连续5日或以上主力资金净流入个股排名 | 688390 | 固德威 | 5 | 2.27 | 5.09 | 7.77 | | --- | --- | --- | --- | --- | --- | | 688168 | 安博通 | 7 | 1.88 | 10.22 | 23.73 | | 688519 | 南亚新 | 6 | 1.77 | 7.10 | 1.63 | | | 材 | | | | | | 603606 | 东方电 | 7 | 1.68 | 4.52 | -1.56 | | | 缆 | | | | | | 300710 | 万隆光 电 | 7 | 1.67 | 6.52 | 21.99 | | 688433 | 华曙高 | 5 | 1.65 | 10.01 | 25.37 | | | 科 | | | | | | 301021 | 英诺激 | 5 | 1.54 | 7.03 | 9.78 | | | 光 | | | | | | 600585 | 海螺水 泥 | 5 | 1.43 | 4.99 | 3.04 | | 301155 | 海力风 电 | 6 | 1.41 | 5.71 | -0.50 | ...

截至9：35，卫星ETF（159206）上涨2.53%。成分股航天宏图涨超10%，臻镭科技，航天电子等个股跟涨。 从资金净流入方面来看，卫星ETF近7天获得连续资金净流入，最高单日获得7209.17万元净流入，合计"吸金"1.75亿元，日均净 流入达2500.54万元。 | 序号 | 代码 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | --- | --- | | 1 | 688066 | 航天宏图 | 27.79 | 10.81% | | 2 | 688270 | 臻镭科技 | 67.22 | 8.56% | | 3 | 600879 | 航天电子 | 11.79 | 7.57% | | ব | 688568 | 中科星图 | 43.10 | 6.84% | | 5 | 688776 | 国光电气 | 106.03 | 6.97% | | 6 | 688387 | 信科移动-U | 7.13 | 5.63% | | 7 | 600118 | 中国卫星 | 46.88 | 5.35% | | 8 | 002544 | 普天科技 | 28.65 | 4.45% | | g | 688 ...

7日的湘股表现较弱，147只个股只有62只上涨。华曙高科以9.66%领涨。 华曙高科的主营业务为工业级增材制造设备的研发、生产与销售，公司是国内工业级3D打印领航企 业，增材制造头部企业。2025年三季报，公司每股收益0.04元，归母净利润1455.81万元，净利润同比增 长率-66.76%。公司7日大涨，主要与近期一则消息有关，即深圳快造于近日完成股权变更，新增美团龙 珠、高瓴创投以及美团等机构股东，深圳快造为3D打印机品牌Snapmaker的工商主体。据介绍，深圳市 内3D打印品牌年营收基本都迈进了10亿元大关，且最近3年整个行业的复合增长都超过了30%。华曙高 科作为3D打印设备核心供应商，在高分子增材制造环节具备稀缺的系统化能力：一方面，依托Flight高 速激光烧结技术与突破赢创垄断的国产PA12材料体系，推动产品在消费场景落地；另一方面，公司自 研BuildStar与MakeStar软件平台，支持核心工艺参数灵活调节，实现从建模、控制到打印的全面数字 化，并提升开放性与兼容性。 另外，7日化工板块继续涨幅靠前。数据显示，黄磷指数近两周累计涨幅超过7%。氯化亚砜市场均价近 期大幅上涨8.61%，8月 ...

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].

