银行股低开低走展开调整， 截止午盘下跌1.51%。其中中信银行大跌3.14%，工农中建四大行均跌逾2%，齐鲁银行下跌2.82%，光大银行下跌 2.48%，民生银行下跌2.28%，上海银行下跌2.27%。白酒、游戏等板块紧随其后。 液冷概念高开高走强势爆发，截止午盘大涨5.72%，包括中富电路、川环科技、金田股份等在内的超10只个股涨停。券商、金融科技股震荡走 强，其中指南针再创历史新高。光伏概念股展开反弹，其中欧晶科技涨停。 低开高走震荡反弹，截止午盘沪指上涨0.47%，深成指上涨1.19%，创业板指上涨2.14%。两市合计超4400只个股上涨，合计成交额1.31万亿。 消息面：人形机器人要从表演过渡到干活，如今已成为行业共识。152家储能企业发声反内卷，涵盖锂离子电池、液流电池、钠离子电池等供 应链单位。京东15日宣布，近日，京东正式完成对香港佳宝食品超级市场的收购。 欢迎您在评论中分享自己的看法，大家一起学习和讨论。 ...

Group 1 - The report emphasizes a positive market outlook driven by technology, highlighting a "dual-driven" market structure that includes strong growth categories under global technological collaboration and cyclical trading under the "anti-involution" trend [3][12][13] - The AI computing chain is identified as a core investment opportunity, with components like optical modules and PCBs being crucial for AI infrastructure, experiencing significant growth in both shipment and value [4][15][17] - Liquid cooling is positioned as a strategic investment opportunity within the AI computing chain, characterized by strong growth, a complete narrative, and favorable odds [4][18][22] Group 2 - The liquid cooling industry chain is segmented into three main parts: upstream components, midstream system integration and manufacturing, and downstream applications, each with distinct technical barriers and competitive landscapes [5][23][24] - Upstream focuses on the technical core of liquid cooling systems, including cooling fluids and key components, which significantly influence system performance and reliability [5][23] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities being a core barrier [5][23] - Downstream applications primarily involve high-performance data center operators and industry users, driving the large-scale adoption of liquid cooling [5][23] Group 3 - Liquid cooling is expected to experience a steep growth phase from late 2025 to 2026, driven by technological advancements and increasing power demands from high-end chips [18][19][22] - The transition of liquid cooling from an optional to a necessary solution is supported by stricter energy efficiency standards driven by government policies [19][22] - Compared to optical modules and PCBs, liquid cooling is in an earlier development stage, with lower penetration rates but high growth potential as demand for cooling solutions increases [18][20][22]

Core Viewpoint - The computing power sector has experienced a significant surge, becoming one of the most attractive investment themes in the A-share market, driven by factors such as relaxed sales policies from Nvidia, increased capital expenditure from North American cloud providers, and a surge in global AI model releases [2][6]. Group 1: Market Performance - The computing power sector saw a notable increase in various sub-sectors, particularly on August 13, with companies like Cambricon reaching a peak stock price of 868 yuan, closing at 860 yuan, with a total market capitalization of 359.8 billion yuan [3]. - Industrial Fulian also hit a historical high, closing at 43.68 yuan per share, with a single-day trading volume exceeding 10 billion yuan, reflecting strong market interest in AI server leaders [3]. - In the optical module sector, companies such as NewEase and Zhongji Xuchuang experienced significant stock price increases, with NewEase rising by 15.55% to 236.56 yuan and Zhongji Xuchuang increasing by 11.66% to 252 yuan [3]. Group 2: Computing Power Leasing Concept - The computing power leasing concept showed strong rebounds, with companies like Hangang Co. hitting the daily limit, and other related stocks such as Yuke De and Hongbo Co. also seeing significant gains [4]. - Analysts noted that the explosive growth in AI model training and inference demand has redefined computing resources as the "new oil" of the digital age, leading to a reassessment of companies with stable computing power supply [4]. Group 3: Liquid Cooling Technology - Liquid cooling technology, a key component of computing infrastructure, has attracted significant investment, with stocks like Southern Pump Industry and Yonggui Electric rising over 12% [4]. - The strong performance of the liquid cooling sector is attributed to multiple factors, including the increasing power consumption of Nvidia's GB300 chip and a surge in orders for liquid cooling equipment from global cloud providers [4][5]. - The global liquid cooling market is projected to exceed 200 billion yuan by 2025, with China accounting for 35% of this market [5]. Group 4: Driving Factors - Four main factors are driving the rise of the computing power industry: Nvidia's relaxed sales policies towards China, explosive capital expenditure growth from North American cloud providers, the dense release of global AI models, and breakthroughs in the domestic computing power supply chain [6][7][8]. - Nvidia's potential permission to sell AI chips to China has injected confidence into the computing power supply chain, leading to a collective rise in Nvidia-related stocks [6]. - Capital expenditure from major tech companies like Google, Microsoft, and Amazon reached 159.384 billion USD in the first half of 2025, marking a 24.4% year-on-year increase, indicating strong demand for AI infrastructure [7]. - The release of advanced AI models, such as OpenAI's GPT-5, has further fueled the demand for computing power, with industry leaders pushing for rapid technological iterations [8].

