"十年新高"高不高？港股为何跑输？20250825 摘要 当前 A 股市场创下十年新高，但这并不一定意味着市场已经达到顶峰。尽管近 期 A 股表现强劲，但仍需关注未来的市场走向和潜在风险。首先，美联储在近 期的 Jackson Hole 会议上明确转鸽，鲍威尔表示当前货币政策处于相对紧缩 状态，并暗示如果经济形势适宜，将调整货币政策立场。这一表态使得市场对 9 月份降息的预期大幅上升，从会前的 70%提升至 90%。这种货币政策的变 化可能带来额外流动性，对全球资本市场，包括中国资产，产生积极影响。 对 于投资者而言，在当前环境下，需要关注几个方面。首先是美联储降息预期对 全球流动性的影响。如果美联储如预期降息，将有助于缓解传统需求被利率压 制的问题，例如制造业和房地产领域。此外，还需关注国内政策动向和经济数 据，以判断 A 股是否具备进一步上涨空间。 在具体配置方面，可以考虑以下几 个方向：第一，受益于流动性宽松的金融板块；第二，与 AI 相关的新兴科技领 域，如液冷技术板块；第三，受益于中美关系改善及内需增长的消费品行业。 总之，在当前复杂多变的宏观环境中，投资者应保持灵活，根据最新经济数据 和政策调整策 ...

液冷材料反应到什么阶段了 20250824 摘要 单向冷板成本构成中，冷板本身占比最高（约 35%，全铜方案），其次 是鳍管（约 21%），冷却液占比约 10%。铜铝混合方案可显著降低成 本。 双向冷板设计需进行相变，更多采用全铝或以铝为主的结构，以降低成 本和重量，并使用传统制冷剂或氟化液代替水基溶液。 双向冷却系统采用传统制冷剂或氟化液，成本高于单向冷却系统使用的 水和乙二醇，但可省去生物监测传感器，冷却液整体价值上升。 双向能板填补了单项静默与风冷之间的市场空白，引发竞争。各大企业 积极研发，介质选择包括氟化液、硅油及矿物油等。 液冷技术发展显著增加对铝材和铜材的需求，尤其是在 NVL144、288 甚至 576 规模应用中，用量将从几百公斤增加到几吨。 冷却液环节是当前液冷市场最具投资潜力的环节，新型高效介质如氟化 液和制冷剂因 AI 迭代带来巨大需求增长而备受关注。 华为在供应链管理中具有极高的控制力，倾向于选择能够提供高质量产 品并具备创新能力的国产供应商，推动国产替代。 Q&A 液冷系统中各个环节的单位价值量如何排序？在整个液冷系统中的价值量占比 如何？ 液冷系统主要分为两种类型：冷板液冷和静默 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the liquid cooling technology within the AI server market, highlighting its increasing demand and investment opportunities in the technology growth sector [1][6][19]. Key Points and Arguments 1. **Market Conditions**: The market has shown bullish characteristics since late June, driven by improved liquidity and risk appetite due to easing monetary policies and positive developments in the AI industry [2][3]. 2. **Technology Growth Sector**: The technology growth sector, particularly in hardware, has performed exceptionally well, with overseas AI capital expenditures exceeding expectations, benefiting areas like optical modules and PCBs [3][5]. 3. **Liquid Cooling Demand**: Liquid cooling technology is becoming essential in AI servers, with NVIDIA's GB300 liquid cooling coverage exceeding 80%, and the next-generation Caber architecture expected to achieve 100% liquid cooling [1][6]. 4. **Market Forecast**: The GPU liquid cooling market is projected to grow significantly, with the value per cabinet increasing from 600,000 RMB to 700,000 RMB, and total global shipments expected to reach 25,000 units per quarter, potentially exceeding 100,000 units annually, leading to a market size of 80 billion RMB [1][7]. 5. **ISIC Cooling Technology**: ISIC cooling is anticipated to see a surge in demand, with major tech companies like Google, Meta, and Amazon expected to release a large number of ISIC chips by 2026, driving the need for liquid cooling solutions [8][9]. 6. **Competitive Landscape**: In the overseas market, companies like Chi Hong Technology and Shuang Hong Technology are leading in liquid cooling technology, with significant revenue growth [10][11]. Domestically, companies like Shuguang Data and Yingwei have competitive advantages in liquid cooling solutions [12]. 7. **Liquid Cooling Types**: The main types of liquid cooling technologies discussed include spray cooling, cold plate cooling, and immersion cooling, with cold plate cooling being the most mature and widely adopted [13][14]. 8. **Necessity of Liquid Cooling**: The necessity for liquid cooling over air cooling is emphasized, particularly for high-power cabinets exceeding 30 kW, due to its superior heat dissipation capabilities and compliance with stringent energy consumption regulations [16][17]. 9. **Catalysts for Adoption**: Key catalysts for the adoption of liquid cooling technology include the release of the GB300 cabinet, optimistic capital expenditure guidance from overseas cloud vendors, and Huawei's high-power AI solutions [17]. 10. **Future Directions**: Future developments in liquid cooling technology are expected to focus on enhancing energy efficiency, expanding applications beyond GPUs and CPUs to include other components, and improving the overall cooling system design [18]. Additional Important Content - Investment opportunities are highlighted in various sectors, including secondary solution providers, companies related to GB300 cabinet enhancements, and water cooling group suppliers [19]. - The potential for domestic companies to emerge as leading players in the international liquid cooling market is noted, particularly due to their manufacturing capabilities and technological advancements [8][12].

