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Do thermal makers’ orders and sales confirm the AI demand?热管理厂商的订单和销售印证 AI 需求了吗？

Four big thermal makers’ sales growth doubled to about 20% in Q3 2026.四家大型热管理厂商的销售增速在 2026 年第三季度翻倍至约 20%。

All four grew orders faster than sales; makers in mainland China and in Taiwan each grew sales about 53%.四家的订单增速都快于销售增速；中国大陆和台湾厂商的销售各增长约 53%。

Company results to Q3 2026 (Modine to 2026-06, its fiscal Q1 2027); Taiwan monthly revenue to 2026-09.公司业绩截至 2026 年第三季度（Modine 截至 2026-06，即其财年 Q1 2027）；台湾月营收截至 2026-09。

Sales growth of thermal makers by group, % year on year热管理厂商分组销售增速，同比 %
020406080100120140Q3'25Q4'25Q1'26Q2'26Q3'26Taiwan (monthly) +53%台湾（月度） +53%Mainland China +53%中国大陆 +53%North America, specialists +42%北美专业厂商 +42%North America, large makers +20%北美大型厂商 +20%
020406080100120140Q3'25Q4'25Q1'26Q2'26Q3'26
  • North America, large makers北美大型厂商: ：Vertiv, Johnson Controls, Carrier and TraneVertiv、江森自控、开利、Trane
  • North America, specialists北美专业厂商: ：Modine and nVentModine、nVent
  • Mainland China中国大陆: ：Envicool, Shenling, Goaland and Sugon Data Infrastructure英维克、申菱环境、高澜股份、曙光数创
  • Taiwan (monthly)台湾（月度）: ：AVC and Auras奇鋐、双鸿

Sales growth of thermal makers by group, % year on year热管理厂商分组销售增速，同比 %

Table表格

Group组别Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
North America, large makers北美大型厂商+3.5%+4.9%+8.4%+9.9%+20%
North America, specialists北美专业厂商+25%+37%+51%+42%○
Mainland China中国大陆○○+18%○+53%
Taiwan (monthly)台湾（月度）○+121%+108%+66%+53%

Sources来源

  1. Vertiv: quarterly resultsVertiv：季度业绩
  2. Johnson Controls: quarterly results江森自控：季度业绩
  3. Carrier: quarterly results开利：季度业绩
  4. Trane: quarterly resultsTrane：季度业绩
  5. Modine: quarterly resultsModine：季度业绩
  6. nVent: quarterly resultsnVent：季度业绩
  7. Envicool: quarterly results英维克：季度业绩
  8. Shenling: quarterly results申菱环境：季度业绩
  9. Goaland: quarterly results高澜股份：季度业绩
  10. Sugon Data Infrastructure: quarterly results曙光数创：季度业绩
  11. AVC: monthly revenue奇鋐：月营收
  12. Auras: monthly revenue双鸿：月营收

Method and notes方法和说明

Each group sums its companies’ sales in their reporting currency and compares the quarter with the same quarter a year earlier. A quarter is shown only when every company in the group reported it and its year-earlier quarter: Modine has not reported July to September 2026 yet (checked 1 November 2026), and the mainland China makers report single quarters only in their first- and third-quarter reports. Johnson Controls’ July to September quarter is its fiscal fourth quarter. Taiwan quarters are the sum of AVC’s and Auras’ monthly revenue (hollow points, dashed line). Mainland China has two comparable points (Q1 and Q3 2026), shown as dots.每组把各公司以报告货币计的销售额相加，与上一年同季度比较。只有组内每家公司都已公布该季度及上年同季度时才显示：Modine 尚未公布 2026 年 7–9 月（2026 年 11 月 1 日核查）；中国大陆厂商只在一季报和三季报中披露单季数字。江森自控的 7–9 月为其财年第四季度。台湾季度值为奇鋐与双鸿月营收之和（空心点、虚线）。中国大陆只有两个可比的季度（2026 年第一和第三季度），以点表示。

+20%

Combined sales of Vertiv, Johnson Controls, Carrier and Trane in Q3 2026 on a year earlier; +9.9% in Q2 2026Vertiv、江森自控、开利、Trane Q3 2026 合计销售同比；Q2 2026 为 +9.9%

Reported, company-wide报告口径，全公司VertivVertiv Johnson Controls江森自控 Carrier开利 TraneTrane
4 of 4 / 4