8月11日晚间，川环科技（SZ300547，股价42.37元，市值91.90亿元）发布2025年半年报：上半年，公 司实现营收6.88亿元，同比增长7.65%；实现归母净利润9863.01万元，同比增长0.27%；实现扣非归母 净利润9524.38万元，同比增长1.49%；基本每股收益0.45元。此外，川环科技计划不派发现金红利，不 送红股，不以公积金转增股本。 财报显示，今年上半年，川环科技净利率为14.33%，而去年同期的数值为15.39%；毛利率为24.96%， 去年同期为25.13%；净资产收益率8.08%，同比下降0.80个百分点；经营活动产生的现金流净额为-0.56 亿元，2024年同期为0.63亿元，由正转负。川环科技解释称，这是因为"销售商品接受劳务收到的现金 较同期减少"。 对市场关心的液冷业务，川环科技在2025年半年报中表示，近年来，公司前瞻性地开展储能和数据中心 行业的技术研究开发，将橡胶管+尼龙管+接头运用于液冷系统，2024年以来取得显著成效，该业务将 成为未来收入新增长点。 川环科技在半年报中还指出，"储能和数据服务器液冷管路产品有批量供货，后续将成为公司经营业绩 新的增长点。公 ...

Core Viewpoint - The A-share market is experiencing a strong upward trend, with significant growth in the computing power industry chain, particularly in areas such as liquid cooling, CPO, and AI chips, leading to record-high stock prices for several leading companies [2][3]. Group 1: AI Chips - The global AI chip market is projected to reach $53.6 billion in 2023 and is expected to surge to $71 billion in 2024, with a growth rate exceeding 30% [3]. - Domestic AI chip manufacturers are rapidly closing the performance gap with global leaders like NVIDIA, with local brands accounting for approximately 20% of the market in the first half of 2024 [3]. - Companies such as Cambrian and others are achieving significant stock price increases, with some seeing over 100% growth year-to-date [4]. Group 2: Optical Modules - The optical module market is forecasted to grow at a compound annual growth rate of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029 [5]. - Seven Chinese companies are among the top ten global optical module manufacturers, indicating strong domestic capabilities [5]. - Leading companies in this sector have reported earnings that exceed market expectations, with stock prices reaching historical highs [6]. Group 3: PCB (Printed Circuit Boards) - The PCB industry is experiencing a boom, with eight leading companies achieving record-high stock prices, driven by the demand from AI hardware and electric vehicles [7][8]. - The market for AI server and switch PCBs is estimated to reach between $50 billion to $60 billion by 2026 [7]. - A significant majority of PCB companies listed in A-shares reported revenue growth, with some companies like Shenghong Technology seeing net profit increases of over 300% [8]. Group 4: Liquid Cooling - The liquid cooling technology market is witnessing explosive growth due to increasing demands for efficient heat dissipation in data centers [9][10]. - Major tech companies like NVIDIA and Google are adopting liquid cooling solutions, which are expected to expand into various network devices [10]. - The liquid cooling server concept index has risen over 15% since August, reflecting strong market interest [9]. Group 5: AI Servers - The domestic AI server market has been growing at an annual rate exceeding 20% since 2022, with a market size projected to surpass 69.3 billion yuan by 2024 [15]. - The restrictions on high-end GPU exports have created a favorable market environment for domestic AI server manufacturers [15]. - Companies involved in AI server production are expected to benefit significantly from the growing demand for computing power [15][16].

