大国制造- 关注机器人产业链 20250518 摘要 • 全球军工行业持续增长，2023 年全球前 100 强军工企业销售额达 6,320 亿美元，同比增长 4.2%，创历史新高，主要受地缘政治因素驱动，如乌 克兰危机和中东局势动荡，各国国防预算增加，对先进装备需求提升。 • 中国军工行业在技术突破和市场适配性提升的背景下，角色日益重要。 2024 年珠海航展成交各种型号飞机 1,195 架，总值 2,856 亿人民币，内 需和外贸驱动行业保持高景气度，应重点关注航天、出口和航空领域。 • 硅料供给侧改革有望提升硅料价格，龙头公司拟收储约 100 万吨硅料及产 能，若获国家支持，虽财务费用增加约 20 亿人民币，但将大幅改善龙头 公司现金流，建议关注通威等龙头公司，布局时点宜在 531 抢装需求下滑 后。 • 云厂商 2025 年二季度资本开支低于预期，受买卡成本上升和季度调整影 响，但算力调用量预计持续高速增长，AIDC 板块值得关注，液冷一次侧 压缩机细分领域或在三季度出现集中招标周期。 • 液冷技术正向磁悬浮或气悬浮离心机转型，以满足数据中心更高 PUE 值需 求。2025 年被认为是中美液冷技术元年， ...

以下文章来源于傅里叶的猫 ，作者小小 傅里叶的猫 . 芯片EDA大厂资深工程师，半导体AI行业解读及研报分享 申请入围"中国IC独角兽" | 资本开支（亿元）2001 2002 2003 2004 2101 2102 2103 2104 2201 2202 2204 2301 2301 2301 2301 2401 2402 2403 | 2404 | 87 | 77 | 70 | 57 | 87 | 171 | 腾讯 | 62 | તેર | 97 | 69 | 71 | 117 | 30 | 24 | 44 | 40 | 80 | 75 | 144 | 366 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The launch of a new generation of immersion liquid cooling products by Miaosuan Technology and Hengtong Group aims to provide sustainable solutions for digital infrastructure development, emphasizing collaboration among industry partners [1] Group 1: Product Features and Innovations - The new product features a single-layer immersion liquid cooling architecture, capable of deploying six 5U immersion liquid cooling servers within four hours, catering to the needs of small and medium-sized enterprises for edge computing services [3] - The modular server design integrates computing, networking, storage, and management into a single unit, achieving over 30% energy consumption reduction, high-density deployment (100kW per square meter), ultra-quiet operation (40dB), and extended hardware lifespan by approximately 30% [3][4] - The innovative cooling system can achieve a Power Usage Effectiveness (PUE) as low as 1.15, with specific areas reaching 1.09, and enhances the utilization rate of data center space by nearly 90% [4] Group 2: Operational and Maintenance Support - Miaosuan Technology provides a comprehensive lifecycle service for liquid cooling technology, including cleaning agents and maintenance vehicles, ensuring ease of operation and maintenance [3][4] - The company aims to lower the entry barriers for liquid cooling technology, making initial investments comparable to air cooling, ultimately achieving parity in costs between liquid and air cooling solutions [4] Group 3: Strategic Collaborations and Industry Impact - A strategic cooperation agreement was signed between Miaosuan Technology and Atec Innovations Sdn Bhd to deepen collaboration in innovative liquid cooling technology development and ecosystem integration [7] - The event included a roundtable discussion on the liquid cooling industry's future, focusing on the synergy between computing power demands, technological advancements, and energy management [7] - The new generation of intelligent computing industry parks, exemplified by the Tujing Technology project, aims to support large-scale AI model training and inference with efficient cooling solutions [7]

Core Insights - The China Petroleum Artificial Intelligence Computing Center, constructed by Zhongke Shuguang, has been successfully delivered and accepted, marking a significant milestone in the oil and gas industry as the first domestic liquid-cooled AI infrastructure project [1] - The center has been included in the National Development and Reform Commission's list of AI demonstration projects, highlighting its importance in the advancement of AI technology in China [1] Technology and Infrastructure - The center is based on the "Super Intelligence Fusion" technology system, which incorporates self-developed cold plate liquid cooling modules, an independent computing network architecture, and a cluster management system [1] - It integrates high-level security mechanisms embedded in domestic chips and supports national cryptographic algorithms, ensuring comprehensive data lifecycle protection [1] Applications and Impact - The AI computing center is designed to enhance various applications, including seismic data processing, reservoir development optimization, chemical product research and development, and customer service model development [1] - It provides robust computational support for complex numerical simulations, geological data analysis, and production optimization decision-making, thereby significantly advancing AI applications in the industry [1]

老铁们，帮主盯着盘面直拍大腿——今天A股这出戏太刺激了！三大指数集体玩起高台跳水，创业板半天就栽了1.35%，3600只股票绿得发慌。但你们猜怎 么着？美容、港口、农业这几个板块愣是杀出重围，上演逆袭剧本！ 港口航运的逆袭密码 中日韩自贸区谈判重启的消息，让沿海港口集体嗨了。连云港、宁波海运涨停不是偶然——三国贸易量每增10%，港口吞吐量就能涨15%。但老铁们注意 了，这波行情有"政策预期"加持，等具体协议落地可能利好出尽，现在追高容易被挂旗杆。 农业股竟成避风港？ 中央一号文件提到的"农业新质生产力"，让秋乐种业这类企业突然吃香。数字农业管理系统能精准控制施肥量，节水30%的同时增产15%，这才是资金追捧 的硬逻辑。但农业股波动大得像坐过山车，没金刚钻别揽瓷器活。 先说这冰火两重天 开盘半小时就看出端倪：AI智能体、液冷服务器这些科技小鲜肉集体扑街，军工老大哥也蔫了吧唧。反观美容护理板块，芭薇股份直接30cm涨停，连云 港、川宁生物这些冷门股突然变显眼包。这行情就像火锅局——辣锅沸腾（消费股），清汤寡水（科技股），吃得人冰火两重天。 美容股为啥突然吃香？ 山东卫健委刚甩出王炸政策——允许医美机构搞光电注射项 ...

