Group 1 - The liquid cooling concept is experiencing a rebound, with significant stock price increases observed in related companies [1] - In particular, Yingweike has reached the daily limit increase, while Dayuan Pump Industry has risen over 8% [1] - Other companies such as Shenling Environment, ZTE Corporation, and Oulu Tong have also seen stock price increases exceeding 5% [1]

Summary of Conference Call Records Industry Overview - **Industry**: Liquid Cooling, Backup Power, UPS, Diesel Generators - **Market Size**: The liquid cooling market is expected to reach a scale of 70 to 80 billion RMB by 2026, with CDU and liquid cooling plates accounting for approximately 40% and over 30% of the total market value respectively [1][5][6]. Key Insights and Arguments - **Liquid Cooling Demand**: The liquid cooling segment benefits from the growing demand for AI servers and the increasing value of liquid cooling solutions. The value of a GB300 liquid cooling cabinet is approximately 700,000 RMB, representing a nearly 20% increase from the GB200 model [1][2]. - **Market Concerns**: Investors express concerns about the sustainability of the current market trend, but the fundamentals are still in the early stages, indicating that the market cycle has not yet ended [1][7]. - **Investment Focus**: Investment in liquid cooling technology should focus on the supply chain and upstream materials, with leading companies and those with strong performance support being more advantageous [1][10]. - **Challenges for Domestic Supply Chain**: Domestic suppliers face challenges in entering international supply lists, particularly with major CSPs like NVIDIA. However, new technology iterations provide opportunities for new suppliers [4][10]. Additional Important Content - **Market Dynamics**: The IDC market is driven by economic conditions, inflation, and expectations for domestic supply chain integration. Increased capital expenditure from overseas CSPs supports the liquid cooling sector [2]. - **Backup Power Market Growth**: The overseas market for IDC backup power is growing rapidly, with lithium battery penetration expected to exceed 250 billion RMB [2][16][17]. - **UPS Market Opportunities**: The overseas UPS market presents significant opportunities for domestic companies like Kehua and Kstar, as traditional UPS manufacturers face capacity constraints [25][27]. - **Technological Advancements**: The importance of HVDC technology is increasing, with Chinese companies expected to enter overseas supply chains [28][29]. - **Diesel Generator Market Expansion**: Domestic diesel generator companies are beginning to secure orders from Europe and the US, marking a significant shift towards international markets [36][40]. Financial Projections - **Profit Margins**: The liquid cooling market is projected to have a profit margin of around 20%, potentially leading to a market capitalization of 400 to 500 billion RMB [5][24]. - **UPS Market Potential**: The global UPS market is valued at approximately 800 billion RMB, with significant revenue potential for domestic companies if they capture a 10% market share [33]. Conclusion - The liquid cooling, backup power, UPS, and diesel generator industries are poised for growth, driven by technological advancements and increasing international demand. Domestic companies are well-positioned to capitalize on these trends, although they must navigate challenges related to international market entry and competition.

