格隆汇12月22日丨高澜股份(300499.SZ)在互动平台表示，公司在芯片热管理技术方面有一定技术储 备，尚未实现产业化应用。 ...

随着AI算力需求激增，服务器散热压力陡增，液冷作为高效散热方案成市场焦点，飞龙股份、英维 克、奕东电子、江南新材、大元泵业领涨，题材相关企业整理如下： 飞龙股份（002536.SZ） 最新股价：27.59元 日涨幅：+10.01% 亮点：数据中心液冷产品已量产，电子水泵、温控阀等应用于服务器液冷领域 英维克（002837.SZ） 最新股价：92.95元 日涨幅：+10.00% 亮点：布局冷板、浸没液冷技术，推出算力设备及数据中心的液冷机柜、全链条液冷解决方案 奕东电子（301123.SZ） 最新股价：52.78元 日涨幅：+20.01% 亮点：收购深圳冠鼎（AI液冷散热头部供应商），产品供应英伟达、Meta、谷歌等头部企业 江南新材（603124.SS） 最新股价：75.33元 日涨幅：+10.00% 亮点：液冷泵、液冷温控业务下游覆盖英伟达、英维克等客户，2025年一季度该业务同比翻倍增长 光迅科技（002281.SZ） 最新股价：68.59元 日涨幅：+10.01% 亮点：浸没液冷智算联盟成员，可提供全套液冷光模块产品 宏盛股份（603090.SS） 最新股价：53.16元 日涨幅：+9.99% 日涨幅： ...

Riverwater Partners, an investment management company, released its “Small Cap Strategy” Q3 2025 investor letter. A copy of the letter can be downloaded here. The Small Cap Core Strategy reported solid results for the quarter but did not keep pace with the sharp rally, thus lagging the benchmark. The market’s preference for lower-quality companies persisted in the quarter and contributed significantly to the benchmark’s outperformance. On the other hand, the strategy remains focused on higher-quality compa ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Direct Liquid Cooling (DLC)** market, particularly in the context of AI server racks and thermal management technologies. The market is projected to grow significantly due to increasing power densities in AI silicon, with a **CAGR of 51% from 2025 to 2030**, reaching **US$31 billion** by 2030 [3][10][14]. Core Insights and Arguments - **Market Growth Potential**: The upcoming transition to DLC is seen as a critical upgrade rather than a gradual hardware change, driven by competition in AI silicon [11][12]. The market is expected to expand rapidly, with the **DLC market size projected to grow from US$1.14 billion in 2024 to US$31 billion in 2030** [10][14]. - **Thermal Management Needs**: As AI silicon power density exceeds **1,000W TDP**, DLC is becoming essential for managing heat in advanced AI racks [4][11]. The report emphasizes that DLC is not just a utility but a strategic enabler of compute performance [14]. - **Micro-Channel Lid (MCL) Adoption**: The report anticipates that MCL technology will start to be adopted minimally by **Q4 2026**, with significant growth expected by **H2 2027**. MCL is projected to serve applications above **3,500W TDP** [5][20]. The total addressable market (TAM) for MCL is estimated to reach **US$2.7 billion by 2030** [5][10]. - **Cold Plate Market Dynamics**: Cold plates are expected to remain dominant for applications under **3,500W TDP**, with a projected TAM of **US$8.9 billion by 2030**. Concerns about pricing pressures are considered overblown, as the value of content per rack is expected to increase [6][10]. - **Investment Recommendations**: Coverage is initiated on three companies—**AVC, Auras, and Jentech**—all rated as **Buy**. AVC is recognized as a leader in cold plates, while Jentech is positioned to benefit from MCL adoption [7][28][30]. Additional Important Insights - **Market Bifurcation**: The report argues against the notion that the cold plate market will suffer from commoditization due to MCL adoption. Instead, it suggests that the market is bifurcating, with both MCL and upgraded cold plates coexisting [21][30]. - **Thermal Interface Material (TIM) Challenges**: The report highlights the thermal bottleneck posed by TIM 2, which is critical for future AI platforms. MCL technology is seen as a solution to eliminate this bottleneck [17][26]. - **Competitive Landscape**: The report notes that Nvidia's aggressive TDP roadmap and competition from AMD and Google TPU could accelerate the adoption of MCL technology [19][20]. - **Long-term Risks**: The potential for vertical integration by ODMs like Hon Hai could disrupt traditional thermal supply chains, posing a long-term risk to existing players [30]. - **DLC as the Preferred Method**: The report concludes that DLC will remain the dominant liquid cooling method due to its scalability, lower capital expenditure, and feasibility for retrofitting existing data centers [31][32]. This summary encapsulates the critical insights and projections regarding the DLC market and its implications for the companies involved, providing a comprehensive overview of the current landscape and future opportunities.

