敏实集团(00425)发布公告，于2026年1月21日，根据于2022年5月31日采纳的购股权计划行使购股权而 发行合共7.4万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 敏實集團有限公司 呈交日期： 2026年1月21日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) 00425 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | 已發行股份（不包括庫存股份）數 目 | | 佔 ...

每经AI快讯，敏实集团(00425.HK)涨超7%，截至发稿涨6.9%，报33.76港元，成交额1.4亿港元。 ...

Core Viewpoint - Minth Group (00425) has seen a stock increase of over 7%, currently trading at HKD 33.76 with a transaction volume of HKD 140 million, driven by developments in liquid cooling technology [1] Group 1: Company Developments - Nvidia announced the launch of the Rubin platform at CES, which will feature a power consumption exceeding 200KW per cabinet, utilizing a 100% liquid cooling solution [1] - Minth Group's liquid cooling products include immersion cooling cabinets, CDU, liquid cooling plates, and manifolds, positioning the company to benefit from the growing demand for server liquid cooling solutions [1] Group 2: Industry Trends - The increasing energy requirements and higher cabinet power density are driving rapid development in server liquid cooling, with Minth Group leveraging its technology reserves in battery boxes and liquid cooling plates, along with global production capacity and long-term partnerships with leading server manufacturers [1] - Minth Group has already secured orders from AI server manufacturers, with deliveries expected to commence by the end of 2025 [1]

Core Viewpoint - Minth Group (00425) shares rose over 7%, currently at HKD 33.76 with a trading volume of HKD 140 million, driven by developments in liquid cooling technology [1] Group 1: Company Developments - Nvidia launched the Rubin platform at CES, featuring a single cabinet power consumption exceeding 200KW, utilizing a 100% liquid cooling solution [1] - The Rubin liquid cooling solution shows significant enhancements in cold plates, CDU, and Manifold compared to the GB series [1] - The design of the Manifold in the Rubin architecture has been modified with larger pipe diameters and integrated valves and sensors to improve stability and reduce leakage risks, indicating a higher level of integration and intelligence [1] Group 2: Industry Trends - The demand for energy efficiency and increased cabinet power density is driving rapid development in server liquid cooling [1] - Minth Group is leveraging its technology reserves in battery boxes and liquid cooling plates, along with global production capacity and long-term partnerships with leading server manufacturers, to quickly penetrate the server liquid cooling market [1] - The company has secured orders from AI server manufacturers, with deliveries expected to commence by the end of 2025 [1]

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Core Viewpoint - The article discusses the strategic advantages of Serbia as a key location for Chinese automotive companies to expand into the European market, highlighting the benefits of local production to circumvent trade barriers and optimize logistics [5][9][70]. Group 1: Investment Opportunities - In recent years, Chinese tire companies have been establishing factories overseas, with notable investments in Serbia, which has become a strategic hub for the automotive industry [9][12]. - Linglong Tire's Serbian factory, with a total investment exceeding $1 billion, aims to produce 12 million passenger car tires annually, positioning it as a core hub for the European market [11][12]. - The investment from Minth Group in Serbia focuses on creating a localized supply chain for battery and body structure components, enhancing the operational efficiency of Chinese manufacturers in Europe [14][16]. Group 2: Economic Environment - Serbia's GDP growth has been stable at around 4%, with a significant reduction in unemployment rates, making it an attractive destination for foreign investment [47]. - The country has a favorable corporate tax rate of 15% and offers incentives such as tax exemptions for qualifying manufacturing and service enterprises, enhancing its appeal to investors [49]. - Despite a decline in overall foreign direct investment (FDI) in Serbia, investments from the Chinese automotive sector have surged from €830 million to €2.7 billion, indicating a shift in investment dynamics [43][44]. Group 3: Strategic Location and Infrastructure - Serbia's geographical position at the crossroads of Eastern and Western Europe provides a strategic advantage for logistics, supported by the ongoing development of the Hungary-Serbia railway, which significantly reduces transportation times [27][29]. - The country has established a comprehensive transportation network, including air and rail, facilitating efficient trade routes to major markets [25][30]. - The "Open Balkans" initiative allows for the free movement of labor and goods among member countries, addressing labor shortages and enhancing regional cooperation [57]. Group 4: Political Stability and Trade Agreements - Serbian President Aleksandar Vučić has maintained a flexible political stance, attracting foreign investment by fostering a stable economic environment and avoiding geopolitical alignments [31][33]. - Serbia's status as an EU candidate country with a network of free trade agreements provides Chinese companies with preferential access to European markets, allowing for tariff-free exports of automotive parts [35][37]. - The recent China-Serbia Free Trade Agreement aims to eliminate tariffs on 90% of trade items, further enhancing the competitiveness of Chinese automotive products in Europe [39][44]. Group 5: Labor Market and Cost Advantages - Serbia offers a competitive labor market with lower wage levels compared to neighboring countries, making it an attractive location for labor-intensive industries [52][53]. - The average monthly salary in Serbia is approximately €1,156, which remains significantly lower than in EU countries, providing cost advantages for manufacturing operations [52][53]. - The local government supports foreign enterprises by simplifying work visa processes, allowing for easier recruitment of skilled labor from neighboring regions [55][58].

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Xiaomi Group, Tencent Holdings, and China Construction Bank leading in net inflows, while the Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1] Group 1: Net Inflows - Xiaomi Group-W (01810) recorded a net inflow of 1.07 billion, representing a 16.36% increase in its closing price [2] - Tencent Holdings (00700) saw a net inflow of 863 million, with a 7.49% increase in its closing price [2] - China Construction Bank (00939) had a net inflow of 699 million, with a significant 41.06% increase in its closing price [2] Group 2: Net Outflows - Yingfu Fund (02800) experienced the largest net outflow of 6.289 billion, reflecting a -31.44% change in its closing price [2] - Hang Seng China Enterprises (02828) had a net outflow of 2.880 billion, with a -17.89% change in its closing price [2] - Southern Hang Seng Technology (03033) faced a net outflow of 1.289 billion, showing a -11.37% change in its closing price [2] Group 3: Net Inflow Ratios - 361 Degrees (01361) led with a net inflow ratio of 74.40%, with a net inflow of 8.9117 million [3] - BRILLIANCE CHI (01114) followed with a net inflow ratio of 64.04%, amounting to a net inflow of 36.4910 million [3] - Qin Port Co. (03369) had a net inflow ratio of 61.05%, with a net inflow of 846,600 [3] Group 4: Net Outflow Ratios - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -18,200 [3] - Stone Pharmaceutical Group (02005) recorded a net outflow ratio of -68.86%, with a net outflow of -14.1501 million [3] - Dexion Shipping (02510) experienced a net outflow ratio of -53.53%, with a net outflow of -10.0204 million [3]

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]