Core Viewpoint - The company announced that its wholly-owned subsidiary, Guangzhou Shisheng Intelligent Technology Co., Ltd., has received a patent certificate from the National Intellectual Property Administration for an invention related to home device networking methods and systems based on dynamic programming algorithms [1] Group 1 - The patent is titled "Home Device Networking Method and System Based on Dynamic Programming Algorithm" [1]

Core Viewpoint - Wuxi Fangsheng Heat Exchanger Co., Ltd. (stock code: 920662.BJ) confirmed its ongoing collaboration with VeChain Technology, primarily in the fields of wind power, data centers, and hydrogen energy, but stated that it has not supplied products to NVIDIA as of now [1][1][1] Company Overview - Fangsheng was established on January 16, 2007, and went public on the Beijing Stock Exchange on November 28, 2022 [1] - The company specializes in the research, design, production, and sales of heat exchangers and heat exchange systems, serving clients globally across various sectors including engineering machinery, new energy systems, and rail transportation [1][1] Industry Context - VeChain Technology is identified as a direct supplier of NVIDIA's artificial intelligence computing liquid cooling products, indicating a significant relationship within the tech and cooling solutions industry [1]

11月4日，"资本'锡'引力科创新高地"首届无锡上市公司投资者集体接待日活动圆满举行。在活动中， 方盛股份作为换热器领域的重要企业，受到投资者广泛关注。公司董事长丁云龙表示，在国家"双碳"目 标背景下，换热器应用领域不断拓展，特别是在新能源、数据中心等新兴领域需求呈现高速增长态势， 行业前景广阔。 据公司透露，方盛股份前三季度在数据中心领域出货量保持了较快增长势头，展现出在新兴领域的良好 发展潜力。同时，公司募投项目进展顺利，预计2025年底达到预定可使用状态，全面达产后可实现约 4.6亿元年产值，为公司未来发展奠定坚实基础。 ...

证券代码：832662 证券简称：方盛股份 公告编号：2025-105 无锡方盛换热器股份有限公司 关于使用自有资金购买理财产品的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权委托理财情况 2、披露标准：根据《北京证券交易所股票上市规则》中相关规定，交易的 成交金额占上市公司最近一期经审计净资产的 10%以上且超过 1000 万元的应 当予以披露；上市公司连续 12 个月滚动发生理财的，以该期间最高余额为成交 额，适用上述标准。截至 2025 年 9 月 30 日，公司自有资金购买的理财产品未到 期余额为 3,000.00 万元（含本次已购买理财），达到上述披露标准，现予以披 露。 二、 本次委托理财情况 | | | | 受托方 | 产品类 | 产品名称 | 产品金 额（万 | 预计年 化收益 | 产品期 | 收益 | 投资方 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 型 | | | ...

Group 1: Industry Overview - The computing power industry is categorized into three main types: basic computing power, intelligent computing power, and supercomputing power, with intelligent computing power seeing rapid demand growth due to AI applications [12][15][19] - The computing power industry chain includes upstream hardware production (chips, devices, energy), midstream integration and delivery (data centers), and downstream applications across various sectors such as finance and AI [13][18] Group 2: Growth of Computing Power in China - China's intelligent computing power is projected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, with a compound annual growth rate (CAGR) of 46.2% from 2023 to 2028 [19][20] - General computing power in China is expected to reach 85.8 EFLOPS by 2025 and 140.1 EFLOPS by 2028, with a CAGR of 18.8% during the same period [20] Group 3: Increasing Demand for Computing Hardware - The CPU market in China is estimated to grow from approximately 216.03 billion yuan in 2024 to 248.4 billion yuan in 2025, reflecting a year-on-year growth of 6.47% [23][24] - The GPU market is projected to increase from about 107.3 billion yuan in 2024 to 120 billion yuan in 2025, with a significant year-on-year growth of 32.96% [26][29] - The server market is expected to grow from approximately 249.21 billion yuan in 2024 to 282.35 billion yuan in 2025, showing a year-on-year increase of 41.25% [35][37] Group 4: Liquid Cooling Market Development - The IT energy consumption of AI data centers is projected to reach 77.7 TWh in 2025, doubling from 2023, and is expected to grow to 146.2 TWh by 2027, with a CAGR of 44.8% from 2022 to 2027 [36] - By 2028, it is anticipated that 60% of data centers will adopt innovative solutions such as microgrids and liquid cooling systems to address energy constraints and sustainability [36] Group 5: Company Profiles - Fangsheng Co., Ltd. focuses on the research, design, production, and sales of heat exchangers and systems, with its revenue composition in the first half of 2025 being 68.57% from plate heat exchangers and 28.45% from heat systems [42][44] - Wanyuantong Co., Ltd. specializes in the research, production, and sales of printed circuit boards, with its revenue composition in the first half of 2025 being 43.54% from multilayer boards, 29.70% from double-sided boards, and 18.72% from single-sided boards [55][57] Group 6: Financial Performance of Companies - In 2024, Fangsheng Co., Ltd. achieved a revenue of 347 million yuan, a year-on-year increase of 1.10%, while in the first half of 2025, it reported a revenue of 180 million yuan, up 15.41% [48] - Wanyuantong Co., Ltd. reported a revenue of 1.043 billion yuan in 2024, a year-on-year increase of 5.96%, and 541 million yuan in the first half of 2025, reflecting a growth of 16.40% [60]

