2025‑11‑13 Market Activity and Company Developments
液冷服务器概念触发行业关注
During the afternoon trading session, the liquid‑cooling server concept experienced a moderate rebound. Shares of several companies linked to this technology surged, including Kehua Data Co. Ltd. (科华数据), which rose alongside peers such as Shengfeng Shares and Sichuan New Material.
A recent Morgan Stanley report highlighted that the cooling cost for the next‑generation Vera Rubin NVL144 platform will increase by 17%, reaching approximately $55,710 (≈ ¥400,000) per cabinet. The report also noted that the GB300 NVL72 system requires liquid‑cooling components valued at $49,860 (≈ ¥360,000), a 20% increase over the previous generation. These figures underscore the growing capital intensity of data‑center infrastructure and support the observed price momentum for companies involved in liquid‑cooling solutions.
Technical Indicators and Short‑Term Risks
The Shanghai Composite index closed at 4,017.94, a rise of 0.44%. In the same period, 74 A‑stock listings exhibited a 5‑day moving‑average crossover below the 10‑day moving average—a pattern often associated with short‑term selling pressure. While Kehua Data was not listed among the stocks with the largest divergence, the overall market context signals heightened volatility that could impact its share price.
Shareholder Structure and Governance Updates
- As of 2025‑11‑10, Kehua Data reported approximately 10.1 million A‑share shareholders, an increase of 3.06% from the previous reporting period.
- The company’s total A‑share capital stands at 515 million shares, with 455 million shares in circulation.
- Recent corporate governance changes include the abolition of the supervisory board and the strengthening of the audit committee, as outlined in the amended articles of association adopted on 2025‑11‑11. These measures aim to streamline decision‑making and enhance oversight.
Market Performance Summary
| Date | Closing Price (CNY) | Daily Change (%) | Turnover (CNY) |
|---|---|---|---|
| 2025‑11‑12 | 53.11 | –2.01 | 73.07 million |
| 2025‑11‑13 (mid‑day) | 54.20 | +1.92 | 127.33 billion (market‑wide) |
Note: The 2025‑11‑13 data reflects a partial daily recovery following the initial dip.
Strategic Implications
The combination of rising cooling costs, increased demand for high‑density server infrastructure, and Kehua Data’s positioning in data‑center power solutions suggests that the company is well‑placed to benefit from the ongoing shift toward advanced cooling technologies. However, short‑term market turbulence and intensified competition—evidenced by the liquidity‑driven sell‑off in the broader A‑share market—may exert downward pressure on the share price until the company’s long‑term value proposition is fully realized.
