【光通信】 九联科技：100G、200G、400G光模块产品已形成销售 10月9日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在机器人、消费电 子等方面最新情况： 【热点回应】 圣湘生物回应核聚变相关投资：系公司实控人个人投资 【机器人】 涛涛车业：与宇树科技的机器人海外销售合作在有序推进中 【消费电子】 凯盛科技：公司UTG产品目前主要用于折叠屏手机等新型显示领域 双汇发展：与中誉宠食开展有鲜肉供应及股权投资等方面的合作 恒基达鑫：台风"桦加沙"未对珠海库区生产经营造成重大影响 (本文来自第一财经) 【液冷】 飞龙股份：液冷领域现有四条生产线，预计每年产能最高可达120万只左右 【其他】 中新集团：累计认缴投资外部市场化基金52支，累计直接投资科技项目42个 艾可蓝：公司针对国七排放标准已陆续开展多项预研和开发工作 通达股份：子公司成都航飞目前订单饱满，产能利用率充足 ...

摘要 数据中心机柜功率提升推动液冷技术发展。数据中心持续向高密度、高能效方向发展， 机柜功率密度越大产生的热量也越大，对散热的要求越高，应用液冷是数据中心散热的必然 选择。相较于传统强迫风冷散热，液冷具有低能耗、高散热、低噪声、低TCO等优势。 液冷技术分为接触式及非接触式两种，中国与全球液冷市场均以高双位数增长。接触式 液冷是指将冷却液体与发热器件直接接触的一种液冷实现方式，包括浸没式和喷淋式液冷 等；非接触式液冷是指冷却液体与发热器件不直接接触的一种液冷实现方式，包括冷板式等 具体方案。IDC数据显示，中国液冷服务器市场在2024年继续保持快速增长，市场规模达到 23.7亿美元，预计2024-2029年，中国液冷服务器市场年复合增长率将达到46.8%，2029年市 场规模将达到162亿美元。Omdia发布的数据显示，2023年数据中心冷却市场规模已至76.7亿 美元，2028年市场规模将达168.7亿美元，而全球数据中心液冷市场规模将自2023年的10亿 美元增长至2028年的约56亿美元。 天风证券近日发布基础化工行业专题研究：IDC数据显示，中国液冷服务器市场在2024 年继续保持快速增长，市场规模达 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 林园作为一名老牌价值投资代表人物，曾以长期持股、买了不卖、寻求确定性等投资理念赚得盆满钵满。比如2001年投资宁沪高速，买入三年 后获利三倍、2003年重仓介入贵州茅台实现财富自由，或许至今仍继续持有。 可以发现的是，林园在过往优秀的战绩中，确实很少接触科技 股。 近期， 林园被动买了科技股引发市场关注，因为进行新股申购存在市值要求，所以被动买入了一批科技股。 林园坦言投资科创板让他备受煎 熬：搞了以后，对我来说也是很痛苦，我买了以后才后悔，把我折腾的多少个晚上都睡不着觉，因为我买了是不卖的。 林园多次旗帜鲜明地表示自己坚决不碰科技股，在科技行情沸腾的当下，为什么依旧如此坚定地不碰科技股？曾也有投资者质疑林园不懂什么高 科技，为什么不投那些科技？ 其实，林园早年拥有过科技行业的从业经验，曾在20多岁就是摩托罗拉芯片的亚洲总代理， 亲身体验过科技行业的不 确定性，这或许与 林园的 投资理念 —"确定性"存在明显偏差。 这或许也是一位价值投资的坚守，只做自己认为对的事情。（可参考： 股市传奇林园：从8000元到百亿财 富的私募基金经理 ） 不投但不代 ...

