经济观察网根据公开信息，方盛股份(920662)近期有以下事件值得关注： 业务进展情况 行业政策与环境 公司预计2026年风电板块订单量较2025年增长20%-30%，该领域收入占比约35%。政策方面，2025年国 家新能源上网电价市场化改革方案(如"136号文件")有望推动风电装机需求，同时老机型换装周期带来 增量机会。 2025年11月公告收购丹麦液冷企业Asetek，并于2026年1月完成交易，正式切入数据中心液冷、AI服务 器散热等方向。截至2026年2月，公司已获得3笔数据中心液冷订单(合计1.8亿元)，并预计2026年第二季 度获华为订单1.5亿元、第三季度获阿里订单1.7亿元，目标全年液冷业务收入达5亿元。 2025年半年度报告显示，营收同比增长15.41%至1.80亿元，但归母净利润同比下降27.47%至1447.87万 元，主要因内销占比上升导致毛利率下滑。公司正通过拓展储能、氢能及数据中心液冷等新领域对冲传 统业务压力。 股票近期走势 2026年2月12日，因换手率达30.6%登上龙虎榜，当日机构席位净卖出272.62万元。同期股价波动加剧， 2月13日收盘报32.98元，单日上涨5.03 ...

Core Viewpoint - Huashu Technology (301157) is accelerating its layout in the liquid cooling business, becoming a core focus in the market [1] Group 1: Company Developments - On February 6, 2026, the company announced plans to acquire liquid cooling-related operating assets from Hangzhou Jinke Intelligent Technology Co., Ltd. for 8.71 million yuan to deepen its infrastructure industry chain [1] - On February 11, 2026, the company established a wholly-owned subsidiary, Hangzhou Huayu Thermal Control Technology Co., Ltd., with a registered capital of 10 million yuan, focusing on the research, production, and sales of liquid cooling products [1] - These initiatives are expected to transform Huashu Technology from a product supplier to a digital infrastructure system integrator, potentially opening a second growth curve [1] Group 2: Stock Performance - Following the liquid cooling business layout, Huashu Technology's stock price has shown strong performance, closing at 59.52 yuan on February 12, 2026, with a single-day increase of 4.64% and a turnover rate of 24.49% [2] - As of February 13, 2026, the stock price was reported at 58.97 yuan, with a cumulative increase of 11.10% over the past five days and a trading volume of 1.63 billion yuan [2] - The number of shareholders increased to 7,748 as of February 10, 2026, reflecting a 3.2% rise in interest [2] Group 3: Institutional Perspectives - Institutions are optimistic about the prospects of liquid cooling technology, with Guotai Junan Securities reporting that 2025 will be a pivotal year for the technology's implementation in data centers [3] - TrendForce predicts that the penetration rate of liquid cooling in AI data centers will rise significantly from 14% in 2024 to 33% in 2025, indicating ongoing growth and opportunities for related companies [3]

Company and Industry Summary Company: Weidi (维缔) Key Points 1. **Fundamental Reversal**: The company is at a critical point of fundamental reversal, with significant performance exceeding expectations. The data center liquid cooling business is positioned at the core of the supply chain, and the expected injection of thermal materials assets is anticipated to create a synergistic effect between "boards and materials" [1][2] 2. **Data Center Liquid Cooling**: - **Business Model**: The company employs a dual-driven model of "OEM + direct supply". It currently provides key processes (welding, testing) for Taiwanese cooling leaders (Cooler Master, Delta), indirectly entering the NV and ASIC supply chains. The company is also actively engaging with domestic server and internet giants for direct supply certification [1] - **Capacity Progress**: The liquid cooling board production line has entered a ramp-up phase, with steadily improving yield rates. Existing production lines are operational, and new lines are planned to meet the expected industry demand explosion in 2026, with single-line output expected to reach hundreds of millions [2] 3. **Performance Outlook**: With the delivery of high-performance chips like GB300, this segment is expected to see significant growth from the second half of 2025 to 2026 [2] 4. **New Energy Fundamentals**: - **Customer Barriers**: As a strategic supplier to leading battery manufacturers, the company holds a core share in the liquid cooling board market for Kirin and Shenxing batteries. It benefits from high sales growth in downstream models from Xiaomi, Li Auto, and Huawei, with high order visibility and significant revenue growth expected in 2026 [2] - **Technical Upgrades**: The company is transitioning from traditional brazing to a higher-margin, barrier-enhanced high-frequency welding process, which is expected to significantly improve profitability [3] 5. **M&A Synergy**: The acquisition of TIM materials will complete the thermal management product portfolio. Zhaoke has advantages in the server TIM materials sector and has developed cutting-edge thermal materials technology, which aligns with Rubin's cooling needs. The acquisition is expected to create a comprehensive solution of "cooling boards + thermal materials," significantly enhancing company profits and customer stickiness [3]

