凤凰网财经讯 12月19日，三大指数集体高开，沪指高开0.05%，深成指高开0.48%，创业板指高开 0.89%，CPO、可控核聚变等板块指数涨幅居前。 在利好通胀数据的推动下，美股三大指数集体走高，结束了近期的下跌走势，纳指领涨，上涨约 1.4%。截至收盘，道琼斯指数涨0.14%，报47,951.85点；标普500指数涨0.78%，报6,774.76点；纳斯达 克指数涨1.38%，报23,006.36点。 | | | | | 和深京重要指数 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 最新 | 涨幅% | | 涨跌 涨跌家数 涨速% | | 总手 | 现手 金额 | | 上证指数 | 3878.23 | 0.05 | 1.86 | 1160/696 | -0.06 | 373万 | 373万 57.20亿 | | 深证成指 | 13116.19 | 0.48 | 62.22 | 1602/791 | 0.19 | 580 7 | 580万 92.30亿 | | 北证50 | 1435.87 | 0.29 | 4.16 ...

Core Viewpoint - The company has made significant advancements in liquid cooling technology, positioning itself as a pioneer in the industry with a comprehensive lifecycle service for liquid-cooled data centers [1] Group 1: Liquid Cooling Innovations - The company has launched a full lifecycle service for liquid-cooled data centers, which includes self-developed liquid cooling products [1] - The product systems include air-liquid drawer-type CDU, liquid-liquid drawer-type CDU, and liquid-liquid cabinet-type CDU [1] - Integrated series products consist of Wise Cooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [1] Group 2: Strategic Partnerships and Applications - The company has partnered with Muxi Co., Ltd. to introduce high-density liquid cooling computing PODs [1] - Specific projects have been implemented in intelligent computing scenarios, focusing on super nodes as a core technology to explore related solutions [1] - This collaboration aims to provide stable, efficient, and flexible real-time support for high-performance computing needs [1]

｜2025年12月19日星期五｜ NO.1中信证券：技术迭代推动液冷渗透看好国产厂商突破 中金公司（601995）认为，展望2026年，猪业新范式有望进一步强化。猪价新范式方面，或继续验证周 期长度缩短、振幅收敛、波动下降的价格特征，2026年猪价或温和回落，龙头或有望保持全年盈利；成 长新范式方面，生猪龙头"成长新范式"迎来机遇期，成长与价值属性双升；投资新范式方面，板块投资 从纯周期思维向周期与价值思维兼顾切换，低成本、大体量龙头企业估值体系持续重塑，龙头企业有望 持续跑赢行业。 NO.3中金：预计2026年煤价将呈现前低后高走势 12月19日，中金公司研报称，预计2026年煤价将呈现前低后高走势，全年中枢可能与2025年基本持平。 需求端或是主要拖累因素，但供给侧约束相对较强。上半年受政策传导滞后和季节性影响，需求可能偏 平淡，煤价或有一定压力；下半年需求有望边际改善，驱动煤价上行。 中信证券研报指出，2025年以来，在AI服务器功耗和芯片功率大幅提升的背景下，液冷方案凭借更高 的散热效率、更低的PUE，正逐步成为数据中心节能降耗的主流技术路径。中信证券预测，随着液冷加 速渗透叠加技术升级ASP提升，2 ...

