Core Viewpoint - Nvidia's CEO Jensen Huang's comments on the next-generation Rubin chip's cooling technology have raised concerns among investors regarding the demand for data center cooling equipment, leading to a significant drop in related stocks [2][3][5]. Group 1: Impact on Cooling Equipment Stocks - Nvidia's announcement that servers with the Rubin chip will utilize liquid cooling instead of traditional chillers has caused a sell-off in cooling equipment stocks, with Johnson Controls experiencing an 11% drop, marking its largest intraday decline since 2022 [2][3]. - Modine Manufacturing's stock fell by approximately 21% before recovering to a 7.44% decline, while Trane Technologies also saw a decrease [2][3]. - Analysts are reassessing the investment logic surrounding AI infrastructure, as companies like Johnson Controls saw a 52% cumulative increase in stock price since last year due to the AI boom [5]. Group 2: Analyst Insights - Analyst Timothy Wojs from Baird highlighted that Huang's comments have raised questions about the long-term role of chillers in data centers, especially with the increasing adoption of liquid cooling technology, which allows systems to operate at higher temperatures [6]. - Barclays analyst Julian Mitchell noted that while Vertiv holds a strong position in the liquid cooling sector and may benefit from the discussed technological advancements, its cooling business could face challenges [6]. - Citi analyst Andrew Kaplowitz described the sell-off in cooling stocks as "overdone," emphasizing that cooling system manufacturers have established partnerships with chip makers and data center operators, making the risks manageable [10]. Group 3: Market Reactions - Huang's statements have also spurred a surge in data storage stocks, with SanDisk's stock rising over 27%, becoming the best performer in the S&P 500 on that day, as demand for memory and storage was highlighted [10].

英伟达CEO黄仁勋在CES上关于下一代芯片冷却技术的表态，引发投资者对数据中心制冷设备需求的担忧，相关股票周二集体重挫。 在拉斯维加斯的CES展会上，黄仁勋表示，搭载下一代英伟达Rubin芯片的服务器机架支持液冷散热，无需依赖冷水机组。 冷水机组通常是特灵科技（Trane）和江森自控（Johnson Controls）等公司为数据中心提供的核心设备之一。 周二数据中心制冷设备的相关概念股普跌。江森自控股价一度暴跌11%，创2022年以来最大盘中跌幅。摩丁制造（Modine Manufacturing）跌幅一 度约21%后有所收窄至7.44%。特灵科技同样走低。 液冷技术演进引发需求担忧 此次抛售反映出投资者对人工智能基础设施投资逻辑的重新评估，去年这些公司股价因AI热潮大幅上涨，江森自控2025年累计上涨52%。 Baird分析师Timothy Wojs在给客户的报告中指出： 黄仁勋的言论引发了关于冷水机组在数据中心长期定位的一些问题和担忧，尤其是在液冷技术日益普及的情况下。 Mitchell写道： 考虑到英伟达在整个AI生态系统中的重要地位，不应轻视他们的言论，尽管这些言论乍一看似乎有些夸张。 分析师称抛售 ...

（编辑 楚丽君） 证券日报网讯 1月6日，佳力图在互动平台回答投资者提问时表示，液冷系公司产品系列之一，包括液 冷微模块、集装箱式液冷、冷板式液冷、浸没式液冷等类别产品，具体产品及典型案例情况，请详见公 司定期报告或者公司官网。 ...

每经AI快讯，同飞股份1月6日晚间发布公告称，公司第三届第二十三次董事会会议于2026年1月6日在 公司会议室召开。会议审议了《关于与三河经济开发区管理委员会签订项目协议暨对外投资的议案》等 文件。 每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 （记者 王瀚黎） ...

每经头条（nbdtoutiao）——秒光！1499元飞天茅台上线即空，i茅台App冲上苹果购物榜第一，10万用 户已下单！经销商同价做回馈，1000箱很快卖完 （记者 曾健辉） 每经AI快讯，长虹华意1月5日晚间发布公告称，截至2025年12月31日，公司通过回购专用证券账户以 集中竞价交易方式累计回购股份约1129万股，占公司目前总股本的1.62%，最高成交价为7.19元/股，最 低成交价为6.79元/股，成交总金额约为7995万元。 ...