Core Insights - The demand for AI computing power is driving rapid growth in the liquid cooling sector, with companies actively pursuing mergers and acquisitions to capture market opportunities [1][2] - Traditional air cooling solutions are becoming inadequate for high-density computing environments, leading to a shift towards liquid cooling technologies due to their energy efficiency and superior heat dissipation capabilities [1] Group 1: Mergers and Acquisitions - Jinfu Technology announced plans to acquire 51% stakes in two companies specializing in liquid cooling components for a total consideration of up to 714 million yuan, aiming to enter the high-growth liquid cooling market [1] - Lingyi Technology completed the acquisition of Dongguan Liminda Electronics, enhancing its capabilities in AI server liquid cooling and establishing a foundation for international market expansion [2] - Cheng Tian Wei Ye plans to raise up to 800 million yuan for projects related to liquid cooling system industrialization and R&D, with significant investments allocated for advanced production equipment [2][3] Group 2: Commercialization and Technological Advancements - UCloud has launched an immersion liquid cooling cabinet at the Ulanqab Intelligent Computing Center, achieving a 15°C reduction in GPU temperature, thus ensuring stable hardware operation [2] - Xin'an Co. has commercialized its immersion liquid cooling project using self-developed silicon-based cooling liquid, achieving an energy usage efficiency (PUE) of below 1.1, which is over 35% more energy-efficient than traditional air cooling [3] - Kangsheng Co. is set to complete its intelligent computing center by September 2025, marking the large-scale commercial application of its immersion liquid cooling technology [3] Group 3: Industry Trends and Strategic Focus - The immersion liquid cooling solution is seen as a breakthrough for high-density computing clusters, offering reduced maintenance costs and improved equipment longevity [4] - Companies are increasingly positioning liquid cooling as a strategic growth area, with significant investments in R&D and market development [4][5] - Ningbo Jingda is focusing on liquid cooling as a new growth engine, with plans to enhance R&D efforts and collaborate with clients on technological challenges [5]

Core Viewpoint - The company is leading in the liquid cooling segment for data centers in China, with significant growth expected in net profit by over 70% by 2025, driven by orders from major clients and expansion into international markets [1] Group 1: Company Performance - The company ranks first in the domestic market for liquid cooling solutions, serving clients such as ByteDance, BAT (Baidu, Alibaba, Tencent), and Huawei [1] - The company has received over 100 million yuan in orders from the United States and has successfully delivered liquid cooling products in Singapore and Malaysia [1] Group 2: Market Growth - There is notable growth in the fields of energy storage, lithium batteries, and ultra-high voltage, contributing to the company's overall performance [1]

