Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

南华期货白糖产业周报 ——还有新低吗？ 边舒扬（投资咨询资格证号：Z0012647） 交易咨询业务资格：证监许可【2011】1290号 2025年12月7日 第一章 核心矛盾及策略建议 1.1 核心矛盾 我们认为市场交易的重点来自于海内外的供求差异问题 ，这也是当前内强外弱格局存在的原因所在。当 前影响白糖价走势的核心矛盾有以下几点： 1、国内01合约最终如何定价？上周01合约重新下挫，盘面一度逼近5300，南方蔗区的集中开榨还是对于盘 面造成不小的压力，现货价格近期也出现明显的降价，目前现货仍对盘面有所升水的情况下，最终可能还会 出现一波共振下跌，可能会达到我们在季度报告给出的区间下沿。 2、国际市场是否仍会创新低？上周国际原糖价格从15.2美分之上开始回落，可以看到盘面打到巴西出口成本 线再度沦陷，彰显出全球过剩的压力，下周原糖重新下跌的可能性变大。 中国巴西糖进口量 source： 海关总署,南华研究,同花顺 吨 2021 2022 2023 2024 2025 03/01 05/01 07/01 09/01 11/01 0 250,000 500,000 750,000 巴西中南部累计糖产量季节性 s ...

. ∗ 近端交易逻辑 南华期货锌产业周报 ——宏观基本面共振，矿端紧缺现实 傅小燕 （投资咨询证号：Z0002675） 交易咨询业务资格：证监许可【2011】1290号 2025年12月7日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周锌偏强震荡，当前锌市正处于宏观预期偏暖加上矿端供应收缩与消费淡季现实的博弈中。宏观层 面，美国11月"小非农"ADP数据不及预期，市场对美联储12月降息的押注显著提升，美元指数走弱为有色 板块提供了估值修复的窗口；国内方面，12月政治局会议召开在即，市场对于政策端"小作文"的博弈情绪 再度升温，整体氛围偏多。产业基本面最为核心的驱动依然在于供给端的剧烈收缩。11月国内矿端紧张局势 未缓解反而加剧，国产TC均价进一步下探至1850元/金属吨，进口TC跌至57.75美元/干吨，冶炼厂在利润倒 挂与原料短缺的双重挤压下，减产规模超预期，预计12月精炼锌产量将进一步滑落至57万吨左右。需求端虽 步入传统淡季，北方施工受阻，地产相关圆管订单下滑，但在供给端强力减量的对冲下，国内七地社会库存 录得去库，降至14.03万吨。综上，在供应瓶颈难以短期证伪的背景下，锌价下方支撑极强，整体维 ...

南华期货碳酸锂企业风险管理日报 2025年12月04日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 强支撑位：83000 | 58.4% | 88.9% | source： 同花顺,南华研究 锂电企业风险管理策略建议 | 行为导向 | | 情景分析 | 策略推荐 | 套保工具 | 操作建议 | 推荐套保比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 远月期货合约 | 买入 | 10% | | | 产成品价格无相 | 未来有生产电池材料的计划，担 | 为防止成本上涨，企业根据生产 | LC2605-P-83000 | 卖出 | 20% | | | 关性 | 心未来采购碳酸锂时价格上涨导 | 计划需买入对应生产计划的期货 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603063 证券简称：禾望电气 公告编号：2025-104 深圳市禾望电气股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，公司在回购股份期间，应当在每个月的前3个交易日内公告截至上月末的回购进展情况。现将公 司截至上月末回购股份的进展情况公告如下： 2025年11月，公司未进行股份回购。截至2025年11月30日，公司累计回购股份31,000股，占公司总股本 的比例为0.0068%，回购的最高价为33.50元/股、最低价为31.08元/股，累计支付的资金总额为人民币 999,770.00元（不含印花税、佣金等交易费用）。 本次回购符合法律法规及公司回购股份方案的有关规定。 三、其他事项 重要内容提示： ■ 一、回购股份的基本情况 2025年4月11日，深圳市禾望电气股份有限公司（以下简称 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-104 深圳市禾望电气股份有限公司 | 回购方案首次披露日 | 2025/4/12，由公司董事长韩玉先生提议 | | --- | --- | | 回购方案实施期限 | 年 月 年 月 日 2025 4 12 日~2026 4 11 | | 预计回购金额 | 1,000万元~2,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | 累计已回购股数 | □为维护公司价值及股东权益 31,000股 | | 累计已回购股数占总股本比例 | 0.0068% | | 累计已回购金额 | 99.9770万元 | | 实际回购价格区间 | 31.08元/股~33.50元/股 | 一、 回购股份的基本情况 2025 年 4 月 11 日，深圳市禾望电气股份有限公司（以下简称"公司"）召开 2025 年第一次临时董事会会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低于人 民币 1,000 万元（含），不超过人民币 2,000 万元（含），回购 ...

