液冷行业深度报告：数据中心带动液冷需求增长，关注上 游核心冷媒材料 20260304 摘要 芯片功率密度飙升驱动散热技术代际演进，AI 计算中心装机量预计从 2024 年 7GW 增至 2028 年 80GW，水冷/液冷已成确定性必选项。 冷板式液冷为当前主流，单相方案以去离子水为主，双相/全液冷方案转 向 R32、R134a 等含氟制冷剂以应对更高解热需求。 浸没式液冷呈现硅油与氟化液双路径竞争：硅油成本仅为氟化液 1/8- 1/10，改性后性能达其 70%，具备极高性价比优势。 氟化液被视为终极方案，全氟胺/全氟烷烃因高稳定性与低介电常数占优， 国内厂商正通过化学合成法突破海外电解法专利壁垒。 全氟聚醚作为可降解替代材料，其成本受限于 K 型/Y 型合成收率（50% 左右）及高分子量副产物的航空领域消化能力。 产业催化剂：英伟达新架构对冷却方案迭代极快，需重点跟踪氟化液率 先导入冷板式体系等颠覆性技术路径变化。 制冷系统在数据中心能效管理中扮演什么角色，PUE 与设备可靠性之间如何权 衡？ Q&A 数据中心液冷需求增长的核心背景是什么，芯片功率与散热路径经历了哪些阶 段性变化？ 数据中心液冷需求的核心驱动 ...

证券代码：002126 证券简称：银轮股份 债券代码：127037 债券简称：银轮转债 浙江银轮机械股份有限公司 投资者关系活动记录表 | | 二、公司与海外发电机组头部客户的合作上，有哪些核心技术优 | | --- | --- | | | 势？ | | | 答：公司在焊缝工艺等核心环节具备成熟的技术经验，能够满足客 | | | 户项目开发周期短、产品质量要求高的核心需求，被客户认定为能提供 | | | 核心价值的合作伙伴，且客户会为公司项目开发提供工程师等资源支 | | | 持，助力项目高效推进。后续公司将持续深化与海外发电机组头部客户 | | | 的合作，抢抓客户产能扩张带来的配套市场机遇，挖掘更多合作空间。 | | | 三、公司为保障电力能源板块海外核心项目推进，在资源支持和组 | | | 织架构上有哪些具体安排？ | | | 答：公司对海外核心项目给予最高优先级的资源支持，董事会和经 | | | 营班子将出台专项文件，明确项目在人力、装备、资金等所有资源上一 | | | 路绿灯，同时支持海外厂房租赁、资金出海等关键需求。组织管理方面， | | | 已成立专项项目领导小组，建立每周报告、每月总结的例会制 ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2026】第 016 号 | 投资者关 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | √路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 名称 | 永赢基金李东祥、华泰证券王龙钰 | | | 及人员姓 | | | | 名 | | | | 时间 | 2026 年 3 月 3 日 | | | 地点 | 腾讯会议 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 一、讨论了业务情况和产业板块 公司致力于在能源和动力领域提供先进的系统解决方案和全生 命周期服务，主要产品形式为压缩机和换热装置，实施温控、增压等 冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺杆式压缩机、 离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业 热泵、储能蓄能装置、真空冻干设备、速冻装置、换热设备、 ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2026】第 015 号 | 投资者关 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | √路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 | | | | 名称 | 海富通基金陈华鑫、兴业证券郭亚男 | | | 及人员姓 | | | | 名 | | | | 时间 | 2026 年 3 月 2 日 | | | 地点 | 腾讯会议 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 一、讨论了业务情况和产业板块 公司致力于在能源和动力领域提供先进的系统解决方案和全生 命周期服务，主要产品形式为压缩机和换热装置，实施温控、增压等 冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺杆式压缩机、 离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业 热泵、储能蓄能装置、真空冻干设备、速 ...

投资要点：压缩机主业反转确立，数据中心液冷打造全新增长极。 市场或仍将公司视为传统压缩机企业，但我们认为市场忽视了公司在磁悬浮技术端的深厚积累以及其在数据中心 一次侧液冷领域的巨大潜力。 2026年公司将迎来主业与新兴业务的双重拐点，当前市值对应潜在空间明确，首次覆盖，给予"强烈推荐"评级。 1、 鑫磊股份：一次侧液冷新星，压缩机主业反转开启第二成长曲线 鑫磊股份：一次侧液冷新星，压缩机主业反转开启第二成长曲线 投资要点：压缩机主业反转确立，数据中心液冷打造全新增长极。 市场或仍将公司视为传统压缩机企业，但我们认为市场忽视了公司在磁悬浮技术端的深厚积累以及其在数据中心 一次侧液冷领域的巨大潜力。 预计主业稳健增长，为公司提供坚实的估值底座（对应40亿市值）。 2026年公司将迎来主业与新兴业务的双重拐点，当前市值对应潜在空间明确，首次覆盖，给予"强烈推荐"评级。 2、新贵崛起：卡位一次侧液冷核心，绑定国际巨头 AI驱动数据中心功耗激增，液冷大势所趋。 1、主业反转：压缩机龙头技术外溢，盈利触底向上 公司起家于活塞式压缩机，早在2016年便前瞻布局磁悬浮离心机技术，技术储备雄厚。 一次侧制冷需维持大温差，对冷水 ...

