Core Viewpoint - The collaboration between Bohui Co., Ltd. and Fast Cool aims to develop efficient and cost-effective immersion liquid cooling solutions for various applications, including computing power and energy storage [1] Group 1: Company Collaboration - The chairman of Fast Cool, Chen Jinde, and his core team recently engaged in discussions with Bohui Co., Ltd. to explore potential synergies [1] - Both companies plan to leverage their respective strengths and resources for joint research and development, technology cooperation, and market expansion [1] Group 2: Technology Development - The focus of the discussions was on creating safe, stable, and high-efficiency immersion liquid cooling solutions [1] - The collaboration aims to promote the widespread application of immersion liquid cooling technology in sectors such as computing power and energy storage [1]

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]

Core Viewpoint - The Guangdong province has seen a significant expansion in its billion-dollar market capitalization companies, with 26 firms now exceeding 100 billion yuan in total market value as of August 1, 2025, driven by the AI wave and strong performance in the PCB sector [1][3]. Group 1: Market Expansion - Guangdong's billion-dollar market capitalization companies have increased by 9 in the past year, particularly in cities like Shenzhen, which houses 18 of these firms [3][5]. - The top three companies by market capitalization are China Merchants Bank (1126.66 billion yuan), Ping An Insurance (985.22 billion yuan), and BYD (964.72 billion yuan) [3][4]. Group 2: Industry Distribution - The electronic industry leads with 6 billion-dollar companies, followed by non-bank financials with 5, and other sectors like banking, home appliances, and food and beverage each having 2 [3][4]. - The PCB sector has notably produced 4 new billion-dollar companies, including Shenghong Technology, Pengding Holdings, and Shengyi Technology [1][5]. Group 3: Company Performance - Shenghong Technology's market value surged from 33.06 billion yuan to 165.08 billion yuan, marking a 398.38% increase in the past year [5][6]. - Shengyi Technology's market value rose from 47.55 billion yuan to 99.6 billion yuan, reflecting a 114.4% increase [5][6]. - Dongpeng Beverage's market value increased from 93.48 billion yuan to 148.23 billion yuan, a 61.54% rise [5][6]. Group 4: Future Potential - The AI-driven PCB sector is expected to continue producing billion-dollar companies, with Shengyi Electronics and liquid cooling technology leader Invek identified as strong contenders [9][10]. - The global PCB market is projected to reach 78.6 billion USD by 2025, with growth rates of 6.8% in output and 7.0% in shipment volume [9][10]. - Invek's liquid cooling technology is gaining traction, with the Chinese market for liquid cooling servers expected to grow to 3.39 billion USD in 2025, a 42.6% increase from 2024 [11][12].

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].

南方财经记者 杨期鑫 广州报道近期，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 ...

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]

Group 1: Company Performance and Growth - The company achieved a revenue increase of 236.78% in Q1 2025, driven by the sales of smart card products and the successful launch of semiconductor packaging materials [1][2] - The performance trend for the first half of 2025 indicates overall business growth, particularly in the semiconductor packaging materials sector and high-margin smart card services [1][2] Group 2: Employee Stock Ownership Plan - The performance assessment targets for the 2025 employee stock ownership plan are set at a minimum of 16% growth in both net profit and operating revenue [2] - The company aims to maintain growth through enhanced cooperation with domestic operators and expansion into new application scenarios for smart cards [2] Group 3: Semiconductor Packaging Materials - The company is expanding its customer base to include major domestic and international power semiconductor packaging enterprises, with a focus on high-performance packaging materials [3][4] - The competitive landscape shows that while international giants dominate the semiconductor packaging materials market, domestic companies are rapidly catching up, particularly in high-growth sectors like electric vehicles and AI computing [3][4] Group 4: Smart Card Business - The smart card market is experiencing stable growth, with new applications in industrial internet and AIoT driving demand [5][6] - The company has established a comprehensive end-to-end system for smart card production, enhancing its competitive edge and customer loyalty [5][6] Group 5: Liquid Cooling Technology - The liquid cooling products are primarily used in AI servers and high-performance computing, with a focus on high thermal efficiency and low energy consumption [7][8] - The market for liquid cooling technology is expected to grow significantly, driven by increasing performance demands in data centers and high-performance computing [8][9] Group 6: Safety Solutions - The company's safety barrier project is designed for high-speed rail platforms, enhancing passenger safety through innovative physical isolation solutions [10][11] - The business model is based on pricing per platform length, with potential for significant value addition due to high technical barriers and safety requirements [10][11] Group 7: Business Synergy and Future Strategy - The company has developed a synergistic relationship among its four main business segments, leveraging core competencies in materials and structural design [11] - Future growth strategies include cautious consideration of mergers and acquisitions, focusing on long-term stability rather than rapid expansion [11]