—论坛信息— —初步日程— 11月27日上午 液冷数据中心创新方案与应用实践 ——浪潮通信信息 浸没式含氟冷却液研究进展 ——浙江省化工研究院有限公司 海斯福含氟冷却液方案 ——海斯福(深圳)科技有限公司 氟化液在液冷技术中的应用和案例分享 ——浙江诺亚氟化工有限公司 液冷材料在不同热管理场景下的选用模型 ——杭州云酷智能科技有限公司 会议名称 ： 冷却液与液冷技术论坛2025 会议时间： 11月27-28日 会议地点： 浙江嘉兴 主办单位： 亚化咨询 工业参观 ： 乌镇之光国家超算中心 可快速部署高密度液冷算力舱技术特点及未来趋势 ——兰洋（宁波）科技有限公司 低碳数据中心液冷技术应用研究 —— 深圳绿色云图科技有限公司 聚焦浸没液冷，共探能源发展新路径 ——杭州京工电科技有限公司 高端电子氟化液国产化替代及液冷产业应用 ——氟相新材料有限责任公司 11月27日下午 极致液冷，极致算力——新华三全栈液冷加速算力绿色时代到来 ——新华三集团 浸没液冷智算中心绿色低碳实践分享 ——浙江巨冷科技有限公司 浸没式单相数据中心冷却液应用研究 ——山西潞安太行润滑科技股份有限公司 基于国产基础油的浸没式冷却液关键技术研 ...

"我们有海量闲置的英伟达GPU，但他们只能躺在仓库，因为没有足够的电力去点亮他们。" 不久前在一档播客节目中，微软CEO纳德拉向市场揭示了这一残酷的真相：AI竞赛的瓶颈，已经从芯片供应转向了电力。 在过去的3个多月，英伟达完成了从4万亿美元到5万亿美元市值的跨越。万亿美元级别的估值增长，正是建立在持续不断、指数级增长的AI基础设施需求 之上。市场预计，全球用于建设数据中心的投资未来将达到惊人的3万亿美元。 在持续数年的AI热潮中，人们热衷于讨论芯片制程的纳米之争，惊叹于大模型万亿级的参数规模，却鲜少关注支撑这一切的 "隐形基石"—— 电力。 如今，这场看似由算法与芯片主导的 AI 争霸赛，已经悄然演变为一场围绕电力资源、散热技术和能源战略的全球较量。从美国田纳西州正在建设的巨型 数据中心，到中国雅砻江流域的水电算力枢纽，电力的供给能力与利用效率，正成为决定各国和巨头们AI竞争力的核心变量。 算力狂潮下的能源危机 AI为什么越来越费电？ 过去，AI 的能源消耗主要集中在模型训练阶段 —— 一次GPT-3级别的模型训练，耗电量相当于300户家庭一年的总用电量。但随着大型语言模型 （LLMs）的普及，能源消耗已从 ...

（文章来源：证券日报） 证券日报网讯英威腾11月10日在互动平台回答投资者提问时表示，公司液冷技术按系统架构分包括冷板 式、喷淋式、浸没式，公司具有液冷解决方案完备多样、产品节能性能好等优势。 ...

