在上篇报告当中，我们主要讨论了三花智控的业务成长史，以及公司做的是什么产品。从分析中我们知道，三花智控的业务板块目前主要分为两部分，一 是传统制冷业务（主要是HVAC即暖通空调），二是汽车尤其是新能源车热管理。而在热管理这条赛道，其实需求并不仅仅来自于汽车领域，这也是三花 智控未来重要的成长极所在。 与此同时，三花智控将人形机器人作为未来的第三大业务板块。那么在人形机器人领域，三花都做了哪些布局，三花的能力又在哪里？在本篇报告中，我 们将会对上述问题进行讨论。 以下是详细分析 01 热管理市场的扩容——重点看数据中心 热管理这条赛道值得关注的一个核心点在于，它的下游应用领域的边界是在持续扩散的，我们先就 出 汽车外的几个主要下游行业的基本问题做一些简要 梳理： （1）为什么这些行业对热管理的需求在增加？ （2）这些板块的竞争格局是怎样的，三花又做了什么？ 数据中心的热管理 数据中心的热管理主要是为解决服务器散热问题，以确保服务器稳定、高效和可靠地运行。简单总结，数据中心的功率密度正变得越来越高，对应散热要 求也越来越高，与此同时各国对数据中心能效（PUE）提出越来越高的要求，从而带来数据中心热管理技术路线由" ...

从 CES 看液冷&冷水机组变化 20260107 摘要 新平台全面采用液冷设计，计算和网络高功耗单元液冷成标配，延续了 第 300 机柜全液冷出货的趋势，强化了全液冷属性，推动行业向高效节 能方向发展。 交换机液冷渗透率预计在 2026-2027 年显著提升，单柜交换机冷板价 值量占比达 8%左右。光模块方面，1.67G 光模块有望在 2026 年下半 年放量，液冷单口价值量较风冷提高 3-4 倍。 二次侧部件通过优化设计，提升单位功率价值量，例如 GPT 200 采用 一块大冷板覆盖一个 CTP 加两个 CTP 方案，流道优化提升换热能力， 计算板中 1 克 G 数量减少，设计难度和生产壁垒提高。 温水冷却技术沿用 GB 200/300 平台设计，允许较高入口水温，可利用 室外干冷器自然冷却，PUE 接近 1.05。但该技术受限于外界温度，在气 候适宜地区效果最佳，炎热地区需额外配置冷却系统。 入口水温提升导致一次侧和二次侧温差减少，需增加接触面积和流速以 带走相同热量。自然冷却效率低于机械冷却，需要更多用水量和冷却液 量，对供水和占地面积有较高要求。 Q&A 英伟达在 CES 展上发布的 Vora Vo ...

机械设备 | 证券研究报告 — 行业专题 2026 年 1 月 6 日 强于大市 机械设备行业 2026 年度策略 聚焦科技成长，掘金智造新纪元 "十五五"规划延续对高端制造的倾斜，展望 2026 年，作为"十五五"的开 局之年，我们认在内外需恢复仍有压力的背景下，结构性的科技成长有望成 为穿越周期的核心驱动力，重点关注可控核聚变、液冷、固态电池设备、人 形机器人等硬科技板块带来的投资机会，维持行业 强于大市 评级。 支撑评级的要点 投资建议 评级面临的主要风险 国内外经济复苏不及预期的风险；产业政策调整的风险；地缘政治和贸易战的风险； 竞争加剧的风险；原材料价格波动的风险；技术快速迭代的风险。 相关研究报告 《机械设备行业点评》20251028 《核聚变系列报告—超导磁体》20250805 《可控核聚变行业动态点评》20250724 中银国际证券股份有限公司 具备证券投资咨询业务资格 机械设备 证券分析师：陶波 (8621)20328512 bo.tao@bocichina.com 证券投资咨询业务证书编号：S1300520060002 证券分析师：曹鸿生 (8621)20328513 hongsheng. ...

