证券研究报告 | 2025年10月11日 AI 服务器散热技术领先，将深度受益 AI 服务器液冷需求爆发增长。液冷散 热应用是 AI 算力需求下产业趋势，正在迎来黄金发展期。根据 Markets and Markets 数据，全球数据中心液冷市场规模将从 2025 年的 28.4 亿美元增长 至 2032 年的 211.4 亿美元，2025-2032 年复合增速达 33.21%。公司掌握单 相/两相液冷模组、3D-VC 散热模组等核心技术，AI 服务器散热产品已获得 批量订单并实现量产交付，深度受益数据中心液冷量价齐升的产业趋势。 人形机器人：领先布局散热解决方案，控股收购灵巧手领先企业。2025 年上 半年，公司战略投资控股果力智能，果力智能是业内领先的灵巧手及具身智 能机器人专精特新企业，研发的灵巧手拥有业内独创柔软智能单元，具备触 觉、本体与柔软智能多模态感知能力，技术领先。公司基于散热、电磁屏蔽 领域的核心能力，已开发出应用于机器人灵巧手、关节模组、控制板等部位 的散热与电磁屏蔽解决方案，有望深度受益人形机器人产业发展机遇。 投资建议：公司是领先的热管理平台型公司，受益下游消费电子需求回暖和 AI 服 ...

【DT新材料】 获悉， 10月8日， 2025年诺贝尔化学奖揭晓 。 瑞典皇家科学院决定将2025年诺贝尔化学奖授予Susumu Kitagawa、Richard Robson、Omar M. Yaghi， 以表彰其金属有机框架材料开发 。奖金 为1100万瑞典克朗。 据悉，自1901年以来， 诺贝尔化学奖已颁奖116次，共计 195人 获奖，其中 8位女性。 其中， 最年轻 获奖者是弗里德里克·约里奥 (Frédéric Joliot)， 获奖时 35岁； 最年长 的获奖者 是约翰·B·古迪纳夫（John B. Goodenough），获奖时 97岁；弗雷德里克·桑格（Frederick Sange）和卡尔·巴里·夏普莱 斯（Karl Barry Sharpless） 均两次获得诺贝尔化学奖 。 2001-2024年，诺贝尔化学奖如下： 2024年，"用于计算蛋白质设计"，"用于蛋白质结构预测" 2023年，" 发现并合成量子点 " 2013年，"为复杂化学系统开发多尺度模型" 2002年，"开发生物大分子识别和结构分析方法"，"开发出用于生物大分子质谱分析的软解吸电离方法"，"开发了核磁共振波谱法来确定溶 ...

随着新能源、半导体、数据中心、汽车与低碳经济的加速发展， 热管理 正逐渐成为跨行业协同创新的"隐形核心"。然而，传统会议的单一展示模式，已难以 满足产业链上下游对于政策解读、科学前沿、材料突破与应用落地的多维度需求。 iTherM（insight Thermal Management）洞见热管理， 定位于热管理产业 链一站式、高效率价值服务平台。 2025第六届热管理产业大会暨博览会（iTherM 2025），以"跨界协同、产业共赢"立足深圳，紧密依托电子信息、新材料、新能源、智慧网联等优势产业集 群，全面升级为 集展览展示、产业论坛、成果发布、资源对接于一体 的全链条产业枢纽，为热管理产业绘制融合发展的新蓝图。 iTherM 2025 iTherM2025大会预计展览面积达 20,000㎡ ，汇聚 350+ 家国内外热管理产业链核心企业，覆盖热科学、热界面材料、液冷技术、散热模组、热设计仿真、系 统应用等前沿领域，预计吸引超过 2,000+ 位专业参会代表与 数万人次观众 。 上届大会以"成果丰硕、亮点频现"的表现赢得产业高度关注，吸引了 10000+专 业观众、1500+名参会嘉宾 ，覆盖动力电池、储能、 ...