Core Insights - 2025 is projected to be the "year of implementation" for liquid cooling in data centers, driven by the intersection of physical limits on computing density and stringent energy efficiency requirements [1][2] - The competition and complementarity between cold plate and immersion cooling technologies are shaping the direction of the liquid cooling industry, with cold plate currently holding an 80% market share [1][2] - The evolution of cooling technologies is leading to a shift from water-based to higher value-added cooling liquids, such as fluorinated liquids, particularly in high-power applications [2][3] Industry Overview - The choice of cooling liquid significantly impacts the safety, lifespan, and operational costs of liquid cooling systems, making it one of the highest value density segments in the liquid cooling supply chain [3] - Different types of liquid cooling systems have distinct structural designs and operational principles, leading to varied requirements for the physical and chemical properties of cooling liquids [3] - The market for water-based cooling liquids is highly open with many participants, while oil-based cooling liquids are characterized by high technical barriers and foreign brand dominance [3] Market Dynamics - The fluorinated liquid sector is undergoing a transformation, with traditional international giants like 3M strategically exiting due to environmental concerns, allowing Chinese companies with technological and supply chain advantages to rise [3] - The development of data center cooling liquids is evolving along four dimensions: higher efficiency, lower energy consumption, better environmental protection, and smarter systems [4] - Future cooling solutions will integrate materials science, thermodynamics, and intelligent control technologies, moving beyond being mere functional mediums [4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The year 2025 is projected to be the "landing year" for liquid cooling in data centers, driven by the intersection of increased computing power density and stringent energy efficiency requirements [2][4] - Liquid cooling technology is evolving rapidly, with cold plate systems currently holding an 80% market share, while immersion cooling is recognized as the future core direction for high-density computing scenarios [2][21] - The choice of cooling liquid significantly impacts the safety, lifespan, and operational costs of liquid cooling systems, making it a high-value segment within the liquid cooling industry [2][3] Summary by Sections 1. Background of Liquid Cooling Technology - The explosive growth in computing power demand and continuous increase in chip power consumption necessitate advanced cooling solutions [6][11] - Energy efficiency has become a rigid requirement, with global data center electricity consumption projected to double by 2030 [15][16] - The rise of edge computing is creating new demands for efficient space utilization in data centers [19] 2. Classification and Technical Characteristics of Liquid Cooling Systems - Liquid cooling systems are categorized into cold plate, immersion, and spray cooling types, with cold plate and immersion systems leading the market [20][21] - Cold plate systems are widely used due to their reliability and moderate deployment costs, while immersion cooling is recognized for its superior heat dissipation capabilities [22][38] 3. Performance Requirements of Cooling Liquids - Water-based cooling liquids dominate cold plate systems, while oil-based liquids are used in single-phase immersion systems [3][4] - Fluorinated liquids are considered the ideal cooling medium for data centers, although their high cost limits their application to high-power scenarios [3][4] 4. Future Trends in Cooling Liquids - The development of cooling liquids is evolving towards higher efficiency, lower energy consumption, better environmental performance, and smarter systems [2][4] - The industry is moving towards a comprehensive thermal management solution that integrates material science, thermodynamics, and intelligent control technologies [2][4] 5. Competitive Landscape - The water-based cooling liquid market is highly open with many participants, while the oil-based cooling liquid market is specialized and dominated by foreign brands [2][3] - The fluorinated liquid industry is undergoing significant changes, with traditional giants exiting the market and domestic companies seizing the opportunity for "domestic substitution" [2][3]

Summary of AIDC Liquid Cooling Market Conference Call Industry Overview - The liquid cooling market is expected to benefit from new products from NVIDIA (such as B200, B300, NVR 144) and the demand for ASICs from the four major CSPs in North America, with market sizes projected to reach $7.9 billion in 2025 and $17.6 billion in 2026 [1][3] - North America is the primary driver of the global liquid cooling market, expected to account for approximately 47% of the market share in 2025, translating to $3.6-$3.8 billion out of $7.9 billion [1][4] Key Insights and Arguments - NVIDIA's NVR 144 utilizes a new microchannel cold plate (MCCP) that offers higher heat exchange efficiency but comes at a 20% higher cost compared to traditional models, pushing liquid cooling technology towards higher efficiency [1][5] - Domestic manufacturers like Invec and Siquan are actively participating in NVIDIA's liquid cooling supply chain but have not yet fully entered mass production, remaining in the product iteration phase [1][6] - The value of secondary components in liquid cooling systems (CDU, piping, manifold, etc.) is expected to increase by approximately 10% due to higher heat exchange demands [1][7] - NVIDIA's Ruby product features a high-temperature water circulation system that increases CDU power to 220-230 kW per cabinet, raising the liquid cooling value to $150,000-$180,000 per cabinet, showcasing a new direction for energy-saving in data centers [1][8] Future Developments - Meta and Google plan to scale liquid cooling solutions by 2026, with Meta's Minerva solution requiring 25,000 liquid cooling cabinets and Google's TPU V7 needing 35,000 cabinets, significantly contributing to market growth [2][9] - The global liquid cooling market is projected to grow from $3.5 billion in 2024 to $7.9 billion in 2025 and $14 billion in 2026, indicating nearly a doubling in growth due to NVIDIA's adoption of liquid cooling products and the influence of major CSPs [3] Supply Chain Dynamics - Major suppliers in the liquid cooling technology supply chain include AVC and CoolIT for NVIDIA, while domestic players like Invec and Siquan are involved in early sample submissions but are not yet in mass production [6][10] - In the Meta project, Cooler Master and Invec are key suppliers, while in Google's project, AVC, Siquan, and Feirongda are involved, with Feirongda still in the sample submission phase [10] Technical Innovations - The Ruby full liquid cooling solution achieves 100% liquid cooling for all heat-generating components, eliminating the need for additional cooling sources in most climates, with water inlet temperatures raised from 35°C to 40°C [13] - In colder climates, liquid cooling systems can operate without traditional cooling machines, relying instead on dry coolers or cooling towers [11][12] Investment Insights - For a 1 GW data center, the investment in primary and secondary liquid cooling systems is approximately 25% for primary systems and 20% for CPUs, with liquid cooling plates accounting for about 25% of the investment [15] - The overall investment in liquid cooling systems for AI data centers is estimated to be around 3%-5% of total investment, with complete liquid cooling systems costing about 1.4% of the total [16]

