溯联股份（301397.SZ）10月16日在投资者互动平台表示，尊敬的投资者，您好！有关公司与液冷行业 客户合作的情况目前尚处于保密阶段。 （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：领导你好，公司在液冷领域和台达（delta）有对接和合 作吗？ ...

Group 1 - The core viewpoint is that China's computing power industry is transitioning from a phase of scale expansion to a critical period of quality improvement, driven by government policies and significant investments in AI infrastructure [1] - The demand for liquid cooling technology is increasing as it addresses the challenges of high power density equipment cooling and reduces energy usage efficiency (PUE), highlighting its importance in the AI computing power landscape [1][2] - Major international players are significantly increasing their investments in AI computing power, with Trump planning to invest $17 trillion and Meta committing at least $600 billion by 2028, indicating a sustained trend of overseas investment in AI [1] Group 2 - The domestic computing power industry faces structural mismatches, with a projected demand of 300 EFLOPS by 2025, while supply remains uneven and difficult to manage, necessitating efficient cooling technologies [2] - Chilled water units play a crucial role in liquid cooling systems, impacting the cooling efficiency of data centers, as demonstrated by companies like Yingweike and Shenling Environment [2] - LianDe Co., Ltd. is positioned as a key player in the liquid cooling upstream market, producing chilled water units that cater to various cooling needs and have successfully served numerous data center projects [2] Group 3 - LianDe Co., Ltd. reported a revenue of 587 million yuan and a net profit of 109 million yuan in the first half of 2025, reflecting a steady growth despite challenges in the manufacturing sector, with over 50% of revenue coming from compressor components [3] - The company collaborates with leading temperature control firms globally, supplying precision compressor components for multiple AI data center liquid cooling projects, enhancing its market position [3] - LianDe is also establishing a factory in Mexico to better serve North American liquid cooling equipment manufacturers, aligning with the growing demand for computing power infrastructure [3] Group 4 - The liquid cooling industry is undergoing a critical upgrade from single-machine to cluster cooling systems, requiring higher precision and heat resistance in components [4] - The increasing domestic and international demand for liquid cooling will challenge upstream companies to enhance their market responsiveness [4] - LianDe Co., Ltd. aims to strengthen its collaboration with liquid cooling equipment manufacturers to improve product adaptability in high-density cooling scenarios, positioning itself to capitalize on the global infrastructure upgrade opportunities [4]

Core Viewpoint - The liquid cooling concept in the A-share market has seen a significant rise, driven by the increasing demand for cooling solutions in data centers and computing equipment due to the growing computational density [1][3]. Market Performance - On August 18, related stocks surged, with notable increases such as Shuguang Shuchuang (30% limit up), Fangsheng Co. (up 22.07%), and several others achieving 20% limit up [1]. - The liquid cooling technology is gaining traction as a core solution for addressing high-density heat dissipation issues, leading to explosive market demand [1]. Industry Growth - The liquid cooling server market in China is projected to reach $2.37 billion in 2024, representing a 67% year-on-year growth, with a compound annual growth rate (CAGR) of 46.8% expected from 2024 to 2029, potentially exceeding $16.2 billion by 2029 [3]. - The penetration rate of liquid cooling data centers among the three major operators is expected to rise from 14% in 2025 to 26%, with order schedules extending to 2026 [3]. Applications - Liquid cooling technology is increasingly essential in the AI sector, significantly reducing energy consumption and improving power usage effectiveness (PUE) to levels between 1.1 and 1.2, compared to over 1.5 for air cooling [3]. - The market for thermal management in new energy vehicles is projected to reach 77.1 billion yuan in 2024, with the value of liquid cooling systems per vehicle being three times that of traditional fuel vehicles [3]. Competitive Advantage - Chinese liquid cooling companies have established a global competitive edge, achieving breakthroughs in key areas such as immersion cooling and cold plate cooling, with top-tier technology indicators [5][6]. - Chinese firms hold 35% of the top 20 global liquid cooling patents, with a 55% share in the immersion cooling sector [6]. - The use of nylon to replace metals in liquid cooling components has reduced costs by 30% to 50% and decreased leakage risks by 90% [6]. Industry Chain - The Chinese liquid cooling industry encompasses a complete supply chain, from coolant production to core components and system integration [6]. - Major companies involved include Juhua Co. for coolant, Feilong Co. for electronic pumps, and Industrial Fulian for system integration [6]. Company Highlights - The A-share liquid cooling sector comprises 120 constituent stocks with a total market capitalization of 3.66 trillion yuan [7]. - Companies like Invec provide precision temperature control solutions across various sectors, while Shuguang Shuchuang focuses on data center liquid cooling solutions, particularly in immersion phase change cooling technology [7][8]. - Silver Wheel Co. is advancing its liquid cooling business as a third growth curve, with proprietary technologies enhancing cooling efficiency [7]. - Highlan Co. specializes in liquid cooling solutions for new energy and data center applications, collaborating with major battery manufacturers [8].

