该行审视了敏实集团的盈利预测，并纳入了一些正面的业务更新。其中，去年欧洲新能源汽车销售量年 增约30%，达到300万辆。自今年初起，德国恢复了针对中低收入家庭的国家新能源汽车购买补贴，认 为这将为欧洲在今年实现中十位数的新能源汽车销售增长提供强劲动力。目前，集团70%的电池外壳订 单来自欧洲客户。 大和表示，根据Global Market Insights的数据，全球数据中心液冷系统市场规模在今年可能达到60亿美 元，并在2030年增长至120亿美元; 预计在2026至2030年间，敏实有望在价值链中获得3%至5%的市场份 额。 智通财经APP获悉，大和发布研报称，重申敏实集团(00425)"买入"评级; 基于分类加总估值法，将目标 价从40港元上调至52港元; 又将今明年净利润预测上调4%至5%，以反映其业务的增量变化。 ...

美的集团 20260126 摘要 美的智能建筑科技业务增长迅速，2021 年至 2024 年收入复合增速达 13.1%，毛利率维持在 28%-30%，是美的 To B 业务的重要组成部分， 全球智能建筑科技市场空间巨大，美的份额提升空间广阔。 中国中央空调市场规模达千亿级，2020 年至 2024 年复合增速约 10%。内销市场受房地产影响小幅下滑，但外销市场表现强劲，2024 年增速达 23.4%，未来内外销协同将推动市场稳步发展。 国产品牌在中央空调市场份额持续提升，从 2020 年的 48%增至 2024 年的 53%，得益于核心零部件技术突破、自供自研、节能政策支持和本 土品牌营销策略，美的等头部企业有望进一步优化行业格局。 节能降碳政策推动磁悬浮离心机组市场快速增长，2024 年中国内销规 模达 25.7 亿元，同比增长 14.7%。美的自研自供磁悬浮压缩机打破外 资垄断，市场份额提升至 19.7%。 数据中心液冷需求激增，全球液冷热管理系统市场预计以年化 21.6%增 速增长，至 2030 年达 178 亿美元。美的已与阿里等合作，提供 CDU 等设备，把握数据中心制冷增量空间。 Q&A 美的集团 ...

Core Viewpoint - Ice Wheel Environmental Technology Co., Ltd. is focusing on advanced system solutions and lifecycle services in the energy and power sector, with a strong emphasis on data center liquid cooling systems, nuclear power products, HRSG products, and thermal management. Group 1: Main Business and Product Layout - Ice Wheel Environmental specializes in energy and power, offering advanced systems and lifecycle services, with core products including compressors and heat exchange devices that manage temperature control and energy efficiently across a range of applications [2] - The company's products serve various sectors, including commercial refrigeration, industrial cooling, comfort air conditioning, special industrial air conditioning, and energy recovery systems [2] - In the first three quarters of 2025, the low-temperature refrigeration segment saw a slight revenue decline, while the special air conditioning and thermal management segments experienced year-on-year growth [2] Group 2: Data Center Liquid Cooling Systems - The company provides liquid cooling systems for data centers through its subsidiaries, Dunham-Bush and Ice Wheel Heat Exchange Technology [3] - Dunham-Bush, with a 131-year history, offers advanced cooling solutions and has been involved in significant projects such as the National Supercomputing Center in Guangzhou and various data centers for major telecom companies [3] - The company is expanding its overseas manufacturing capacity to support global demand, particularly in North America, Australia, Southeast Asia, and the Middle East [4] Group 3: Nuclear Power Sector - Ice Wheel Environmental is focusing on nuclear island cooling and nuclear energy heating, with innovative technologies for cooling and heat recovery [5] - The company has secured contracts for cooling systems in various nuclear power plants and is involved in the development of small modular reactor projects [5] - A collaboration with Tsinghua University on nuclear heating technology has led to the successful implementation of a cross-city nuclear heating project [5] Group 4: HRSG Products and Thermal Management - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry, specializes in HRSG products, with a projected revenue exceeding 700 million yuan in 2024 [6] - The thermal management segment focuses on industrial heat pumps and is positioned as a key growth area, benefiting from urban renewal and energy efficiency policies [7] - The company’s technologies in heat recovery and high-temperature heat pumps are expected to become essential for high-energy-consuming enterprises as carbon neutrality policies advance [7] Group 5: Other Technical Applications - Ice Wheel Environmental is also involved in the liquefaction of aerospace fuels, with a patented high-efficiency helium screw compressor recognized as a significant technological advancement [8] - The company believes that traditional temperature cooling methods for chips are limited and that efficient cooling solutions remain the mainstream approach [8] - The lithium bromide absorption chiller developed by the company can utilize waste heat from gas turbines for combined power and cooling applications, enhancing energy efficiency [8]

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in the investment landscape, focusing on identifying investment value from significant events, analyzing industry chain companies, and interpreting key policy points [1]. Group 1: Company Developments - A company has achieved mass production and small-scale shipment of 1.6T optical modules using CPO and silicon photonic chips, with plans to develop 3.2T and higher-speed products, showcasing its full self-research design capability from silicon photonic chips to modules [1]. - The same company offers a comprehensive solution for data center liquid cooling and UPS, addressing the operational needs of AI computing centers and managing high-power heat dissipation core components [1].

