Group 1 - The copper cable high-speed connection concept has shown strong fluctuations, with notable stock performances observed on August 13 [1] - Jin Tian Co., Ltd. reached the daily limit increase, while Shenglan Co., Ltd. and Dingdao Technology both rose over 10% [1] - Other companies such as Bo Wei Alloy and Changxin Bochuang also experienced significant gains, indicating a positive trend in the sector [1] Group 2 - The stock performance data shows Shenglan Co., Ltd. with a rise of 12.28% and Dingdao Technology with an increase of 11.05% [2] - Bo Wei Alloy and other companies like Xin Ya Electronics and Changxin Bochuang also reported gains, with increases around 10% [2] - The overall market sentiment appears to be favorable for companies involved in the copper cable high-speed connection sector [2]

Core Insights - The social security fund has disclosed its stock holdings for the second quarter, appearing in the top ten shareholders of six stocks on the Sci-Tech Innovation Board, with a total holding of 20.43 million shares valued at 1.063 billion yuan [1][2] Group 1: Stock Holdings - The social security fund increased its holdings in four stocks and maintained its position in one stock, while entering one new stock [1] - The stock with the highest holding ratio is Nanwei Medical, accounting for 4.89% of the circulating shares, followed by Zhongchumei at 3.45% [1] - The total market value of the holdings is led by Nanwei Medical at 620 million yuan, followed by Yingshi Network at 136.73 million yuan and Zhongchumei at 92.096 million yuan [1][2] Group 2: Performance Metrics - Among the stocks held by the social security fund, six reported year-on-year net profit growth in the first half of the year, with the highest growth seen in Rongzhi Rixin at 2063.42% [1] - The average increase in the share prices of the stocks held by the social security fund since July is 23.86%, with Dingtong Technology showing the highest cumulative increase of 63.30% [2] - Other notable stock performances include Nanwei Medical and Rongzhi Rixin, which increased by 41.88% and 19.35%, respectively [2]

东莞市鼎通精密科技股份有限公司 股东询价转让结果报告书暨持股 5%以上股东权益变动 触及 1%整数倍的提示性公告 东莞市鼎宏骏盛投资有限公司（以下简称"转让方"或"鼎宏骏盛"）保证向 东莞市鼎通精密科技股份有限公司（以下简称"鼎通科技"或"公司"）提供的信 息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和 完整性依法承担法律责任。本公司及董事会全体成员保证公告内容与信息披露义务 人提供的信息一致。 重要内容提示: 序号 股东名称 持股数量（股） 持股比例 本次询价转让的出让方鼎通科技为公司控股股东，为公司实际控制人、董事长、 总经理王成海控制的企业，为公司实际控制人的一致行动人。公司实际控制人王成 海、罗宏霞通过鼎宏骏盛间接持有公司股份。鼎宏骏盛及其一致行动人合计持股比 例超过总股本 5%。 证券代码：688668 证券简称：鼎通科技 公告编号：2025-039 （四）转让方未能转让的原因及影响 （二）转让方一致行动关系及具体情况说明 本次询价转让的转让方鼎宏骏盛、新余鼎宏新投资合伙企业（有限合伙）、新 余鼎为投资合伙企业（有限合伙）均系公司实际控制人、董事长、总经理王成海控 制的企业 ...

证券代码：688668 证券简称：鼎通科技 公告编号：2025-039 东莞市鼎通精密科技股份有限公司 股东询价转让结果报告书暨持股 5%以上股东权益变动 触及 1%整数倍的提示性公告 东莞市鼎宏骏盛投资有限公司（以下简称"转让方"或"鼎宏骏盛"）保证向 东莞市鼎通精密科技股份有限公司（以下简称"鼎通科技"或"公司"）提供的信 息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和 完整性依法承担法律责任。本公司及董事会全体成员保证公告内容与信息披露义务 人提供的信息一致。 重要内容提示: 一、转让方情况 （一）转让方基本情况 本次询价转让的价格为76.72元/股，转让的股票数量为4,176,000股。 公司控股股东、实际控制人、董事及高级管理人员参与本次询价转让。 本次权益变动为询价转让。本次转让不会导致公司控股股东、实际控制 人发生变化。 本次权益变动后，转让方鼎宏骏盛及其一致行动人持有公司股份比例由 49.66%减少至46.66%，持有公司权益比例变动触及 1%的整数倍。 本次询价转让的出让方鼎通科技为公司控股股东，为公司实际控制人、董事长、 总经理王成海控制的企业，为公司实际控制人的 ...

