随着动力电池能量密度不断突破，液冷技术已成为新能源车及储能市场的"必选项"。长三角作为全球产业链的高地，涌现出一批掌握核心焊接、精密加工工 艺的供应商。 FINE 2026组委会 特别整理了长三角地区电池/储能液冷板企业盘点图涵盖苏浙沪皖30+核心厂商，一文看透产业链格局。 01 电池液冷板技术路线 根据 制造工艺 和 应用场景 的不同，电池液冷板领域主要分为以下四大主流类型： （1）吹胀式 (Roll-bonded) 通过两层铝板复合，局部印刷阻焊剂后加压吹胀成流道。该工艺成本低、换热效率高、开发周期短。广泛应用于对成本敏感的乘用车及小型储能系统。 （2） 冲压钎焊式 (Stamping & Brazing) 铝板冲压出流道形状，与盖板通过真空钎焊或连续钎焊连接。该工艺结构强度高、流道设计灵活，适合复杂的热管理需求。目前动力电池包最主流的解决方 案。 （3）冲压板/口琴管式 (Extruded/Harmonica Tube) 通过模具直接挤压成型，再进行切割焊接。耐压性能极佳，标准化程度高。常用于商用车电池包或标准化的储能模组。 （4）摩擦搅拌焊/扩散焊式 (FSW/Diffusion Bonding) 0 ...

截至12月23日，纳百川股东户数2.96万，较上期增加211050.00%；人均流通股760股，较上期增加 0.00%。2025年1月-9月，纳百川实现营业收入12.08亿元，同比增长32.29%；归母净利润5828.96万元， 同比增长29.30%。 责任编辑：小浪快报 融券方面，纳百川1月6日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元。 资料显示，纳百川新能源股份有限公司位于浙江省泰顺县月湖工业区分泰路59号，成立日期2007年10月 29日，上市日期2025年12月23日，公司主营业务涉及新能源汽车动力电池热管理、燃油汽车动力系统热 管理及储能电池热管理相关产品的研发、生产和销售。主营业务收入构成为：电池液冷板90.15%，燃 油车热管理部件7.10%，其他(补充)2.30%，其他产品0.34%，电池箱体0.10%。 1月6日，纳百川涨1.06%，成交额5.78亿元。两融数据显示，当日纳百川获融资买入额6887.51万元，融 资偿还5071.92万元，融资净买入1815.59万元。截至1月6日，纳百川融资融券余额合计1.35亿元 ...

1月5日，纳百川跌8.31%，成交额7.50亿元。两融数据显示，当日纳百川获融资买入额6571.03万元，融 资偿还5854.45万元，融资净买入716.58万元。截至1月5日，纳百川融资融券余额合计1.17亿元。 截至12月23日，纳百川股东户数2.96万，较上期增加211050.00%；人均流通股760股，较上期增加 0.00%。2025年1月-9月，纳百川实现营业收入12.08亿元，同比增长32.29%；归母净利润5828.96万元， 同比增长29.30%。 责任编辑：小浪快报 融券方面，纳百川1月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元。 资料显示，纳百川新能源股份有限公司位于浙江省泰顺县月湖工业区分泰路59号，成立日期2007年10月 29日，上市日期2025年12月23日，公司主营业务涉及新能源汽车动力电池热管理、燃油汽车动力系统热 管理及储能电池热管理相关产品的研发、生产和销售。主营业务收入构成为：电池液冷板90.15%，燃 油车热管理部件7.10%，其他(补充)2.30%，其他产品0.34%，电池箱体0.10%。 ...

Group 1: IPO Guidelines and Market Trends - The Shanghai Stock Exchange released IPO guidelines for commercial rocket companies on December 26, 2025, enhancing the adaptability and inclusiveness of the listing standards[6] - Eight commercial aerospace companies have filed for IPO guidance, with Blue Arrow Aerospace expected to be the first to list after passing recent evaluations[9] - The overall market showed strong upward movement in the fourth week of December, with the ChiNext Index and the Sci-Tech 50 Index rising by 3.90% and 2.85%, respectively[11] Group 2: New Stock Performance - Four new stocks listed during the week, with an average first-day increase of approximately 200%, including gains of 255.09% for Jianxin Superconductor and 231.48% for Nabai Chuan[4] - A/B class investors earned returns of 30.35 and 28.27 thousand yuan per account from these new stocks, translating to a yield increase of 0.61‰ and 0.57‰ for a 500 million yuan account size[4] - The new stock index experienced a slight decline of 0.02%, while the near-term new stock index rose by 0.22%[11] Group 3: Market Dynamics and Risks - The new stock market showed signs of a slight pullback, with an average decline of 0.79% across 37 new stocks, indicating mixed performance[4] - There is a risk of reduced subscription rates for new stock purchases and compliance risks related to internal systems for offline investors[4] - The net active selling in the new stock sector amounted to 59.21 billion yuan, a decrease of 7.63 billion yuan from the previous week, with institutional investors contributing to this reduction[28]

Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

追涨杀跌是所有散户的一个通病，看看今天上市的新股，发行价刚出来那会儿没人搭理，一拉升全冲进去了，结果收盘一看，心直接凉了半截。更别提明 天了，照这个架势，低开几个点都算客气的，要知道新股上市前五天是没有涨跌幅限制的！ 看看纳百川这只股票，发行价22.63元，开盘的时候涨165%，股价在60多块，对于一只新股来说，这都还算正常，毕竟大部分新股上市第一天都会大涨， 对于中签的散户来说，看到涨这么多，有的早盘直接就卖了，先落袋为安，就不管那么多了！ 下午开盘，还算正常，可到了下午两点，画风突变，直线拉到第一次临停，十分钟后复牌，继续猛冲，直接飙到324%。你以为这就完了？没门。二次临 停结束，股价像是打了鸡血，一口气蹿到642%！这个时候冲进去的，收盘直接倒亏36.5%。算笔账你就明白了——10万块冲进去，收盘只剩6万出头，一 天蒸发快四万，短短几分钟时间，就亏4万，这谁能受得了！ 纳百川主要专注于动力电池热管理相关产品的研发、生产和销售，产品包括电池液冷板、电池集成箱体等。锡华科技则专注于大型高端装备专用部件的研 发、制造与销售，其产品结构以风电齿轮箱专用部件为主，占比较高！ 通过纳百川的财务数据可以看到，公司2 ...

纳百川成功登陆深交所 12月23日，伴随着一声清脆悠长的钟鸣，纳百川正式登陆深交所，开启了资本市场的崭新篇章。 纳百川发行价22.63元/股，开盘价60元/股，开盘上涨165.13%，收盘涨幅扩大至408.17%。纳百川的成功 上市，不仅是这个国家级专精特新"小巨人"的成长里程碑，更折射出国内热管理细分领域在"双碳"战略 下的广阔前景。 纳百川新能源股份有限公司成立于2007年10月，公司专注从事新能源汽车动力电池热管理、燃油汽车动 力系统热管理及储能电池热管理相关产品的研发、生产和销售，主要产品包括电池液冷板、电池集成箱 体、燃油汽车发动机散热器、加热器暖风等。经过多年的潜心研究和踏实探索，公司逐渐成长为具备提 供移动式热管理（乘用车、运营车、工程机械）、固定式热管理（储能、移动电源、数据中心）、特殊 式热管理（空中交通、船舶）等不同应用场景下的解决方案提供商。 为解决终端用户对充电时长的焦虑与大功率充电对电池包热管理安全性的矛盾，公司从液冷板的散热效 率切入，通过大量设计优化和仿真测试，实现了散热性能满足从2C快充到4C、6C快充的产品迭代，并 着手研发10C快充电池的解决方案。在动力电池轻量化的发展方向 ...

来源：@全景网微博 2025年12月23日，国电池液冷板领军厂商纳百川以超408%的上市首日涨幅，正式亮相公开资本市场。 资料来源：Wind 十八年专注热管理的"长期主义者" 纳百川的成长史，是中国新能源汽车供应链从跟随到领跑的缩影。 2007年，公司前身泰顺纳百川汽车配件有限公司在浙江温州成立，初期聚焦燃油车发动机散热器，为吉利、奇瑞等提供配套。2011年，当新能源汽车还处 于"PPT阶段"，公司前瞻性启动动力电池热管理系统研发，成为国内首批布局该领域的企业。 公司产品也于2015年得到实车应用验证，2016年成功为上汽大众配套其国内首款新能源汽车，同年成为国内多家主机厂国内首款新能源汽车的动力电池热 管理系统的主要供应商，逐步建立了与国内动力电池领军企业和主流新能源汽车主机厂的合作关系，奠定了公司在新能源汽车动力电池热管理领域的先发 优势。 | 名称 | से के क्रि | 图示 | 产品说明 | | --- | --- | --- | --- | | 电池液 | 冲压式 | | 采用铝合金板材作为主要材料,通过 | | | | | 冲压的方式对液冷板中冷却液流道进 | | | | | 行成型加工, ...

