3D 打印液冷专家交流 20250819 摘要 英伟达等公司自 2024 年起采用 OCP ORV3 单向冷板式液冷方案，因其 具备产业链支持和大规模交付能力，已成为智算领域主流，而散热不均 衡问题的浸没式液冷方案逐渐被取代。 3D 打印技术适用于液冷系统中的微通道和异形结构制造，能实现传统 CNC 加工难以完成的复杂几何形状，降低热阻和流阻，提高散热效率， 单板可实现 150 升/分钟的水流量，温度控制在 4 千瓦以内。 3D 打印液冷板技术壁垒高，涉及光源控制、工艺方式和加工中心设备定 向开发。掌握高频绿光激光头、薄铜箔堆锻技术和专用设备的企业具有 显著先发优势。 中国供应链在制冷领域优势在于材料、工艺和规模化生产能力。成功企 业专注于某一环节，具备大规模产能。寻找标的时，应关注具备这三项 能力的企业。 液冷板企业盈利水平与规模密切相关，新工艺和材料能否实现规模化生 产是关键。在智算领域，液冷系统价值量虽小，但对提升核心 IP 性能稳 定性至关重要。 业内更多关注如何挖掘单向冷板潜力，通过降低热阻和减少流阻来提升性能。 例如，通过降低入水温度至 25 度以提高散热效果。因此，可以预见单向冷板 技术仍有很长 ...

Group 1 - A new individual business named Pizhou Huazhiyao Cold Chain Equipment Operating Department has been established with a registered capital of 10,000 RMB [1] - The legal representative of the business is Li Zihang [1] - The business scope includes manufacturing and sales of refrigeration and air conditioning equipment, technical services, and various sales of hardware and machinery [1] Group 2 - The company is involved in a wide range of activities including general goods warehousing, electrical equipment repair and sales, and internet sales [1] - The business is permitted to operate without needing special approvals for most of its activities, except for certain regulated items [1]

Group 1: Economic Development and Industry Transformation - The cooling industry is a leading sector in Minquan County, with the establishment of Henan Asbella Refrigeration Co., Ltd. addressing the shortage of key components in refrigeration products [3] - Liu Ning emphasized the importance of leveraging the "Minquan-Qingdao Port" sea-rail intermodal transport to expand the reach of locally produced goods [3] - The county aims to strengthen its industrial ecosystem and innovation environment while promoting low-carbon and energy-efficient products [3] Group 2: Shoe Industry Insights - Suixian is recognized as a major shoe manufacturing base in China, producing over 30% of the country's leisure and sports shoes [5] - Liu Ning praised local efforts to enhance the shoe industry by focusing on product quality and modernizing production techniques [5] - The integration of big data and IoT technologies is encouraged to advance smart manufacturing and elevate the industry to higher value chains [5] Group 3: Ecological Protection and Green Development - The province has made significant progress in ecological civilization construction, adhering to the principle that "lucid waters and lush mountains are invaluable assets" [6] - Liu Ning highlighted the need for continuous ecological protection and pollution prevention efforts, aligning with Xi Jinping's directives [6] - The focus is on developing green industries and accelerating the construction of modern water and transportation networks to promote sustainable development [6] Group 4: Strategic Planning and Community Engagement - Liu Ning called for the implementation of the "1+2+4+N" target task system to enhance local economic and social development [6] - Emphasis was placed on the importance of community engagement to gather public opinions and insights for high-quality planning [6] - The need for preparedness against drought and flood risks was also highlighted to ensure the safety of people's lives and property [6]

Core Insights - The ongoing high temperatures in various regions of China have stimulated summer consumption, particularly in cooling products and services [1] - Diverse cooling methods and consumption scenarios are showcasing the vitality of the summer economy [1] Group 1: Cooling Products - The demand for cold drinks and ice products has surged, with industrial ice becoming a hot commodity [1] - In Zhengzhou, a local ice factory is experiencing peak production, indicating strong market demand [1] Group 2: Consumer Behavior - Consumers are increasingly investing in sun protection gear, air conditioning units, fans, and beach camping equipment as part of their summer activities [1] - The variety of cooling options reflects changing consumer preferences and the adaptability of the market to seasonal demands [1]

