【西部通信】海外算力整体观点更新： 继续强call海外算力和强确定性产业趋势的龙头机会 1光模块龙头：2026H1强需求和物料强紧缺趋势过硬，龙头供应链保障优势彰显，业绩预告前期的抑制情绪释放 缓解，市场降温和大票压制压力也有所缓解，产业强趋势下资金提前跑步进场。 后续股价催化关注点来到2027年行业指引的逐渐清晰化（预计3月中国中旬OFC大会后）、新技术趋势 （NPO/CPO对scale 【西部通信】海外算力整体观点更新： 继续强call海外算力和强确定性产业趋势的龙头机会 2液冷龙头：NV、ASIC芯片链条的液冷方案产品价值量及份额持续突破。 2026年是液冷放量的第一年，nv、meta和google率先配套商用液冷，2027年进入更多的云厂ASIC芯片液冷加速放量 年。 简单测算，一颗芯片1kw对应1400美金的二次侧液冷价值量，1500万颗芯片，对应210亿美金（1500亿元的市 场），国内龙头公司在asic芯片的液冷方案部份环节有望达到20%以上的份额，订单突破上限较高，且海外液冷订 单利润率或为国内的2倍。 #继续看好英维克，26Q2有望环比明显加速，一旦有所兑现将迅速切换至2027年确定性估值溢 ...

后续股价催化关注点来到2027年行业指引的逐渐清晰化（预计3月中国中旬OFC大会后）、新技术趋势 （NPO/CPO对scale 【西部通信】海外算力整体观点更新： 继续强call海外算力和强确定性产业趋势的龙头机会 1光模块龙头：2026H1强需求和物料强紧缺趋势过硬，龙头供应链保障优势彰显，业绩预告前期的抑制情绪释放 缓解，市场降温和大票压制压力也有所缓解，产业强趋势下资金提前跑步进场。 简单测算，一颗芯片1kw对应1400美金的二次侧液冷价值量，1500万颗芯片，对应210亿美金（1500亿元的市 场），国内龙头公司在asic芯片的液冷方案部份环节有望达到20%以上的份额，订单突破上限较高，且海外液冷订 单利润率或为国内的2倍。 【西部通信】海外算力整体观点更新： 继续强call海外算力和强确定性产业趋势的龙头机会 1光模块龙头：2026H1强需求和物料强紧缺趋势过硬，龙头供应链保障优势彰显，业绩预告前期的抑制情绪释放 缓解，市场降温和大票压制压力也有所缓解，产业强趋势下资金提前跑步进场。 后续股价催化关注点来到2027年行业指引的逐渐清晰化（预计3月中国中旬OFC大会后）、新技术趋势 （NPO/CPO对 ...

全年预计实现归母净利润2，500万-3，700万元，同比增长128.69%-142.46%，实现扭亏为盈。 业绩拐点核心驱动力来自"锚定大客户"战略的巨大成功，字节跳动与阿里巴巴两大巨头订单引爆增长。 核心驱动力 大客户战略：字节、阿里2025年订单额均大幅增长（2024年已分别拿下2.7亿元、近1亿元）。 依米康业绩预告点评 全年预计实现归母净利润2，500万-3，700万元，同比增长128.69%-142.46%，实现扭亏为盈。 依米康业绩预告点评 大客户战略：字节、阿里2025年订单额均大幅增长（2024年已分别拿下2.7亿元、近1亿元）。 海外主攻：2025年前三季度海外订单近8，000万元，超2024全年4，000多万元，已切入微软、Oracle供应链；马来 西亚分公司已落地。 液冷突破：中标广州天河智算中心一期（约9，000万元），35台机柜采用公司液冷方案，全栈能力获验证。 业绩拐点核心驱动力来自"锚定大客户"战略的巨大成功，字节跳动与阿里巴巴两大巨头订单引爆增长。 国资赋能：引入四川发展战投，2026年资源协同可期。 核心驱动力 ...

