站在"十四五"深化产业变革的关键节点，化工行业面临绿色转型与高端材料"卡脖子"的双重挑战。 《"十四五"智能制造发展规划》明确提出"推动石化化工行业智能化改造，培育一批智能制造示范工 厂"，《石化化工行业稳增长工作方案(2025—2026年)》将"数字化转型""核心技术突破"列为重点任务。 历经4年实践，巨化集团以技术创新突破国外垄断，以数智化手段提升组织效能，构建起"技术突破—数 智赋能—产业升级"的新质生产力培育路径。如今，在巨化集团的生产车间，巡检机器人沿轨道穿梭， 实时传输设备数据；中控室的全域智控系统动态模拟装置运行状态，操作人员通过系统界面即可完成参 数调整，这场深刻的变革，让这家"老"国企持续焕发新生机。 硬核技术显身手 在算力需求爆发式增长的AI时代，数据中心散热成为行业的关键瓶颈。巨化集团依托十余年氟化工技 术积累，联合北京化工大学、中国科学院化学研究所等机构，攻克了浸没式冷却液的核心技术难题。这 种看似如水的氟化液具备极高的绝缘性与无腐蚀性，可将数据中心PUE值从传统风冷的1.5降至1.07，节 能率达80%以上。"如果把这个技术全部推广应用，全国在计算中心冷却这一领域，就可以减少1000 ...

每日报告精选（2025-12-30 09:00——2025-12-31 15:00） | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-12-30 09:00——2025-12-31 15:00） 2 | | |  | 策略观察：《周期资源品价格上涨，科技硬件景气延续》2025-12-31 | 2 | |  | 海外策略研究：《圣诞行情下全球周期板块领涨》2025-12-30 | 3 | |  | 资产配置月报：《新年初迎配置窗口，建议超配风险资产》2025-12-30 | 3 | |  | 行业跟踪报告：电子元器件《Mini LED 技术的渗透率预计将不断提升》2025-12-31 | 4 | |  | 行业月报：航空《预计元旦假期出游旺盛，12 月量价将好于预期》2025-12-30 | 5 | |  | 行业月报：公用事业《国泰海通公用事业月度电力数据库_20251230》2025-12-30 | 5 | |  | 行业双周报：基础化工《宏川智慧下修转股价》2025-12-30 | 6 | |  | 行业专题研究：航空《2025 年或行业扭亏 ...

自1958年在钱塘江畔奠基立业，巨化集团已走过67载峥嵘岁月。这家诞生于我国"二五"时期的老牌化工 企业，已从最初的基础化工原料生产基地，成长为全国最大的氟化工先进制造业基地和浙江省石化化工 行业的领军企业。 图为巨化集团厂景 硬核技术显身手 在算力需求爆发式增长的AI时代，数据中心散热成为行业的关键瓶颈。巨化集团依托十余年氟化工技 术积累，联合北京化工大学、中国科学院化学研究所等机构，攻克了浸没式冷却液的核心技术难题。这 种看似如水的氟化液具备极高的绝缘性与无腐蚀性，可将数据中心PUE值从传统风冷的1.5降至1.07，节 能率达80%以上。"如果把这个技术全部推广应用，全国在计算中心冷却这一领域，就可以减少1000亿 千瓦时用电，相当于一个三峡水电站全年的发电量。"中国工程院院士、浙江大学衢州研究院院长任其 龙表示，浸没式冷却液在"双碳"、节能减碳方面效益显著。 2019年，一家客户找到生产氟化液的巨化集团，了解到该集团研制的全氟聚醚具有不导电、不短路、不 腐蚀的特性，并提出共同攻关冷却液国产化替代技术。面对市场与技术的挑战，巨化集团研发团队勇挑 重担。在为期100天的技术攻坚中，团队成员面对数百种服务器材 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 41.50 CNY, while the current price is 35.51 CNY [5]. Core Insights - The company focuses on the research, production, and application of organic silicon new materials and textile chemicals, with continuous upgrades in product structure [2]. - The company plans to raise 400 million CNY through convertible bonds to fund the construction of a high-end organic silicon new materials project at its Zhuhai base, which includes products like immersion cooling liquids and modified silicone oils [32][35]. - The company has a diversified product range, including textile printing and dyeing auxiliaries, agricultural additives, electronic chemicals, release agents, and cosmetic silicone oils, with textile printing and dyeing auxiliaries accounting for the largest revenue share [12][25]. Financial Summary - The company’s total revenue is projected to grow from 1,135 million CNY in 2023 to 2,185 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 25.8% [4]. - Net profit attributable to the parent company is expected to increase from 82 million CNY in 2023 to 191 million CNY in 2027, with a CAGR of 27.3% [4]. - Earnings per share (EPS) are forecasted to rise from 0.46 CNY in 2023 to 1.06 CNY in 2027, with growth rates of 25.7%, 24.0%, and 27.3% for the respective years [12][42]. Business Segments - The company operates in six main segments, with textile printing and dyeing auxiliaries generating 5.06 billion CNY in revenue in 2024, accounting for 35.92% of total revenue [12][25]. - Other segments include agricultural additives (9.34%), electronic chemicals (8.13%), release agents (4.74%), and cosmetic silicone oils (3.77%) [12][25]. Market Position and Strategy - The company is enhancing resource integration across its three major production bases in Ninghai, Deqing, and Jiujiang, while also focusing on the development of new products aligned with green and low-carbon initiatives [32]. - The introduction of a three-in-one immersion cooling solution aims to address challenges in data center cooling, significantly reducing energy consumption and operational costs [35].

