Group 1 - Shandong Provincial Committee emphasizes the need to accelerate the construction of a first-class innovation ecosystem, focusing on deep integration of technology and industry to drive high-quality development [1] - Shandong Tianrui Heavy Industry Co., Ltd. is a leading enterprise in the magnetic levitation energy-saving equipment sector, with products like magnetic levitation blowers and vacuum pumps widely used in traditional high-energy-consuming industries such as papermaking, cement, and chemicals [1] - Tianrui Heavy Industry has delivered customized magnetic levitation chillers to Xinfeng Group, achieving over 15% energy savings compared to foreign centrifugal chillers, translating to an annual energy saving of over 900,000 kWh [1] Group 2 - Tianrui Heavy Industry is constructing China's first automatic production line for magnetic levitation motors, which will triple its annual production capacity to 10,000 units [1] - The city of Weifang is home to over 40 related industries, aiming to establish itself as "China's Magnetic Levitation Capital," with the application of magnetic levitation equipment reaching over 500 units, saving nearly 300 million kWh of electricity annually [1] - Zibo Xincai is focusing on the development of next-generation chip packaging glass substrates, utilizing a chemical method to enhance the bonding strength of the glass surface [2] Group 3 - Zibo local government supports the research and development of enterprises by including them in a key project reserve, aiming to secure 10 million yuan in provincial technology innovation development funds [2] - The electronic information industry in Zibo has formed a tightly connected industrial chain, producing 2 billion IC card packaging tapes and 3.3 billion chip packaging tests annually, with global market shares of 20% and 33% respectively [2]

Core Insights - Midea Group and Inovance Technology have signed a strategic cooperation agreement focusing on smart elevators, industrial robots, low-carbon parks, and digitalization [1][2] - The collaboration aims to leverage technology as a core driver for breakthroughs in core technologies and upgrades in high-end manufacturing [1] - The partnership will create a model for industrial cooperation based on "technology complementarity - scene implementation - ecological synergy" [1] Technology Complementarity - The focus will be on integrated control systems for elevators, promoting technological advancements and the intelligent transformation of the elevator industry [1] - Both companies will engage in deep cooperation in research and development and ecological collaboration in relevant business areas [1] Robotics Development - The partnership will advance the integration of AI in industrial robots and promote the development of humanoid robots [1] - Joint efforts will focus on core technologies such as joint drive and motion control to transition humanoid robots from laboratory settings to industrial applications [1] Green and Low-Carbon Initiatives - Midea Group will utilize its comprehensive service capabilities in green energy to provide customized green solutions for Inovance Technology's office and industrial facilities [1] - The collaboration aims to create benchmark cases for low-carbon transformation in the industry, covering key products like HVAC systems, industrial heat pumps, and magnetic levitation chillers [1]

Core Viewpoint - The company, Maglev Technology, is focusing on the development and manufacturing of magnetic levitation bearings, which are essential for the research and production of magnetic levitation motors, particularly for axial flux motors [1] Group 1: Technology and Innovation - The company is committed to continuous product and technology innovation [1] - Future efforts will include accelerating the market penetration of various industry clients [1] Group 2: Product Development - The company aims to prioritize the market development of magnetic levitation compressors, including magnetic levitation air compressors and magnetic levitation chillers [1] - There is a strategic focus on establishing a diversified product layout in the field of magnetic levitation fluid machinery [1]

Core Viewpoint - The company reported stable revenue growth for its magnetic levitation air compressors and magnetic levitation chillers in the first three quarters compared to the same period last year [1] Group 1 - The revenue from magnetic levitation air compressors has shown stable growth year-on-year [1] - The revenue from magnetic levitation chillers has also maintained stable growth compared to the previous year [1] - The magnetic levitation chillers are currently undergoing validation in relevant client data centers [1]

