Core Viewpoint - The company has been researching microchannel liquid cooling technology for several years and has developed a certain level of technical reserves, but has not yet achieved industrial application [2] Company Summary - The company has laid out research on microchannel liquid cooling technology several years ago [2] - The company has formed a certain level of technical reserves in this area [2] - The technology has not yet been industrialized [2]

美利信 20251229 摘要 公司半导体业务订单已超 2 亿元，今年交付额约 1.7 亿元，明年订单预 计超 5 亿元，主要涉及机械臂总成、真空腔体、人气盘底座及工装件四 大类，覆盖刻蚀、光刻及检测等全流程领域，未来发展方向仍是围绕模 组类产品。 公司正从零部件向集成模块突破，重点在质量刻蚀和光刻中的集成模块， 覆盖高端光刻机、刻蚀机、涂胶显影机及量测设备，提供机械臂、吸盘、 工装件及腔体等产品，指引显示明年订单超过 5 亿元，并且每年以翻番 速度增长。 与 AMD 合作项目 10 月初完成样品交付，预计 2026 年一二季度完成验 证并进入量产，初期月产量预期 3,000-5,000 套，未来增长潜力巨大， 同时看到了更多工艺机会，与台湾巨量合资，优先为其客户提供服务， 计划 2026 年一二季度开始铺垫国内优质客户对接。 公司与英特尔进行技术和业务探讨，未来将分几步实现协同配合，包括 前瞻技术开发、微通道和超流体高功耗模块验证等项目，将从超流体 CDU 系统开发开始，并逐步进入实验室认证和量产品阶段，预计 2026 年下半年争取取得英特尔联合开发实验室的认证资质。 Q&A 公司在与台湾企业合作后的一个月 ...

AI芯片、液冷技术、光模块等领域龙头业绩高增，资本聚焦具备技术壁垒和生态协同的头部企业，产 业迈向高质量发展。 2025年，A股算力板块经历了一场深刻的价值重塑。 从年初的政策预期驱动到年末的业绩兑现验证，相关指数全年表现亮眼。截至2025年12月25日，国证算 力基础设施指数（399363.SZ）收盘报9467.22点，年初以来累计涨幅高达80.74%。 这一年，资本市场对算力产业的认知经历了从"概念炒作"向"价值锚定"的转变，折射出全球算力竞争加 剧与国内产业升级需求叠加下，中国算力产业链的必然进阶。 在中美科技博弈持续深化、全球AI算力需求爆发的双重背景下，2025年的A股算力板块，既展现了国产 替代的强劲动能，也暴露了核心技术的现实短板，即部分高端芯片制程仍有提升空间、部分基础软件生 态适配度待加强。 结构性分化：价值锚点转向业绩兑现 2025年的A股算力板块，最显著的特征便是"冰火两重天"的结构性分化。 这种分化并非简单的板块轮动，而是资本市场对算力产业链各环节价值创造能力的重新评估，其核心逻 辑已从短期政策利好转向长期业绩兑现与技术壁垒。市场热点从"概念"向"业绩"集中，具备明确技术落 地路径和真 ...

证券日报网讯12月25日，高澜股份（300499）在互动平台回答投资者提问时表示，公司已储备冷板式、 浸没式及集装箱式液冷等多种液冷技术，可针对性满足数据中心、智算中心等场景的高效散热需求，有 效降低PUE。公司产品应用领域正由直流输电、柔性交流输配电及大功率电气传动向石油石化、轨道交 通、船舶、医疗设备、数据中心、储能电站等不断扩充。 ...

证券日报网讯12月25日，高澜股份（300499）在互动平台回答投资者提问时表示，公司多年前便布局微 通道液冷技术的相关研究，目前已形成一定技术储备，但尚未实现产业化应用。 ...

（文章来源：每日经济新闻） 高澜股份（300499.SZ）12月25日在投资者互动平台表示，公司多年前便布局微通道液冷技术的相关研 究，目前已形成一定技术储备，但尚未实现产业化应用。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司是什么时候开始布局微通道液冷技术？ ...

隔离器在光通信领域的重要性及其市场前景如何？ 隔离器在光通信领域具有重要作用，主要是为了保证光的单向传输，防止反射 光对光源造成损害。随着技术的发展，从 EML 方案推进到硅光方案，对隔离器 的需求和品质要求进一步增加。特别是在北美市场，对光模块稳定性的要求较 高，而隔离器是其中关键部件之一。 当前隔离器市场存在供需紧张的局面，主 要原因在于上游材料如法拉第旋光片和偏振片的供应不足。这些材料大部分由 海外厂商掌控，如住友、Coherent、豪雅和康宁等。由于这些上游厂商扩产 周期较长且保守，导致供货紧张并推动价格上涨。 从价值量来看，一组隔离器 的价值量已经超过 CW 光源，并且未来可能还有涨价空间。因此，我们认为隔 离器赛道在无源器件中具备中长期投资价值，有望成为市场热点。龙头企业如 顺浩股份、东田微等有望受益并走出强劲走势。 英伟达 H200 相比 H20 具有显著性价比优势，吸引阿里巴巴、腾讯等领 先组织。H200 的推出推动了国内外 AI 技术的发展，当前先进的 GPT-5 模型就是基于 H200 进行训练的。 光通信产业链因紧缺程度高、商业格局优越和轻资产模式而表现强劲。 中际旭创和新易盛等龙头公司 ...