Summary of Conference Call on Liquid Cooling Technology Industry Overview - 2025 is projected to be the global year of liquid cooling, with an expected shipment of 30,000 units, significantly higher than the 1,000-2,000 units in 2024 [1][3] - Demand is anticipated to increase by over 30% in the second half of 2025 compared to the first half, driven by IT infrastructure expansion and capacity ramp-up [2][4] Key Insights and Arguments - NVIDIA plans to deliver 5 million GPUs in 2026, corresponding to approximately 60,000 to 70,000 liquid cooling cabinets, indicating a potential doubling of demand [4][5] - The liquid cooling market is fragmented, with leading suppliers like Weidi holding a 30%-35% market share, and North American suppliers collectively accounting for nearly 60% of the market [1][7][8] - Chinese manufacturers face challenges in the international market due to trade issues and technological gaps, primarily participating in Southeast Asian markets while focusing on domestic liquid cooling applications [1][9] Pricing and Cost Structure - The cost of overseas liquid cooling systems is approximately $70,000 for an N172 cabinet and $50,000 for an N272 cabinet, while domestic systems are cheaper, averaging around 2,000 RMB per kW [10][11] - Domestic cooling systems are generally less expensive due to lower component costs and simpler designs, with total costs around 2,000 RMB per kW [12] Profitability and Market Entry - Overseas manufacturers typically require a gross margin of at least 35%, while some domestic companies are willing to operate with margins as low as 20% [13][14] - There are currently no clear indications that domestic companies can directly enter the overseas market, although some have received certifications from major clients like NVIDIA [15] Technological Developments - The liquid cooling technology is evolving, with potential shifts towards hybrid cooling solutions that combine GPU direct cooling with cabinet-level silent cooling [3][16] - The Rubin architecture may introduce new challenges for liquid cooling systems, necessitating further validation of new technologies [17][18] Future Trends - The development of server power supplies is moving towards higher capacities, with a new generation of 12 kW power supplies expected in early 2026 [19][20] - The transition to high-voltage direct current (DC) power supplies is anticipated, which could enhance energy density and efficiency [20] Challenges in Implementation - The low-voltage 848V systems face limitations due to high current requirements, necessitating the development of high-voltage to low-voltage onboard power supplies [23] - High-frequency conversion technologies present significant challenges in terms of design complexity and cost [24][25] Conclusion - The liquid cooling market is poised for significant growth, driven by technological advancements and increasing demand from the IT sector. However, challenges remain in terms of international market entry for Chinese manufacturers and the need for ongoing innovation in cooling technologies.

Core Viewpoint - The company has established a wholly-owned subsidiary in Singapore to cater to the liquid cooling server business, which is expected to enhance its service capabilities in Southeast Asia and globally [1]. Group 1 - The company confirmed its establishment of a new subsidiary in Singapore aimed at addressing the liquid cooling business needs in the region [1]. - The subsidiary is intended to support the company's expansion into Southeast Asia and global markets [1]. - The company emphasized the importance of this move in improving service support for overseas projects [1].

Core Viewpoint - The company, Gaolan Co., has confirmed its business scope includes the research, design, production, and sales of server liquid cooling systems and related products [2] Group 1 - The company engages in the development of server liquid cooling systems [2] - The company is involved in the design of related products [2] - The company handles the production and sales of its offerings [2]

Core Viewpoint - The company has achieved independent research and production of key liquid cooling equipment, indicating a significant advancement in its technological capabilities [1] Group 1: Product Development - The company's data center liquid cooling products include server liquid cooling plates, fluid connection components, various models and heat exchange forms of CDU, multiple sizes and power ratings of TANK, pumps, and heat exchange units [1] Group 2: Supply Chain Strategy - To optimize supply chain efficiency and meet diverse customer demands, the company will consider customer needs and its own production capabilities when deciding on the self-manufacturing or outsourcing of related components [1]

Group 1: Stock Market Activity - 37 stocks were listed on the institutional leaderboard today, with 19 showing net purchases and 18 showing net sales [1] - The top three stocks with the highest net purchases by institutions were: Zhinan Zhen (3.85 billion), Dazhihui (2.34 billion), and Tenglong Co., Ltd. (2.27 billion) [1][2] Group 2: Liquid Cooling Industry - The liquid cooling industry is entering a demand expansion phase, with key players like Yingwei Ke and Qiangrui Technology actively engaging with major clients such as ZTE, Inspur, and AVIC [2] - NVIDIA's GB300, launched in July, features a fully liquid-cooled design, increasing the demand for core components like liquid cooling plates and quick connectors [2] - North American cloud providers like Google, Meta, and Microsoft are expected to transition to liquid cooling technology in their next-generation self-developed ASIC chip clusters [2] Group 3: Film and Television Industry - Huace Film & TV is focusing on "AI + script" development, with self-developed tools for script evaluation and a library of over 50,000 hours of audio and video material [3] - Recent policy changes from the National Radio and Television Administration may relax restrictions on the number of episodes and types of historical dramas, potentially revitalizing the long-form drama sector [3] - The film and television industry is positioned for a recovery cycle, with improved supply and demand dynamics expected to enhance cash flow and advertising revenue [3]