依米康业绩预告点评： 全年预计实现归母净利润2，500万-3，700万元，同比增长128.69%-142.46%，实现扭亏为盈。 业绩拐点核心驱动力来自"锚定大客户"战略的巨大成功，字节跳动与阿里巴巴两大巨头订单引爆增长。 核心驱动力 大客户战略：字节、阿里2025年订单额均大幅增长（2024年已分别拿下2.7亿元、近1亿元）。 依米康业绩预告点评： 全年预计实现归母净利润2，500万-3，700万元，同比增长128.69%-142.46%，实现扭亏为盈。 国资赋能：引入四川发展战投，2026年资源协同可期。 海外主攻：2025年前三季度海外订单近8，000万元，超2024全年4，000多万元，已切入微软、Oracle供应链；马来 西亚分公司已落地。 液冷突破：中标广州天河智算中心一期（约9，000万元），35台机柜采用公司液冷方案，全栈能力获验证。 业绩拐点核心驱动力来自"锚定大客户"战略的巨大成功，字节跳动与阿里巴巴两大巨头订单引爆增长。 核心驱动力 大客户战略：字节、阿里2025年订单额均大幅增长（2024年已分别拿下2.7亿元、近1亿元）。 ...

Group 1 - The core viewpoint is that traditional manufacturing companies in China are the ones realizing performance amidst the global tech market surge, with the future bull market in China relying on physical assets and manufacturing capacity value [1] - Recommended investment sectors include upstream resources (copper, aluminum, lithium, oil, coal) benefiting from potential increases in physical asset consumption and midstream industries like basic chemicals and steel as PPI rebounds [1] - Domestic sectors such as food and beverage, aviation, and apparel are expected to benefit from price stabilization and recovery in domestic demand [1] Group 2 - The introduction of commercial real estate REITs is expected to accelerate market expansion, with 12 consumer REITs currently listed, benefiting from ample inventory and simplified regulations [3] - AI PCB copper powder materials are entering a prosperous cycle, with the copper powder industry expected to see rapid profit growth due to increased usage in PCB production [3] - The copper powder's processing fee is projected to significantly increase, as its usage in PCB production is expected to rise from 15% to over 27% by 2029 [3] Group 3 - Insurance capital has shown a strong interest in equity stakes, with 39 instances of shareholding this year, primarily favoring high-dividend stocks in banking, infrastructure, and logistics [5] - The liquid cooling market for data centers is projected to reach $21.8 billion by 2027, driven by increased efficiency and lower power usage effectiveness (PUE) [5] - Domestic manufacturers are expected to benefit from the rising demand for liquid cooling solutions in AI servers, with a focus on those capable of mass production of core components [5] Group 4 - The Shanghai Composite Index is experiencing a primary upward trend, with financial stocks driving market gains and trading volumes exceeding 3 trillion yuan [11] - Various style indices have adjusted, with cyclical and growth sectors experiencing notable corrections due to recent rapid increases and external market influences [11] - The growth sector is seeing a reduction in momentum for further adjustments, with a focus on sectors benefiting from domestic demand policies such as machinery, home appliances, and consumer electronics [11]