Summary of Gaolan Co., Ltd. Conference Call Company Overview - **Company**: Gaolan Co., Ltd. (高澜股份) - **Industry**: Thermal management and cooling solutions, particularly in high voltage and data center applications - **Market Position**: Leading player in ultra-high voltage pure water cooling with approximately 70% market share [8][20] Key Points and Arguments Business Performance - **Order Growth**: Orders increased from less than 600 million CNY on June 30, 2024, to nearly 1.139 billion CNY by June 30, 2025, representing a doubling in growth [9][22] - **Revenue Forecast**: Expected revenue from data center business to exceed 300 million CNY in 2024, a 50% year-on-year increase [3][10] - **Main Business Recovery**: The main business has shown signs of stabilization and recovery, with a positive outlook for 2026 due to a strong order backlog [5][11] Industry Dynamics - **Market Trends**: The upgrade from GB200 to GB300 standards is anticipated to significantly enhance liquid cooling penetration and improve pricing and volume [2][6] - **Electricity Demand**: Continuous growth in domestic electricity demand, with significant investments planned by State Grid and Southern Grid, expected to benefit Gaolan [5][19] - **Data Center Growth**: The data center liquid cooling segment is essential for temperature control, expected to grow alongside the rapid expansion of data centers and AI servers [10][24] Technological and Competitive Advantages - **Technical Expertise**: Gaolan has over 20 years of experience in thermal management, with advanced technology recognized both domestically and internationally [8][13] - **Product Range**: The company offers high-power electronic thermal management products and high-power density device thermal management products, catering to various sectors including data centers and energy storage [14][27] - **Patents and Standards**: Involvement in drafting numerous national and industry standards, holding over 300 patents, which strengthens its competitive position [13] International Expansion - **Overseas Market Entry**: Established a wholly-owned subsidiary in the U.S. to prepare for future overseas opportunities, although significant breakthroughs are still pending [7][20] - **International Orders**: Secured a 500 million CNY order in Saudi Arabia, with potential for further contracts in emerging markets [20] Future Outlook - **Growth Potential**: The company is positioned as a key player in AI computing, with potential for significant growth in the high-speed data center market [11][29] - **Investment Recommendation**: Analysts recommend focusing on Gaolan due to its recovery in main business and potential for growth, suggesting it is a good time for investors to pay attention [30] Additional Important Information - **Client Base**: Gaolan's clients include major players like State Grid, Southern Grid, CATL, ByteDance, Alibaba, and Tencent, indicating a strong market presence [9][10] - **Financial Performance**: Despite a revenue decline in 2023 due to the divestment of a subsidiary, a recovery is expected in 2025 with a projected profit turnaround [17][30] - **Liquid Cooling Technology**: The company is involved in various liquid cooling technologies, including cold plate and immersion cooling, with a focus on meeting the increasing demands of data centers [26][24]

随着新能源、半导体、数据中心、汽车与低碳经济的加速发展， 热管理 正逐渐成为跨行业协同创新的"隐形核心"。然而，传统会议的单一展示模式，已难以 满足产业链上下游对于政策解读、科学前沿、材料突破与应用落地的多维度需求。 iTherM（insight Thermal Management）洞见热管理， 定位于热管理产业 链一站式、高效率价值服务平台。 2025第六届热管理产业大会暨博览会（iTherM 2025），以"跨界协同、产业共赢"立足深圳，紧密依托电子信息、新材料、新能源、智慧网联等优势产业集 群，全面升级为 集展览展示、产业论坛、成果发布、资源对接于一体 的全链条产业枢纽，为热管理产业绘制融合发展的新蓝图。 iTherM 2025 iTherM2025大会预计展览面积达 20,000㎡ ，汇聚 350+ 家国内外热管理产业链核心企业，覆盖热科学、热界面材料、液冷技术、散热模组、热设计仿真、系 统应用等前沿领域，预计吸引超过 2,000+ 位专业参会代表与 数万人次观众 。 上届大会以"成果丰硕、亮点频现"的表现赢得产业高度关注，吸引了 10000+专 业观众、1500+名参会嘉宾 ，覆盖动力电池、储能、 ...

中创智领（601717）(00564)涨超7%，高见25.86港元再创历史新高。截至发稿，涨7.13%，报25.86港 元，成交额2.42亿港元。 消息面上，近日，中创智领宣布，拟通过亚新科投资人民币2.7亿元设立亚新科热管理技术(仪征)有限公 司(暂定名，以市场监管部门核准登记为准)。新公司将整合集团内部资源，专注热管理技术的研发与产 业化，致力于打造行业领先的热管理系统解决方案。公司指出，此次投资设立热管理技术公司，是中创 智领近期继整合工业智能板块、发布八大智能矿山创新技术之后向智能化、电动化转型的又一重要战略 举措，展现了新战略背景下深耕智能电动赛道的决心。 此外，公司拟参与投资私募基金河南泓楷股权投资基金合伙企业(有限合伙)，作为有限合伙人对泓楷基 金认缴出资2.02亿元，认缴出资金额占泓楷基金总认缴出资额约25.09%。该集团指，泓楷基金认缴出资 金额约8.05亿元，泓楷基金拟以股权收购等形式定向投资超聚变数字技术，并以未来投资有关股权增值 实现投资收益。超聚变数字技术是一家云计算与IT基础设施提供商，覆盖运营商、金融、互联网及政企 等行业。 ...

