a production line for 400G/800G high-speed optical modules, showing significant technological advantages and broad application prospects [16] - Lanqi Technology, a major supplier of DDR5 memory interface chips, is expected to benefit from increased CPU demand driven by AI inference, with Intel and AMD planning to raise server CPU prices [17][18] Group 3: Chemical Industry - The price of epoxy propylene in China saw a significant increase of nearly 10% in January, indicating a recovery in industry conditions, with some companies reporting full orders and production schedules extending into February [24] - Hongbaoli is building an epoxy propylene-ether, amine, and derivative industrial chain, with its polyurethane base's annual production capacity increasing to 190,000 tons, attracting significant capital attention [25]

英维克 20260129 英维克具备三大核心优势：第一，全链条、全资源布局能力，涵盖从服务器内 到机柜再到机房的一整套产品；第二，数据中心解决方案能力，对数据中心有 深刻理解；第三，先发优势，在全球市场中率先获得入场券并持续推进。此外， 其主营业务聚焦于温控散热，包括风冷和液冷全系列产品，并且其技术研发团 队背景深厚。 摘要 英维克具备全链条、全资源布局能力，涵盖服务器内部到机柜再到机房 的完整液冷解决方案，这使其在市场中拥有显著优势。 英维克拥有深厚的数据中心解决方案能力，对数据中心的需求和挑战有 深刻理解，这对于提供定制化和高效的液冷解决方案至关重要。 作为国内首家进入英伟达（NV）液冷供应链的公司，英维克的产品已获 得行业巨头认可，证明其技术实力和产品质量。 英维克与谷歌联合发布了 2 兆瓦 CDU，并在 OCP 展会上获得谷歌 Logo 加持，表明其已成为谷歌的核心一级供应商，进一步巩固了市场地位。 液冷技术在 AI 时代有望成为标配，英维克凭借先发优势和技术积累，有 望在液冷市场快速增长中占据领先地位。 尽管海外市场竞争可能加剧，但英维克现阶段的首要任务是抢占市场份 额，一旦获得认可，其供应商地位将 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 75 to 85 million yuan in 2025, representing a year-on-year increase of 52% to 72%, with a median estimate of 80 million yuan, which corresponds to a 62% increase [2]. - The anticipated revenue for 2025 is approximately 760 million yuan, reflecting a 6.7% increase compared to 2024, driven by an increase in orders and a strategic business structure optimization [2]. - The company has terminated its overseas lithium battery PACK e-commerce business, which is expected to reduce losses by about 30 million yuan compared to 2024, significantly improving overall profitability [2]. - The report highlights the company's strong position in the liquid cooling technology sector, which is essential for addressing the heat dissipation challenges in data centers, emphasizing its low energy consumption and high efficiency [3][4]. Financial Projections - The projected total revenue for the company is as follows: 695.93 million yuan in 2023, 713.04 million yuan in 2024, 759.95 million yuan in 2025, 1,005.61 million yuan in 2026, and 1,357.30 million yuan in 2027, with respective year-on-year growth rates of -2.57%, 2.46%, 6.58%, 32.33%, and 34.97% [1]. - The expected net profit attributable to shareholders is forecasted to be 53.78 million yuan in 2023, 49.36 million yuan in 2024, 79.67 million yuan in 2025, 198.35 million yuan in 2026, and 320.07 million yuan in 2027, with year-on-year growth rates of 0.73%, -8.22%, 61.40%, 148.97%, and 61.37% respectively [1]. - The report projects earnings per share (EPS) to be 0.54 yuan in 2023, 0.49 yuan in 2024, 0.80 yuan in 2025, 1.98 yuan in 2026, and 3.20 yuan in 2027 [1].

汽车和汽车零部件行业周报 20260125 特斯拉计划 2027 年销售机器人 关注机器人板块 glmszqdatemark 长安汽车与美的集团签署全面战略合作协议，深化"人车家"智慧生态合作。1 月 21 日，长安汽车与美的集团签署全面战略合作协议，聚焦"人·车·家"智慧生态 融合。双方将实现"车控家"，用户可语音远程控制 20 类美的智能家电，一键开 启场景模式；开发"家控车"，用户可通过美的设备查询车辆状态、远程控车， 预计缩短出行准备时间约 40%。此外，美的旗下威灵汽车部件将为长安新能源提 供热管理系统、底盘执行系统等核心零部件，其 800V SiC 电动压缩机已量产适 配。双方还将在智能制造升级上协同，推进 AI 智能体、工业机器人等应用，提升 生产效率与定制化能力，推动汽车从代步工具向智慧生活枢纽转型。 投资建议： 乘用车：推荐【吉利汽车、小鹏汽车、比亚迪】，建议关注【江淮汽车】。 零部件： 1）智能化：推荐智能驾驶-【伯特利、地平线机器人、科博达】，智能 座舱-【继峰股份】；2）新势力产业链：推荐 H 链-【星宇股份、沪光股份】；推 荐 T 链-【拓普集团、新泉股份、双环传动】；3）出海链：推 ...

汽车和汽车零部件行业周报 20260125 特斯拉计划 2027 年销售机器人 关注机器人板块 glmszqdatemark 长安汽车与美的集团签署全面战略合作协议，深化"人车家"智慧生态合作。1 月 21 日，长安汽车与美的集团签署全面战略合作协议，聚焦"人·车·家"智慧生态 融合。双方将实现"车控家"，用户可语音远程控制 20 类美的智能家电，一键开 启场景模式；开发"家控车"，用户可通过美的设备查询车辆状态、远程控车， 预计缩短出行准备时间约 40%。此外，美的旗下威灵汽车部件将为长安新能源提 供热管理系统、底盘执行系统等核心零部件，其 800V SiC 电动压缩机已量产适 配。双方还将在智能制造升级上协同，推进 AI 智能体、工业机器人等应用，提升 生产效率与定制化能力，推动汽车从代步工具向智慧生活枢纽转型。 投资建议： 乘用车：推荐【吉利汽车、小鹏汽车、比亚迪】，建议关注【江淮汽车】。 零部件： 1）智能化：推荐智能驾驶-【伯特利、地平线机器人、科博达】，智能 座舱-【继峰股份】；2）新势力产业链：推荐 H 链-【星宇股份、沪光股份】；推 荐 T 链-【拓普集团、新泉股份、双环传动】；3）出海链：推 ...