Group 1 - The company, Pltlite, has identified significant lightweighting and functional enhancement demands in sectors such as low-altitude economy, drones, and flying cars [2] - The company emphasizes the strong advantages of 3D printing for processing metal components, which aligns well with the identified market needs [2] - Ongoing efforts are being made to advance related work, with a commitment to continuously monitor industry trends and technological development opportunities [2]

Core Viewpoint - The company, Plater, announced on November 14 that it has printed the core components of the "Honglong No. 1," the world's first 100-ton hybrid cycle liquid oxygen kerosene rocket engine, developed by Shaanxi Tianhui Aerospace Technology Co., Ltd. [1] Company Summary - Plater has engaged in a significant technological advancement by collaborating with Shaanxi Tianhui Aerospace Technology to produce a groundbreaking rocket engine [1] - The "Honglong No. 1" engine represents a notable achievement in the aerospace industry, potentially positioning the company as a key player in the space technology sector [1] Industry Summary - The development of the "Honglong No. 1" engine highlights the growing capabilities and innovations within the aerospace industry, particularly in the area of hybrid rocket engines [1] - This advancement may lead to increased competition and investment opportunities in the aerospace sector, as companies strive to develop more efficient and powerful propulsion systems [1]

Core Viewpoint - The stock of Plater Technology has shown significant growth this year, with a year-to-date increase of 92.91%, indicating strong market performance and investor interest [1][2]. Company Overview - Plater Technology, established on July 6, 2011, and listed on July 22, 2019, specializes in providing comprehensive solutions for metal additive manufacturing (3D printing) and remanufacturing technology [1]. - The company's revenue composition includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment, parts, and technical services, and 8.78% from 3D printing raw materials [1]. Financial Performance - For the period from January to September 2025, Plater Technology achieved a revenue of 1.161 billion yuan, representing a year-on-year growth of 46.47%, and a net profit attributable to shareholders of 156 million yuan, reflecting a substantial increase of 234.83% [2]. - The company has distributed a total of 82.67 million yuan in dividends since its A-share listing, with 66.51 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Plater Technology increased by 19.49% to 15,700, while the average number of circulating shares per person decreased by 15.52% to 17,462 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant, holding 4.1088 million shares [3].

Core Insights - Platinum Technology (688333) has announced an international patent application for "Aluminum Alloy Materials for Additive Manufacturing and Their Preparation Methods" with application number PCT/CN2025/091470, published internationally on November 6, 2025 [1] Group 1: Patent Information - The patent application is part of the company's ongoing innovation efforts in the field of additive manufacturing [1] - This year, Platinum Technology has filed two international patent applications, maintaining the same level as the previous year [4] Group 2: R&D Investment - In the first half of 2025, the company invested 125 million yuan in research and development, representing a year-on-year increase of 16.14% [4]

Group 1 - The core point of the news is the significant increase in the stock price of Plater Technology, which rose by 5.02% to 75.88 CNY per share, with a trading volume of 429 million CNY and a turnover rate of 2.13%, resulting in a total market capitalization of 20.816 billion CNY [1] - Plater Technology, established on July 6, 2011, and listed on July 22, 2019, specializes in providing comprehensive solutions for metal additive manufacturing (3D printing) and remanufacturing technology [1] - The company's main business revenue composition includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment, accessories, and technical services, and 8.78% from 3D printing raw materials [1] Group 2 - From the perspective of major fund holdings, one fund under Great Wall Fund has a significant position in Plater Technology, with Great Wall Jiujia Innovation Growth Mixed A (004666) holding 2.2 million shares, accounting for 5.37% of the fund's net value, making it the seventh-largest holding [2] - The estimated floating profit from this position is approximately 7.986 million CNY [2] - Great Wall Jiujia Innovation Growth Mixed A (004666) was established on July 5, 2017, with a latest scale of 1.974 billion CNY, and has achieved a year-to-date return of 28.57%, ranking 3318 out of 8148 in its category [2]

Group 1 - The core transaction on November 5 involved a block trade of 69,300 shares of Platinum Technology at a price of 72.20 yuan, totaling 5.0035 million yuan [2][3] - The buyer was China International Capital Corporation's Jianyang Financial Street Securities Branch, while the seller was China International Financial Co., Ltd.'s Beijing Jianguomen Outer Street Securities Branch [2][3] - In the last three months, the stock has seen a total of two block trades, with a cumulative transaction amount of 11.9225 million yuan [2] Group 2 - The closing price of Platinum Technology on the same day was 72.20 yuan, reflecting a decrease of 1.77%, with a turnover rate of 1.65% and a total trading volume of 328 million yuan [2] - Over the past five days, the stock has declined by 7.55%, with a net outflow of funds totaling 21.9432 million yuan [2] - The latest margin financing balance for the stock is 1.258 billion yuan, showing a decrease of 7.4732 million yuan, or 0.59%, over the past five days [3]

