Core Insights - The report by TrendForce indicates a significant shift towards liquid cooling technology in AI data centers, with penetration expected to rise from 14% in 2024 to 33% in 2025, driven by the release of NVIDIA's GB200NVL72 server [1] - AI servers are increasingly utilizing GPU and ASIC chips with high power consumption, necessitating the adoption of liquid-to-air (L2A) cooling technology, as traditional air cooling systems cannot handle the thermal design power (TDP) of 130kW-140kW [1] - The transition to liquid-to-liquid (L2L) cooling architecture is anticipated to accelerate from 2027 onwards, as new data centers are completed and AI chip power consumption continues to rise [1] Industry Developments - Major cloud service providers (CSPs) in North America are expanding AI infrastructure, with new data center constructions in North America, Europe, and Asia, incorporating liquid cooling compatible facilities [2] - Companies like Google and AWS have initiated modular buildings with liquid cooling capabilities in various European countries, while Microsoft plans to standardize liquid cooling systems by 2025 [2] - The demand for cooling modules, heat exchange systems, and related components is increasing due to the rising penetration of liquid cooling technology [2] Key Components - The fluid distribution unit (CDU) is crucial for heat transfer and coolant distribution in liquid cooling systems, with the market currently dominated by Sidecar CDU, led by Delta [3] - In-row CDU, supplied by Vertiv and BOYD, is gaining traction due to its superior cooling capabilities for high-density AI cabinet deployments [3] - Quick disconnect (QD) connectors are essential for the reliability and safety of liquid cooling systems, with major players like CPC, Parker Hannifin, Danfoss, and Staubli leading the NVIDIA GB200 project [3] Product Trends - NVIDIA's Blackwell platform, including products like GB200Rack and HGX B200, is ramping up production, with the new B300 and GB300 series entering sample validation [4] - The new Blackwell GPU is expected to account for over 80% of NVIDIA's high-end GPU shipments this year [4] - New data centers are increasingly designed with a "liquid cooling ready" concept to enhance thermal management efficiency and flexibility [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's data center business is performing well, with a positive outlook for the HVDC and liquid cooling technologies. The product matrix includes UPS, precision air conditioning, micro-modules, power modules, and battery systems, serving key industries such as finance, communication, and healthcare [5]. - The storage business is gradually recovering, with a focus on expanding into new markets, particularly in Europe, the Asia-Pacific, and Africa. The European market is showing signs of recovery after a competitive phase [7]. - Revenue forecasts for 2025-2027 are projected at 48.21 billion, 65.20 billion, and 82.15 billion yuan, respectively, with corresponding EPS of 0.96, 1.39, and 1.87 yuan. The current stock price corresponds to PE ratios of 33.7, 23.2, and 17.3 times for the respective years [8]. Summary by Sections Data Center Business - The company has a strong presence in data center infrastructure, with domestic and overseas revenues evenly split. The data center revenue growth has improved in Q1 2025 and is expected to maintain high levels throughout the year [5]. Storage Business - The storage business is recovering, particularly in Europe, and the company is actively exploring new market channels in emerging regions such as the Middle East and Southeast Asia [7]. Financial Projections - The company anticipates a revenue increase from 4.82 billion yuan in 2025 to 8.22 billion yuan in 2027, with a significant recovery in net profit from 559 million yuan in 2025 to 1.09 billion yuan in 2027 [11].

Group 1 - The core viewpoint of the article highlights the increasing adoption of liquid cooling technology in AI data centers, driven by the upcoming release of NVIDIA's GB200 NVL72 server in 2025, which is expected to significantly enhance the penetration rate of liquid cooling from 14% in 2024 to 33% in 2025, with continued growth in subsequent years [1][3] Group 2 - TrendForce indicates that the power consumption of GPUs and ASIC chips in AI servers has significantly increased, with the NVIDIA GB200/GB300 NVL72 system having a thermal design power (TDP) of 130kW-140kW, surpassing the limits of traditional air cooling systems, leading to the initial adoption of Liquid-to-Air (L2A) cooling technology [3] - Due to the limitations of existing data center structures and water circulation facilities, L2A will serve as the mainstream transitional cooling solution in the short term, while Liquid-to-Liquid (L2L) architecture is expected to accelerate in popularity starting in 2027, providing higher efficiency and stable thermal management capabilities [3] - Major cloud service providers (CSPs) in North America are ramping up AI infrastructure, initiating a new wave of data center expansions in North America, Europe, and Asia, with companies like Google and AWS already implementing liquid cooling-capable modular buildings in various locations [3] Group 3 - The rising penetration of liquid cooling is driving demand for cooling modules, heat exchange systems, and peripheral components, with cold plates being a core component, supplied by companies such as Cooler Master, AVC, BOYD, and Auras, with three of them expanding liquid cooling capacity in Southeast Asia to meet high demand from US CSP clients [4] - Fluid distribution units (CDUs) are critical modules in liquid cooling systems responsible for heat transfer and coolant distribution, categorized into In-row and Sidecar types, with Sidecar CDU currently being the market leader, and Delta being the leading supplier [4] - Quick disconnects (QDs) are essential components in liquid cooling systems, ensuring the safety and stability of the cooling architecture, with the NVIDIA GB200 project being led by major international companies such as CPC, Parker Hannifin, Danfoss, and Staubli, leveraging existing certification systems and advanced application experience [5]