每经AI快讯，禾望电气12月1日晚间发布公告称，截至2025年11月30日，公司累计回购股份约3.1万股， 占公司总股本的比例为0.0068%，回购的最高价为33.5元/股、最低价为31.08元/股，累计支付的资金总 额为人民币约100万元。 （记者 王晓波） 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ ...

Core Points - The Shanghai Composite Index closed at 3914.01 points, above the annual line, with a gain of 0.65% [1] - The total trading volume of A-shares reached 1,889.449 billion yuan [1] - A total of 125 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks with high deviation rates include: - Guanghetong (300638) with a deviation rate of 19.10% and a daily increase of 20.01% [1] - Rongda Ganguang (300576) with a deviation rate of 10.16% and a daily increase of 17.86% [1] - Galaxy Electronics (002519) with a deviation rate of 8.67% and a daily increase of 9.92% [1] - Other stocks with lower deviation rates that just crossed the annual line include: - Suqian Liansheng, Tongyi Aerospace, and Honghui New Materials [1] Trading Data - The trading turnover rate for Guanghetong was 27.35% [1] - The trading turnover rate for Rongda Ganguang was 28.88% [1] - The trading turnover rate for Galaxy Electronics was 10.51% [1] Annual Line Data - The annual line price for Guanghetong is 27.19 yuan, with the latest price at 32.38 yuan [1] - The annual line price for Rongda Ganguang is 37.21 yuan, with the latest price at 40.99 yuan [1] - The annual line price for Galaxy Electronics is 5.20 yuan, with the latest price at 5.65 yuan [1]

Market Overview - As of 10:31 AM today, the Shanghai Composite Index is at 3897.11 points, above the annual line, with a change of 0.22% [1] - The total trading volume of A-shares today is 9264.91 billion [1] Stocks Breaking Annual Line - A total of 99 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Guanghetong (14.08%) - Youji Co., Ltd. (8.85%) - Galaxy Electronics (8.67%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Guanghetong: Today's change of 14.94%, turnover rate of 16.55%, annual line at 27.18, latest price at 31.01 [1] - Youji Co., Ltd.: Today's change of 13.79%, turnover rate of 4.72%, annual line at 22.51, latest price at 24.50 [1] - Galaxy Electronics: Today's change of 9.92%, turnover rate of 9.87%, annual line at 5.20, latest price at 5.65 [1] Additional Stocks with Performance Metrics - Other stocks with significant performance include: - Emei Mountain A: Change of 10.02%, turnover rate of 8.44%, annual line at 13.35, latest price at 14.16 [1] - Yuzhong Three Gorges A: Change of 6.05%, turnover rate of 4.95%, annual line at 7.47, latest price at 7.89 [1] - Guanjie Technology: Change of 6.46%, turnover rate of 1.93%, annual line at 2.67, latest price at 2.80 [1]

每经AI快讯，禾望电气（SH 603063，收盘价：29.85元）11月28日晚间发布公告称，公司第四届2025年 第七次董事会会议于2025年11月28日以通讯方式召开。会议审议了《关于调整第四届董事会专门委员会 委员的议案》等文件。 2024年1至12月份，禾望电气的营业收入构成为：新能源发电行业占比80.45%，其他占比17.78%，其他 业务占比1.76%。 截至发稿，禾望电气市值为137亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 王晓波） ...