每经AI快讯，有投资者在投资者互动平台提问：尊敬的苏州天脉管理层您好！公司与建准电机合资成 立的新公司，聚焦散热相关产品及方案的研发与量产。已知建准电机具备英伟达供应资质，且是其 MGX液冷模组的主流供应商之一，请问新合资公司是否会依托双方技术与资源优势，切入英伟达液冷 供应链相关业务？或是否已与英伟达就液冷产品供应开展合作洽谈、达成初步意向？ 苏州天脉（301626.SZ）11月20日在投资者互动平台表示，尊敬的投资者您好，公司与建准电机工业股 份有限公司（以下简称"建准电机"）依托双方散热技术与资源优势，于2025年11月14日共同投资设立天 脉建准散热科技（苏州）有限公司（以下简称"天脉建准"），天脉建准主要从事微型风扇的研发、生产 和销售，产品将主要应用于智能手机、平板电脑等消费电子场景。其中，公司认缴注册资本1,300万 元，持有天脉建准65%股权；建准电机认缴注册资本700万元，持有天脉建准35%股权。 公司是行业内 少数同时具备中高端导热材料和热管、均温板等高性能导热散热元器件量产能力的高新技术企业，在研 发能力、工艺水平、产品性能及市场占有率等方面均居于行业较高水平，产品广泛应用于智能手机、笔 ...

Core Viewpoint - The demand for liquid cooling solutions in high-density computing servers is increasing due to the enhanced cooling requirements driven by artificial intelligence applications [2] Group 1: Company Developments - Xiangxin Technology has developed a liquid cooling solution tailored for computing scenarios, leveraging its experience in thermal management from the automotive and battery sectors [2] - The company's liquid cooling solution has achieved significant improvements in lightweight integrated design, integrated pipeline layout, temperature control precision, and system stability [2] - Xiangxin Technology offers customized efficient cooling solutions based on specific application scenarios and cooling needs of clients, although details about specific clients and business situations are confidential [2]

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power consumption of core hardware like CPUs and GPUs driven by the AI computing wave, positioning the company as a leader in this field [1] Group 1: Company Technology and Capabilities - The company has developed a comprehensive set of proprietary technologies for cooling solutions, including pressure fastening, fin locking, seamless tight fitting, diffusion welding, and tooth embedding technology [1] - These technologies significantly enhance the cooling performance of the company's products [1] Group 2: Product Applications - The company's cooling products are primarily used for dissipating heat from internal sources such as CPUs and LED lighting fixtures [1]

Group 1 - The company has already applied liquid cooling products in the data center sector [1] - The market for robotic cooling is currently a hot topic, and the company is continuously monitoring this area [1] - There are currently no products from the company applied in the robotic cooling field [1]

Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]