Group 1 - The liquid cooling technology is gaining traction due to the increasing demand for efficient heat dissipation in high-density computing environments, with significant stock price increases observed in companies like Southern Pump Industry and Yonggui Electric [1] - Liquid cooling, which utilizes liquid as a heat transfer medium, offers higher thermal conductivity and lower energy consumption compared to traditional air cooling methods, and is categorized into direct and indirect liquid cooling types [1] - Major tech companies such as NVIDIA, Microsoft, Google, and Meta are accelerating the adoption of liquid cooling technology, with NVIDIA's GB300 system featuring a fully liquid-cooled design [1] Group 2 - Liquid cooling technology is expanding beyond GPU servers, with companies like Broadcom integrating it into switch devices, and AMD emphasizing liquid cooling in its MI350 series products [2] - The Chinese liquid cooling server market is projected to grow rapidly, reaching a market size of $2.37 billion in 2024, representing a 67% increase from 2023, with a compound annual growth rate of 46.8% expected from 2024 to 2029 [2] - The demand for liquid cooling solutions is driven by the growth of AI computing needs, leading to a transformation in cooling technologies towards modular and intelligent solutions [3] Group 3 - Companies such as Yingweike, Gaolan Co., and Zhongke Shuguang are recognized as key players in the liquid cooling sector, providing various solutions and components for data centers [3][4] - Yingweike is a leading supplier of liquid cooling solutions for major tech companies, while Gaolan Co. specializes in critical components for energy storage liquid cooling [4] - Other notable companies include Feilong Co., which supplies electronic pumps and temperature control valves, and Oulutong, which showcased a new generation of immersion liquid cooling solutions at a major tech conference [4]

每日经济新闻 中金公司研报称，在海外算力开支持续提升、算力芯片及液冷方案持续迭代升级下，AIDC液冷板块有望迎来斜率向上的投资机会；国产液冷链有望借新技 术窗口期以及决策链分散化切入海外配套；此外，随着国产算力芯片突破，看好国产液冷链的替代机遇。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设计、制造、封装和测试等龙头企业，其中包括中芯国 际、寒武纪、长电科技、北方华创等。其场外联接基金为，A类：008887；C类：008888。 8月13日上午，A股三大指数集体上涨，上证指数盘中上涨0.28%，通信、有色金属、国防军工等板块涨幅靠前，煤炭、纺织服饰跌幅居前。芯片科技股震荡 走强，截至9点52，芯片ETF（159995.SZ）上涨0.39%，其成分股晶晨股份上涨7.98%，沪硅产业上涨3.08%，豪威集团上涨2.68%，格科微上涨2.32%，海光 信息上涨0.91%。 消息方面，在后摩尔定律时代下，芯片算力与其功耗大幅提升。传统的风冷已经不足以支撑高功耗设备的散热需求，液冷成为高密度部署、降低能耗的最佳 选择。据TrendForce预测，全球数据中心液冷采用 ...

Core Insights - The report highlights a positive trend in the A-share market, indicating a "systematic slow bull" phase, driven by increased risk appetite and declining risk-free interest rates [7] - It suggests a focus on "big finance + pan-technology" sectors for investment opportunities, emphasizing a diversified approach to enhance success rates [7] - The report identifies specific sectors poised for growth, including the intelligent robotics industry, storage sector, and liquid cooling industry, with notable companies mentioned for potential investment [5][6] Macro News Summary - A joint statement from China and the U.S. has resulted in a 90-day suspension of the implementation of 24% tariffs, retaining 10% tariffs [4] - The Central Clearing Company has simplified the account opening materials for foreign central bank-like institutions [4] - The Ministry of Finance and the State Taxation Administration are seeking public opinions on the draft implementation regulations for the Value-Added Tax Law [4] Industry Dynamics - The intelligent robotics industry in Hangzhou is set to release development regulations, highlighting investment opportunities in the supply chain, with related stocks including Zhejiang Rongtai and Xiangxin Technology [5] - A structural shortage is anticipated in the second half of the year, with the storage sector expected to see continued price increases, involving companies like Dawi Co. and Baiwei Storage [5] - The liquid cooling industry is experiencing explosive growth in market demand, with companies such as Chuanrun Co. and Feilong Co. expected to benefit [5] Company Focus - Juxin Technology is developing a low-power AI computing platform, expanding its applications beyond audio [6] - Chengzhi Co. is advancing its "2.0 version development strategy," with steady revenue growth in the first half of 2025 [6] - Yueda Investment is achieving transformation results, exploring new paths in zero-carbon park construction [6] - Wolong Electric Drive reported a 36.76% year-on-year increase in net profit in the first half of the year, advancing its "going global + technology leadership" strategy [6]