Group 1: Data Center Cooling Demand - Data centers are high energy-consuming units, with a significant portion of energy consumption attributed to their cooling systems. Improving energy efficiency and reducing PUE (Power Usage Effectiveness) have become core rigid demands, creating market space for high-end cooling solutions [1][5] - The technological pathways in this sector are characterized by diverse parallel developments and rapid iterations. Large chillers still play an important role in certain data centers, while components like magnetic levitation compressors benefit from technological upgrades [5] - The industry's layout towards liquid cooling solutions is gradually increasing due to the challenges posed by rising computing density. Some domestic companies have rich reserves in data center cooling solutions, with a focus on companies like Invec [1][5] - Upstream components such as compressors are expected to benefit from the cooling demand in data centers, with attention on companies like Hanzhong Precision Machinery [1][5] Group 2: Company Performance and Outlook - Juxing Technology (002444) expects a net profit attributable to shareholders of 2.419 billion to 2.764 billion yuan for 2025, representing a year-on-year growth of 5.00% to 20.00%. The company anticipates that changes in U.S. tariff policies will create some disturbances, raising average industry prices [2] - Taotao Automotive (301345) forecasts a net profit of 800 million to 850 million yuan for 2025, an increase of 85.50% to 97.10% year-on-year. The growth is attributed to focusing on market demand, improving operational efficiency, and accelerating overseas capacity construction [3] - Siemens, a leader in industrial automation, has experienced a strategic transformation, achieving a net profit of 10.4 billion euros for the 2025 fiscal year, a 16% year-on-year increase. The company has raised its mid-term revenue growth target to 6%-9% and plans to use digital business as a growth engine [4]

Core Viewpoint - Nvidia's CEO Jensen Huang announced the full-scale production of the new AI computing platform, Vera Rubin, which features a 100% liquid cooling system and a third-generation fully cable-free design, marking a significant advancement in AI computing efficiency and liquid cooling technology [1] Group 1: Liquid Cooling Technology - The liquid cooling solution is becoming essential due to the increasing power consumption issues associated with the rapid growth of data centers and servers driven by AI demands [2] - Liquid cooling offers advantages such as high cooling efficiency, rapid temperature reduction, and low noise, making it a preferred choice over traditional air cooling in high-density environments [2] - The liquid cooling market in China is projected to grow at a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [2] Group 2: Market Opportunities - Emerging industries such as data centers, robotics, and photovoltaic energy storage are creating new growth opportunities for the liquid cooling market [2] - The exit of 3M from the high-performance fluorinated liquids market presents development opportunities for domestic companies, as these liquids are becoming a new cooling medium for servers [2] Group 3: Competitive Landscape - Domestic manufacturers are expected to capture global market share due to their production capacity, cost advantages, and faster response times, especially as some overseas firms are cautious about expanding production [3] - The demand for liquid cooling is expected to accelerate as AI power cards continue to increase in power consumption, pushing traditional air cooling to its limits [3] - Liquid cooling can significantly reduce electricity consumption in data centers, particularly in regions facing power shortages, by lowering the energy usage of cooling equipment and server fans [3]

Group 1 - The article emphasizes the necessity of integrating liquid cooling solutions in humanoid robots due to the presence of numerous heat-generating components within their chests, highlighting a company with automotive thermal management technology as having a significant technical advantage [1] - It points out that there is still room for improvement in the safety of humanoid robots, with the potential for the addition of electronic skin that mimics human touch, identifying a listed company as one of the leading firms in the electronic skin sector [1] - The core bottleneck for mass production of humanoid robots is identified as the dexterous hand, with tendon-driven mechanisms being one of the two major technological trends, and two companies are noted to have a first-mover advantage in this area, likely benefiting from the upcoming production wave [1]