Core Viewpoint - Yongzhen Co., Ltd. reported a revenue of 9.049 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 57.81%, although the net profit attributable to shareholders showed a decline due to industry pressures [1] Group 1: Financial Performance - The company achieved a revenue of 9.049 billion yuan in the first three quarters, marking a 57.81% increase year-on-year [1] - Despite strong revenue growth, the net profit attributable to shareholders experienced a decline due to industry challenges [1] Group 2: Business Strategy and Growth - Yongzhen Co., Ltd. is actively diversifying its growth avenues by expanding into liquid cooling, energy storage, and robotics, aiming to build a multi-faceted growth curve [1][2] - The company has set ambitious shipment targets for its photovoltaic frames, aiming for 600,000 tons, 800,000 tons, and 1 million tons from 2025 to 2027, indicating management's confidence in long-term growth [1] Group 3: Liquid Cooling Technology - The acquisition of Zhejiang Jienowei Automotive Lightweight Technology Co., Ltd. allows Yongzhen to enter the liquid cooling technology sector, leveraging advanced "flat extrusion" technology for high-precision cooling plates [2] - The company plans to achieve a production capacity of 100,000 tons for liquid cooling plates by the end of 2026, with initial production lines expected to start in late 2023 [2] Group 4: Energy Storage Initiatives - Yongzhen is investing 1.31 billion yuan to build a 1.8GWh energy storage station in Baotou, Inner Mongolia, which has received policy support and is expected to provide stable returns [3] - A strategic cooperation agreement with BYD will enhance Yongzhen's capabilities in energy storage project development and supply chain integration [3] Group 5: Robotics Sector - The company is establishing a foothold in the humanoid robotics sector, utilizing over 20 years of expertise in aluminum alloy materials to supply critical components [3] - Yongzhen aims to explore the application of lightweight materials in robotics, positioning itself for growth as the industry transitions to mass production [3] Group 6: Overall Business Outlook - Yongzhen has developed a diversified business model that combines its core photovoltaic operations with emerging sectors like liquid cooling, energy storage, and robotics [4] - Despite short-term fluctuations in performance, the company is expected to achieve high-quality long-term growth as industry conditions improve and new business segments mature [4]

Core Viewpoint - The company Shunling Environment has gained significant attention in the institutional investment community, with a projected upside of 62.16%, despite a recent stock price decline of over 35% from its peak [1][3]. Valuation Screening - As of October 22, Shunling Environment's stock price is 63.64 yuan, with a total market capitalization of approximately 16.9 billion yuan and a rolling P/E ratio of 109, which is significantly higher than the industry average [3]. - The company is expected to achieve a compound annual growth rate (CAGR) of over 50% in net profit from 2025 to 2027, with projected net profit reaching 670 million yuan by 2027, indicating that high valuation may be justified by strong earnings growth [3][4]. Fundamental Screening - Shunling Environment's revenue for the first half of 2025 is 1.682 billion yuan, a year-on-year increase of 28.95%, with net profit rising by 35.95% to 150 million yuan [4]. - The company's core data service segment accounts for over 50% of its revenue, with new orders increasing by 200% year-on-year from January to August, providing strong future earnings support [4]. - The company is recognized for its leading liquid cooling technology, with a strong market position in China's liquid cooling data center sector, and its technology is deemed internationally advanced by the Ministry of Industry and Information Technology [4][6]. Trend Screening - Shunling Environment is positioned to benefit from the growing demand for liquid cooling technology driven by AI computing needs, with predictions that AI-driven data center demand will exceed 40% by 2026 [6]. - The company's liquid cooling solutions align with national energy-saving policies, significantly reducing energy consumption compared to traditional methods [6]. - The industrial temperature control market, including power and nuclear sectors, is projected to reach 23.6 billion USD by 2025, providing additional growth opportunities for the company [6]. Capital Screening - Recent data indicates a net outflow of 667 million yuan from major funds over the past 22 days, reflecting a cautious sentiment among short-term investors [7]. - Despite short-term outflows, institutional holdings remain strong, with 56.93% of the float held by institutions as of the second quarter of 2025, indicating long-term confidence in the company's value [7][8].

