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]

财报季，社保基金持股动向曝光！二季度末社保基金共现身5只个股前十大流通股东榜，增持3只。 证券时报 数据宝统计显示，社保基金最新出现在5只科创板股前十大流通股东名单中，合计持股量 1125.63万股，期末持股市值合计4.43亿元。持股变动显示，新进1只，增持3只，1只股持股量保持不 变。 社保基金持有的科创板股 | 代码 | 简称 | 社保基金家 | | 社保基金持股量（万 | 环比 | | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数 | | 股） | （%） | | （%） | 元） | | 688475 | 萤石网 | 1 | 433.80 | | 20.90 | 1.06 | | 13673.37 | | | 络 | | | | | | | | | 688267 | 中触媒 | 1 | 320.00 | | 新进 | 3.45 | | 9209.60 | | 688768 | 容知日 | 1 | 195.00 | | 38.30 | 2.25 | | 8656.05 | | | 新 | ...

- 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]

雅江水电概念爆发 雅江水电概念盘中强势拉升，截至收盘，深水规院20%涨停，设研院涨近13%，五新隧装涨超10%，上 海港湾连续两日涨停。 | 代码 | 名称 | 涨幅% | 现价 | 沿线 | 买价 | 卖价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | | 301038 深水规院 | | R 20.00 | 34.98 | 5.83 | 34.98 | l | 398478 | | 300732 设研院 | | 12.78 | 12.18 | 1.38 | 12.18 | 12.19 | 904368 | | 835174 九新修装 | | 10.28 R | 67.46 | 6.29 | 67.45 | 67.46 | 134161 | | 002097 山河智能 | | R 10.03 | 17.33 | 1.58 | 17.33 | l | 281.6万 | | 002205 国统股份 | | 10.03 | 14.37 | 1.31 | 14.37 | - | 221995 | | 002307 北新路桥 | | R 10.02 | ...

Summary of Key Points Core Viewpoint - As of August 7, 115 companies have released their semi-annual reports for 2025, with 81 reporting a year-on-year increase in net profit, while 34 reported a decline. Additionally, 78 companies saw an increase in operating revenue, and 37 experienced a decrease. A total of 68 companies reported simultaneous growth in both net profit and operating revenue, while 24 companies saw declines in both metrics. Notably, 18 companies achieved a net profit growth rate exceeding 100%, with Zhimin Da leading at a staggering 2147.93% [1]. Company Performance - Zhimin Da (688636) reported earnings per share of 0.2284, with a net profit of 38.298 million and a year-on-year increase of 2147.93%. Its operating revenue reached 294.7564 million, reflecting an 84.83% increase [1]. - Shijia Guangzi (688313) achieved a net profit of 216.6475 million, marking a year-on-year increase of 1712.00%, with operating revenue of 992.6253 million, up 121.12% [1]. - Nanji Guang (300940) reported a net profit of 72.891 million, with a year-on-year increase of 982.43%, and operating revenue of 397.5085 million, up 244.67% [1]. - Tongzhou Electronics (002052) had a net profit of 203.0714 million, a year-on-year increase of 662.77%, with operating revenue of 539.7695 million, up 606.52% [1]. - Daodaquan (002852) reported a net profit of 180.9760 million, with a year-on-year increase of 563.15%, and operating revenue of 2792.4396 million, reflecting a slight increase of 1.16% [1]. Additional Company Insights - Huakang Jieneng (301235) reported a net profit of 18.6830 million, with a year-on-year increase of 273.48%, and operating revenue of 83.49115 million, up 50.73% [1]. - Chengxing Co. (600078) had a net profit of 18.5612 million, with a year-on-year increase of 211.08%, and operating revenue of 177.61177 million, up 9.85% [1]. - Kaimeite (002549) reported a net profit of 55.8461 million, with a year-on-year increase of 199.82%, and operating revenue of 31.03616 million, up 10.52% [1]. - Dong'an Power (600178) had a net profit of 3.9212 million, with a year-on-year increase of 157.75%, and operating revenue of 247.91147 million, up 25.72% [1]. Overall Market Trends - The overall trend indicates a strong performance among the majority of companies, with a significant number achieving substantial growth in both net profit and operating revenue, reflecting a positive outlook for the market [1][2].

