中金研究 数据中心液冷方案趋势明确，带动液冷零部件需求增加。国内汽车零部件公司在汽车热管理领域积累了泵、阀、冷板、控制器等核心部件的 研发及量产能力，诸多零部件公司亦获取了数据中心液冷订单。我们开启汽车零部件+液冷专题系列，重点提示在汽车热管理与数据中心液冷 技术协同背景下，汽车零部件公司拓展数据中心液冷业务，带来的第二成长曲线机会。 AI芯片功耗增加推动数据中心液冷方案加速应用，核心部件快换接头UQD景气度提升。 英伟达Blackwell、Rubin架构芯片功耗已超过 1000W，突破了传统风冷的散热极限，使得液冷技术从可选方案变为必然选择。快换接头UQD作为液冷技术的关键组件，在液冷系统中实现 冷却液的安全连接和快速切换功能，确保数据中心运维的连续性和可靠性。受益于英伟达GB200机柜向GB300机柜升级，单机柜的UQD用量 可从108对跃升至252对，我们测算单机柜UQD的价值量提升30%至7.7万元。 为满足大规模部署需求，UQD技术正朝着轻量化、标准化和盲插化演进。 材料上，"塑料-金属"混合方案及"纯塑料"方案在保证性能的同时明 显降低重量和成本，成为重要创新方向。行业标准OCP提出统一的规格、性 ...

Group 1: Business Development and Strategy - The company is currently in the early investment stage with Jiangxi Congguo Digital Culture Co., Ltd., which is expected to contribute a low percentage to overall revenue and is not anticipated to significantly impact business operations [2][3] - The acquisition of 51% stake in Congguo Digital Culture is aimed at exploring new business opportunities in the digital content sector [2][3] - The company plans to enhance its product offerings towards high unit price and high added value, focusing on "intelligent, healthy, and efficient" strategies in response to market demands [3][4] Group 2: Financial Performance and Market Conditions - The company experienced a decrease in product orders in the first half of the year and aims to secure more quality orders to improve capacity utilization [3] - Measures to achieve profitability include focusing on high-margin smart health appliances, reducing inefficient engineering business, enhancing R&D and cost control, and optimizing assets [3][4] Group 3: Industry Trends and Future Plans - The home appliance industry is shifting towards consumer upgrades driven by government policies and rising consumer demand for quality and smart products, while facing intensified competition [3] - The company is currently not pursuing the liquid cooling industry despite having numerous patents, indicating a cautious approach to new market entries [4]

Summary of AIDC Liquid Cooling Conference Call Industry Overview - The liquid cooling technology has become a necessary choice for high power density AI training models, with single cabinet power density reaching 70-200 kW, requiring efficient cooling [1][2] - Liquid cooling systems are categorized into contact (silent) and non-contact (cold plate, phase change), with cold plate systems being the mainstream, accounting for approximately 85% of the market [1][4] Key Insights and Arguments - The global penetration rate of liquid cooling is expected to increase from 21% in 2023 to 43% by 2028, with a projected market size of approximately $7.5 billion in 2025, $15 billion in 2028, and $25 billion in 2030, reflecting a compound annual growth rate (CAGR) of about 25% from 2025 to 2035 [1][7] - The upgrade from NVIDIA's GB200 to GB300 has seen an increase in the value of each computer train from $30,000 to $34,000, and the value of UQD has risen from $100 to approximately $110, indicating a non-linear growth in CDU costs as thermal power increases [1][8] Market Dynamics - Domestic manufacturers possess full-chain or key component manufacturing capabilities, which positions them to capture a larger share of the global market, especially as overseas manufacturers have limited production capacity and weak expansion intentions [1][5] - The liquid cooling system consists of primary side (cooling towers, dry coolers, chillers) and secondary side components (cold plates, CDU, manifold, UQD), with CDU being the core component that has a high technical barrier [1][6] Competitive Landscape - Major global liquid cooling suppliers include Taiwanese companies such as AVC, Shuanghong, and Coolmaster, while domestic suppliers include Yingweike, Tongfei, and Feirongda, with some like Yingweike and Tongfei also targeting international markets [1][10] - Potential domestic suppliers capable of providing full-chain solutions to NVIDIA or other CSP manufacturers include Yingweike, Feirongda, and Kexin New Energy, among others [1][13][14] Technical Aspects - The CDU (Central Processing Unit) has a high technical barrier and is the only component that can be classified as equipment, with core indicators including supply liquid temperature stability, temperature difference control, and system cleanliness [1][11] - NVIDIA's approach to liquid cooling technology differs from domestic practices, as it employs a single GPU per liquid cooling plate, while domestic solutions often use one plate for two GPUs due to lower chip thermal power [1][9] Future Outlook - The liquid cooling market is expected to grow significantly, driven by the increasing thermal power demands of data centers and the shift from traditional air cooling to liquid cooling solutions [1][2][7]

