津上机床中国(01651)早盘涨超6%，截至发稿，涨4.86%，报31.5港元，成交额2792.69万港元。 兴业证券发布研报称，上半财年公司AI液冷表现突出，销售金额约1.2亿，占国内销售金额5.2%，是业 绩增长的主要驱动力之一。直通型液冷接头占总市场需求量的80%，使用公司主力产品自动车床加工具 有明显优势，目前液冷接头产品加工工艺基本确定，行业已进入批量采购设备阶段。2025年1-9月，公 司已与数十家客户签订设备订单，占国内订单金额约5%，该行业在2026财年下半年，并且有望在2027 财年成为公司业绩增长的主要驱动力之一。 消息面上，津上机床中国公布中期业绩，上半年集团收入总额24.97亿元人民币，同比增长约26.2%；毛 利约人民币8.63亿元，同比增长约35.1%。整体毛利率较去年同期的约32.1%上升约2.5个百分点，至约 34.6%；纯利为约人民币5.02亿元，同比增长约47.7%，拟派中期股息每股普通股0.60港元。 ...

兴业证券发布研报称，上半财年公司AI液冷表现突出，销售金额约1.2亿，占国内销售金额5.2%，是业 绩增长的主要驱动力之一。直通型液冷接头占总市场需求量的80%，使用公司主力产品自动车床加工具 有明显优势，目前液冷接头产品加工工艺基本确定，行业已进入批量采购设备阶段。2025年1-9月，公 司已与数十家客户签订设备订单，占国内订单金额约5%，该行业在2026财年下半年，并且有望在2027 财年成为公司业绩增长的主要驱动力之一。 智通财经APP获悉，津上机床中国(01651)早盘涨超6%，截至发稿，涨4.86%，报31.5港元，成交额 2792.69万港元。 消息面上，津上机床中国公布中期业绩，上半年集团收入总额24.97亿元人民币，同比增长约26.2%；毛 利约人民币8.63亿元，同比增长约35.1%。整体毛利率较去年同期的约32.1%上升约2.5个百分点，至约 34.6%；纯利为约人民币5.02亿元，同比增长约47.7%，拟派中期股息每股普通股0.60港元。 ...

Summary of Conference Call on Liquid Cooling Industry Industry Overview - The global liquid cooling market is expected to exceed previous forecasts, with significant growth anticipated by 2026 due to accelerated AI infrastructure investments by major companies like OpenAI and NVIDIA [1][3] - Chinese liquid cooling manufacturers are gaining a competitive edge in the global market, leveraging their extensive experience in energy storage and superior technology [1][4] Key Companies and Developments Inveke - Inveke has become a key partner for major internet companies and GPU manufacturers, with capabilities for end-to-end solutions [1][6] - The company has entered NVIDIA's collaboration list and is co-developing CPU products with Google, leading to expectations of performance exceeding forecasts [1][6] - The overseas revenue recognition timeline has been accelerated, with net profit margins projected to reach 20%-30% [1][6][8] Kangxin Yuan - Kangxin Yuan's acquisition of Dongguan Zhaoke enhances its performance flexibility and expands its participation in OEM projects, potentially integrating into the supply chains of major Taiwanese manufacturers [1][9][10] - The acquisition ratio has been increased to 51%-60%, indicating a strong partnership and a high probability of successful acquisition [1][9] - The company is expected to benefit from domestic clients like Huawei and ZTE, providing a positive outlook for growth in both domestic and international markets [1][10] Market Trends and Projections - The domestic supercomputing center market is projected to grow significantly, with the number expected to rise from 19 in 2025 to 40-50 in 2026, and further to 70 by 2027 [1][5] - The overall penetration rate of liquid cooling technology is anticipated to increase rapidly, driven by the transition from mixed solutions to full leaf solutions in domestic eight-card servers [1][5] Marginal Changes and Future Outlook - The industry is witnessing marginal changes, such as Inveke's accelerated overseas revenue recognition and Kangxin Yuan's enhanced performance flexibility through acquisitions, indicating strong growth potential for certain companies [2][11] - The focus will be on core companies and those with significant marginal changes to better capture investment opportunities in the evolving market landscape [7]

