Core Insights - The report from China International Capital Corporation (CICC) indicates that the demand for computing power is increasing due to the iterative updates of AI large models and their application deployment [1] - The report highlights that chip power consumption and computing power density are continuously rising, with liquid cooling technology accelerating its replacement of air cooling to become the mainstream solution [1] - CICC forecasts that the global AI liquid cooling market size is expected to reach $8.6 billion by 2026, indicating a rapid market growth [1] - Cold plate liquid cooling is anticipated to be the first to achieve large-scale implementation [1]

Robotics - Xince Standard: The joint venture Xince Standard (Suzhou) Robot Technology Co., Ltd. has not generated any business revenue [1] - High Measurement Co.: The composite tungsten wire tendon rope used in humanoid robots has formed small batch orders [1] - Hongqi Chain Store: The company's robot project is currently under development [1] - Shuangfei Group: The company will actively seek cooperation opportunities with humanoid robot clients [1] Liquid Cooling - Hu塑科技: The company has not yet cooperated with Vidi Technology to develop a dedicated BMU solution for liquid cooling systems [1] Other Developments - Aerospace Electric: The company's connectors, cables, and motors have been applied in supporting new energy vehicles [1] - Zhuoyi Information: The company's BIOS products have a layout in the Harmony ecosystem [1] - Fuxin Technology: The company has initiated the development of the Micro TEC project for 1.6T optical modules [1] - Qiaofeng Intelligent: The company's CNC machine tool products can be applied in the processing of folding screen structural components [1] - Airo Energy: The company's technology and products do not involve AIDC [1] - Sande Technology: There is strong demand, and the revenue growth of the company's unmanned intelligent equipment is sustainable [1] - Yingjie Electric: The demand for nuclear fusion-related power supplies may form an increment in the second half of this year and the first half of next year [1] - Tongguan Copper Foil: The company has sufficient orders for copper foil products, and prices will be adjusted according to market conditions [1]

Summary of Liquid Cooling Technology Conference Call Industry Overview - Liquid cooling technology has become essential for high-power equipment cooling, particularly in the server sector, where cabinets exceeding 20 kW must rely on liquid cooling to enhance data center signal transmission efficiency [1][2] - The liquid cooling market is expected to reach a trillion-level valuation in the future, driven by demand from companies like NVIDIA and major cloud service providers such as Google and Amazon [1][7] Key Points and Arguments - **Development Stages**: Liquid cooling technology has evolved from air cooling to plate-level liquid cooling and now to immersion cooling. The GV300 level plate cooling is currently a market hotspot, but its thermal management system is still in the early stages, with revenue realization expected to take time [1][5] - **Market Position**: China holds a significant advantage in the PCB sector, capturing 60% to 70% of global production capacity. However, it lacks a strong foundation in liquid thermal management systems, with Japan and Taiwan currently leading in this area [6] - **Market Potential**: The domestic liquid cooling market is valued at approximately 600 to 700 million yuan, with potential growth to 100 billion yuan when including external equipment and demand from major tech companies [7] - **Transition from PCB to Liquid Cooling**: As the PCB sector grows, liquid cooling is becoming a critical segment, particularly in the transition from chip-level to system-level cooling solutions [2] Challenges and Opportunities - The liquid cooling industry faces market divergence due to stock market adjustments, but it still holds significant long-term growth potential. The market is expected to expand rapidly, with domestic manufacturers moving from low-end components to high-end core components [8][9] - **Investment Timing**: Current market conditions present a favorable opportunity for investors, as the industry is still in its early stages, with the formation of Tier 1 and Tier 2 suppliers just beginning [18] Additional Insights - **Certification Requirements**: Liquid cooling modules must undergo NVIDIA certification for Tier 1 and Tier 2 suppliers, while some components can enter the system through indirect means, allowing for quicker market entry [10] - **Component Performance**: Cold plates are progressing rapidly in the market, while CDU and UQD components are lagging due to their complexity and the need for extensive certification [11] - **Future Trends**: The industry is moving towards improved cooling efficiency and stability, with new materials like graphene and liquid metals emerging as alternatives to traditional thermal grease [15][16] Conclusion - The liquid cooling industry is poised for significant growth, driven by increasing demand for high-performance computing and data center solutions. The transition from traditional cooling methods to liquid cooling systems is expected to accelerate, creating numerous investment opportunities in the coming years [19]