Large makers whose Q3 2026 order growth beat their sales growth: Vertiv over 100%, Johnson Controls 44%, Carrier ~35%, Trane 20%Q3 2026 订单增速高于销售增速的大型厂商：Vertiv 超过 100%，江森自控 44%，开利 约 35%，Trane 20%

Orders as each maker states (mostly organic)订单按各家口径（多为有机）VertivVertiv Johnson Controls江森自控 Carrier开利 TraneTrane
+53%

Combined sales of Envicool, Shenling, Goaland and Sugon Data Infrastructure in Q3 2026 on a year earlier; Taiwan’s AVC and Auras +53%英维克、申菱环境、高澜股份、曙光数创 Q3 2026 合计销售同比；台湾奇鋐与双鸿 +53%

Reported, company-wide报告口径，全公司Envicool英维克 Shenling申菱环境 Goaland高澜股份 Sugon Data Infrastructure曙光数创

What moved this quarter本季度的变化

Orders run ahead of sales订单跑在销售前面

Q3 2026 order growth against sales growth: Vertiv over 100% against +61%; Johnson Controls 44% against +10%; Carrier ~35% against +12%; Trane 20% against +18%. Carrier says its data-centre orders rose ~300%.Q3 2026 订单增速对比销售增速：Vertiv 超过 100%，销售 +61%；江森自控 44%，销售 +10%；开利 约 35%，销售 +12%；Trane 20%，销售 +18%。开利称其数据中心订单增长约 300%。

VertivVertiv over 100%超过 100%Johnson Controls江森自控 44%44%Carrier开利 ~35%约 35%TraneTrane 20%20%
Hollow: a lower bound ("over")空心：下限（"超过"）VertivVertiv Johnson Controls江森自控 Carrier开利 TraneTrane

Backlog: +37% since Q4 2025在手订单：自 Q4 2025 以来 +37%

Trane and Johnson Controls together held USD 35.5 bn of backlog at the end of Q3 2026, against 26.0 bn in Q4 2025, the first quarter of Johnson Controls’ restated backlog. Carrier reported a record backlog of more than USD 8.5 bn; Vertiv’s 2026 releases read here state no backlog figure.Trane 与江森自控 Q3 2026 末合计在手订单 355 亿美元，Q4 2025（江森自控重述在手订单口径后的第一个季度）为 260 亿美元。开利公布的在手订单创纪录，超过 85 亿美元；Vertiv 2026 年的业绩公告（已核查部分）未披露在手订单数字。

26.0Q4'2530.7Q1'2633.1Q2'2635.5Q3'26
USD bn at quarter end, reported季末十亿美元，报告口径TraneTrane Johnson Controls江森自控 Carrier开利

Fastest signal: Taiwan monthly revenue最快信号：台湾月营收

AVC and Auras, Taiwan-listed thermal-module makers, publish revenue every month. Their combined revenue in Q3 2026 was +53% on a year earlier, after +121%, +108%, +66% in the quarters before: still fast, but slowing.奇鋐与双鸿是台湾上市的散热模组厂商，每月公布营收。两家 Q3 2026 合计营收同比 +53%，之前几个季度依次为 +121%、+108%、+66%：仍然很快，但在放缓。

+121%Q4'25+108%Q1'26+66%Q2'26+53%Q3'26
Calculated from monthly revenue, % year on year由月营收计算，同比 %AVC奇鋐 Auras双鸿

Mainland China: three up, one down中国大陆：三家增长，一家下滑

Q3 2026 sales on a year earlier: Envicool +33%; Shenling +103%; Goaland +61%; Sugon Data Infrastructure -43%.Q3 2026 销售同比：英维克 +33%；申菱环境 +103%；高澜股份 +61%；曙光数创 -43%。

Envicool英维克 +33%Shenling申菱环境 +103%Goaland高澜股份 +61%Sugon Data Infrastructure曙光数创 -43%
CNY, reported人民币，报告口径Envicool英维克 Shenling申菱环境 Goaland高澜股份 Sugon Data Infrastructure曙光数创

Margins: up at Vertiv and Carrier, slightly down at Trane利润率：Vertiv 和开利上升，Trane 略降