近日，东阳光（600673.SH）披露参与收购秦淮数据中国100%股权计划，引发投资者广泛关注。据公司 此前披露的半年业绩报告，公司在今年上半年业绩表现稳中向好，同期股价表现强劲。过去市场逻辑如 何解读？未来是否可借助算力领域的布局，持续走强？ 一、A股整体走强，行业公司受益 今年以来，A股主要股指全线上涨。三大股指中，上证指数从3351.76点起步，最高攀升至近3900点；总 市值方面，A股总市值已达100万亿元，创历史新高。与过去相比，A股市场在覆盖行业、上市公司数量 上也有所突破，并吸引大量国内外资金。 上市公司方面，Wind数据显示，剔除上市的新股，A股市场上半年共有3774只股票涨幅为正，逾百股涨 幅超过100%，近600只股票涨幅超过50%，1700多只股票涨幅超过20%。 与此同时，人工智能、机器人及相关的液冷概念股成为市场热点，具身智能指数累计上涨30.39%。深 耕电子新材料行业28载、战略布局液冷、具身智能机器人行业的东阳光，在板块行情大幅上涨的情况 下，市值也水涨船高。 具身智能板块，东阳光携手智元机器人及北京大学武汉人工智能研究院等合作方，共同成立光谷东智公 司，已签订项目金额不超过7 ...

格隆汇9月15日丨高澜股份(300499.SZ)在互动平台表示，公司目前可提供多种数据中心液冷解决方案， 具备从散热架构设计、设备集成到系统调试与运维的一站式综合解决方案能力。公司将持续加大投入， 积极把握市场机遇，努力推动液冷业务增长。 ...

高澜股份（300499.SZ）9月11日在投资者互动平台表示，关于公司订单情况请关注公司公告。公司目前 可提供以冷板式和浸没式为主的多种数据中心液冷解决方案，具备从散热架构设计、设备集成到系统调 试与运维的一站式综合解决方案的能力，可将PUE值控制在1.1以内。 （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：烦请您介绍两个问题，第一公司中东液冷和中移动液 冷项目目前进展情况，第二公司在冷板式液冷和浸没式液冷方面的技术发展情况。 ...

Core Viewpoint - Dongyangguang (sh600673) experienced a limit down on September 4, 2025, with a price of 23.52 yuan, reflecting a decline of 9.99% and a total market capitalization of 707.85 billion yuan [1] Financial Risks - The company faces significant financial risks, with the controlling shareholder's pledge ratio reaching 80%-90%, and over 55% of pledges maturing within one year. The total amount of external guarantees is 11.894 billion yuan, accounting for 130.13% of net assets, indicating substantial financial pressure [2] - New investments, such as Xinhansmart, have incurred losses totaling approximately 28 million yuan, further impacting market confidence in the company [2] Market Environment and Industry Volatility - Despite improvements in the supply-demand dynamics and price increases for third-generation refrigerants, the market remains complex and volatile, posing risks of rapid declines in industry profitability [2] - The company is entering competitive and uncertain new sectors, including data center liquid cooling and humanoid robots, which may affect future business development [2] Conceptual Themes and Market Performance - Dongyangguang is involved in several concepts, including refrigerants, data center liquid cooling, and humanoid robots. The overall performance of these sectors on the day of the stock's decline could impact Dongyangguang's stock price [2] - If the data center liquid cooling sector experiences a downturn due to market shifts, Dongyangguang, as a related stock, may also be adversely affected [2] Stock Price and Technical Analysis - On September 3, 2025, the stock price reached a historical high of 26.84 yuan, with a gain of 7.09%. Following this significant short-term increase, profit-taking may lead to selling pressure, resulting in capital outflow [2] - From a technical perspective, after reaching a new high, the stock may face correction pressure, with increased selling power due to profit-taking [2]

