Core Viewpoint - The liquid cooling concept stocks in the A-share market have shown strong performance, driven by a report from Morgan Stanley indicating an increase in the total value of cooling components for the next-generation Vera Rubin NVL144 platform, which is expected to rise by 17% to approximately $55,710 (around 400,000 RMB) per cabinet [1] Summary by Category Stock Performance - Xinjubang (新宙邦) surged over 16%, with a year-to-date increase of 73.09% and a total market value of 47.8 billion RMB [2] - Tongfei Co., Ltd. (同飞股份) rose over 12%, with a year-to-date increase of 97.19% and a total market value of 13.7 billion RMB [2] - Xin'an Co., Ltd. (新安股份) increased by 10.04%, with a year-to-date increase of 42.89% and a total market value of 16.7 billion RMB [2] - Yingweike (英维克) reached a 10% increase, with a year-to-date increase of 138.65% and a total market value of 72 billion RMB [2] - Six other companies, including Siquan New Materials (思泉新材) and Yongtai Technology (永太科技), also reported significant gains ranging from 6% to 9% [1][2] Market Insights - The report from Morgan Stanley highlights a growing trend in the liquid cooling sector, indicating a robust demand for advanced cooling solutions in data centers [1] - The anticipated increase in cooling component value reflects the industry's shift towards more efficient thermal management technologies [1]

Group 1 - The liquid cooling server sector is experiencing a significant upward trend, with multiple companies seeing substantial stock price increases [2] - Overclocking Three has reached a 20% limit up, indicating strong market interest and investor confidence [2] - Companies such as Tongfei Co., Ltd. and Invec have also reported notable gains, with increases of over 10% and 7% respectively [2] Group 2 - Jinfu Technology and Shenling Environment are also following the upward trend, suggesting a broader positive sentiment in the liquid cooling server industry [2]

Summary of Shenzhen Envicool Technology Co., Ltd Conference Call Company Overview - **Company**: Shenzhen Envicool Technology Co., Ltd - **Industry**: Data Center Liquid Cooling - **Market Cap**: Rmb74.1 billion / US$10.4 billion [6] Key Points Industry Growth and Market Potential - The global rack-level liquid cooling market is projected to grow from US$2-3 billion in 2024 to US$13 billion by 2028, representing a **51% CAGR** [2][23] - The total addressable market (TAM) for liquid cooling in China is expected to be **10 times** that of the global market [2][25] - The increasing power density of AI racks is driving the demand for liquid cooling solutions [1][15] Company Performance and Projections - Envicool's price target has been raised from Rmb30.15 to Rmb100.00, reflecting its potential for overseas expansion and solidifying its leadership in China [1] - The company's market share in China is expected to increase from **20%+ in 2024 to 30%+ by 2028** due to higher adoption of liquid cooling technologies [3] - Envicool's gross margin for data center cooling is anticipated to rise from **27% in 2024 to 34% by 2028** [2] Competitive Landscape - Intense competition exists in the Chinese market, but leading firms like Envicool are expected to capture more market share due to higher technology entry barriers [3] - The launch of high-density products by competitors such as Huawei and Alibaba indicates a growing necessity for liquid cooling solutions [3][16] Financial Projections - Envicool's net profit is projected to grow at a **65% CAGR from 2025 to 2028**, normalizing at over **40% CAGR from 2028 to 2031** [4] - The price target is based on a **40x P/E ratio for 2028**, higher than the historical average of **30x**, reflecting expected higher earnings growth [4][13] Strategic Opportunities - 2026 is identified as a "golden window" for new entrants in the liquid cooling market due to a higher mix of AI ASIC shipments [1][30] - Envicool is well-positioned to expand into the overseas market, with expectations of capturing **4-5% of the global wallet share by 2028** [2] Risks and Challenges - A **4% reduction** in 2025 net profit estimates was noted due to project delays in China [4] - The market has priced in a larger TAM but remains skeptical about the sustainability of Envicool's market share gains and margin expansion [13] Conclusion - Envicool is poised for significant growth in the liquid cooling market, driven by increasing demand from AI applications and a strategic focus on both domestic and international markets. The company's strong R&D capabilities and established relationships with leading tech firms position it favorably for future opportunities [11][35]

