Group 1: Liquid Cooling Solutions - The company offers a comprehensive liquid cooling solution that includes intelligent engineering, key equipment, IoT software, and smart services, addressing the demand for liquid cooling deployment [1] - Key products include fluorine system cold plate systems, water-cooled cold plate systems, and liquid cooling containers, which have been successfully deployed in the Middle East [1] - The company emphasizes the importance of liquid cooling technology applications and market opportunities, aiming to convert orders quickly [1] Group 2: Overseas Expansion - In 2023, the company began its overseas expansion, initially following the lead of major players like Alibaba and ByteDance, and later shifting to a more proactive approach [2] - The company confirmed overseas order revenue of 47.72 million yuan in 2024, with established subsidiaries in Malaysia and coverage in Southeast Asia and the Middle East [2] - The strategy includes setting up local subsidiaries to meet the demands of expanding overseas markets [2] Group 3: Financial Performance and Strategy - The company has focused on the information data sector, resulting in a revenue increase of 42.84% to 1.145 billion yuan in 2024 and 26.44% to 318 million yuan in Q1 2025 [3] - The company ranks third in the Chinese data center air conditioning market as of 2024, reflecting the effectiveness of its focused strategy [3] - The management emphasizes a flat decision-making structure to quickly respond to key customer needs [4] Group 4: Key Clients and Future Goals - Major strategic clients include Alibaba, ByteDance, Huawei, and Tencent, with ongoing positive order conditions [5] - The company aims to enhance its professional capabilities and expand its strategic customer base and overseas markets in 2025 [5] - Key operational goals for 2025 include promoting refinancing projects, advancing R&D, and optimizing performance management systems [5]

海外液冷市场空间巨大，是国内的三倍，毛利率更高，国内厂商出海将 显著提升盈利能力和成长潜力。 自 2025 年起，ASIC 对液冷的需求将快速增长，预计 2026 年出货量将 超过 GPU，2027 年液冷需求规模将达到与 GPU 相同的水平（530- 550 亿元），加速液冷市场发展。 英维克作为液冷行业龙头，与多家国际知名企业合作，覆盖海外 CSP 及 互联网公司，以及台湾服务器代工厂商，海外市场打开后利润和市值弹 性巨大。 申菱环境在液冷竞争格局中位居第二，业绩拐点已显现，并开始海外突 破，估值相对较低。与华为、字节跳动、腾讯、阿里等大厂有深入合作， 受益于国产算力投入。 科创新元市值较小，但产品已覆盖台湾头部散热器件厂商，通过协同效 应扩大客户基础。预计 2026 年利润可达 1.8 亿元，具备较大想象空间。 申菱环境数据中心业务 2024 年收入同比增长 75%，占总收入 51%， 新签订单接近翻倍。液冷领域竞争优势在于项目经验、客户认证和运维 能力，公司具备先发优势。 申菱环境新工厂投产将显著提升产能并改善数字化管理水平，带动整体 盈利能力提升，公司业绩已达向上快速增长拐点。 Q&A 当前液冷市场 ...

Core Viewpoint - The development of AI is driving a significant increase in chip power consumption, leading to an accelerated shift from air cooling to liquid cooling solutions in data centers [5][6][10]. Group 1: Market Dynamics - The global liquid cooling market is expected to exceed 150 billion yuan, with a projected CAGR of 33.2% from 2025 to 2032, reaching approximately 211.4 billion USD (about 1517.7 billion yuan) by 2032 [3][38]. - The current liquid cooling market is primarily dominated by foreign and Taiwanese manufacturers, with a potential shift towards a more decentralized decision-making process as ODM manufacturers enter the market [3][35][36]. Group 2: Technological Advancements - The transition to liquid cooling is driven by the increasing power demands of AI chips, with NVIDIA's GB300 chip reaching a power consumption of 1400W, necessitating advanced cooling solutions [6][17]. - The liquid cooling architecture consists of a primary side (heat transfer) and a secondary side (IT equipment cooling), which are crucial for effective thermal management in high-density computing environments [11][30]. Group 3: Investment Opportunities - Investment opportunities are anticipated in the AIDC liquid cooling sector, particularly as domestic liquid cooling chains are expected to penetrate the market due to breakthroughs in domestic chip technology [2][3]. - Companies are encouraged to focus on segments benefiting from the rising capital expenditures in North America and the upgrade of GB300 liquid cooling solutions [3][40]. Group 4: Industry Trends - The demand for liquid cooling solutions is expected to grow significantly as data centers face stricter energy efficiency regulations globally, with PUE targets becoming increasingly stringent [8][9]. - The liquid cooling supply chain is currently characterized by a low concentration of market share, with no single company exceeding 15% market share, indicating a fragmented market landscape [31][34].