中信证券股份有限公司 关于东莞市鼎通精密科技股份有限公司 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"组织券商"）受委托担任东莞 市鼎宏骏盛投资有限公司（以下简称"转让方"）以向特定机构投资者询价转让（以下 简称"询价转让"）方式减持所持有的东莞市鼎通精密科技股份有限公司（以下简称"公 司"或"鼎通科技"）首次公开发行前已发行股份的组织券商。 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易所科创 板上市公司自律监管指引第 4 号——询价转让和配售（2025 年 3 月修订）》（以下简 称"《询价转让和配售指引》"）要求，本次询价转让的询价、转让过程与结果是否公 平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2025 年 7 月 31 日，转让方所持公司首发前股份的数量及占公司总股本比例情 况如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 东莞市鼎宏骏盛投资有限公司 | ...

Group 1 - The company has begun small-scale shipments of its liquid cooling products in Q2 and is preparing for mass production, expected to start by the end of this year or early 2026 [1] - In 2024, the company's revenue from communication connector components was 597 million, accounting for 57.89% of total revenue, while automotive connector components generated 266 million, making up 25.82% [1] - For the first half of 2025, the company reported a revenue of 785 million, a year-on-year increase of 73.51%, and a net profit attributable to shareholders of 115 million, up 134.06% [1] Group 2 - The rapid growth in demand for the company's I/O connectors, particularly the 112G series, has significantly contributed to revenue growth, with communication business accounting for 80% of total revenue in the first half of 2025 [2] - The company has established a strong customer base, including well-known enterprises such as Amphenol, Molex, TE Connectivity, BYD, and others, while expanding its sales team and marketing centers across the country [2] - The company has sufficient orders on hand and is experiencing strong customer demand [2] Group 3 - The company emphasizes the increasing need for cooling solutions due to rising communication speeds driven by AI advancements, positioning its liquid cooling products as the best solution for heat dissipation [3] - The liquid cooling products are primarily used for heat dissipation in connectors and optical module signal transmission interfaces, suitable for servers and data centers [3]

Core Viewpoint - Liquid cooling technology is expanding beyond GPU servers to network devices and ASIC chips, driven by the scaling of AI clusters and a shift in market perception towards a revaluation of the liquid cooling industry [1][2][3] Group 1: Reasons for the Surge in Liquid Cooling - Liquid cooling technology is gaining traction as it is no longer limited to GPU servers, with potential applications in network devices and ASIC chips [2] - Recent developments include Broadcom introducing liquid cooling in switch devices, AMD emphasizing liquid cooling in its MI350 series, and Taiwanese cooling leaders predicting a rapid increase in water cooling adoption over the next two years [2] - The industry is transitioning from conceptual discussions to tangible implementations, with changes in revenue structures, customer bases, and production expansions expected [2] Group 2: Market Dynamics and Future Prospects - The market is at a tipping point where the recognition of liquid cooling trends is leading to significant market reactions, driven by increasing power consumption and the diversification of AI clusters [3] - The power consumption of systems like NVL72 has reached 120kW, surpassing the limits of air cooling systems, prompting a shift towards liquid cooling [3] - Major companies such as Meta, Google, and Amazon are advancing their AI architectures, which will likely include liquid cooling systems in the future [3] Group 3: Competitive Landscape and Strategic Considerations - The core competitive issue in the liquid cooling industry revolves around the ability to avoid "internal competition" and maintain a strong competitive edge [4] - Chip manufacturers may prefer decoupled solutions to reduce costs and improve installation efficiency, while cloud providers favor integrated delivery models for stability and operational efficiency [4] - Companies with robust system integration capabilities, including cold plates, CDU, UQD, cooling liquids, redundancy control, and engineering implementation, are likely to become preferred partners for major cloud service providers [4] Group 4: Investment Recommendations - Core recommendation includes Invec (002837) for its system capabilities and international expansion potential [5] - Other companies to watch include Dongyangguang (600673), Shuguang Shuchuang (872808), Shenling Environment (301018), and Gaolan Co. (300499) [5][6]