每经AI快讯，有投资者在投资者互动平台提问：公司有机器人制冷相关业务吗 申菱环境（301018.SZ）1月5日在投资者互动平台表示，公司暂无直接用于机器人散热的制冷相业务。 （文章来源：每日经济新闻） ...

Core Insights - The Chinese refrigeration and air conditioning equipment industry is at a critical turning point, transitioning from a price war-driven market to a stable development phase dominated by stock renewal demand and energy efficiency standards [1] - The report aims to analyze structural opportunities for growth in a mature market and provide insights into the long-term evolution and competitive landscape of the refrigeration equipment industry by benchmarking against overseas leaders [1] Group 1: Market Trends - The overseas HVAC giants are directing their capital expenditures towards data center infrastructure, driven by the global digitalization and intelligence wave, leading to increased demand for computing power [3] - The cooling systems in data centers represent a significant portion of energy consumption, making energy efficiency improvements and reduced Power Usage Effectiveness (PUE) critical requirements, thus creating market space for high-end cooling solutions [3] Group 2: Strategic Developments - Localized deepening in overseas markets and value extension in the supply chain are essential, with acquisitions of local brands allowing companies to quickly access established distribution networks and adapt to local product technologies [2] - The trend of direct overseas capacity construction in emerging markets like Southeast Asia is driven by tariff barriers, logistics costs, and the need to respond quickly to market demands while leveraging local resource advantages [2] Group 3: Investment Recommendations - In the household refrigeration equipment sector, attention should be given to industry leaders such as Midea Group [3] - In the specialized refrigeration equipment sector, domestic companies like Invec and Shenling Environment, which have rich reserves in data center cooling solutions, are worth monitoring [3] - Upstream components such as compressors, valves, and pumps are expected to benefit from the demand for data center cooling, with companies like Hanzhong Precision Machinery, Ice Wheel Environment, and Sanhua Intelligent Control being of interest [3]

格隆汇12月31日丨雪人集团(002639.SZ)在互动平台表示，公司的产品（如制冷及热泵设备）在工作过 程中并不直接产生二氧化碳。并且，公司可为CCUS（二氧化碳捕集利用封存）项目提供产品与技术， 已帮助多个行业的客户减少碳排放以及实现二氧化碳的资源化利用。此外，二氧化碳本身也是一种环保 的天然制冷剂，已被我们应用于制冷与热泵设备中。 ...

