Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

Group 1 - Liquid cooling technology is essential for addressing the heat dissipation pressure in data centers, offering advantages such as low energy consumption, high heat dissipation, low noise, and low total cost of ownership (TCO) [1][2] - The value of liquid cooling systems is expected to grow significantly alongside chip upgrades, with a projected increase of over 20% for rack liquid cooling modules in GB300-GB200 servers [1][2] - The market for ASIC liquid cooling systems is estimated to reach 35.3 billion yuan by 2026, while the market for NVIDIA liquid cooling systems is projected to reach 69.7 billion yuan [1][2] Group 2 - The domestic supply chain is accelerating its entry into the liquid cooling market, with NVIDIA opening its supplier list to allow more flexibility in supply chain composition [2] - The Rubin architecture requires new liquid cooling solutions due to its high thermal design power (TDP) of 2300W, necessitating alternatives to single-phase cooling plates [2] - Two viable solutions for the Rubin architecture include phase change cooling plates and microchannel plates, with the latter likely becoming the preferred option as power requirements increase [2] Group 3 - The demand for AI server computing power is rapidly increasing, driving the penetration rate of liquid cooling solutions, and leading to an explosive demand for efficient and energy-saving heat exchange solutions in data centers [3] - Companies to watch in this sector include Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology [3]

Core Viewpoint - The current mainstream solution for liquid cooling is the cold plate system, while immersion cooling is expected to become a future development direction. The maturity of domestic liquid cooling systems is increasing, and domestic supply chains are likely to enter the NVIDIA ecosystem directly as demand for AI server computing power surges, driving the penetration rate of liquid cooling solutions [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing the heat dissipation pressure in data centers, offering advantages such as low energy consumption, high heat dissipation, low noise, and low total cost of ownership (TCO). It can also reduce the Power Usage Effectiveness (PUE) of data centers, meeting national requirements [1]. - As chip iterations increase power density, the heat dissipation requirements for corresponding chips are growing, making traditional air cooling insufficient and necessitating the introduction of liquid cooling solutions. Currently, cold plate systems dominate the market, while immersion cooling is anticipated to be a future trend [1]. - The liquid cooling system consists of an outdoor side (primary side) and a data center side (secondary side), with the primary side accounting for approximately 30% of the value, including chillers and circulation pipelines, while the secondary side accounts for about 70%, with core components such as CDU, manifold, quick connectors, and water pumps [1]. Group 2: Liquid Cooling Industry - The value of liquid cooling is expected to increase alongside chip upgrades. For example, the value of rack liquid cooling modules is projected to grow by over 20% with the transition to GB300-GB200 servers. By 2026, the market for ASIC liquid cooling systems is estimated to reach 35.3 billion yuan, while the market for NVIDIA liquid cooling systems is expected to reach 69.7 billion yuan [2]. - Domestic supply chains are accelerating their entry into the liquid cooling market. NVIDIA has opened its supplier list, allowing manufacturers to choose their supply chain components independently. This shift from a single certified CDU supplier to multiple suppliers enables domestic chains to indirectly enter the market. As domestic liquid cooling systems mature and end-user CSPs focus more on cost-performance ratios, domestic suppliers are likely to enter NVIDIA's ecosystem directly [2]. Group 3: Rubin Architecture Outlook - Single-phase cold plates are unsuitable for the Rubin architecture due to its thermal design power (TDP) of 2300W and a total cabinet power of approximately 200KW, exceeding the design limit of single-phase cold plates at 150KW per cabinet. Therefore, new liquid cooling solutions must be introduced [3]. - One feasible solution is the phase change cold plate, which utilizes the phase change of a liquid working fluid to absorb heat efficiently, suitable for scenarios exceeding 300KW per cabinet. Another option is the microchannel cold plate (MLCP), which features densely packed micro-scale cooling liquid channels, potentially becoming the preferred choice for the Rubin architecture as future iterations may require even higher power capacities [3].