Summary of Key Points from Conference Call Industry Overview - The conference highlighted the rapid development of AI technology and its impact on the optical module market, with the OCPR conference actively promoting related technologies [1][2] - The satellite internet sector is experiencing accelerated investment and construction, with multiple companies launching new satellite constellations [1][5] - Liquid cooling technology is gaining attention, with significant profit contributions expected from overseas markets in the coming year [1][6] Company-Specific Insights ZTE Corporation - ZTE's switching chips and CPUs are currently undervalued, with the next-generation 51.2T switching chip and 5nm Summit CPU expected to significantly increase revenue and profit upon mass production in 2026 [1][3] - ZTE's current valuation is around 20 times earnings, with potential to rise to 30 times as new product sales scale up [3] - The company has shown strong performance in the optical communication sector, with a notable increase in net profit for its subsidiary, exceeding 30% year-on-year [3][13] Yilink Network - Yilink Network's third-quarter performance showed growth, with expectations of over 3 billion profit in 2026, corresponding to a PE ratio of less than 15, making it a stable investment option [1][8] Invek - Invek's third-quarter results indicated an increase in gross margin and net profit, with a focus on profitability despite a slowdown in revenue growth [1][6] Market Trends - The optical module market is expected to see an increase in demand and pricing in 2026, despite recent volatility due to US-China trade tensions [2] - The global liquid cooling market is projected to reach a scale of 100 billion RMB, with companies like Invek, Shenling, and Yishite being key players [1][6] - The overseas computing sector is rapidly evolving, with the OCP conference setting hardware update goals that reflect increasing demands for power, connectivity, and liquid cooling [1][9] Technological Developments - The OCP conference established a new organization to promote standardization in multi-modal technology, which is expected to expand significantly in 2026 [1][10] - OpenAI has updated its shopping feature and plans to release new products in December, indicating ongoing advancements in AI applications [1][12] - Google's model testing has progressed, with the upcoming release of the Gemini 3.0 model being closely monitored [1][14] Conclusion - The conference underscored the robust growth potential in the optical communication, satellite internet, and liquid cooling sectors, with specific companies like ZTE and Yilink Network positioned for significant gains in the near future [1][3][8][13]

Core Insights - The demand for advanced cooling technologies has shifted from being a mere equipment support item to a core performance element due to the increasing power density of data center servers and the dual upgrade of electric vehicle range and fast charging needs [1] Group 1: Liquid Cooling Technology - The competitive edge of the company in the liquid cooling market stems from its relentless pursuit of core technologies, forming a comprehensive technical matrix that includes material innovation, structural design, and system integration [2] - A new refrigerant direct cooling technology, developed in collaboration with South China University of Technology, significantly enhances heat transfer coefficients compared to traditional liquid cooling solutions while simplifying system structures and reducing component counts, achieving a balance between cost control and cooling efficiency [2] - The company has secured multiple key patent authorizations since 2025, including a liquid cooling plate with phase change material that effectively eliminates local hotspots and extends the lifespan of chips and batteries [2] Group 2: AI Computing and Server Solutions - The company has developed a micro-channel liquid cooling module for servers, featuring a channel width of 0.15mm and a 250% increase in heat exchange area, designed to meet the specific needs of AI computing scenarios [3] - The product includes a physical anti-blocking design and supports parallel installation, ensuring efficient cooling for multi-GPU clusters with a low contact thermal resistance of less than 0.03℃·cm/W [3] Group 3: Market Applications and Partnerships - The company has established a diversified application ecosystem across computing power, new energy, and low-altitude economy, supplying core components for liquid cooling servers to leading firms such as Super Fusion and ZTE Kangxun [4] - In the new energy sector, the company provides liquid cooling plates and assembly components for major manufacturers like Guoxuan High-Tech and Yiwei Lithium Energy, and has secured orders from leading flying car manufacturers [4] - The company won a bid for a wind and liquid cooling supercharging station project for a major digital energy client in October 2024, indicating strong market recognition of its technology [4]

