点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 投资摘要 国信证券 AI时代数据中心热密度加速提升，液冷正在成为智算中心主流散热技术。AI时代算力芯片功率持续提升，设备功率密度触及传统风冷降温 方式极限，液冷与风冷技术相比，具有温度传递快、带走热量多、噪音低和节能、节省空间的优势；同时，全球各地区PUE考核均有趋严趋 势,液冷渗透率有望持续提升。液冷通用架构可分为机房侧(包括一次侧设备和二次侧设备）以及1CT设备侧(如冷板模组等)，,二次侧设 备包括Manifold、CDU、管路、动环系统等,一次侧设备主要包括室外冷水机组。当前阶段，液冷应用主要采用冷板式技术;例如英伟达最 新商用B系列GPU及以后技术均采用冷板液冷技术散热，100%全液冷架构，覆盖CPU，GPU，内存等核心部件。浸没式方案是长期发展方向。 数据中心液冷市场空间广阔，经预测2026年全球数据中心投入建设液冷的市场规模（二次侧）有望达百亿美元: 液冷散热产业中传统海外散热企业有一定早期先发优势,但国产厂商产品拥有高性价比、高响应速度、定制化服务、产业化能力等优势, 有望受益AI发展。产业链上 ...

Core Viewpoint - The company is focusing on the development of liquid cooling technology, primarily for high-power liquid cooling charging guns, and plans to increase R&D investment while exploring new application areas in the industry [1] Group 1 - The company's liquid cooling technology is currently applied in high-power liquid cooling charging guns [1] - The company will continue to increase R&D investment [1] - The company is actively exploring new application areas in response to industry development trends [1]

Q&A 请介绍一下上海延普的投资逻辑和未来发展前景。 上海延普作为一家汽车座椅供应商，其投资逻辑主要基于以下几个方面： 首先， 从产业逻辑来看，汽车座椅行业正经历深刻变革，国产供应链和品牌的崛起带 来了显著的市场调整。类似于电池领域的宁德时代、玻璃领域的福耀玻璃、车 灯领域的熏雨等企业，上海延普在汽车座椅这一单车价值量较大的细分市场中 也具有巨大的增长潜力。尤其是其在座椅和骨架方面的业务，预计将为公司带 来数倍市值增长空间。 其次，从业绩表现来看，公司在 2025 年第一季度增速 较慢，但第二季度实现了 50%的增长。尽管第三季度增速可能会下降至 20% 至 30%，但第四季度预计将再次加速，实现 100%的增长。这种高速增长态势 表明公司在行业内表现突出。 此外，公司还积极拓展 AI 链和人形机器人业务， 这些新兴市场远超市场预期。基于多年的研发储备、与上海电气集团合资方合 作以及高管团队背景，公司在人形机器人领域具备成功所需的关键条件，有望 在未来两到三个季度内给市场带来惊喜。 综上所述，上海延普不仅在传统汽车 座椅业务上具有强劲的发展潜力，还通过布局 AI 链和人形机器人等新兴领域， 为未来业绩提供了有 ...