Group 1 - Guangdong has 26 companies with a market value exceeding 100 billion yuan, with 9 new additions in the past year, driven by sectors like PCB and liquid cooling technology in the AI infrastructure space [1][3] - The top three companies by market value in Guangdong are China Merchants Bank (1126.66 billion yuan), Ping An Insurance (985.22 billion yuan), and BYD (964.72 billion yuan) [3] - Shenzhen leads with 18 companies, followed by Guangzhou and Foshan with 2 each, and Dongguan, Huizhou, Yunfu, and Zhuhai each having 1 [3] Group 2 - The PCB sector has seen significant growth, with companies like Shenghong Technology, Pengding Holdings, and Shennan Circuit achieving record market values, and Shenghong Technology's market value skyrocketing from 33.06 billion yuan to 165.08 billion yuan, a 398.38% increase [3] - Other notable companies include Dongpeng Beverage, which grew its market value by 61.54% to 148.2 billion yuan, and Guangqi Technology, which surpassed 86.8 billion yuan due to its unique advantages in aerospace and low-altitude economy [3][4] - The AI technology revolution is reshaping the industry chain, with the PCB industry entering a new growth cycle driven by demand from computing power, high-speed communication, and new energy vehicles [3][4] Group 3 - The AI infrastructure sector is expected to continue nurturing companies with market values exceeding 100 billion yuan, with Shengyi Electronics and Invec being strong contenders in the PCB and liquid cooling technology fields, respectively [4] - Shengyi Electronics, a leading PCB company, anticipates a net profit increase of 461.8% to 503.43% year-on-year in the first half of 2025, currently valued at 43.74 billion yuan [4] - Invec, a leader in liquid cooling technology with a 30% global market share, is expected to see revenue and profit growth in 2024, currently valued at 39.75 billion yuan, as the liquid cooling market for data centers grows at a compound annual growth rate of 48% [4]

记者丨杨期鑫 编辑丨于长洹 近期，上证指数重回3600点，在这波火热的行情下，广东千亿市值军团加速扩容。 南方财经记者梳理A股发现，截至2025年8月1日收盘，广东共有26家企业总市值超千亿元。近一年时间 内，广东千亿市值军团持续扩容，新增9家千亿市值企业。特别是在AI浪潮驱动下，深圳、惠州、东莞 等地的优势产业，正批量涌现千亿市值龙头。其中，PCB板块表现尤为亮眼，胜宏科技、鹏鼎控股、生 益科技等领军企业市值屡创新高，该领域近一年来集中诞生了4家千亿市值企业。此外，东鹏饮料与光 启技术也在同期成功跻身千亿市值行列。 这场资本盛宴中，谁将接棒冲击下一个千亿市值目标？结合近一年千亿市值企业变动情况来看，AI基 建下的细分赛道最有希望诞生千亿市值企业。综合来看，PCB领域的生益电子以及液冷技术龙头英维 克，将会是下一个千亿市值股的有力竞争者。 广东千亿军团再添9席 Wind数据显示，截至2025年8月1日收盘，广东共有26家企业总市值超千亿元，其中招商银行、中国平 安、比亚迪位列市值前三，分别为11266.59亿元、9852.17亿元、9647.24亿元。 从地域分布上看，千亿市值企业高度集中于深圳，多达18家； ...