二季度末社保基金出现在萤石网络、鼎通科技前十大流通股东榜。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 社保基金持有的科创板股 | 代码 | 简称 | 社保基金家 | 社保基金持股量（万 | 环比 | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | | | | 数 | 股） | （%） | （%） | 元） | | 688475 | 萤石网 络 | 1 | 433.80 | 20.90 | 1.06 | 13673.37 | | 688668 | 鼎通科 技 | 1 | 110.20 | 37.75 | 0.79 | 6883.20 | 全国社保基金一一八组合为萤石网络第六大流通股东，持股量为433.80万股，占流通股比例1.06%。广 发基金管理有限公司-社保基金2003组合为鼎通科技第七大流通股东，持股量为110.20万股，占流通股 比例0.79%。（数据宝） ...

证券时报·数据宝统计，截至8月5日，有95家公司公布2025年半年报，其中63家净利润同比增长，32家 同比下降，60家营业收入同比增长，35家同比下降，净利润和营业收入同时增长的公司有智明达等51 家，利润收入均下降的有容百科技等23家，业绩增幅翻倍的公司有15家，其中智明达增幅最大，达 2147.93%。（数据宝） 已公布半年报公司净利润增幅排名 （文章来源：证券时报网） | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 688636 | 智明达 | 0.2284 | 3829.80 | 2147.93 | 29475.64 | 84.83 | | 688313 | 仕佳光 子 | 0.4793 | 21664.75 | 1712.00 | 99262.53 | 121.12 | | 002052 | 同洲电 子 | 0.2722 | 20307.14 | 662.77 | 53976.95 ...

业绩方面，社保基金持有个股中，半年报净利润同比增长的有12家，净利润增幅最高的是鼎通科技，公 司上半年共实现净利润1.15亿元，同比增幅为134.06%，净利润同比增幅居前的还有汇嘉时代、藏格矿 业等，净利润分别增长62.64%、38.80%。 财报季，社保基金持股动向曝光！二季度末社保基金共现身14只个股前十大流通股东榜，新进4只，增 持5只。 证券时报·数据宝统计显示，社保基金最新出现在14只个股前十大流通股东名单中，合计持股量1.75亿 股，期末持股市值合计42.37亿元。持股变动显示，不变1只，减持4只，新进4只，增持5只。 社保基金重仓股中，从前十大流通股东名单中社保基金家数来看，社保基金家数最多的是苏试试验，共 有3家社保基金出现在前十大流通股东名单中，即社保基金六零二组合、社保基金六零一组合、社保基 金五零二组合，分别位列公司第五大、第七大、第十大流通股东，持股量合计为1486.20万股，占流通 股比例为2.94%。 从持股比例看，社保基金持有比例最多的是立新能源，持股量占流通股比例为3.20%，其次是苏试试 验，社保基金持股比例为2.94%，持股比例居前的还有东方雨虹、海信家电、艾德生物等。持 ...

调研纪要：鼎通科技二季度生产订单饱和，营业收入和净利润同比大幅增长，通讯业务占总营收80%， 112G产品需求旺盛，224G和液冷产品将提高收入和利润。马来西亚子公司订单充足，上半年总收入 5158万元，二季度逐渐开始盈利。三季度客户需求旺盛，预计环比仍会有增长。液冷产品二季度小批量 出货，预计年底或2026年初开始量产。Overpass系列产品二季度需求增长较缓，预计三季度表现会更 好。汽车业务上半年增长不明显，预计下半年与比亚迪、长安汽车合作项目及宝马BMS将起量。BMS 项目已有两条自动化产线安装完成，预计年底或2026年初开始量产。112G通讯产品月需求超150万套， 预计三季度仍将有环比增长。224G通讯产品已开始批量试产，预计下半年大批量量产。公司通过购买 机器设备和增加组装线来扩充产能，为后续产品上量做准备。公司对未来业绩有信心，224G通讯产 品、液冷产品和BMS项目将贡献收入和利润。 机构简介： 上海健顺投资管理公司成立于2006年4月，是由北京大学校友合作发起的，致力于资本市场投资管理及 咨询服务的专业投资管理公司，公司资产管理投资范围覆盖国内A股和香港股票市场，并专注于为机构 客户和高端 ...