Core Insights - Huashu High-Tech, established in 2009, is the only domestic company that integrates self-developed additive manufacturing industrial software and control systems, achieving industrialized mass production of SLM and SLS equipment [1] - The company specializes in the research, production, and sales of industrial-grade additive manufacturing equipment, providing metal and polymer additive manufacturing devices, as well as 3D printing materials and services [1] Financial Performance - For Q3 2025, Huashu High-Tech reported revenue of 398 million yuan, ranking 42nd in the industry, significantly lower than the top competitors, Juxing Technology and Zongshen Power, with revenues of 11.156 billion yuan and 9.583 billion yuan respectively [2] - The net profit for the same period was 14.5581 million yuan, ranking 39th in the industry, again trailing behind the leading companies [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 23.56%, an increase from 18.14% year-on-year, but still below the industry average of 38.24%, indicating relatively low debt pressure [3] - The gross profit margin for Q3 2025 was 41.50%, down from 47.93% year-on-year, yet higher than the industry average of 26.36%, reflecting strong profitability compared to peers [3] Executive Compensation - The chairman, Xu Xiaoshu, received a salary of 1.2621 million yuan in 2024, a decrease of 244,800 yuan from 2023 [4] - The general manager, Hou Peilin, earned 796,500 yuan in 2024, down 167,000 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.00% to 6,800, while the average number of shares held per shareholder decreased by 9.91% to 29,700 shares [5] - Notable changes among the top ten shareholders included a decrease in holdings by some funds and the entry of new shareholders [5] Market Position and Growth Potential - Huashu High-Tech is recognized as a leading player in the domestic industrial-grade 3D printing sector, with a compound annual growth rate of approximately 64.41% in net profit from 2019 to 2023 [6] - The global 3D printing market is projected to reach 115 billion USD by 2030, indicating significant growth potential for the company [6] - The company has established a comprehensive technical closed-loop system, enhancing its structural advantages, with overseas revenue accounting for 29.8% in 2024 [6] Analyst Ratings - Zhongtai Securities initiated coverage with a "Buy" rating, projecting net profits of 88 million yuan, 118 million yuan, and 167 million yuan for 2025 to 2027 [6] - CICC noted that the company's performance in the first half of 2025 was below expectations, leading to a downward revision of the 2025 net profit forecast by 67% to 87 million yuan [6]

Core Viewpoint - The company, Hunan Huashu High-Tech Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no significant omissions or misleading statements [2][3]. Financial Data Summary - The financial statements for the third quarter are not audited, indicating that the figures presented are preliminary and subject to change [3][7]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][4]. Non-Recurring Gains and Losses - The company has indicated that it recognizes non-recurring gains and losses, but specific amounts and details are not provided in the text [4][5]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific details are not disclosed [5][6]. Other Important Reminders - There are no additional important reminders regarding the company's operational situation during the reporting period [6].

