Conference Information - The "2026 Thermal Management Liquid Cooling Industry Conference and Exhibition" will be held from June 10-12, 2026, at the Shanghai New International Expo Center, focusing on the application scenarios, core technologies, and industry upgrade needs of liquid cooling technology [2][3] - The event aims to address the challenges of high heat flow density in industries such as artificial intelligence, electric vehicles, and energy storage, where traditional air cooling solutions are becoming increasingly costly and difficult [2] Organizing Institutions - The conference is organized by DT New Materials, DT Future Industries, and Insight Thermal Management, with support from various associations and institutions related to new materials and technology [4] Event Schedule - The conference will feature a series of activities including registration, opening ceremonies, and parallel thematic forums over the three days, with specific time slots allocated for each event [5] Thematic Forums - The conference will include multiple thematic forums focusing on topics such as data center liquid cooling, power device thermal management, battery thermal management, and energy storage thermal management, highlighting advancements in materials and technologies [6] Exhibition Highlights - The FINE2026 exhibition will showcase five major themes: data center liquid cooling, energy storage and power semiconductor liquid cooling, liquid cooling materials and components, and manufacturing and processing equipment, providing a comprehensive platform for collaboration and procurement [7] Registration Fees - Early bird registration fees are set at ¥2200 for general attendees and ¥1200 for students, with standard fees of ¥3000 and ¥1500 respectively after the early bird period [8] Future Industry Focus - The FINE 2026 event aims to present innovations in new materials that are crucial for the development of future high-tech industries, emphasizing the importance of breakthroughs in materials for accelerating industrial transformation [15] Concurrent Events - The conference will feature over 30 specialized vertical forums and more than 300 expert presentations, focusing on cutting-edge technologies and trends in various industries including AI, aerospace, and renewable energy [19][17]

Group 1 - The core theme of the event is the rise of China's future industries leading global innovation in new materials, particularly focusing on liquid cooling technology as a solution to high heat density challenges in various sectors such as AI, electric vehicles, and data centers [2][15][19] - The "2026 Thermal Management Liquid Cooling Industry Conference and Exhibition" will take place from June 10-12, 2026, at the Shanghai New International Expo Center, featuring discussions on key technologies and engineering applications in the liquid cooling field [2][3] - The event will include a specialized exhibition area, "FINE2026 Thermal Management Liquid Cooling Board Industry Exhibition," which will gather upstream and downstream resources to meet market demands and promote high-quality development of the liquid cooling industry [2][7] Group 2 - The organizing bodies include DT New Materials, DT Future Industries, and various associations related to new materials and productivity enhancement, indicating a strong collaborative effort in the industry [4] - The conference will feature over 30 specialized vertical forums and more than 300 expert presentations, focusing on cutting-edge technologies and industry trends in sectors such as AI, aerospace, and renewable energy [17][19] - Key topics of discussion will include advanced semiconductor technologies, energy materials, and thermal management solutions, highlighting the importance of these areas in future industrial development [19][26] Group 3 - The event will showcase a wide range of liquid cooling solutions, including AI data centers, power semiconductor modules, and energy storage systems, emphasizing the comprehensive nature of the exhibition [7] - Various types of cooling plates and materials will be presented, such as microchannel cooling plates and advanced thermal interface materials, reflecting the technological advancements in the field [7] - The conference will also address production technologies and equipment, including 3D printing and CNC processing, which are crucial for the manufacturing of new materials and components [7][26] Group 4 - Early bird registration fees for attendees are set at ¥2200 for general participants and ¥1200 for students, with standard fees of ¥3000 and ¥1500 respectively [8] - The event aims to create a one-stop platform for collaboration, communication, and procurement across the entire supply chain of liquid cooling technologies and materials [7][15]

Group 1 - The core viewpoint of the article is that Runhe Materials (300727.SZ) is focusing on the research and production of coolant as an important branch of silicone oil and modified silicone oil [1] - Coolant products share production capacity with other modified silicone oils produced by the company [1]

