随着算力基础设施建设提速，散热技术成为制约AI服务器性能释放的关键因素。在风冷向液冷的技术 迭代中，中国制造企业凭借深厚的工艺积淀，加速切入全球算力供应链。 近日，澄天伟业董事长冯学裕接受《证券日报》记者专访，深度解析了公司"智能卡+半导体封装材料 +液冷"三轮驱动战略。 在冯学裕看来，企业的转型并非盲目跟风，而是基于自身工艺底蕴的"自然生长"。他预计，公司液冷业 务在2026年将迎来爆发式增长，有望在营收规模上超越智能卡业务，成为驱动未来发展的核心引擎。 智能卡业务积极转型 近年来，随着移动支付的普及，实体智能卡步入存量阶段。冯学裕认为，作为公司深耕二十余年的基本 盘，智能卡业务依然是现金流的重要来源。 "底座没有变。"冯学裕在采访中强调。他认为，目前国内支付形态发生变化，但在全球范围内，涉及身 份认证、金融安全及万物互联的领域，智能卡的需求依然刚性。 更重要的是，澄天伟业并未固守传统物理卡片，而是敏锐捕捉到了eSIM（嵌入式SIM卡）及"空中下 载"（OTA）技术带来的新机遇。在冯学裕的规划中，未来智能卡业务将不再仅仅是硬件销售，而会向 服务延伸。 例如，通过OTA技术，设备可以直接连接并激活信息，这种服 ...

热管理液冷板产业展 2026年6月10-12日 上海新国际博览中心（N2馆） 主办单位： DT新材料 联合主办： 中国生产力促进中心协会新材料专业委员会 上海化育兴材企业管理有限公司（化育新材） 上海埃米汇创新材料集团有限公司（埃米空间） FINE 2026 总展（N1-N5馆）预计数据 展览面积： 50000平 参展企业： 800+家 终端&资本： 5000+ 专业观众： 100000+人次 论坛活动： 30+场 媒体曝光： 500+万次 展会介绍 液冷技术凭借高效散热优势，成为数据中心、储能、电动汽车、功率半导体、 AI芯片以及机器人、低空飞行等未来产业终端场景的核心热管理方案。 液冷板 作为 液冷技术的核心组件，其原材料制备、加工工艺、性能优化及场景适配能力，直接决定液冷系统的整体效能， 是当前产业布局的核心聚焦点 。 FINE2026热管理液冷板产业展 ， 特设 5 大特色主题展区 ， 数据中心液冷、新能源电池与储能液冷 ， 功率半导体液冷、液冷材料与组件、制造与加工设备 ， 从 终端、部件、材料、技术装备到前沿科技的全链条热门创新成果 与解决方案 ，一站式合作、交流与采购。 FINE 2026 20 ...

每经AI快讯，1月5日，鼎通科技发布投资者关系活动记录表称，公司液冷产品正在小批量试产中，公 司目前液冷板产线有一条，主要以前端研发为主，随着客户需求的增加，公司预计将于2026年二季度再 增加一条液冷板产线，满足客户的量产需求。公司224G液冷散热产品可集成到服务器和交换机中，在 不影响设备可靠性的前提下提供更好的散热效果。目前公司224G液冷散热器性能已得到客户认证，目 前正在试产中。 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company, indicating a positive outlook for its stock performance in the coming months [5][11]. Core Insights - The company plans to acquire a 35% stake in Limin Da for 875 million yuan, which will allow it to control 52.78% of the voting rights in Limin Da, subsequently consolidating it into the company's financial statements [3][5]. - Limin Da specializes in thermal management solutions and has been a key player in the industry for over 30 years, focusing on liquid cooling and air cooling technologies [5][6]. - The financial projections for the company show significant growth, with expected revenues increasing from 44.211 billion yuan in 2024 to 73.481 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 16% [4][14]. - The net profit forecast for the company is adjusted to 2.453 billion yuan for 2025, with a projected CAGR of 44% from 2025 to 2027 [5][11]. Financial Data Summary - As of September 30, 2025, the company has a net asset value of 3.18 yuan per share and a debt-to-asset ratio of 55.03% [1]. - The total revenue for Limin Da in Q1-Q3 of 2025 was 486 million yuan, with a net profit of 21.21 million yuan [6][7]. - The company's gross profit margin is projected to improve from 15.8% in 2024 to 18.6% by 2027 [4][14]. Product and Market Position - Limin Da's product offerings include liquid cooling plates, quick connectors, and manifolds, positioning it as a core supplier in the NVIDIA liquid cooling supply chain [5][8]. - The company serves major clients in the computing power industry, including NVIDIA, Intel, and Foxconn, indicating a strong market presence [5][8].