证券日报网讯永和股份（605020）11月26日在互动平台回答投资者提问时表示，公司浸没式冷却液目前 正处于市场验证及拓展阶段，未来，公司将持续关注液冷技术的发展趋势，积极把握市场机遇，不断提 升产品竞争力。 ...

Core Viewpoint - Yonghe Co., Ltd. is currently in the market verification and expansion phase for its immersion cooling liquid, indicating a proactive approach to capitalize on market opportunities and enhance product competitiveness [1] Company Summary - The company is focusing on the development trends of liquid cooling technology and aims to continuously improve its product competitiveness [1]

Core Viewpoint - Runhe Materials continues to demonstrate steady growth in its operational performance, with significant increases in net profit and a strong response to raw material cost fluctuations through optimized management strategies [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.029 billion yuan, a year-on-year increase of 3.56% [1]. - Net profit reached 95 million yuan, reflecting a year-on-year growth of 36.34%, while the non-recurring net profit was 91.76 million yuan, up 45.27% [1]. - The overall gross profit margin has improved, indicating enhanced profitability [1]. Industry Context - The organic silicon sector is expected to benefit from the demand driven by emerging industries such as new energy vehicles, photovoltaics, and electronics [2][3]. - The industry is experiencing a tightening supply situation, with strong price support and an expectation of price increases in the short term [2]. - China's organic silicon market is characterized by significant growth opportunities, although it faces intense international competition and technological gaps [3]. Strategic Initiatives - Runhe Materials plans to issue 400 million yuan in convertible bonds to fund high-end organic silicon projects, which include products like immersion cooling liquids and modified silicone oils [2]. - The completion of high-end organic silicon projects is anticipated to alleviate production capacity bottlenecks and enhance the company's competitive edge in the market [3]. Management and Incentives - The company has a strong technical reserve and management experience, with a core team experienced in the organic silicon industry [4]. - An incentive plan has been implemented, granting 4.185 million restricted shares to 91 eligible individuals at a price of 14.00 yuan per share, aligning management interests with those of shareholders [4].