Summary of Key Points Core Viewpoint The Zhejiang Yonghe Refrigeration Co., Ltd. is preparing for its second extraordinary general meeting of shareholders in 2025, focusing on maintaining shareholder rights and ensuring orderly proceedings during the meeting. Group 1: Meeting Procedures - The company has established guidelines for verifying the identity of attendees to ensure the legitimacy of shareholders or their representatives [2][3] - The meeting will follow a specific agenda for reviewing and voting on proposals, with shareholders having the right to speak, inquire, and vote [2][4] - Voting will be conducted through a combination of on-site and online methods, with results published in a resolution announcement [4][5] Group 2: Agenda and Proposals - The meeting will take place on July 24, 2025, at 14:00 in the company’s conference room located at 893 Shiji Avenue, Quzhou, Zhejiang Province [5] - One of the key proposals includes the cancellation of the supervisory board, with its responsibilities being transferred to the audit committee of the board of directors [6] - The company will also discuss changes to its registered capital, which will decrease from 470,492,025 shares to 470,489,868 shares due to the repurchase and cancellation of certain restricted stocks [6][8] Group 3: Amendments to Articles of Association - The company plans to amend its articles of association to reflect the cancellation of the supervisory board and changes in registered capital [6][8] - Specific amendments include the definition of the company’s registered capital and the roles of the legal representative [8][10] - The revised articles will ensure compliance with the Company Law and Securities Law, maintaining the rights of shareholders and creditors [8][10]

Core Viewpoint - The Chinese Academy of Sciences' Institute of Physics and Chemistry showcased its hydrogen energy industry chain based on liquid hydrogen technology at the third China International Supply Chain Promotion Expo, highlighting its innovative contributions to the hydrogen energy sector [5][6]. Group 1: Hydrogen Energy Industry Chain - The showcased hydrogen energy industry chain includes renewable wind and solar energy hydrogen production, hydrogen liquefaction, liquid hydrogen storage and transportation, and hydrogen energy applications [5]. - Liquid hydrogen technology is crucial for the storage and transportation of hydrogen, addressing economic and safety challenges in the large-scale development of the hydrogen energy industry [5]. Group 2: Technological Innovations and Collaborations - The hydrogen liquefaction technology developed by the Institute is a result of collaborative efforts among generations of scientists, achieving breakthroughs in key core technologies and industrial transformation [5]. - Key patented technologies have been successfully applied in commercial aerospace launches, superconducting technologies, and large scientific installations, promoting the development of the refrigeration industry and involving numerous upstream and downstream advanced manufacturing enterprises [5]. Group 3: Strategic Partnerships and Future Directions - The Institute aims to grow alongside its partners in the hydrogen energy industry chain and actively explore applications in the "Belt and Road" ecological cooperation area [6]. - The third Supply Chain Expo features six major chains, including advanced manufacturing, clean energy, smart vehicles, digital technology, healthy living, and green agriculture, with a newly established innovation chain section in the advanced manufacturing area [6].

Core Viewpoint - The recent surge in stock prices for power and related sectors is driven by increased electricity demand due to extreme heat, alongside positive financial forecasts from key companies in the industry [10][11][16]. Group 1: Company Performance - Shaoneng Co., Ltd. (韶能股份) has seen its stock price reach a limit up at 6.12 CNY per share, marking a 10.07% increase [3][4]. - Huayin Electric Power (华银电力) also hit a limit up, trading at 6.70 CNY per share, with a 10.02% increase. The company anticipates a net profit of 180 million to 220 million CNY for the first half of 2025, significantly up from the previous year [7]. - The average stock price increase for 126 companies in the high-temperature concept sector since June has been 4.49%, outperforming the Shanghai Composite Index [14]. Group 2: Market Trends - The national electricity load reached a historical high of 1.465 billion kilowatts on July 4, 2023, reflecting a rise of approximately 200 million kilowatts since the end of June [10]. - The demand for air conditioning is expected to rise significantly due to the ongoing heatwave, with air conditioning load accounting for about 37% of the total load in the East China grid [10][16]. - The market for sunscreen products is expanding rapidly, with projections indicating that the market size for sunscreen apparel will exceed 80 billion CNY by 2024 [12]. Group 3: Future Outlook - The power sector is likely to experience a new round of market activity due to the anticipated tight supply and demand during the peak electricity usage months from June to September [16]. - The correlation between temperature increases and air conditioning sales suggests that extreme heat will likely boost sales in the cooling sector [16].

