本报讯 （记者冯雨瑶） 12月30日，重庆美利信（301307）科技股份有限公司（以下简称"美利信"）官方公众号发布文章称，公 司与中国台湾钜量创新绿能股份有限公司（以下简称"钜量创新"）达成合作，共同设立控股子公司信创 智冷（安徽）精密技术有限公司，12月29日已完成工商登记手续。 同时，12月29日，美利信也发布消息称，英特尔专家代表团到访美利信科技，双方就先进散热技术及高 功耗算力基础设施展开深度交流，并在技术路径、应用场景及合作模式等方面达成高度共识，形成明确 的初步合作意向。 无论是液冷板块合资公司的注册还是英特尔的来访，都为美利信在液冷业务的发力奠定了坚实基础。 此前，美利信董事长余亚军在一次投资者交流会上表示，液冷业务已经拿到AMD的打样订单，并有望 在明年二季度进入英特尔产业链。 持续布局液冷业务 据悉，美利信在半年前已经与钜量创新在业务上开始发力。 在今年12月初美利信举办的一次投资者交流会上，美利信相关高管表示："目前，美利信与钜量创新双 方技术团队已获得AMD下一代高算力CPU水冷板的打样订单，公司正按计划推进并同步开展相关认证 测试工作。按照当前项目进度，公司目标于2026年一季度实现 ...

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①商业航天+光通信，聚焦低轨星载路由与星间激光通信布局，拓展空天地海一体化光网络，这家公司自 主研发低衰减空芯光纤助力超高速传输； ②AI算力+液冷散热，这家公司提供GB300液冷板异型材料及高 速连接器铜合金，渗透AI服务器、智能终端等领域，成为散热解决方案综合供应商。 前言 ...

连日来，A股液冷概念持续火热，吸引市场关注。 "液冷概念的火热源于行业市场需求与长期趋势改善。"巨丰投顾高级投资顾问丁臻宇对《证券日报》记 者表示：行业核心壁垒在于技术与供应链，该赛道未来市场空间广阔。 近年来，数据中心绿色低碳发展迫在眉睫。在AI服务器功耗和芯片功率大幅提升的背景下，液冷方案 凭借更高的散热效率、更低的PUE(电能使用效率)，正逐步成为数据中心节能降耗的主流技术路径。 液冷赛道被视为一场即将被引爆的"散热革命"。有业内人士指出，当前，液冷行业已进入"技术+政策 +需求"三重共振的爆发期。中信证券预测，随着液冷加速渗透叠加技术升级ASP提升，2027年全球液冷 市场空间将达218亿美元。 12月11日，"果链"龙头蓝思科技（300433）股份有限公司发布公告称，拟购买PMGInternationalCo.， LTD.的100%股权，公司借此将快速获得国内外特定客户服务器机柜业务的成熟技术与客户认证，以及 先进的液冷散热系统集成能力。 12月4日，北京中石伟业科技股份有限公司(以下简称"中石科技（300684）")发布公告称，全资子公司 北京中石伟业科技宜兴有限公司拟使用自有资金3570万元增资 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期， A股市场在经历近2个月盘整后再度迎来上涨，上证指数重回3900点关口，板块方面，AI算力产业链再爆发，其中CPO龙头新易盛股价再 创历史新高，12月23日其股价盘中最高触及466.66元的历史高位，若从4月9日46.56元的最低价起算，期间股价已翻十倍！（可参考： CPO、 PCB等AI算力概念王者归来？一文盘点机构重仓的AI算力概念股！ ） 而 在 AI产业链配套的液冷环节中，相关个股同样表现不凡，液冷龙头英维克股价自12月以来持续上涨创新高，12月24日盘中股价最高触及 112.73元创下历史新高，截至收盘其股价为111.17元/股，12月至今涨幅已超50%，公司最新总市值超千亿 ！ （ 点此领取液冷概念股名单 ） | | TPU v4 | TPU v5p | Ironwood | | --- | --- | --- | --- | | | 2022 | 2023 | 2025 | | Pod Size (chips) | 4096 | 8960 | 9216 | | HBM Bandwidth/ | 32 GB | 95 GB | ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：你公司收购的深圳市链力液冷公司从事哪方面的液冷 产品？这种产品是否应用于算力中心方面？是不是公司要进入液冷行业？ 超频三（300647.SZ）12月24日在投资者互动平台表示，深圳市链力液冷设备技术有限公司专注于液冷 散热设备的研发、生产及数据中心液冷解决方案部署，致力于为云计算数据中心、服务器机柜、通讯网 络设备、储能电站以及工业环境温控系统提供散热解决方案。目前深圳市链力液冷设备技术有限公司为 公司的参股公司（公司持股10%），短期内对公司业绩影响有限。若发生对公司产生重大影响的事项， 公司将会按照相关规定要求进行及时披露。 ...