从资金流向来看，同飞股份当日主力资金净流出1896.76万元，占流通市值比例0.39%。但近五个交易日 整体呈现资金净流入状态，累计净流入2172.01万元，占流通市值0.45%。早盘时段该股曾出现快速回 调，五分钟内跌幅超过2%。 风险提示：股市有风险，投资需谨慎。 同飞股份最新股价报62.29元，较前一交易日上涨0.19元。该股当日开盘价为61.40元，盘中最高触及 67.60元，最低下探至61.16元，全天振幅达10.37%。市场交投活跃，成交量达8.7万手，成交金额5.52亿 元。 该公司属于通用设备制造业，注册地位于河北省，主营业务涉及工业温控设备研发制造。作为液冷技术 领域企业，同飞股份入选专精特新企业名单，并在换电设施配套领域有所布局。企业总市值105.74亿 元，流通市值48.42亿元。 ...

Core Viewpoint - BYD Electronics (00285) has seen a significant stock increase, with a recent rise of over 9%, attributed to positive performance forecasts from major overseas CSP manufacturers and liquid cooling suppliers, as well as advancements in liquid cooling technology in collaboration with NVIDIA [1] Group 1: Company Performance - BYD Electronics' stock rose by 9.15% to HKD 38.66, with a trading volume of HKD 2.16 billion [1] - The company reported a 7.73% increase in stock price the previous day, indicating strong market interest [1] Group 2: Industry Developments - Major overseas CSP manufacturers and liquid cooling suppliers have released Q2 performance results and annual guidance that exceeded market expectations, leading to an upward revision in capital expenditures [1] - The introduction of NVIDIA's GB200 to GB300 chips is expected to increase the demand for cold plates, enhancing the liquid cooling market [1] - Microsoft and Google have announced new data centers that will support liquid cooling technology, indicating a growing trend in the industry [1] Group 3: Technological Advancements - BYD Electronics has made significant progress in liquid cooling technology through close collaboration with NVIDIA, mastering immersion liquid cooling technology and planning to launch corresponding server products [1] - Lead Wealth, a subsidiary of BYD Electronics, is positioned as a key infrastructure partner for NVIDIA's Blackwell platform, which may lead to expanded supply business for AI server components and parts [1] - Apple is reportedly developing technology standards for brain-machine interfaces to control devices using brain signals, showcasing advancements in interface technology [1]

Group 1 - The People's Bank of China and seven departments jointly issued guidelines to support new industrialization, emphasizing the integration of digital economy and real economy, and promoting financial institutions to utilize technologies like big data and AI to enhance service efficiency for manufacturing, especially SMEs [2][3] - In July, a total of 1,298 private securities investment funds were registered, marking an 18% month-on-month increase and the highest monthly registration in nearly two years. In June, 1,100 funds were registered, reflecting a 26.44% month-on-month growth, indicating a continuous increase in new private fund registrations [18] Group 2 - The liquid cooling server market is expected to experience rapid growth, with a projected compound annual growth rate (CAGR) of approximately 48% from 2025 to 2029, reaching a market size of about $16.2 billion by 2028. The market size is anticipated to grow from 14.98 billion yuan to 34.74 billion yuan from 2025 to 2027, with a CAGR of 52.3% [6] - The brain-computer interface (BCI) technology is gaining traction, with Apple's collaboration on a technology standard for controlling devices using brain signals. The global BCI market is projected to reach approximately $7 billion by 2030, with a CAGR of 16.4% from 2025 to 2030 [7][8]

