Core Viewpoint - The company is leveraging its liquid cooling technology to support the construction of intelligent computing centers in Hangzhou, aiming to capture a share of the local market driven by the city's digital trade goals of 440 billion yuan [1] Group 1: Company Strategy - The company offers a comprehensive liquid cooling solution that includes both cold plate and immersion cooling technologies, covering the entire product chain from nodes to data centers [1] - The company has established a full lifecycle service system for data centers, enhancing reliability, energy efficiency, and intelligence [1] - The company is actively involved in the formulation of liquid cooling technology standards and has successful deployment experience in national and local intelligent computing center projects [1] Group 2: Market Engagement - The company plans to collaborate with local enterprises and institutions to provide efficient and green liquid cooling technology support for the construction of intelligent computing centers in Hangzhou [1]

本报记者李雯珊 见习记者张美娜 从业务板块来看，在电子元器件业务，公司实现收入18.10亿元，同比增长13.91%；在高端铝箔业务，公司实现收入29.07 亿元，同比增长9.20%；在化工新材料业务，公司实现收入19.68亿元，同比增长47.59%；在能源材料和其他业务，公司分别实 现收入1.86亿元和6552.51万元。 根据上述相关人士介绍，制冷剂价格持续上涨，根本性扭转了第三代制冷剂的供需格局。以核心产品R32制冷剂为例，其 价格从2024年初的每吨1.7万元—1.8万元飙升至今年上半年的每吨5.7万元—5.9万元，东阳光充分享受了这轮"量价齐升"的行业 红利，为公司整体利润的跃升提供了强力支撑。 8月15日，广东东阳光科技控股股份有限公司（以下简称"东阳光"）发布2025年半年度报告，公司在2025年上半年实现营 业收入71.24亿元，同比增长18.48%；归属于上市公司股东的净利润为6.13亿元，同比增长170.57%。 东阳光相关人士向《证券日报》记者表示，公司在传统业务板块上保持强势表现，近年来还坚定推进战略转型，深耕数据 中心液冷、具身智能机器人等前沿新兴领域。 多项业务表现亮眼 公开资料显示 ...

Core Viewpoint - The liquid cooling sector is experiencing a significant surge, with expectations that it will become a major growth area similar to the optical module market, driven by increasing demand for cooling solutions in high-performance computing and AI applications [1][3]. Market Performance - On August 15, the liquid cooling sector saw over 27 stocks rise by more than 5%, with 13 stocks hitting the daily limit or increasing by over 10%. Notable performers included Dayuan Pump Industry and Jintian Co., which both showed strong gains [1]. - The overall A-share market was robust, with the Shanghai Composite Index closing up 0.83% at 3696.77 points, and the ChiNext Index rising over 2% [1]. Price Dynamics - In August, the price of liquid cooling quick connectors surged from 700 yuan to 2100 yuan, a 200% increase, while cold plate prices rose from 1500 yuan/kW to 1800 yuan/kW. This reflects a significant demand increase as power consumption in data centers rises [2]. - The penetration rate of liquid cooling is expected to increase from less than 15% in 2023 to over 50% by 2025, driven by the need for efficient cooling solutions in high-power computing environments [2]. Industry Growth - The global liquid cooling market is projected to exceed 70 billion yuan by 2026, which is four times the size of the PCB market during the same period [2]. - Vertiv, a leading overseas liquid cooling company, reported revenue of $2.638 billion for Q2 2025, exceeding guidance and indicating strong demand for liquid cooling solutions [3]. Technological Trends - Liquid cooling technology is becoming essential for managing the heat generated by AI chips, with NVIDIA's GB300 platform fully adopting liquid cooling designs, positioning it as a mainstream solution in data centers [4]. - The liquid cooling industry is expected to enter a rapid growth phase from late 2025 to 2026, benefiting from technological advancements and increased adoption [5]. Investment Opportunities - The liquid cooling supply chain includes upstream components, midstream system integration, and downstream applications, with significant investment opportunities in high-barrier upstream segments [5]. - Analysts believe that liquid cooling represents a more favorable investment compared to existing hot sectors, given its early development stage and low penetration rate [5].