Core Viewpoint - The article highlights the rapid expansion of Guangdong's billion-dollar market cap companies, driven by the AI wave, with a particular focus on the PCB sector and emerging players in the AI infrastructure space [1][3][8]. Group 1: Market Overview - As of August 1, 2025, Guangdong has 26 companies with a market cap exceeding 100 billion yuan, with the top three being China Merchants Bank (1126.66 billion yuan), Ping An Insurance (985.22 billion yuan), and BYD (964.72 billion yuan) [3][4]. - The electronic industry leads with six billion-dollar companies, followed by non-bank financials with five, and various other sectors including banking, home appliances, and food and beverage each having two [3][4]. Group 2: Recent Additions and Performance - In the past year, nine new companies have joined the billion-dollar market cap club, with notable performances from Shenghong Technology, Dongpeng Beverage, and others [5][6]. - Shenghong Technology's market cap surged from 33.06 billion yuan to 165.08 billion yuan, marking a 398.38% increase, while Shengyi Technology and Guangqi Technology also saw significant growth [5][6]. Group 3: Industry Insights - The PCB sector has seen a notable rise, with four new billion-dollar companies emerging, driven by the demand for high-end PCB due to advancements in AI technology and related fields [6][8]. - Shengyi Technology, a leading player in the PCB industry, is well-positioned for future growth, supported by its strong market presence and collaboration with upstream material suppliers [8][9]. Group 4: Future Prospects - The next potential billion-dollar companies are expected to emerge from the AI-related sectors, particularly in PCB and liquid cooling technologies, with Shengyi Electronics and Yingweike being strong contenders [8][10]. - The liquid cooling market is projected to grow significantly, with a forecasted market size of 3.39 billion USD in 2025, reflecting a 42.6% increase from 2024 [9][10].

Summary of Conference Call Records Industry Overview - The conference call focuses on the **data center power supply and liquid cooling industry** and discusses the evolving trends and opportunities within this sector [1][2][3]. Key Points and Arguments 1. **Power Supply Demand Upgrade**: The demand for power supply units (PSUs) has significantly increased, evolving from 3.3 kW to 5.5 kW, with many companies now pushing for 12 kW or higher. This upgrade raises the technical barriers, providing opportunities for domestic companies to enter overseas markets [1][2][3]. 2. **HVDC Technology Adoption**: Meta plans to implement a ±400V HVDC solution in its Prometheus data center project by 2026, which is ahead of market expectations. This presents a significant opportunity for domestic power supply companies to penetrate the overseas market [1][2][3]. 3. **NVIDIA's Future Plans**: NVIDIA's Ruben Ultra, set for mass production in the second half of 2027, will utilize an 800V HVDC architecture. The rapid advancement in HVDC technology by overseas clients exceeds market expectations, necessitating early positioning by domestic companies [1][3]. 4. **HVAC Trends**: The trend towards HVAC systems is clear, with NVIDIA's Robin Ultra achieving over 600 kW per cabinet. The adoption of HVAC can reduce costs and current losses, indicating a shift in power supply architecture [1][6]. 5. **Solid-State Transformer (SST) Benefits**: SST technology can significantly reduce cable usage in data centers by converting 10 kV input directly to 800V DC supply, potentially saving about 50% in cable usage. SST also improves overall efficiency by approximately 0.5% compared to traditional solutions [1][8]. 6. **Liquid Cooling Technology Growth**: The penetration rate of liquid cooling technology is expected to rise from 20% to around 50% by the end of 2025, driven by high-performance chip demand, system efficiency improvements, and energy-saving needs [1][10]. 7. **Domestic Companies' Competitive Edge**: Companies like HeWang, OuluTong, and MaiMi are actively developing relevant products. Those with established high-voltage, high-power technology will have a competitive advantage in the overseas market [1][5]. 8. **Market Catalysts**: Upcoming events, such as quarterly earnings reports from major companies and the global OCP conference in October, may serve as catalysts for industry development and market confidence [1][11]. Additional Important Insights - **Domestic Policy Support**: Shanghai has introduced a 600 million yuan subsidy policy for computing power, encouraging the establishment of new data centers. This support is expected to facilitate the adoption of flexible architectures in response to demand changes [1][15]. - **Investment Opportunities**: Companies that provide advanced cooling solutions and have strong competitive positions are recommended for investment. Notable mentions include Yingweike, Sixuan New Materials, and Shenli Environment [1][17][18]. This summary encapsulates the critical insights and developments discussed in the conference call, highlighting the opportunities and challenges within the data center power supply and liquid cooling industry.