Core Viewpoint - The Chinese manufacturing industry is undergoing a significant transformation, driven by the rapid expansion of high-tech markets such as electric vehicles and artificial intelligence, which is enhancing the overall industry chain's prosperity, particularly benefiting high-end CNC machine tools [1] Group 1: Company Performance - Tsugami China reported record-breaking financial results for the first half of the 2026 fiscal year, achieving revenue of 2.497 billion RMB, a year-on-year increase of 26.2% [2] - The company's gross profit reached 863 million RMB, up 35.9% year-on-year, with a gross margin improvement of 2.5 percentage points to 34.6% [2] - Net profit for the period was 502 million RMB, reflecting a substantial year-on-year growth of 51.1%, resulting in a net profit margin of 20.1% [2][9] Group 2: Business Segments - The core business of precision lathes generated revenue of 2.051 billion RMB, accounting for 82.1% of total revenue, with a year-on-year growth of 19.4% [3][4] - Revenue from precision machining centers surged by 157% to 207 million RMB, increasing its contribution to total revenue from 4.1% to 8.3% [3][4] - Precision grinding machines also saw strong growth, with revenue increasing by 47.5% to 126 million RMB, representing 5.1% of total revenue [3][4] Group 3: Market Dynamics - The automotive industry remains the most significant downstream application for machine tools, accounting for 25.6% of the total market share in 2024, with Tsugami China achieving 1.03 billion RMB in revenue from this sector, a 51.6% increase year-on-year [5] - The company also reported impressive performance in the 3C industry, with sales revenue of 190 million RMB, reflecting increases of 29.7% and 28.3% year-on-year and quarter-on-quarter, respectively [6] - Revenue from emerging sectors, particularly AI liquid cooling, reached 120 million RMB, contributing significantly to overall growth with year-on-year increases of 38.6% and 49.2% [6][10] Group 4: Investment Value - Tsugami China's growth potential is bolstered by the ongoing technological advancements in the automotive sector and the rapid development of AI and robotics, which are expected to drive demand for precision components [10] - The company is actively expanding into new markets, particularly in AI liquid cooling, where it has secured numerous orders, potentially capturing 5% of the domestic market [10][11] - The planned interim dividend of 0.6 HKD per share marks the highest distribution since the company's listing, reflecting its strong growth and dividend-paying capacity, with total dividends since listing reaching 5.16 HKD per share [11]

Core Viewpoint - The article discusses the rapid progress of Chaojuvian, a leading AI server company in China, towards its IPO, highlighting its impressive growth and strategic focus on liquid cooling technology as a key differentiator in the AI server market [2][4][11]. Group 1: Company Overview - Chaojuvian, as a successor to Huawei's X86 server business, has shown remarkable growth, with revenue increasing from several billion to 40 billion RMB in just three years, and a target of exceeding 50 billion RMB by 2025 [4]. - The company has initiated an IPO process, evidenced by job postings for financial experts and a new round of employee stock incentives [2][4]. Group 2: Industry Trends - The shift in the AI era is moving from a "performance race" to an "energy efficiency race," with liquid cooling becoming essential due to the high power consumption of GPUs and data centers [5][7]. - Liquid cooling has transitioned from an optional feature to a survival necessity for AI server manufacturers, with NVIDIA leading this revolution [5][7]. Group 3: Liquid Cooling Technology - Chaojuvian has launched a rack-level liquid cooling solution in 2023, achieving a PUE as low as 1.1, and has delivered over 70,000 liquid cooling nodes by October 2024 [8][10]. - The company's latest product, FusionPoD for AI, features a fanless, all-liquid cooling architecture capable of supporting 72 GPUs with a total power of 120 kW [8]. Group 4: Valuation and Market Position - The valuation of AI servers increasingly depends on energy efficiency, with liquid cooling technology becoming a critical factor in determining market value [11]. - Chaojuvian's strategic investments in liquid cooling technology are seen as a significant part of its growth narrative, positioning it well within the evolving AI server ecosystem [11].