Group 1 - Company plans to use self-owned funds of 35.7 million yuan to acquire 51% equity of Zhongshi Xunleng, making it a controlling subsidiary [1] - Zhongshi Xunleng specializes in the design, manufacturing, and service of thermal module products, particularly focusing on liquid cooling solutions, which account for over 90% of its sales [1] - The acquisition aims to enhance the company's core competitiveness by integrating Zhongshi Xunleng's capabilities with its existing thermal products [2] Group 2 - The acquisition will allow the company to quickly enhance its design, manufacturing, and testing capabilities in liquid cooling products, complementing its existing thermal solutions [2] - Zhongshi Xunleng's location in South China provides rich industrial resources, facilitating rapid response to customer needs and upstream-downstream collaboration [2] - The company reported a revenue of 1.298 billion yuan for the first three quarters of 2025, a year-on-year increase of 18.45%, with net profit rising by 90.59% due to the growing demand for AI server liquid cooling modules [2] Group 3 - The liquid cooling technology is experiencing rapid growth, driven by the increasing power consumption of AI servers and high-density data centers, with market penetration expected to exceed 40% in China by 2025 [3] - The company has prior experience in similar acquisitions, having acquired 51% of Jiangsu Kaiweidi in 2019 to enhance its thermal component layout [3] - Following the acquisition of Kaiweidi, the company established a production line for superconducting heat pipes in Yixing, with a total investment of 300 million yuan, aiming for an annual output exceeding 500 million yuan [3]

Event Overview - The iTherM2025 (Thermal Management Expo) will take place from December 3 to December 5, 2025, at the Shenzhen International Convention and Exhibition Center, Hall 10 [2][3]. - The exhibition hours are as follows: December 3 and 4 from 09:00 to 17:00, and December 5 from 09:00 to 16:00 [2]. Registration and Venue - Attendees must register at the South Entrance Hall of the Shenzhen International Convention and Exhibition Center [3][4]. - It is important for exhibitors and attendees driving to the venue to avoid going directly to the second floor and to collect their credentials at the registration area [4]. Transportation - The venue is accessible via metro lines 1 and 4, with the nearest station being the Convention Center Station (Exit D) [6]. - Shuttle buses are available to connect various metro stations and the exhibition center [6]. - For those driving, parking is available at the P1 and P2 underground parking lots [7]. Accommodation - A list of nearby hotels with pricing and amenities is provided, including options for luxury and standard accommodations [8]. - Contact information for booking is available, ensuring convenience for attendees [8]. Exhibitor List - A comprehensive list of exhibitors includes companies such as Shenzhen Huaar Technology Co., Ltd., and Suzhou Datong Thermal Control Technology Co., Ltd. [9][10]. - The exhibitor list highlights a diverse range of companies involved in thermal management technologies [9][10]. Conference Agenda - The conference will feature various sessions on topics such as thermal interface materials, chip and electronic device thermal management, and liquid cooling technologies [14][24][27]. - Notable speakers include professors and researchers from prestigious institutions, discussing advancements and challenges in thermal management [19][20][26]. Supporting Organizations - The event is organized by DT New Materials, with support from various academic and industry partners [13]. - Prominent figures in the field, including academicians and industry leaders, are involved as advisors and speakers [13].

Core Viewpoint - Modine Manufacturing has experienced significant stock growth, attributed to positive analyst recommendations, with shares up by 8% week-to-date [1] Analyst Updates - DA Davidson's Matt Summerville reiterated a buy recommendation for Modine, setting a price target of $200 per share [2] - Summerville's analysis followed discussions with Modine's CEO, highlighting the company's potential for substantial growth driven by sustainable demand and innovation [3] - UBS analyst Neal Burk also initiated coverage with a buy recommendation and a fair value assessment of $173 per share [4] Industry Context - Modine is a key supplier of cooling systems for data centers, which are currently seeing heavy investment due to the resource-intensive nature of artificial intelligence [5] - The ongoing trend in AI is expected to provide significant growth opportunities for Modine, positioning the company favorably for future success [6]

