人民财讯8月20日电，8月20日，英特尔宣布英特尔通用快接头互插互换联盟正式成立，首批认证合作伙 伴为英维克（002837）、丹佛斯、立敏达科技、蓝科电气和正北连接。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7] Core Insights - The mechanical export sector shows steady growth, supported by low-altitude economic policies [2][3] - The domestic leading enterprises in the mechanical equipment sector maintain strong competitive advantages in both supply and demand [4] - The report highlights specific investment opportunities in low-altitude economy and mechanical equipment sectors [5] Weekly Market Review - From August 11 to August 15, 2025, the Shanghai Composite Index rose by 1.70%, the Shenzhen Component Index increased by 4.55%, and the ChiNext Index surged by 8.58%. The Shenwan Mechanical Equipment Index rose by 3.21%, outperforming the CSI 300 Index by 0.84 percentage points, ranking 8th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, and automation equipment saw increases of 3.45%, 4.13%, and 5.45% respectively, while engineering machinery and rail transit equipment experienced slight declines [12][15] Key Sector Tracking Low-altitude Economy - The Yunnan provincial government has issued measures to support the healthy development of the low-altitude economy, including 15 specific initiatives aimed at enhancing safety supervision, supporting drone testing, and expanding international markets [3][21] - Shanghai plans to establish a low-altitude industry fund to encourage research institutions to set up project companies for technological breakthroughs [3] Mechanical Equipment - In July 2025, sales of various types of forklifts reached 118,605 units, a year-on-year increase of 14.4%. Domestic sales accounted for 69,700 units, up 14.3%, while exports totaled 48,905 units, up 14.5% [4] - For the first seven months of 2025, a total of 857,939 forklifts were sold, marking a 12% year-on-year increase, with domestic sales up 10.4% and exports up 15.1% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group [5] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [5]

Group 1: Macroeconomic Insights - In July, the growth rate of broad fiscal expenditure slowed to 12.1% from 17.6% in June, with an estimated year-on-year growth of 7.6% after excluding special bonds, which is still higher than the nominal GDP growth of 3.9% in Q2, indicating that fiscal easing supports nominal growth [2] - The broad fiscal deficit recorded 352.5 billion yuan, an increase of approximately 213.4 billion yuan year-on-year, highlighting the continued liquidity injection into the real economy through special bonds and capital injections [2] Group 2: Market Activity and Investment Trends - A-share market activity has rebounded, with trading volumes increasing and the number of active retail investors reaching a year-to-date high, indicating sustained interest from retail investors [3] - Private equity product registrations were high, with 666 new products registered in early August, a 6% increase from July, suggesting robust private investment activity [3] - Foreign and insurance capital are expected to be significant sources of incremental investment, with insurance capital's market entry ratio increasing in Q2 2025 [3] Group 3: Industry Developments - The State Administration of Radio and Television's new measures aim to enhance the supply of quality content for television, which is expected to boost viewership and commercial levels in the film and television industry [8] - The strategic importance of rare earths is highlighted, with expectations of price increases due to supply-demand imbalances in 2025-2026, driven by geopolitical factors and domestic policies [9] - The automation of warehousing through robotics is anticipated to transform the logistics industry, with a focus on enhancing efficiency and reducing costs [10] Group 4: Company-Specific Insights - China Everbright Bank has been rated as "Accumulate" with a target price of 4.62 HKD, benefiting from group resources and a strong non-interest income base [12] - Crystal International, a leading garment manufacturer, has been rated "Buy" with a target price of 7.38 HKD, supported by its global presence and strategic acquisitions [13] - Dingdong Maicai, a fresh e-commerce leader, has been rated "Accumulate" with a target price of 2.77 USD, focusing on product strength and market expansion [13] Group 5: Financial Performance Highlights - The financial performance of various companies shows promising growth, with notable increases in revenue and net profit across sectors such as energy, pharmaceuticals, and technology [18][20][22] - For instance, Longyuan Power reported a revenue of 156.57 billion yuan in H1 2025, with a net profit of 33.75 billion yuan, exceeding expectations due to favorable wind power pricing [21] - The performance of companies like Huazhong Medicine and Meihua Biological indicates stable growth and potential for future profitability, supported by innovative product pipelines and market demand [24][33]