Group 1 - The core viewpoint of the article highlights significant portfolio adjustments by well-known fund managers in anticipation of growth in sectors like AI, non-ferrous metals, and lithium battery materials for 2026 [1][4] - Fund manager Fu Pengbo indicates that high-growth sectors such as AI and non-ferrous metals will see substantial growth, while manager Li Xiaoxing emphasizes that AI remains the main theme of global technological innovation [1][7] - Manager Yang Jinjing advocates for avoiding currently popular but overvalued sectors, focusing instead on blue-chip stocks that are expected to show long-term performance turning points [1][5] Group 2 - In the fourth quarter of 2025, the top ten holdings of the Ruiyuan Growth Value Fund managed by Fu Pengbo and Zhu Lin saw minor changes, with Maiwei Co. replacing China Mobile, and significant adjustments in holdings of companies like Tencent and Alibaba [2] - The Silver华心怡 Fund, managed by Li Xiaoxing and Zhang Ping, underwent substantial adjustments, with new entries including Tencent, Alibaba, and Meituan, while exiting positions in China Mobile and HSBC [2] - The Yongying Ruixin Fund, managed by Gao Nan, also made notable adjustments, adding companies like WISCO and Haier, while reducing positions in companies like Zhongji Xuchuang [3] Group 3 - Fu Pengbo and Zhu Lin plan to reduce investments in companies with weak fundamentals and increase holdings in data center-related companies based on industry trends and individual stock research [2][4] - Gao Nan focuses on company growth potential and performance realization, aiming for a diversified portfolio while capturing growth opportunities [4] - Yang Jinjing emphasizes a contrarian investment approach, seeking undervalued stocks and avoiding following irrational market trends [4][5] Group 4 - Li Xiaoxing believes that the domestic equity market presents more opportunities than risks, with AI continuing to drive technological innovation and domestic internet giants expected to maintain stable growth [7][8] - The domestic consumption sector, which underperformed in 2025, is viewed as having high potential, with many quality consumer stocks offering attractive dividend yields [8] - Long-term prospects for the domestic innovative pharmaceutical sector are positive, with a focus on companies with data catalysts and explosive performance potential [8]

Core Insights - The report from Western Securities indicates that automotive component manufacturers are expected to become upstream suppliers for liquid cooling systems, with some companies possessing Tier 1 supply capabilities [1] Group 1: Liquid Cooling as a Mainstream Solution - Liquid cooling is anticipated to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power, which leads to higher single-chip power consumption and cabinet density, making traditional air cooling inadequate [1] - The advantages of liquid cooling include its ability to precisely dissipate heat from high-power (>25kW) cabinets and achieve energy-saving effects with a PUE of less than 1.25, aligning with policy directives [1] Group 2: Key Components and Market Growth - The core components of the secondary side piping (CDU + liquid cooling plate + manifold + UQD) are identified as the main focus for upgrades, with a higher value share compared to primary side piping technologies [2] - The global market for liquid cooling components in data centers is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027, driven by the transition of North American cloud providers to liquid cooling solutions and Huawei's leadership in the domestic liquid cooling supply chain [2]