格隆汇7月31日｜A股市场CPO概念股集体走强，其中，汇绿生态、剑桥科技、长飞光纤涨停，联特科 技涨超9%，中际旭创涨超6%再创历史新高，锐捷网络、天孚通信、曙光数创涨超4%。 ...

格隆汇7月31日｜A股市场CPO概念股集体走强，其中，汇绿生态、剑桥科技、长飞光纤涨停，联特科 技涨超9%，中际旭创涨超6%再创历史新高，锐捷网络、天孚通信、曙光数创涨超4%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | | --- | --- | --- | --- | --- | | 001267 | 汇绿生态 | � | 10.02 | 113亿 | | 603083 | 剑桥科技 | 报 | 10.01 | 146亿 | | 601869 | 长飞乐红 | 부 | 10.00 | 405亿 | | 301205 | 联特科技 | | 9.55 | 136亿 | | 603773 | 沃格光电 | | 6.74 | 64.41亿 | | 300308 | 中际旭创 | 1 | 6.41 | 2490亿 | | 301165 | 锐捷网络 | 1 | 4.65 | 515亿 | | 300394 | 天孚通信 | 年 | 4.50 | 826亿 | | 872808 | 曙光数创 | 长 | 4.19 | 120亿 | | 600601 | 方正科技 | 资 | 3.48 | 261亿 | | ...

Core Insights - The 2025 Asia Data Center Summit and Exhibition in Hong Kong highlighted the importance of liquid cooling technology, with Shuguang Data's innovative solutions gaining significant attention [1][2] - The demand for computing power is increasing due to advancements in AI models and high-density computing, with global data center installed capacity reaching 46 GW in 2023 and expected to grow to 87 GW by 2027 [1][2] - Traditional air cooling methods are facing challenges in meeting the performance, energy efficiency, and reliability needs of future data centers, leading to a shift towards liquid cooling solutions [1][2] Industry Trends - Liquid cooling technology offers superior thermal conductivity compared to air cooling, enabling greater computing power deployment in the same space while significantly reducing energy consumption of auxiliary equipment [2] - The value of liquid cooling is evolving from merely efficient heat dissipation to becoming a strategic support for overall data center operations [2] - Despite its advantages, the implementation of liquid cooling faces challenges such as server selection mismatches, lack of industry standards, and conflicts with traditional HVAC concepts [2] Company Developments - Shuguang Data has established a comprehensive one-stop delivery system that covers the entire lifecycle of liquid cooling data centers, addressing challenges from planning and design to operation and maintenance [2] - The company has developed the SLiquid intelligent operation and maintenance platform, transitioning from manual operations to intelligent monitoring, enhancing system stability and management efficiency [2] - With over a decade of experience in liquid cooling technology, Shuguang Data has positioned itself as a leader in the field, moving from concept validation to large-scale application [3]

Core Insights - The establishment of policies such as "Zhong Te Gu" and "Merger Six Guidelines" has heightened market attention on the movements of central and local state-owned enterprises (SOEs) in the secondary market [1][10] - As of June 23, 2025, there are 27 central and local SOEs listed on the Beijing Stock Exchange (BSE), accounting for approximately 10.11% of the total 267 listed companies [1][2] - The overall price-to-earnings (PE) ratio of these SOEs varies significantly, with 11 companies exceeding a PE ratio of 110, while 8 companies have a PE ratio below 50 [1][8] Group 1: Company Overview - Among the 27 listed companies, 6 are central SOEs and 21 are local SOEs, with a total market capitalization of approximately 771.54 billion yuan for local SOEs and 476.39 billion yuan for central SOEs [2][6] - Three central SOEs have entered the "100 billion market value club," namely Kai Fa Ke Ji, Shu Guang Shu Chuang, and Xing Tu Ce Kong [4][6] - The average market capitalization of local SOEs is about 36.74 billion yuan, which is approximately 42.66 billion yuan lower than the average market capitalization of central SOEs [6] Group 2: Financial Performance - From 2020 to 2024, the revenue of central and local SOEs listed on the BSE grew from 15.655 billion yuan to 22.195 billion yuan, with a compound annual growth rate (CAGR) of 9.12% [8] - The net profit attributable to shareholders increased from 1.861 billion yuan to 2.219 billion yuan during the same period, with a CAGR of 4.50% [8] - As of the first quarter of 2025, the revenue was approximately 5.048 billion yuan, reflecting a year-on-year growth of 9.43% [8] Group 3: Market Valuation and Recommendations - The market capitalization of the 27 listed SOEs is primarily concentrated in the 2 billion to 4 billion yuan and 4 billion to 6 billion yuan ranges [8] - The overall PE ratio for these companies is 56.20 times, indicating a potential undervaluation, especially for those with lower PE ratios [8][10] - Research institutions suggest that the current low valuation of central and local SOEs warrants attention, as these companies have the backing of substantial resources and capital from their major shareholders [10]