Group 1 - The core theme of the event is the rise of China's future industries leading global innovation in new materials, particularly focusing on liquid cooling technology as a solution to high heat density challenges in various sectors such as AI, electric vehicles, and data centers [2][15][28] - The "2026 Thermal Management Liquid Cooling Industry Conference and Exhibition" will take place from June 10-12, 2026, at the Shanghai New International Expo Center, featuring discussions on key technologies and engineering applications in the liquid cooling field [2][3][28] - The event will include a specialized exhibition area, "FINE2026 Thermal Management Liquid Cooling Board Industry Exhibition," which will gather upstream and downstream materials, equipment, and industry chain resources to meet market demands and promote high-quality development of the liquid cooling industry [2][7] Group 2 - The organizing bodies include DT New Materials, DT Future Industries, and various associations related to new materials and productivity enhancement, indicating a strong collaborative effort in the industry [4] - The conference will feature over 30 specialized forums and more than 300 expert reports focusing on cutting-edge technologies and industry trends in sectors such as AI, aerospace, and renewable energy [17][19] - The event will showcase a wide range of innovative solutions and products, including liquid cooling solutions for AI data centers, power semiconductor modules, and advanced cooling materials, highlighting the comprehensive nature of the exhibition [7][19] Group 3 - The event will offer early bird registration prices, with fees set at ¥2200 for regular attendees and ¥1200 for students until March 31, 2026, after which the prices will increase [8] - The agenda includes a variety of activities such as keynote speeches, parallel forums, and networking opportunities, designed to facilitate collaboration and knowledge sharing among industry professionals [5][19] - The exhibition will cover various themes, including data center liquid cooling, energy storage, and advanced manufacturing technologies, providing a holistic view of the industry's current landscape and future directions [6][7]

Core Viewpoint - The company focuses on the differentiated competition in the silicone sector, consolidating its leading position through innovative, high-value-added products with strong import substitution advantages [1] - The company has received multiple honors, including "Leading Enterprise in China's Fluorosilicon Industry" and "Top 20 Global Silicone Enterprises in 2024" [1] - The company achieved a year-on-year increase of approximately 36.34% in net profit attributable to shareholders in the first three quarters of 2025, indicating potential for further profitability enhancement [1] Industry Demand - The demand for silicone materials is expected to grow, driven by emerging applications in new materials and new energy sectors [1] - The apparent consumption of domestic silicone DMC is projected to increase from 1.35 million tons in 2022 to 1.82 million tons in 2024, with a CAGR of approximately 16% [1] Growth Strategy - The company has a leading capacity in specialty silicone oils, with a designed production capacity of 98,000 tons for silicone deep processing and application products by 2024 [2] - The company is expanding its scale advantage through convertible bond fundraising projects and the establishment of high-end silicone new material projects in Zhuhai [2] - The company is also focusing on new strategic products like "coolants," which are expected to open up long-term growth opportunities [2] Profit Forecast and Investment Recommendation - The company is expected to see its net profit attributable to shareholders reach 139 million yuan, 182 million yuan, and 239 million yuan for the years 2025 to 2027, respectively [3] - Corresponding PE ratios are projected to be 48x, 37x, and 28x based on the closing price on January 26 [3] - The initial coverage recommends a "buy" rating for the company [3]