Adjusted operating margin in Q3 2026 against a year earlier: Vertiv 25.2% against 22.3%; Carrier 17.4% against 14.8%; Trane 20.2% against 20.6%.Q3 2026 调整后营业利润率对比一年前：Vertiv 25.2%，一年前 22.3%；开利 17.4%，一年前 14.8%；Trane 20.2%，一年前 20.6%。

Vertiv Q3'25Vertiv Q3'25 22.3%Vertiv Q3'26Vertiv Q3'26 25.2%Carrier Q3'25开利 Q3'25 14.8%Carrier Q3'26开利 Q3'26 17.4%Trane Q3'25Trane Q3'25 20.6%Trane Q3'26Trane Q3'26 20.2%
Adjusted调整后VertivVertiv Carrier开利 TraneTrane
Growth relay: does the wave travel down the chain?增长接力：这波需求是否沿产业链传导？
020406080100120140Q3'25Q4'25Q1'26Q2'26Q3'26Hyperscaler capex +108%云巨头资本开支 +108%Taiwan monthly revenue +53%台湾月营收 +53%Orders (median of four) +40%订单（四家中位数） +40%Large makers’ sales +20%大型厂商销售 +20%

Growth relay: does the wave travel down the chain?增长接力：这波需求是否沿产业链传导？

Table表格

Signal信号Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Hyperscaler capex云巨头资本开支+65%+64%+80%+87%+108%
Orders (median of four)订单（四家中位数）+13%+39%+24%+37%+40%
Large makers’ sales大型厂商销售+3.5%+4.9%+8.4%+9.9%+20%
Taiwan monthly revenue台湾月营收○+121%+108%+66%+53%

Sources来源

  1. Hyperscaler capex: Microsoft, Alphabet, Amazon and Meta filings (see Outlook)云巨头资本开支：Microsoft、Alphabet、亚马逊和 Meta 的财报（见景气度页）
  2. VertivVertiv
  3. Johnson Controls江森自控
  4. Carrier开利
  5. TraneTrane
  6. AVC奇鋐
  7. Auras双鸿

Method and notes方法和说明

Year-on-year growth of each link, calculated from adopted figures; orders are the median of the four large makers’ stated growth (Vertiv’s "over 100%" counts as 100%, which does not change the median). Hyperscaler capex is collected to Q3 2026.各环节同比增速，由已采用数据计算；订单为四家大型厂商披露增速的中位数（Vertiv 的"超过 100%"按 100% 计，不影响中位数）。云巨头资本开支数据收集至 2026 年第三季度。

