（编辑 丛可心） 证券日报网2月27日讯 ，昊华科技在接受调研者提问时表示，公司各重点项目按计划有序推进，中昊晨 光2.6万吨/年高性能有机氟材料项目、黎明院46600吨/年专用新材料项目聚氨酯和催化剂装置、中化蓝 天郴州1000吨/年全氟烯烃项目等多个重点项目已投产；昊华气体西南电子特种气体项目一期工程已投 产，二期工程正在开展安装施工。 ...

Core Viewpoint - Jinshi Resources (603505) highlights the four main technical routes of fluorinated liquids, which include perfluoroamines, perfluoropolyethers, perfluoroolefins, and hydrofluoroethers, each with distinct characteristics in terms of environmental impact, process costs, and applicable scenarios [1] Group 1: Technical Routes - Perfluoroamines, represented by 3M, have excellent heat dissipation performance but are associated with high pollution and energy consumption due to their electrochemical fluorination production process, resulting in a high global warming potential (GWP) and elevated costs [1] - Perfluoropolyethers, primarily produced by European companies like Solvay, offer good heat dissipation performance, but some products have a GWP even higher than perfluoroamines, along with relatively high costs [1] - Perfluoroolefins, proposed by companies like Noah, have the lowest GWP and outstanding environmental properties, along with good heat dissipation performance; their production process is advantageous, making them the most cost-effective among the products, currently mainly used in temperature control and cleaning in semiconductor and data center applications [1] - Hydrofluoroethers are suitable for non-contact liquid cooling scenarios, providing good heat dissipation performance, but they have a higher dielectric constant [1]

Core Viewpoint - The company Jinshi Resources (603505) is currently experiencing a clear growth trend in its production capacity and order fulfillment, particularly in the cooling liquid segment, which is expected to reach full capacity by the fourth quarter of 2025 [1]. Group 1: Production Capacity - The company's total production capacity is nearly 20,000 tons, with a specific cooling liquid capacity of 5,000 tons per year [1]. - The production bases are located in Zhejiang Shengxiu and Hubei Qianjiang [1]. Group 2: Product Focus - The hydrogen fluoride ether products are primarily situated in Hubei Qianjiang and are currently in a capacity ramp-up phase [1]. - Orders for the hydrogen fluoride ether products have already been fully booked for the fourth quarter of 2025, indicating a strong demand and growth trajectory [1].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rapid growth of data centers and the increasing power demands necessitate efficient cooling technologies, with liquid cooling addressing high energy consumption and heat generation issues. By 2024, China's computing centers are expected to consume 166 billion kWh, accounting for 1.68% of the total electricity consumption [2][2] - The main liquid cooling technologies include cold plate and immersion cooling, with cold plate cooling being the most widely used due to its mature technology. Liquid cooling offers multiple advantages such as high heat transfer efficiency, energy savings, and reduced noise [2][2] - The market for cooling liquids is projected to grow significantly, with an estimated demand of approximately 89,000 tons for AI data centers by 2028, alongside 19,000 tons from traditional server installations [2][2] Summary by Sections 1. Main Cooling Paths - Liquid cooling technology is categorized into indirect cooling (mainly cold plate) and direct cooling (including immersion and spray cooling). Cold plate cooling is the most prevalent, while immersion cooling offers higher heat dissipation capabilities but comes with higher operational costs [2][2][2] 2. Water-Based Cooling Liquids - Water-based cooling liquids are primarily used in single-phase cold plate cooling, offering good thermal conductivity and low cost. However, they may pose risks of microbial growth [50][50] 3. Oil-Based Cooling Liquids - Oil-based cooling liquids, including mineral oil and synthetic oil, are mainly applied in single-phase immersion cooling. They are cost-effective and environmentally friendly but have lower thermal conductivity compared to synthetic alternatives [56][56] 4. Market Space Estimation - The liquid cooling market in China is expected to exceed 100 billion yuan by 2027, with a compound annual growth rate of 51.4% from 2019 to 2027 [17][17] 5. Commercialization of Liquid Cooling Technology - The commercialization of liquid cooling technology is increasing, with major IT companies like Alibaba, Baidu, and Tencent implementing successful liquid cooling applications [27][27]