英伟达 Rubin 及国内外情况 20260106 摘要 英伟达 VR 200 架构在关键零部件中板上实现重大革新，承担更多功能 并实现高效集成，提升整体算力，应对单颗 GPU 高功耗挑战，普遍采用 液冷技术散热，PCB 板层数增加，对铜等原材料需求量增加。 英伟达标准化系统设计减少了品牌商如戴尔、华硕等在产品设计上的自 主空间，导致服务器配置同质化，品牌商调整主板、内存和硬盘等组件 的灵活性降低，可能促使部分品牌商转向 AMD 或谷歌。 超微因与英伟达的深度合作关系和产品高稳定性，在国内 GPU 服务器市 场占据领先地位，华硕和技嘉逐步进入市场，戴尔是全球服务器总量第 一的公司，联想与英伟达合作关系相对紧张。 富士康作为主要代工厂，与英伟达保持深度捆绑关系，负责 H100、H200 显卡以及 B100、B200 模组的生产和组装，广达和英业 达的市场份额变化尚不明显，但预计未来几个月内能见度将提升。 英伟达与富士康在供应链管理方面紧密合作，指定生产线并部署全套自 动化设备和机器人，确保与工业互联网的高度匹配，实现高效生产和组 装，预计相关变化带来的实际效果将在今年年中开始显现。 Q&A 英伟达最新的 VR ...

天眼查资料显示，深圳市英威腾电动汽车驱动技术有限公司，成立于2014年，位于深圳市，是一家以从 事电气机械和器材制造业为主的企业。企业注册资本32912.8922万人民币。通过天眼查大数据分析，深 圳市英威腾电动汽车驱动技术有限公司共对外投资了7家企业，参与招投标项目12次，专利信息198条， 此外企业还拥有行政许可12个。 国家知识产权局信息显示，深圳市英威腾电动汽车驱动技术有限公司取得一项名为"液冷流道散热件、 电子模组及液冷散热器"的专利，授权公告号CN223730133U，申请日期为2024年11月。 专利摘要显示，本实用新型涉及液冷散热技术领域，公开了一种液冷流道散热件、电子模组及液冷散热 器，液冷流道散热件包括：流道本体，流道本体内设有液冷流道，流道本体的外侧壁设有用于安装功率 器件的安装部，通过液冷流道内流通冷却液，可以对功率器件起到散热作用，其中通过安装部可以给功 率器件提供支撑作用，以便于功率器件的安装，相对于直接将功率器件安装在流道本体的侧壁上而言， 能够有效避免在流道本体上打孔来安装功率器件，进而保证流道本体的结构强度和密封性能，以防止出 现漏液的问题。此外相对于现有将流道本体一体成型于 ...

祥鑫科技（002965.SZ）12月26日在投资者互动平台表示，公司拥有热管理系统相关产品并熟练掌握液 冷散热技术，能够根据客户需求提供定制化散热解决方案。公司的算力服务器液冷模组、液冷结构件 等，可高效应用于GPU冷却及服务器冷却。公司已为超聚变、华鲲振宇、中兴康讯等市场头部客户提供 液冷服务器相关产品。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司的液冷设备有没有参加谷歌供应链认证？ ...

领益智造（002600）最新股价为15.52元，较前一交易日收盘价下跌0.43元，跌幅为2.70%，总市值 1133.90亿元。从行业市盈率来看，领益智造所处的消费电子行业滚动市盈率平均48.15倍，行业中值 50.30倍，领益智造49.63倍排名第38位。 2025年12月23日，领益智造披露接待调研公告，公司于12月22日接待睿远基金管理有限公司、光大证 券、华泰证券、恒大人寿保险有限公司、申银万国证券股份有限公司、太平洋资产管理有限责任公司等 107家机构调研。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9808，近一年增长65.73%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 调研情况显示，领益智造收购立敏达主要是为了获得服务器热管理领域的核心技术和客户资源。立敏达 在企业级服务器热管理领域具备深厚的核心技术积累，主营业务包括服务器液冷快拆连 ...

证券日报网讯12月4日，华勤技术（603296）在互动平台回答投资者提问时表示，公司已于2021年取得 液冷装置及设备的实用新型专利，并在多款液冷AI服务器中落地应用。目前公司在面向互联网客户和 行业客户的AI服务器上有使用该液冷散热技术，并且在未来产品规划上将进一步推进更多新型高效能 的液冷方案，实现在数据中心部署时更佳的性能与能效表现。 ...

