$Sanhua Intelligent Controls.HK The familiar label is "Tesla's thermal management supplier," but I think its story has changed now—management clearly disclosed in April: data center cooling revenue in 2025 is about 2 billion RMB (6% of total revenue), with a target growth of 50% to 100% in 2026. This is the key track. It has been doing Tesla thermal management for years, and the market has long priced that in; robot actuators are a new story but not close enough; what can truly drive a valuation switch in 2026 is data center liquid cooling—it is already one of the few domestic manufacturers that can provide liquid cooling plates and overall thermal management solutions for hyperscalers like Alibaba, Tencent, ByteDance, and Meituan. AI computing power expansion directly pumps water into its order book. Schroders continues to increase holdings in the 30HKD range, corresponding to JP Morgan's target price lowered to 42HKD at the end of March, with about +40% upside remaining. My judgment: Sanhua's valuation switch is still in the middle stage, not an early discovery nor a late-stage bagholding, the 30HKD range is a relatively comfortable position. There are no particularly strong short-term catalysts, but the AI/data center exhibition season in June + semi-annual report preview window may see further action.