Core Viewpoint - The report highlights the increasing power density of AIDC cabinets, which has risen from 2-8 kW to 20-50 kW, with expectations to exceed 100 kW in the future. This necessitates efficient cooling solutions to manage the heat generated, ensuring optimal performance and reliability of chips [1][2]. Group 1: AIDC Power Density and Cooling Demand - AIDC's power density has significantly increased, leading to a surge in demand for high-performance cooling solutions [2]. - The inability to effectively dissipate heat from high power density operations can result in overheating, performance throttling, and reduced equipment reliability [1][2]. Group 2: Magnetic Levitation Refrigeration Compressors - Magnetic levitation compressors are identified as a leading technology in cooling systems for data centers, enhancing energy efficiency and reducing operational costs [3]. - Compared to traditional screw compressors, magnetic levitation compressors improve IPLV by approximately 42% and reduce motor power consumption by 30%, leading to a 30% decrease in annual electricity costs [3]. - The global investment in AIDC is expected to drive the market for magnetic levitation refrigeration compressors, with companies like Danfoss projecting a threefold growth in their data center-related business in China by 2024 [3]. Group 3: Competitive Landscape - The global market for magnetic levitation refrigeration compressors is highly concentrated, with significant technological barriers to entry [4]. - Danfoss holds a dominant market share of 70%, with over 160,000 units shipped, indicating a concentrated competitive landscape [4]. - Domestic companies like Hanzhong Precision Machinery are making strides in technology and market share, supported by strong R&D investments and strategic partnerships [5]. Group 4: Investment Recommendations - The report suggests that the ongoing expansion of AIDC and the increase in cabinet power density will drive demand for cooling solutions, particularly magnetic levitation compressors [6]. - The superior performance and lower operational costs of magnetic levitation compressors position them favorably in the market, with expectations for continued growth in the sector [6].

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]

证券日报网讯申菱环境（301018）9月10日在互动平台回答投资者提问时表示，公司主要为锂电池制造 工厂提供转轮除湿机组，冷水机组，空气处理机组等生产工艺环境保障设备。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问在锂电池行业，公司产品主要用在哪些方面？ 申菱环境（301018.SZ）9月10日在投资者互动平台表示，公司主要为锂电池制造工厂提供转轮除湿机 组，冷水机组，空气处理机组等生产工艺环境保障设备。 （文章来源：每日经济新闻） ...

Summary of the Conference Call for Ice Wheel Environment Company Overview - Ice Wheel Environment is a long-established state-owned enterprise founded in 1956, primarily engaged in the production of refrigeration compressors with a comprehensive technology system. The company is controlled by the Yantai State-owned Assets Supervision and Administration Commission, and its management includes an employee stock ownership plan. In Q3 2023, the company completed a stock incentive plan, enhancing its governance mechanism towards a more market-oriented structure [8][10]. Industry Insights - The global demand for computing power is surging, particularly in the AI market, with significant increases in TOKEN volumes reported by major companies. For instance, Microsoft's TOKEN volume grew over five times year-on-year, while Google's TOKEN processing volume increased approximately 50 times. In China, the usage of TOKEN for large models surged over 130 times compared to the previous year [2][3]. - The demand for data centers is driving growth in construction and HVAC solutions, as evidenced by Johnson Controls' Q2 financial results exceeding expectations, with data center business revenue increasing and orders being double the delivery amount [2][6]. Key Business Developments - Ice Wheel Environment's IDC (Intelligent Data Center) business is experiencing rapid growth, with explosive order increases and rising revenue and profit contributions. The traditional refrigeration compressor business remains competitive domestically, holding the top market share in the cold chain sector. The company's valuation is considered relatively low, and recent share purchases by the controlling shareholder provide a safety margin [2][7][19]. - The company has expanded its central air conditioning and IDC business through the acquisition of Dunham-Bush, enhancing its competitiveness in the data center sector [3][4]. Financial Performance - The company reported that overseas revenue is gradually increasing, projected to reach 2 billion yuan in 2024, a year-on-year growth of 21%, accounting for nearly 30% of total revenue [4][9]. - The IDC business is expected to contribute significantly to overall performance, with revenue and profit shares anticipated to increase in 2025 and 2026 [18][19]. Competitive Advantages - Ice Wheel Environment's core competitive advantages include: 1. **Technical Innovation**: The company has a strong capability in technology innovation within the refrigeration compressor sector, being the only domestic enterprise with complete independent intellectual property rights [11]. 2. **Global Presence**: The company operates production bases in over 40 countries, enhancing its ability to meet global market demands [11]. 3. **IDC Business Strength**: The subsidiary Dunham-Bush is focused on specialized industrial sectors, contributing significantly to the central air conditioning revenue [11][12]. Market Trends and Future Outlook - The cold chain equipment sector is expected to maintain positive growth due to policy support and increasing investments in related industries, despite previous slowdowns caused by the pandemic [15]. - The energy and chemical equipment sector has faced challenges due to reduced capital expenditures from downstream customers, but signs of stabilization are emerging [16]. - The industrial heat management business is projected to grow significantly as industries seek to meet carbon reduction targets set for 2030, driving demand for energy-saving equipment [17]. Investment Logic - The core investment logic for Ice Wheel Environment includes: 1. Rapid growth in the IDC business driven by overseas demand. 2. Strong competitive positioning in the refrigeration compressor market. 3. Relatively low valuation levels, with recent share purchases by the controlling shareholder providing additional security [7][19].

