AI生态系统投资机会 - 印度54万亿美元股市为投资者提供AI生态系统新机会，其市场此前未能充分参与全球股市上涨部分原因在于缺乏如英伟达或寒武纪等纯AI公司[1] - 投资者转向本地辅助公司，包括设备制造商和发电企业，这些公司预计将从AI所需支持设施的建设中受益[2] - 至2027年，印度数据中心市场投资额预计将超过1000亿美元[2] 市场表现与投资动态 - 追踪10家辅助公司股票的自定义指数自4月市场低点以来已上涨超过30%，涨幅几乎是同期NSE Nifty 50指数涨幅的两倍[6] - 谷歌计划投资约150亿美元在印度南部建设AI基础设施中心[7] - OpenAI据报道正在寻求在印度建设大型数据中心[7] - 微软公司计划投资30亿美元以扩大其在印度的云计算和AI能力[8] - 亚马逊公司计划到2030年投资127亿美元[8] 数据中心运营商与合作伙伴 - AdaniConneX是Adani Enterprises Ltd（三个月上涨21%）与印度第二大无线运营商Bharti Airtel Ltd（上涨73%）的合资企业，正与谷歌合作[9] - 信实工业有限公司（上涨69%）预计将花费高达150亿美元建设十亿瓦特级数据中心[9] - 塔塔咨询服务有限公司（上涨07%）计划建设高达十亿瓦特的AI数据中心[9] - Sify Infinit Spaces Ltd提交了370亿卢比（417亿美元）的首次公开募股申请[9] - Fractal Analytics在8月提交了IPO申请[9] 电气与电力设备 - 数据中心资本支出的大部分预计将流向电气和电力设备，包括开关设备、变压器和配电单元制造商[10] - 值得关注的股票包括：日立能源印度有限公司（下跌12%）、西门子有限公司（上涨21%）、施耐德电气基础设施有限公司（下跌17%）和ABB印度有限公司（下跌53%）[10] - Axis Mutual Fund首席投资官表示数据中心投资将对印度电力行业带来巨大提振，电力和相关成本将占数据中心资本支出的约40%[10] 电缆与电线制造商 - 涉及的电缆电线制造商包括Havells印度有限公司（下跌05%）、RR Kabel有限公司（下跌2%）和Dynamic Cables有限公司（上涨04%）[11] - Dynamic Cables董事总经理在财报电话会议中称数据中心为"巨大"机会[11] 冷却解决方案 - AI工作负载的高能耗产生大量热量，需要专门的冷却系统[11] - 本地提供适合数据中心冷却解决方案的大型公司包括Blue Star有限公司（上涨11%）和Voltas有限公司（上涨42%）[11] 服务器与云基础设施 - 除了电力和冷却，数据中心还需要物理计算骨干[12] - Netweb Technologies印度有限公司（上涨99%）被认为是服务器、存储、备份和超级计算解决方案的关键参与者[12] - E2E Networks有限公司（上涨49%）提供云基础设施和托管服务，专注于AI高性能计算[12]

In an unrelated transaction, Innventure closes $9.75 million equity financingThis press release was corrected to specify that Innventure’s private placement was unrelated to the strategic investment in Accelsius by Johnson Controls. ORLANDO, Fla., Oct. 06, 2025 (GLOBE NEWSWIRE) -- Innventure, Inc. (NASDAQ: INV) is pleased to announce a strategic investment in Accelsius, a provider of two-phase, direct-to-chip liquid cooling systems, by Johnson Controls (NYSE: JCI). JCI announced the transaction earlier toda ...