Core Viewpoint - The company Nanbaichuan, a leader in battery liquid cooling plates, made a strong debut in the public capital market with a first-day increase of over 408%, highlighting the growing importance of battery thermal management in the rapidly expanding electric vehicle and energy storage sectors [1][3]. Company Overview - Founded in 2007, Nanbaichuan has evolved from a manufacturer of engine radiators for fuel vehicles to a key player in the battery thermal management system for electric vehicles, achieving a market share of 12.16% in 2024, ranking first in China [3][4]. - The company has established strong partnerships with major players in the industry, including CATL and over 50 global automotive manufacturers such as NIO and Mercedes-Benz [3][4]. Product Development and Technology - Nanbaichuan has developed a robust competitive barrier with proprietary technologies in temperature control, lightweight design, and automated production, holding 20 invention patents and 183 utility model patents as of March 2025 [6]. - The company has demonstrated high product development efficiency, completing significant projects in a fraction of the expected time, and is continuously iterating on its products to meet evolving market demands [6][7]. Market Growth and Financial Performance - The demand for battery liquid cooling plates is expected to grow significantly, with the market size projected to reach approximately 145 billion yuan globally by 2025, driven by the rapid growth of electric vehicle production and energy storage systems [16][20]. - From 2022 to 2024, the company's revenue is forecasted to grow at a compound annual growth rate (CAGR) of 18.07%, with sales reaching 14.37 billion yuan by 2024 [10]. - In the first three quarters of 2025, the company reported a year-on-year revenue growth of 32.29%, indicating a return to growth momentum [14]. Strategic Initiatives - The company is expanding its production capacity with a new facility in Chuzhou, aiming to produce 360 million sets of water cooling plates annually, which will enhance its ability to meet the needs of core customers [21]. - Nanbaichuan is transitioning from a specialized manufacturer of liquid cooling plates to a comprehensive provider of integrated thermal management solutions, which is expected to open new growth avenues [21]. Industry Trends - The integration of battery cooling systems with battery packs is becoming a trend, increasing the value of battery liquid cooling plates and creating larger market opportunities for leading manufacturers like Nanbaichuan [19]. - The energy transition and policy support are driving rapid growth in the global energy storage market, with liquid cooling systems expected to gain a larger share due to their efficiency and safety benefits [20].

Core Insights - The company, Nabichuan, has made a significant debut in the public capital market with a first-day increase of over 408% in stock price, highlighting its strong market position in battery thermal management systems [1] - The rapid growth of the electric vehicle (EV) market, with penetration rates exceeding 40%, and a fivefold increase in energy storage installations over three years, indicates a burgeoning opportunity in the battery thermal management sector [1][8] - Nabichuan has established itself as a leader in the domestic battery liquid cooling plate market, achieving a market share of 12.16% in 2024 and forming deep partnerships with major players like CATL and NIO [1][2] Company Development - Founded in 2007, Nabichuan initially focused on engine radiators for fuel vehicles before pivoting to battery thermal management systems in 2011, becoming one of the first companies in China to enter this field [2] - The company has developed a robust competitive barrier with proprietary technologies in temperature control, lightweight design, and automated production, holding 20 invention patents and 183 utility model patents as of March 2025 [3] - Nabichuan has demonstrated high product development efficiency, completing a battery liquid cooling plate project for Mercedes-Benz in just 210 days, significantly faster than the planned 340 days [3] Production Capacity and Market Position - The company operates three production bases in Zhejiang Wenzhou, Anhui Ma'anshan, and Anhui Chuzhou, with over 200,000 square meters of production space, supporting comprehensive supply capabilities for core customers [4] - Nabichuan's client network includes leading domestic battery manufacturers and mainstream EV manufacturers, having completed over 300 product projects and adapted more than 200 vehicle models [5] Financial Performance - From 2022 to 2024, Nabichuan's revenue from battery liquid cooling plates in the energy storage sector is projected to grow from 1.031 billion yuan to 1.437 billion yuan, with a compound annual growth rate (CAGR) of 18.07% [6] - In the first three quarters of 2025, the company reported a revenue increase of 32.29% year-on-year, reaching 1.208 billion yuan, and a net profit of 58 million yuan, reflecting a return to growth [7] Market Opportunities - The demand for battery liquid cooling plates is expected to rise significantly, with the market size projected to reach 14.5 billion yuan by 2025, driven by the rapid growth of the EV market [8] - The integration of battery cooling plates with battery packs is anticipated to enhance product value, with the single vehicle value of battery cooling plates estimated at around 700 yuan [9] - The energy storage market is also set to expand, with the liquid cooling market expected to reach 7.4 billion yuan by 2025, as more companies adopt liquid cooling solutions for their energy storage systems [10] Future Growth Potential - Nabichuan's IPO funding will support the construction of a new production project with an annual capacity of 3.6 million sets of cooling plates, facilitating a shift towards integrated solutions combining cooling plates and battery packs [11] - The company's strong market recognition, evidenced by its 408% stock price increase on the first day of trading, reflects investor confidence in its growth trajectory in the thermal management sector [11]