国信证券近日发布2025年石化化工行业10月投资策略：《石化化工行业稳增长工作方案 (2025-2026年)》的出台，旨在引导这一国民经济支柱产业在保持合理增速的同时，实现高质 量发展，其核心可概括为"稳增长、调结构、促创新"。方案明确要求2025-2026年，行业增 加值年均增长5%以上，并追求经济效益回升、创新能力增强等质的提升。 以下为研究报告摘要： 核心观点 石化化工行业2025年10月投资观点： 《石化化工行业稳增长工作方案(2025-2026年)》的出台，旨在引导这一国民经济支柱产 业在保持合理增速的同时，实现高质量发展，其核心可概括为"稳增长、调结构、促创新"。 方案明确要求2025-2026年，行业增加值年均增长5%以上，并追求经济效益回升、创新能力 增强等质的提升。 该方案有望推动落后产能淘汰、引领行业健康发展。化工行业老旧产能的淘汰工作具体 实施后有望引领行业供给侧逐渐优化，同时推动我国化工行业设备更新、增强化工装置整体 竞争力。方案指出加强重大石化、现代煤化工项目规划布局引导，严控新增炼油产能，合理 确定乙烯、对二甲苯新增产能规模和投放节奏，防范煤制甲醇行业产能过剩风险。这意味着 未来炼 ...

摘要 数据中心机柜功率提升推动液冷技术发展。数据中心持续向高密度、高能效方向发展， 机柜功率密度越大产生的热量也越大，对散热的要求越高，应用液冷是数据中心散热的必然 选择。相较于传统强迫风冷散热，液冷具有低能耗、高散热、低噪声、低TCO等优势。 液冷技术分为接触式及非接触式两种，中国与全球液冷市场均以高双位数增长。接触式 液冷是指将冷却液体与发热器件直接接触的一种液冷实现方式，包括浸没式和喷淋式液冷 等；非接触式液冷是指冷却液体与发热器件不直接接触的一种液冷实现方式，包括冷板式等 具体方案。IDC数据显示，中国液冷服务器市场在2024年继续保持快速增长，市场规模达到 23.7亿美元，预计2024-2029年，中国液冷服务器市场年复合增长率将达到46.8%，2029年市 场规模将达到162亿美元。Omdia发布的数据显示，2023年数据中心冷却市场规模已至76.7亿 美元，2028年市场规模将达168.7亿美元，而全球数据中心液冷市场规模将自2023年的10亿 美元增长至2028年的约56亿美元。 天风证券近日发布基础化工行业专题研究：IDC数据显示，中国液冷服务器市场在2024 年继续保持快速增长，市场规模达 ...

Investment Rating - The industry rating is maintained at Neutral, consistent with the previous rating [3]. Core Insights - The liquid cooling technology is driven by the increasing power density of data center cabinets, which necessitates more efficient heat dissipation methods. Liquid cooling offers advantages such as lower energy consumption, higher cooling efficiency, lower noise, and lower total cost of ownership (TCO) compared to traditional air cooling [4][12]. - The Chinese liquid cooling server market is projected to grow significantly, reaching a market size of $2.37 billion in 2024, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [4][33][57]. - The global data center cooling market is expected to grow from $7.67 billion in 2023 to approximately $16.87 billion by 2028, with liquid cooling technology's market share increasing from 13% to 33% during the same period [33][36]. Summary by Sections Section 1: Development of Liquid Cooling Technology - The shift towards high-density and energy-efficient data centers necessitates the adoption of liquid cooling solutions, especially when cabinet power density exceeds 20KW [11][12]. - The average power density of global data center cabinets has increased from 5.6KW in 2017 to 12.8KW in 2023, with supercomputing centers requiring over 30KW [11][12]. Section 2: Liquid Cooling Efficiency and Cost Advantages - Liquid cooling systems demonstrate superior cooling capabilities compared to air cooling, with a cost of approximately 11,818 RMB per KW, leading to annual savings of about 1.84 million RMB compared to air cooling [17][12]. - NVIDIA's liquid-cooled data centers can achieve a Power Usage Effectiveness (PUE) of 1.15, significantly lower than the 1.6 PUE typical of air-cooled systems [11][12]. Section 3: Types of Liquid Cooling Technologies - Liquid cooling technologies are categorized into contact and non-contact types, with single-phase cold plate liquid cooling being the most mature and widely adopted solution [52][32]. - Immersion cooling, which can be single-phase or two-phase, is gaining traction due to its energy efficiency and compact design, with the market for immersion cooling servers expected to grow from $1.2 million in 2024 to $48.6 million by 2029 [55][57]. Section 4: Market Growth Projections - The Chinese liquid cooling server market is expected to maintain rapid growth, with a projected market size of $2.37 billion in 2024, reflecting a 67% increase from 2023 [36][57]. - The global data center liquid cooling market is anticipated to grow from $1 billion in 2023 to approximately $5.6 billion by 2028, indicating a strong upward trend in adoption [33][36]. Section 5: Key Companies and Products - Companies such as Juhua Co., Yonghe Co., New Zobang, Huayi Group, and others are positioned to benefit from the growing demand for fluorinated liquids used in immersion cooling systems, especially following 3M's exit from the PFAS production market [66][67].

