AIDC 国内链-H 公司专家交流 20250920 目前，H 公司的 384 节点系统是一种过渡产品。与 920B 相比，920C 性能有 所提升，但仍显不足，尤其是在某些精度运算方面。因此，通过超节点方式组 合起来，以达到一定效果。然而，这种架构并未完全优化，因此 H 公司在 9 月 份推出了 950、960 等新产品，并计划对现有架构进行较大调整。 电源方面， 高压直流（HVDC）将成为未来的发展方向。目前传统机房多采用 AC 转 DC 模 华为主要液冷供应商包括英维克、申菱环境和高澜，英维克在 CPU 冷板 市场占有重要地位，申菱环境主要生产室外大型制冷设备，高澜逐步涉 足内部设备领域。 预计 2025 年 920C 出货量约 30 万片，920B 约 60 万片，950 将于 2026 年一季度推出，但良率较低。2025 年 384 节点部署预计 300- 400 套，2026 年预计 400-500 套，具体取决于 950 上量速度。 式，但这种模式极大限制了供电功率。为了提高供电功率并降低能耗，H 公司 计划采用 800 伏或更高的高压直流模式，这不仅可以节约线缆，还能提高功率 密度。从 202 ...

Group 1 - Shenzhen Kexin Innovation Source New Materials Co., Ltd. hosted a specific investor survey with 11 institutions including Fidelity Fund and Wan Jia Fund on September 17-18, 2025 [1] - The company discussed its data center business, focusing on thermal management solutions through its subsidiary, Shenzhen Chuangyuan Zhihuo Technology Co., Ltd., which includes products like siphon-type special cooling modules and liquid cooling plates [1] - The company plans to acquire Dongguan Zhaoke Electronic Materials Technology Co., Ltd., which specializes in thermal interface materials, and has completed equity integration with Kunshan Zhaoke [1] Group 2 - The growth in the new energy business is attributed to the increasing demand for electric vehicles, with the company's subsidiary, Ruitai Technology, advancing new production line construction and upgrading existing lines to maintain its leading position [1] - In the first half of 2025, the company's traditional polymer materials business showed steady development, focusing on waterproof sealing, fire insulation, and moisture-proof materials, while aiming to strengthen its core business in telecommunications, electricity, and automotive sectors [1]

Group 1: Investment Projects - The company has invested in a data center liquid cooling project through Hangyuan Photothermal (Beijing) Technology Co., Ltd., which utilizes advanced aerospace cooling technology, achieving a PUE of 1.1 and a WUE of less than 0.05 kg/kWh [2] - The company has invested 1,200,000 yuan in Chengdu Shuzhilian Technology Co., Ltd., holding a 0.915% stake as of August 31, 2025 [2] Group 2: Product Development - The company has developed a high-performance T1 AC SPD (surge protective device) for domestic photolithography machines, currently in the sample stage [2] - A new multifunctional protective device against lightning and electromagnetic pulses has been successfully validated in several defense projects [3] Group 3: Financial Performance and Shareholder Returns - Since its listing in 2015, the company has consistently prioritized investor interests, with a total cash dividend amounting to 9,878.11 million yuan over the years, representing 68.52% of the average net profit over the last three fiscal years [3] - The controlling shareholder has not reduced their stake since the company's listing and completed a share increase plan in August 2018, amounting to 1,000.22 million yuan [3] Group 4: Market Confidence and Management - The management expresses confidence in the company's future development despite market fluctuations, attributing any personal share reductions to individual financial needs [3]

Summary of Liquid Cooling Technology Trends and Product Pricing Industry Overview - The liquid cooling technology is becoming a necessary choice for high-power data center cooling, driven by strict policy requirements for data center PUE values, which must reach 1.3 for new data centers and below 1.25 for national projects [1][4] - Liquid cooling significantly reduces operational costs, as demonstrated by a client in Beijing who saved 57.5% in annual electricity consumption after upgrading [1][4] Key Points and Arguments 1. **Demand Drivers**: - The demand for liquid cooling technology arises from the need for high-power chip modules (e.g., AI chips, GPUs, ASICs) and high-performance memory and optical modules [3][4] - Domestic GPU manufacturers are increasing density and quantity to compensate for single-chip performance gaps, with companies like Huawei launching systems to compete with NVIDIA's NVL72 architecture [3][12] 2. **Liquid Cooling Solutions**: - Mainstream liquid cooling solutions include direct contact, immersion, and spray cooling, each with its advantages and disadvantages [7][8] - Direct contact cooling is cost-effective, costing approximately 3,000 to 4,000 RMB per kW, while immersion cooling is more efficient but at a higher cost [3][16] 3. **NVIDIA's Product Development**: - NVIDIA's roadmap shows a strong demand for liquid cooling, with power consumption of the Rubin series expected to reach 1,800 watts in 2026 and 3,600 watts in 2027 [1][4][5] - The GB300 liquid cooling system's value increased by approximately 23% compared to the GB200, reaching $85,000 [10] 4. **Market Trends**: - The expected shipment volume for the GB200 cabinet in 2025 is between 25,000 to 30,000 units, primarily to North American cloud providers [2][11] - Domestic liquid cooling manufacturers are gaining recognition and certification from major companies like NVIDIA, with firms like BYD actively participating in the market [21] 5. **Challenges and Innovations**: - The use of fluorinated liquids poses environmental and safety concerns, prompting companies like Intel to explore new mineral oil alternatives [17] - The cost of immersion systems is high due to the need for large quantities of specialized liquids, which limits widespread adoption [18] 6. **Comparative Analysis**: - Compared to NVIDIA, other major players like Intel and AMD are progressing more slowly in high-power, high-density cooling solutions, relying more on traditional air cooling methods [6] 7. **Future Outlook**: - Domestic manufacturers are expected to achieve greater breakthroughs in the future as brand recognition increases and they establish long-term partnerships with leading clients in North America [21] Additional Important Content - The liquid cooling technology is widely applied in memory modules, optical modules, ASIC chips, and switch chips, with increasing power consumption necessitating these solutions [15] - The market share of traditional cooling methods remains significant, accounting for 70% to 80% of the market, due to lower modification costs and higher power density [18][20]

Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

Summary of Conference Call on Liquid Cooling Solutions Industry Overview - The conference call focused on the liquid cooling solutions industry, particularly advancements related to NVIDIA's GP300 and B300 server trays and their collaboration with various suppliers in the liquid cooling infrastructure sector [1][5][21]. Key Points and Arguments 1. **Increased Liquid Cooling Components**: The number of liquid cooling plates in NVIDIA's GP300 server trays increased significantly from 36 in GB200 to 117 in GP300, reflecting a growing demand for enhanced cooling performance [1][2]. 2. **Power Density Improvements**: The GP300's power density has risen from 1.2 kW to 1.4 kW per card, necessitating independent liquid cooling plates for each GPU and CPU [2][3]. 3. **Collaboration with Suppliers**: NVIDIA is actively introducing new suppliers like Cooler Master and others to diversify its supply chain and enhance product offerings [1][21][22]. 4. **Testing and Validation**: NVIDIA has conducted concentrated testing of liquid cooling products, with participation from domestic companies, although results have not yet been disclosed [1][24]. 5. **Market Demand Trends**: There is an anticipated continuous growth in demand for efficient cooling solutions, particularly from North American ASIC chip manufacturers due to the release of higher power products [5][51]. 6. **Competitive Landscape**: The market is currently dominated by Taiwanese companies, but domestic firms are expected to disrupt the existing structure through cost control and technological innovation [5][31]. 7. **Cost Analysis**: The value of the B300 single machine is approximately $160,000, with CPUs accounting for $90,000 of that total [3][36]. The cooling infrastructure is valued at about $120 per kW [37]. 8. **Future Market Outlook**: The data center construction cycle is projected to plateau by 2028, leading to a slowdown in equipment demand [51]. Additionally, cooling machine prices have risen by 10% in the past six months and are expected to stabilize [52]. Additional Important Insights 1. **Technological Innovations**: The introduction of a new type of quick connector in GP300, which is more compact and customized compared to the standard NV UQD04 used in GB200, indicates a shift towards more advanced technology [4][5]. 2. **Supply Chain Dynamics**: The B300 project has shifted its supply chain dynamics, with Cooler Master becoming a primary supplier for liquid cooling components, indicating a strategic move to enhance production efficiency [21][22]. 3. **Challenges for Domestic Suppliers**: Despite opportunities for domestic companies to enter NVIDIA's supply chain, challenges remain due to established Taiwanese competitors and stringent quality requirements [31][32]. 4. **Emerging Players**: Companies like Yingwei and others are positioning themselves in the liquid cooling market, but their actual market share and impact remain uncertain [39][40]. This summary encapsulates the critical developments and insights from the conference call, highlighting the evolving landscape of the liquid cooling solutions industry and NVIDIA's strategic initiatives within it.

Group 1: Business Relationships - The company is not a direct supplier to Chengfei Group but acts as a supporting supplier to its direct suppliers [1] - The company has established relationships with multiple domestic and international manufacturers in the new energy vehicle sector [2] Group 2: Product Development - The company offers various specifications of integrated inductors, which are produced using metal powder die-casting technology, featuring high current, low resistance, and high reliability [1] - Integrated inductors have been delivered in bulk and are applied in industrial, communication equipment, server, automotive electronics, and medical fields [1] Group 3: Technological Advancements - The company has reserves of RF devices for millimeter-wave radar and has made financial investments in related projects [1] - Long-term plans may include data computation and application, supported by ongoing data collection and analysis in lightning protection [1] Group 4: Market Validation - The company's magnetic components have passed validation from several domestic new energy vehicle manufacturers and the first new energy vehicle manufacturer in Vietnam, Vinfast [2] - The company supplies lightning protection devices for charging stations used by electric vehicle manufacturers such as NIO [2]