金融界消息 截至2025年8月13日收盘，科华数据（002335）报收于47.68元，上涨7.15%，换手率 14.13%，成交量64.23万手，成交金额29.64亿元。 通过天眼查大数据分析，科华数据股份有限公司共对外投资了48家企业，参与招投标项目3597次，知识 产权方面有商标信息130条，专利信息1344条，此外企业还拥有行政许可36个。 来源：金融界 科华数据最新一期业绩显示，截至2025一季报，公司营业总收入12.16亿元、同比增长2.73%，归属净利 润6894.43万元，同比减少6.26%，扣非净利润6118.12万元，同比增长2.06%，流动比率1.287、速动比率 1.116、资产负债率51.83%。 天眼查商业履历信息显示，科华数据股份有限公司，成立于1999年，位于厦门市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本51541.4041万人民币，实缴资本46156.7391万人民币。公司 法定代表人为陈成辉。 资金流向方面，今日主力资金净流入1.94亿元，占比成交额6.54%。其中，超大单净流入1.46亿元、占 成交额4.93%，大单净流入4780.81万元、占成交额1. ...

统计范围： 相关报告：智研咨询发布的《2025-2031年中国能源行业市场研究分析及投资前景评估报告》 2025年6月，福建省发电269.2亿千瓦时，同比增长1.3%。2025年上半年，福建省发电725.6亿千瓦时， 同比增长0.3%。分品种看，2025年上半年，福建省火力发电量838.3亿千瓦时，占总发电量的53.3%，同 比下滑1.8%；福建省水力发电量111.8亿千瓦时，占总发电量的7.1%，同比下滑32.5%；福建省核能发电 量495亿千瓦时，占总发电量的31.5%，同比增长28.9%；福建省风力发电量118.9亿千瓦时，占总发电量 的7.6%，同比增长5.7%；福建省太阳能发电量9.73亿千瓦时占总发电量的0.6%，同比增长100.3%。 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 上市企业：闽东电力（000993）、科华数据（002335）、雪人股份（002639）、中能电气（300062）、 *ST红相（300427）、宁德时代（300750）、中闽能源（600163） 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算 ...

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

配电 UPS&HVDC:机柜内电源: 备用电源 BBU: 柴油发电机: 变压器: · 科华数据 · 欧陆通 · 亿纬锂能 · 潍柴重机 金盘科技 科士达 · 麦格米特 威腾电气 · 科泰电源 · 伊戈尔 禾望电气 蔚蓝埋芯 中恒电气 电源配电柜 IPS不间断电 源及PMM电源 管理系统 计算芯片 UAN GPU: FPGA: · 复旦微电 英武纪 海米信息 · 紫光国微 龙式中科 号直线 ASIC: 精密空调 ● 机柜及其附件 翔捷科技 设备和冷 却器 高性能液 冷服务器 光纤布线系统 机柜 液冷 存储芯片 网络 英维克 · 银轮股份 科学教据 飞荣达 光通信 & CPO: AEC & 铜连 DRAM: NAND: 同飞股份 · · 源杰科技 · 北易创新 · 兆易创新 接: 华丰科技 申菱环境 · 网宿科技 · 江波龙 · 国科微 中际旭创 · 澜起科技 天鸟通信 · 瑞可达 · 佰维存储 太辰光 交换机及芯片: · 锐捷网络 资料来源:Wind,灼识咨询,天风证券研究所 天风策略吴开达团队 《AIDC:人工智能发展的核心引擎 产业赛道投资图谱》 吴开达/肖峰 核心结论:本文对AIDC 进行总览与行情复盘, ...

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]