Core Insights - Modine has introduced a stainless steel variant of its TurboChill DCS chiller range, enhancing the hydraulic capacity for direct liquid cooling systems, particularly in high-density AI applications [2][5] - The new design improves circuit cleanliness and system reliability, reducing contamination and build-up, while maintaining structural stability under extreme thermal loads [3][5] - The TurboChill DCS Stainless Steel can eliminate the need for in-row coolant distribution units (CDUs), simplifying infrastructure and potentially improving Power Usage Effectiveness (PUE) [4][6] Product Features - The stainless steel variant is designed for high-pressure environments and is suitable for global applications, meeting Seismic Design Category D [5] - It operates efficiently at ambient temperatures up to 55°C (131°F) and uses low Global Warming Potential (GWP) refrigerant R1234ze (GWP 1.37) [5] - The modular 'V' frame coil arrangement and Enhanced Free Cooling technology contribute to reduced energy consumption [5] Company Background - Modine has over 100 years of experience in thermal management solutions, focusing on engineering a cleaner and healthier world [8] - The company employs more than 11,000 people globally and operates in North America, South America, Europe, and Asia [8]

Core Insights - Lingyun Rubber Hose Company, recognized as a national-level "little giant" enterprise, has successfully gained the favor of a leading domestic digital energy high-tech company, achieving bulk supply of liquid cooling pipeline products and establishing stable cooperation with several global cooling industry leaders [2] Group 1: Core Material R&D - The core competitiveness of Lingyun's liquid cooling technology stems from its independent control over the core component, the rubber material, which operates in extreme environments of alternating heat and cold, directly affecting product lifespan and operational safety [3] - Lingyun has achieved 100% self-research of core rubber materials, with testing showing stable performance in extreme conditions from -40°C to 80°C, significantly improving anti-aging performance and extending overall product lifespan by 50%, addressing traditional industry pain points of leakage and short lifespan [5] Group 2: Full Chain Layout - The company has established a complete production chain from "material R&D to hose manufacturing to pipeline integration," enhancing its market competitiveness [6] - By integrating with its group company for quick-connect fittings, Lingyun can respond rapidly to personalized demands from clients like Huawei, providing customized liquid cooling pipeline solutions and breaking the dependency on external suppliers for core components [6][8] Group 3: Market Positioning - Leveraging its technological and supply chain advantages, Lingyun has successfully positioned itself within the core circle of the global liquid cooling supply chain, supplying major liquid cooling manufacturers and being adopted by domestic listed companies for autonomous liquid cooling solutions [8] - This series of collaborations not only highlights the international competitiveness of its products but also plays a significant role in breaking technological barriers and building an autonomous supply chain system for China's liquid cooling industry [8] Group 4: Future Outlook - Lingyun aims to continue increasing its R&D investment in liquid cooling materials and system integration, enhancing production capacity and service capabilities to support leading companies like Huawei in achieving technological breakthroughs in the digital energy sector [9][10]

Group 1: Artisan Small Cap Fund Performance - Artisan Small Cap Fund's Investor Class fund ARTSX returned 8.69%, Advisor Class fund APDSX posted 8.75%, and Institutional Class fund APHSX returned 8.73% in Q3 2025, compared to a return of 12.19% for the Russell 2000 Growth Index [1] - Global equities rallied in Q3 2025, with major US indices like Russell 1000®, Russell Midcap®, and Russell 2000® reaching record highs [1] Group 2: Modine Manufacturing Company Overview - Modine Manufacturing Company (NYSE:MOD) offers thermal management products and solutions, with a one-month return of -16.30% and a 52-week gain of 4.53% [2] - As of November 14, 2025, Modine's stock closed at $132.02 per share, with a market capitalization of $6.951 billion [2] Group 3: Modine Manufacturing Company Growth Drivers - Modine is experiencing strong growth due to increased business with existing hyperscale customers and new accounts in the hyperscale segment [3] - Rising demand in the US and Southeast Asia, along with expansion into advanced product lines like rack-level and modular data center cooling solutions, has fueled Modine's momentum [3] - The company has significantly raised its revenue expectations for the year [3] Group 4: Hedge Fund Interest and Market Position - Modine Manufacturing Company was held by 49 hedge fund portfolios at the end of Q2 2025, an increase from 45 in the previous quarter [4] - While Modine shows potential as an investment, certain AI stocks are considered to offer greater upside potential and less downside risk [4]