Company and Industry Summary Company: Weidi (维缔) Key Points 1. **Fundamental Reversal**: The company is at a critical point of fundamental reversal, with significant performance exceeding expectations. The data center liquid cooling business is positioned at the core of the supply chain, and the expected injection of thermal materials assets is anticipated to create a synergistic effect between "boards and materials" [1][2] 2. **Data Center Liquid Cooling**: - **Business Model**: The company employs a dual-driven model of "OEM + direct supply". It currently provides key processes (welding, testing) for Taiwanese cooling leaders (Cooler Master, Delta), indirectly entering the NV and ASIC supply chains. The company is also actively engaging with domestic server and internet giants for direct supply certification [1] - **Capacity Progress**: The liquid cooling board production line has entered a ramp-up phase, with steadily improving yield rates. Existing production lines are operational, and new lines are planned to meet the expected industry demand explosion in 2026, with single-line output expected to reach hundreds of millions [2] 3. **Performance Outlook**: With the delivery of high-performance chips like GB300, this segment is expected to see significant growth from the second half of 2025 to 2026 [2] 4. **New Energy Fundamentals**: - **Customer Barriers**: As a strategic supplier to leading battery manufacturers, the company holds a core share in the liquid cooling board market for Kirin and Shenxing batteries. It benefits from high sales growth in downstream models from Xiaomi, Li Auto, and Huawei, with high order visibility and significant revenue growth expected in 2026 [2] - **Technical Upgrades**: The company is transitioning from traditional brazing to a higher-margin, barrier-enhanced high-frequency welding process, which is expected to significantly improve profitability [3] 5. **M&A Synergy**: The acquisition of TIM materials will complete the thermal management product portfolio. Zhaoke has advantages in the server TIM materials sector and has developed cutting-edge thermal materials technology, which aligns with Rubin's cooling needs. The acquisition is expected to create a comprehensive solution of "cooling boards + thermal materials," significantly enhancing company profits and customer stickiness [3]

汽零切入数据中心液冷产业链：看好 ASIC 增长，重视国 产链机会 20260211 摘要 数据中心液冷市场规模预计将从 2025 年的 26 亿美元增长到 2027 年的 265 亿美元，年复合增速超过 200%，增长迅猛，为相关企业带来巨大 机遇。 英伟达 GPU 液冷市场规模在 2026 年预计达到 84.5 亿美元，并将在 2027 年接近 130 亿美元，其液冷需求主要基于 GB200、GB300 和 Ruby 架构机柜的出货量增长。 英伟达数据中心液冷供应链复杂，决策权集中在台商 ODM 手中，上游 零部件份额也多由台商占据，但随着技术路径变化，核心供应商份额可 能调整，未来英伟达或收回部分指定权。 国内 ASIC 芯片市场快速发展，为避免产能不足并追求性价比，国内厂 商倾向于选择已进入英伟达供应链但份额较少且技术质量可靠的供应商， 同时美国对高端 AI 芯片出口限制加速了国产 AI 芯片的发展。 预计到 2026 年，国产 AI 算力芯片出货量将达到 435 万片，同比增长 31%，华为升腾 910 系列和阿里等云厂商逐步采用液冷方案，国产化率 提升明显，但关键部件如调节阀仍以海外供货为主。 Q ...