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is evolving from air cooling to unidirectional cold plates, then to silent and bidirectional cold plates, with the latter competing with unidirectional silent systems [1][6][20] - NVIDIA is driving the development of bidirectional cold plates to meet the high power demands of AI servers and is exploring a bidirectional cold plate with a local silent solution to reduce costs and address high heat flux issues [1][10] Key Cooling Technologies - The main cooling methods in the liquid cooling industry include unidirectional cold plates, bidirectional cold plates, and silent liquid cooling [2][20] - Unidirectional cold plates are easy to retrofit onto existing air cooling systems, using water and ethylene glycol, but have leakage risks due to conductivity issues [2][4] - Silent liquid cooling operates within a power range of 44 kW to 100 kW, using mineral oil, silicone oil, or fluorinated liquids, with full fluorinated ethers being the best-performing but most expensive option [2][4][24] Market Dynamics - After 3M exited the market in 2022, domestic manufacturers like Noah, Yonghe, Yongtai, Sinochem Blue Sky, and Juhua are actively replacing them, with Noah excelling in the trifluorinated ether sector [1][21][22] - The market for semiconductor cooling liquids is competitive, with companies like New Doubao and Juhua making significant strides in mainstream wafer fabs [25][27] Cost and Investment Insights - Initial investment costs for unidirectional cold plate systems are low (<3% of total system cost), but long-term maintenance costs can rise to 7%-8% [1][14] - The cost structure varies significantly based on the cooling medium used, with mineral oil costing <10%, silicone oil >10%, and high-end incubation liquids reaching up to 40% of system costs [1][14][15] Competitive Landscape - Major players in the liquid cooling market include Noah, Yonghe, Yongtai, Sinochem Blue Sky, and Juhua, with Noah being the standout performer [22][23] - New Doubao's full fluorinated ether products are being used in large-scale applications, particularly with Samsung [27][28] Future Trends - The future of domestic alternatives depends on their ability to consistently meet the demands of large manufacturers, with the next one to two years being critical for market performance [28] - Innovations in cooling technologies, such as bidirectional cold plates and local silent solutions, are expected to enhance overall efficiency and reduce maintenance challenges [12][20] Conclusion - The liquid cooling industry is experiencing rapid growth driven by AI and cooling technology advancements, with significant interest from major tech companies [20] - The exit of 3M has opened opportunities for domestic players to fill the gap, leading to a competitive and evolving market landscape [21][22]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the A-share market and various sectors including beauty care, electronics, non-banking financials, and consumer goods. Core Points and Arguments 1. **Market Characteristics**: The current A-share market is characterized by structural prosperity, with a significant recovery in specific sectors such as beauty care, electronics, non-banking financials, and non-ferrous metals, despite an overall modest profit recovery. The mid-year earnings forecast shows a 27.51% increase, a slight year-on-year decline of 1.21% [3][4] 2. **External and Internal Uncertainties**: Short-term capital inflow is limited due to external factors like restricted foreign investment and macroeconomic uncertainties, which dampen overall economic expectations [3][4] 3. **Market Sentiment**: Investor sentiment has surged, with the sentiment index exceeding 90, indicating a state of euphoria that may lead to a rapid increase in stock prices as short positions are covered [5][8] 4. **Trading Patterns**: The market exhibits a "three up, two down" pattern, with stronger performance in the first half of the week compared to the latter half, necessitating caution regarding potential pullbacks [3][6] 5. **Potential for Market Correction**: Overheated market conditions, indicated by a five-day average turnover rate exceeding 2%, could lead to corrections back to the 20-day moving average, and rates above 3% may result in deeper adjustments towards the 60-day line [6][8] 6. **Future Market Outlook**: The mid-term outlook remains optimistic for the A-share market, provided that the pace of increases is controlled to avoid significant corrections. Attention should be paid to external factors such as U.S. Federal Reserve interest rate expectations and the performance of U.S. tech stocks [8][14] 7. **Sector Rotation and Investment Opportunities**: Emphasis on sector rotation is crucial, with a focus on strong trends in AI, humanoid robots, and semiconductor sectors, as well as opportunities in the beauty industry within the new consumption space [9][10][11] 8. **Dividend Sectors**: Apart from traditional banking, sectors such as insurance, petrochemicals, food and beverage, and white goods are highlighted for their high dividend yields and stable returns, with the liquor sector showing potential for investment as pessimistic expectations have been largely priced in [2][13] 9. **Risks and Strategies**: The market may face minor pullback risks in the short term, but maintaining a slow bull market rhythm can facilitate continued upward movement. Attention should be given to the performance of U.S. tech stocks, as their downturn could impact domestic tech sectors [14][15] Other Important but Possibly Overlooked Content 1. **Market Dynamics**: The discussion notes that the recent upward acceleration in the market is influenced by external factors such as the easing of the Russia-Ukraine conflict and rising expectations for interest rate cuts by the Federal Reserve, which have positively impacted global and A-share markets [4][5] 2. **Sector-Specific Trends**: The call emphasizes the importance of identifying low-position sector rotation opportunities, particularly in the new consumption space, which has begun to show signs of recovery despite previous underperformance [10][11] 3. **Regulatory Environment**: The ongoing discussions among regulatory bodies regarding the photovoltaic industry and battery components indicate that the "anti-involution" theme, while currently less popular, may still have potential for future development [12]