Core Insights - The global computing power market is entering a new high prosperity cycle, with rapid expansion in the HVAC and cooling markets [1] - The supply and demand in the cooling source sector are gradually reaching a tight balance, with major overseas manufacturers leading the market [1] - The main solution for cabinet cooling is currently the cold plate liquid cooling, which is continuously upgraded due to the increasing power density of servers [1] Group 1: Industry Trends - The construction of AIDC infrastructure is accelerating, leading to an upturn in HVAC equipment demand [1] - The U.S. Energy Information Administration (EIA) predicts that by 2030, AI-driven data centers will account for 9% of the total electricity load in the U.S., resulting in a 14 GW installation gap [1] - Cooling systems represent the second-largest expenditure in new data centers, with the cooling source production side accounting for approximately 15% of AIDC construction investment [1] Group 2: Market Dynamics - The cooling machine compressor market is experiencing an upturn, with an increase in the penetration rate of liquid cooling technologies [2] - The mechanical refrigeration method is becoming more prevalent due to the rising power density of servers, leading to an increase in the demand for cooling water units [2] - The cold plate solution has become the mainstream application in cabinet cooling, consisting of four core components: cold plate, CDU, manifold, and quick connector [2] Group 3: Market Size and Growth - Major players in the cooling source sector include Johnson Controls, Carrier, Daikin, and Trane, which dominate the overseas market [3] - The market for cooling water units is projected to reach approximately 25.1 billion yuan by 2025, with compressors accounting for about 7.5 billion yuan [3] - The global liquid cooling market for data centers is estimated to be around 1.982 billion USD in 2023, with a year-on-year growth of 25.9% [3] - The market for cold plates, CDU, manifold, and quick connectors is expected to grow significantly, with a projected CAGR of 40% from 2025 to 2027 [3]

Investment Rating - The report rates the AI infrastructure industry as "Outperform" compared to the broader market [1]. Core Insights - The explosive demand for intelligent computing is driving continuous growth in data centers, with power distribution and cooling being the core components of AI infrastructure [3]. - Capital expenditures in the AI infrastructure sector are expected to reach hundreds of billions, with major companies like Google, Microsoft, and Amazon projected to spend $320 billion in FY2025, a 39% increase from FY2024 [3][22]. - The report emphasizes the importance of power supply systems, particularly gas turbines, which are becoming the preferred primary power source for data centers due to their short construction cycles and low costs [3][60]. Summary by Sections AI Infrastructure Overview - The AI infrastructure industry is entering a prosperous cycle driven by significant capital investments and policy support [3][22]. - The demand for intelligent computing centers (AIDC) is expected to lead to a substantial increase in power requirements, with global IT power demand projected to grow from 49 GW in 2023 to 96 GW by 2026 [19][26]. Main Power Supply - Gas Turbines - Gas turbines are anticipated to benefit from a long-term upcycle, with global orders expected to increase by 38% year-on-year in 2024 [3][60]. - The gas turbine market is projected to reach an average annual market size of nearly $40 billion over the next five years [3]. - The report highlights the scarcity of production capacity for turbine blades, which constitute over one-third of the turbine's core value [3]. Backup Power Supply - Diesel Generators - The global market for diesel generators in data centers is expected to reach $9 billion by 2026, with a near double-digit growth rate until 2030 [3]. - The supply chain for diesel generators is experiencing tightness, leading to price increases and improved performance for companies in this sector [3]. Cooling Systems - Liquid cooling is expected to replace air cooling as the industry standard, with the market for cooling systems projected to exceed $100 billion by 2028 [3]. - Chilled water units are identified as a key beneficiary of the shift towards liquid cooling, with robust growth anticipated [3]. Investment Recommendations - The report suggests focusing on segments within the supply chain that are positioned to benefit from the explosive demand, particularly those with supply constraints and strong customer ties [3]. - Recommended companies include Yingliu Technology, Haomai Technology, and Ice Wheel Environment, among others [7][8].