Core Insights - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to maintain reasonable growth while achieving high-quality development, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [1][17][18] - The plan sets a target for an average annual growth of over 5% in industry value added from 2025 to 2026, while also pursuing improvements in economic efficiency and innovation capabilities [1][17] Industry Analysis Petrochemical Industry - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing the supply side of the chemical industry [2][18] - The plan emphasizes the need to strengthen the planning and layout of major petrochemical and modern coal chemical projects, strictly control new refining capacity, and reasonably determine the scale and pace of new ethylene and paraxylene capacity [2][18] Fertilizer Industry - The plan aims to strengthen raw material supply security and stabilize production foundations for the fertilizer industry, requiring long-term agreements with suppliers of coal, phosphate rock, and natural gas [19] - The plan also encourages the optimization of product structure and the development of new fertilizers [19] Chemical Products Pricing - As of September 28, 2025, the China Chemical Product Price Index (CCPI) was reported at 3969 points, down 8.4% from January 2, 2025 [20] - The manufacturing PMI slightly rose to 49.4%, indicating limited improvement in the economic environment, with the production index at 50.8% [20] Investment Recommendations Potash Fertilizer - The global potash fertilizer industry is characterized by oligopoly, with a tight supply-demand balance, and prices are expected to remain high [21] - The company "Yaqi International" is highlighted for its significant potash resources and ongoing capacity expansion, with a projected production capacity of 5 million tons by 2025 [21] Pesticides - The pesticide industry is expected to see a recovery in prices due to increased demand from South America and limited export growth from India and the US [22] - "Lier Chemical" is recommended as a leading company in the chlorinated pyridine herbicide and glyphosate sectors [22] Fluorochemicals - The fluorochemical sector is anticipated to benefit from the implementation of quota systems for refrigerants starting in 2024, with a focus on the long-term price increase of refrigerants [23] - Companies such as "Juhua Co., Ltd." and "Dongyue Group" are recommended for their strong market positions in refrigerants and fluorinated liquids [23] Sustainable Aviation Fuel (SAF) - The European Union's mandatory addition of 2% SAF in 2025 is expected to drive up prices for bio-jet fuel products, with "Zhuoyue New Energy" recommended for its competitive advantages in production capacity [24][9]

格隆汇9月28日丨新宙邦(300037.SZ)在互动平台表示，公司半导体化学品业务凭借深耕精细电子化学品 的经验积累和技术优势，依靠高品质的产品、完善的质量管理体系以及多基地的交付服务赢得了客户信 任。受某国际主流氟化工企业退出氟化工市场的影响，全球氟化液（清洗和冷却）市场处于供应切换窗 口，公司的产品已与众多主流客户建立合作关系并持续交付中，各类产品出货量以及销售额保持稳步增 长。 ...

2025年09月25日 证券研究报告| 国信化工·数据中心及AI服务器液冷冷却液 行业分析框架 行业研究 · 行业专题 基础化工·氟化工 投资评级：优于大市（维持） 证券分析师：杨林 证券分析师：张歆钰 010-88005379 021-60375408 yanglin6@guosen.com.cn zhangxinyu4@guosen.com.cn S0980520120002 S0980524080004 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 Ø 随着数算中心规模、功率不断提升，高效冷却技术快速发展，液冷主要解决高能耗、高发热难题。据《智算中心液冷产业全景研究报告》， 2024年我国算力中心总耗电量达1660亿kWh，占全社会总用电量的1.68%。2020年国家工信部公布《全国数据中心应用发展指引（2020）》， 全国在用超大型数据中心平均PUE达1.46，大型数据中心平均PUE为1.55；2023年4月，财政部、生态环境部、工信部联合印发《绿色数据中心 政府采购需求标准（试行）》中提出，2023年6月起，数据中心电能比不高于1.4,2025 ...