Group 1 - The core viewpoint is that the increasing power density of AI chips and servers is driving the transition from air cooling to liquid cooling systems, which are expected to become the dominant solution in the AI era [2][4] - Vertiv predicts that by 2029, the power of a single AIGPU cabinet will exceed 1MW and a single AIPOD will exceed 500kW, posing challenges for cooling systems [2][4] - As rack density rises to 20kW, the advantages of liquid cooling become more pronounced, particularly in terms of energy efficiency and reduced system power consumption [2][4] Group 2 - The liquid cooling market in China is projected to grow by 67.0% year-on-year in 2024, reaching a market size of $2.37 billion, with a CAGR of 46.8% expected from 2024 to 2029 [4][5] - The global AI server liquid cooling market is estimated to reach $3.07 billion in 2025 and $8.58 billion in 2026 [4][5] - The liquid cooling industry is characterized by various technologies, with cold plate liquid cooling leading the way, while immersion and spray cooling are still in the early stages of technological exploration [3][4] Group 3 - The industry chain is rapidly evolving, with upstream components (cold plates, CDU, quick connectors) and midstream players (server manufacturers, solution providers) accelerating their layouts, while downstream cloud providers are adopting liquid cooling at scale [4][5] - Companies such as Vertiv (VRT.US), and others in the supply chain, are recommended for attention due to their technological leadership and active engagement in liquid cooling technology [5]

Core Viewpoint - The liquid cooling sector is experiencing significant growth, driven by advancements in AI and high-performance computing, with companies like Invec benefiting from this trend [1][4][8]. Company Performance - Invec's stock has seen a remarkable increase of 118.18% year-to-date as of August 19, and over 190% since its low on April 9 [1][3]. - The company reported a revenue of 25.73 billion yuan for the first half of 2025, marking a year-on-year growth of 50.25%, with a net profit of 2.16 billion yuan, up 17.54% [5][6]. - Invec's Q2 net profit reached 1.676 billion yuan, reflecting a quarter-on-quarter increase of approximately 249% and a year-on-year growth of 37.98% [5]. Market Dynamics - The liquid cooling industry is gaining traction, with Dell's delivery of Nvidia's high-end GPUs marking a pivotal moment for commercialization [4][8]. - The second-quarter revenue of liquid cooling company Viant exceeded expectations at 26.38 billion USD, prompting an optimistic outlook for the industry [4]. - Invec's financing balance surged from under 600 million yuan to 1.996 billion yuan between early July and August 19, indicating strong market interest [4]. Competitive Landscape - Invec is part of the Nvidia ecosystem, having its UQD products included in Nvidia's MGX ecosystem partnership [1][9]. - The company faces competition from domestic players like浪潮, 华为, and 中科曙光, who are also developing liquid cooling solutions [11]. - Invec's domestic business gross margin has decreased to 22.98%, down from previous years, due to increased competition and changes in sales mix [11]. Future Prospects - Invec is expanding its operations, having recently acquired land for a new R&D and production center with an investment of at least 1 billion yuan [15]. - The company has set ambitious growth targets, aiming for a net profit growth rate of no less than 15%/32%/52% from 2024 to 2026 [15].

Market Overview - The Shanghai Composite Index closed at 3727.29 points, down 0.02%, with a trading volume of 10,609 billion yuan [2] - The Shenzhen Component Index closed at 11821.63 points, down 0.12%, with a trading volume of 15,274.7 billion yuan [2] - The ChiNext Index closed at 2601.74 points, down 0.17% [2] - The STAR Market 50 Index closed at 1112.27 points, down 1.12% [2] - Total trading volume in both markets reached 25,883.7 billion yuan, marking the fifth consecutive trading day above 20 trillion yuan, a decrease of 1,757.51 billion yuan from the previous trading day [2] Sector Performance - Strong sectors included telecommunications, food and beverage, retail, home appliances, real estate, agriculture, automotive, and textiles [4] - Active concepts included generators, humanoid robots, automotive integrated die-casting, CPO, smart TVs, copper cable high-speed connections, liquor, and community group buying [4] - Weak sectors included securities, insurance, defense, oil and petrochemicals, pharmaceuticals, and coal [4] Fund Flow Analysis - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 450.86 billion yuan, with the ChiNext seeing a net outflow of 231.66 billion yuan [5][6] - The food and beverage sector saw the highest net inflow of main funds, amounting to 10.71 billion yuan, followed by home appliances and banking [6] - The electronics sector had the largest net outflow, totaling 79.08 billion yuan, followed by computer, defense, machinery, non-bank financials, and metals [6] Individual Stock Performance - A total of 2,196 stocks saw net inflows, with 96 stocks receiving over 1 billion yuan in net inflows [7][8] - The stock with the highest net inflow was Zhongyou Capital, with 10.47 billion yuan, followed by Top Group and Sichuan Changhong [8] - Conversely, 2,946 stocks experienced net outflows, with 182 stocks seeing over 1 billion yuan in net outflows [9][10] - The stock with the highest net outflow was Dongfang Caifu, with 30.31 billion yuan, followed by Great Wall Securities and Northern Rare Earth [10] Institutional Activity - Institutional investors had a net selling of approximately 10.22 billion yuan, with 12 stocks seeing net purchases and 19 stocks net sales [11] - The stock with the highest net purchase by institutions was Electronic City, with about 1.79 billion yuan [11]