Go deeper继续深入

Database view: every value on this page数据库视图：本页使用的全部数值137 rows137 行
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Company公司Metric指标Period期间Period end期末Value数值Unit单位Basis口径Source来源
Auras双鸿monthly_revenue2024-102024-10-311,395,643thousand TWDreportedlink链接
Auras双鸿monthly_revenue2024-112024-11-301,370,207thousand TWDreportedlink链接
Auras双鸿monthly_revenue2024-122024-12-311,359,779thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-012025-01-311,372,849thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-022025-02-281,304,802thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-032025-03-311,736,460thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-042025-04-302,017,328thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-052025-05-311,620,073thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-062025-06-301,676,452thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-072025-07-311,737,663thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-082025-08-311,878,969thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-092025-09-302,340,447thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-102025-10-312,329,545thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-112025-11-302,443,608thousand TWDreportedlink链接
Auras双鸿monthly_revenue2025-122025-12-312,821,521thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-012026-01-313,041,929thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-022026-02-282,178,371thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-032026-03-313,329,237thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-042026-04-302,842,339thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-052026-05-313,138,892thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-062026-06-302,718,035thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-072026-07-313,765,466thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-082026-08-313,141,249thousand TWDreportedlink链接
Auras双鸿monthly_revenue2026-092026-09-302,884,061thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2024-102024-10-317,080,952thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2024-112024-11-307,192,067thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2024-122024-12-316,631,051thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-012025-01-316,801,065thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-022025-02-288,022,033thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-032025-03-318,509,853thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-042025-04-309,108,166thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-052025-05-319,880,100thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-062025-06-3010,606,243thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-072025-07-3111,811,435thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-082025-08-3112,622,156thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-092025-09-3014,503,309thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-102025-10-3116,451,489thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-112025-11-3017,382,240thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2025-122025-12-3113,941,273thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-012026-01-3117,003,457thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-022026-02-2814,017,320thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-032026-03-3118,017,169thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-042026-04-3015,631,449thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-052026-05-3115,871,396thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-062026-06-3017,618,119thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-072026-07-3118,590,152thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-082026-08-3119,481,068thousand TWDreportedlink链接
AVC奇鋐monthly_revenue2026-092026-09-3021,018,128thousand TWDreportedlink链接
Carrier开利adjusted_operating_marginQ3 20252025-09-3014.80percent adjustedlink链接
Carrier开利adjusted_operating_marginQ3 20262026-09-3017.40percent adjustedlink链接
Carrier开利backlogQ3 20262026-09-30> 8.50billion USDreportedlink链接
Carrier开利orders_growthQ3 20262026-09-3035percent organiclink链接
Carrier开利orders_growth (Data centers)Q3 20262026-09-30300percent link链接
Carrier开利revenueQ3 20242024-09-305,984million USDreportedlink链接
Carrier开利revenueQ4 20242024-12-315,148million USDreportedlink链接
Carrier开利revenueQ1 20252025-03-315,218million USDreportedlink链接
Carrier开利revenueQ2 20252025-06-306,113million USDreportedlink链接
Carrier开利revenueQ3 20252025-09-305,579million USDreportedlink链接
Carrier开利revenueQ4 20252025-12-314,837million USDreportedlink链接
Carrier开利revenueQ1 20262026-03-315,341million USDreportedlink链接
Carrier开利revenueQ2 20262026-06-306,351million USDreportedlink链接
Carrier开利revenueQ3 20262026-09-306,263million USDreportedlink链接
Envicool英维克revenueQ1 20252025-03-31932,585,781.26one CNYreportedlink链接
Envicool英维克revenueQ3 20252025-09-301,452,891,317.45one CNYreportedlink链接
Envicool英维克revenueQ1 20262026-03-311,175,329,313.61one CNYreportedlink链接