今天分享的是：数据中心互联技术专题五：液冷—智算中心散热核心技术 报告共计：43页 《数据中心互联技术专题五：液冷—智算中心散热核心技术》由国信证券于2025年9月发布，聚焦液冷技术在智算中心散热中的核心作用、市场规模、产业 链及技术发展。随着AI芯片功率提升，设备功率密度突破风冷极限，液冷因温度传递快、散热能力强、节能省空间等优势成为主流，且全球PUE考核趋严 （中国要求新建大型数据中心PUE≤1.25，欧洲2030年需≤1.3），推动液冷渗透率提升。液冷系统分机房侧（一次侧含冷却塔、冷水机组，二次侧含CDU、 Manifold、管路等）与ICT设备侧（冷板、浸没式设备），当前以冷板式为主（英伟达GB200系列采用全冷板架构），浸没式为长期方向，另有喷淋式等技 术，冷板式兼容现有架构易维护，浸没式PUE更低（<1.05）但成本高。市场规模方面，2026年全球液冷（二次侧）有望超百亿美元，北美冷板式单位价值 量1040美元/kW，预计2026年市场达100亿美元（含CSP云厂ASIC及英伟达GPU需求）；国内冷板式单位价值量5000元/kW，2026/2027年市场规模预计 113/238亿元。产业链上游为零 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 林园作为一名老牌价值投资代表人物，曾以长期持股、买了不卖、寻求确定性等投资理念赚得盆满钵满。比如2001年投资宁沪高速，买入三年 后获利三倍、2003年重仓介入贵州茅台实现财富自由，或许至今仍继续持有。 可以发现的是，林园在过往优秀的战绩中，确实很少接触科技 股。 近期， 林园被动买了科技股引发市场关注，因为进行新股申购存在市值要求，所以被动买入了一批科技股。 林园坦言投资科创板让他备受煎 熬：搞了以后，对我来说也是很痛苦，我买了以后才后悔，把我折腾的多少个晚上都睡不着觉，因为我买了是不卖的。 林园多次旗帜鲜明地表示自己坚决不碰科技股，在科技行情沸腾的当下，为什么依旧如此坚定地不碰科技股？曾也有投资者质疑林园不懂什么高 科技，为什么不投那些科技？ 其实，林园早年拥有过科技行业的从业经验，曾在20多岁就是摩托罗拉芯片的亚洲总代理， 亲身体验过科技行业的不 确定性，这或许与 林园的 投资理念 —"确定性"存在明显偏差。 这或许也是一位价值投资的坚守，只做自己认为对的事情。（可参考： 股市传奇林园：从8000元到百亿财 富的私募基金经理 ） 不投但不代 ...

随着新能源、半导体、数据中心、汽车与低碳经济的加速发展， 热管理 正逐渐成为跨行业协同创新的"隐形核心"。然而，传统会议的单一展示模式，已难以 满足产业链上下游对于政策解读、科学前沿、材料突破与应用落地的多维度需求。 iTherM（insight Thermal Management）洞见热管理， 定位于热管理产业 链一站式、高效率价值服务平台。 2025第六届热管理产业大会暨博览会（iTherM 2025），以"跨界协同、产业共赢"立足深圳，紧密依托电子信息、新材料、新能源、智慧网联等优势产业集 群，全面升级为 集展览展示、产业论坛、成果发布、资源对接于一体 的全链条产业枢纽，为热管理产业绘制融合发展的新蓝图。 iTherM 2025 iTherM2025大会预计展览面积达 20,000㎡ ，汇聚 350+ 家国内外热管理产业链核心企业，覆盖热科学、热界面材料、液冷技术、散热模组、热设计仿真、系 统应用等前沿领域，预计吸引超过 2,000+ 位专业参会代表与 数万人次观众 。 上届大会以"成果丰硕、亮点频现"的表现赢得产业高度关注，吸引了 10000+专 业观众、1500+名参会嘉宾 ，覆盖动力电池、储能、 ...