Core Viewpoint - The company Ice Wheel Environment, through its subsidiaries Dunham-Bush and Ice Wheel Heat Exchange Technology, provides cooling equipment for data centers and liquid cooling systems, highlighting its strong market position and technological advancements in the HVAC industry [2]. Group 1: Company Overview - Dunham-Bush has a 131-year history and is recognized as a leading player in the HVAC sector in Europe and North America [2]. - The company’s products, including the "Variable Frequency Centrifugal Chiller" and "Air-Cooled Screw Chiller with Integrated Natural Cooling Function," are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [2]. Group 2: Market Presence - The company has successfully served numerous domestic projects, including major data centers for the National Supercomputing Center in Guangzhou and China Mobile, among others [2]. - Internationally, Dunham-Bush collaborates with local integrators to serve projects across North America, Australia, Southeast Asia, and the Middle East, indicating a robust global market presence [2]. Group 3: Product Innovations - Ice Wheel Heat Exchange Technology offers a range of products, including evaporative condensers and closed cooling towers, with its "Low-Carbon Energy-Saving Closed Cooling Technology" recognized as a national energy-saving demonstration technology [2]. - The company has seen a shift in the IDC chiller market, with a decreasing proportion of screw-type chillers and an increasing share of centrifugal chillers, particularly magnetic levitation types [2]. Group 4: Manufacturing and Standards - The company faces high standards for IDC chillers, including requirements for operational conditions, seismic resistance, reliability, energy efficiency, and recovery time after power outages, which create significant entry barriers [2]. - Dunham-Bush has expanded its overseas manufacturing base while its domestic facilities begin to support international markets [2].

Summary of Silver Wheel Co., Ltd. Conference Call Company Overview - **Company**: Silver Wheel Co., Ltd. (银轮股份) - **Industry**: Heat exchangers, gas power generation, automotive, data center cooling, robotics Key Points Industry and Market Opportunities - **Gas Power Generation**: Companies like Caterpillar are actively expanding gas generator capacity to meet rising electricity demand driven by AI advancements. Caterpillar plans to increase gas engine production to 2,000 units, corresponding to approximately $3 billion in revenue, creating market opportunities for Silver Wheel and similar companies [2][3] - **Projected Revenue**: Silver Wheel anticipates a long-term revenue potential of 5 billion RMB from the gas generator heat exchanger market, with a net profit target of 1 billion RMB, indicating significant growth potential [2][3] Business Segments - **Commercial Vehicle Sector**: Benefiting from strong performance in the heavy truck market and vehicle replacement policies, with expectations for stable growth in 2026 [2][5] - **Passenger Vehicle Sector**: Growth expected through increased overseas market share and product upgrades, contributing to overall performance in 2026 [2][5] - **Data Center Liquid Cooling**: Recognized as a key growth area, with technical advantages in internal components (heat exchangers) for liquid cooling systems. Partnerships with major clients like Google, Amazon, Meta, and Nvidia are expected to drive explosive demand for cooling solutions [2][6][8] Financial Projections - **Profit Contributions**: By 2026, the main business segments are projected to contribute approximately 1.1 to 1.2 billion RMB in profit, with the liquid cooling business expected to generate 1 billion RMB in revenue and 200 million RMB in profit [4][11] - **Market Valuation**: The main business and liquid cooling operations are expected to support a market valuation of approximately 250 billion RMB, with the liquid cooling segment alone potentially reaching a valuation of 100 billion RMB [11] Robotics Sector - **Heat Management Technology**: Silver Wheel is applying heat management technology in robotic joint assemblies, gaining recognition in the North American market. This differentiation is expected to enhance competitive advantages in the robotics sector [4][9][10] Future Growth Potential - **Long-term Outlook**: The company has significant growth potential, particularly in gas generator heat exchangers and robotic joint assemblies. The combination of main business, liquid cooling, and robotics positions Silver Wheel for potential market capitalization doubling [12] Strategic Partnerships - **Collaboration with Huawei**: Development of domestic CDU assembly projects and expansion into overseas markets are part of the strategy to solidify domestic leadership and accelerate international growth [6][8] Additional Insights - **Market Trends**: The data center liquid cooling market is anticipated to experience rapid expansion due to the shift towards more efficient cooling solutions, driven by the increasing deployment of advanced chips [8] - **Competitive Landscape**: Silver Wheel's strong market position is supported by its long-standing relationships with major international companies, which enhances its competitive edge in the heat exchanger market [3][4]

Core Viewpoint - Ice Wheel Environment's subsidiaries, Dunhanbushi and Ice Wheel Heat Exchange Technology, provide cooling equipment for data centers and liquid cooling systems, highlighting their role in the green technology sector [1] Group 1: Product Offerings - Dunhanbushi's variable frequency centrifugal chillers and integrated natural cooling function air-cooled screw chillers have been included in the Ministry of Industry and Information Technology's "National Advanced Applicable Technology Product Catalog for Green Data Centers" [1] - Ice Wheel Heat Exchange Technology's liquid cooling system heat exchangers have been listed in the "2024 Annual Shandong Province First (Set) Technical Equipment Product Production Enterprise and List" [1] Group 2: Recognition and Awards - The low-carbon energy-saving closed cooling technology from Ice Wheel Heat Exchange Technology has been recognized as a recommended national energy-saving and carbon reduction demonstration technology [1]