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。 ...

Group 1: Market Overview - The liquid cooling technology is experiencing explosive growth in demand due to increasing heat dissipation issues in data centers and computing equipment [1] - The liquid cooling server concept index has risen by 13.64% since August, indicating strong market interest [1] - IDC projects that the Chinese liquid cooling server market will reach $2.37 billion in 2024, a 67% increase from 2023, with a compound annual growth rate of 46.8% from 2024 to 2029 [2] Group 2: Company Performance - Feirongda expects a revenue of approximately 2.886 billion yuan for the first half of 2025, with a net profit increase of 103.95% to 123.69% year-on-year [2] - Zhongshi Technology anticipates a net profit of 116 million to 129 million yuan for the first half of 2025, reflecting an 85.01% to 105.75% increase compared to the previous year [3] - Huazheng New Materials forecasts a net profit of 37 million to 47 million yuan for the first half of 2025, representing a year-on-year increase of 271.02% to 371.30% [3] Group 3: Industry Trends - The liquid cooling technology is evolving towards modular, intelligent, and scenario-adaptive solutions driven by the growing AI computing demands [2] - Analysts predict that 2025 will see a significant increase in the penetration of liquid cooling technology in NVIDIA's AI chips, leading to market growth [4] - Domestic liquid cooling companies are expected to reshape the global industry landscape, with a clear trend of increasing market share for local manufacturers [4][5]

中证报中证网讯(王珞)8月11日，飞龙汽车部件股份有限公司(以下简称"飞龙股份（002536）")在郑州举 办2025年投资者见面会，公司副董事长、总经理孙耀忠，副总经理、董事会秘书谢国楼等公司高管介绍 了企业发展情况，并就投资者关心的问题进行了详细解答。 飞龙股份介绍，公司液冷技术应用已从汽车领域拓展至服务器、数据中心(IDC)、人工智能、充电桩、 储能、氢能、电力设备、农业机械及低空经济等前沿领域。目前液冷领域已建立合作或联系的客户达80 家，正在进行中的项目超过120个，部分项目已实现量产。 在核心的服务器液冷领域，飞龙股份已与包括HP、英维克（002837）、曙光数创、超聚变、新华三、 联想等在内的40多家行业领先企业建立合作关系。充电桩领域客户涵盖小米汽车、特来电等；储能与氢 能液冷领域则与朗进科技（300594）、亿华通、东方电气（600875）、BOSCH、康明斯等知名企业展 开合作。此外，公司还进入了国家电投、中联重科（000157）、三一重工（600031）、徐工集团、小鹏 汇天等企业的供应链体系。 公司液冷产品以电子泵和温控阀为主，正逐步向温控模块延伸。其电子泵产品功率范围已提升至最高 4 ...

格隆汇8月12日丨磁谷科技(688448.SH)在投资者互动平台表示，液冷技术是一种利用液体作为传热介 质，通过循环流动直接或间接带走数据中心发热器件（如CPU、GPU等）热量的技术。不论是直接液冷 或间接液冷，都需要使用冷却系统对液冷传热介质进行冷却换热降温，才能使系统稳定运行。而磁悬浮 冷水机组是效率较高的一种冷却系统，能够大幅降低数据中心运行能耗。 ...

格隆汇8月12日丨飞龙股份(002536.SZ)于近期投资者关系活动表示，公司液冷泵系列产品采用平台化、 谱系化和定制化的发展策略。通过持续的技术攻关，公司已成功将电子泵的最大功率提升至40kW，进 一步巩固了技术领先地位。 ...

Group 1: Market Trends and Strategies - The company anticipates that overseas adoption of liquid cooling will accelerate, particularly in Europe and the U.S., with AI servers expected to enter the liquid cooling era by next year [1] - The company is focusing on expanding its overseas market presence, with orders already in Southeast Asia and plans to penetrate the Far East Asia-Pacific market [2] - The company has confirmed overseas order revenue of CNY 47.72 million for 2024, covering regions such as Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Oman [3] Group 2: Product Development and Technology - The company offers a comprehensive liquid cooling solution, including various systems such as fluorinated and water-cooled plates, and has successfully deployed these solutions in the Middle East [4] - The company is developing products based on NVIDIA's NV72 architecture, leveraging its existing technology base for domestic market needs [2] - The liquid cooling solutions include features like rapid deployment and integration capabilities, ensuring a seamless transition from construction to operation [4] Group 3: Strategic Partnerships and Clientele - Key strategic clients include Alibaba, ByteDance, Huawei, Qinhuai, Baidu, and Tencent, with the company maintaining a healthy order situation and normal operational activities [5] - The company aims to enhance its ability to provide comprehensive solutions throughout the entire lifecycle of digital infrastructure, responding quickly to client needs [5]

每经AI快讯，中国银河（601881）证券指出，随着海外厂商GPU方案对于液冷需求的逐步提升，液冷 (尤其是冷板式)市场空间逐步增长，且在当下时点产业趋势的革新已经提前到来，在高集成、低功耗以 及低成本的优势下，建议重点关注具备成熟冷板式液冷技术的厂家，以及布局浸没式液冷以及喷淋式液 冷的重点厂家。 ...

"我们的屏蔽式液冷泵，最大优势在于无泄漏，再加上智能化控制的能耗优化，恰好契合数据中心对安 全与节能的双重需求。"王侣钧说，"相较于传统液冷泵，公司产品在响应速度与迭代能力上更具优势； 而与新能源汽车电子水泵厂商相比，又有着更深厚的产品场景积累。" 在算力成为AI基础设施的时代浪潮下，液冷技术作为数据中心散热的核心方案正迎来爆发前夜。深耕 泵类产品35年的大元泵业总经理王侣钧在中国液冷全链条供应链峰会期间接受中国证券报记者专访时表 示，液冷泵作为液冷系统的"心脏"，为相关冷却介质提供动力循环，其稳定性与能耗控制直接决定系统 效能。随着AI服务器功耗飙升，屏蔽式液冷泵市场需求有望迎来爆发式增长。 液冷赛道市场广阔 "算力是AI的基础设施，未来或将像城市建筑一样成为标配，而液冷技术就是这一基建的'血液循环系 统'。"王侣钧的比喻精准点出行业本质——随着新能源汽车、储能、算力需求的爆发式增长，传统风冷 在散热效率与能耗控制上的短板愈发明显，液冷技术因能将PUE（能源使用效率）降至1.1以下，正快 速从边缘方案走向主流，从"可选"成为"必选"。 泵作为液冷系统的"心脏"，是提供动力的关键，其稳定性与能耗表现直接决定整 ...