电子 2025 年 12 月 31 日 领益智造 (002600) 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 一年内最高/最低（元） 18.22/6.16 市净率 5.0 股息率%（分红/股价） 0.25 流通 A 股市值（百万元） 113,941 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 3.18 | | 资产负债率% | 55.03 | | 总股本/流通 A 股（百万） | 7,306/7,198 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 12-30 01-30 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 领益智造 沪深300指数 (收益率) 相关研究 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch ...

Core Viewpoint - The liquid cooling industry, while part of the computing ecosystem alongside optical modules and PCBs, has a less robust business model and profitability. However, it has significant potential for penetration, particularly in high-density AI clusters, where current overall penetration is low, projected to reach about 20%-25% by 2025 [1]. Group 1: Industry Overview - Optical modules and PCBs are essential components of server and switch infrastructure, with nearly 100% penetration rates, while liquid cooling is only a necessity in high-density AI clusters [1]. - The revenue recognition for optical modules and PCBs is quick and has a short cycle, whereas liquid cooling projects typically have a lag of over six months due to the need for infrastructure setup [1]. - The standardization and mass production of optical modules and PCBs lead to stable and high gross margins, while liquid cooling faces challenges due to customization and project-based sales, resulting in lower gross margins [2]. Group 2: Key Companies - **Inspur**: A leading domestic liquid cooling company with a comprehensive solution covering cold plates, CDU, and system integration, benefiting from partnerships with major players like NVIDIA and Intel. It is positioned to gain from the AI high-density computing cooling market, although its valuation may be stretched with a PB exceeding 30x [2]. - **Tongfei Co., Ltd.**: A specialized enterprise transitioning to data center liquid cooling, with a dual-path approach in cold plate and immersion cooling, aiming for significant growth in AI computing infrastructure and energy storage [3]. - **Yidong Electronics**: Entering the AI server liquid cooling market in 2024, it aims to integrate connectors and liquid cooling solutions, achieving significant revenue milestones in 2025 [4]. - **Dingtong Technology**: Focused on integrated connector and liquid cooling modules, it is set to ramp up production and gross margin potential in the coming years [5]. - **Siquan New Materials**: Specializing in high thermal conductivity materials for AI server cooling, it is expected to enter a critical phase of mass delivery and certification by 2025 [6]. - **Zhongshi Technology**: Engaged in thermal management materials and AI server cooling solutions, it is expanding its production capacity and is expected to see significant order and margin growth [7]. - **Feirongda**: With a focus on electromagnetic shielding and thermal management, it is positioned for significant delivery and expansion in the AI server cooling market [8]. - **Dongyangguang**: Following a comprehensive approach in liquid cooling, it is set to enter a critical phase of delivery and overseas expansion [9]. - **Juhua Co., Ltd.**: Leveraging its fluorochemical expertise, it is positioned as a key player in the liquid cooling market, focusing on domestic replacement and overseas expansion [10]. - **Qiangrui Technology**: Engaged in integrated solutions for testing equipment, it is expected to achieve significant breakthroughs in delivery and ecosystem integration by 2025 [11].

Group 1: Market Performance and Institutional Research - A total of 117 listed companies received institutional research from December 22 to December 26, with over 70% of these companies achieving positive returns [1] - Notable stock performances include Chaojie Co., Ltd. (301005) with a 41.6% increase, Guanglian Aviation (300900) up 32.44%, and Demingli (001309) rising 24.97% [1] - Popular research targets included Lingyi Technology (002600), which received over 100 institutional inquiries, while companies like Pulite (002324) and Guangdian Measurement (002967) were also highlighted with over 50 inquiries each [1] Group 2: Lingyi Technology Acquisition - Lingyi Technology announced a significant acquisition of a thermal management company, acquiring 35% of Dongguan Liminda Electronic Technology Co., Ltd. for 875 million yuan, resulting in a control of 52.78% voting rights [2] - The acquisition raised eyebrows due to a high valuation premium, with Liminda's audited equity valued at 71.27 million yuan, while the assessed value reached 2.51 billion yuan, indicating a premium rate exceeding 34 times [2] - Liminda's products include critical thermal management hardware for servers, and it is recognized as a liquid cooling supplier for NVIDIA [2] Group 3: Lingyi Technology's Strategic Goals - Institutions are particularly interested in whether Liminda's clients include major overseas companies like NVIDIA, Meta, and Google, as well as the strategic purpose behind the acquisition [3] - The acquisition aims to enhance Lingyi Technology's product matrix in the server segment and improve the business scale and profitability of its AI hardware server division [3] - Lingyi Technology has developed advanced thermal management products for enterprise-level servers, including GPU and CPU cooling solutions [3] Group 4: Pulite's Breakthroughs - Pulite received attention from 76 institutions, highlighting breakthroughs in modified materials, LCP (liquid crystal polymer), sodium-ion batteries, and humanoid robots [4] - The company's modified materials are applicable in humanoid robot components, and it is currently collaborating with leading clients in the humanoid robot industry [4] - Pulite's LCP fibers have entered the supply chain of a major domestic low-orbit satellite client, with significant growth expected in orders due to increasing demand for flexible solar wings [4] Group 5: Guangting Information's Strategic Positioning - Guangting Information engaged with 66 institutions, positioning itself as a "Digital Architect" in the automotive software industry, aiming to create an AI worker ecosystem [5] - The company is implementing a Super Software Workshop (SDW) model for human-machine collaborative development, which is expected to significantly enhance productivity [5] - Guangting Information's international strategy focuses on steady domestic growth while exporting intelligent automotive technology and providing services to foreign manufacturers [5]