展望后市，机构预计，2026年全球数据中心液冷市场空间约为688亿元左右，其中国内市场约为179亿元 左右，市场空间较大。 落脚到A股市场，产业链涵盖冷板、浸没式液冷、冷却液、泵阀、换热器及系统集成等环节，其中冷板 式液冷因改造成本低短期主导市场，浸没式液冷长期潜力大，冷却液等材料国产化进程加速，关注国内 液冷龙头企业，特别是有望进入英伟达等科技巨头供应链的液冷企业。（光大证券微资讯） 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 国内方面，国产AI芯片能耗相对更高，使得液冷散热成为刚需。例如华为CM384超级节点功耗接近500 千瓦，必须要配置液冷散热。 政策层面，四部委要求2025年底数据中心PUE降至1.5以下，液冷技术路径可降低PUE值，减少电力消 耗。政策与需求形成双轮驱动液冷的大规模应用。 此外，特高压、储能等领域液冷需求同步爆发，共同推动了液冷需求的爆发。 第五届国际AIDC液冷供应链千人峰会暨国际数据中心液冷市场趋势分析会将于12月18日至19日召开。 伴随AI芯片性能提高，高功耗带来的发热现象制约芯片性能的释放，液冷作为高效散热解决方案，在 AI算力爆发背景下需求持续刚性增长 ...

Summary of the Conference Call for 英维克 Company Overview - 英维克 specializes in precision temperature control, initially focusing on communication base station temperature control and gradually expanding into energy storage and data center liquid cooling markets [5][6][12] - The company has a stable shareholding structure, with the chairman holding 30.7% of the shares and a strong emphasis on employee stock incentives [5] Industry Insights - The liquid cooling market is expected to see significant growth, with the AIDC demand projected to reach 100-150 billion RMB [7] - The overall temperature control market is mature, with applications in various sectors including new energy vehicles and rail transportation, valued at approximately 20 billion USD [7] Key Developments - The year 2026 is anticipated to be the "liquid cooling year," with the domestic supply chain rapidly entering the North American market, providing catalysts for growth [2][3] - 英维克 has secured orders from major clients like Google and NVIDIA, with expectations of replicating the growth seen in the CPU and PCB sectors [2][3][10] Financial Projections - Expected overseas orders for 英维克 in 2026 are projected to be between 2 billion to 3 billion USD, with a net profit margin of around 20%, leading to an estimated net profit of approximately 2 billion RMB [4][14] - The company's market capitalization could see a growth potential of 50% to 80% based on the data center infrastructure market space [4][14] Product and Technology - 英维克's main products include energy-saving temperature control products for server rooms, air conditioning systems, and cabinet temperature control products [6] - The company is advancing in technology, particularly in microchannel cover plates, and has a strong patent portfolio [13][9] Competitive Position - 英维克 has gained market share in Google due to its comprehensive solutions and cost-effectiveness, which are crucial for CSPs like Google [12] - The company is also engaging with other major clients such as Meta, Intel, and Oracle, indicating a broadening customer base [12] Market Strategy - 英维克's CDU UQD and cold plates have entered NVIDIA's code list, with large-scale shipments already initiated [10] - The company is expected to secure 20%-25% of Google's CDU orders, potentially amounting to 2 billion USD [11] Future Outlook - The liquid cooling technology is seen as having unique advantages due to the entry of domestic supply chains into North America, positioning 英维克 favorably for future growth [15][16] - The company is recommended for continued investor attention due to its leading position in the industry and expected performance exceeding forecasts [16]

Core Viewpoint - The company Invec has experienced significant stock price growth, reaching a record high, driven by its strong performance in the temperature control industry and its expansion into high-demand sectors such as data centers and energy storage [1][2]. Company Overview - Invec, established in 2005 and listed in 2016, initially focused on temperature control technology for communication base stations and has since diversified into comprehensive solutions for data centers, energy storage, and electronic cooling [1]. - The company has developed four core product lines: data center temperature control products, cabinet temperature control products, bus air conditioning, and rail transit vehicle air conditioning [2]. Financial Performance - From 2020 to 2024, Invec's revenue is projected to grow from 1.703 billion yuan to 4.589 billion yuan, with a compound annual growth rate (CAGR) of 28.13%. Net profit is expected to increase from 182 million yuan to 453 million yuan, with a CAGR of 25.6% [1]. - In the first three quarters of 2025, the company achieved revenue of 4.026 billion yuan, a year-on-year increase of 40.19%, and a net profit of 399 million yuan, up 13.13% year-on-year, indicating continued strong growth [1]. Industry Trends - The temperature control industry is undergoing structural upgrades and market expansion, with the global traditional industrial temperature control system market expected to grow from 15.1 billion USD in 2021 to 19.8 billion USD in 2024, a CAGR of 9%. The Chinese market is projected to grow from 1.8 billion USD to 2.4 billion USD, with a CAGR of 10% [2]. - The demand for data centers is increasing due to the exponential growth of artificial intelligence, leading to a shift from traditional air cooling to liquid cooling technologies, which are becoming essential for high-density power requirements [2][3]. Market Opportunities - The global server liquid cooling market is expected to reach 80 billion yuan by 2026, presenting significant opportunities for companies with comprehensive liquid cooling solutions [2]. - The rise in renewable energy and the increasing demand for grid peak shaving are driving rapid growth in global electrochemical energy storage installations, highlighting the critical role of temperature control systems in ensuring battery safety and performance [3].