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>Shenzhen Envicool Technology (002837.SZ) Raise TP on overseas liquid cooling potential; Maintain Buy 002837.SZ 12m Price Target: Rmb70.80 Price: Rmb65.66 Upside: 7.8% We turn more bullish on Envicool capturing the surging global demand for GPU/ASIC AI server (liquid) cooling and raise TP to Rmb70.8 (maintain Buy). We expect Envicool to take 5% global server liquid cooling market share in 2027E and 10% by 2030E, as evidenced by (1) robust server cooling and others sales growth of 216% yoy in 1H25; (2) active recruitment and investment in SEA and US; and (3) key qualifications with NVIDIA/Intel in place.</doc> <doc id='2'>We now forecast 38%/47% sales/net income CAGRs in 2025E-30E (vs. 31%/32% previously), after revising up 2025-30E sales/NI by 11%~45%/3%~74% to reflect the global liquid cooling opportunities, solid domestic data center cooling demand, and future margins/cash flows improvement driven by the high-margin overseas business. Envicool's share price has risen 94% since late July, mainly on market expectations on Envicool getting into the global computing equipment supply chain. With updated TP of Rmb70.8 based on 40x 2027E P/E (against 34% 2027E-30E NI CAGR) discounted to 2026E, we maintain Buy on 10% implied upside (vs. China Industrial coverage average at -11%). In our scenario analysis (Exhibit 2), we see 118%/57% implied upside if Envicool could capture 10%/15% of global server liquid cooling market share in 2027E (vs. base case of 5%), and 38% implied downside if they were not able to expand this business overseas.</doc> <doc id='3'>Catalysts: NVIDIA earnings on Aug 27; Possible new NVIDIA China AI chip (B30A) launch in Sep supporting domestic AIDC demand; 2025 OCP Global Summit on Oct 13-16 with introduction on future-generation cooling technologies; Envicool & US AI companies' earnings releases in Oct-Nov; GB200/300 shipment ramp-up especially from 4Q25. Downside risks: Slow R&D/business progress with key customers; tougher liquid cooling Jacqueline Du +852-2978-1783 | jacqueline.du@gs.com Goldman Sachs (Asia) L.L.C.</doc> <doc id='4'>Key Data __________________________________ | | | | Market cap: Rmb63.6bn / $8.9bn | | | --- | --- | --- | --- | --- | | | | Enterprise value: Rmb64.0bn / $8.9bn | | | | | | | 3m ADTV: Rmb2.1bn / $298.1mn | China | | | | | China Industrial Tech & Machinery | | | | | | | M&A Rank: 3 | | | | | Leases incl. in net debt & EV?:极 No | | | GS Forecast ________________________________ | 极 | 极 | 极 | 极 | | | 12/24 | 12/25E | 12极/26E | 12/27E | | Revenue (Rmb mn) New | 4,588.8 | 6,733.7 | 10,668.1 | 15,259.4 | | Revenue (Rmb mn) Old | 4,588.8 | 6,042.3 | 8,191.3 | 11,191.3 | | EBITDA (Rmb mn) | 530.7 | 784.7 | 1,411.8 | 2,176.