证券代码：832662 证券简称：方盛股份 公告编号：2025-104 一、 授权现金管理情况 （一）现金管理的审议情况 为提高闲置募集资金使用效率，公司于 2024 年 12 月 17 日召开第四届董事 会第七次会议、第四届监事会第七次会议，审议通过了《关于使用闲置募集资金 进行现金管理的议案》，公司拟使用不超过人民币 4,000.00 万元的闲置募集资 金进行现金管理，择机购买流动性好的结构性存款、大额存单、通知存款等能够 保障投资本金安全的产品。在前述额度内，资金可以循环滚动使用，任意时点进 行现金管理的募集资金金额不超过 4,000.00 万元，拟投资的产品期限最长不超 过 12 个月。本次使用闲置募集资金进行现金管理事宜自公司董事会审议通过之 日起 12 个月内有效。 具体内容详见公司在北京证券交易所信息披露平台（http://www.bse.cn/） 披露的《关于使用闲置募集资金进行现金管理的公告》（公告编号：2024-100）。 公司保荐机构华英证券有限责任公司出具了无异议的核查意见。 二、 本次现金管理情况 （一） 本次现金管理的基本情况 | 称 | 型 | 产品名称 | 元） | | 期限 ...

Core Viewpoint - Fangsheng Co., Ltd. (832662) experienced a decline of 5.66% today, with a turnover rate of 25.19% and a transaction volume of 226 million yuan, indicating significant trading activity and potential volatility in the stock [2] Trading Activity - The stock was listed on the Longhu list due to its daily turnover rate reaching 25.19%, with institutional net selling amounting to 3.58 million yuan [2] - The top five trading departments on the Longhu list had a total transaction volume of 46.90 million yuan, with buying amounting to 18.86 million yuan and selling at 28.04 million yuan, resulting in a net selling of 9.19 million yuan [2] - Among the trading departments, two institutional special seats were involved, with a total buying amount of 2.69 million yuan and selling amount of 6.28 million yuan, leading to a net selling of 3.58 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the Longhu list 26 times, with an average price increase of 1.31% the day after being listed and an average increase of 5.84% in the following five days [2]

Group 1 - Fangsheng Co., Ltd. (832662) experienced a significant increase of 10.64% in stock price, with a turnover rate of 39.37% and a total transaction amount of 369 million yuan, indicating high trading activity [2] - Institutional investors net bought 4.11 million yuan worth of shares, while brokerage seats collectively net sold 8.01 million yuan [2] - The stock has appeared on the "Dragon and Tiger List" 25 times in the past six months, with an average price increase of 1.60% the day after being listed and an average increase of 6.32% over the following five days [2] Group 2 - The top five trading departments accounted for a total transaction amount of 88.44 million yuan, with a buying amount of 42.27 million yuan and a selling amount of 46.17 million yuan, resulting in a net selling of 3.89 million yuan [2] - The leading buying department was Huaxi Securities, which purchased 17.23 million yuan worth of shares, while the top selling department was Guoxin Securities, which sold 11.63 million yuan [2] - The data indicates a strong interest from institutional investors, as one specialized institutional seat was involved in significant buying activity [2]

Group 1 - Fangsheng Co., Ltd. (832662) was listed on the Longhu list on September 11, 2025, with a closing price of 38.17 yuan [1] - The stock had a turnover rate of 39.37%, with a trading volume of 9.678 million shares and a transaction amount of 369 million yuan [1] - The top buying seat was Huaxi Securities Co., Ltd. Beijing Guangqu Road Securities Business Department, which purchased 17.226 million yuan worth of shares [2] Group 2 - The top selling seat was Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, which sold shares worth 11.628 million yuan [2] - Other notable buying and selling activities included purchases from Caixin Securities and institutional investors, as well as significant sales from various securities firms [2]

Market Overview - On September 11, A-shares opened mixed with the Shanghai Composite Index up by 0.2%, Shenzhen Component Index up by 0.93%, and ChiNext Index up by 1.57% [2] - Sectors such as CPO, PCB, and pork showed significant gains [2] Liquid Cooling Server Sector - The liquid cooling server concept saw a continuous rise, with stocks like Yidong Electronics, Fangsheng Co., and Jiechuan Intelligent rising over 10% [3] - Notable performers included: - Fangsheng Co. at 39.76, up 15.25% - Jiechuan Intelligent at 30.84, up 15.16% - Yidong Electronics at 45.55, up 11.18% [4] Semiconductor Sector - The semiconductor sector experienced a rebound, with stocks like Saiwei Microelectronics hitting the daily limit and Haiguang Information rising over 10% [7] - Key stocks included: - Saiwei Microelectronics at 67.28, up 19.99% - Yuanjie Technology at 390.92, up 16.82% [8] - Other notable stocks included: - Haiguang Information at 205.22, up 11.51% - Dongxin Co. at 97.33, up 8.83% [9]