Core Viewpoint - The company aims to leverage its acquisition of Jienowei to enhance its capabilities in thermal management liquid cooling applications, particularly in the fields of new energy vehicle battery trays, energy storage battery trays, data center liquid cooling systems, and 5G technology [1] Group 1 - The company plans to increase Jienowei's production capacity to 100,000 tons by the end of 2026, with an expected shipment of around 30,000 tons in 2026 [1] - The company anticipates further growth in 2027 as production capacity is released [1] - The company will shift Jienowei from indirect supply to direct supply, optimizing the customer structure and enhancing profit margins [1]

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on the listed company YinLun Co., highlighting its growth prospects and strategic initiatives in various sectors, particularly in digital energy and robotics. Group 1: Fund Overview - QuanGuo Fund was established on February 8, 2022, with a total asset management scale of 16.396 billion yuan and manages six funds with five fund managers [1] - The best-performing fund in the past year is QuanGuo XuYuan Three-Year Holding Period Mixed A (016709), achieving a return of 48.96% [2] Group 2: Company Growth Prospects - The company anticipates high growth in its digital energy business over the next 2-3 years, focusing on data centers, energy storage, charging and swapping, and low-altitude flying vehicles [2] - The humanoid robotics sector is currently in the technology and product incubation phase, with potential for additional growth if mass production occurs earlier than expected [2] Group 3: Data Center Liquid Cooling Strategy - The company has a clear development strategy for data center liquid cooling, which includes a system, primary and secondary cooling sources, and various component capabilities [2] - The company leverages its previous experience in automotive thermal management to enhance its position in data center thermal management, emphasizing strategic, technical, and customer advantages [3] Group 4: Long-term Strategic Positioning - The company projects that data center thermal management will exceed 50% of the overall scale of its digital and energy division in the long term, identifying it as the largest growth area [3] - Strategic deployment includes focusing on customer relationships, product development, and global expansion [3] Group 5: Robotics Business Development - The company is developing integrated joint modules and thermal management solutions, with the first generation of products already developed [3] - Customer expansion efforts are primarily targeting leading domestic and international clients, with partnerships established to create an ecosystem for drive control and reducer products [3] Group 6: Global Procurement and Supply Chain - The company has established a global procurement and supply chain management framework covering North America, Europe, and Southeast Asia, based on its "Overseas Development Five-Year Plan" [5] - The company has developed a global supplier resource pool to ensure localized solutions for key raw materials and components, with ongoing efforts to enhance international talent and supply chain competitiveness [5]

Group 1: Company Overview - The company is Zhejiang Yinlun Machinery Co., Ltd., with stock code 002126 and bond code 127037 [1] - The investor relations activity was recorded on August 28, 2025, via a telephone conference [3][6] Group 2: Investor Participation - A total of 112 participants from various investment firms attended the meeting, including Fidelity, BoShi Fund, and Huatai Securities [2][3] - The meeting included representatives from both domestic and international investment firms, showcasing a diverse investor interest [2] Group 3: Business Growth and Strategy - The company anticipates a high growth rate in its digital energy business, focusing on data centers, energy storage, and low-altitude aircraft over the next 2-3 years [3][4] - The data center liquid cooling strategy involves a comprehensive approach with a focus on system integration and component manufacturing [4] Group 4: Competitive Advantages - The company leverages its existing automotive thermal management expertise to enhance its data center thermal management capabilities [4] - Key advantages include strategic, technical, and customer-related strengths, such as in-house component manufacturing and reduced leakage risks through advanced technology [4] Group 5: Future Strategic Goals - The long-term goal for the data center thermal management segment is to exceed 50% of the overall scale of the digital and energy division [4] - The company aims to establish a global presence by targeting leading global enterprises and developing a comprehensive product range from components to systems [4] Group 6: Robotics and Supply Chain - The company is actively developing robotic solutions and has established partnerships to enhance its product offerings [4] - A global procurement and supply chain management framework has been established to mitigate geopolitical risks, covering North America, Europe, and Southeast Asia [5][6]