Core Viewpoint - Jinfu Technology has secured an order for a custom-developed liquid cooling plate architecture, which will be used in the cooling system for NVIDIA's B200 chip, showcasing its technological advancement and market competitiveness [1] Group 1: Product Development - The custom-developed cooling architecture features a thickness of 0.08 millimeters and utilizes the latest MLCP (Microchannel Liquid Cooling Plate) technology, providing a significant first-mover advantage [1] - The cooling solution effectively addresses the TDP thermal effects of processors with power consumption ranging from 1800W to 2000W and above, ensuring stable low-temperature operation of the processor module [1] Group 2: Client Feedback and Future Plans - Feedback from the Taiwanese client indicates that the new cooling architecture has performed well, leading to the completion of multiple rounds of sample testing for the next-generation B300 chip adaptation [1] - The company is now entering the production preparation phase for the B300 chip cooling solution, indicating a positive outlook for future orders and product development [1]

Core Insights - There has been a surge in institutional research activities for companies listed on the Beijing Stock Exchange since September, with a focus on product development, technological reserves, and market expansion, indicating high market interest in the growth potential of these companies [1] Group 1: Core Product Performance - Several companies on the Beijing Stock Exchange reported significant revenue growth in the first half of the year due to the competitive strength of their core products. For instance, Shuguang Digital's revenue increased by 43.23% year-on-year, with its immersion liquid cooling revenue soaring by 212.82% and cold plate liquid cooling revenue rising by 42.36% [2] - KAIT's actuator product sales grew by 77.41% year-on-year, with its sales proportion increasing from 36.67% to 44.91%, driven by the rising demand for automotive intelligence [2] - Wantong Hydraulic's overseas revenue grew by 41.24% year-on-year, attributed to enhanced product adaptability and performance, along with deepened cooperation with international clients [3] Group 2: R&D Capabilities - Companies are increasing R&D investments to enhance existing product performance and expand technological applications. Shuguang Digital launched a phase change cold plate liquid cooling solution, which improves heat dissipation capability by over 15% compared to traditional solutions [4] - Wantong Hydraulic's R&D expenses increased by 15.93% year-on-year, focusing on high-precision components for humanoid robots and innovative oil-gas separation equipment for large-load industrial robots [4] - Yuanhang Precision is advancing the development of ultra-thin nickel-based materials, achieving a key technological upgrade to meet higher precision application demands [4] Group 3: Market Expansion - Companies are actively pursuing order conversion and market expansion strategies. Shuguang Digital expects its revenue growth to maintain the same level as the first half of the year, with a significant portion of its revenue coming from immersion and cold plate liquid cooling products [7] - KAIT is advancing its fundraising projects and expanding production capacity, aiming to enter global markets more rapidly through collaborations with new clients [8] - Wuxi Jinghai is expanding into the amino acid market for special medical foods and microelectronics cleaning, anticipating increased demand across various sectors due to rising living standards and sustainable development trends [8]

Core Viewpoint - Dongyangguang (stock code: 600673.SH) expects a net profit of 583 million to 663 million yuan for the first half of 2025, representing a year-on-year growth of 157.48% to 192.81, driven by strong performance in both traditional and strategic transformation sectors [1] Group 1: Chemical Refrigerants - The chemical refrigerant business has experienced historic growth due to tightened environmental policies and rebounding consumer demand, becoming a core engine for the company's performance [2] - The full implementation of production quotas has reshaped the supply landscape of the refrigerant industry, with the third-generation refrigerants (HFCs) becoming the market's mainstay during the transition period [2] - Dongyangguang secured approximately 60,000 tons of third-generation refrigerant quotas in 2025, ranking among the top tier in China, which translates into pricing power for the company [2][3] Group 2: Electronic Components - The electronic components segment is a significant support for Dongyangguang's performance, with a comprehensive supply chain covering from basic materials to end products [4] - The company has established partnerships with over 50 target customers for its new generation of electrode foil products, with production lines steadily releasing capacity [4] - Future strategies include focusing on core areas such as consumer electronics and data centers while implementing differentiated marketing strategies for its products [4] Group 3: Liquid Cooling Technology - Liquid cooling technology is positioned as a mainstream solution for data center cooling, with Dongyangguang's proprietary cooling liquid achieving international leading levels in thermal conductivity and material stability [5] - The company has formed strategic partnerships to create a comprehensive liquid cooling ecosystem, enhancing its competitive advantage in the industry [6] - Plans include establishing a manufacturing base for liquid cooling equipment and supercapacitor research in collaboration with local government, leveraging the concentration of major tech firms [6] Group 4: Intelligent Robotics - The intelligent robotics business is a key direction for Dongyangguang's strategic transformation, focusing on data-driven applications in various sectors [7] - The company has signed a 70 million yuan humanoid robot procurement agreement, marking the initial commercial success in this field [7] - Future goals include achieving an annual production capacity of over 10,000 units and generating substantial revenue within five years [8] Group 5: Strategic Outlook - Dongyangguang emphasizes continuous technological innovation to drive industry upgrades and sustainable development [8] - The company is committed to international expansion and enhancing its global market share while optimizing resource allocation through strategic mergers and acquisitions [9]