Core Viewpoint - Huashu Gaoke (688433.SH) reported a total operating revenue of 398 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.43% [1] - The net profit attributable to shareholders decreased by 66.76% to 14.56 million yuan, with basic earnings per share at 0.0352 yuan [1] Financial Performance - Total operating revenue for the first three quarters reached 398 million yuan, marking a 15.43% increase compared to the previous year [1] - Net profit attributable to the parent company was 14.56 million yuan, showing a significant decline of 66.76% year-on-year [1] - Basic earnings per share stood at 0.0352 yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥158,782,469.60, representing a year-on-year increase of 34.70%[3] - The total profit for the period was ¥11,794,849.69, which is an increase of 2.69% compared to the same period last year[3] - The net profit attributable to shareholders was ¥10,049,621.05, showing a decrease of 7.79% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥4,311,017.60, down 64.54% from the previous year[3] - Total operating revenue for the first three quarters of 2025 reached CNY 398,139,644, an increase of 15.4% compared to CNY 344,907,322.53 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was CNY 14,558,050.57, a decrease of 66.8% compared to CNY 43,798,757.57 in the same period last year[21] - Basic earnings per share for the first three quarters of 2025 were CNY 0.0352, down from CNY 0.1059 in the previous year[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,587,627,105.80, an increase of 3.34% compared to the end of the previous year[4] - Total assets amounted to CNY 2,587,627,105.80, an increase from CNY 2,503,997,557.15 year-over-year[17] - Total liabilities increased to CNY 609,576,856.43, compared to CNY 560,301,581.99 in the previous year[17] - The company's equity attributable to shareholders reached CNY 1,978,050,249.37, up from CNY 1,943,695,975.16 year-over-year[17] Cash Flow - The cash flow from operating activities was negative at -¥22,914,582.48 for the year-to-date period, indicating a significant cash outflow[3] - Cash inflow from operating activities for the first three quarters of 2025 was $348.76 million, a slight increase from $340.16 million in the same period of 2024, representing a growth of approximately 1.8%[23] - The net cash flow from operating activities for the first three quarters of 2025 was -$22.91 million, an improvement compared to -$53.48 million in the first three quarters of 2024[23] - Cash inflow from investment activities increased significantly to $371.43 million in 2025 from $100.68 million in 2024, marking a growth of approximately 268.5%[24] - The net cash flow from investment activities for the first three quarters of 2025 was -$234.21 million, compared to -$190.07 million in the same period of 2024[24] - Cash outflow from financing activities decreased to $20.51 million in 2025 from $62.10 million in 2024, indicating a reduction of approximately 66.9%[24] - The total cash and cash equivalents at the end of the third quarter of 2025 stood at $590.80 million, down from $910.89 million at the end of the same period in 2024[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,800[12] - Hunan Meina Technology Co., Ltd. holds 40.07% of shares, totaling 165,963,600 shares[12] - Hunan Xingwang Construction Co., Ltd. holds 20.57% of shares, totaling 85,201,817 shares[12] Research and Development - Research and development expenses totaled ¥31,525,106.44, accounting for 19.85% of operating revenue, a decrease of 3.97 percentage points year-on-year[4] - Research and development expenses rose significantly to CNY 88,523,941.04, reflecting a 55.5% increase from CNY 56,951,926.49 in the previous year[20] Other Information - The company's cash and cash equivalents amount to ¥603,160,677.81 as of September 30, 2025, compared to ¥865,139,002.63 on December 31, 2024[15] - Total current assets are ¥1,693,430,287.13, slightly up from ¥1,690,144,152.75 in the previous period[15] - Inventory has increased to ¥430,789,628.99 from ¥360,446,794.01[15] - Accounts receivable rose to ¥331,419,848.61 from ¥275,183,407.46[15] - The company has no significant changes in major shareholders or their shareholding status due to margin trading[13] - The company has not reported any significant new strategies or market expansions in the current period[14] - There are no applicable audit opinions for the financial statements as they are unaudited[15] - Other comprehensive income after tax for the first three quarters of 2025 was CNY 962,751.30, down from CNY 2,229,917.53 in the same period last year[21] - The company received $1.43 million in investment income during the first three quarters of 2025, up from $0.68 million in 2024, reflecting a growth of approximately 110.5%[24] - The cash outflow for purchasing goods and services was $177.94 million in 2025, a decrease from $186.80 million in 2024, representing a decline of about 4.5%[23] - The company reported a cash inflow of $370 million from other investment activities in 2025, compared to $100 million in 2024, indicating a significant increase of 270%[24] - The impact of exchange rate changes on cash and cash equivalents was a positive $3.33 million in 2025, compared to a negligible $0.01 million in 2024[24]

Core Viewpoint - The company reported a revenue of 159 million yuan in the third quarter, marking a year-on-year increase of 34.70%, while net profit decreased by 7.79% to 10.05 million yuan [1] Financial Performance - Third quarter revenue reached 159 million yuan, up 34.70% year-on-year [1] - Net profit for the third quarter was 10.05 million yuan, down 7.79% compared to the previous year [1] - Year-to-date revenue for the first three quarters was 398 million yuan, reflecting a year-on-year growth of 15.43% [1] - Net profit for the first three quarters was 14.56 million yuan, showing a significant decline of 66.76% year-on-year [1]

Group 1 - The core viewpoint of the news is that Huasu High-Tech has seen a continuous increase in stock price, reflecting positive market sentiment and potential investment opportunities [1][2] - Huasu High-Tech's stock price rose by 1.79% to 51.81 CNY per share, with a total market capitalization of 21.458 billion CNY and a trading volume of 1.97 billion CNY, indicating strong investor interest [1] - The company specializes in the research, production, and sales of industrial-grade additive manufacturing equipment, focusing on metal (SLM) and polymer (SLS) additive manufacturing devices, along with 3D printing materials and services [1] Group 2 - According to data, Ping An Fund has a significant holding in Huasu High-Tech, with its Ping An Advanced Manufacturing Theme Stock Fund increasing its stake by 141,200 shares, now holding a total of 1.2439 million shares, representing 3.22% of the fund's net value [2] - The Ping An Advanced Manufacturing Theme Stock Fund has achieved a year-to-date return of 84.76% and a one-year return of 102.26%, ranking 50th out of 4,218 funds and 8th out of 3,878 funds respectively [2] - The fund manager, Zhang Yinxian, has a tenure of 2 years and 6 days, with the fund's total asset size at 2.388 billion CNY, showcasing strong performance during his management period [2]