Core Viewpoint - The refrigerant industry is experiencing a continuous upward trend in prosperity due to supply reductions and steady recovery in demand, leading to significant profit growth for leading companies in the sector [3]. Group 1: Supply and Demand Dynamics - In 2025, the production quotas for second-generation fluorinated refrigerants will be further reduced, and third-generation refrigerants will implement production quotas, tightening the supply side of the industry [3]. - The steady recovery in downstream demand is optimizing the supply-demand landscape for refrigerants, resulting in continuous price increases for refrigerant products [3]. Group 2: Profit Growth of Leading Companies - In the first half of 2025, leading domestic refrigerant companies reported substantial year-on-year net profit growth: Juhua Co. +146.97%, Sanmei Co. +159.22%, Yonghe Co. +140.80%, and Dongyue Group +153.28% [3]. Group 3: AI Computing Power and Liquid Cooling Demand - The rapid growth in AI computing power demand is driving the need for liquid cooling solutions, prompting fluorochemical companies to accelerate their layout in the liquid cooling industry [4]. - Juhua Co. is advancing the "Juxin Cooling Liquid" project with a planned capacity of 5,000 tons/year, while Sanmei Co. is enhancing its integrated fluorochemical project in Chongqing [4]. Group 4: Liquid Cooling Technology Overview - Liquid cooling technology is an efficient heat dissipation solution using liquid as a cooling medium, offering advantages such as energy savings (PUE 1.1-1.25) and high-density cooling (supporting 30kW/rack) compared to air cooling [5]. - The main forms of liquid cooling technology are cold plate and immersion cooling, which are expected to see rapid growth as computing power continues to increase [6]. Group 5: Market Growth Projections - The global liquid cooling market is projected to grow significantly, with expected market sizes of $2.9 billion in 2023 and $3.6 billion in 2024, reaching $4.5 billion by 2025 and $19.4 billion by 2032, indicating a CAGR of 23% from 2025 to 2032 [6].

Investment Rating - The report maintains a rating of "Overweight" for the refrigerant industry [5] Core Insights - The refrigerant industry continues to experience high prosperity due to supply reduction and steady demand recovery, leading to significant profit growth for leading companies [1][20] - The rapid growth in AI computing power demand is driving fluorochemical companies to accelerate their layout in the liquid cooling industry, which is expected to create a secondary growth curve [2][4] - Liquid cooling technology is becoming essential for data centers and the computing era, offering energy-saving and high-density cooling solutions [3][31] Summary by Sections Supply and Demand Dynamics - The supply of second-generation fluorinated refrigerants will be further reduced by 2025, while the third generation will implement a quota system, tightening supply [1][20] - The domestic production of air conditioners and automobiles has shown steady growth, with production increasing by 5.1% and 10.5% year-on-year respectively as of July 2025, supporting the recovery of refrigerant demand [13] AI Computing and Liquid Cooling - The demand for liquid cooling is surging due to the rapid increase in AI computing power, prompting fluorochemical companies to focus on high-value products like fluorinated liquids [2][26] - Major companies like Juhua Co., Sanmei Co., and Yonghe Co. are expanding their production capacities and enhancing their product lines to meet the growing demand for liquid cooling solutions [27][28][29] Liquid Cooling Technology - Liquid cooling technology is a necessary evolution in the face of increasing computing power, providing superior cooling efficiency compared to traditional air cooling [3][31] - The global liquid cooling market is projected to grow significantly, with estimates of reaching $4.5 billion by 2025 and $19.4 billion by 2032, reflecting a CAGR of 23% from 2025 to 2032 [3][46] Investment Recommendations - The report suggests focusing on leading companies in the refrigerant and fluorochemical sectors, including Juhua Co., Sanmei Co., Yonghe Co., Dongyue Group, Xinzhou Bang, Bayi Shikong, and Runhe Materials, as they are well-positioned to benefit from the tightening supply and growing demand [4][55]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][21]. Core Views - The company has shown significant growth in its financial performance, with a notable increase in revenue and net profit in the first half of 2025. The revenue reached 13.33 billion yuan, up 10.36% year-on-year, while the net profit surged by 145.84% to 2.05 billion yuan [1][12]. - The report highlights the recovery of refrigerant prices and the company's strategic positioning in the refrigerant industry, which is expected to enter a long-term prosperous cycle due to supply-demand dynamics [10][12]. - The company is actively expanding its product portfolio, particularly in fourth-generation refrigerants and fluorinated liquids, which are anticipated to drive future growth [11][12]. Financial Summary - Revenue projections for the company are as follows: 2025 at 28.61 billion yuan, 2026 at 31.55 billion yuan, and 2027 at 33.76 billion yuan, reflecting growth rates of 17.0%, 10.3%, and 7.0% respectively [1][12]. - The net profit is expected to reach 4.57 billion yuan in 2025, with a remarkable growth rate of 133.4%, followed by 5.79 billion yuan in 2026 and 6.55 billion yuan in 2027 [1][12]. - The report indicates a significant improvement in return on equity (ROE), projected to be 20.3% in 2025, 20.7% in 2026, and 19.5% in 2027 [1][12]. Product Performance - In the first half of 2025, the company's revenue from refrigerants was 6.13 billion yuan, showing a year-on-year increase of 41.97%, while other product categories experienced varied performance, with some facing price declines [2][3]. - The average price of refrigerants increased significantly, with R32, R125, and R134a showing price increases of 41.86%, 8.33%, and 22.35% respectively [10][12]. - The company is focusing on developing high-performance fluorinated liquids to meet the growing demand in the semiconductor industry and other emerging sectors [11][12].

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].