Summary of Key Points from Conference Call Records Industry Overview - The technology innovation sector is currently supported by regulatory and policy measures, as evidenced by the rapid approval of projects in Moore County [1] - The communication industry is experiencing an upward trend, particularly in the overseas computing power chain, with expectations for market indices to trend upwards after October [2] Company Insights Huawei - Huawei is a leading supplier of AI chips, GPUs, and high-speed interconnect switches in China, with several catalysts expected in Q4, including the launch of foldable smartphones and self-developed chips [1][5] - The demand for Huawei's optical modules is projected to reach a market size of at least 13-15 billion RMB by 2027, driven by the 910C and 920D series cards [1][7] - The liquid cooling technology market, where Huawei is a major contributor, is expected to reach at least 15 billion RMB [1][9] - Huawei's server production is primarily outsourced, with major suppliers including Super Fusion and Huakun Zhenyu [10] Alibaba - Alibaba's capital expenditure in Q2 2025 is expected to grow nearly 60% year-on-year, with total AI product R&D investments exceeding 100 billion RMB [1][15] - The company’s data center servers are divided into general servers and AI GPU servers, with the GPU server market potentially reaching 70-80 billion RMB [3][18] ByteDance - ByteDance is expected to have a capital expenditure of over 160 billion RMB for the year, with approximately 70% allocated for purchasing AI cards [1][15] - The company is actively involved in the supply chain of major IDC companies, expanding its data center capacity [21] Market Trends - The liquid cooling technology penetration in China remains low but is expected to grow significantly, driven by increased demand from companies like Alibaba and ByteDance [20][22] - The optical module market is dominated by four main companies, with significant growth expected in 400G and 800G products [23][24] Financial Projections - Companies like Xuchuang and Xinyi are expected to maintain growth rates of 50% or higher, with significant profit increases projected for the coming years [4] - The liquid cooling market is anticipated to generate net profits between 1.5 billion to 2.2 billion RMB, with a market size of at least 15 billion RMB [9] Supply Chain Dynamics - Major IDC companies are expanding their capacities significantly, with Data Port increasing from 370 MW to 410 MW and other companies planning substantial expansions [21] - The switch market for ByteDance and Alibaba is primarily supplied by Ruijie Networks and Unisplendour, with Alibaba's switch market exceeding 5 billion RMB [26] Conclusion - The overall sentiment in the technology and communication sectors is optimistic, with significant investments in AI and computing power expected to drive growth in the coming quarters [2][27]

随着新能源、半导体、数据中心、汽车与低碳经济的加速发展， 热管理 正逐渐成为跨行业协同创新的"隐形核心"。然而，传统会议的单一展示模式，已难以 满足产业链上下游对于政策解读、科学前沿、材料突破与应用落地的多维度需求。 iTherM（insight Thermal Management）洞见热管理， 定位于热管理产业 链一站式、高效率价值服务平台。 2025第六届热管理产业大会暨博览会（iTherM 2025），以"跨界协同、产业共赢"立足深圳，紧密依托电子信息、新材料、新能源、智慧网联等优势产业集 群，全面升级为 集展览展示、产业论坛、成果发布、资源对接于一体 的全链条产业枢纽，为热管理产业绘制融合发展的新蓝图。 iTherM 2025 iTherM2025大会预计展览面积达 20,000㎡ ，汇聚 350+ 家国内外热管理产业链核心企业，覆盖热科学、热界面材料、液冷技术、散热模组、热设计仿真、系 统应用等前沿领域，预计吸引超过 2,000+ 位专业参会代表与 数万人次观众 。 上届大会以"成果丰硕、亮点频现"的表现赢得产业高度关注，吸引了 10000+专 业观众、1500+名参会嘉宾 ，覆盖动力电池、储能、 ...

Summary of Liquid Cooling Industry Report Industry Overview - The report focuses on the liquid cooling industry, particularly in data centers, driven by the increasing demand for efficient cooling solutions due to high power density and thermal flow density requirements of modern chips [1][2][3]. Key Insights and Arguments - **Liquid Cooling Demand**: The demand for liquid cooling systems in data centers is expected to grow significantly, especially with the rise of AI data centers, which are projected to reach approximately 7GW by 2024 and continue to grow rapidly through 2028 [8]. - **Cooling Technologies**: Two main types of liquid cooling solutions are currently used in data centers: cold plate and silent cooling. Cold plate systems can be further divided into single-phase and multi-phase systems, while silent cooling includes oil-based and fluorinated liquids [4][7]. - **Chip Cooling Requirements**: NVIDIA's new generation of chips, such as the Ruby series, has increased power requirements, necessitating more efficient cooling solutions like phase change liquid cooling [5]. - **Energy Efficiency Management**: Data center energy efficiency management is becoming more refined, moving from chip-level to cabinet integration, with a focus on direct cooling solutions for high-heat areas [6]. Material Insights - **Cooling Fluids**: Various cooling fluids are discussed, including synthetic hydrocarbons and organic silicone oils, which have advantages such as low impurity content and good oxidation resistance, but also drawbacks like low flash points [9][10]. - **Fluorinated Liquids**: Fluorinated liquids provide excellent cooling performance with uniform temperature distribution but are costly and primarily produced by 3M, which plans to exit the market by the end of 2025 [12][16]. - **Environmental Concerns**: PFAS substances pose significant environmental hazards, prompting the search for alternatives like perfluoropolyether (PFPE), which is more degradable but less stable than perfluoramines [17][18]. Market Dynamics - **3M's Market Exit**: The anticipated exit of 3M from the fluorinated liquid market is expected to create opportunities for domestic companies to fill the gap, potentially leading to lower prices for cooling solutions [16][21]. - **Production and Cost Trends**: The price of perfluorinated compounds is currently around 600,000 to 700,000 yuan per ton, significantly higher than the 300,000 to 400,000 yuan per ton range from 2019 to 2021. Future production capacity improvements could lower prices back to previous levels [16]. Additional Important Content - **Key Players**: Notable companies in the organic silicone production space include Dow, Wacker, and domestic firms like Runhe Materials, which are innovating in the field [14]. - **Future Developments**: The report highlights ongoing research and development in alternative cooling solutions, including the use of hydrogen fluoride ethers in semiconductor cleaning and cooling applications [20]. This comprehensive overview captures the essential elements of the liquid cooling industry as discussed in the report, emphasizing the technological advancements, market dynamics, and environmental considerations shaping the future of data center cooling solutions.