Core Insights - The company, Kehua Data, is a pioneer in the liquid cooling sector, having launched a full lifecycle service for liquid cooling data centers [1] - The company has developed cold plate and immersion liquid cooling products, with liquid cooling containers already exported overseas [1] - Kehua Data has implemented a decoupled liquid cooling pilot project for China Mobile's data center in Suzhou and is constructing a highly decoupled system architecture for the Nanjing Intelligent Computing Center [1] - The company is enhancing its liquid cooling technology R&D, collaborating with Muxi Co. to introduce a high-density liquid cooling POD specifically designed for high-performance GPU server clusters [1] - Kehua Data is actively integrating industry resources and collaborating with ecosystem partners to promote the development of a liquid cooling intelligent computing center ecosystem, aiming for a green and low-carbon industry transition [1]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年度A股董秘数据报告》显示，2024年A股上市公司董 秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股和新三板其他电源设备行业（申万二级）进入统计的上市公司共29家，董秘薪酬合计金额2370.69万元，平均年薪81.75万元。 行业内，海博思创董秘高书清以295万元年薪，高居同行之首，并大幅领先排名第二的科华数据董秘林韬139万元，是业内同行平均薪酬的3.6倍。 | 证券简称 | 行业(申万二级) | 董秘 | 2024新酬 | 薪酬变化 | 增減幅 | 学历 | | --- | --- | --- | --- | --- | --- | --- | | 海博思创 | 其他电源设备 | 高书清 | 295.00 | - | - | 硕士 | | 科华数据 | 其他电源设备 | 林證 | 156. 45 | 6. 29 | 4.19% | 硕士 | | 通合科技 | 其他电源设备 | 冯智勇 | 115. 07 | ...

Core Points - The Shanghai Composite Index closed at 3638.40 points with a change of 0.12% and a total trading volume of 1,206.179 billion yuan [1] - Eight A-shares experienced a crossover where the 5-day moving average fell below the 10-day moving average, indicating potential bearish trends [1] Group 1: Stock Performance - Stock "信立泰" (Code: 002294) decreased by 1.86% with a 5-day moving average of 49.37 yuan and a 10-day moving average of 49.62 yuan, showing a distance of -0.49% [1] - Stock "万邦德" (Code: 002082) decreased by 1.36% with a 5-day moving average of 7.48 yuan and a 10-day moving average of 7.52 yuan, also showing a distance of -0.49% [1] - Stock "毕得医药" (Code: 688073) decreased by 2.96% with a 5-day moving average of 59.09 yuan and a 10-day moving average of 59.27 yuan, indicating a distance of -0.30% [1] Group 2: Additional Stocks with Moving Average Crossovers - Stock "吉贝尔" (Code: 688566) decreased by 3.58% with a 5-day moving average of 33.90 yuan and a 10-day moving average of 33.97 yuan, showing a distance of -0.20% [1] - Stock "诺诚健华" (Code: 688428) decreased by 6.03% with a 5-day moving average of 30.02 yuan and a 10-day moving average of 30.07 yuan, indicating a distance of -0.18% [1] - Stock "丽人丽妆" (Code: 605136) increased by 0.81% with a 5-day moving average of 9.82 yuan and a 10-day moving average of 9.84 yuan, showing a distance of -0.15% [1]

（文章来源：证券时报网） 部分5日、10日均线死叉个股 | 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 002294 | 信立 | -2.07 | 0.21 | 49.35 | 49.61 | -0.51 | 47.79 | -3.66 | | | 泰 | | | | | | | | | 002082 | 万邦 德 | -0.95 | 0.97 | 7.49 | 7.52 | -0.45 | 7.30 | -2.93 | | 002099 | 海翔 药业 | -0.33 | 0.38 | 6.19 | 6.20 | -0.24 | 6.08 | -1.95 | | 688073 | 毕得 医药 | -2.18 | 1.16 | 59.18 | 59.32 | -0.22 | 57.51 | -3.05 | ...

通过天眼查大数据分析，科华数据股份有限公司共对外投资了48家企业，参与招投标项目3585次，知识 产权方面有商标信息130条，专利信息1344条，此外企业还拥有行政许可36个。 科华数据最新一期业绩显示，截至2025一季报，公司营业总收入12.16亿元、同比增长2.73%，归属净利 润6894.43万元，同比减少6.26%，扣非净利润6118.12万元，同比增长2.06%，流动比率1.287、速动比率 1.116、资产负债率51.83%。 来源：金融界 金融界消息 截至2025年8月6日收盘，科华数据（002335）报收于42.74元，上涨1.04%，换手率6.25%， 成交量28.40万手，成交金额12.21亿元。 天眼查商业履历信息显示，科华数据股份有限公司，成立于1999年，位于厦门市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本51541.4041万人民币，实缴资本46156.7391万人民币。公司 法定代表人为陈成辉。 资金流向方面，今日主力资金净流入5829.27万元，占比成交额4.77%。其中，超大单净流入3307.85万 元、占成交额2.71%，大单净流入2521.42万元、占成 ...