超微电脑(SMCI.O)：致力于改进服务器的直接液冷技术。 ...

2.2024年公司是否有分红计划？ 答：尊敬的投资者您好，2024年度内，公司实施了2024年半年 度权益分派方案，以公司总股本136,400,000股为基数，向全体股东 每10股派发现金红利2.00元（含税），共计派发现金红利 27,280,000.00元，不送红股，不进行资本公积金转增股本。公司董 事会拟定2024年度利润分配预案为：公司拟以截至目前公司总股本 136,400,000股为基数，向全体股东每10股派发现金红利3.00元（含 税），共计派发现金红利40,920,000.00元，不送红股，不进行资本 公积金转增股本。感谢您对公司的关注。 证券代码：301202 证券简称：朗威股 份 苏州朗威电子机械股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年度网上业绩说明会的投资者 | | 时间 | 2025年 ...

证券研究报告/公司研究 银轮股份：汽车热管理老牌龙头，液冷行业新星 投资要点 ➢ 热管理行业龙头，产品多元化发展 银轮股份深耕热管理行业四十余年，多轮战略精准判断行业趋势，2005-2024 年营 业收入复合增速达 19%。公司前身是 1958 年成立的天台机械厂，公司抓住商用车 国产化替代需求进入热交换领域；2007 年深交所上市；2010 年后，商用车业务增 速放缓，公司进行全球化拓展与多产品领域延伸，从商用车延伸至乘用车、工业换 热、尾气处理等领域；2017 年公司成立新能源乘用车事业部，2018 年起公布二次 创业计划，大力发展新能源乘用车业务；2023 年公司正式成立数字能源事业部，包 含储能和数据中心液冷产品等，作为第三成长曲线。 ➢ 储能+数据中心+超充多点开花，液冷行业"从1到N"放量在即 数据中心液冷：功耗、政策、成本驱动，预计2025年中国市场规模140亿元。单芯 片功耗和机柜功率密度持续提升，超过传统风冷上限；政策严控PUE值；芯片端、 服务器端、运营商端出于对全生命周期成本的追求，协同推进液冷应用。 储能液冷：渗透率持续提升，预计2025年中国市场规模121.5亿元。随着电池能量 密度 ...

Group 1: Business Performance and Financials - The company reported a significant increase in revenue and net profit for Q1 2025, attributed to a substantial growth in orders for new energy vehicles from Zhongzhi Yike, with revenue exceeding 700 million and net profit over 10 million compared to the previous year [14] - The company’s main business is primarily focused on the domestic market, with export business accounting for approximately 5% to 10% of total revenue, making the impact of US-China trade tensions manageable [6] - The company maintains a healthy financial position with a debt-to-asset ratio around 40% and sufficient cash flow, ensuring that the bankruptcy proceedings of its major shareholder do not adversely affect its operations [7][8] Group 2: Liquid Cooling Business Development - The liquid cooling segment is actively developing, with small batch orders and pilot projects showing good compatibility and stability [4] - The company has secured a 220 million yuan order for buses from Zhongzhi Yike, with revenue recognition expected as production progresses [2] - Collaboration with the Ningxia Zhongwei government on liquid cooling technology is ongoing, but no significant breakthroughs have been achieved yet [9][10] Group 3: Shareholder and Corporate Governance - As of May 9, 2025, the company has 80,870 shareholders [13] - The company’s major shareholder is undergoing bankruptcy proceedings, but this is not expected to hinder the transfer of control or impact major asset restructuring [7] - The company emphasizes maintaining independence in operations and governance despite the challenges faced by its major shareholder [7] Group 4: Future Outlook and Risks - The company has not provided specific earnings forecasts for 2025, adhering to disclosure regulations [11] - The management is focused on enhancing core competitiveness and transparency to improve stock performance, which is influenced by various external factors [6] - Investors are advised to remain cautious regarding investment risks associated with market fluctuations and the ongoing legal proceedings involving the major shareholder [8]

冷量分配单元 (CDU) 是液冷系统中必不可少的组件，用于在整个系统中均匀分配冷却液或水。 CDU 调节和控 制冷却液流量，保持所需的温度和流速。它与泵、散热器、热交换器和控制单元协同工作，确保冷却系统平稳 高效地运行。 CDU 还能通过去除冷却液中的杂质来保持系统清洁，防止堵塞和损坏系统中的其他组件。 液液式 CDU 需要设施用水来去除机架和机柜排设备的热量，但它也具有一系列优势，可以抵消额外的系统复 杂性。全液冷数据中心利用整个数据中心液体的更高热容量，最大限度地提高能源效率。这些液冷系统占地面 积更小，总拥有成本更低，是人工智能和高级分析、区块链和加密货币、大型机和游戏服务器以及超级计算机 应用的理想选择。 液液式冷量分配单元 (CDU) 的冷却性能极佳，然而却需要安装管道和泵来连接设施的水源。 市场快速增长：在当前人工智能驱动的应用和高密度芯片架构主导的市场格局下，液冷已成为一项关键技术。 作为液冷系统的关键部件，液液式冷量分配单元 (CDU) 将受益于人工智能和高性能计算的普及。预计未来几 年 CDU 市场将快速增长。 竞争加剧：由于 CDU 市场潜力巨大，众多投资者和企业已将目光投向该市场。随着越 ...