Group 1: Medical Devices Industry - The cardiovascular medical device industry has significant growth potential, with the market for cardiac electrophysiology devices in China expected to grow from CNY 65.80 billion in 2021 to CNY 157.26 billion by 2025, and further to CNY 419.73 billion by 2032 [5][6] - The global market for cardiac rhythm management devices increased from USD 9.7 billion in 2016 to USD 10.6 billion in 2021, with a projected growth to USD 12.8 billion by 2030 [5] - The market for coronary artery disease devices in China is also expanding, with the number of patients expected to reach 31.67 million by 2030, and the market for aortic stent grafts projected to grow significantly [6][7] Group 2: AI Cooling Industry - The AI computing upgrade is driving innovation in cooling technologies, with liquid cooling expected to reduce data center energy consumption by 20%-30%, achieving a PUE below 1.2 [8][9] - The liquid cooling market in China is projected to reach USD 1.26 billion in the first half of 2024, with cold plate solutions currently dominating the market due to their maturity and lower infrastructure modification requirements [9][10] - The market for immersion cooling fluids is expected to grow, with silicone oil and fluorinated liquids being key players, although regulatory challenges may arise [10] Group 3: Semiconductor Industry - Aojie Technology (688220.SH) is a leading player in the baseband chip market, with projected revenues of CNY 45.80 billion, CNY 57.35 billion, and CNY 70.72 billion for 2025, 2026, and 2027 respectively [12][13] - The company has a strong presence in both mobile baseband and IoT sectors, with significant growth expected in its ASIC business, which is anticipated to see multiple-fold growth by 2026 [12][14] Group 4: Pharmaceutical Industry - Lifang Pharmaceutical (003020.SZ) is expected to achieve revenues of CNY 18.53 billion, CNY 22.93 billion, and CNY 27.37 billion from 2025 to 2027, with a strong growth trajectory driven by its unique traditional Chinese medicine products [16][17] - The company is set to launch its first generic version of methylphenidate extended-release tablets in April 2025, targeting a large ADHD market in China [17] Group 5: Beverage Industry - IFBH (6603.HK) is positioned to capture a significant share of the coconut water market in China, which is expected to grow at a CAGR of 55% from 2019 to 2025 [19][20] - The company has established a strong brand presence and is leveraging its supply chain advantages to maintain a competitive edge in the market [20] Group 6: Nonferrous Metals Industry - Zhongmin Resources (002738.SZ) is projected to achieve net profits of CNY 6.03 billion, CNY 12.72 billion, and CNY 22.64 billion from 2025 to 2027, driven by its high-margin cesium and rubidium salt business [22][23] - The company is strategically expanding its copper business, which is expected to provide significant growth potential as demand for copper increases [23][24] Group 7: Aerospace Industry - The commercial aerospace sector is anticipated to reach a turning point with increased satellite launches and the development of reusable rockets, which are critical for the growth of satellite internet [29][30] - Companies like Blue Arrow Aerospace and Tianbing Technology are making significant advancements in rocket technology, with planned launches that could enhance China's capabilities in commercial space [30][31]

Core Insights - The liquid cooling market is experiencing rapid growth due to the increasing demand for AI computing power and the performance enhancement of computing chips [1][2] - By 2025, the liquid cooling server market in China is projected to reach $3.39 billion, with a compound annual growth rate (CAGR) of approximately 48% from 2025 to 2029 [1] - The demand for liquid cooling is closely linked to the development of high-power domestic chips, which will transition liquid cooling from an optional to a necessary solution [1][2] Industry Overview - The primary technologies for cooling in data centers are liquid cooling and air cooling, with liquid cooling gaining traction in recent months [1] - The current liquid cooling technology landscape includes cold plate, immersion, and spray cooling methods, with cold plate technology expected to dominate the market for the next 3-5 years due to its cost-effectiveness and maturity [1][2] - The liquid cooling market is anticipated to reach a scale of 100 billion RMB by 2030, indicating significant growth potential [2] Company Insights - Sichuan Chuanrun Co., Ltd. has developed automated production lines for liquid cooling products, with an annual capacity of up to 1GW [1] - The company expects its liquid cooling-related revenue to exceed 350 million RMB by 2025, with a projected 300% year-on-year growth in data center liquid cooling revenue [1] - Currently, about 80% of the company's revenue comes from overseas markets, highlighting the global demand for liquid cooling solutions driven by AI computing needs [1][2] Market Dynamics - The rapid increase in AI computing power, particularly from NVIDIA's high TDP chips, is driving the demand for liquid cooling solutions [1] - Domestic data centers primarily utilize air cooling due to lower power density, with liquid cooling penetration expected to reach around 10% by 2025 [1] - The liquid cooling industry faces challenges such as a lack of standardization and compatibility issues among different manufacturers, which could hinder growth [2]

2025-09-28 %% %% %% %% research.95579.com 创业板指或将进入中枢震荡状态 长江证券研究所金融工程研究小组 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% research.95579.com 2 9月行情强度 9月从弹性靠前的个股对应的阶段性涨幅看与8月弹性相当，但鉴于涨幅榜前20的个股中涨时自由流通市值 在百亿以上的仍有5只，起涨时成交额大致在10亿的量级，整体强度虽不及8月但仍处于较为理想的状态 表：9月涨幅榜前20（截至9月26日） | 属性 | 名称 | 最低到最高涨幅 | 前最低价（元） | 起涨时自由流通市值（亿） | 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | | 机器人 | 首开股份 | 239% | 2.61 | 32.61 | 10.30 | | 固态电池 | 海博思创 | 140% | 120.55 | 46.81 | 24.98 | | 芯片 | 向日葵 | ...