极7 | | EPS (Rmb) New | 0.47 | 0.68 | 1.27 | 1.95 | | EPS (Rmb) Old | 0.47 | 0.66 | 0.96 | 1.28 | | P/E (X) | 41.0 | 96.6 | 51.8 | 33.7 | | P/B (X) | 6.4 | 18.6 | 14.3 | 10.8 | | Dividend yield (%) | 0.8 | 0.3 | 0.6 | 1.0 | | CROCI (%) | 26.8 | 22.0 | 32.8 | 37.4 | | | 3/25 | 6/25 | 9/25E | 12/25E | | EPS (Rmb) | 0.05 | 0.17 | 0.22 | 0.23 | | GS Factor Profile ____________________________ | 极 | 极 | 极 | 极 | | Growth | 极 | 极 | 极 | 极 | | Financial Returns | 极 | 极 | 极 | 极 | | Multiple | 极 | 极 | 极 | 极 |</doc> <doc id='5'>Integrated Percentile 20th 40th 60th 80th 100th</doc> <doc id='6'>002837.SZ relative to Asia ex. Japan Coverage 002837.SZ relative to China Industrial Tech & Machinery Source: Company data, Goldman Sachs Research estimates. See disclosures for details.</doc> <doc id='7'>Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may极 have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.</极doc> <doc id='8'>c45a43530f604d12bcb9a82b5aa6b9f6</doc> <doc id='9'>Shenzhen Envicool Technology (002837.SZ) Buy Rating since Jan 11, 2022 Ratios & Valuation _______________________________________ | | 12/24 | 12/25E | 12/26E | 12/27E | | --- | --- | --- | --- | --- | | P/E (X) | 41.0 | 96.6 | 51.8 | 33.7 | | P/B (极X) | 6.4 | 18.6 | 14.3 | 10.8 | | FCF yield (%) | (0.8) | (0.3) | (0.0) | 0.5 | | EV/EBITDAR (X) | 35.1 | 81.6 | 45.5 | 29.5 | | EV/EBITDA (excl. leases) (X) | 35.1 | 81.6 | 45.5 | 29.5 | | CROCI (%) | 26.8 | 22.0 | 32.8极 | 37.4 | | ROE (%) | 16.8 | 20.8 | 31.2 | 36.4 | | Net debt/equity (%) | 2.7 | 12.2 | 14.3 | 极11.7 | | Net debt/equity (excl. leases) (%) | 2.7 | 12.2 | 14.3 | 11.7 | | Interest cover (X) | 22.3 | 25.2 | 34.6 | 53.2 | | Days inventory outst, sales | 61.9 | 60.0 | 58.4 | 60.5 | | Receivable days | 213.3 | 190.0 | 169.4 | 164.9 | | Days payable outstanding | 206.4 | 190.5 | 188.4 | 195.5 | | DuPont ROE (%) | 15.5 | 19.1 | 27.4 | 31.4 | | Turnover (X) | 0.8 | 0.8 | 1.极0 | 1.0 | 极| Leverage (X) | 2.1 | 2.4 | 2.5 | 2.5 | | Gross cash invested (ex cash) (Rmb) | 2,917.6 | 3,873.5 | 5,217.8 | 6,934.0 | | Average capital employed (Rmb) | 2,634.3 | 3,427.5 | 4,495.6 | 5,917.0 | | BVPS (Rmb) | 3.01 | 3.54 | 4.58 | 6.11 |</doc> <doc id='10'>Growth & Margins (%) ____________________________________ | | 12/24 | 12/25E | 12/26E | 12/27E | | --- | --- | --- | --- | --- | | Total revenue growth | 30.0 | 46.7 | 58.4 | 43.0 | | EBITDA growth | 34.8 | 47.9 | 79.9 | 54.2 | | EPS growth | 30.6 | 45.3 | 86.4 | 53.6 | | DPS growth | 29.9 | 45.3 | 86.4 | 53.6 | | EBIT margin | 10.5 | 10.5 | 12.0 | 12.9 | | EBITDA margin | 11.6 | 11.7 | 13.2 | 14.3 | | Net income margin | 9.9 | 9.8 | 11.5 | 12.4 |</doc> <doc id='11'>Price Performance _______________________________________</doc> <doc id='12'>002837.SZ (Rmb) Shanghai - Shenzhen 300 Oct-24 Jan-25 Apr-25 Jul-25 0 20 40 60 80 100 3,000 3,500 4,000 4,500 5,500 3m 6m 12m Absolute 168.8% 78.8% 309.8% Rel. to the Shanghai - Shenzhen 300 140.3% 62.4% 210.1%</doc> <doc id='13'>Source: FactSet. Price as of 22 Aug 2025 close.