Group 1: Market Trends - The demand for liquid cooling technology is experiencing explosive growth due to increasing heat dissipation issues in data centers and computing equipment [1][2] - The liquid cooling server concept index rose by 13.64% since August, indicating strong market interest [1] - IDC projects that the Chinese liquid cooling server market will reach $2.37 billion in 2024, a 67% increase from 2023, with a compound annual growth rate of 46.8% from 2024 to 2029 [3] Group 2: Company Performance - Feirongda expects a revenue of approximately 2.886 billion yuan for the first half of 2025, with a net profit increase of 103.95% to 123.69% year-on-year, driven by AI server cooling business [4] - Zhongshi Technology anticipates a net profit of 116 million to 129 million yuan for the first half of 2025, reflecting an 85.01% to 105.75% increase year-on-year due to rising demand for cooling materials [4] - Huazheng New Materials forecasts a net profit of 37 million to 47 million yuan for the first half of 2025, representing a year-on-year increase of 271.02% to 371.30% [5] Group 3: Industry Opportunities - The liquid cooling industry is expected to benefit from the increasing adoption of AI chips and the need for efficient cooling solutions, particularly in the AIDC sector [6][8] - Analysts suggest that domestic liquid cooling companies have the opportunity to reshape the global industry landscape, with a clear trend of increasing market share for domestic manufacturers [5][7] - The market for liquid cooling technology is anticipated to expand significantly as the penetration rate of liquid cooling in AI chip solutions increases, particularly in the ASIC market [7][8]

Summary of Conference Call Records Industry Overview - The liquid cooling market is expected to reach a scale of over 100 billion, driven by advancements in chip technology and increasing computing power demands [1][2] - Liquid cooling technology is gradually replacing air cooling, expanding its application from GPUs to switches and large-scale overseas data centers [2] Key Points and Arguments - **Demand and Supply Dynamics**: - Profit expectations have been revised upwards, leading to changes in supply dynamics. Taiwanese manufacturers are seeking outsourcing opportunities in mainland China, reflecting an urgent demand shift [3][4] - The liquid cooling technology is projected to see rapid penetration in data centers due to lower operational costs (OPEX) and strict energy consumption policies [3][8] - **Market Performance**: - The liquid crystal sector has shown strong performance, with leading companies reaching new highs and new entrants emerging [5] - Companies providing complete product solutions, such as Invec and Shengjing Environment, are seen as having greater commercial potential compared to those offering only a full range of products [5] - **Key Players in the Domestic Liquid Crystal Industry**: - The largest and most comprehensive supplier in the domestic liquid crystal industry has clear overseas order expectations, indicating significant performance elasticity [6] - Adaptation Environment, while smaller than Invec, has potential for growth through Southeast Asian orders and gradual entry into the North American market [6] - **Future Prospects of Key Companies**: - Keke New Source is expected to enter the AV product field and has a partnership with Dongguan Zhaoke for thermal materials, with projected performance exceeding 200 million after integration [7] Additional Important Insights - **Liquid Cooling in Data Centers**: - The application of liquid cooling technology in data centers is essential due to the increasing thermal power of AI chips and the need for lower PUE values [8][9] - The global trend towards stricter energy efficiency standards is pushing the adoption of liquid cooling solutions [8] - **NVIDIA's Liquid Cooling Supply Chain**: - NVIDIA's supply chain is structured in a pyramid, with NVIDIA at the top, followed by OEM and ODM manufacturers, and specialized cooling module suppliers at the base [12] - **Market Trends in North America**: - Major North American cloud providers are accelerating the adoption of liquid cooling solutions, with companies like Meta and Google leading the way [16] - **Impact of Domestic Chip Clusters**: - The iteration of domestic chip clusters is opening new liquid cooling solutions, significantly impacting the global market [17] - **Liquid Cooling in Energy Storage**: - Liquid cooling temperature control systems are becoming mainstream in the energy storage sector, with market share expected to reach 53% by 2024 [20] - **Potential for Data Center Liquid Cooling**: - Data center liquid cooling technology is expected to see both volume and price increases, with companies like Invec and Shengjing Kecai recommended for significant growth [21]