北美云厂商资本开支持续扩张，显示AI算力需求强劲，国产算力产业链有望深度受益于海外映射逻 辑。公开信息显示，云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高， 覆盖了光模块&光器件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF （516630）为跟踪该指数合计费率最低的ETF。 （文章来源：每日经济新闻） 天风证券指出，在整体市场延续较强动能之际，AI算力方向凭借行业持续高景气，需求旺盛，成为重 要的主线之一。海外算力产业链高景气度依旧，相关产业链的基本面共振更强，持续看好海外算力产业 链投资机会。该机构坚定看好AI行业作为年度投资主线，国内方面，后续伴随着DeepSeekR2/V4等以及 包括Agent、多模态方面相关进展，仍然看好AI行业以及围绕AIDC产业链的持续高景气。 国信证券最新周报称，继续推荐AI算力链，本土多相控制器及OCS产业进程提速。近期在北美算力强势 上涨的带动下，相关映射链条成为主要情绪拉动点，尤其是受益于ASIC趋势下网络架构的变化而带来 显著增量的交换机及服务器产业链。该机构表示，当下时点仍坚定看好25年电子板块在"宏 ...

Group 1 - The article emphasizes the investment value of significant events, industry chain companies, and key policy interpretations [1] - The company Six Dimensions Sensor has achieved mass production of liquid cooling products, which are widely used in various fields including 3C [1] - Six Dimensions Sensor has strategic cooperation with Super Fusion in the liquid cooling product sector [1] Group 2 - The commercial aerospace clients of Six Dimensions Sensor include Blue Arrow and Starry Glory [1]

Summary of Key Points from Conference Call Records Industry Overview - The AI industry chain and AIDC sector are significant drivers in the technology sector, with overseas cloud vendors' capital expenditures exceeding expectations, leading to growth in sub-sectors like optical modules, PCBs, and liquid cooling [1][2][3] - North American cloud vendors such as AWS, GCP, and Microsoft are increasing capital expenditures, with AWS expected to reach $118 billion in annual capital spending, a 20% year-on-year increase [1][13] - The A-share market is optimistic, driven by China's economic transformation and capital market reforms, with significant growth in the technology sector [2][6] Key Insights and Arguments - The introduction of ISIC chips is reshaping the supply chain landscape, providing more opportunities for domestic suppliers, particularly in liquid cooling and power supply sectors [1][7] - The demand for 800G optical modules is projected to exceed 20 million units in 2025 and potentially reach over 40 million in 2026, benefiting companies like ZTE and NewEase [2][19] - The AI server market is experiencing rapid growth, with China's market size surpassing $56 billion, accounting for nearly 40% of the global market [2][26] Investment Opportunities - The AIDC industry has seen a surge in computing power demand, with ByteDance's daily computing power usage expected to rise significantly, leading to increased capital expenditure in various equipment [4][10] - Companies like Shengke Communication are positioned to benefit from the expansion of AI clusters, with potential market increments of 15 billion RMB by 2027 [1][18] - Liquid cooling technology is gaining traction in the automotive parts sector, with companies like Zhongding actively entering the server liquid cooling market [2][23] Emerging Trends - The communication industry is expected to grow rapidly, with significant demand for optical modules and network devices, driven by the increasing interconnectivity of machines [19][20] - The diesel engine market is facing tight supply and demand, with existing companies like Cummins and MTU seeing substantial performance improvements [2][22] - The AI application landscape is evolving, with a notable increase in daily token consumption, driving demand for underlying computing power [25][28] Additional Important Insights - The liquid cooling market is expanding into civilian applications, with companies like AVIC Optoelectronics leveraging military experience to enter sectors like data communication and renewable energy [30] - The quartz fiber material market is dominated by companies like Feilihua, which has a strong position due to its military background and technological advancements [32][34] - The overall market is expected to remain active, with quality assets in technology, new consumption, and innovative pharmaceuticals likely to attract incremental capital [6][10]