明日主题前瞻 1、商业航天 | 据智通财经，8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨07组卫星发射升空。而在7月30日，海南 商业航天发射场一号工位刚刚完成了长征八号甲运载火箭的发射任务。短期内实现双工位连续发射，这也进一步验证了海南商业航天发射场的高密度发射能 力。 点评：民生证券表示，8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨07组卫星发射升空。海南商业航天发射场双工 位的"接力"火箭发射，意味着我国首个商业航天发射场的高频次发射能力得到验证。目前，GW星座已完成七组卫星在轨部署;千帆星座已完成五次发射，在 轨卫星数量达到90颗。卫星互联网产业生态逐步成型，商业航天产业版图徐徐绘就。卫星互联网产业的发展路径正持续清晰。 2、液冷 | 根据IDC(国际数据公司)发布的数据，预计2025年至2029年，中国液冷服务器市场年复合增长率将达到约48%，2028年市场规模将达到约162亿美 元。 点评：浙商证券表示，随着AI应用拉高算力需求，液冷技术正迎来爆发式增长。预计2025至2027年中国液冷市场规模将从149.8亿元增长至347.4亿 ...

证券日报网讯英威腾（002334）8月5日在互动平台回答投资者提问时表示，公司于2025年一季度发 布"冰芯sc系列——冷板式液冷系统"，为满足客户对高效液冷解决方案的需求而推出的新品，该系统内 含机柜式CDU、液冷机柜等多个液冷数据中心产品，可应用于中大小型智算中心、高密高算力部署应 用等场景。 ...

Group 1 - The core viewpoint is that the overseas computing power industry chain in the communication sector is progressing rapidly, with sustained investment in computing infrastructure expected to maintain a high level of market prosperity for optical modules [1] - The focus on liquid cooling technology is increasing, particularly with the mass production and delivery of NVIDIA's GB200 to GB300, which is expected to enhance the usage of cold plates [1] - Major companies like Microsoft and Google are announcing new data centers that will support liquid cooling technology to improve energy efficiency, indicating a trend towards AI-driven infrastructure development [1] Group 2 - The communication ETF (515880) tracks the communication equipment index (931160), which focuses on companies involved in the manufacturing of communication equipment and related services [1] - This index selects listed companies that are engaged in communication network infrastructure construction and terminal equipment manufacturing, reflecting the overall performance of the communication equipment industry [1] - The index is characterized by high technological content and growth potential, effectively capturing market dynamics and development trends in the communication equipment sector [1]

Summary of Conference Call on Liquid Cooling Technology Industry Overview - The liquid cooling technology industry is currently in its early stages of implementation, with significant potential for growth as it expands beyond CPU cooling to include GPUs, switches, and other devices, potentially reaching a market size of hundreds of billions [1][4] Key Points and Arguments - **Mainstream Chip Delays**: The adoption of liquid cooling technology is hindered by delays in mainstream high-performance chips, such as the NVL72 and GD200 series, both domestically and internationally. The year 2025 is anticipated to mark the beginning of large-scale liquid cooling implementation with the DB200 shipment [1][2] - **Market Expectations vs. Reality**: Despite high expectations for explosive growth in liquid cooling technology since the AI boom in 2023, the actual pace of implementation has been steady and slow due to chip delays. The industry is expected to see significant changes starting in 2025 [2] - **Investment Opportunities**: Companies with system design and integration capabilities, such as Invec and High Cloud, are favored over smaller manufacturers. Invec's strong performance in Q2 and positive outlook for the second half of the year make it a top investment choice [3][10] - **Future Applications**: Liquid cooling technology is expected to expand its applications to include switches, optical modules, and power supplies as system complexity and power consumption increase. This expansion is seen as a matter of time [4] - **High Barriers to Entry**: The liquid cooling industry has high entry barriers, requiring specialized knowledge and experience. Despite concerns about price wars following the CPC conference in 2024, few new entrants have emerged, indicating the complexity of operating large-scale liquid cooling systems [5][6][7] - **Competitive Landscape**: The data center cooling market is dominated by established players like Invec, High Cloud, and Shuguang Digital Innovation, with market shares primarily exchanged among them. New entrants face significant challenges [6] Additional Important Insights - **System Integration Challenges**: The barriers to liquid cooling technology are more pronounced in design and system integration rather than just manufacturing. Successful implementation requires collaboration with specialized liquid cooling manufacturers [7] - **Market Validation**: The increasing number of companies investing in liquid cooling technology indicates that the trend has been validated, moving beyond initial skepticism about the viability of the sector [8] - **Strategic Investment Focus**: Investors are encouraged to prioritize companies with strong system integration capabilities, as they hold more influence over design solutions and pricing strategies [9]