1. Report Industry Investment Rating The provided content does not include the report industry investment rating. 2. Core Views - The Chinese refrigeration and air - conditioning equipment industry is at a critical turning point. The domestic household market is in a stable development stage dominated by stock replacement demand, and growth is driven by the improvement of energy - efficiency standards. The report analyzes structural growth opportunities and long - term evolution trends by benchmarking overseas leading companies [2]. - Overseas expansion should focus on local in - depth development and value extension of the industrial chain. It is a systematic project, and mergers and acquisitions are strategic choices. Chinese enterprises are moving from the initial stage of "Made in China, Sold Globally" to the new stage of globalization of "brand, technology, and management" [2]. - The commercial refrigeration field, especially the data center refrigeration track, is a short - term growth highlight. The capital expenditure of overseas HVAC giants is directed towards data center infrastructure, and there is a market for high - end refrigeration solutions due to the need to improve energy efficiency and reduce PUE [2]. - Investment suggestions: In the household refrigeration equipment field, pay attention to industry leaders such as Midea Group; in the special - purpose refrigeration equipment field, focus on companies like Invic and Shenling Environment; for upstream components, pay attention to Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [2]. 3. Summary by Relevant Catalog 3.1 Traditional Refrigeration Equipment Overview - **Global Refrigeration and Air - Conditioning Market**: The global refrigeration and air - conditioning market has shown steady growth. From 2018 to 2024, the global air - conditioner sales increased from 232.5 million units to 261.2 million units, with a compound annual growth rate of 2.0%. The proportion of household air - conditioners in 2024 was 73.7%, and the central air - conditioning market grew faster, with a compound annual growth rate of 4.0% from 2018 to 2024. It is predicted that by 2028, the global air - conditioner sales will reach 293.3 million units, with a compound annual growth rate of 2.9% from 2024 to 2028. Asia, North America, and Europe are important regional markets, and China is the largest single air - conditioning market [22]. - **Household Air - Conditioning**: In the 2024 cold year, China's household air - conditioner production accounted for 80.8% of the global total. Many domestic enterprises are increasing overseas layout. In the 2024 cold year, overseas production capacity increased by nearly 7 million units. In the 2025 cold year, domestic household air - conditioner exports were about 99.29 million units, a year - on - year increase of 16.7%, with the highest export proportion to Asia [28]. - **Central Air - Conditioning and Chiller Units**: There are various types of central air - conditioning and chiller units. The export of screw and centrifugal chiller units for data centers is strong. The Asian market has a large - scale demand and is gradually recovering, while the North American market has a prominent growth rate due to its small base. The domestic market is waiting to stabilize, and leading enterprises are strengthening their competitive advantages [33]. 3.2 Household Market: Domestic Sales Review and Challenges for Leading Companies - **Price Wars and Market Competition**: After several price wars, the concentration of the domestic household refrigeration and air - conditioning market has increased. The competition has evolved from scale and price to technology, product, channel, service, and ecosystem. In 2025, the domestic sales volume of household air - conditioners increased by 8.7% year - on - year, but the growth driven by policies and climate is difficult to sustain. The long - term driving force is stock replacement and structural upgrading [35][36]. - **Energy - Efficiency Upgrade**: China has introduced multiple air - conditioner energy - efficiency standards, which have promoted the transformation from fixed - frequency to variable - frequency air - conditioners. Leading enterprises have advantages in technology and industrial layout for energy - efficiency improvement [39]. - **Challenges for Leading Companies**: In 2024 - 2025, a new round of price wars occurred. Xiaomi's entry has challenged the traditional hardware - profit model. Leading companies are facing challenges in terms of efficiency and sustainable profit growth. They are promoting digital reform, channel and logistics innovation to enhance competitiveness [40][43][44]. 3.3 Overseas Expansion of Domestic Enterprises - **Difficulties and Solutions**: There are differences in regional usage habits overseas. The US market has high access barriers, and the European market has low air - conditioner penetration and high energy - efficiency requirements. Overseas acquisitions are an important way to enter the market. Chinese enterprises are accelerating overseas production capacity construction in Southeast Asia and other regions [52][54]. - **Southeast Asian Market**: Exports to ASEAN are on an upward trend. In 2024, China's cumulative exports of white goods to ASEAN reached $14.87 billion, a year - on - year increase of 19.8%. The demand in the ASEAN market is driven by urbanization and industrialization [63]. 3.4 Overview of Overseas Representative Enterprises' Operations - **Business Models and Strategies**: Overseas HVAC representative enterprises have different business models and strategies. Johnson Controls has transformed from an equipment manufacturer to a builder of smart building ecosystems; Trane Technologies has upgraded its services and transformed its strategy; Daikin has acquired relevant enterprises to supplement its data center refrigeration business [73][82]. - **Performance of Leading Enterprises**: Leading international enterprises such as Trane Technologies, Johnson Controls, Carrier Global, and Vertiv have shown different performance. They are all focusing on high - growth areas such as data center refrigeration [83][86][87][88]. 3.5 Commercial Market: Pay Attention to Refrigeration Demand in Data Centers - **Demand for Data Center Refrigeration**: The development of AI and other industries is expected to drive the construction of data centers. The demand for data center capacity is expected to increase at a compound average growth rate of 19% from 2023 to 2030. Reducing the energy consumption of refrigeration equipment is crucial for the green and low - carbon development of data centers [94]. - **Refrigeration Technologies**: There are various data center refrigeration technologies, including water - cooled, air - cooled, indirect evaporation cooling, "glacier" phase - change cooling, and liquid cooling. Liquid cooling has advantages in energy consumption, and the development of liquid - cooling technology is a trend [96][104]. - **Investment Suggestions**: Enterprises in different segments are recommended, including traditional HVAC enterprises such as Midea Group, precision temperature - control equipment enterprises such as Invic, special - purpose air - conditioner manufacturers such as Shenling Environment, and upstream component enterprises such as Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [112][113].