Investment Rating - The electronic industry is rated as "Outperform the Market" [1] Core Insights - The semiconductor equipment sector leads the electronic industry with a weekly index increase of 2.96%, outperforming the CSI 300 index, which decreased by 0.44% [2] - NVIDIA is pushing suppliers to accelerate the development of MLCP liquid cooling technology due to the high power consumption of its new AI platforms, which is expected to exceed 2000W [5][6] - High-performance chips and AI servers are driving continuous iterations in liquid cooling technology, with NVIDIA's AI chips showing significant power increases from 400W to 1400W [6][10] - MLCP (Microchannel Liquid Cooling Plate) is identified as a key upgrade direction for liquid cooling technology, supporting higher TDP and lower thermal resistance compared to traditional cooling methods [19][21] Summary by Sections 1. Industry Performance - The SW electronic industry index increased by 2.96%, ranking 3rd among 31 sectors, while the top five sectors included coal (+3.51%) and electric equipment (+3.07%) [2][36] - The top three sub-sectors in the electronic industry were semiconductor equipment (+9.98%), optical components (+9.08%), and integrated circuit manufacturing (+5.63%) [40] 2. Liquid Cooling Technology - NVIDIA's new AI platforms require advanced liquid cooling solutions, leading to a demand for MLCP technology, which is 3 to 5 times more expensive than existing solutions [5][6] - Liquid cooling is more efficient than traditional air cooling, especially when cabinet density exceeds 20kW, significantly improving performance and lifespan of electronic devices [15][16] - MLCP technology allows for direct contact between cooling liquid and heat sources, drastically reducing thermal resistance and supporting higher power densities [19][21] 3. Potential Beneficiaries - Companies such as Invec, Highlan, and Siquan New Materials are highlighted as potential beneficiaries of the liquid cooling technology trend, each with unique capabilities in the market [22][24][26] - Invec has developed a comprehensive liquid cooling solution and has delivered 1.2GW of liquid cooling products with zero leakage [22][23] - Highlan offers a one-stop service for data center cooling solutions, maintaining a PUE value of less than 1.1 [24] - Siquan New Materials focuses on a complete thermal management product system, catering to various industries and providing customized solutions [26]

投资者提问： 查询到公司拥有微通道液冷板技术专利，请问是否属实？有无相关产品供应客户？ 董秘回答(飞荣达SZ300602)： 尊敬的投资者您好，感谢您对公司的关注。公司在微通道液冷板技术方面有一定技术储备。飞荣达作为 国内热管理解决方案的领先企业，热管理产品种类非常广泛，且持续开发适应市场需求的新技术与新产 品，满足不同客户的不同产品、不同使用环境场合及不同使用等级等方面的需求。截至2025年6月30 日，公司已获得专利共计843项，公司也将持续关注相关技术领域的发展动态，不断提高综合竞争优 势。谢谢。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Core Insights - The iTherM2025 event will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, aiming to create a one-stop value connection service platform for the thermal management industry [2] - The event will feature six major exhibition areas, covering the entire thermal management value chain from materials to systems, and will introduce four application-specific display areas to showcase practical advancements in thermal management [2] Group 1: Four Key Application Areas - **Data Center Thermal Management Display Area**: This area will showcase cutting-edge solutions such as single/double-phase immersion cooling, cold plate systems, and cooling fluid development, addressing the cooling bottlenecks faced by high-performance servers driven by AI and large models [4] - **New Energy Thermal Management Display Area**: Focused on the growing electric vehicle market, this area will highlight thermal management solutions for battery packs, drive motors, and power modules, emphasizing thermal design and safety redundancy [6][7] - **Energy Storage Thermal Management Display Area**: This area will present technologies for temperature control in energy storage systems, including phase change material integration and thermal management design for outdoor conditions [9] - **Consumer Electronics Thermal Management Display Area**: This area will address the challenges posed by 5G, drones, and wearable devices, showcasing innovations like micro VC heat spreaders and flexible graphite sheets [11] Group 2: Two Major Theme Areas - **Materials Theme Display Area**: This area will focus on the continuous breakthroughs in material performance essential for thermal management technologies, featuring high thermal conductivity ceramics, graphite, and phase change materials [13] - **Automation Equipment and Testing Instruments Display Area**: Highlighting the importance of standardized and intelligent manufacturing, this area will exhibit high-precision coating and testing equipment, bridging the gap between research, testing, and large-scale production [15]

Core Insights - The company is focusing on liquid cooling technology as a more efficient thermal management solution due to the increasing power density of AI chips and server architecture upgrades [3] - The company is actively promoting the introduction, product certification, and mass production supply of core materials and liquid cooling modules to create a new growth curve in performance [3] - The company plans to increase investment in product research and development, customer expansion, and capacity building based on market demand and order conditions [3] Product Line and Market Potential - The company's thermal management solution product line includes high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, and thermal modules, which are applicable in various cutting-edge technology fields such as AI smartphones, AI PCs, AI glasses, and robotics [4] - The company emphasizes continuous monitoring of new technology developments and emerging application areas, actively participating in customized research and development of new projects and products to expand product applications [4] - With the increasing cooling demands of AI terminal devices, the company's comprehensive thermal management solutions are expected to capture a broader market space [4]