Investment Rating - The report does not explicitly state an investment rating for the magnetic levitation compressor industry. Core Insights - The magnetic levitation compressor industry is experiencing significant growth driven by the "dual carbon" goals and increasing global energy efficiency standards. Its advantages, such as high energy efficiency, oil-free operation, and low maintenance costs, are becoming more prominent in high-end applications like data centers, biopharmaceuticals, and food processing. Domestic companies in China, represented by Hanbell Precise Machinery, Maglev Technology, and Xinlei Co., are making strides in core technology development, achieving a level of performance comparable to international standards, thus accelerating the process of domestic substitution [2][5][31]. Summary by Sections Industry Overview - The magnetic levitation compressor is a new type of compressor that utilizes magnetic levitation technology for contactless rotor operation [6]. Performance Characteristics - Compared to traditional compressors, magnetic levitation compressors offer significant performance advantages, including high energy efficiency (COP of 7-11.2), reduced noise levels (below 75dB), and lower maintenance costs. They can achieve energy savings of over 30% compared to traditional compressors and have a design lifespan of over 20 years [12][15]. Market Dynamics - The market for magnetic levitation compressors in China is expected to grow from CNY 6.3 billion in 2024 to CNY 21.81 billion by 2030, with a compound annual growth rate (CAGR) of 23.0%. This growth is driven by the "East Data West Computing" project and the explosion of AI computing power, which increases the demand for high-density cabinets [5][47]. Competitive Landscape - The competitive landscape of the magnetic levitation compressor market in China is concentrated, with international players like Danfoss holding nearly 50% market share. However, domestic manufacturers are rapidly gaining ground, with Danfoss's market share expected to decrease to around 50% by 2025 due to the rise of local competitors [5][31][36]. Application Areas - Data centers are the core application area for magnetic levitation compressors, accounting for 50% of the downstream market. Other significant applications include pharmaceuticals and food processing, which together represent another 25% of the market. The unique features of magnetic levitation compressors, such as energy efficiency and maintenance-free operation, make them suitable for these sectors [37][42][43].

Summary of Conference Call Records Company and Industry Overview - **Company**: Oracle - **Industry**: Artificial Intelligence Data Center (AIDC) and related technologies Key Points and Arguments 1. **Oracle's Cloud Infrastructure Growth**: Oracle's cloud infrastructure revenue grew by 55% year-over-year in Q1, with expectations to reach $18 billion in FY2025, and projected growth of over 1,200% to $144 billion by 2030, indicating strong downstream demand for AI [1][2][3] 2. **RPO Surge**: Oracle's remaining performance obligations (RPO) soared to $455 billion, a 350% increase, primarily due to significant contracts with OpenAI, suggesting potential for further multi-billion dollar contracts [1][3] 3. **NVIDIA's New Product Launch**: NVIDIA introduced the Rubin CPS, designed for long-context reasoning and video generation, expected to launch by the end of 2026, with a total computing power of 800 million FLOPS and a high ROI of 50 times [1][4] 4. **Investment in AI Infrastructure**: A partnership between an AI infrastructure company and Microsoft worth $19.4 billion was announced, with Meta planning to invest $600 billion in AI infrastructure by 2028, indicating a rise in global computing demand [1][5][6] 5. **Liquid Cooling Market Growth**: The global liquid cooling market is expected to reach a trillion-level scale by 2026, driven by the GB300 and Rubin series architectures, with significant demand for related materials [2][8][9] 6. **Magnetic Bearing Chillers**: Magnetic bearing chillers are projected to replace traditional screw chillers in urban centers due to better energy efficiency, with a market size expected to reach 10 billion RMB by 2026 [10] 7. **Power Supply Sector Dynamics**: The power supply sector is characterized by concentrated competition and long certification cycles, making it suitable for long-term investments, with leading domestic companies expected to achieve significant growth [11] 8. **Future of Power Equipment**: The transition from dry transformers to solid-state transformers is anticipated, with a focus on companies like Jinpan Technology and Yisite [12] 9. **Diesel Generator Demand**: Diesel generator demand is expected to rise significantly in both domestic and overseas markets, with a projected shortage of 5,000 to 10,000 units in overseas markets by 2026 [15][17] 10. **Domestic Companies in Global Supply Chain**: Domestic companies are gradually enhancing their positions in the global supply chain, particularly in the PSU sector, with potential for new growth opportunities [16] Other Important Insights - **Investment Opportunities**: Companies such as Yingwei, Shenling Environment, and Chuanhuan Technology are highlighted as potential beneficiaries of the expanding liquid cooling market and overseas business opportunities [2][9] - **Technological Advancements**: The shift towards liquid cooling and advanced power supply technologies is expected to drive significant changes in the supply landscape, with liquid cooling and power supply being the core benefiting sectors [7][11]