Core Viewpoint - Minth Group (00425) has seen a stock price increase of over 4%, currently trading at 37.6 HKD with a transaction volume of 45.05 million HKD, following the announcement of new orders related to AI server cooling technology [1] Group 1: Company Developments - The company's subsidiary, Precision Industries, has recently secured orders from a Taiwanese AI server manufacturer for the design, development, and production of immersion liquid cooling cabinets [1] - Precision Industries has successfully passed the technical validation for the immersion liquid cooling cabinets, with the first batch of products expected to be delivered by mid-November 2025 [1] - The group has also passed the technical validation for a splitter from another Taiwanese AI server liquid cooling system manufacturer and has received related orders, with the first batch expected to be delivered by the end of December 2025 [1] Group 2: Business Overview - The company is recognized as a global leader in automotive exterior and body structure components, with a diversified product line including plastic parts, metal and decorative parts, aluminum components, and battery boxes [1] - The traditional business has shown steady growth, while the battery box segment is expected to benefit from the increase in electric vehicle production in Europe, contributing to profit elasticity [1] - The company is actively exploring new markets such as low-altitude, robotics, and AI liquid cooling, which may form a third growth curve for the business [1]

Core Viewpoint - Minth Group (00425) has seen a stock price increase of over 4%, currently trading at 37.6 HKD, following the announcement of new orders for AI server immersion cooling cabinets from a Taiwanese AI server manufacturer [1] Group 1: Company Developments - Minth Group's subsidiary, Precision Industry, has received orders for the design, development, and production of AI server immersion cooling cabinets, with technical validation already completed [1] - The first batch of products is expected to be delivered by mid-November 2025 [1] - Additionally, the group has passed technical validation for a splitter from another Taiwanese AI server liquid cooling system manufacturer, with initial product deliveries anticipated by the end of December 2025 [1] Group 2: Market Position and Growth Potential - Minth Group is recognized as a global leader in automotive exterior and body structure components, with a diversified product line including plastic parts, metal and decorative parts, aluminum components, and battery boxes [1] - The traditional business has shown steady growth, while the battery box segment is expected to benefit from the increase in electric vehicle production in Europe, contributing to profit elasticity [1] - The company is actively exploring new markets such as low-altitude, robotics, and AI liquid cooling, which may create a third growth curve [1]

Company and Industry Summary Company: 鼎胜新材 (Dingsheng New Materials) Key Points - **Industry Context**: The company operates in the aluminum foil industry, particularly focusing on battery foils for electric vehicles, which are experiencing significant demand growth due to the rise of the new energy vehicle market. [2][3][4] - **Demand Growth**: The demand for battery foils is expected to increase by 30%-40% next year, driven by major clients such as 宁德时代 (CATL) and 比亚迪 (BYD). The company plans to expand its production capacity to 280,000 tons to meet this demand. [2][4] - **Production Efficiency**: The company has effectively responded to market demand through production efficiency improvements and transitioning production lines. [3] - **Financial Performance**: The traditional air conditioning foil business remains stable with a profit of approximately 100 yuan per ton, while the food packaging foil segment is underperforming due to losses in the European market. In contrast, the electromagnetic foil segment shows strong profitability with around 1,400 yuan per ton. [2][7] - **Trade Relations**: The impact of the US-China trade conflict on the company is limited. The company has maintained stable exports to Southeast Asia and has utilized its bases in Thailand and Europe to address anti-dumping issues. [8] - **Price Adjustments**: The aluminum foil industry is under pressure, with many competitors facing losses. The company is negotiating price increases with clients, aiming for a 500 yuan per ton increase to ensure operational sustainability and industry health. [9][10][11] - **Future Profitability**: If the price adjustments are successful, the company anticipates a significant profit increase, with projections suggesting a potential profit rise of 500 yuan per ton on a production volume of 260,000 tons next year. [12] - **Accounts Receivable**: The company is facing long accounts receivable cycles, with a year-on-year decrease in cash of 2 billion yuan, primarily due to extended payment periods from major clients and investments in production expansion. Measures are being taken to shorten payment cycles. [5][13] - **Product Development**: The company is focusing on its core business and related upstream and downstream industries, including liquid cooling and battery technologies. It is developing new aluminum foil products to replace copper foil for sodium batteries, collaborating closely with CATL. [5][14][15] - **Market Position**: Despite challenges in the aluminum foil industry, 鼎胜新材 is performing relatively well compared to competitors, with no reported losses and a focus on maintaining market share and profitability. [11]