Summary of Conference Call on Liquid Cooling Industry Industry Overview - Liquid cooling technology is a definitive trend to address high power consumption in data centers, with an expected penetration rate of 100% by 2026 [1] - The North American market shows significant growth potential, with leading companies leveraging technology, responsiveness, and service advantages to dominate the competition [1] Key Insights and Arguments - Selection criteria for liquid cooling companies should focus on R&D capabilities, responsiveness, after-sales service, and channel capabilities, along with company size, brand reputation, and experience in large projects, as these factors influence market competitiveness [1][5] - Chinese liquid cooling manufacturers are performing exceptionally well in the international market, demonstrating advantages in manufacturing, R&D, and service, which allows them to meet diverse production needs and expand global market share through cost-effectiveness [1][6] - InvenTech is highlighted as a leading enterprise in liquid cooling, possessing extensive experience in CPU and mining machine cooling solutions, making it competitive globally and establishing strong business and channel relationships [1][7][8] Market Demand and Trends - The demand for liquid cooling technology from cloud providers, such as Google, has exceeded expectations, driving the market performance of the liquid cooling sector [3] - By 2025, it is anticipated that liquid cooling will become mainstream, with 2026 marking a significant year for the international expansion of Chinese liquid cooling technology [3][4] Competitive Landscape - The liquid cooling industry is characterized by a strong trend towards full adoption in data centers to address increasing power consumption per chip and cabinet [4] - Currently, the penetration rate in North American data centers is below 10%, indicating substantial future growth opportunities [4] - Leading companies have a clear advantage in R&D, responsiveness, and after-sales maintenance, with large clients preferring suppliers who can engage in early-stage R&D and provide rapid support [4] Future Outlook - The market is optimistic about the international expansion of Chinese liquid cooling manufacturers, bolstered by manufacturing capabilities, supply chain advantages, pricing, and a skilled workforce [10] - The anticipated year of 2026 is expected to be a pivotal moment for the Chinese liquid cooling industry to gain significant traction in international markets [10] Next-Generation Technologies - There is a growing focus on next-generation liquid cooling technologies, such as microchannel and localized silent cooling, as the industry prepares for increased power demands [2][11] - Leading suppliers are already positioning themselves and sending samples of next-generation products, reinforcing the trend of "the strong getting stronger" [12] Recommendations for OEMs - OEMs are advised to enhance responsiveness, collaborate effectively with suppliers, and maintain competitive pricing [13] - Continuous information updates and close ties with the company and supply chain are essential for adapting to market demands [13] - InvenTech is strongly recommended for its comprehensive industry advantages and potential for sustained growth through expanded channel relationships [13]

Core Viewpoint - The acquisition of PMG International Co., LTD. and its subsidiary Yuan Shi Technology by Lens Technology marks a significant transition from a traditional consumer electronics manufacturer to an AI computing hardware innovation platform, enabling the company to quickly access mature technologies and customer certifications in server cabinets and liquid cooling components [2][14]. Group 1: Strategic Acquisition - Lens Technology signed a share acquisition intention agreement to purchase 100% equity of PMG International, which includes a 95.11645% stake in Yuan Shi Technology, enhancing its vertical integration capabilities in AI computing infrastructure [2][5]. - The acquisition allows Lens Technology to leverage existing capabilities in precision manufacturing and materials to expand into the AI computing hardware sector, particularly in server cabinets and liquid cooling systems [5][16]. Group 2: Technological and Market Advantages - Yuan Shi Technology holds the rare NVIDIA RVL certification, enabling it to supply critical components for top-tier AI server platforms, creating a significant market barrier [8][12]. - The company has developed advanced magnesium alloy technology for lightweight and high thermal conductivity applications, which enhances the performance of server cabinets and liquid cooling components [11][16]. Group 3: Integration and Growth Potential - The acquisition facilitates a rapid integration of Lens Technology's precision manufacturing expertise with Yuan Shi's liquid cooling and cabinet integration capabilities, allowing for scalable delivery in high-density AI server production [16][17]. - With the ongoing demand for AI computing power and liquid cooling solutions, this acquisition positions Lens Technology to capture new growth opportunities and enhance its market share in the AI hardware ecosystem [14][17].

