2025 年中國新能源汽車銷量達到1649 萬輛，同比增長28%，滲透率突破50%。新能源汽車熱管理單車 價值量達傳統燃油車的3-4 倍（PTC 體系5850-6050 元（人民幣，下同）、CO?熱泵體系9550-9950 元），帶動熱管理市場規模快速擴容。2025 年全球新能源車熱管理市場規模預測將達2265 億元，2022- 2026 年CAGR 為32.95%；中國市場規模達964 億元，CAGR 為20.33%。技術層面，集成熱管理系統 （ITMS）成為主流，通過多通閥、換熱器集成設計提升能效，AI 算法動態優化熱策略，相變材料、石 墨烯導熱膜等新材料推動輕量化。競爭格局呈現"國際Tier1 主導+國內企業突圍"，銀輪股份等國內領先 企業憑藉油冷器、水冷板等單品優勢切入全球供應鏈，2024 年公司的新能源熱管理產品收入占比達 42%，銷量2549 萬台。 AI 算力需求推動數據中心液冷爆發增長 AI 大模型迭代推動數據中心功率密度提升，英偉達下一代Rubin GPU 功耗達2300W，傳統風冷難以滿 足散熱需求。液冷技術憑藉散熱效率高（為風冷數千倍）、PUE 低（可控制在1.15 以下）成為剛需。 2 ...

当英伟达Rubin产品线携MCCP微通道技术呼啸而来，当AI芯片功耗冲破千瓦级物理极限，传统风冷已 触达命运的终局，液冷正从"前沿技术"蜕变为算力时代的"生存标配"。曾几何时，海外巨头垄断核心工 艺、把持价值链顶端，大陆厂商只能在代工赛道捡拾微薄红利，随时面临产能转移的生存危机；而今， 借着AI算力爆发与政策东风，一场以技术破壁、全链自主为核心的国产替代浪潮，正在液冷赛道澎湃 涌动——这不仅是份额的更迭，更是"中国智造"从追赶到引领的韧性史诗，每一步突破都镌刻着坚守， 每一处留白都藏着千亿级的星辰大海。 一、技术破壁：在博弈中突围，啃下"卡脖子"硬骨头 时代的浪潮，从来都眷顾有准备者。当前冷板式液冷以65%的市场份额占据主导，其对现有服务器架构 改动小、部署灵活的优势，成为国产厂商切入市场的最佳跳板。国家"东数西算"工程明确新建数据中心 PUE需低于1.25，四部门专项计划推动液冷技术规模化应用，北上广深更是要求新建智算中心液冷机柜 占比超50%。而液冷技术能将PUE稳定在1.1-1.2区间，远超风冷极限，既是实现"双碳"目标的核心支 撑，更是国产厂商的成长沃土。政策红利与市场需求形成共振，让国产替代从"被动 ...

敏实集团(00425)现涨超7%，截至发稿，涨6.9%，报33.76港元，成交额1.4亿港元。 消息面上，1月5日，英伟达在CES展会上发布Rubin平台，单机柜功耗将首次突破200KW，使用100%全 液冷方案。华源证券指出，Rubin液冷方案相比GB系列核心增量变化在冷板、CDU、Manifold。该行指 出，Rubin架构的Manifold在设计上有变化，Manifold管径更大，同时集成阀、传感器等，以提升稳定性 和降低漏液风险，整体集成化、智能化程度更高，价值量提升。Manifold关注敏实集团。 公开资料显示，敏实集团液冷产品包括浸没式液冷柜、CDU、液冷板、分水器。东吴证券指出，能耗 要求+机柜功率密度提升驱动服务器液冷快速发展，敏实凭借着电池盒/液冷板技术储备+全球产能布局 +头部服务器厂商长期合作关系等优势快速切入服务器液冷行业，已获得AI服务器厂商订单，2025年年 末开始交付。 ...