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Core Viewpoint - The article discusses the "liquid cooling as a service" concept introduced by Sugon Data Creation, addressing the challenges in selection, design, deployment, and operation of data centers [1] Group 1: Company Overview - Sugon Data Creation's Vice President and CTO, Zhang Peng, highlighted that the service system encompasses the entire process of liquid cooling systems from planning and design to operational management [1] - The implementation of the SLiquid intelligent operation platform enables a transition from "human control" to "intelligent control" in liquid cooling [1] Group 2: Industry Impact - By integrating standardization and customization, Sugon Data Creation significantly lowers the deployment threshold for liquid cooling, enhancing efficiency across the entire chain [1] - The company aims to provide a comprehensive and sustainable liquid cooling ecosystem support for intelligent computing centers [1]

Market Overview - The Shanghai Composite Index closed at 3384.82 points, below the five-day moving average, with a decline of 0.44% [1] - The total trading volume of A-shares reached 14,514.37 million yuan [1] Stocks Performance - A total of 219 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Huaguang Yuanhai with a deviation rate of 20.27% and a daily increase of 26.88% [1] - Shuguang Shuchuang with a deviation rate of 15.32% and a daily increase of 24.01% [1] - Haooubo with a deviation rate of 12.92% and a daily increase of 20.00% [1] - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Dongfang Precision, Zijin Bank, and Chuanheng Co., with minor deviation rates [1]

Market Overview - The Shanghai Composite Index closed at 3403.52 points, above the five-day moving average, with a slight increase of 0.11% [1] - The total trading volume of A-shares reached 808.39 billion yuan [1] Stocks Performance - A total of 253 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Shuguang Digital (14.08% deviation) - Sun Cable (8.01% deviation) - Suqian Liansheng (7.42% deviation) [1] Top Gainers - The top gainers today include: - Shuguang Digital: 22.27% increase, latest price at 61.87 yuan - Sun Cable: 10.00% increase, latest price at 6.82 yuan - Suqian Liansheng: 10.00% increase, latest price at 9.90 yuan [1] Additional Notable Stocks - Other stocks with notable performance: - Celery Medical: 9.97% increase, latest price at 13.46 yuan - Zhongke Shuguang: 10.00% increase, latest price at 68.09 yuan - Yuanwang Valley: 9.97% increase, latest price at 7.28 yuan [1]

Market Overview - On June 10, the three major stock indices opened mixed, with the Shanghai Composite Index rising by 0.07%, the Shenzhen Component Index falling by 0.02%, and the ChiNext Index declining by 0.16% [1] Guest Opinions - Guotai Junan Securities' investment advisor Wang Chen believes that the overall market risk is controllable, and a short-term upward trend is expected. A key upward breakthrough may require the activation of heavyweight sectors [2] - Dongfang Securities' investment advisor Ying Fang suggests that investors focus on specific sectors that have undergone sufficient adjustments, while also considering taking profits in sectors with long-term potential [2] - Jinyuan Securities' chief investment advisor Xu Chuanbao holds an optimistic view of the market, recommending that investors seize structural opportunities and select quality stocks for medium to long-term investment [2] Brokerage Insights - CITIC Securities reports a slight decline in export growth, with May's export growth rate dropping by 3.3 percentage points to 4.8%, slightly below market expectations. The report highlights strong export growth to non-US markets and the significant contribution of the semiconductor and automotive industries to exports [5][6] - Huatai Securities indicates that AI applications are expected to see rapid growth in areas where data processes are standardized and ROI is quantifiable. The commercialization of AI is accelerating, particularly in ToC scenarios like gaming and e-commerce, while ToB applications in marketing and sales are moving towards large-scale implementation [7]

Market Overview - On June 10, A-shares experienced a slight adjustment at the opening, followed by a rapid rise, with the Shanghai Composite Index maintaining a positive trend supported by bank stocks [1] - The Shenzhen Component and ChiNext Index turned negative as the market sentiment fluctuated, particularly with the weakening of pharmaceutical stocks [1] Stock Performance - The Shanghai Composite Index was at 3402.22, up 2.45 points (+0.07%), while the Shenzhen Component was at 10230.35, down 19.79 points (-0.19%) [2] - The ChiNext Index and other indices also showed slight declines, with the ChiNext Index at 2055.65, down 5.64 points (-0.27%) [2] Corporate Actions - A merger announcement was made between Haiguang Information and Zhongke Shuguang, with a share exchange ratio of 0.5525:1, leading to a trading halt and subsequent surge in Zhongke Shuguang's stock price, which hit the daily limit up of 10% [2][5] - Haiguang Information opened over 8% higher but later adjusted to a 5% increase [4] Real Estate Sector Movement - Multiple Hong Kong-listed property stocks surged, with New City Development rising over 7% [6] - Notable gains included China Properties up 20%, and several other companies like R&F Properties and Shimao Group increasing by over 6% [7][8] - New City Holdings is reportedly advancing a USD issuance plan, expected to be between USD 250 million and USD 300 million, which could signal a positive shift in the market for private real estate companies [8][9] Industry Outlook - Analysts suggest that successful overseas financing for private real estate firms could restore international capital market confidence, providing a lifeline for quality enterprises and aiding the transition from "protecting entities" to "stabilizing development" in the real estate sector [9]