Group 1 - The core viewpoint is that the penetration rate of liquid cooling in data centers is expected to increase rapidly due to the accelerated shipment of next-generation high-performance computing chips, leading to significant growth in orders for liquid cooling infrastructure suppliers [1] - The trend towards liquid cooling in data centers is driven by the limitations of traditional air cooling in high power density environments, with liquid cooling offering advantages such as high specific heat capacity, high thermal conductivity, low noise, high stability, and smaller footprint [1][2] - The liquid cooling infrastructure market is projected to grow significantly, with estimates indicating that the domestic data center total power will increase from 35.5 GW in 2024 to 68.8 GW in 2027, and the global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan in 2027 [4] Group 2 - The liquid cooling penetration rate in the data center sector is currently low, with only about 5% of server shipments being liquid-cooled servers, but it is anticipated to rise to 30-40% within the next 3-5 years [3] - High R&D investment intensity has created competitive barriers in the liquid cooling infrastructure industry, with leading companies like Invec maintaining a compound annual growth rate (CAGR) of 32.6% in R&D expenses from 2021 to 2024 [2] - The industry faces challenges in customer certification and procurement inertia, making clients cautious about introducing new suppliers [2]

Investment Rating - Industry rating: Recommended [4] Core Insights - The report emphasizes the importance of open and shared AI capabilities, highlighting the ongoing growth in the AI sector and the potential for significant investment opportunities in related companies [6][7] - The satellite internet sector is experiencing rapid development, with advancements in satellite constellations leading to increased communication capacity and reduced latency, alongside emerging applications in mobile broadband and intelligent driving systems [8][10] Summary by Sections AI and Computing Power - The AI sector is expected to maintain high growth due to strong overseas performance and elevated guidance, with short-term recommendations for companies benefiting from potential easing of chip bans, including Unisplendour, ZTE, and others [7][11] - Long-term growth in the computing power industry is anticipated, driven by advancements in inference computing and model upgrades, with key beneficiaries identified as NewEase, Zhongji Xuchuang, and Tianfu Communication [7][11] Satellite Internet Development - The report notes a significant service interruption of Starlink for approximately 2.5 hours, affecting tens of thousands of users globally, while also highlighting ongoing breakthroughs in domestic inter-satellite laser communication [8][10] - Continuous recommendations for companies like Haige Communication and related beneficiaries such as Zhenlei Technology and Shanghai Hanhua are made, reflecting the robust growth in the satellite internet market [8][10] Communication Infrastructure - The report identifies key players in the communication infrastructure sector, including major operators like China Mobile, China Telecom, and China Unicom, as well as equipment manufacturers such as ZTE and Unisplendour [11][12] - Recommendations extend to companies involved in optical network upgrades and edge computing, with specific mentions of optical module manufacturers and edge security firms [11][12]

