在全球含氟精细化工赛道加速重构的背景下，国内萤石资源龙头企业金石资源（603505）(SH603505， 股价18.34元，市值154.36亿元)正通过一笔投资，完成其"由矿入化"的关键一跃。 12月21日晚间，金石资源发布公告称，公司拟斥资2.57亿元受让浙江诺亚氟化工有限公司(以下简称诺 亚氟化工)15.7147%的股权。 《每日经济新闻》记者注意到，这笔交易不仅是金石资源由上游矿产向高附加值下游延伸的标志性动 作，更因其持股比例与第一大股东仅差0.14个百分点的"一线之隔"而引发遐想。 对于金石资源而言，这不仅是一场产业链协同的资源卡位，更是其在坐稳上游萤石"头把交椅"后，面对 AI(人工智能)液冷等万亿元级蓝海市场的精准布局。 通过这笔交易，金石资源试图构建起从"萤石矿开采-氢氟酸制造-含氟精细化工"的纵向一体化全产业链 闭环。然而，在0.14个百分点的微小差距背后，是否隐藏着进一步谋求控制权的后续计划？ 标的公司股权结构较分散 根据金石资源发布的《关于购买浙江诺亚氟化工有限公司部分股权的公告》，金石资源拟以现金方式受 让诺亚氟化工6名股东合计持有的15.7147%股权，交易对价为2.57亿元。 本次 ...

格隆汇12月3日丨卫星化学(002648.SZ)在投资者互动平台表示，公司致力于成为世界一流的化学新材料 科技公司，不断完善产业链和增强产业链竞争力。公司基于碳氢化合物的浸没式液冷冷却液正处于开发 阶段，与院校、下游客户建立了合作关系。 ...

Core Insights - Fluorinated materials are essential in various industries, acting as a "vitamin" for industrial applications, and are crucial for national strategic security and high-quality industrial development [1] - The city of Quzhou in Zhejiang Province aims to establish itself as "China's Fluorine Valley," targeting a fluorochemical output value exceeding 30 billion yuan for the year [1] Industry Overview - China's fluorochemical industry has rapidly expanded due to abundant fluorite resources, with over a thousand companies forming a complete industrial chain [2] - By the end of 2024, China's total fluorochemical production capacity is expected to exceed 10 million tons, with a total output of over 6.5 million tons and a total output value of approximately 160 billion yuan [2] Market Dynamics - The global fluorochemical industry is characterized by a tripartite structure of resources, technology, and market, with China being the largest consumer of fluorinated materials [3] - The global fluorochemical market is projected to exceed 300 billion yuan in 2024, driven by demand from new energy vehicles and semiconductors [3] Applications of Fluorinated Materials - Fluorinated materials have extensive applications across traditional and emerging industries, including AI, where they play a critical role in cooling solutions for data centers [4] - The shift to immersion cooling technology in data centers is driven by the need for efficient heat dissipation, with fluorinated liquids providing superior insulation and cooling capabilities [4] Future Growth Potential - The demand for cooling liquids is expected to surge, with predictions of 89,000 tons required for new AI data centers by 2028, alongside additional needs from traditional servers [5] - The future of fluorinated materials is promising, with potential applications expanding into quantum technology, biomanufacturing, hydrogen energy, and more [5]