【振幅大】 -今日A股共有27只个股振幅超过20%； -海能技术、博迅生物、万通液压等个股振幅居前； 【换手率高】 -今日A股共有44只个股换手率超过30%； -广东建科、众捷汽车、冠龙节能等个股换手率居前； 【主力资金】 -主力资金今日净流入食品饮料、家用电器、银行等板块，净流出电子、计算机、国防军工等板块； -中油资本、拓普集团、四川长虹、御银股份、中际旭创主力资金净流入规模居前，分别净流入10.47亿 元、7.54亿元、6.71亿元、5.75亿元、5.21亿元； -东方财富、长城证券、北方稀土、英维克、药明康德主力资金净流出规模居前，分别净流出30.31亿 元、12.74亿元、11.96亿元、11.57亿元、11.40亿元。 ...

2025年，液冷服务器市场迎来爆发式增长。根据IDC发布的《中国半年度液冷服务器市场(2024下半年) 跟踪》报告，2024年中国液冷服务器市场规模达到23.7亿美元，同比增长67.0%。这一亮眼的市场表 现，显示出液冷技术正在成为高密度算力场景的刚需。IDC进一步预测，2024-2029年，中国液冷服务 器市场年复合增长率(CAGR)将达到46.8%，2029年市场规模有望突破162亿美元。 液冷技术作为解决高密散热的核心方案，市场需求的激增源于算力密度的快速提升。据天风证券 （601162）测算，NVL72单机柜液冷价值量约为10万美元，随着GB200/300高密度功率机柜出货放量， AI数据中心液冷渗透率有望从B200阶段的10%跃升至GB300阶段的90%，2025年或将成为液冷服务器 的"起量元年"。 与此同时，国内液冷产业链公司纷纷加速布局。 例如，作为全链条液冷的开创者，英维克率先推出高可靠Coolinside全链条液冷解决方案。从冷板、快 速接头、Manifold、CDU、机柜，到SoluKing长效液冷工质、管路、冷源等"端到端"的产品覆盖，从服 务器制造工厂，到数据中心运行现场的"厂到场" ...

开源证券8月18日发布研报称，给予英维克（002837.SZ，最新价：67.46元）买入评级。评级理由主要 包括：1）数据中心液冷产品加速放量，发出商品及合同负债大幅增长；2）费控能力较强，重视研发投 入，加速推动产能扩充。风险提示：储能温控行业竞争加剧、数据中心风冷及液冷产品放量不及预期。 （文章来源：每日经济新闻） ...

Core Insights - The upgrade of Nvidia's architecture is driving the development of liquid cooling solutions, with the GB300 liquid cooling system covering over 80% of high-power components, and the Rubin architecture Kyber rack expected to achieve 100% liquid cooling by 2027 [1] - The demand for GPU liquid cooling is significantly increasing, with the GPU liquid cooling market projected to reach 80 billion yuan by 2026 [2] - ASIC cooling presents high gross margin potential, with a surge in ASIC chip shipments expected in 2026, driven by major tech companies like Google, Meta, and Amazon [3] - Chinese companies are positioned to become industry leaders in the liquid cooling sector, with several firms already making significant advancements [4] Liquid Cooling Market Dynamics - The four main components of the cold plate liquid cooling solution (cold plate, CDU, UQD, Manifold) account for over 90% of the total value of the GB200 NVL72 cooling solution [2] - The GB300 system will increase the number of cold plates used from 54 in GB200 to 126 in GB300, indicating a significant rise in component demand [2] ASIC Chip Market Outlook - Google has fully adopted liquid cooling for its TPU clusters, achieving a GW-level operational scale with high availability [3] - Expected shipments of Google TPUs will reach between 1.5 million to 2 million units by 2025, with Meta and Amazon also planning substantial ASIC chip releases [3] Growth Potential for Chinese Companies - Companies like Qihong Technology and Shuguang Digital Innovation are making strides in the liquid cooling supply chain and commercial deployment [4] - Other firms such as Yingweike and Feirongda are also establishing themselves as key players in the liquid cooling market, with innovative products and successful partnerships [4] Investment Recommendations - The performance boost from Nvidia's Blackwell architecture necessitates liquid cooling solutions, while the customization of ASIC chips is expected to enhance profit margins [5] - The growth of the cooling industry is anticipated as GB200/GB300 systems continue to expand and ASIC servers are introduced [5]