Investment Rating - The report indicates a positive outlook for the liquid cooling industry, highlighting the entry of domestic supply chains and the expected growth in market value [1]. Core Insights - Liquid cooling technology is deemed essential for addressing the heat dissipation challenges in data centers, offering advantages such as low energy consumption, high cooling efficiency, low noise, and reduced total cost of ownership (TCO) [3][10]. - The value of liquid cooling systems is projected to increase significantly with the upgrade of chips, with estimates suggesting that the market for ASIC liquid cooling systems could reach 35.3 billion yuan and for NVIDIA systems could reach 69.7 billion yuan by 2026 [4]. - The report emphasizes the transition from traditional air cooling to liquid cooling as a necessity due to the rising power density of chips, with liquid cooling becoming a mandatory solution for high-density server environments [21][31]. Summary by Sections Liquid Cooling Technology - Liquid cooling is identified as a critical solution for data center heat dissipation, leveraging the high thermal conductivity and capacity of liquids compared to air [10][14]. - The technology is characterized by its ability to significantly reduce energy consumption and improve cooling efficiency, with liquid cooling systems capable of achieving a PUE (Power Usage Effectiveness) of below 1.2 [14][31]. Liquid Cooling Industry - The report notes that the value of liquid cooling will rise alongside chip upgrades, with a projected growth of over 20% for rack liquid cooling modules as chip power density increases [4]. - Domestic supply chains are expected to accelerate their entry into the market, particularly as NVIDIA opens its supplier list to include multiple vendors, allowing for greater competition and innovation [4]. Rubin Architecture Outlook - The report discusses the limitations of single-phase cold plates for the Rubin architecture, which has a thermal design power (TDP) of 2300W, necessitating the exploration of new liquid cooling solutions such as phase change cold plates and microchannel cold plates [4][21]. - Microchannel cold plates are anticipated to become a preferred solution due to their ability to handle higher power densities and their compatibility with future architectural developments [4]. Related Companies - The report suggests monitoring companies such as Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology, as they are positioned to benefit from the increasing demand for efficient and energy-saving heat exchange solutions in data centers [5].

证 券 研 究 报 告 "制造强国"实干系列周报(11/30期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 刘宏达 A0230524020002 刘建伟 A0230521100003 联系人：何佳霖 A0230523080002 2025.12.3 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端 关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。重点 关注标的：1）卫星制造：上海瀚迅+臻镭科技+航天电子，2）应用终端：海格通信+国博电子+通宇通讯，3）运营服务： 中国卫通+星图测控+中科星图； ...

Summary of Conference Call Notes Industry and Company Overview - The conference call discusses the developments in the AI model sector, specifically focusing on Google's Gemini 3 and Alibaba's open-source models, as well as the optical communication and liquid cooling technology industries related to these companies [1][3][12]. Key Points and Arguments Gemini 3 Model - **Dynamic Resource Allocation**: Gemini 3 utilizes the DeepMind mode for dynamic power allocation, excelling in complex problem-solving but exhibiting poor stability and slow response times for simpler tasks [1][2][5]. - **Screen Understanding Capability**: The model's ability to understand and interact with screen content allows it to function as an intelligent assistant, enhancing user task execution [2][5]. - **Code Processing Limitations**: Compared to Anthropic's Claude model, Gemini 3's code handling capabilities are weaker, particularly in coding, debugging, and repair tasks [1][4][5]. Optical Communication Market - **Market Demand and Supply**: The optical module market is expected to grow significantly by 2026, driven by a rise in 1.6T silicon photonics penetration and supply-demand imbalances [3][10]. - **Key Players**: Companies like Tengjing Technology and Dekeli are highlighted as strong performers in the optical module market, with Google being a core participant influencing demand [10]. OCS Switch Market - **Market Growth**: The OCS switch market is rapidly developing, with expectations of significant growth in 2026, driven by its association with AI training and Google's commercial use [6][8]. - **Chinese Companies' Benefits**: Chinese enterprises are beginning to benefit from this market, with a projected increase in orders and production in the coming year [8]. Liquid Cooling Technology - **Importance in Data Centers**: Liquid cooling technology is crucial for data centers, with companies like Invec leading the way in providing efficient cooling solutions [1][9]. - **Future Expansion**: The potential for liquid cooling technology to expand with new innovations, such as optical waveguide solutions, is noted, which could enhance its application across various sectors [9][11]. Alibaba's Position in Open-Source Models - **Leading in Open-Source**: Alibaba is recognized as a leader in the open-source model space, with its "Qianwen" model achieving over 10 million downloads [3][12]. - **Strategic Vision**: The company aims to enhance its application ecosystem by using screen understanding capabilities to replace manual operations across various apps, positioning itself as a central hub for urban digital interactions [12]. Additional Important Insights - **Investment Opportunities**: The conference highlights significant investment opportunities in the optical communication and liquid cooling sectors, particularly for companies closely tied to Google's supply chain [6][7]. - **AI Application Companies**: The call also identifies several companies in the AI application space that are gaining attention, such as Actual Information and Guangyun Technology, which are innovating in direct hotel booking and AI service provision [13].