Group 1: Industry Insights - The rapid increase in power of AI server cabinets is pushing the limits of cold plate liquid cooling, leading to a rise in the penetration of immersion liquid cooling and a surge in demand for fluorinated liquids [1] - Currently, fluorinated compounds account for approximately 94.2% of the immersion cooling liquid market, indicating a strong market share for this segment [1] - Based on calculations, if 1% of the 2.1 million AI servers expected to be shipped in 2025 utilize immersion cooling, the demand for fluorinated liquids could reach 10,500 tons [1] Group 2: Product Development - Perfluoropolyether is expected to become the preferred choice for immersion cooling fluorinated liquids due to its excellent properties such as low dielectric constant, good insulation, and high thermal conductivity [2] - The synthesis of perfluoropolyether is complex, with only a few companies globally, including Solvay, Chemours, and Daikin, capable of mass production [3] - The main production methods for perfluoropolyether include photochemical oxidation and anionic polymerization, with K-type and Y-type being the most common types in the market [3] Group 3: Company Profiles - Sinochem International (New Zhou Bang) has established a production capacity of 2,500 tons of perfluoropolyether, which supports various applications including immersion cooling for data centers [4] - The company has plans to expand its production capacity through technological upgrades and a new project aimed at producing 30,000 tons of high-end fluorinated fine chemicals, with an investment of approximately 1.2 billion yuan [4] - Juhua Co., Ltd. has developed a series of perfluoropolyether-based cooling liquids, which have been recognized as excellent industrial new products in Zhejiang Province for 2025 [5] - The company has established demonstration applications for its immersion cooling liquids and plans to produce 5,000 tons annually, with the first phase already in operation [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][38]. Core Viewpoints - The company's net profit attributable to shareholders for the first half of 2025 is projected to be 2.051 billion yuan, representing a year-on-year increase of 146.97% [10]. - The significant growth in performance is primarily driven by the strong performance of the refrigerant business, with the average price of refrigerant products increasing by 61.88% year-on-year to 39,400 yuan per ton [10][11]. - The company benefits from a global leading production quota advantage in the context of the third-generation refrigerant quota system, which has transformed the industry supply structure from excess competition to supply constraints [10][24]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.051 billion yuan, a year-on-year increase of 146.97% [10]. - The second quarter of 2025 saw revenue of 7.531 billion yuan, up 13.93% year-on-year and 29.84% quarter-on-quarter, with a net profit of 1.242 billion yuan, up 137.07% year-on-year and 53.56% quarter-on-quarter [10]. Industry Overview - Refrigerants are essential consumer products, increasingly distinguished from traditional chemical raw materials, and are characterized by low cost share in downstream applications, convenient delivery, and high value [2][23]. - The supply side of the refrigerant industry is undergoing optimization, with increasing industry concentration and a shift towards a global "franchise" production and sales model [2][23]. - China holds over 80% of the global quota for third-generation refrigerants, benefiting from structural reforms in supply and high concentration of quotas among leading enterprises [2][23]. Business Segments - The non-refrigerant business faces intense competition, with fluoropolymer prices showing a slight recovery [3][32]. - The company sold 22,900 tons of fluoropolymers in the first half of 2025, with a second-quarter average selling price of 38,446 yuan per ton, reflecting a slight year-on-year increase [3][32]. Growth Opportunities - The demand for liquid cooling solutions is rapidly increasing due to the rise in server power density driven by AI technology, positioning the company favorably in the liquid cooling market [4][37]. - The company has proactively developed fluorinated liquid products and has initiated a project to produce perfluoropolyether cooling liquids, with the first phase already in production [4][37].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][38]. Core Views - The company's net profit attributable to shareholders for the first half of 2025 is projected to be 2.051 billion yuan, representing a year-on-year increase of 146.97% [10]. - The significant growth in performance is primarily driven by the strong performance of the refrigerant business, with the average price of refrigerant products increasing by 61.88% year-on-year to 39,400 yuan per ton [10][11]. - The company benefits from a global leading production quota advantage under the third-generation refrigerant quota system, allowing it to fully enjoy the industry's upward trend [10][24]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.051 billion yuan, a year-on-year increase of 146.97% [10]. - The second quarter of 2025 saw revenue of 7.531 billion yuan, up 13.93% year-on-year and 29.84% quarter-on-quarter, with a net profit of 1.242 billion yuan, up 137.07% year-on-year and 53.56% quarter-on-quarter [10]. Refrigerant Business - The refrigerant segment's revenue increased by 55.09% year-on-year, driven by a significant rise in product prices [10][11]. - The company sold 154,600 tons of refrigerants in the first half of 2025, a decrease of 4.19% year-on-year, but the sales price per ton increased significantly [11]. Market Dynamics - The refrigerant market is characterized by a supply-side structural reform, transitioning from excess competition to supply constraints, with China holding over 80% of the global quota for third-generation refrigerants [24]. - The demand for refrigerants is driven by their necessity in air conditioning and heat pump applications, with a low cost share in downstream industries and high price elasticity [24]. Liquid Cooling Business - The demand for liquid cooling solutions is rapidly growing due to advancements in AI technology and increased server power density, leading to a shift from traditional air cooling methods [37]. - The company has proactively developed fluorinated liquid products and has initiated a project to produce a cooling liquid with a capacity of 5,000 tons per year [37]. Non-Refrigerant Business - The non-refrigerant business faces intense competition, with the average price of fluoropolymers showing a slight recovery [31]. - The company sold 22,900 tons of fluoropolymers in the first half of 2025, with a second-quarter sales price of 38,446 yuan per ton, reflecting a year-on-year increase [31].