Market Performance - A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index reaching a nearly 10-year high, closing up by 0.85% [1] - The Shenzhen Component Index increased by 1.73%, and the ChiNext Index rose by 2.84% [1] - The North Stock 50 index surged by 6.79% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 27,641.63 billion yuan, an increase of about 5,195.51 billion yuan compared to the previous trading day [1] - Overall, 4,037 stocks rose while 1,222 stocks fell across the market [1] Sector Performance - The liquid cooling concept stocks collectively surged, with companies like Hanzhong Precision Machinery, Yinlun Holdings, and Lingyi Technology hitting the daily limit [1] - The robotics sector continued its strong performance, with stocks such as Huahong Technology and Jintuo Holdings also reaching the daily limit [1] - The film and television sector experienced fluctuations but ultimately rose, with stocks like Ciwen Media and Huanrui Century hitting the daily limit [1] - The pharmaceutical sector saw a rebound, with companies like Baihua Medicine and Xintian Pharmaceutical also reaching the daily limit [1] - Huawei-related stocks experienced notable increases, with firms like Huasheng Tiancheng and Qiangrui Technology hitting the daily limit [1]

Group 1 - The core viewpoint is that intelligent computing power has become a new engine for infrastructure development, with the global computing power market reaching a scale of over 1 trillion yuan [2] - The global computing power scale has surpassed 910 EFLPOS, with a year-on-year growth of 40%, and intelligent computing power growing at a rate of 136%, accounting for 37% of the total computing power [2] - In China, the total computing power scale reached 237 EFLPOS, representing 26% of the global total, with the domestic computing infrastructure market estimated to be between 324.7 billion and 395 billion yuan in 2023 [2] Group 2 - The liquid cooling equipment market has exceeded 10 billion yuan, driven by high power consumption, energy efficiency improvements, and economic advantages [3][4] - Liquid cooling technology can be categorized into contact and non-contact methods, with single-phase cold plate liquid cooling currently dominating the market, accounting for over 90% of applications [3] - The necessity and advantages of liquid cooling are highlighted by the increasing power density of racks, with AI cluster computing density exceeding 50KW per rack, and liquid cooling showing a total utilization efficiency 15% higher than air cooling [4] Group 3 - The domestic data center cooling market is expected to reach 23.8 billion yuan by 2028, with the liquid cooling market projected to be 13.6 billion yuan [4] - The liquid cooling ecosystem includes upstream component suppliers, midstream liquid cooling server providers, and downstream computing power users, with companies like Invec and Feirongda being key players [5] - Invec is noted for its capability to provide a full-chain solution for liquid cooling [5]

Group 1 - The core viewpoint is that intelligent computing power has become a new engine for infrastructure, with the global computing power market reaching a scale of over 1 trillion yuan [2] - The total global computing power scale reached 910 EFLPOS by the end of 2023, with a year-on-year growth of 40%, and intelligent computing power growing at a rate of 136%, accounting for 37% of the total [2] - In China, the total computing power scale reached 237 EFLPOS, accounting for 26% of the global total, with the domestic computing infrastructure market estimated to be around 324.7 to 395 billion yuan in 2023 [2] Group 2 - The liquid cooling equipment market has surpassed 10 billion yuan, driven by high power consumption, energy efficiency improvements, and economic advantages [3][4] - Liquid cooling technology can be classified into contact and non-contact methods, with single-phase cold plate liquid cooling currently dominating the market, accounting for over 90% of applications [3] - The necessity and advantages of liquid cooling are highlighted by the increasing power density of racks, with AI cluster computing power density exceeding 50KW per rack, making traditional air cooling approaches near their limits [4] Group 3 - The liquid cooling market is projected to reach 23.8 billion yuan by 2028, with the liquid cooling segment expected to be 13.6 billion yuan [4] - The liquid cooling ecosystem includes upstream component suppliers, midstream liquid cooling server providers, and downstream computing power users, with companies like Invec and Feirongda being key players [5] - Invec is noted for its capability to provide a full-chain solution for liquid cooling [5]