Core Insights - The price of lithium hexafluorophosphate has surged past 110,000 RMB per ton, with a market average stabilizing at 100,000 RMB per ton, reflecting a more than 22% increase over the past week [2][3] - This price increase is driven more by rising processing fees rather than raw material costs, which is expected to significantly enhance the profitability of leading lithium hexafluorophosphate producers [5] Supply Constraints - The core logic behind the price surge is the severe rigidity on the supply side, with long expansion cycles for lithium hexafluorophosphate production [6] - New production lines require 10 months to start operations after construction, and 18 to 24 months if starting from scratch, with strict regulatory approvals adding to the timeline [6][7] - Capital investment is substantial, with second and third-tier companies needing over 400 million RMB for new projects, leading to cautious expansion strategies [7][8] Producer Feedback - Major manufacturers confirm that the current price increase is not driven by upstream costs, as there is an oversupply of phosphorus pentachloride and stable prices for hydrofluoric acid [9][10] - The only variable is lithium fluoride, which follows the price trends of lithium carbonate but has not seen the same level of increase as lithium hexafluorophosphate [10] Strategic Responses from Leading Companies - Leading companies are exhibiting high strategic discipline in response to market tightness, with Multi-Fluorite attributing the price increase to surging demand from the new energy and energy storage sectors [12][13] - Tianji Co. reports low inventory levels and expects a "not-so-dull" market in Q1 2026 due to low stock allowing for replenishment during the off-season [14] - Tianji anticipates that if global battery cell demand reaches 2.5 TWh in 2026, the demand for lithium hexafluorophosphate will exceed 300,000 tons, while nominal supply capacity is around 380,000 tons [14] Market Dynamics and New Demands - The price increase of lithium hexafluorophosphate has not fully transmitted to downstream electrolyte products, with some customers still adhering to long-term contracts [20] - The demand for other materials in electrolytes is changing, with an increase in the proportion of LiFSI due to rising demand for fast charging and energy storage [21] - The focus of market discussions has expanded from lithium batteries to the entire fluorochemical industry chain, driven by new demands from AI data centers and semiconductor manufacturing [21][22]

Core Insights - Cheng Tian Wei Ye has announced a deep collaboration with SuperX AI Technology to establish a joint venture, SuperX Cooltech, in Singapore, marking its entry into the global AI liquid cooling market [1] Group 1: Market Trends - The demand for liquid cooling solutions is surging due to the explosive growth in AI computing power, driven by the rise of generative AI applications like ChatGPT [3] - The global computing power is expected to grow at a rate exceeding 50% over the next five years, with projections indicating it will surpass 16 ZFlops by 2030, where intelligent computing will account for over 90% [3] - Traditional air cooling systems are becoming less efficient as cabinet power density exceeds 30 kW, making liquid cooling the only viable solution for high-density computing environments [3] Group 2: Industry Growth Projections - The liquid cooling market is projected to reach $21.14 billion by 2032, with a compound annual growth rate (CAGR) of approximately 33.2% from 2025 to 2032 [4] - High-density cabinets (≥40 kW/rack) are becoming the core scenario for liquid cooling deployment, with significant penetration expected post-2027 [4] Group 3: Joint Venture Advantages - The establishment of SuperX Cooltech is timely, focusing on cabinet-level liquid cooling solutions that address the industry's shift towards system-level thermal management [4] - The joint venture aims to provide a comprehensive range of products, from cooling distribution units to complete cabinet thermal management systems, aligning with the needs of global AI computing centers [4] Group 4: Competitive Edge - The core competitiveness of SuperX Cooltech stems from the deep integration of technology, resources, and capabilities between Cheng Tian Wei Ye and SuperX, creating a system-level competitive barrier [6] - SuperX brings global market insights and system integration experience, while Cheng Tian Wei Ye offers robust technical and manufacturing support, enhancing the joint venture's ability to meet high-quality supply chain demands [6] Group 5: Future Outlook - SuperX Cooltech is committed to providing efficient and reliable liquid cooling solutions for international data center clients, promoting the industrialization and large-scale application of cabinet-level liquid cooling products [7] - The joint venture is positioned to become a leading player in the global liquid cooling sector, supporting the healthy development of the AI industry with stable and efficient thermal management solutions [8]