Group 1 - The China Chemical Industry Theme Index (000813) saw a strong increase of 1.83% as of August 25, 2025, with notable gains from constituent stocks such as Sanmei Co., Ltd. (603379) up 10.00%, Xinzhoubang (300037) up 9.85%, and Sankeshu (603737) up 6.76% [1] - The Chemical ETF (159870) rose by 1.80%, reaching a latest price of 0.68 yuan and a total scale exceeding 9 billion yuan [1] - The chemical sector experienced significant growth, particularly in sub-sectors like fluorine chemicals, chlor-alkali, phosphate fertilizers, and phosphorus chemicals, with leading paint company Sankeshu showing substantial gains [1] Group 2 - According to Zheshang Securities, the penetration rate of immersion liquid cooling is expected to increase, leading to a significant rise in demand for fluorinated liquids [2] - Future research predicts that the global immersion cooling liquid market for data centers will reach 970 million USD by 2030, with a compound annual growth rate (CAGR) of 21.2% over the next few years [2] - Perfluoropolyether (PFPE) is anticipated to become a mainstream product in the fluorinated cooling liquid market due to its excellent chemical stability, thermal stability, high thermal conductivity, high dielectric strength, and non-corrosive properties [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the China Chemical Industry Theme Index (000813) include Wanhua Chemical (600309), Yalake Co., Ltd. (000792), and Juhua Co., Ltd. (600160), collectively accounting for 43.54% of the index [3]

Group 1 - The company is currently in the research and development phase of a hydrocarbon-based immersion liquid cooling solution [1] - The company will actively monitor trends and opportunities in the relevant field [1]

Core Viewpoint - The company has begun small-scale shipments of immersion liquid cooling products, which are compatible with chemical media and have strong adaptability to shielded products, while continuing to explore deeper collaborations with certain clients [1] Company Summary - The company, Dayuan Pump Industry (603757.SH), is actively engaging in the immersion liquid cooling market, indicating a strategic move towards innovative cooling solutions [1] - The current mainstream cooling liquid in the immersion cooling sector is chemical-based, highlighting the industry's trend towards advanced cooling technologies [1] Industry Summary - The immersion cooling technology is gaining traction, with a focus on chemical media, suggesting a growing market potential for companies involved in this sector [1] - The adaptability of immersion cooling products to shielded designs may enhance their market acceptance and application across various industries [1]

Core Viewpoint - The article emphasizes the rapid development and application of immersion liquid cooling technology in data centers, highlighting the shift from traditional cooling methods to innovative liquid cooling solutions that enhance system performance and energy efficiency [1][4]. Group 1: Immersion Liquid Cooling Applications - Immersion liquid cooling is identified as one of the most active application scenarios for cooling liquid material innovation [1]. - Major companies like Alibaba, Huawei, and Inspur have previously conducted trials with immersion cooling systems, but faced challenges in scaling due to costs and compatibility issues [2]. - In contrast, international tech giants such as Microsoft, Meta, and Google are advancing their liquid cooling infrastructure more rapidly [4]. Group 2: Key Immersion Cooling Projects - Submer partnered with Telefónica in Spain to deploy an open single-phase immersion system using hydrocarbon cooling liquid, achieving significant reductions in energy consumption and space usage [5]. - LiquidStack's 40 MW two-phase immersion cooling project in the U.S. is noted as one of the largest globally, utilizing fluorinated liquids and achieving over 90% energy savings [6]. - Microsoft is testing a two-phase immersion cooling system in Washington, initially using fluorinated liquids and exploring low GWP alternatives for AI and high-density servers [7]. - DUG Technology operates one of the largest commercial HPC immersion cooling clusters, using single-phase synthetic oil cooling liquid, reducing total system power consumption by nearly 40% [8]. - Shell's synthetic hydrocarbon immersion cooling liquid received Intel certification, marking it as the first cooling liquid brand endorsed by a major chip manufacturer [9]. - Castrol introduced synthetic hydrocarbon cooling liquids for immersion cooling and cold plate circulation systems, providing customized solutions for AI computing centers [10]. - TMGcore's "OTTO" platform features a modular dual-chamber two-phase liquid cooling structure, targeting military edge computing and autonomous driving simulations [11]. - GRC's single-phase liquid cooling technology is utilized by the U.S. Air Force for HPC platforms, emphasizing system stability and maintainability [12]. - KDDI's edge computing center in Japan employs single-phase organic silicon liquid, suitable for the local climate and enabling rapid deployment [13]. - Reset Data in Australia uses Submer systems with customized hydrocarbon cooling liquids for an edge AI data center powered by renewable energy [14]. Group 3: Industry Trends and Future Directions - The article highlights the importance of system thinking in liquid cooling materials, where the type of cooling liquid, dielectric properties, thermal stability, and material compatibility are crucial for successful implementation [14]. - The upcoming "Liquid Cooling Industry Innovation and Application Forum" aims to gather industry representatives to discuss key issues such as cooling liquid formulation evolution and material compatibility [15].