"围绕专精特新企业和高成长性、初创型企业，我们持续加大普惠金融支持力度，既拓面也聚焦，左手 是'金融工具包'、右手是'企业诉求单'，两者精准匹配才能'1+1大于2'。"龙华区金融协会相关负责人介 绍道，在累计为3.1万余家企业主体提供1600亿元授信支持基础上，本次大会由"金融银团"发布"千亿元 授信+专属金融产品+优惠贷款利率"矩阵服务，面向瞪羚企业、独角兽企业、专精特新、小巨人企业、 制造业单项冠军、隐形冠军等不同发展阶段、不同行业特征各类市场主体，量身定制个性化金融服务。 本次大会深担农银龙华AIC基金完成了首批意向投资项目签约，实现了"官宣即运作"。据了解，首批签 约项目包括昂湃技术、圭华智能、精泰达等聚焦液冷散热、精密激光装备、自动化测试设备赛道的辖区 优质拟上市企业。 【深圳商报讯】(首席记者谢惠茜)12月9日，龙华区在国际合作中心召开产融结合高质量发展大会，集 中发布一批标志性产融结合成果。 尤为引人瞩目的是，龙华区官宣落地百亿级战新产业（300832）基金集群，里面规模最大的两支基金总 规模均为20亿元，分别为深资本建信龙华AIC基金和深担农银龙华AIC基金。记者在现场了解到，该基 金集群将重 ...

Core Viewpoint - The acquisition of 51% stake in Shenzhen Guanding by Yidong Electronics aims to strengthen its supply chain capabilities in the liquid cooling sector, capitalizing on the growing demand for AI server liquid cooling solutions [2][5]. Group 1: Acquisition Details - Yidong Electronics plans to acquire 51% of Shenzhen Guanding for 61.2 million yuan, with the actual controller of Shenzhen Guanding investing 30 million yuan to acquire 10% of Yidong's subsidiary, Keli Star [2][3]. - The acquisition structure involves a unique cross-shareholding model, allowing the original management team to retain a significant stake, thereby maintaining their operational engagement [3]. - The deal is structured to bind long-term interests, ensuring that the original management team remains motivated and provides reliable technical and operational support to Yidong Electronics [3][8]. Group 2: Financial Performance - Shenzhen Guanding's revenue was 47.9 million yuan in 2024, with a significant increase to 67.46 million yuan in the first eight months of 2025, indicating rapid business growth [4]. - The company transitioned from a net loss of 846,200 yuan in 2024 to a net profit of 554,220 yuan in the first eight months of 2025, marking a critical turning point in profitability [5][4]. - Yidong Electronics reported a revenue of 1.71 billion yuan in 2024, a year-on-year increase of 16.37%, but faced a net loss of 40.01 million yuan due to increased depreciation and rising raw material costs [6][7]. Group 3: Market Context and Strategic Implications - The global liquid cooling market for data centers is projected to grow from approximately 1.96 billion USD (about 14 billion yuan) in 2024 to 2.84 billion USD (about 20 billion yuan) in 2025, with a growth rate of 44.9% [7][8]. - The acquisition is seen as an "accelerator" for Yidong Electronics to quickly gain core technologies, patent reserves, and customer resources in the rapidly growing liquid cooling sector [8]. - Despite the potential benefits, challenges remain in terms of cross-domain management, technology integration, and market expansion, which will be critical for the success of the acquisition [8].

"电子+液冷解决方案"战略转型，构建业务新增长极。Asetek 作为台式电脑液冷散热技术领域的领先企 业，积累了超过20 年的液冷行业技术和客户关系，而公司在笔电结构件上也有着深厚的技术和客户基 础，通过整合Asetek 核心液冷技术，公司可实现从电子制造向"电子+液冷解决方案"的战略转型。另一 方面，Asetek 利用其在台式电脑液冷散热器行业的技术和客户积累，从2012 年开始进入数据中心液冷 领域，并开发了整体的服务器级解决方案，历史上曾与包括Intel、HPE、富士通在内的公司合作开发数 据中心液冷产品，Asetek 从2021 年开始逐步退出数据中心业务。本次收购成功后可能重启数据中心的 相关业务，但数据中心业务落地仍存在不确定性。 盈利预测与投资建议：公司作为笔记本结构件领先企业，在收购Asetek后有望加强协同效应，拓展产品 结构并扩展市场份额。我们预计公司2025-2027 年分别实现营业收入46.29、56.39、67.67 亿元，同比分 别增长17.4%、21.8%、20.0%，2025-2027 年分别实现归母净利润3.34、4.60、6.05 亿元，同比分别增长 58.2%、37.7% ...