Core Insights - 2025 is projected to be the "year of implementation" for liquid cooling in data centers, driven by the intersection of physical limits on computing density and stringent energy efficiency requirements [1][2] - The competition and complementarity between cold plate and immersion cooling technologies are shaping the direction of the liquid cooling industry, with cold plate currently holding an 80% market share [1][2] - The evolution of cooling technologies is leading to a shift from water-based to higher value-added cooling liquids, such as fluorinated liquids, particularly in high-power applications [2][3] Industry Overview - The choice of cooling liquid significantly impacts the safety, lifespan, and operational costs of liquid cooling systems, making it one of the highest value density segments in the liquid cooling supply chain [3] - Different types of liquid cooling systems have distinct structural designs and operational principles, leading to varied requirements for the physical and chemical properties of cooling liquids [3] - The market for water-based cooling liquids is highly open with many participants, while oil-based cooling liquids are characterized by high technical barriers and foreign brand dominance [3] Market Dynamics - The fluorinated liquid sector is undergoing a transformation, with traditional international giants like 3M strategically exiting due to environmental concerns, allowing Chinese companies with technological and supply chain advantages to rise [3] - The development of data center cooling liquids is evolving along four dimensions: higher efficiency, lower energy consumption, better environmental protection, and smarter systems [4] - Future cooling solutions will integrate materials science, thermodynamics, and intelligent control technologies, moving beyond being mere functional mediums [4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The year 2025 is projected to be the "landing year" for liquid cooling in data centers, driven by the intersection of increased computing power density and stringent energy efficiency requirements [2][4] - Liquid cooling technology is evolving rapidly, with cold plate systems currently holding an 80% market share, while immersion cooling is recognized as the future core direction for high-density computing scenarios [2][21] - The choice of cooling liquid significantly impacts the safety, lifespan, and operational costs of liquid cooling systems, making it a high-value segment within the liquid cooling industry [2][3] Summary by Sections 1. Background of Liquid Cooling Technology - The explosive growth in computing power demand and continuous increase in chip power consumption necessitate advanced cooling solutions [6][11] - Energy efficiency has become a rigid requirement, with global data center electricity consumption projected to double by 2030 [15][16] - The rise of edge computing is creating new demands for efficient space utilization in data centers [19] 2. Classification and Technical Characteristics of Liquid Cooling Systems - Liquid cooling systems are categorized into cold plate, immersion, and spray cooling types, with cold plate and immersion systems leading the market [20][21] - Cold plate systems are widely used due to their reliability and moderate deployment costs, while immersion cooling is recognized for its superior heat dissipation capabilities [22][38] 3. Performance Requirements of Cooling Liquids - Water-based cooling liquids dominate cold plate systems, while oil-based liquids are used in single-phase immersion systems [3][4] - Fluorinated liquids are considered the ideal cooling medium for data centers, although their high cost limits their application to high-power scenarios [3][4] 4. Future Trends in Cooling Liquids - The development of cooling liquids is evolving towards higher efficiency, lower energy consumption, better environmental performance, and smarter systems [2][4] - The industry is moving towards a comprehensive thermal management solution that integrates material science, thermodynamics, and intelligent control technologies [2][4] 5. Competitive Landscape - The water-based cooling liquid market is highly open with many participants, while the oil-based cooling liquid market is specialized and dominated by foreign brands [2][3] - The fluorinated liquid industry is undergoing significant changes, with traditional giants exiting the market and domestic companies seizing the opportunity for "domestic substitution" [2][3]

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].

Group 1 - The core business of Longpan Technology includes the sales of automotive fine chemicals and lithium iron phosphate cathode materials, with the revenue composition being 65.14% from LFP cathode materials, 26.40% from automotive fine chemicals, 7.81% from lithium carbonate and raw material processing, and 0.66% from other businesses [2] - As of September 30, 2025, Longpan Technology achieved a revenue of 5.825 billion yuan, representing a year-on-year growth of 2.91%, while the net profit attributable to shareholders was -110 million yuan, showing a year-on-year increase of 63.52% [2] - The company has a total of 85,800 shareholders as of September 30, 2025, which is a decrease of 15.35% compared to the previous period, with an average of 6,589 circulating shares per person, an increase of 18.14% [2] Group 2 - On January 16, Longpan Technology's stock price fell by 0.70%, with a trading volume of 623 million yuan. The financing buy-in amount for the day was 58.91 million yuan, while the financing repayment was 42.19 million yuan, resulting in a net financing buy-in of 16.72 million yuan [1] - The total balance of margin trading for Longpan Technology as of January 16 is 381 million yuan, which accounts for 3.40% of its circulating market value, indicating a high level compared to the 80th percentile over the past year [1] - In terms of securities lending, on January 16, there were no shares repaid, with 500 shares sold short, amounting to 9,935 yuan at the closing price, and the remaining short selling volume was 14,500 shares, with a balance of 288,100 yuan, also indicating a high level compared to the 90th percentile over the past year [1]

Group 1 - The core viewpoint of the article highlights the acceleration of the global technological revolution and the emerging opportunities in material transformation, particularly in AI materials and related industries [1] Group 2 - The demand for chromium chemicals is experiencing a boom due to the explosive demand from two major machines, leading to sustained prosperity under strong supply constraints [1] - The high computing power density is creating a necessity for liquid cooling, with 3M planning to exit the PFAS market by the end of 2025, indicating a promising demand for cooling liquids [1] - The trend towards high-frequency and high-speed PCBs is confirmed, with clear upgrades in CCL electronic materials [1] - The demand for energy storage is being driven by data centers, with expectations for dynamic storage needs exceeding forecasts, marking a turning point for the lithium battery industry [1] Group 3 - In the growth materials sector, new industries, technologies, and trends are continuously emerging, including the global substitution of lubricant additives, AI-enabled biomanufacturing (such as PDO and other new materials), green fuels driven by international emission reduction demands (SAF, green alcohol), and the nearing industrialization of solid-state batteries (upgrades in sulfide and other battery materials) [1] Group 4 - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials to reflect the overall performance of securities related to the new materials industry [1]