Core Viewpoint - The liquid cooling sector is experiencing significant growth, driven by advancements in AI and high-performance computing, with companies like Invec benefiting from this trend [1][4][8]. Company Performance - Invec's stock has seen a remarkable increase of 118.18% year-to-date as of August 19, and over 190% since its low on April 9 [1][3]. - The company reported a revenue of 25.73 billion yuan for the first half of 2025, marking a year-on-year growth of 50.25%, with a net profit of 2.16 billion yuan, up 17.54% [5][6]. - Invec's Q2 net profit reached 1.676 billion yuan, reflecting a quarter-on-quarter increase of approximately 249% and a year-on-year growth of 37.98% [5]. Market Dynamics - The liquid cooling industry is gaining traction, with Dell's delivery of Nvidia's high-end GPUs marking a pivotal moment for commercialization [4][8]. - The second-quarter revenue of liquid cooling company Viant exceeded expectations at 26.38 billion USD, prompting an optimistic outlook for the industry [4]. - Invec's financing balance surged from under 600 million yuan to 1.996 billion yuan between early July and August 19, indicating strong market interest [4]. Competitive Landscape - Invec is part of the Nvidia ecosystem, having its UQD products included in Nvidia's MGX ecosystem partnership [1][9]. - The company faces competition from domestic players like浪潮, 华为, and 中科曙光, who are also developing liquid cooling solutions [11]. - Invec's domestic business gross margin has decreased to 22.98%, down from previous years, due to increased competition and changes in sales mix [11]. Future Prospects - Invec is expanding its operations, having recently acquired land for a new R&D and production center with an investment of at least 1 billion yuan [15]. - The company has set ambitious growth targets, aiming for a net profit growth rate of no less than 15%/32%/52% from 2024 to 2026 [15].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Views - The humanoid robot sector is experiencing significant advancements, with notable collaborations and funding activities indicating a robust growth trajectory [4][5][6][7] - Liquid cooling technology is becoming essential for data centers due to increasing power demands from high-performance chips, with a projected increase in adoption rates [8][9] - The machine tool and cutting tool sectors are showing signs of recovery, driven by improved economic expectations and policy implementations [9][15] - The engineering machinery sector is expected to benefit from major infrastructure projects, particularly the Yarlung Tsangpo River hydropower project [14][15] - The forklift market is witnessing growth in both domestic and export sales, with a significant increase in the penetration of unmanned forklifts [16][17] Summary by Relevant Sections Humanoid Robots - A collaboration between Zhiyuan Robotics and Fulian Precision Engineering marks the first large-scale commercial order for humanoid robots in the industrial sector [4] - Nvidia's new AI models for robotics development, including the Cosmos Reason model, are set to enhance capabilities in physical AI applications [4] - Significant funding rounds for companies like Lingdong General Robotics and Daimeng Robotics are aimed at advancing humanoid robot technology [5][6] Liquid Cooling - Nvidia's latest chip releases indicate a shift towards liquid cooling solutions, with traditional air cooling systems becoming inadequate [8] - China's "East Data West Computing" initiative mandates new data centers to achieve a PUE of less than 1.25, further pushing the adoption of liquid cooling [8] - The report suggests a transition from single-phase to dual-phase cooling technologies as chip power consumption continues to rise [8][9] Machine Tools & Cutting Tools - Japan's machine tool orders show a slight decline, but orders from China continue to grow, indicating a positive trend for the sector [9] - China's metal cutting machine tool production has increased by 13.5% year-on-year in the first half of 2025, reflecting a recovery in demand [9] Engineering Machinery - The Yarlung Tsangpo River hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to drive demand for engineering machinery [14] - Excavator sales in July 2025 increased by 25.2% year-on-year, indicating a recovery in the domestic market [15] Forklifts - Forklift sales reached 118,605 units in July 2025, with a year-on-year growth of 14.4%, driven by increased operational hours and demand for unmanned forklifts [16][17]