Summary of Shanghai Yanpu's Conference Call Company Overview - **Company**: Shanghai Yanpu - **Industry**: Automotive seating and robotics Key Points Growth Potential in Automotive Seating Market - Shanghai Yanpu is positioned in the automotive seating segment, similar to industry leaders like CATL and Fuyao Glass, with significant growth potential expected in seating and frame businesses, potentially leading to multiple times increase in market value [2][3][9] Performance Expectations for 2025 - The company anticipates a V-shaped recovery in performance for 2025, with a slow growth rate in Q1, followed by a 50% increase in Q2, a slowdown to 20%-30% in Q3, and a potential acceleration to 100% in Q4 [2][3][5] AI and Humanoid Robotics Expansion - Shanghai Yanpu is actively expanding into AI chains and humanoid robotics, leveraging R&D reserves and partnerships with Shanghai Electric Group, aiming for breakthroughs in humanoid robotics [2][3][6] Collaboration with Shanghai Robotics Institute - The company has partnered with the Shanghai Robotics Institute to develop humanoid robots, marking this as a second growth curve, with expectations of significant returns in the future [6][7] Market Dynamics and Demand Recovery - The company expects revenue growth to accelerate in Q3, driven by recovering demand, particularly from the Wanjie M7 and new M8 models, with significant sales increases noted for leading brands [5][9] Focus on Seating Business - The seating business is identified as a key development area, with a market potential reaching hundreds of billions, expected to support mid-term growth [2][9] Liquid Cooling Technology Market Outlook - Liquid cooling technology is gaining traction, with AMD and OpenAI's collaboration indicating its mainstream adoption, potentially leading to a market increase of over 20 billion [11] Strategic Partnerships and Resource Utilization - Shanghai Yanpu is leveraging national-level resources and platforms through collaboration with Shanghai Electric Group and the Shanghai Robotics Institute to accelerate technology development and product commercialization [7][8] Future Market Opportunities - The company is expected to see significant market opportunities by 2026, with potential sales of humanoid robots reaching tens of billions, depending on successful implementation of their strategic plans [8][9] Summary of Financial Performance - The company reported mixed performance in H1 2025, with slight revenue decline in Q1 but profit improvements, indicating a strong underlying business despite short-term challenges [4][5] Additional Insights - The focus on both traditional automotive seating and emerging robotics markets positions Shanghai Yanpu well for future growth, with a diversified strategy that addresses both immediate and long-term market needs [2][3][6][9]

Group 1: Currency and Economic Outlook - Barclays reports that despite recent negative events, the US dollar has remained resilient, with no significant decline observed since May, even amid weak economic data and challenges to the Federal Reserve's credibility [1] - Goldman Sachs predicts that the US economy will recover in the coming months, which may support the dollar's continued strength [1] Group 2: Oil and Emerging Markets - Goldman Sachs states that a complete ban on Russian oil imports by the EU is unlikely due to reliance from certain member states like Hungary and Slovakia, and any potential ban would only redistribute oil flows rather than reduce global supply [2] - Goldman Sachs expects emerging market stocks and currencies to rise by the end of the year, raising the MSCI Emerging Markets Index target from 1,370 to 1,480 points, indicating a potential 10% upside [2] Group 3: Domestic Market Insights - Dongfang Jincheng forecasts stable and ample market liquidity by year-end, with potential for a new round of reserve requirement ratio cuts and government bond purchases [4] - CITIC Securities highlights the long video industry benefiting from favorable policies, which may enhance production capacity and efficiency for content creators [6][10] - CITIC Securities notes a recovery in the restaurant industry, with August seeing a year-on-year increase in dining revenue, suggesting structural opportunities for leading companies with strong compliance and quality [8] Group 4: Sector-Specific Developments - CITIC Securities indicates that the carbon fiber industry is in a recovery phase, with strong demand in wind energy and aerospace sectors, recommending attention to high-quality companies with international exposure [9] - China Galaxy Securities observes a slight increase in cement prices due to seasonal demand, with expectations for further price support from rising coal prices [11][12] - China Galaxy Securities also reports positive signals in panel procurement ahead of the overseas promotional season, indicating a potential peak in TV demand [13] Group 5: Electronic Materials - Huatai Securities emphasizes the importance of electronic cloth in the PCB-CCL supply chain, predicting a supply shortage for various specialty electronic cloth products until 2026, and recommends companies with rapid capacity expansion [14][15]

Group 1 - The company has a certain level of technical reserve in microchannel liquid cooling technology, but has not yet achieved industrial application [1]