Group 1 - The market experienced a rebound with the ChiNext Index leading the gains, closing up 2.61% [6] - The total trading volume in the Shanghai and Shenzhen markets was 2.24 trillion, a decrease of 34.6 billion from the previous trading day [6] - Over 4,600 stocks in the market saw an increase, indicating a broad-based rally [6] Group 2 - The liquid cooling server concept stocks have surged, with Tianfeng Securities estimating the value of the NVL72 single cabinet liquid cooling system at approximately $100,000 [8] - The penetration rate of liquid cooling in AI data centers is expected to rise from 10% to 90% as high-density power cabinets are shipped [8][9] - The year 2025 is anticipated to be a pivotal year for liquid cooling, with steep growth expected in 2026 [8] Group 3 - The humanoid robot sector is transitioning from "performance" to "work," with significant orders being placed in factories [23] - A project collaboration worth several million yuan was established between Zhiyuan Innovation and Fulian Precision, involving nearly 100 units of the Expedition A2-W robot [23] - The demand for robots is expected to increase as they become integral to various industrial applications [23] Group 4 - The domestic copper-clad laminate leader, Nanya New Materials, reported a 213% quarter-on-quarter increase in net profit due to high-end product demand [19] - The company is expected to reach a production capacity of nearly 4 million sheets per month by the end of 2025, with a global expansion strategy [19] - Nanya New Materials' stock saw a significant rise, reflecting positive market sentiment [19] Group 5 - The first domestically produced commercial electron beam lithography machine has entered application testing, marking a significant milestone for quantum chip development in China [29] - The global lithography equipment market is projected to reach $29.57 billion in 2024, with a compound annual growth rate of 5% from 2024 to 2034 [30] - Companies like Longtu Photomask and Luwei Optoelectronics have shown notable stock performance, with increases of 14.59% and 11.79% respectively [30]

Core Viewpoint - The liquid cooling sector is experiencing a significant surge in interest and investment, driven by the increasing demand for AI computing power and the need for efficient cooling solutions in data centers [1][5][6]. Group 1: Market Performance - The liquid cooling concept sector has seen a remarkable increase, with a cumulative rise of 139% since last September [2]. - In April, the sector regained momentum, achieving a cumulative increase of over 57% from early April to the present [3]. - Several companies in the liquid cooling space, such as Dayuan Pump Industry and Jintian Co., have experienced consecutive trading gains, indicating strong market interest [1][2]. Group 2: Industry Trends - The global technology giants are heavily investing in AI, leading to a rotation of market hotspots, including liquid cooling technology [5]. - The "cooling revolution" is gaining traction as the cooling challenges in data centers become more pronounced, making liquid cooling a sought-after solution [6]. - As AI chip power consumption increases, the necessity for liquid cooling to manage heat is becoming critical [7]. Group 3: Policy and Market Drivers - Policies are shifting liquid cooling technology from being optional to essential, with specific targets set for energy efficiency in new data centers by 2025 [8]. - The global liquid cooling market is projected to grow from less than $3 billion in 2024 to $21.3 billion by 2030, indicating a robust growth trajectory [8]. Group 4: Investment Opportunities - The market is recognizing a tipping point in the liquid cooling trend, with significant growth expected as AI cluster deployments increase [9]. - Liquid cooling is positioned as a potential next big opportunity in the tech sector, akin to previous trends in optical modules and PCBs [10]. - The liquid cooling industry is characterized by strong growth potential, comprehensive narratives, and favorable risk-reward ratios [10]. Group 5: Industry Structure - The liquid cooling industry can be segmented into three main areas: upstream components, midstream system integration, and downstream applications [11]. - Upstream focuses on the technical core of liquid cooling systems, including cooling fluids and key components, which have high technical barriers and value [11]. - Midstream integrates upstream components to provide complete liquid cooling server solutions, while downstream includes data center operators and industry users driving the adoption of liquid cooling [11].

证券代码：300308 证券简称：中际旭创 公告编号：2025-016 中际旭创股份有限公司 关于对外投资暨关联交易公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 （一）交易基本情况 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2025 年 2 月 28 日召开第五届董事会第十八次会议，审议通过了《关于公司对外投资暨关联交易的议 案》；公司拟与广东东阳光液冷科技有限公司（以下简称"东阳光冷"）共同设立广东 深凛智冷科技有限公司（以下简称"深凛智冷"，暂定名称，具体以最终工商登记为 准）；其中公司出资 5,100 万元，持股比例为 51%，东阳光冷出资 4,900 万元，持股 比例为 49%。 （二）关联关系 东阳光冷为广东东阳光科技控股股份有限公司（以下简称"东阳光"）的全资子 公司，2024 年 12 月 23 日，公司董事长刘圣先生控制的苏州丰禾盈晖企业管理合伙 企业（有限合伙）（以下简称"丰禾盈晖"，执行事务合伙人委派代表为公司董事王晓 丽）与重庆元素私募证券投资基金管理有限公司（以下简称"元素基金"）签署了《股 份 ...