Group 1: Company News - Simulated chip leader Si Rui Pu plans to acquire shares of Ningbo Aura Semiconductor, potentially constituting a major asset restructuring, with trading suspension starting November 26 [3] - Pu Ran Co. is planning to acquire 49% of Zhuhai Noah Changtian Storage Technology through share issuance, with trading suspension starting November 26 [3] - Spring Autumn Electronics intends to make a voluntary cash offer to acquire all shares of Asetek A/S, with a total offer price not exceeding 547 million Danish Krone (approximately 598 million RMB) [4] - Guosheng Technology plans to acquire 100% of Tongling Fuyue Technology for 240.6 million RMB, which will positively impact the company's operations if successful [5] - Upwind New Materials elected Peng Zhihui as chairman and appointed Tian Hua as CEO, with terms aligned with the board's duration [5] - Junting Hotel's controlling shareholder is planning a change in control, leading to a trading suspension starting November 26 [6] Group 2: Industry News - The National Space Administration has issued a plan to promote high-quality and safe development in commercial aerospace, encouraging long-term and strategic investments [2] - From January to October, China's total foreign direct investment reached 1,033.23 billion RMB, a year-on-year increase of 7% [2] - In October, the National Energy Administration issued 370 million green power certificates, with 42.61% being tradable [2]

Summary of the Conference Call for Meishijituan Industry and Company Overview - The conference call discusses Meishijituan, a company that has successfully expanded from automotive exterior parts to emerging businesses such as robotics and liquid cooling, leveraging its technological accumulation and global layout advantages [2][4][5]. Key Points and Arguments Business Performance and Financials - Meishijituan is currently in a capacity harvesting phase, with improved operational efficiency and profitability. Capital expenditures are expected to decline significantly starting in 2024, with only 900 million yuan projected for the first half of 2025. Gross margin is anticipated to increase from 19% in 2023 to 23% in the first half of 2025, benefiting from strong domestic and international market performance [2][6]. - The company aims to optimize its core business while increasing investment and R&D in emerging sectors like robotics, liquid cooling, and low-altitude technologies to maintain a technological edge and diversify revenue sources [2][9]. Market Opportunities - The European new energy market positively impacts Meishijituan's battery box business, with a target penetration rate of 25.7% for new energy vehicles in 2025. The company holds approximately 30% market share in Europe and has a well-established production capacity, allowing it to benefit from market growth [2][7][8]. - In the domestic battery box market, Meishijituan's market share is around 11%. If it reaches 15% domestically and 40% and 30% in Europe and the U.S. respectively, profit margins are expected to significantly increase, potentially creating a company of equal scale [2][10]. Emerging Business Developments - Meishijituan has made significant progress in emerging businesses, including robotics, liquid cooling, and low-altitude products. The company maintains a high R&D expenditure of 6% to 7%, which is a key factor in its rapid transformation [2][11][12]. - In the liquid cooling sector, the company has achieved mass production capacity, with an expected output value of 455 million yuan. Collaborations with partners like San Ai and Fu Man are enhancing its production capabilities [4][13]. - The low-altitude market is projected to have trillion-level potential. The establishment of Meiyi Technology and a strategic partnership with Yihang Intelligent are expected to contribute revenue in the coming years [2][14]. Valuation and Future Profit Expectations - For 2025, Meishijituan anticipates profits of approximately 2.8 billion yuan, potentially rising to 3.3 billion yuan in 2026. The current valuation is around 10 times earnings, with new businesses expected to be valued at 20 to 30 times PE based on future revenue and profit margins [2][15]. - Historically, the company has maintained a dividend payout ratio of around 40%. If this ratio returns to 40% and core business growth accelerates, the main business could support a valuation of around 15 times, with emerging businesses providing additional valuation upside [2][15]. Other Important Insights - The company’s historical accumulation of technology in aluminum parts, battery boxes, and wireless charging has provided a solid foundation for entering robotics and liquid cooling sectors [5]. - The strategic layout and technological reserves in production and manufacturing have positioned Meishijituan favorably to seize industry development opportunities [4][5].