Core Insights - The liquid cooling server industry is experiencing significant growth, driven by increased demand for high-density servers and efficient cooling solutions [1][2] - Major companies are actively investing in liquid cooling technologies, with substantial market opportunities projected in the coming years [2][3] Industry Developments - Xiechuang Data plans to invest up to 9 billion yuan to purchase servers from multiple suppliers, indicating accelerated infrastructure development in cloud computing [1] - The 5th International AIDC Liquid Cooling Supply Chain Summit will be held on December 18-19, focusing on technology exchange and market trends [1] Market Projections - UBS forecasts that the global direct liquid cooling market for data centers will grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate of 51% [2] - The AI server liquid cooling market is expected to reach $23.746 billion, while the non-AI server liquid cooling market will grow to $7.446 billion [2] Company Highlights - Yingweike (002837) holds over 35% market share in liquid cooling technology and is a designated temperature control supplier for major clients like Tencent and Alibaba [2] - Shenling Environment (301018) is a core supplier for Huawei's data centers, with 63 liquid cooling patents and a PUE as low as 1.15 [2] - Highlan (300499) uniquely supplies both server and energy storage solutions, with a client base including ByteDance and Alibaba [3] Key Component Suppliers - Juhua (600160) is a leading domestic supplier of electronic-grade fluorinated liquids, aiming for a 15% global market share by 2025 [4] - Feirongda (300602) specializes in integrated cooling solutions and is a core supplier for Huawei servers [5] - Zhongshi Technology (300684) provides unique nano-carbon material cooling plates, with over 90% of its business in liquid cooling modules [5] System Integration Leaders - Inspur (000977) is a leading global liquid cooling server provider, with a projected market share of over 45% in 2024 [6] - Zhongke Shuguang (603019) collaborates on liquid cooling server development, introducing a high-density cooling solution for complex computing scenarios [6] - Unisplendour (000938) has a significant market presence with over 35% share in the operator market and expects liquid cooling orders to exceed 5 billion yuan in 2024 [6] Other Relevant Companies - Guangxun Technology (002281) is the only domestic company to achieve mass production of liquid cooling optical modules, holding a 15% global market share [7] - Changfei Optical Fiber (601869) applies optical fiber technology to liquid cooling, enhancing data transmission efficiency [8] - Ruijie Network (301165) offers a full range of liquid cooling products and has launched a new immersion liquid cooling switch [8]