Core Insights - A total of 13 stocks from the STAR Market experienced block trading on November 5, with a cumulative transaction amount of 476 million yuan [1][2] Group 1: Trading Overview - On November 5, there were 26 block trades involving 641.80 million shares, totaling 476 million yuan [1] - The stock with the highest transaction amount was Zhongwei Company, with 3 block trades totaling 1.02 million shares and 275 million yuan [1] - Other notable stocks in terms of transaction amounts included Hongwei Technology and Jingwei Hengrun, with block trading amounts of 57.62 million yuan and 31.30 million yuan, respectively [1] Group 2: Price and Discount Analysis - The stocks with the highest discount rates relative to their closing prices included Jingwei Hengrun, Galun Electronics, and Yaokang Biology, with discount rates of 15.89%, 14.02%, and 9.03% respectively [1] - The average increase for STAR Market stocks involved in block trading was 0.75%, with 256 stocks rising, accounting for 43.32% of the total [1] Group 3: Fund Flow Analysis - Among the stocks that experienced block trading, 7 stocks saw net inflows of main funds, with the highest inflows in Nanya New Materials, Zhongwei Company, and XGIMI Technology, amounting to 75.38 million yuan, 64.01 million yuan, and 28.85 million yuan respectively [2] - Conversely, stocks with the highest net outflows included Plitec, Jingwei Hengrun, and Galun Electronics, with outflows of 26.20 million yuan, 18.74 million yuan, and 10.38 million yuan respectively [2]

Group 1 - The stock of Platinum Technology (铂力特) closed down by 1.77% on November 5, with a closing price of 72.20 yuan [1] - A block trade occurred with a total volume of 69,300 shares and a transaction amount of 5.0035 million yuan, with a premium rate of 0.00% [1] - The buyer was from China Zhongjin Wealth Securities Co., Ltd., and the seller was from China International Capital Corporation [1] Group 2 - In the last three months, the stock has recorded two block trades with a total transaction amount of 11.9225 million yuan [1] - Over the past five trading days, the stock has declined by 7.55%, with a total net outflow of 24.0626 million yuan from main funds [1]

Company Overview - Xi'an Plater Technology Co., Ltd. was established on July 6, 2011, and went public on July 22, 2019. The company specializes in providing comprehensive solutions for metal additive manufacturing (3D printing) and remanufacturing technology [2] - The main revenue composition includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment, accessories, and technical services, and 8.78% from 3D printing raw materials [2] - The company is classified under the machinery equipment sector, specifically in general equipment, and is involved in concepts such as 3D printing, satellite navigation, robotics, Beidou navigation, and consumer electronics [2] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.161 billion yuan, representing a year-on-year growth of 46.47%. The net profit attributable to shareholders was 156 million yuan, showing a significant increase of 234.83% [2] - Since its A-share listing, the company has distributed a total of 82.67 million yuan in dividends, with 66.51 million yuan distributed over the past three years [3] Stock Market Activity - As of November 4, the company's stock price decreased by 2.00%, trading at 73.50 yuan per share, with a total market capitalization of 20.163 billion yuan [1] - The stock has seen an increase of 86.93% year-to-date, with a 1.27% rise over the last five trading days, a 3.12% decline over the last 20 days, and a 16.95% increase over the last 60 days [1] - The company has appeared on the daily trading leaderboard three times this year, with the most recent occurrence on July 3, where it recorded a net purchase of 53.126 million yuan [1]

Investment Rating - The report suggests that cold plate liquid cooling is expected to become the mainstream cooling solution for data centers, with significant potential in 3D printing for liquid cooling plate manufacturing [5]. Core Insights - Cold plate liquid cooling is anticipated to dominate the data center cooling market due to its higher efficiency compared to traditional air cooling, especially as GPU power design continues to increase [1][12]. - The liquid cooling market in China is projected to grow significantly, reaching 184 billion yuan in 2024 and 1.3 trillion yuan by 2029, with a compound annual growth rate (CAGR) of 48% [20][22]. - 3D printing technology is identified as the optimal manufacturing route for liquid cooling plates, offering advantages such as design freedom and cost-effectiveness compared to traditional machining methods [2][54]. - Microchannel liquid cooling plates are becoming a new trend, with 3D printing further enhancing their performance by allowing for complex designs that improve heat dissipation [3][66]. - The report highlights the challenges and breakthroughs in 3D printing of copper materials, which are crucial for effective heat transfer in liquid cooling applications [4][80]. Summary by Sections 1. Cold Plate Liquid Cooling as a Mainstream Solution - The cooling process in data centers can be categorized into air cooling and liquid cooling, with liquid cooling being more efficient due to its higher heat transfer capabilities [12][18]. - Cold plate liquid cooling, as an indirect cooling method, does not require direct contact with liquids, making it more operationally feasible and widely applicable [28][33]. 2. 3D Printing as the Optimal Manufacturing Technology - 3D printing offers unique advantages over traditional machining, such as the ability to create complex geometries and reduce production costs [2][54]. - The technology allows for continuous optimization of flow channel designs, which significantly impacts the cooling performance of liquid cooling plates [60][64]. 3. Emerging Trends in Microchannel Liquid Cooling - Microchannel liquid cooling plates are defined by their small channel diameters, which enhance heat transfer efficiency, and 3D printing is expected to play a crucial role in their production [3][67]. - The report notes that traditional manufacturing methods face limitations in producing microchannel structures, making 3D printing a more viable option [71][79]. 4. Investment Recommendations - The report recommends focusing on companies with strong technological capabilities in metal 3D printing, particularly those specializing in copper 3D printing [5][97]. - Specific companies highlighted include Nanfeng Co., Ltd., Plitec, and Huazhu High-Tech, which are actively engaged in the development and production of 3D printed liquid cooling plates [97].