Group 1: Company Overview and Business Segments - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [2] - The product matrix includes various types of compressors and heat management systems, showcasing significant technical advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key customer industries include food freezing and refrigeration, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Innovations in Nuclear Fusion and Low-Temperature Applications - The company developed a helium compressor for superconducting magnets used in nuclear fusion, filling a domestic gap and supplying to major national research projects [2] - The helium compressor is part of a large low-temperature refrigeration system capable of achieving near absolute zero temperatures (-273.15°C) [2] - The company’s helium compressors are recognized as significant technological equipment in the energy sector by the National Energy Administration [2] Group 3: Data Center Solutions - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, which have been recognized in the national green data center technology product directory [3] - Successful projects include major data centers for national supercomputing and telecommunications companies, with ongoing expansion in overseas markets [3] Group 4: Nuclear Power Industry Products - The company focuses on core scenarios in nuclear power, developing innovative technologies for nuclear island cooling and heat recovery [4] - It has provided services to multiple nuclear power stations across China, enhancing safety and efficiency in energy utilization [4] Group 5: Industrial Heat Management Solutions - The company has launched comprehensive industrial heat control solutions, integrating advanced technologies for efficient energy recovery and utilization [6] - Key subsidiary recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its innovative heat management technologies [6] Group 6: Marine Economy and Green Energy Solutions - The company is committed to high-quality development in the marine economy, providing smart solutions for fishing and seafood processing industries [7] - Recent projects include providing ultra-low temperature laboratory equipment for China's first ultra-deepwater scientific research vessel [7] Group 7: Competitive Advantages - The company’s competitive edge lies in continuous technological innovation, with multiple national-level recognitions and a strong focus on research and development [7] - It has established a central research institute to enhance foundational and strategic technology development, further solidifying its industry leadership [7]

Group 1 - The article emphasizes the implementation of Xi Jinping's important speeches and directives regarding Henan, focusing on "two highs and four efforts" for current and future work arrangements [1] - The city of Shangqiu aims to achieve significant progress in "two highs" and remarkable results in "four efforts," with a focus on deepening execution, innovating implementation, and advancing projects [1] - Key areas of focus include enhancing the modern industrial system and strengthening agriculture, with an emphasis on manufacturing and agricultural industrialization [1] Group 2 - The city plans to implement a "leading enterprise + shared factory + farmers" model to promote rural revitalization and urban-rural integration [1] - There is a commitment to improving people's livelihoods and strengthening social governance through risk resolution mechanisms and innovative governance models [2] - Environmental protection efforts include comprehensive governance and projects aimed at ecological restoration, such as the "Three Waters to Commerce" initiative [2] Group 3 - Cultural prosperity is a priority, with actions focused on heritage protection and the integration of culture and tourism to enhance the cultural brand of Shangqiu [2] - The article outlines seven actions to promote high-quality development in the cultural and tourism industry, leveraging historical sites and cultural resources [2]

Core Viewpoint - Zhejiang Yonghe Refrigeration Co., Ltd. has adjusted the stock option exercise price and related matters in its 2021 stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [4][14]. Summary by Sections Legal Opinion and Compliance - The law firm has conducted a thorough review of the necessary documents and facts to issue the legal opinion, ensuring adherence to the Company Law, Securities Law, and relevant regulations [4][5]. - The law firm confirms that all required approvals and authorizations for the adjustment have been obtained, aligning with the management measures and the company's articles of association [14]. Adjustment Details - The adjustment was necessitated by the company's profit distribution plan, which included a cash dividend of 0.25 RMB per share, totaling approximately 117.41 million RMB [14]. - The adjustment method for the stock option exercise price is based on the dividend distribution, resulting in a new exercise price of 22.35 RMB per share, down from 22.60 RMB [15][16]. Approval Process - The adjustment was approved through a series of board meetings and shareholder meetings, with independent directors providing consent at each stage [8][10][11]. - The company has maintained transparency throughout the process, with no objections raised during the public notice period for the incentive plan [8].