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The high power consumption of AI chips is accelerating the adoption of liquid cooling technology, with cold plate solutions becoming mainstream in data centers [1] - Policy incentives and the demand for computing power are driving the rapid growth of the liquid cooling industry, with significant market potential anticipated by 2025 [2] - The penetration rate of liquid cooling technology is still in its early stages, but is expected to see rapid growth as high-power chips become more widely used [3] Summary by Sections Section 1: Industry Dynamics - The latest Blackwell Ultra chip from NVIDIA has a power consumption of 1.4kW, leading to a total rack power consumption of 120-130kW, making traditional air cooling inadequate [1] - Liquid cooling technology is projected to be adopted in over 50% of new data center projects by the end of 2025, driven by policies such as China's "East Data West Computing" initiative [2] Section 2: Market Growth - The Chinese liquid cooling server market is expected to grow at a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, potentially reaching a market size of $16.2 billion by 2029 [2] - The global penetration rate of liquid cooling in data centers is currently around 10%, with expectations to rise to over 30% in China by 2025 [3] Section 3: Industry Opportunities - The increasing shipment of NVIDIA's Blackwell series chips is a key driver for the adoption of liquid cooling, with projections indicating that Blackwell will account for over 80% of high-end GPU shipments by 2025 [3] - The report highlights several companies involved in the liquid cooling supply chain, including Xiangxin Technology and Kexin New Source, as potential beneficiaries of this growth [3]

Investment Rating - The report recommends an "Overweight" rating for the liquid cooling industry, anticipating significant growth driven by AI and increased capital expenditure from major domestic companies and telecom operators [5][75]. Core Insights - Liquid cooling technology offers multiple advantages over traditional air cooling, including lower energy consumption (over 70% reduction in energy use in 2MW data centers), higher heat dissipation capabilities, and lower total cost of ownership (TCO) [3][15]. - The demand for liquid cooling is expected to surge due to AI advancements, with global liquid cooling market size projected to exceed $19 billion by 2032 [3][56]. - The increasing thermal design power (TDP) of chips necessitates a shift from air cooling to liquid cooling, as TDPs surpass 350W [3][42]. Summary by Sections Section 1: Advantages of Liquid Cooling - Liquid cooling systems demonstrate superior energy efficiency, achieving a PUE (Power Usage Effectiveness) of below 1.2 compared to air cooling's typical PUE of 1.5-1.8 [3][15]. - The cooling capacity of liquid cooling systems is significantly higher, with power density increasing from 15 kW/rack for air cooling to over 135 kW/rack for immersion cooling [15][11]. Section 2: AI-Driven Demand for Liquid Cooling - The global AI development is expected to drive the demand for computing power, with projections indicating a global computing capacity exceeding 16 ZFlops by 2030, growing at a CAGR of over 50% [38]. - Major companies like Nvidia are transitioning to liquid cooling solutions, with Nvidia's new GPU models requiring liquid cooling due to their high TDP [55][40]. Section 3: Industry Chain and Recommended Stocks - The liquid cooling industry chain includes upstream component suppliers, midstream liquid cooling server manufacturers, and downstream users such as telecom operators and internet companies [59]. - Recommended stocks for investment include Fangsheng Co., Ltd. (focused on liquid cooling heat exchangers), Litong Technology (liquid cooling hoses), and Shuguang Digital Innovation (leading in immersion cooling solutions) [60][67][70].

Market Overview - A-shares rebounded with humanoid robots, computing power, and new energy sectors leading the recovery [1] - Major financial sectors, including brokerage and internet finance, showed significant activity, contributing to the index's gains [1] - The Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index increased by 1.19%, and the ChiNext Index climbed by 2.14% [3] Liquid Cooling Server Sector - The liquid cooling server sector experienced a substantial increase, with stocks like Chuanhuan Technology and Jintian Co. hitting the daily limit [5] - The market is witnessing a shift in perception regarding liquid cooling technology, driven by three main factors: increased power consumption, diverse cluster initiation, and accelerated deployment progress [6][7] - According to estimates, the liquid cooling market is projected to grow significantly, reaching approximately 35.4 billion yuan in 2025, 71.6 billion yuan in 2026, and 108.2 billion yuan in 2027, with a potential to exceed 100 billion yuan by 2027 [7] Solid-State Battery Sector - The solid-state battery sector saw a rise, with companies like Jiurong New Materials and Copper Crown Copper Foil experiencing significant stock increases [10] - Companies are making progress in the solid-state battery field, with Guoxuan High-Tech reporting a 90% yield rate for its solid-state battery pilot line and initiating the design of a 2GWh production line [12] - The solid-state battery production process is expected to benefit equipment manufacturers, as the transition from traditional lithium-ion battery production to solid-state technology alters the value dynamics of equipment used [12]