Market Overview - The Shanghai Composite Index rose by 0.72% on July 21, with 27 out of the 28 sectors in the Shenwan classification experiencing gains, led by the construction materials and construction decoration sectors, which increased by 6.06% and 3.79% respectively [1] - The machinery equipment sector also saw an increase of 1.95% [1] - The banking and comprehensive sectors were the only ones to decline, with decreases of 0.77% and 0.34% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 6.945 billion yuan, with 11 sectors experiencing net inflows [1] - The power equipment sector had the largest net inflow, totaling 3.193 billion yuan, while the construction materials sector followed with a net inflow of 2.038 billion yuan [1] - The computer sector experienced the highest net outflow, amounting to 9.319 billion yuan, followed by the electronics sector with a net outflow of 2.052 billion yuan [1] Machinery Equipment Sector Performance - The machinery equipment sector had a net inflow of 1.959 billion yuan, with 425 out of 530 stocks in the sector rising, including 18 stocks hitting the daily limit [2] - The top three stocks with the highest net inflow were Changsheng Bearing (3.38 billion yuan), Lioo Co., Ltd. (2.91 billion yuan), and Zongshen Power (2.02 billion yuan) [2] - The sector also had 11 stocks with net outflows exceeding 50 million yuan, with the largest outflows from Nanxing Co., Ltd. (1.90 billion yuan), Yingweike (1.41 billion yuan), and Julun Intelligent (1.18 billion yuan) [2] Top Gainers in Machinery Equipment Sector - The top gainers in the machinery equipment sector included: - Changsheng Bearing: +20.00%, turnover rate 23.64%, net inflow 337.65 million yuan - Lioo Co., Ltd.: +5.96%, turnover rate 19.43%, net inflow 290.93 million yuan - Zongshen Power: +3.86%, turnover rate 8.27%, net inflow 201.81 million yuan [2] Top Losers in Machinery Equipment Sector - The top losers in the machinery equipment sector included: - Nanxing Co., Ltd.: -3.10%, turnover rate 18.57%, net outflow -190.11 million yuan - Yingweike: -3.40%, turnover rate 3.89%, net outflow -140.56 million yuan - Julun Intelligent: +0.24%, turnover rate 8.37%, net outflow -117.73 million yuan [4]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].

证券代码：002837 证券简称：英维克 公告编号：2025-036 深圳市英维克科技股份有限公司 关于公司取得不动产权证书暨总部基地项目 的进展公告 2025 年 6 月 13 日，公司按照法定程序参与了深圳交易集团有限公司土地矿 业权业务分公司举办的龙华区观澜街道宗地号为 A923-0908 的国有建设用地使用 权挂牌出让活动，最终以人民币 2,400.00 万元竞得本次出让宗地，并与深圳交易 集团有限公司土地矿业权业务分公司签署了《成交确认书》。2025 年 7 月 11 日， 公司取得与深圳市规划和自然资源局龙华管理局就该用地使用权签署的《深圳市 国有建设用地使用权出让合同》（深地合字（2025）4029 号）。具体内容详见公司 2025 年 6 月 14 日、2025 年 7 月 12 日披露于《证券时报》《证券日报》及巨潮资 讯网（www.cninfo.com.cn）的《关于公司竞得土地使用权暨总部基地项目进展公 告》《关于公司签署国有建设用地使用权出让合同暨总部基地项目的进展公告》。 二、进展情况 近日，公司取得《中华人民共和国不动产权证书》[粤（2025）深圳市不动产 权第 0260542 号 ...

Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

深圳市英维克科技股份有限公司 关于公司签署国有建设用地使用权出让合同暨总部 基地项目的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易概述 深圳市英维克科技股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日、 2025 年 6 月 6 日分别召开第四届董事会第十七次会议及 2025 年第一次临时股东 大会，审议通过了《关于拟购买土地使用权并投资建设总部基地的议案》。董事 会同意公司购买土地使用权投资新建精密温控节能设备研发中心及生产基地项 目（暂定名，以有关部门最终备案名称为准），投资总额不低于人民币 100,000 万元（含购置土地款、建筑工程、设备费等），资金来源包括但不限于自有资金、 自筹资金等形式。董事会提请股东大会授权董事会，并同意董事会授权董事长负 责办理此项投资的所有后续事项，并签署与此项投资相关文件。具体内容详见公 司 2025 年 5 月 22 日披露于《证券时报》《证券日报》及巨潮资讯网 （www.cninfo.com.cn）的《关于公司入选精密温控节能设备研发中心及生产基 地重点产业项目遴选方案的进展暨拟 ...