Group 1 - Chipan Intelligent has completed a seed round financing of several tens of millions of RMB, with Dongyangguang as the exclusive strategic investor and Guangyuan Capital participating in incubation and serving as the exclusive financial advisor [1] - The funds from this round of financing will primarily be used for the research and development of gas-liquid phase change liquid cooling technology, with prototype production, production line construction, and small batch delivery expected by 2025 [1] - This strategic financing will expand the business cooperation between Chipan Intelligent and upstream industry chain partner Dongyangguang Group in fields such as fluorine chemicals, promoting the application of phase change liquid cooling technology in high-performance data centers [1][3] Group 2 - Chipan Intelligent, established in 2025, possesses core technology in adaptive dual-phase liquid cooling intelligent control and has developed technologies for dual-phase flow perception and intelligent control [3] - The company has overcome industry bottlenecks in high-density heat dissipation efficiency, energy efficiency optimization, and material compatibility, positioning itself as a potential leader in the liquid cooling sector [3][4] - Dongyangguang's investment manager Liu Qiong highlighted Chipan Intelligent's leading technological innovation and engineering capabilities in the dual-phase immersion liquid cooling field, with products validated by several leading enterprises [3][4] Group 3 - Guangyuan Capital's incubation head Huang Xinxin noted that Chipan Intelligent has achieved a critical breakthrough from core technology to industrialization in the domestic high-end liquid cooling sector, becoming an important driver for industry technological upgrades and green transformation [4] - Dongyangguang plans to engage in strategic cooperation with Chipan Intelligent in areas such as fluorine chemical materials and liquid cooling integrated machine sales, continuously empowering its industrialization process [4]

Group 1 - Company signed a strategic cooperation framework agreement with Shenzhen Green Cloud Technology Co., Ltd. to develop liquid cooling server products and technology [1] - Green Cloud Technology is a subsidiary of NetEase Technology and specializes in providing green data center solutions based on immersion liquid cooling technology [1][2] - The cooperation focuses on three main areas: product processing, joint technology research and development, and resource sharing [2] Group 2 - In product processing, Green Cloud will prioritize entrusting the manufacturing of integrated systems and related equipment to the company under equal business conditions [2] - Joint R&D will target cutting-edge technologies in liquid cooling servers, with both parties determining research directions and projects together [2] - Resource sharing will involve Green Cloud providing experimental support and the company offering mold development services to assist in new product testing [2] Group 3 - The company specializes in precision component manufacturing and R&D, with products used in electric vehicle systems, smart terminals, and consumer electronics [3] - In 2024, the company's automotive electronics and new energy vehicle business achieved sales revenue of 1.041 billion yuan, with over 80% from new energy vehicles, showing a growth rate of over 10% [3] - The company has completed capacity planning in multiple domestic locations and is expanding overseas in Thailand, Vietnam, and Indonesia, while strengthening market presence in Europe and North America [3] Group 4 - The company aims to focus on opportunities in computing servers and robotics, actively seeking external development opportunities based on industry insights [3]

Group 1: Company Overview and New Initiatives - The company established a wholly-owned subsidiary, Wuxi Jizhi Liquid Cooling Technology Co., Ltd., with an investment of 5 million RMB to enter the liquid cooling industry, aiming to optimize business structure and expand market reach [2] - The subsidiary will provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems, including GPU liquid cooling systems and cooling liquids [2] Group 2: Market Strategy and Production Capacity - The company has a production capacity of 400,000 tons per year for high-sulfur fuel oil, primarily serving international shipping clients, and is currently the only private refinery in China handling bonded high-sulfur fuel oil [3] - The company has successfully navigated the delivery of the first domestic bonded high-sulfur fuel oil futures, breaking the reliance on imports and supporting national energy independence [3] Group 3: Support from State Capital - The entry of state capital is expected to enhance the company's stability and accelerate industrial transformation, promoting long-term development [4] Group 4: Operational Improvements and Competitive Edge - The company is enhancing its competitive advantage by optimizing raw material procurement channels, increasing production capacity utilization, and exploring new business models such as import processing trade [5] - Efforts are being made to improve product quality and expand into high-end market applications, thereby increasing international market share [5] Group 5: Use of Convertible Bond Proceeds - Remaining funds from the convertible bond issuance will be used to permanently supplement working capital, repay bank loans, and support the upgrade of environmental aromatic oil products and comprehensive utilization of light hydrocarbons [6] Group 6: Disclosure of Information - The investor relations activity did not involve any undisclosed significant information [7]