Core Insights - The report indicates that the current market sentiment score is 67, categorizing it as "relatively hot," suggesting a strong investor confidence in the market [2][10] - Key themes identified include liquid cooling technology, banking stocks, and brokerage firms, each showing potential for investment opportunities [6] Market Sentiment - The market sentiment temperature indicator shows a score of 67, indicating a "relatively hot" market, with historical trends suggesting support when the score is below 30 and resistance when above 70 [10] - Recent market movements have led to a cautious sentiment, with the market entering a consolidation phase [10] Hot Themes Tracking 1. **Liquid Cooling Theme**: - Liquid cooling technology is gaining traction in data centers due to its higher cooling efficiency and lower Power Usage Effectiveness (PUE). Major AI companies are accelerating its adoption, with NVIDIA and Google increasing their chip production targets significantly [6] - Related stocks include Invec (002837) and Feilong Co., Ltd. (002536) [6] 2. **Banking Theme**: - Banking stocks are highlighted for their high dividend yields, with the China Securities Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. This makes them attractive for long-term investors amid economic slowdown [6] - Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6] 3. **Brokerage Theme**: - The China Securities Regulatory Commission is focusing on enhancing regulatory measures for quality institutions, which may lead to improved capital efficiency and a shift towards high-quality development in the brokerage sector [6] - Key stocks in this sector include CITIC Securities (600030) and Guotai Junan Securities (601211) [6] Capital Flow Analysis - The report provides insights into the net inflow and outflow of major funds, indicating significant net inflows for stocks like Sunshine Power (300274) and Aerospace Development (000547) [11] - Conversely, stocks such as Shenghong Technology (300476) and Zhongji Xuchuang (300308) experienced notable net outflows [12] Industry Overview - The report emphasizes the importance of monitoring market sentiment and capital flows to identify potential investment opportunities and risks within various sectors [19] - The analysis of financing and margin trading activities provides insights into investor sentiment and market dynamics, highlighting the need for careful evaluation of market conditions [19]

Summary of Key Points from Conference Call Records Industry Overview: PCB and Liquid Cooling PCB Industry Insights - The PCB drill needle market is experiencing strong demand and stable prices, driven by technological innovations and the application of new materials like Q fabric [1][2] - Companies like DingTai High-Tech are actively expanding production capacity, planning to increase monthly output from 120 million to 200 million units by the end of 2026 [2] - The industry is characterized by an oligopoly, primarily led by DingTai and Jingzhou, with price strategies focusing on product structure upgrades rather than uniform price increases [5] - Tungsten prices have surged by 147% from the beginning of the year to mid-December, impacting the cost structure of PCB manufacturers [5] - DingTai has begun negotiations for price increases of 10% to 15% with small and medium-sized clients due to rising tungsten costs [5][6] Liquid Cooling Market Developments - The liquid cooling sector is witnessing a second wave of growth, with the GB300 full liquid cooling solution expected to expand market space fivefold compared to this year [8][10] - Major tech companies like Google are adopting full liquid cooling solutions, increasing demand significantly [8] - The Pearl River Delta manufacturing sector is transitioning towards AI, with several companies acquiring assets to integrate the liquid cooling supply chain [9] - Companies such as Siquan New Materials are positioned to benefit from the growth in the testing cold plate market, with expected revenues in the range of 2 to 3 billion yuan in 2026 [12] Key Companies and Their Strategies - **DingTai High-Tech**: Plans to double production capacity and has initiated price negotiations due to rising material costs [2][5] - **Siquan New Materials**: Expected to see significant revenue growth due to its unique position in the testing equipment sector and partnerships with major clients like Alibaba [12] - **Hongfu Han**: Anticipates receiving approximately 600 million yuan in liquid cooling orders from Alibaba in 2026, with ongoing engagements with major clients like Meta and Amazon [13] - **Yidong Electronics**: Recently expanded capabilities through acquisitions, maintaining optimistic revenue forecasts for the upcoming year [15] Market Trends and Future Outlook - The PCB industry is expected to continue its growth trajectory, with a focus on technological advancements and capacity expansion [2][4] - The liquid cooling market is projected to grow significantly, driven by increasing demand from major tech companies and ongoing industry consolidation [10][11] - Investment opportunities are highlighted in Tier one companies directly linked to major clients, as they are expected to achieve rapid growth [11][20] Additional Insights - The domestic PCB manufacturers are adopting a conservative approach to new materials while accelerating capacity expansion to meet market demands [4] - The competitive landscape in the PCB industry is tightening, with companies closely monitoring each other's pricing strategies and production plans [5] - The liquid cooling market is becoming increasingly competitive, with domestic companies poised to capture more market share as they integrate and expand [9][10] This summary encapsulates the critical insights and developments within the PCB and liquid cooling industries, highlighting key players, market trends, and future growth opportunities.