液冷专题 20250924 摘要 全球液冷市场规模预计在 2026 年达到千亿人民币，并有望在 2028 年 随着 A4 芯片出货加速增至 2000 亿人民币，未来几年内市场增长潜力 巨大。 英维克作为国内液冷龙头企业，凭借 Meta 大额订单及技术优势，有望 保持领先地位，同时国内其他公司通过代工积极进入全球液冷赛道。 液冷技术快速迭代，微通道钙设计和芯片内置微流控冷却成为趋势，对 液冷板和 CDU 等定制化产品需求增加。 液冷产业链中，液冷板和 CDU 占据主要价值量，接头技术壁垒高。国内 公司在全球 ASIC 产业链中存在机会，有望获得市场份额。 预计 Meta 等厂商将在 2026 年初开始大规模采用液冷方案，推动机柜 级液冷需求增长，ASIC 芯片与英伟达芯片市场空间相当。 国内液冷行业市场份额将提升，交换机、光模块连接器等环节也将采用 液冷技术。英维克和伊顿电子等公司已获订单，预计 2025 年底利润将 兑现。 鼎通科技受益于 IO 液冷连接器渗透率提升和机柜内部连接器需求增加， 预计 2026 年和 2027 年营收和毛利率将保持高速增长。 Q&A 液冷市场的增长前景如何？ 液冷市场正处于高速增 ...

Summary of Liquid Cooling Industry Report Industry Overview - The report focuses on the liquid cooling industry, particularly in data centers, driven by the increasing demand for efficient cooling solutions due to high power density and thermal flow density requirements of modern chips [1][2][3]. Key Insights and Arguments - **Liquid Cooling Demand**: The demand for liquid cooling systems in data centers is expected to grow significantly, especially with the rise of AI data centers, which are projected to reach approximately 7GW by 2024 and continue to grow rapidly through 2028 [8]. - **Cooling Technologies**: Two main types of liquid cooling solutions are currently used in data centers: cold plate and silent cooling. Cold plate systems can be further divided into single-phase and multi-phase systems, while silent cooling includes oil-based and fluorinated liquids [4][7]. - **Chip Cooling Requirements**: NVIDIA's new generation of chips, such as the Ruby series, has increased power requirements, necessitating more efficient cooling solutions like phase change liquid cooling [5]. - **Energy Efficiency Management**: Data center energy efficiency management is becoming more refined, moving from chip-level to cabinet integration, with a focus on direct cooling solutions for high-heat areas [6]. Material Insights - **Cooling Fluids**: Various cooling fluids are discussed, including synthetic hydrocarbons and organic silicone oils, which have advantages such as low impurity content and good oxidation resistance, but also drawbacks like low flash points [9][10]. - **Fluorinated Liquids**: Fluorinated liquids provide excellent cooling performance with uniform temperature distribution but are costly and primarily produced by 3M, which plans to exit the market by the end of 2025 [12][16]. - **Environmental Concerns**: PFAS substances pose significant environmental hazards, prompting the search for alternatives like perfluoropolyether (PFPE), which is more degradable but less stable than perfluoramines [17][18]. Market Dynamics - **3M's Market Exit**: The anticipated exit of 3M from the fluorinated liquid market is expected to create opportunities for domestic companies to fill the gap, potentially leading to lower prices for cooling solutions [16][21]. - **Production and Cost Trends**: The price of perfluorinated compounds is currently around 600,000 to 700,000 yuan per ton, significantly higher than the 300,000 to 400,000 yuan per ton range from 2019 to 2021. Future production capacity improvements could lower prices back to previous levels [16]. Additional Important Content - **Key Players**: Notable companies in the organic silicone production space include Dow, Wacker, and domestic firms like Runhe Materials, which are innovating in the field [14]. - **Future Developments**: The report highlights ongoing research and development in alternative cooling solutions, including the use of hydrogen fluoride ethers in semiconductor cleaning and cooling applications [20]. This comprehensive overview captures the essential elements of the liquid cooling industry as discussed in the report, emphasizing the technological advancements, market dynamics, and environmental considerations shaping the future of data center cooling solutions.