</doc> <doc id='14'>| Shenzhen Envicool Technology (002837.SZ) | | --- |</doc> <doc id='15'>| Income Statement (Rmb mn) _______________________________ | 12/24 | 12/25E | 12/26E | 12/27E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Total revenue | 4,588.8 | 6,733.7 | 10,668.1 | 15,259.4 | Cost of goods sold | (3,269.6) | (4,918.0) | (7,707.1) | (11,008.5) | | SG&A | (754.5) | (1,028.9) | (1,576.7) | (2,135.0) | R&D | -- | -- | -- | -- | | Other operating inc./(exp.) | (80.8) | (82.2极) | (106.7) | (152.6) | EBITDA | 530.7 | 784.7 | 1,411.8 | 2,176.7 | | Depreciation & amortization | (46.8) | (80.0) | (134.2) | (213.4) | EBIT | 483.9 | 704.7 | 1,277.6 | 1,963.3 | | Net interest inc./(exp.) | (9.6) | (18.2) | (22.7) | (26.6) | Income/(loss) from associates | -- | -- | -- | -- | | Pre-tax profit | 510.9 | 763.7 | 1,414.9 | 2,165.6 | Provision for taxes | (56.8) | (84.8) | (157.1) | (240.4) | | Minority interest | (1.5) | (20.5) | (30.8) | (40.0) | Preferred dividends | -- | -- | -- | -- | | Net inc. (pre-exceptionals) | 452.7 | 658.4 | 1,227.1 | 1,885.3 | Post-tax exceptionals | -- |极 -- | -- | -- | | Net inc. (post-exceptionals) | 452.7 | 658.4 | 1,227.1 | 1,885.3 | EPS (basic, pre-except) (Rmb) | 极0.47 | 0.68 | 1.极27 | 1.95 | | EPS (diluted, pre-except) (Rmb极) | 0.47 | 0.68 | 1.27 | 1.95 | EPS (basic, post-except) (Rmb) | 0.47 | 0.68 | 1.27 | 1.95 | | EPS (diluted, post-except) (Rmb) | 0.47 | 0.68 | 1.27 | 1.95 | DPS (Rmb) | 0.15 | 0.22 | 0.42 | 0.64 | | Div. payout ratio (%) | 32.9 | 32.9 | 32.9 | 32.9 | Balance Sheet (Rmb mn) __________________________________ | | | | | | 12/24 | 12/25E | 12/26E | 12/27E | Cash & cash equivalents | 555.6 | 810.3 | 587.4 | 530.4 | | | Accounts receivable | 2,953.1 | 4,058.7 | 5,845.5 | 7,943.3 | Inventory | 884.4 | 1,330.2 | 2,084.6 | 2,977.5 | | Other current assets | 408.6 | 398.2 | 438.1 | 481.9 | Total current assets | 4,801.6 | 6,597.4 | 8,955.5 | 11,933.1 | | Net PP&E | 626.4 | 958.2 | 1,430.5 | 2,087.5 | Net intangibles | 237.5 | 227.0 | 216.5 | 206.0 | | Total investments | 0.0 | 0.0 | 0.0 | 0.0 | Other long-term assets | 348.9 | 385.3 | 482.7 | 614.6 | | Total assets | 6,014.4 | 8,167.极9 | 11,085.2 | 极14,841.2 | Accounts payable | 2,034.1 | 3,099.极0 | 4,856.5 | 6,936.8 | | Short-term debt | 342.2 | 822.6 | 822.6 | 822.6 | Short-term lease liabilities | -- | -- | -- | -- | | Other current liabilities | 329.5 | 251.1 | 326.4 | 424.3 | Total current liabilities | 2,705.8 | 4,172.7 | 6,005.5 | 8,183.7 | | Long-term debt | 291.7 | 407.9 | 407.9 | 407.9 | Long-term lease liabilities | -- | -- | -- | -- | | Other long-term liabilities | 极103.6 | 144.0 | 187.2 | 243.4 | Total long-term liabilities | 395.2 | 551.9 | 595.1 | 651.2 | | Total liabilities | 3,101.1 | 4,724.5 | 6,600.6 | 8,835.0 | Preferred shares | -- | -- | -- |

液冷技术 - 液冷技术利用液体作为传热介质，通过循环流动直接或间接带走数据中心发热器件（如CPU、GPU等）的热量 [1] - 不论是直接液冷或间接液冷，都需要使用冷却系统对液冷传热介质进行冷却换热降温，才能使系统稳定运行 [1] 磁悬浮冷水机组 - 磁悬浮冷水机组是效率较高的一种冷却系统，能够大幅降低数据中心运行能耗 [1]