Group 1: Liquid Cooling Business Overview - The core product of the current liquid cooling business is the external cold plate liquid cooling module, primarily used for high-power AI chips in HGX server structures, achieving stable shipments in high-density computing environments [1] - The company positions itself as a machining and manufacturing provider for core components of liquid cooling modules, focusing on high-precision processing and welding, while not engaging in system integration [2] - The company has completed a new round of capacity expansion, with production expected to commence before the Spring Festival, and has achieved millions in shipments of cold plates and related products [2] Group 2: Technical Differentiation and Market Position - The company's cold plate solution is compact and closely aligned with GPU layouts, offering advantages in space utilization and deployment flexibility compared to larger heat plates [2] - The company is advancing microchannel liquid cooling technology, which enhances heat transfer efficiency for next-generation high-power chips, currently in the validation and sampling stage [3] - The company has engaged in preliminary testing for the Rubin Ultra platform, which is expected to transition from module-level to package-level liquid cooling, requiring higher precision and reliability [4] Group 3: Competitive Advantage and Business Structure - The company's core competitiveness lies in its deep integration with Taiwan's high-end semiconductor and server supply chain, allowing early participation in new technology validations [5] - Besides the liquid cooling business, the company maintains a stable traditional metal processing business while exploring innovative material and structural projects, which currently have a smaller scale [6] - Overall, the traditional business provides stability, the innovative projects offer flexibility, and the liquid cooling business is the primary growth focus [7]

Group 1 - The core viewpoint of the article highlights that Lens Technology (300433) (06613) has seen a stock increase of over 3%, currently trading at 25.7 HKD with a transaction volume of 52.0583 million HKD [1] - Lens Technology has signed a letter of intent with an independent third party to acquire 100% equity of Peimei Gao International, which holds 95.1164% equity of Yuan Shi Technology [1] - The target group primarily engages in the production and sales of server cabinets, structural components, and server liquid cooling modules [1] Group 2 - Analysts from Credit Lyonnais expect the transaction to be completed next year, which will help Lens Technology enter the NVIDIA AI server supply chain and significantly boost its AI server business scale [1] - The target price for Lens Technology remains unchanged at 38 HKD, with a reiterated "outperform" rating [1] - Yongxing Securities believes that liquid cooling is likely to become a trend in the industry due to increasing chip power consumption, with the TDP of GB300 expected to rise to 1400W and NVIDIA's next-generation Rubin Ultra GPU potentially reaching 2300W [1] Group 3 - According to ASHRAE recommendations, liquid cooling technology is advised when chip TDP exceeds 300W and cabinet power density exceeds 40kW [1] - The increasing energy consumption requirements in data centers are also driving the development of the liquid cooling industry [1]

Market Dynamics - WTI crude oil futures fell by 2.73% to $55.27 per barrel, marking the first time since February 2021 that it dropped below $55, with a year-to-date decline of approximately 22%, the worst performance since 2018 [1] - The S&P 500 index decreased by 0.24%, while the Nasdaq rose by 0.23%, with Tesla shares increasing over 3% to reach a new closing high [1] - The U.S. non-farm payrolls for October showed a decrease of 105,000 jobs, higher than the expected decline of 25,000, while the unemployment rate rose to 4.6%, the highest since 2021 [1] Currency and Investment Sentiment - The U.S. dollar index fell below 98 for the first time since October 6, with a daily drop of 0.37%, while the onshore and offshore RMB against the dollar reached new highs, with the onshore rate approaching 7.04 [2] - A Bank of America monthly survey indicated that investor sentiment is at its highest in four and a half years, with an investor sentiment index of 7.4 out of 10, reflecting strong confidence in economic growth, stocks, and commodities [2] Industry Developments - Ant Group's AI health application "Antifufu" saw a surge in downloads, reaching third place on the Apple app store, with over 15 million monthly active users [5] - Alibaba launched the next-generation "Wanshang 2.6" model, which supports role-playing functions and is aimed at professional film production and image creation [5] - The Hong Kong Stock Exchange reported that over 100 companies have listed since 2025, raising over HKD 270 billion, with more than 300 listing applications currently being processed [6] Economic Policies and Trends - The Central Financial and Economic Affairs Commission emphasized the need to expand domestic demand as a priority for the coming year, with a focus on increasing residents' income and consumption capacity [10] - The Ministry of Housing and Urban-Rural Development held a meeting to promote intelligent construction and high-quality development in the construction industry [12] - The Ministry of Commerce announced that anti-dumping duties will be imposed on imports of pork and related products from the EU starting December 17, 2025, for a period of five years [12]