1. Report Industry Investment Rating The provided content does not include the report industry investment rating. 2. Core Views - The Chinese refrigeration and air - conditioning equipment industry is at a critical turning point. The domestic household market is in a stable development stage dominated by stock replacement demand, and growth is driven by the improvement of energy - efficiency standards. The report analyzes structural growth opportunities and long - term evolution trends by benchmarking overseas leading companies [2]. - Overseas expansion should focus on local in - depth development and value extension of the industrial chain. It is a systematic project, and mergers and acquisitions are strategic choices. Chinese enterprises are moving from the initial stage of "Made in China, Sold Globally" to the new stage of globalization of "brand, technology, and management" [2]. - The commercial refrigeration field, especially the data center refrigeration track, is a short - term growth highlight. The capital expenditure of overseas HVAC giants is directed towards data center infrastructure, and there is a market for high - end refrigeration solutions due to the need to improve energy efficiency and reduce PUE [2]. - Investment suggestions: In the household refrigeration equipment field, pay attention to industry leaders such as Midea Group; in the special - purpose refrigeration equipment field, focus on companies like Invic and Shenling Environment; for upstream components, pay attention to Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [2]. 3. Summary by Relevant Catalog 3.1 Traditional Refrigeration Equipment Overview - **Global Refrigeration and Air - Conditioning Market**: The global refrigeration and air - conditioning market has shown steady growth. From 2018 to 2024, the global air - conditioner sales increased from 232.5 million units to 261.2 million units, with a compound annual growth rate of 2.0%. The proportion of household air - conditioners in 2024 was 73.7%, and the central air - conditioning market grew faster, with a compound annual growth rate of 4.0% from 2018 to 2024. It is predicted that by 2028, the global air - conditioner sales will reach 293.3 million units, with a compound annual growth rate of 2.9% from 2024 to 2028. Asia, North America, and Europe are important regional markets, and China is the largest single air - conditioning market [22]. - **Household Air - Conditioning**: In the 2024 cold year, China's household air - conditioner production accounted for 80.8% of the global total. Many domestic enterprises are increasing overseas layout. In the 2024 cold year, overseas production capacity increased by nearly 7 million units. In the 2025 cold year, domestic household air - conditioner exports were about 99.29 million units, a year - on - year increase of 16.7%, with the highest export proportion to Asia [28]. - **Central Air - Conditioning and Chiller Units**: There are various types of central air - conditioning and chiller units. The export of screw and centrifugal chiller units for data centers is strong. The Asian market has a large - scale demand and is gradually recovering, while the North American market has a prominent growth rate due to its small base. The domestic market is waiting to stabilize, and leading enterprises are strengthening their competitive advantages [33]. 3.2 Household Market: Domestic Sales Review and Challenges for Leading Companies - **Price Wars and Market Competition**: After several price wars, the concentration of the domestic household refrigeration and air - conditioning market has increased. The competition has evolved from scale and price to technology, product, channel, service, and ecosystem. In 2025, the domestic sales volume of household air - conditioners increased by 8.7% year - on - year, but the growth driven by policies and climate is difficult to sustain. The long - term driving force is stock replacement and structural upgrading [35][36]. - **Energy - Efficiency Upgrade**: China has introduced multiple air - conditioner energy - efficiency standards, which have promoted the transformation from fixed - frequency to variable - frequency air - conditioners. Leading enterprises have advantages in technology and industrial layout for energy - efficiency improvement [39]. - **Challenges for Leading Companies**: In 2024 - 2025, a new round of price wars occurred. Xiaomi's entry has challenged the traditional hardware - profit model. Leading companies are facing challenges in terms of efficiency and sustainable profit growth. They are promoting digital reform, channel and logistics innovation to enhance competitiveness [40][43][44]. 3.3 Overseas Expansion of Domestic Enterprises - **Difficulties and Solutions**: There are differences in regional usage habits overseas. The US market has high access barriers, and the European market has low air - conditioner penetration and high energy - efficiency requirements. Overseas acquisitions are an important way to enter the market. Chinese enterprises are accelerating overseas production capacity construction in Southeast Asia and other regions [52][54]. - **Southeast Asian Market**: Exports to ASEAN are on an upward trend. In 2024, China's cumulative exports of white goods to ASEAN reached $14.87 billion, a year - on - year increase of 19.8%. The demand in the ASEAN market is driven by urbanization and industrialization [63]. 3.4 Overview of Overseas Representative Enterprises' Operations - **Business Models and Strategies**: Overseas HVAC representative enterprises have different business models and strategies. Johnson Controls has transformed from an equipment manufacturer to a builder of smart building ecosystems; Trane Technologies has upgraded its services and transformed its strategy; Daikin has acquired relevant enterprises to supplement its data center refrigeration business [73][82]. - **Performance of Leading Enterprises**: Leading international enterprises such as Trane Technologies, Johnson Controls, Carrier Global, and Vertiv have shown different performance. They are all focusing on high - growth areas such as data center refrigeration [83][86][87][88]. 3.5 Commercial Market: Pay Attention to Refrigeration Demand in Data Centers - **Demand for Data Center Refrigeration**: The development of AI and other industries is expected to drive the construction of data centers. The demand for data center capacity is expected to increase at a compound average growth rate of 19% from 2023 to 2030. Reducing the energy consumption of refrigeration equipment is crucial for the green and low - carbon development of data centers [94]. - **Refrigeration Technologies**: There are various data center refrigeration technologies, including water - cooled, air - cooled, indirect evaporation cooling, "glacier" phase - change cooling, and liquid cooling. Liquid cooling has advantages in energy consumption, and the development of liquid - cooling technology is a trend [96][104]. - **Investment Suggestions**: Enterprises in different segments are recommended, including traditional HVAC enterprises such as Midea Group, precision temperature - control equipment enterprises such as Invic, special - purpose air - conditioner manufacturers such as Shenling Environment, and upstream component enterprises such as Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [112][113].

证券日报网讯12月26日，冰山冷热（000530）在互动平台回答投资者提问时表示，公司先后承接了风洞 制冷系统、气候环境试验室等多个人工环境模拟项目，精准可靠模拟航空航天实验环境，积极贡献专业 智慧。公司《特种深冷风洞纯化环境系统关键技术研发及示范应用》项目荣获中国制冷学会2025年度科 学技术进步奖一等奖。 ...