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 新宙邦 (Xinjubang) and 阿科力 (Acoly) - **Industry**: New materials, specifically focusing on lithium battery materials, organic fluorine chemicals, and cooling technologies for data centers Key Points and Arguments Xinjubang's Business and Market Position - Xinjubang has a comprehensive industrial layout with 10 production bases globally by the end of 2024, including 9 in China and 1 in Europe, enhancing customer service and loyalty [2][5] - The company benefits from the growth in the new energy storage, automotive, and AI industries, with lithium battery materials expected to see both volume and price increases [2][5] - Current prices for new energy materials are at historical lows, with lithium hexafluorophosphate prices dropping significantly from 600,000 RMB/ton in 2021 to around 50,000-60,000 RMB/ton now [6] - Domestic apparent consumption of lithium hexafluorophosphate is projected to grow over 30% year-on-year in 2024, with further growth of 20%-30% expected in 2025 due to the development of new energy vehicles [2][6] Organic Fluorine Chemicals Market - The organic fluorine chemicals market is seen as a golden industry, with applications in pharmaceuticals, pesticides, and semiconductors [7] - Xinjubang aims to expand its market share as 3M plans to exit the market, which will create opportunities for domestic companies [7][11] Liquid Cooling Technology - Liquid cooling technology is emerging as a preferred solution for data centers, especially with the rise of AI, which increases cooling demands [9][10] - Immersion cooling is highlighted for its superior heat dissipation efficiency, making it suitable for high-power single-cabinet data centers [10] Acoly's Business Transformation - Acoly is transitioning from its original polyether amine business to focus on the development of cyclic olefin copolymer (COC) materials, which are crucial for optical lenses and pharmaceutical packaging [4][16] - Acoly plans to establish a 10,000-ton COC production facility by the end of 2026, with an additional 20,000-ton expansion planned for 2027 [4][18] - The company has already secured small orders for pharmaceutical packaging, indicating market interest and potential for growth [18][19] Competitive Landscape and Future Outlook - The COC market is characterized by high production difficulty, with only a few companies globally capable of producing it, giving Acoly a competitive edge [17][20] - Acoly is optimistic about its future growth potential, with expectations of significant market share and valuation increases due to successful technology breakthroughs [20] Financial Projections - Xinjubang is projected to achieve a compound annual growth rate (CAGR) of over 20%, potentially reaching 30% by 2026, driven by the demand for its products in the AI and new energy sectors [12] Additional Important Insights - The exit of 3M from the PFAS market, which generates approximately $1.3 billion annually, is expected to benefit domestic companies like Xinjubang and Acoly [11][12] - The overall new energy industry is currently facing challenges with overcapacity and slight losses, but improvements in supply dynamics are anticipated by 2026 [15]