Group 1 - The core focus of the article is the rising importance of 6G and other future industries as a national strategy in China, as highlighted in the 2025 government work report [2] - The U.S. is actively pursuing global leadership in 6G standards, as evidenced by a memorandum from former President Trump to key government officials [3] - The year 2025 is identified as a critical point for the initiation of 6G standard research, with a growing consensus in the industry regarding the future direction of 6G standards [3] Group 2 - Several companies, including Chuangyuan Xinke and Tongyu Communication, are highlighted for their strategic investments in 6G and related technologies, indicating potential growth opportunities [4] - Notable stocks in the 6G sector have seen significant capital inflows, with 18 stocks receiving both leveraged and institutional net purchases since December [4][5] - Specific companies like China Mobile and Zhongcai Technology have reported substantial net purchases exceeding 1 billion yuan from both leveraged and institutional investors [5][6] Group 3 - The liquid cooling server market is projected to experience rapid growth, with a compound annual growth rate of 47.6% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [9] - Companies like Lingyi Zhizao are expanding their capabilities through strategic acquisitions, enhancing their position in the liquid cooling server supply chain [8] - The liquid cooling industry is expected to see significant commercialization by 2026, suggesting a favorable outlook for companies with technological advantages [9]

Core Viewpoint - Lingyi iTech's acquisition of a 35% stake in Dongguan Liminda Electronic Technology Co., Ltd. at a significant premium of over 34 times the assessed value highlights the company's strategic focus on the thermal management sector, particularly in relation to high-profile clients like NVIDIA and Intel [1][3]. Group 1: Acquisition Details - Lingyi iTech plans to acquire a 35% stake in Liminda for 875 million yuan, gaining control over 52.78% of voting rights through a voting rights entrustment agreement [1]. - The acquisition will allow Liminda to be included in Lingyi iTech's consolidated financial statements [1]. Group 2: Valuation and Financial Metrics - Liminda's audited equity as of September 30, 2025, was only 71.27 million yuan, while the assessed value of its total equity reached 2.51 billion yuan, reflecting a staggering increase of 3421.81% [3]. - Despite a rapid revenue increase, Liminda's cash flow from operating activities remains negative, worsening from -12.95 million yuan last year to -55.20 million yuan in the first three quarters of this year [6]. Group 3: Market Position and Clientele - Liminda specializes in thermal management products, including liquid cooling connectors and manifolds, and is recognized as a liquid cooling supplier for NVIDIA [3][5]. - The company has established partnerships with major clients such as Intel, NVIDIA, BYD, and Foxconn, enhancing its market credibility [3][5]. Group 4: Strategic Implications for Lingyi iTech - The acquisition aligns with Lingyi iTech's strategy to focus on core businesses and expand upstream into server cooling and robotics [9]. - Lingyi iTech's thermal management business contributed 9.29% of its revenue in 2024, amounting to 4.11 billion yuan, with a year-on-year growth of 9.2% [9][10]. - The global data center thermal management market is projected to grow from 16.56 billion USD in 2024 to 34.51 billion USD by 2029, with a CAGR of 15.82% [9].

6G等未来产业备受关注。 十倍潜力股浮现 除了英维克外，同样"实锤"为英伟达液冷服务器概念的个股还有领益智造等。12月22日晚间，领益智造 发布关于公司签订《股权转让协议》的公告。公告显示，领益智造将以8.75亿元取得对东莞市立敏达电 子科技有限公司(以下简称"立敏达")的控制权。 公开资料显示，立敏达为英伟达AVL/RVL认证供应商，提供液冷板(Liquid Cooling Plate)及内部液冷歧 管(Inner Manifold)、快接头(UQD/MQD)、液冷歧管(Manifold)等。今年8月，立敏达加入由英特尔牵头 的通用快接头互插互换联盟，与其他品牌的产品实现"互插互换"，为数据中心客户提供了更大的灵活性 和选择空间。 公司收购公告称，与立敏达签订协议将有助于公司快速获得境内外特定客户服务器液冷散热业务的技术 储备与客户认证资质，并降低服务器电源相关产品的开发成本和产品验证周期。立敏达可与公司现有服 务器业务形成战略协同效应，有助于进一步丰富公司服务器板块的产品矩阵，提升公司AI硬件服务器 板块的业务规模和盈利能力。 此前，领益智造曾在深交所互动易回复称，公司已成功晋升为AMD核心供应商，也是谷 ...