Summary of the Conference Call for SuLian Co., Ltd. Company Overview - **Company**: SuLian Co., Ltd. - **Industry**: Liquid Cooling Solutions and Battery Components Key Financial Performance - **Revenue**: Achieved a record high of 668 million yuan in H1 2025, a year-on-year increase of 26.30% [2] - **Net Profit**: Net profit attributable to shareholders was 67.76 million yuan, down 4.43% year-on-year; non-recurring net profit was 60.49 million yuan, down 11% [2] - **Earnings Per Share**: Basic earnings per share decreased by 2.25% to 0.44 yuan [1] - **Total Assets**: Increased by 5% year-on-year to 2.658 billion yuan [3] Operational Strategies - **Cost Management**: The company is actively communicating with clients to mitigate price pressure and is promoting new technologies and domestic materials to reduce costs [1][4] - **R&D Investment**: Future R&D expenses will continue to rise, focusing on new materials, products, and computing power [5] - **Customer Concentration**: The top five customers' share decreased from 67.47% to 55.8%, indicating reduced customer concentration [6] Business Segments Battery Business - **Collaboration**: Deep cooperation with leading battery manufacturers like CATL, with expected revenue of 280 million yuan in 2024, a year-on-year growth of over 90% [6] - **Market Share**: The battery-related revenue is expected to account for over 25% of total revenue in H1 2025 [9] Liquid Cooling Products - **Market Potential**: The liquid cooling plate market is projected to have significant growth potential, with a vehicle value exceeding current main business [7] - **Data Center Products**: Focused on inference server markets, providing components like liquid cooling plates, CDU, UQD, and manifolds [10] - **Client Expansion**: Targeting overseas cloud service providers and core technology equipment manufacturers for partnerships [10] Competitive Landscape - **Market Position**: The company has no direct competitors in the plastic connection component market, but other companies are developing similar solutions [15][16] - **Domestic Competitors**: No significant domestic competitors in the plastic connection field, but many competitors in the stainless steel UQD sector [16] Future Outlook - **OCP Certification**: Aiming for OCP certification by the end of the year to facilitate overseas market expansion [20] - **Production Capacity**: Investment in a new processing plant in Chongqing to ensure sufficient capacity to meet demand [14] - **Product Development**: Plans to launch new liquid cooling products in Q4 this year or early next year, with a focus on North American market expansion [11] Challenges and Innovations - **Technical Challenges**: Facing challenges in product design and optimization, particularly in improving the reliability and consistency of plastic materials [25][26] - **Innovation Strategy**: Developing new products based on standardized connections to meet diverse customer needs while avoiding patent infringement [27] Conclusion SuLian Co., Ltd. is strategically positioned in the liquid cooling and battery component markets, with a focus on innovation, cost management, and expanding its customer base. The company is navigating challenges while aiming for significant growth in revenue and market share in the coming years.

Core Insights - The liquid cooling market for intelligent computing centers in China is projected to grow from 18.4 billion yuan in 2024 to approximately 130 billion yuan by 2029, representing an increase of over 7 times in five years [1][8][9]. Market Growth - The rapid growth of the liquid cooling market is driven by the explosive demand for AI computing power, which has significantly increased chip power consumption, surpassing the limits of traditional air cooling [1][9]. - The liquid cooling market is expected to see a compound annual growth rate (CAGR) of 46.2% for intelligent computing and 18.8% for general computing from 2023 to 2028 [5]. Technology Adoption - Cold plate liquid cooling is anticipated to become the mainstream solution, with a projected penetration rate of at least 30% to 40% by 2030 [1][14]. - The current liquid cooling penetration rate is about 10%, with expectations for rapid growth in the coming years [14]. Industry Dynamics - The demand for liquid cooling solutions is driven by the significant increase in server chip power consumption, which has tripled to quintupled in the past five years [9][10]. - Major companies in the industry, such as Shuguang and foreign leaders like Viavi Technologies, are expanding their market presence both domestically and internationally [15]. Challenges and Opportunities - The transition from air cooling to liquid cooling faces challenges, including longer construction and server development cycles, as well as concerns about the reliability of new technologies [14]. - As industry standards for liquid cooling become more established, the ecosystem is expected to mature, facilitating broader adoption and commercial use [14].

Core Insights - The company, Gaolan Co., has successfully applied its shielding pump products in liquid cooling systems for data centers [1] Company Summary - Gaolan Co. (300499.SZ) has announced the successful application of its shielding pump products in data center liquid cooling systems [1]