Core Insights - The fourth South China Liquid Cooling Heat Dissipation Series Annual Conference was held in Dongguan, gathering top companies and technical experts in the liquid cooling field to discuss the latest advancements and application trends in liquid cooling technology [1] - Wanyu Technology, a leader in Friction Stir Welding (FSW) technology, showcased its innovations and hosted a forum on AI high-power electronic cooling and chip liquid cooling technology [1][5] Industry and Company Summary - FSW technology is driving innovation in the liquid cooling sector, with Wanyu Technology successfully applying this technology in the manufacturing of liquid cooling systems [5][7] - The advantages of FSW technology include high-quality welds, minimal deformation, and the absence of pores and cracks, making it particularly suitable for applications requiring high sealing and cooling efficiency [7][10] - Wanyu Technology demonstrated its FSW technology applications across various scenarios, including liquid cooling radiators, server cooling systems, and thermal management systems for new energy vehicles [8][9] - The core advantages of Wanyu Technology's FSW in liquid cooling include: 1. Solid-state welding, which avoids the heat-affected zone of fusion welding, maintaining the mechanical properties of materials [10] 2. High-precision processing that supports complex flow paths, optimizing thermal conductivity [11] 3. Compatibility with multiple materials, allowing for welding of dissimilar metals and addressing brittleness issues in traditional welding [12] 4. Lifecycle cost efficiency, eliminating the need for welding materials and maintenance [13]

Group 1: Business Growth Drivers - The company's business growth is primarily driven by two segments: semiconductor packaging materials and high-margin smart card services, with significant year-on-year increases in both areas [1][2]. - The smart card business is expected to be the main revenue source, with projected revenue of 3.60 billion in 2024, widely used in mobile communications, financial payments, and public services [1][2]. Group 2: Production Capacity and Utilization - The production capacity utilization rate is between 70%-90%, with external sales accounting for over 60% of the business [2]. - The company has four production bases for smart cards located in Shenzhen, Indonesia, India, and Ningbo, with plans to optimize production efficiency and integrate the supply chain [2][3]. Group 3: Semiconductor Packaging Materials - The core customers for semiconductor packaging materials are well-known domestic power semiconductor packaging companies, with ongoing expansion into overseas markets [3][4]. - The sales revenue for semiconductor packaging materials is projected to grow by 467.80% year-on-year in 2024, with a further increase of 236.78% in Q1 2025 [4]. Group 4: Liquid Cooling Technology - The liquid cooling business focuses on AI servers and high-performance computing, with products designed to meet stringent cooling requirements [5][6]. - The global liquid cooling market is expected to grow at an annual rate of over 20% in the next five years, driven by increasing demand for high-performance cooling solutions [6][7]. Group 5: Smart Safety Solutions - The smart safety business includes a safety barrier project aimed at enhancing passenger safety at high-speed rail stations, utilizing a "platform length pricing" model [7]. - The project is expected to create new revenue streams as it aligns with national safety upgrade demands and has significant market value potential [7]. Group 6: Future Business Directions - The company plans to optimize product structure based on market demand, focusing on maintaining a strong market share in smart cards while expanding into semiconductor packaging materials and smart safety technologies [8]. - The company is cautious about mergers and acquisitions, prioritizing stable growth and risk assessment before pursuing any opportunities [8].