Group 1 - The company has signed a land use rights transfer contract for the construction of its headquarters base project, which includes the establishment of a precision temperature control energy-saving equipment R&D center and production base [1][2] - The total investment for the project is not less than RMB 1 billion, which will cover land acquisition, construction, and equipment costs [1] - The company has successfully acquired the land use rights for a site in Longhua District, with a winning bid of RMB 24 million [2] Group 2 - The signing of the land use rights contract provides strong support for the implementation of the project, aligning with the company's strategic planning and operational development needs [2][3] - This project is expected to enhance the company's overall image, improve management efficiency, and strengthen resource integration capabilities, laying a foundation for long-term stable development [2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The domestic sales growth of traditional household refrigeration equipment is expected to shift from high - speed to a relatively moderate range, and attention should be paid to factors such as policy impact, raw material costs, and market competition [4][49]. - The overseas expansion potential of domestic household refrigeration equipment enterprises is promising, and emerging markets have broad development prospects [49]. - In the field of dedicated refrigeration equipment, with the development of downstream industries such as data centers, there is a higher demand for the efficiency of refrigeration equipment, and enterprises need to provide comprehensive solutions [41][49]. - Suggest paying attention to industry leaders in the household refrigeration equipment field and domestic companies with rich reserves in data - center refrigeration solutions in the dedicated refrigeration equipment field [49]. 3. Summary According to Relevant Catalogs 3.1 Traditional Household Refrigeration Equipment - **Air Conditioner**: In 2025, the domestic sales of air conditioners maintained a strong trend in the first half of the year, with accelerated shipment growth in the second quarter due to a low base last year and promotional activities. The "trade - in" policy was optimized, with an increased subsidy limit. However, considering the "low - before - high" shipment pattern in 2024, the marginal pulling effect of the "trade - in" policy on short - term shipments may slow down. Attention should be paid to raw material cost changes, and online channels may intensify price competition in segmented markets [4][5]. - **Refrigerator and Freezer**: After relatively rapid growth in 2023 - 2024, the production growth rate of refrigerators and freezers slowed down in 2025. In May 2025, refrigerator production increased by 2.0% year - on - year, with domestic sales increasing by 13.7% and exports decreasing by 6.4%. Freezer production increased by 7.5% year - on - year, with domestic sales and exports increasing by 2.5% and 3.1% respectively. North American exports declined significantly, while African exports grew rapidly. Future production schedules are expected to be adjusted according to market demand and policy changes [23]. 3.2 Comprehensive Leaders and Dedicated Refrigeration Equipment - **Samsung Electronics**: In May 2025, Samsung Electronics acquired the German heating, ventilation, and air - conditioning solutions provider FläktGroup for 1.5 billion euros to strengthen its investment in the HVACR field and enter the data - center refrigeration market [29]. - **Daikin**: In 2023, Daikin acquired the American custom air - handling equipment manufacturer Alliance Air Products to meet the growing demand for data - center cooling solutions. In the fiscal year 2024, Daikin achieved both revenue and profit growth and expects stable profit growth in the fiscal year 2025 [34]. - **Trane Technologies**: The organic revenue of Trane Technologies has been growing for multiple quarters. In the first quarter of the fiscal year 2025, the company's overall organic revenue increased by 11% year - on - year, and the adjusted earnings per share increased by 26% year - on - year. Its commercial HVAC orders in the Americas reached a record high [35]. - **Data Center Refrigeration**: The development of AI and other industries is expected to drive the construction of data centers. By 2025, new and renovated large - scale and super - large - scale data centers are required to reduce their power usage effectiveness (PUE). Efficient refrigeration solutions have become an important R & D direction for relevant enterprises. Different cooling technologies have their own characteristics, and appropriate solutions should be selected according to specific scenarios [41][43]. 3.3 Summary and Investment Suggestions - **Summary**: The traditional household refrigeration equipment industry is facing challenges such as policy changes, cost fluctuations, and market competition, while the dedicated refrigeration equipment industry has opportunities due to the development of downstream industries [49]. - **Investment Suggestions**: In the household refrigeration equipment field, pay attention to industry leaders such as Midea Group, Gree Electric Appliances, and Haier Smart Home, as well as upstream component companies. In the dedicated refrigeration equipment field, focus on domestic companies with rich reserves in data - center refrigeration solutions, such as Invicom and Shenling Environment [49].