Group 1: Industrial Robotics Industry Dynamics - The production of industrial robots in China reached 595,000 units in the first three quarters of 2025, representing a year-on-year increase of 29.8%, surpassing the total production for the entire year of 2024 [1] - Domestic brands have regained market share over foreign brands in the industrial robot market during the first half of 2025, indicating a shift in market structure [1] - Exports of industrial robots increased by 54.9% in the first three quarters, reflecting the growing international influence of Chinese manufacturers [1] - The rise of domestic robot companies is attributed to breakthroughs in core component technologies and a deep understanding of the local market, enhancing cost efficiency and supply chain stability [1] - Leading domestic manufacturers have improved their service strategies, enabling rapid response to customer needs and offering personalized technical support [1] - Major companies are combining technology acquisition and independent innovation through acquisitions, such as Estun's acquisition of UK-based TRIO and Germany's CLOOS to strengthen its position in high-end motion control and welding robot markets [1] - Domestic robot companies excel in developing specialized solutions for specific industries, gaining competitive advantages through tailored machinery [1] Group 2: Cooling Equipment Industry Dynamics - Vitec Technology reported a net sales figure of $2.676 billion for Q3 2025, marking a 29% year-on-year increase [2] - Organic orders for Vitec Technology grew approximately 60% year-on-year in Q3 2025, with a 20% increase compared to Q2 2025 [2] - The company has seen a 21% year-on-year growth in organic orders over the past 12 months, driven by demand in the AI-driven infrastructure sector [2] - The order-to-shipment ratio for Q3 2025 was about 1.4, with an unfulfilled order backlog of $9.5 billion [2] - Due to a robust backlog, Vitec Technology has raised its guidance for key financial metrics for the fiscal year 2025, increasing the adjusted diluted earnings per share from $3.80 to $4.10 and adjusted operating profit from $1.99 billion to $2.06 billion [2] Group 3: Cooling Liquid Distribution Unit (CDU) Developments - Google open-sourced its design specifications for a 2MW cooling liquid distribution unit (CDU) at the OCP conference, aimed at enhancing thermal management and operational efficiency [3] - The open-source design allows more CDU manufacturers to develop, manufacture, and improve their products based on Google's specifications [3] - Google also shared installation and maintenance procedures to facilitate rapid deployment of the equipment [3] - Companies like Vitec Technology, Stulz, and Delta have released CDU products based on Google's Deschutes 5 specifications [3]

Core Insights - The global data center liquid cooling industry is experiencing significant activity, with major players Daikin, Eaton, and Vertiv engaging in mergers and acquisitions totaling hundreds of billions of dollars, indicating a trend towards AI-driven liquid cooling integration and acceleration [2] Group 1: Mergers and Acquisitions - Eaton's acquisition of Boyd for $9.5 billion is seen as a strategic move to enhance its computing infrastructure capabilities, establishing Eaton as a leader in full-stack liquid cooling delivery [3] - Daikin's acquisition of Chilldyne focuses on negative pressure liquid cooling, which offers lower leakage risks and is more suitable for edge computing and smaller data center structures [5][7] - Vertiv's acquisition of PurgeRite for $1 billion plus $250 million in performance incentives highlights the importance of fluid purification in liquid cooling systems, addressing risks associated with contaminants that could lead to system failures [8][11] Group 2: Industry Trends - The period from 2023 to 2024 is identified as a large-scale pilot phase for liquid cooling, transitioning to a strategic infrastructure development phase starting in 2025 [2] - The current mergers are not just about expanding liquid cooling hardware but are aimed at creating a comprehensive capability matrix that includes cooling plates, piping, CDU, data center infrastructure, and cooling fluid ecosystems [2] - The evolution of liquid cooling technology is shifting from a singular cooling method to an end-to-end thermal management solution, emphasizing the need for material innovation and system integration in data centers, edge computing, and energy storage [15]