Core Insights - The "Hefei All-Scenario Immersion Oil-Based Liquid Cooling Technology Innovation Consortium" led by Tongyuan Environment has been approved, marking a significant step in high-end cooling technology and injecting new momentum into green computing infrastructure construction [2] Group 1: Industry Context - The rapid development of the digital economy and the advancement of "dual carbon" goals have created unprecedented cooling pressures for new infrastructure such as data centers, 5G base stations, and new energy storage [2] - High power consumption and high heat flux density have become core bottlenecks restricting computing power enhancement and energy efficiency optimization [2] Group 2: Company Initiatives - Tongyuan Environment, focusing on environmental protection and energy conservation, has responded actively to national calls for technological innovation [2] - The consortium includes key players such as PetroChina Karamay Petrochemical Co., Shenzhen Green Cloud Technology Co., China Unicom (Anhui) Industrial Internet Co., H3C Technologies Co., and Hefei University of Technology, forming a cross-domain innovation alliance [2] - The consortium integrates a complete industrial chain resource from cooling working fluids, liquid cooling systems, application scenarios to research support, aiming to provide more efficient, safer, and greener cooling solutions for computing power infrastructure [2]

Summary of the Conference Call for 美丽信 Industry and Company Overview - The conference call discusses 美丽信, a company involved in the deployment of 5.5G base stations and liquid cooling technology, with a focus on expanding its overseas customer base and enhancing profitability from 2026 onwards [2][4]. Core Points and Arguments 1. **5.5G Base Station Liquid Cooling Deployment**: 美丽信 plans to deploy 5.5G base stations using liquid cooling solutions, which are expected to significantly enhance profit margins compared to traditional base station components starting in 2026 [2][4]. 2. **North American Market Projects**: The company anticipates that its new generation autonomous driving and energy storage projects in North America will contribute incremental revenue from 2026, particularly with a growth expectation exceeding 50% in the U.S. energy storage market [2][4]. 3. **Semiconductor Business Growth**: The subsidiary "于来生" has made breakthroughs with clients in Shanghai and Shenzhen, and the acceleration of domestic substitution is expected to lead to a definitive increase in semiconductor production capacity by 2026 [2][4]. 4. **Liquid Cooling Technology Advantages**: 美丽信 has accumulated expertise in liquid cooling technology, which is projected to save 30% of energy for data centers, addressing the pressing electricity shortage in the U.S. [2][6]. 5. **Market Opportunities for Liquid Cooling**: Predictions indicate that by 2027, the market share of liquid cooling for non-NV series chips will significantly exceed that of NV series chips, presenting substantial market opportunities for 美丽信 [2][6]. Additional Important Insights 1. **Valuation Comparison**: Similar companies like 英维克 have market valuations exceeding 70 billion, while 美丽信's current valuation is only 9 billion, indicating significant room for valuation growth [3][5]. 2. **Collaborative Efforts**: The company is leveraging its past experience in electromechanical fields and is actively pursuing collaborations, particularly with Taiwanese teams, to enhance its market presence [5][6]. 3. **Diverse Application Prospects**: Major companies like Google are increasingly adopting liquid cooling solutions for various ACI chips, GPUs, and CPUs, indicating a broadening application landscape for 美丽信's technology [6].

Core Insights - The article emphasizes the rapid growth of liquid cooling technologies, particularly immersion cooling, as essential for meeting the demands of modern data centers driven by the explosion of artificial intelligence technology [8][9] - It highlights the significant market potential for liquid cooling solutions in China, projecting the liquid cooling server market to reach $2.37 billion in 2024, a 67% increase from 2023, and expects the market to exceed 180 billion RMB by 2030 [8] Industry Trends - The article discusses the transition from traditional air cooling to liquid cooling methods, with immersion cooling being recognized for its superior thermal conductivity and energy efficiency [8] - It notes the challenges faced by the domestic immersion cooling technology, including the need for localization of core materials and overcoming technical bottlenecks in dual-phase cooling systems [9] Market Opportunities - The article outlines the expected growth of the liquid cooling materials market, estimating it to reach between 36 billion to 45 billion RMB [8] - It mentions various technological routes for cooling liquids, including fluorinated liquids, synthetic oils, and bio-based coolants, indicating a diverse landscape of innovation [8] Event Information - The first "Cooling Liquid and Liquid Cooling Technology Forum" is scheduled for November 27-28, 2025, in Wuzhen, Zhejiang, focusing on material innovation and the commercial application of efficient liquid cooling technologies [9][18] - The forum aims to gather leading companies and research institutions to discuss breakthroughs in materials, technological advancements, and application scenarios [9][18]