消息面上，1月5日，英伟达在CES展会上发布Rubin平台，单机柜功耗将首次突破200KW，使用100%全 液冷方案。华源证券指出，Rubin液冷方案相比GB系列核心增量变化在冷板、CDU、Manifold。该行指 出，Rubin架构的Manifold在设计上有变化，Manifold管径更大，同时集成阀、传感器等，以提升稳定性 和降低漏液风险，整体集成化、智能化程度更高，价值量提升。Manifold关注敏实集团。 公开资料显示，敏实集团液冷产品包括浸没式液冷柜、CDU、液冷板、分水器。东吴证券指出，能耗 要求+机柜功率密度提升驱动服务器液冷快速发展，敏实凭借着电池盒/液冷板技术储备+全球产能布局 +头部服务器厂商长期合作关系等优势快速切入服务器液冷行业，已获得AI服务器厂商订单，2025年年 末开始交付。 智通财经APP获悉，敏实集团(00425)现涨超7%，截至发稿，涨6.9%，报33.76港元，成交额1.4亿港元。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company has exceeded performance expectations in the third and fourth quarters, confirming a turning point in operations. Both the household storage and data center businesses are showing positive trends, with household storage demand recovering since the second half of 2025 and expected to continue into 2026. The data center business has accelerated overseas production since the second half of last year, achieving breakthroughs in both clients and products domestically. The synergy between these two main businesses is anticipated to drive accelerated performance in 2026 [1][8]. Financial Data and Valuation - Total revenue is projected to grow from 5,440 million in 2023 to 6,739 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21% [3][13]. - Operating profit is expected to increase from 1,018 million in 2023 to 1,155 million in 2026, with a significant growth rate of 54% in 2026 [3][14]. - Net profit attributable to shareholders is forecasted to rise from 845 million in 2023 to 992 million in 2026, with a growth rate of 58% [3][14]. - Earnings per share (EPS) is projected to increase from 1.45 in 2023 to 1.70 in 2026 [3][14]. - The price-to-earnings (PE) ratio is expected to decrease from 36.9 in 2023 to 31.4 in 2026, indicating a more attractive valuation over time [3][14]. Business Outlook - The household storage business is expected to see a turnaround, with demand recovering and optimistic guidance from major clients. The company is also focusing on enhancing its own brand to drive growth in 2026 [8]. - The overseas production of UPS (Uninterruptible Power Supply) is accelerating, with the company entering overseas supply chains since Q3 2025. This is expected to enhance the company's ability to capture external orders and improve its chances in the overseas HVDC (High Voltage Direct Current) market [8]. - Domestic demand for AIDC (Artificial Intelligence Data Center) is anticipated to grow, with the company successfully expanding its client base to include emerging internet companies and launching high-value solutions [8].

智通财经APP获悉，西部证券发布研报称，汽零企业有望成为液冷系统上游部件供应商，部分企业具备 Tier1供货能力。一看商务能力：英伟达引领AIDC液冷变革方向，其核心供应商多为欧美、中国台湾企 业为主，国内汽零厂商有望凭借原有客户基础&强商务能力，与中国台湾及本土厂商合作切入供应体 系。二看技术能力：二次侧管路核心组件CDU+液冷板+Manifold+UQD(含管路)与汽零相关企业生产原 材料、核心成型工艺、生产流程存在较高一致性，预计相关技术领先汽零公司有望在新领域实现突破。 西部证券主要观点如下： AI算力需求持续增加，单芯片功耗&机柜密度持续提升，数据中心制冷难度升级，液冷技术有望成为主 流制冷方案。其主要原因：1)传统风冷方案无法满足高功率(>25kW)机柜散热需求，液冷技术利用液体 高比热容/蒸发潜热优势，实现对发热元器件精准散热;2)液冷利用液体高导热、高传热特性，在进一步 缩短传热路径的同时充分利用自然冷源，可是实现PUE小于1.25的节能效果，符合政策导向。 二次侧管路核心组件为主要升级迭代方向，且价值量占比更高 目前，冷板式液冷为行业主流方案，浸没式液冷制冷效率更佳，但短期受限于冷却液成本高 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid progress and optimistic outlook for the liquid cooling industry, particularly focusing on the core increments of the Rubin liquid cooling solution, which includes microchannel technology, CDU enhancements, and manifold integration [4][5][10]. Summary by Sections 1. NVIDIA Rubin Platform Release - The Rubin platform adopts a 100% liquid cooling solution, expected to be delivered in the second half of 2026. It features a modular design with a power consumption exceeding 200KW, compared to the GB300's 80% liquid cooling [8][10]. 2. Core Change 1: Microchannel Cold Plate Material and Process Upgrades - The adoption of microchannel technology is expected to become the mainstream cooling method, significantly enhancing cooling efficiency by reducing thermal resistance and increasing heat flow density [13][18]. - Key material considerations include the use of oxygen-free copper for its superior thermal conductivity and structural strength [19]. - Connection methods must ensure quality and sealing to prevent flow channel deformation or blockage, with techniques such as laser welding and brazing being utilized [20][23]. - Flow channel processing requires high precision, with various methods like precision milling and laser processing being employed to achieve the necessary micro-level accuracy [24][29]. 3. Core Change 2: CDU Power and Control Requirements Enhancement - The CDU's overall power will increase in line with the cabinet's power, with enhanced control requirements to accommodate higher cooling demands. This is expected to elevate the CDU's overall value [27][28]. 4. Core Change 3: Manifold Integration Design - The design of the manifold has evolved to be more integrated and intelligent, featuring larger pipe diameters and the inclusion of valves and sensors to improve stability and reduce leakage risks [30][31].