Core Viewpoints - The report anticipates a continuation of high demand for AI computing power in 2026, driven by both domestic and international investment opportunities in the computing power supply chain [21][23] - The investment strategy focuses on three main lines: embracing AI computing power, new productive forces, and core assets [21][22] Group 1: AI Computing Power Chain - The report predicts a significant increase in demand for 800G and 1.6T optical modules in 2026, benefiting leading manufacturers and upstream material suppliers [21][23] - Domestic liquid cooling manufacturers are expected to accelerate their international expansion, leveraging China's manufacturing advantages to gain market share [21][23] - The report highlights the importance of super nodes in bridging the performance gap between domestic and foreign computing cards, with 2026 projected as a pivotal year for domestic super node deployment [21][23] Group 2: Core Assets - Despite a slowdown in revenue growth for the three major domestic telecom operators, improved operational efficiency and declining capital expenditures are expected to support steady profit and dividend growth [22][21] - The telecom operators are positioned to play a crucial role in AI transformation across various industries, adhering to prudent investment and project evaluation principles [22][21] Group 3: Emerging Industries - The "14th Five-Year Plan" outlines significant investment opportunities in emerging sectors such as commercial aerospace, low-altitude economy, and quantum technology [22][21] - The commercial aerospace sector is expected to accelerate due to favorable policies, increasing launch frequencies, and technological advancements in reusable rocket technology [22][21]

[Table_Main] 行业研究|信息技术|技术硬件与设备 证券研究报告 技术硬件与设备行业周报 2025 年 12 月 24 日 [Table_Title] 算力硬件规模扩张，液冷加速渗透 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.12.15-2025.12.21）上证综指上涨 0.03%，深证 成指回调 0.89%，创业板指回调 2.26%。本周申万通信回调 0.89%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.12.15-2025.12.21）通信板块三级子行业中， 通信线缆及配套上涨幅度最高，涨幅为 4.29%，通信应用增值服务回 调幅度最高，跌幅为 4.13%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.12.15-2025.12.21）涨幅板块分析方面，万隆 光电（34.20%）、通鼎互联（24.74%）、震有科技（21.89%）涨幅分 列前三。 建议关注方向：算力产业链、卫星产业链 算力链：当前，随着 AI 算 ...

