上证报中国证券网讯 8月21日，中兴通讯AH股拉升走高，截至9时32分，中兴通讯A股涨停，中兴通讯 H股涨超14%。 来源：上海证券报·中国证券网 ...

每经AI快讯，8月21日，中兴通讯AH股盘初大涨，A股迅速涨停，H股涨超13%。 ...

Group 1 - ZTE Corporation's stock surged by 14% in Hong Kong, reaching HKD 33.94 with a trading volume of HKD 1.6 billion [1] - On August 20, ZTE's shareholders transferred stocks from Citibank to the Hong Kong Stock Connect, with a market value of HKD 818 million, accounting for 3.78% of the total [3] - ZTE announced that all conditions for the subscription agreement have been met, and a bond with a total principal amount of RMB 3.584 billion was issued on August 5, 2025 [3] Group 2 - The net proceeds from the bond subscription, after deducting fees and expenses, will be approximately USD 494 million (equivalent to about RMB 3.543 billion) [3] - The company plans to use the proceeds from the bond for enhancing research and development in computing power products [3]

首 A股8月20日共有3713只个股获融资资金买入，有589股买入金额超亿元。其中，东方财富、中兴通 讯、北方稀土融资买入金额排名前三，分别获买入30.47亿元、22.87亿元、22.13亿元。从融资买入额占 当日总成交金额比重来看，有5只个股融资买入额占比超30%。其中埃科光电、招商南油、科森科技融 资买入额占成交额比重排名前三，分别为37.86%、37.58%、32.49%。从融资净买入金额来看，有55只 个股获融资净买入超亿元。其中，中际旭创、寒武纪-U、中芯国际融资净买入金额排名前三，分别获 净买入5.59亿元、4.96亿元、4.74亿元。 ...

A股8月20日共有3713只个股获融资资金买入，有589股买入金额超亿元。其中，东方财富、中兴通讯、 北方稀土融资买入金额排名前三，分别获买入30.47亿元、22.87亿元、22.13亿元。 从融资净买入金额来看，有55只个股获融资净买入超亿元。其中，中际旭创、寒武纪-U、中芯国际融 资净买入金额排名前三，分别获净买入5.59亿元、4.96亿元、4.74亿元。 从融资买入额占当日总成交金额比重来看，有5只个股融资买入额占比超30%。其中埃科光电、招商南 油、科森科技融资买入额占成交额比重排名前三，分别为37.86%、37.58%、32.49%。 ...

Market Overview - On August 20, the A-share market saw a rebound with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all reaching new highs for the year. The Shanghai and Shenzhen markets had a total trading volume of 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking six consecutive days of over 2 trillion yuan in trading volume. Over 3,600 stocks rose in the market [2][3] - The Shanghai Composite Index increased by 1.04% to 3766.21 points, the Shenzhen Component Index rose by 0.89% to 11926.74 points, and the ChiNext Index gained 0.23% to 2607.65 points [3] Sector Performance - Chip stocks surged in the afternoon, while consumer stocks such as liquor rebounded. Consumer electronics also showed active performance. Conversely, high-priced stocks collectively fell, with sectors like film, chemical pharmaceuticals, CRO, and vitamins experiencing declines. The top-performing sectors included liquor, semiconductors, AI glasses, and minor metals, while the worst-performing sectors were film, chemical pharmaceuticals, CRO, and vitamins [2] International Market - In the U.S. stock market on August 20, the Dow Jones Industrial Average rose by 16.04 points (0.04%) to 44938.31 points, while the S&P 500 fell by 15.59 points (0.24%) to 6395.78 points, and the Nasdaq Composite dropped by 142.09 points (0.67%) to 21172.86 points [4][6] - In Europe, the FTSE 100 index increased by 98.92 points (1.08%) to 9288.14 points, while the CAC 40 index in France fell by 6.05 points (0.08%) to 7973.03 points, and the DAX index in Germany decreased by 146.10 points (0.60%) to 24276.97 points [4] Commodity Prices - International oil prices rose on August 20, with light crude oil futures for September delivery increasing by $0.86 (1.38%) to $63.21 per barrel, and Brent crude oil futures for October delivery rising by $1.05 (1.60%) to $66.84 per barrel [5] Automotive Market - According to the China Passenger Car Association, from August 1 to 17, the national retail sales of passenger cars reached 866,000 units, a year-on-year increase of 2%. Cumulatively, retail sales for the year reached 13.611 million units, up 10% year-on-year. The retail sales of new energy vehicles during the same period were 502,000 units, a year-on-year increase of 9% [11] Financial Regulations - The National Financial Regulatory Administration has proposed that the proportion of controlling mergers and acquisitions loans should not exceed 70% of the transaction price, while equity funds must account for at least 30%. This aims to mitigate high-leverage merger financing risks [8] Company Announcements - Muyuan Foods reported a net profit growth of 1170% year-on-year for the first half of the year, while Weicai Technology saw a net profit increase of 831% year-on-year. Tianwei Foods is planning to issue H-shares and list on the Hong Kong Stock Exchange [14]

Group 1 - The core point of the article highlights that ZTE Corporation (000063)(00763) has transferred shares worth HKD 817 million to the Hong Kong Stock Connect, representing 3.78% of its market value [1] - ZTE has completed the issuance of bonds totaling RMB 3.584 billion, with the net proceeds amounting to approximately USD 494 million (equivalent to RMB 3.543 billion) after deducting fees and expenses [1] - The company plans to utilize the proceeds from the bond issuance to enhance its research and development investment in computing power products [1]

Group 1 - The core point of the article is that ZTE Corporation (00763) has transferred shares worth HKD 817 million to the Hong Kong Stock Connect, representing 3.78% of its total shares [1] - ZTE has completed the issuance of bonds totaling RMB 3.584 billion, with the net proceeds expected to be approximately USD 494 million (equivalent to about RMB 3.543 billion) after deducting fees and expenses [1] - The company plans to use the proceeds from the bond issuance to enhance its research and development investment in computing power products [1]

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

主力资金净流出的行业有21个，计算机行业主力资金净流出规模居首，今日上涨0.58%，全天净流出资 金96.75亿元，其次是医药生物行业，今日跌幅为0.07%，净流出资金为80.96亿元，净流出资金较多的 还有电力设备、机械设备、家用电器等行业。 8月20日，沪指上涨1.04%，深成指上涨0.89%，创业板指上涨0.23%，沪深300指数上涨1.14%。可交易 A股中，上涨的有3675只，占比67.93%，下跌的1587只。 资金面上，今日主力资金全天净流出302.29亿元，已连续3个交易日资金呈净流出状态。其中，创业板 主力资金净流出213.97亿元；科创板主力资金净流入7.30亿元；沪深300成份股主力资金净流入59.39亿 元。 分行业来看，申万所属的一级行业中，今日上涨的有30个，涨幅居前的行业为美容护理、石油石化，涨 幅为2.42%、2.36%。跌幅居前的行业为医药生物，跌幅为0.07%。 行业资金流向方面，今日有10个行业主力资金净流入，电子行业主力资金净流入规模居首，该行业今日 上涨2.32%，全天净流入资金55.22亿元，其次是食品饮料行业，日涨幅为1.39%，净流入资金为24.94亿 元。 今 ...