Core Insights - The article reveals the new heavy stock positions of pension funds in the second quarter, highlighting the significant investments in 29 stocks that reflect the strategic trends in the industry, particularly in high-end manufacturing and technology [1] Fund Movement - Pension funds have invested in 11 stocks with a market value exceeding 100 million, with Satellite Chemical alone receiving an investment of 346 million [3] - The overlap rate between pension and social security funds is 57%, indicating a strong consensus on 29 stocks, which is rare in the past five years [3] Key Investment Themes 1. **Domestic Substitution in Deep Water**: - Shengyi Electronics was heavily purchased with 273 million, showing a 452% increase in net profit in the first half of the year. Its expansion in high-layer PCB boards is crucial for NVIDIA's H100 servers, especially as the U.S. tightens AI chip exports [3] 2. **Breakthroughs in Technology Blockades**: - Satellite Chemical invested 773 million in R&D for high-end new materials, aiming to break Dow Chemical's monopoly with POE photovoltaic adhesive raw materials and targeting NVIDIA's GPU liquid cooling solutions [3] 3. **True Leaders in Consumption Recovery**: - Hongfa Technology, despite a modest 14% growth, secured 80% of orders for automotive relays from Tesla and BYD, benefiting from the resurgence of Huawei smartphones with a 40% increase in quarterly shipments [4] Investment Strategy Insights - Pension funds typically hold positions for over three years, with Changhai Co. holding for 21 quarters. New investments in Huafeng Aluminum and Luxi Chemical are considered strong cyclical stocks, indicating potential volatility [5] - Key details for mid-to-long-term investment include: - **Shareholder List Importance**: Satellite Chemical's major shareholders include both pension funds and the Norwegian sovereign fund, indicating strong backing [6] - **R&D Investment as a Benchmark**: The average R&D expense ratio for heavily invested stocks is 6.2%, significantly higher than the A-share average of 3.1%, with Shengyi Electronics' R&D expenses increasing by 210% leading to a 452% profit growth [6] - **Caution Against Isolated Stocks**: The strength of institutional backing is crucial for resilience against market downturns, as seen with Spring Wind Power and Cambridge Technology [6]

Group 1 - The article highlights the potential of a niche power generation technology, which has only added 300 MW of installed capacity over the past four years, while aiming for an annual construction target of 3 GW. The cost per kilowatt-hour is 0.48 yuan, with a return rate of 8.96% [1] - The article identifies four core segments of the industry chain that could become the next investment hotspots [1] Group 2 - The submerged cooling liquid market is projected to reach $970 million by 2030, with a compound annual growth rate of 21.2% [1] - A specific cooling liquid material holds a 94.2% market share, and two companies with the highest potential have been identified [1]

Core Viewpoint - The 2025 Fourth China Advanced Thermal Management Technology Conference will focus on thermal management technologies in the automotive electronics and AI server/data center industries, addressing challenges related to high-performance chips and high-power devices [2][3]. Group 1: Conference Overview - The conference will be held on August 28-29, 2025, in Shanghai, organized by Cheqian Information & Thermal Design Network, with support from various industry organizations [2]. - The event will feature over 60 presentations and more than 600 industry experts in attendance [2]. Group 2: Key Topics and Sessions - The morning of August 28 will cover opportunities and challenges in thermal management driven by AI and smart vehicles, with presentations from companies like Dawning Information Industry and ZTE Corporation [3][28]. - The afternoon sessions will focus on liquid cooling in data centers, featuring discussions on innovative solutions from companies such as Sichuan Huakun Zhenyu and Wacker Chemie [5][30]. Group 3: Specialized Sessions - On August 29, sessions will delve into liquid cooling technologies and their applications, including insights from companies like ZTE and New H3C [6][32]. - The conference will also address high-performance chip thermal management, with presentations from institutions like Fudan University and Zhongshan University [9][36]. Group 4: Emerging Technologies - The conference will explore advancements in thermal management for new energy high-power devices, with discussions on solutions from companies like Infineon Technologies and Hefei Sunshine Electric Power Technology [20][46]. - Topics will include the development of third-generation wide bandgap semiconductor devices and their thermal management techniques [48]. Group 5: Future Directions - The event will highlight the importance of thermal management in the context of digital economy and low-carbon development, emphasizing the role of innovative cooling technologies [28][29]. - The conference aims to foster collaboration and knowledge sharing among industry leaders to drive advancements in thermal management solutions [55].