Market Overview - The A-share market rebounded today, with humanoid robots, computing power, and new energy sectors being the main drivers of the recovery [1] - By the close of the morning session, major financial sectors, including brokerage and internet finance, showed significant activity, leading to an expansion in index gains [1] - The Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index increased by 1.19%, and the ChiNext Index climbed by 2.14% [3] Sector Performance - The liquid cooling server sector experienced a strong rally, with stocks such as Chuanhuan Technology and Jintian Co. hitting the daily limit [5] - The liquid cooling server market is projected to grow significantly, with estimates suggesting a market size of approximately 354 billion yuan in 2025, 716 billion yuan in 2026, and 1,082 billion yuan in 2027 [8] - The solid-state battery sector also saw gains, with companies like Guoxuan High-Tech reporting advancements in their production capabilities [10][12] Investment Insights - The liquid cooling technology is gaining traction due to increasing power consumption demands and the diversification of clusters initiated by major tech companies like Nvidia, Meta, Google, and Amazon [8] - The domestic liquid cooling enterprises are expected to excel in international markets due to their comprehensive capabilities in technology, product quality, cost, and service [9] - The solid-state battery industry is witnessing accelerated industrialization, with significant attention on equipment investments that are crucial for production processes [12]

Group 1 - As of August 14, 2025, the stock price of Chuanrun Co., Ltd. closed at 13.54 yuan, down 0.60 yuan or 4.24% from the previous trading day [1] - The stock opened at 14.01 yuan, reached a high of 14.38 yuan, and a low of 13.53 yuan, with a trading range of 6.01% [1] - The total trading volume for the day was 851,710 hands, with a transaction amount of 1.183 billion yuan [1] Group 2 - Chuanrun Co., Ltd. specializes in the research, production, and sales of lubricating hydraulic equipment and systems, with applications in engineering machinery, electric power, and metallurgy [1] - The company is involved in sectors such as liquid cooling technology, robotics, and ultra-supercritical power generation [1] Group 3 - On August 14, the stock experienced rapid fluctuations, with a rebound of over 2% within 5 minutes at 9:36 AM, reaching 14.21 yuan, followed by a decline of over 2% within 5 minutes at 9:40 AM, dropping to 13.90 yuan [1] - On the same day, the net outflow of main funds was 86.2937 million yuan, accounting for 1.65% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow was 83.4342 million yuan, representing 1.59% of the circulating market value [1]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the liquid cooling technology in data centers, highlighting its increasing importance due to high thermal design power (TDP) of chips like NVIDIA's B200 and B300, which reach up to 1,400 watts, making traditional air cooling insufficient [1][2][5]. Core Insights and Arguments - **Market Growth**: The liquid cooling server market in China is projected to reach approximately 20.1 billion yuan in 2024, representing a year-on-year growth of 84.4%, and is expected to grow to 30 billion yuan in 2025 [1][4]. - **Cooling Efficiency**: Liquid cooling solutions, particularly cold plate systems, dominate the market with a 65% share, while immersion cooling holds 34%, and spray cooling only 1% [1][4]. - **Power Density Increase**: The average power density of data center cabinets has rapidly increased to 20.5 kW in 2023, with expectations to exceed 50 kW by 2029, driven by advancements in GPU technology [1][8]. - **Environmental Benefits**: Liquid cooling systems have a lower Power Usage Effectiveness (PUE) rating of 1.05 to 1.15 compared to air cooling systems, which range from 1.3 to 1.5, making them more energy-efficient and environmentally friendly [2][4]. Additional Important Content - **Applications Beyond Data Centers**: Liquid cooling technology is also applicable in electric vehicle battery management, charging stations, and potentially AI PCs, addressing high power density cooling challenges in these sectors [1][6][7]. - **Component Value Breakdown**: In the V272 cabinet, the total value of liquid cooling components is approximately $84,000, with liquid cooling plates accounting for 43% and CDU products for about 35.8% [3][22]. - **Emerging Domestic Manufacturers**: Attention is drawn to domestic manufacturers in the liquid cooling sector, particularly those involved in circuit boards, quick connectors, and CDU products, especially those that have received North American client certifications [25]. Conclusion - The transition from air cooling to liquid cooling in data centers is driven by the need for higher efficiency and power density management, with significant market growth anticipated in the coming years. The technology's application across various industries further underscores its importance in addressing modern cooling challenges.

格隆汇8月13日丨丰茂股份(301459.SZ)在互动平台表示，液冷管路核心需求在于高密封性、耐腐蚀性、 耐高低温及长效可靠性。公司深耕流体管路领域，在橡胶等高分子材料改性、多层复合管路结构设计、 精密挤出方面拥有深厚积累。公司具有液冷管路适配开发能力，现正积极拓展相关领域客户。 ...