Group 1 - The core viewpoint of the articles highlights the movements of social security funds in the stock market, particularly their investments in five stocks on the Sci-Tech Innovation Board, with a total holding of 11.2563 million shares valued at 443 million yuan [1][2] - The social security fund increased its holdings in three stocks and entered one new stock, while maintaining its position in one stock [1] - The stocks with the highest holding ratios by the social security fund include Zhongchumai at 3.45%, Rongzhi Rixin at 2.25%, and others like Yingse Network, Dingtong Technology, and Jingfeng Mingyuan [1] Group 2 - The average increase in the share prices of the Sci-Tech Innovation Board stocks held by the social security fund since July is 15.76%, with Dingtong Technology showing the highest cumulative increase of 46.96% [2] - The net profit growth for the stocks held by the social security fund shows significant increases, with Rongzhi Rixin achieving a net profit of 14.2355 million yuan, a year-on-year increase of 2063.42% [1][2] - Other companies with notable net profit growth include Jingfeng Mingyuan and Dingtong Technology, with increases of 151.67% and 134.06% respectively [1]

- The report discusses the "Volume Timing Signal" model, which indicates a cautious outlook for all major indices as of August 8, 2025[22][23] - The "HS300 Upward Stock Proportion Sentiment Indicator" is introduced, calculated as the proportion of HS300 constituent stocks with positive returns over the past N days. This indicator is currently above 80%, signaling high market sentiment[23][25] - The "Momentum Sentiment Indicator" is explained, using two smoothed lines (fast and slow) with different windows (N1=50, N2=35). When the fast line exceeds the slow line, it signals a bullish market view. As of August 8, 2025, the fast line is above the slow line, maintaining a positive outlook[26][28] - The "Moving Average Sentiment Indicator" is based on the number of HS300 closing prices above eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233). If the count exceeds 5, it indicates a bullish view. As of August 8, 2025, the HS300 index is in a positive sentiment zone[32][36] - Cross-sectional volatility analysis shows a week-on-week decline in HS300, CSI500, and CSI1000 indices, indicating a weaker short-term alpha environment. Over the past quarter, cross-sectional volatility for these indices is at mid-to-lower levels compared to the past six months[37][40] - Time-series volatility analysis also shows a week-on-week decline for HS300, CSI500, and CSI1000 indices, with the past quarter's volatility at mid-to-lower levels compared to the past six months, suggesting a weaker alpha environment[40][42]

Market Overview - The Shanghai Composite Index experienced a narrow fluctuation, closing down 0.12% at 3635.13 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.26% and 0.38%, respectively [2] - The total trading volume in the Shanghai and Shenzhen markets was 173.66 billion yuan, a decrease of approximately 116 billion yuan from the previous day [2] Sector Performance - Semiconductor, brokerage, and banking sectors saw declines, while the hydropower concept surged, with companies like Shen Shui Gui Yuan and Shan He Zhi Neng hitting the daily limit [2][3] - The high-speed rail concept also rose sharply, with Jin Ying Zhong Gong and other related stocks experiencing significant gains [6] - Resource stocks, including steel, electricity, and non-ferrous metals, collectively rallied, with Ba Yi Steel and Hua Yin Electric hitting the daily limit [2] - The commercial aerospace sector was active, with Fei Wo Technology and De En Precision Engineering also reaching the daily limit [9] Specific Company Highlights - Shen Shui Gui Yuan closed with a 20% increase, while She Yan Yuan rose nearly 13% [3][4] - Jin Ying Zhong Gong achieved a 20% limit up, and Jiao Da Tie Fa saw a nearly 24% increase [6][7] - The newly listed You Li Intelligent on the Beijing Stock Exchange surged by 246.9%, closing at 83.22 yuan per share, with an intraday high of 98.8 yuan [2] Major Projects and Investments - The Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly boost regional economic growth and clean energy development [5] - 16 central enterprises signed 75 investment agreements for aid to Tibet, with a total investment of 317.5 billion yuan [5] - The establishment of Xin Zang Railway Co., Ltd. with a registered capital of 95 billion yuan indicates ongoing infrastructure development in the railway sector [7][8] Commercial Aerospace Developments - The frequency of satellite launches in China's GW constellation has significantly increased, indicating a rapid development phase for the commercial aerospace industry [11] - The successful launches of multiple satellite groups demonstrate advancements in satellite internet capabilities [11]