Core Insights - The article highlights the anticipated growth of liquid cooling technology in AI data centers, driven by the release of NVIDIA's GB200NVL72 server in 2025 [1] Group 1 - Liquid cooling technology is expected to transition from early trials to large-scale adoption as cloud operators upgrade their AI data center architectures [1] - The penetration rate of liquid cooling in AI data centers is projected to increase significantly from 14% in 2024 to 33% in 2025 [1] - This growth trend is expected to continue in the following years, indicating a robust market for liquid cooling solutions [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5][11]. Core Views - The aluminum processing industry is facing intensified competition, leading to a slowdown in profit growth for the company. However, with the gradual easing of international trade frictions and the ramp-up of new products, the company's performance is expected to return to a rapid growth trajectory [2][11]. - The company achieved a net profit attributable to shareholders of 570 million yuan in H1 2025, representing a year-on-year increase of 2.15%. In Q2 2025, the net profit was 304 million yuan, a slight decrease of 0.22% year-on-year but an increase of 14.24% quarter-on-quarter, aligning with expectations [11]. - The company is advancing its capacity construction steadily, with a current finished product supply capacity of 500,000 tons and an ongoing project for 450,000 tons of high-end aluminum plates for new energy vehicles [11]. - New growth opportunities are anticipated in the AIDC, air conditioning, and energy storage sectors, driven by the increasing demand for heat dissipation performance and the application of liquid cooling technology [11]. Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 570 million yuan, with a year-on-year growth of 2.15%. The Q2 2025 net profit was 304 million yuan, down 0.22% year-on-year but up 14.24% quarter-on-quarter [11]. - The company adjusted its EPS forecasts for 2025-2027 to 1.40, 1.58, and 1.82 yuan respectively, down from previous estimates [11]. Market Position and Strategy - The company maintains a competitive edge in aluminum thermal transmission materials, despite the pressure on processing fees due to industry competition [11]. - The introduction of new products and continuous upgrades in product structure are expected to enhance profitability and market share [11]. Future Outlook - The report anticipates that the company's performance will benefit from the easing of international trade tensions and the launch of new products, positioning it for a return to rapid growth [2][11]. - The expansion into new application areas, particularly in AIDC and energy storage, is expected to open new growth avenues for the company [11].

Core Viewpoint - The company, Unisoc (紫光国微), has indicated that its switch chips are currently not involved in AI data center applications, although it is monitoring this market direction [1]. Company Summary - Unisoc's switch chips do not currently cater to AI data center applications [1]. - The company is paying attention to the developments in the AI data center market [1].

Market Overview - The Hong Kong stock market experienced a pullback after an initial rise, with the Hang Seng Index closing down 0.37% at 25,176.85 points and a total turnover of HKD 312.78 billion [1] - The market is currently in a phase of volatility with a lack of clear trading themes, as significant domestic and international events are awaited [1] Blue-Chip Stocks Performance - JD Health (06618) led the blue-chip stocks with an increase of 8.41%, closing at HKD 66.4, contributing 9.14 points to the Hang Seng Index [2] - Other notable performers included Alibaba Health (00241) up 3.56% and ZTO Express (02057) up 3.14%, while Kang Shifu Holdings (00322) and China Shenhua (01088) saw declines of 3.23% and 2.65% respectively [2] Sector Highlights - The film and entertainment sector showed strong performance, with companies like Lingmeng Film (09857) and Yuewen Group (00772) rising 21.33% and 15.34% respectively [3][4] - The brokerage sector continued its upward trend, with notable gains from CITIC Securities (06030) and Guotai Junan (01456) [4] Pharmaceutical Sector - The pharmaceutical sector saw a resurgence, with companies like Zhonghui Biopharma (02627) and Junshi Biosciences (01877) increasing by 13.4% and 13.25% respectively [5] - Upcoming academic conferences such as WCLC and ESMO are expected to catalyze interest in Chinese innovative drugs, with several companies set to present significant clinical trial results [6] Notable Stock Movements - Yasheng Life Services (03319) reported a profit warning, leading to a 13.06% increase in its stock price [7] - Great Wall Motors (02333) saw a strong performance with a 10.21% rise following the pre-sale of its new model [8] - Xtep International (01368) and ZTE Corporation (00763) also experienced significant gains of 7.33% and 7.22% respectively [9][10] - Conversely, Hua Hong Semiconductor (01347) faced a decline of 6.2% due to news of a planned acquisition [11] and Standard Chartered Group (02888) dropped 5.29% amid allegations of illegal payments [12]