Envicool英维克revenueQ3 20262026-09-301,932,998,920.94one CNYreportedlink链接
Goaland高澜股份revenueQ1 20252025-03-31218,000,373.52one CNYreportedlink链接
Goaland高澜股份revenueQ3 20252025-09-30170,030,185.72one CNYreportedlink链接
Goaland高澜股份revenueQ1 20262026-03-31211,951,834.83one CNYreportedlink链接
Goaland高澜股份revenueQ3 20262026-09-30273,370,966.99one CNYreportedlink链接
Johnson Controls江森自控backlogQ1 20262025-12-3118.20billion USDreportedlink链接
Johnson Controls江森自控backlogQ2 20262026-03-3120billion USDreportedlink链接
Johnson Controls江森自控backlogQ3 20262026-06-3021billion USDreportedlink链接
Johnson Controls江森自控backlogQ4 20262026-09-3023billion USDreportedlink链接
Johnson Controls江森自控orders_growthQ4 20262026-09-3044percent organiclink链接
Johnson Controls江森自控revenueQ4 20242024-09-306,248million USDreportedlink链接
Johnson Controls江森自控revenueQ1 20252024-12-315,426million USDreportedlink链接
Johnson Controls江森自控revenueQ2 20252025-03-315,676million USDreportedlink链接
Johnson Controls江森自控revenueQ3 20252025-06-306,052million USDreportedlink链接
Johnson Controls江森自控revenueQ4 20252025-09-306,442million USDreportedlink链接
Johnson Controls江森自控revenueQ1 20262025-12-315,797million USDreportedlink链接
Johnson Controls江森自控revenueQ2 20262026-03-316,142million USDreportedlink链接
Johnson Controls江森自控revenueQ3 20262026-06-306,614million USDreportedlink链接
Johnson Controls江森自控revenueQ4 20262026-09-307,113million USDreportedlink链接
ModineModinerevenueQ2 20252024-09-30658million USDreportedlink链接
ModineModinerevenueQ3 20252024-12-31616.80million USDreportedlink链接
ModineModinerevenueQ4 20252025-03-31647.20million USDreportedlink链接
ModineModinerevenueQ1 20262025-06-30682.80million USDreportedlink链接
ModineModinerevenueQ2 20262025-09-30738.90million USDreportedlink链接
ModineModinerevenueQ3 20262025-12-31805million USDreportedlink链接
ModineModinerevenueQ4 20262026-03-31954.40million USDreportedlink链接
ModineModinerevenueQ1 20272026-06-30874.10million USDreportedlink链接
nVentnVentrevenueQ3 20242024-09-30782million USDreportedlink链接
nVentnVentrevenueQ4 20242024-12-31752.20million USDreportedlink链接
nVentnVentrevenueQ1 20252025-03-31809.30million USDreportedlink链接
nVentnVentrevenueQ2 20252025-06-30963.10million USDreportedlink链接
nVentnVentrevenueQ3 20252025-09-301,054million USDreportedlink链接
nVentnVentrevenueQ4 20252025-12-311,066.70million USDreportedlink链接
nVentnVentrevenueQ1 20262026-03-311,242million USDreportedlink链接
nVentnVentrevenueQ2 20262026-06-301,471.30million USDreportedlink链接
nVentnVentrevenueQ3 20262026-09-301,514.90million USDreportedlink链接
Shenling申菱环境revenue2025年第一季度2025-03-31628,483,116.38one CNYreportedlink链接
Shenling申菱环境revenue2025年第三季度2025-09-30825,422,476.67one CNYreportedlink链接
Shenling申菱环境revenueQ1 20262026-03-31617,158,503.38one CNYreportedlink链接
Shenling申菱环境revenueQ3 20262026-09-301,677,184,076.66one CNYreportedlink链接
Sugon Data Infrastructure曙光数创revenueQ1 20252025-03-3111,669,677.87one CNYreportedlink链接
Sugon Data Infrastructure曙光数创revenueQ3 20252025-09-30138,918,618.75one CNYreportedlink链接
Sugon Data Infrastructure曙光数创revenueQ1 20262026-03-31102,988,289.54one CNYreportedlink链接
Sugon Data Infrastructure曙光数创revenueQ3 20262026-09-3079,588,348.95one CNYreportedlink链接
TraneTraneadjusted_operating_marginQ3 20252025-09-3020.60percent adjustedlink链接
TraneTraneadjusted_operating_marginQ3 20262026-09-3020.20percent adjustedlink链接
TraneTranebacklogQ4 20252025-12-317.80billion USDreportedlink链接
TraneTranebacklogQ1 20262026-03-3110.70billion USDreportedlink链接
TraneTranebacklogQ2 20262026-06-3012.10billion USDreportedlink链接
TraneTranebacklogQ3 20262026-09-3012.50billion USDreportedlink链接
TraneTraneorders_growthQ3 20262026-09-3020percent organiclink链接
TraneTranerevenueQ3 20242024-09-305,441.20million USDreportedlink链接
TraneTranerevenueQ4 20242024-12-314,874million USDreportedlink链接
TraneTranerevenueQ1 20252025-03-314,688.50million USDreportedlink链接
TraneTranerevenueQ2 20252025-06-305,746.40million USDreportedlink链接
TraneTranerevenueQ3 20252025-09-305,742.50million USDreportedlink链接
TraneTranerevenueQ4 20252025-12-315,144.50million USDreportedlink链接
TraneTranerevenueQ1 20262026-03-314,969.40million USDreportedlink链接
TraneTranerevenueQ2 20262026-06-306,353.50million USDreportedlink链接
TraneTranerevenueQ3 20262026-09-306,759.70million USDreportedlink链接
VertivVertivadjusted_operating_marginQ3 20252025-09-3022.30percent adjustedlink链接
VertivVertivadjusted_operating_marginQ3 20262026-09-3025.20percent adjustedlink链接
VertivVertivorders_growthQ3 20262026-09-30> 100percent organiclink链接
VertivVertivrevenueQ3 20242024-09-302,073.50million USDreportedlink链接
VertivVertivrevenueQ4 20242024-12-312,346.40million USDreportedlink链接
VertivVertivrevenueQ1 20252025-03-312,036million USDreportedlink链接
VertivVertivrevenueQ2 20252025-06-302,638.10million USDreportedlink链接
VertivVertivrevenueQ3 20252025-09-302,675.80million USDreportedlink链接
VertivVertivrevenueQ4 20252025-12-312,880million USDreportedlink链接
VertivVertivrevenueQ1 20262026-03-312,649.50million USDreportedlink链接
VertivVertivrevenueQ2 20262026-06-303,274million USDreportedlink链接
VertivVertivrevenueQ3 20262026-09-304,313million USDreportedlink链接