Summary of Chuanhuan Technology Conference Call Industry and Company Overview - Chuanhuan Technology is benefiting from the rapid growth of data center liquid cooling systems, with expectations of over 30% growth in liquid cooling systems and data center systems [2][3] - The company is actively engaging with multiple flying car clients, although the sector is relatively less competitive, growth is heavily influenced by policy [2][4] - Chuanhuan Technology has entered the energy storage business with several clients, including Guoxuan and Fudi, expecting growth rates to surpass those of new energy vehicles [2][6] Core Points and Arguments - **Data Center Liquid Cooling Systems**: - Significant layout in data center liquid cooling systems, achieving V0 standards and UL certification, entering key client supply chains [3] - Anticipated short-term capital expenditure (CAPEX) growth of approximately 40%, with market investment expected to double in the next three to five years [2][3] - **Flying Cars**: - Engaging with several flying car clients, with expected compound annual growth rate (CAGR) of over 25% in the next two years [4][10] - Growth in this sector is linked to policy developments, making it less predictable compared to data center business [4] - **Energy Storage**: - Early entry into the energy storage sector, with expected growth rates higher than those of new energy vehicles [2][6] - Collaboration between energy storage and new energy vehicle thermal management systems is anticipated to create synergies [2][6] - **New Energy Vehicle Thermal Management**: - This remains the foundational business for Chuanhuan Technology, with growth rates still above the overall automotive market despite a slowdown [2][7] - Increased demand for hybrid vehicles, which require two thermal management systems, is expected to enhance market share [7] Financial Performance - For the first half of 2025, Chuanhuan Technology reported revenue of 688 million yuan, an approximate 8% year-on-year increase [2][8] - Net profit attributable to shareholders was 99 million yuan, showing a slight increase year-on-year [2][8] - Gross margin was around 25%, with a minor decline of 0.2% year-on-year, while net profit margin was approximately 14%, down one percentage point [2][8] Risks and Considerations - Potential risks include downturns in the automotive industry, underperformance in new energy vehicle production and sales, slower-than-expected data center development, and significant fluctuations in raw material prices [4][10] - Continuous monitoring of downstream customer demand is crucial for future growth [5]

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The penetration rate of liquid cooling in data centers is expected to increase significantly due to the accelerated shipment of new generation high-performance computing chips, leading to a surge in orders for liquid cooling infrastructure suppliers and entering a phase of rapid performance growth [3][12] - The liquid cooling infrastructure market is projected to grow rapidly, with the domestic market expected to expand from approximately 1.63 billion yuan in 2024 to 13.22 billion yuan by 2027 [39][41] Summary by Sections 1. Liquid Cooling as an Important Industry Trend - Traditional air cooling is inadequate for high power density data centers, making liquid cooling a crucial trend due to its high specific heat capacity, thermal conductivity, low noise, and compact size [8][15] - The current penetration rate of liquid cooling in data centers is low, estimated at around 5% in China, but is expected to rise to 30-40% in the next 3-5 years [10][27] 2. Market Growth Potential - The domestic data center total power is projected to grow from 35.5 GW in 2024 to 68.8 GW by 2027, with a compound annual growth rate (CAGR) of 37% for new data center power [36][38] - The global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan by 2027, driven by the increasing demand for high-performance GPUs [49][51] 3. Investment Recommendations - Focus on leading domestic companies with comprehensive product lines and rich customer resources, such as Yingweike, Shunling Environment, and Tongfei Co., which are well-positioned to benefit from the growth in liquid cooling technology [12][52]

Core Insights - The report highlights the significant growth of China's retail sales, which are approximately 80% of the United States in absolute terms, and exceed the US in terms of purchasing power by 1.6 times according to World Bank data [4] - The establishment of the new state-owned enterprise, China Yajiang Group, with a total investment of about 1.2 trillion yuan, indicates a strong push for infrastructure and industrial development [6] - The report emphasizes the importance of innovation in future industries such as humanoid robots, metaverse, and brain-computer interfaces, as promoted by the Ministry of Industry and Information Technology [6] Industry Updates - The National Export Control Work Coordination Mechanism has initiated a special action to combat the smuggling of strategic minerals, impacting related stocks such as Northern Rare Earth and Dongfang Zuoye [6] - The report notes that the market is experiencing a shift towards value investing, with large-cap stocks showing a trend of upward movement, replacing pure concept speculation [10] - The rare earth sector is leading the market rally, driven by government policies on illegal exports and new mineral discoveries, alongside increased demand for humanoid robots [10] Company Focus - China Unicom is exploring the layout of a 100,000-card computing cluster, aiming for a computing scale of 45 EFLOPS by the end of the year [8] - Betta Pharmaceuticals is advancing its clinical projects targeting the KRAS gene, with plans to submit clinical trial applications soon [8] - Luxshare Precision has commenced construction of its robotics headquarters project in Changshu, with a total investment of 5 billion yuan, expected to achieve an annual output value of 10 billion yuan upon reaching full production [8] - Yinlun Machinery has delivered its liquid cooling system for data centers as scheduled, with expectations for accelerated order acquisition due to high investments in digital energy thermal management [8]