Investment Rating - The report rates the AI infrastructure industry as "Outperform" compared to the market [1]. Core Insights - The demand for intelligent computing is driving the continuous growth of data centers, with power distribution and cooling being core components of AI infrastructure [3]. - Capital expenditures in the AI infrastructure sector are expected to reach hundreds of billions, with major companies like Google, Microsoft, and Amazon projected to spend $320 billion in FY2025, a 39% increase from 2024 [3][22]. - The report emphasizes the importance of power supply systems, particularly gas turbines, which are becoming the preferred primary power source for data centers due to their short construction cycles and low costs [3][60]. Summary by Sections AI Infrastructure Overview - The AI infrastructure industry is entering a prosperous cycle driven by increased demand and supportive policies [3][19]. - The global computing power scale is expected to reach approximately 910 EFLOPS by the end of 2023, with a 40% year-on-year growth [19]. Power Supply Systems - Gas turbines are expected to benefit from a long-term upcycle, with global orders projected to increase by 38% year-on-year in 2024 [3][60]. - The report highlights that gas turbines account for over 50% of the value in AI infrastructure, while cooling systems account for over 20% [3][37]. Cooling Systems - Liquid cooling is anticipated to replace air cooling as a trend in the industry, with the market for cooling systems expected to exceed 100 billion by 2028 [3][32]. - The report identifies external cooling units, such as chillers, as key beneficiaries of this transition [3]. Investment Recommendations - The report suggests focusing on segments within the supply chain that are core to the industry, have rigid supply, and are linked to major clients [3]. - Recommended companies include Yingliu Co., Haomai Technology, and Ice Wheel Environment, among others [7][8].

Group 1: Data Center and HVAC Industry - The demand for data centers is accelerating due to the surge in computing power requirements driven by AI model training and inference, with major internet companies and telecom operators increasing capital expenditures [1] - The HVAC industry is experiencing robust growth in cooling demand, driven by both air cooling and accelerated penetration of liquid cooling technologies [1] - Major compressor manufacturers have reported significant growth in demand for chillers due to data center construction [1] Group 2: Robotics and Key Components - Planetary roller screws are critical components in humanoid robots, primarily used for joint linear motion control, driving complex movements [2] - The Optimus robot utilizes 14 planetary roller screws, which account for over 19% of the total value of the robot, indicating a promising market outlook [2] Group 3: AI Market and ByteDance - ByteDance leads domestic companies in AI computing power investment, with server procurement expected to reach $8 billion in 2024 [2] - The Doubao large model is set to continue iterations in 2024, aligning its capabilities with GPT-4o and surpassing competitors in certain evaluations [2] - ByteDance's Doubao leverages its ecosystem, including Douyin and Toutiao, to dominate the AI assistant market with 71.16 million monthly active users [2] Group 4: TMT Sector and Investment Strategy - The TMT sector is currently characterized by high valuations and crowding, suggesting a cautious approach, with potential for a "high cut-low" style shift in the market [5] - Other sectors such as electronics, non-ferrous metals, and transportation show better investment value due to lower crowding [5] - The financial sector, including banks and insurance, presents absolute return potential, while the real estate sector has seen a valuation rebound amid easing monetary policy [5]