智通财经APP获悉，港股今日冲高回落，恒指及国指尾盘集体转跌，恒科指涨幅收窄至0.65%，此前一 度涨超2%。截止收盘，恒生指数跌0.37%或93.22点，报25176.85点，全日成交额为3127.83亿港元；恒 生国企指数跌0.06%，报9033.68点；恒生科技指数涨0.65%，报5579.18点。 华泰证券指出，8月以来，指数层面震荡中枢仍在上移，但波动率明显放大。当下，市场处于交易主线 相对缺乏、海外及国内重要事件等待验证的关键阶段，也正是仓位调整的窗口期，对后续行情并不悲 观。中报视角下，建议关注高景气估值性价比的游戏、互联网电商龙头；估值修复较多但业绩预喜率 高、增长预期有望上修的创新药和大金融，包括香港本地金融股。 蓝筹股表现 京东健康(06618)领涨蓝筹。截至收盘，涨8.41%，报66.4港元，成交额15.41亿港元，贡献恒指9.14点。 今年上半年，公司实现营收353亿元，同比增长24.5%，经调整经营利润25亿元，同比增长57%，经调整 净利润36亿元，同比增长35%。中金称，公司上半年两个季度基本面均超出市场预期，叠加港股估值整 体上升，公司作为多个指数的权重股亦迎来强劲表现。 其他 ...

Core Viewpoint - The company has raised its profit forecast and target price while maintaining a buy rating, driven by significant year-on-year growth in performance and strong industry demand [1][2]. Group 1: Financial Performance - The company announced its 2025 semi-annual report, showing a revenue of 828 million yuan, a year-on-year increase of 62.49%, and a net profit attributable to shareholders of 173 million yuan, a year-on-year increase of 118.02% [2]. - The revenue growth is primarily attributed to strong investment in AI data centers, leading to a substantial increase in orders. The net profit growth outpaced revenue growth due to the successful in-house development of key components, such as MT connectors, which replaced external purchases and significantly improved gross margins [2]. Group 2: Product Development and Market Position - The company has focused on promoting high-density connection products, including flexible optical boards and MDC connectors, which are now being scaled in data centers, effectively adapting to the wave of CPO technology upgrades [3]. - The company has customized flexible optical board products for multiple clients and is collaborating with various domestic and international manufacturers to develop passive fiber solutions based on flexible optical boards, while also upgrading optical waveguide products to meet the demand for high-speed optical modules [3]. Group 3: Catalysts for Growth - The acceleration of CPO technology implementation and the continuous expansion of the company's production capacity are seen as key catalysts for future growth [4].

Core Viewpoint - InnoLux (02577) saw a significant stock price increase, reaching a new high of 83.4 HKD, driven by its partnership with NVIDIA for 800V DC power architecture, marking it as the only domestic chip enterprise in NVIDIA's updated partner list [1][1][1] Group 1: Company Performance - InnoLux's stock rose over 20% to a peak of 83.4 HKD, with a current trading price of 81 HKD and a trading volume of 1.647 billion HKD [1][1][1] Group 2: Partnership and Industry Impact - The collaboration with NVIDIA is expected to enhance the scalability of AI data centers, increasing computing power density by over 10 times and cabinet power density exceeding 300 kW, facilitating the transition to megawatt-level power supply for global AI data centers [1][1][1] - Analysts from Yongxing Securities highlight the industry's focus on reducing power consumption due to the high energy demands of AI server clusters, suggesting that InnoLux's GaN devices will continue to be integrated into the supply chain, promoting the development of related industries such as GaN and SiC [1][1][1] - The choice of InnoLux as a core partner by NVIDIA is attributed to its comprehensive IDM capabilities, which include substrate, epitaxy, chip design, and packaging testing, showcasing its combined strengths in technology, capacity, and service [1][1][1]