证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 刘宏达 A0230524020002 程恺雯 A0230524080009 苏萌 A0230524080011 联系人：何佳霖 A0230523080002 2025.12.24 证 券 研 究 报 告 "制造强国"实干系列周报(12/21期) 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端关 注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。重点关注 标的：1）卫星制造：上海瀚迅+臻镭科技+航天电子，2）应用终端：海格通信+国博电子+通宇通讯，3）运营 ...

A股午后震荡回落，三大指数一度集体翻绿。液冷服务器概念持续活跃，多只高位股跳水。 截至收盘，上证指数涨0.07%，深证成指涨0.27%，创业板指涨0.41%，全市场成交额约为1.92万亿元，较上一交易日增加392亿元。 | I VUITE | | 15.54 +20.00% +21.88% | | --- | --- | --- | | 创 300414 融 | | | | 人气龙头 3 首板 | 最终涨停10:30 | | | 同飞股份 | | 93.00 +20.00% +30.84% | | 創 300990 融 | | | | 人气龙头1 首板 | 最终涨停 10:10 CDU | | | 申菱环境 | | 66.34 +13.69% +18.08% | | 创 301018 融 | | | | CDU | | | | 川润股份 | | 15.92 +10.02% +15.61% | | 002272 融 | | | | 首板 最终涨停13:37 | | | | 快克智能 | | 35.73 +10.01% +17.84% | | 603203 | | | | 首板 最终涨停10:22 | | | | ...

A股午后震荡回落，三大指数一度集体翻绿。液冷服务器概念持续活跃，多只高位股跳水。 截至收盘，上证指数涨0.07%，深证成指涨0.27%，创业板指涨0.41%，全市场成交额约为1.92万亿元，较上一交易日增加392亿元。 板块方面，光刻机、电池、能源金属板块活跃，旅游、商业航天板块调整。 个股方面，胜通能源（001331）走出"8连板"；英维克（002837）午后涨停，股价创历史新高，总市值突破1000亿元；中际旭创（300308）成交额超140亿 元，居A股个股成交额第一名。 12月23日，人民币汇率持续走强，离岸、在岸人民币对美元即期汇率盘中分别升破7.02、7.03关口。人民币对美元中间价调升49个基点，报7.0523，创 2024年10月以来最高。今年以来，人民币对美元中间价累计升值1.89%。 算力概念持续活跃 午后，液冷服务器概念持续活跃，算力芯片概念震荡回升。截至收盘，英维克涨停，股价创历史新高，报103.84元/股，总市值为1014.1亿元。奕东电子 （301123）、中光防雷（300414）、同飞股份（300990）"20CM"涨停。 | | | 液冷服务器① 1854.19 1.56% | ...

分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：79 分（过热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 | 1、《双融日报》2025-12-22 | | --- | | 2、《双融日报》2025-12-19 | | 3、《双融日报》2025-12-18 | 2025 年 12 月 23 日 双融日报 --鑫融讯 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 79 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：液冷、银行、券商 1、液冷主题：第五届国际 AIDC 液冷产业链千人大会暨全球 数据中心液冷市场趋势研讨会将于 12 月 18 日至 19 日举行。 近年来国际 AI 领域的主要企业正加速转向液冷技术应用。例 如，英伟达在去年发布的 B100 与 H200 芯片上，已正式将散 热方案从传统风冷升级为液冷系统。相关标的：英维克 （002837）、飞龙股份（002536） 2、银 ...