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Group 1 - The actual controller of Lingyi Zhizao plans to reduce holdings by up to 36 million shares, accounting for 0.49% of the total share capital, through block trading within three months after 15 trading days [1] - Lingyi Zhizao is experiencing steady growth in performance, with revenue reaching 37.59 billion yuan, a year-on-year increase of 19.25%, and net profit attributable to shareholders of 1.94 billion yuan, up 37.66% year-on-year [1] - The company is focusing on four key areas: robotics, AI glasses, foldable screens, and servers, to drive new performance growth [1] Group 2 - In the server sector, Lingyi Zhizao has developed comprehensive capabilities in products and systematic cooling solutions, including CDU, liquid cooling modules, and various AI server power solutions [1] - In manufacturing, the company possesses core technologies in reducers, drivers, and motion controllers, offering a wide range of processing and development services [2] - Lingyi Zhizao is deeply engaged in the AI glasses and XR wearable devices sector, focusing on core components and technology development for AR, VR, MR, and AI glasses [2]

Investment Highlights - The company is rated to outperform the industry with a target price of 28.51 yuan, corresponding to a 2026 P/E of 20 times. It is a leading non-tire rubber enterprise in China, strategically entering the robotics sector starting in 2024 to create a new growth driver [1] - The company is transforming into an intelligent chassis supplier while maintaining stable traditional business. It has strengthened its high-end product layout through overseas acquisitions, resulting in a steady increase in market share and stable growth in cash cow businesses [1] - The company has expanded into three incremental businesses: air suspension, cooling, and lightweighting since 2016, transitioning from providing single rubber parts to becoming a supplier of intelligent chassis systems, thereby increasing the value ceiling per vehicle [1] Profitability and Management - The company's profitability is stabilizing and improving. It adheres to a "global acquisition, China integration" strategy, benefiting from the rapid development of domestic new energy vehicles, which has increased the proportion of high-margin domestic business [2] - The company is enhancing the refined management of overseas factories, controlling costs, and localizing operations, indicating potential for improved profitability [1] Forward-looking Layout - The company is comprehensively laying out the robotics industry chain, covering joint assemblies, core components, lightweight skeletons, rubber parts, and OEM production. It has already established production lines for reducers and tactile sensors and is actively engaging potential customers [2] - In the liquid cooling sector, the company has launched a series of liquid cooling units for energy storage and is developing CDU, cold plates, pipelines, and immersion liquid cooling products for supercomputing center thermal management [2] Potential Catalysts - Emerging business projects in robotics and AI liquid cooling are expected to serve as potential catalysts for growth [3] Earnings Forecast and Valuation - The company’s EPS is projected to be 1.25 yuan, 1.43 yuan, and 1.50 yuan for 2025 to 2027, with a CAGR of 17% from 2024 to 2027. The current stock price corresponds to a 2026 P/E of 16.1 times, with a 24% upside potential compared to the target price of 28.51 yuan [4]