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is evolving with significant attention on NVIDIA's GB300 and the upcoming LOBIN structure, transitioning from traditional air cooling to advanced cooling solutions like microchannel cooling plates (MLCP) and bidirectional energy boards [1][2][6] Key Trends and Technologies - **Bidirectional Energy Boards**: Expected to become mainstream by 2026, currently facing design complexity and material selection challenges. R134 and 1,233ZD are the main candidates for refrigerants, each with pros and cons [1][4][3] - **Microchannel Cooling Plates (MLCP)**: Aiming to enhance cooling efficiency by integrating the cooling plate directly with chip packaging, though costs are significantly higher (3 to 7 times traditional plates) [7][6] - **Refrigerant Selection**: The industry is cautious about the transition to new refrigerants, with R134A likely to coexist with newer options due to its maturity and cost-effectiveness [2][13] Future Directions - **Integration of Technologies**: Companies are exploring the combination of bidirectional energy boards with silent cooling methods to address GPU cooling challenges [5][6] - **Material Innovations**: New materials such as quick connectors, CDU, and stainless steel hoses are expected to enhance overall system performance [8][6] - **Economic and Environmental Considerations**: The choice of immersion cooling fluids will focus on cost, performance, and environmental impact, with options like silicone oil and perfluoropolyether (PFPE) being prominent [9][10] Challenges and Considerations - **Design and Implementation**: The complexity of bidirectional energy board design and the need for better sealing and pressure tolerance in the phase change process are significant challenges [4][6] - **Market Dynamics**: The partnership between Dow and Intel has seen slow progress due to pricing mechanisms and responsibility allocation issues, impacting the adoption of silicone oil in data centers [11][9] Emerging Materials - **Liquid Metal**: Offers excellent thermal conductivity but is still in early experimental stages due to high costs and oxidation issues [14][15] - **New Tri-block Materials**: Recent advancements in tri-block materials have improved stability and reduced volatility, making them viable for semiconductor temperature control [17][16] Market Outlook - **Cost Trends**: The cost of K-type PFPE is expected to decrease below 300 RMB per kilogram in the long term, while Y-type PFPE remains high due to supply chain constraints [18][19] - **GWP Concerns**: The high Global Warming Potential (GWP) of PFPE remains a challenge, with no effective methods currently available to significantly reduce it [19][10] This summary encapsulates the key points discussed in the conference call regarding the liquid cooling industry, highlighting trends, challenges, and future directions.

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 67, suggesting a positive outlook for the market [5][9][21] - Key themes identified include robotics, medical devices, and liquid cooling technologies, with specific companies highlighted as potential investment opportunities [5][10][12] Robotics Sector - Tesla's "Master Plan 4" emphasizes the strategic importance of robotics, with Elon Musk stating that approximately 80% of Tesla's future value will come from the Optimus robot [5] - Related companies include Wolong Electric (600580) and Changsheng Bearing (300718) [5] Medical Devices Sector - The Shanghai government has launched an action plan to promote the high-end medical device industry, aiming for over 500 new third-class medical device registrations and over 100 products approved for overseas markets by 2027 [5] - Key companies in this sector include United Imaging Healthcare (688271) and Tsinghua Tongfang (300642) [5] Liquid Cooling Technology - Due to high power consumption from new AI platforms, NVIDIA is pushing suppliers to develop new microchannel liquid cooling technology, which is significantly more expensive than existing solutions [5] - Companies involved in this technology include Yinlun (002126) and Plutotech (688333) [5] Market Trends - The report notes that when market sentiment is below or close to 50, the market tends to find support, while sentiment above 90 may indicate resistance [9] - Recent trends show a shift towards an upward market trajectory supported by improved sentiment and policy backing [9] Capital Flow Insights - The report lists the top ten stocks with significant net inflows, including Inspur Information (000977) and Ningde Times (300750), indicating strong investor interest [10][12] - Conversely, the report also highlights stocks with notable net outflows, such as Shenghong Technology (300476) and Heertai (002402), suggesting caution in these areas [12][22]