Core Viewpoint - The report outlines the continuous supervision and tracking of Nanjing Maglev Technology Co., Ltd. by the sponsor, Industrial Securities, during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing compliance with relevant regulations and the company's operational status [1][2][3]. Continuous Supervision Work Content - The sponsor has established and effectively executed a continuous supervision work plan, including signing relevant agreements with the company and reporting to the Shanghai Stock Exchange [1][2]. - Regular communication, site inspections, and due diligence are conducted to understand the operational status of Maglev Technology [1][2]. - No violations or significant issues were reported during the supervision period [3]. Financial Performance - For the first half of 2025, the company reported operating income of 151.64 million yuan, a slight increase of 1.17% compared to the same period in 2024 [10]. - The net profit attributable to shareholders was approximately 4.48 million yuan, showing a decrease from 8.32 million yuan in the previous year [10]. - The company’s total assets at the end of the reporting period were approximately 1.38 billion yuan, a decrease of 3.61% from the previous year [10]. Research and Development - The company has invested in R&D, with a total R&D expenditure of approximately 20.86 million yuan in the first half of 2025, a decrease of 11.26% compared to the previous year [11][12]. - As of June 30, 2025, the company holds 373 authorized intellectual property rights, including 98 invention patents [12][17]. Market Position and Competitive Advantage - The company focuses on the development of maglev fluid machinery and has established a comprehensive product system, including maglev centrifugal blowers and compressors, which are widely used in various industries [12][13]. - The maglev centrifugal blower is reported to save approximately 30% energy compared to traditional blowers, enhancing its market competitiveness [13][14]. - The company has built a strong brand presence in the domestic high-end maglev fluid equipment market, supported by a robust sales and service network [15][16]. Industry Risks - The company faces risks related to the adoption of its products, as the maglev centrifugal blower is relatively new in the market and competes with traditional blowers [9][10]. - The operational performance of the company is subject to fluctuations due to the seasonal nature of its business, particularly in the municipal wastewater treatment sector [7][8]. Compliance and Governance - The company has adhered to relevant regulations regarding the management and use of raised funds, with no significant compliance issues reported [17].

Group 1: Company Developments - Shandong Tiande Magnetic Suspension Air Conditioning Co., Ltd. successfully tested a magnetic suspension chiller that meets national一级能效标准 and will be applied in an energy management project [1] - The company was established in February by Shandong Tianrui Heavy Industry Co., Ltd. and Shandong Grede Group to introduce magnetic suspension technology into the central air conditioning sector [1] - The magnetic suspension technology offers significant energy savings, with a 30% reduction in electricity consumption compared to traditional screw machines, and operates with low noise levels of 80 decibels [1] Group 2: Industry Trends - The engineering machinery industry is facing pressure for a transition to new energy, focusing on electrification and intelligence, with the development of the first domestic new energy loader [3] - Shandong Heavy Industry Group and Shantui Construction Machinery Co., Ltd. are leveraging their resource advantages to create a comprehensive product line of loaders ranging from 2 tons to 9 tons, with a nearly 30% increase in sales in the first half of the year [2] - The high-end equipment industry in Dezhou is a key pillar, encompassing six major fields and 20 sub-industries, with a focus on high-end and intelligent transformation [4] Group 3: Innovation and R&D - Shandong Tiande Magnetic Suspension Air Conditioning Co., Ltd. is utilizing renewable energy sources for heating and cooling, playing a crucial role in energy management for public institutions and various industries [1] - The company has established a technology R&D system that includes "pre-research, development, and mass production" to support its innovation efforts [3] - Dezhou has seen the establishment of 40 innovation platforms, including provincial-level industrial design centers and R&D centers, fostering a strong environment for technological advancement [4]

Group 1 - The company, Iceberg Cold Chain (000530.SZ), has indicated its capability to provide magnetic levitation chillers, highlighting a market that remains to be explored [1] - The company possesses technological reserves in liquid cooling [1]

Core Viewpoint - The company, Maglev Technology (688448.SH), specializes in the research, production, and sales of magnetic suspension fluid machinery and components, with a focus on various magnetic suspension air products and special medium products [1] Group 1: Business Overview - The main products include magnetic suspension centrifugal blowers, magnetic suspension air compressors, and magnetic suspension vacuum pumps [1] - The company also produces magnetic suspension chillers and magnetic suspension expansion generator sets [1] Group 2: Financial Performance - In the first half of 2025, the sales revenue from magnetic suspension chillers reached 6.5441 million yuan, accounting for 4.32% of total operating revenue [1] - The primary industries contributing to revenue include chemicals/food, consumer electronics, and pharmaceuticals, although these have not significantly impacted the company's overall performance [1] Group 3: Product Functionality - The main function of the chiller products is to provide insulation, cooling, and heat dissipation for various production and operational sites [1]