分红方面，英维克A股上市后累计派现5.81亿元。近三年，累计派现3.45亿元。 机构持仓方面，截止2025年9月30日，英维克十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股3706.00万股，相比上期减少4519.53万股。中航机遇领航混合发起A（018956）位居第四大 流通股东，持股1612.67万股，为新进股东。南方中证500ETF（510500）位居第七大流通股东，持股 846.44万股，相比上期减少14.96万股。 责任编辑：小浪快报 11月11日，英维克盘中上涨2.01%，截至09:49，报67.89元/股，成交3.89亿元，换手率0.68%，总市值 662.98亿元。 资金流向方面，主力资金净流入2641.96万元，特大单买入3754.82万元，占比9.65%，卖出2853.16万 元，占比7.33%；大单买入1.03亿元，占比26.50%，卖出8573.68万元，占比22.03%。 英维克今年以来股价涨119.55%，近5个交易日跌1.48%，近20日跌12.14%，近60日涨35.64%。 今年以来英维克已经12次登上龙虎榜，最近一次登上龙虎榜为10月17日，当日龙虎榜净买入 ...

Investment Rating - The report maintains an "Overweight" rating for the silicon photonics sector, highlighting the potential for significant growth in this technology [7]. Core Insights - Silicon photonics technology is not merely an upgrade in manufacturing processes but represents a comprehensive transformation of the optical module industry, affecting manufacturing methods, cost structures, performance, and overall industry value logic [22][23]. - The demand for AI computing continues to rise, leading to a generational leap in optical module rates towards 1.6T, which further emphasizes the importance of silicon photonics [22]. Summary by Sections Investment Focus - The investment focus is shifting from backend packaging to frontend chip design and wafer manufacturing, with four key areas of interest: fabless silicon chip design companies, silicon modulation chip manufacturers, supporting chips/devices, and semiconductor equipment for silicon photonics [23][24][25]. Market Dynamics - The shortage of EML chips, which rely heavily on III-V compound semiconductor materials, creates a development window for silicon photonics as a mainstream alternative [26]. - Silicon photonics technology is expected to capture a growing market share, projected to rise from 30% in 2025 to 60% by 2030 [22][26]. Performance and Cost Advantages - Silicon photonics offers significant advantages in terms of cost, performance, and production capacity, with a critical point reached where it establishes superiority over traditional solutions [27]. - The technology allows for the integration of multiple optical components on a single chip, leading to reduced transmission losses and higher bandwidth density [27][9]. Industry Outlook - The overall market for optical modules remains robust, with leading companies like Coherent and Lumentum reporting better-than-expected financial results, driven by increased demand from AI data centers [28]. - The report recommends continued investment in the computing sector, particularly in leading optical module companies and related components, as they are well-positioned to benefit from the ongoing expansion of AI computing infrastructure [28][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company achieved a revenue of 4.03 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 40.19%, and a net profit of 399 million yuan, up 13.13% year-on-year [1][2]. - The single-quarter revenue for Q3 was 1.45 billion yuan, showing a year-on-year increase of 25.34%, while net profit for the same period was 183 million yuan, up 8.35% year-on-year, indicating a slowdown in growth [2]. - The gross margin for Q3 was 29.4%, with a net margin of 12.92%. Although the gross margin decreased by 3.43 percentage points year-on-year, it showed a quarter-on-quarter increase of 3.43 percentage points [3]. - The company is well-positioned to benefit from the AI wave and the increasing penetration of liquid cooling solutions, with a cumulative delivery of 1.2 GW in the liquid cooling chain by March 2025 [4]. - The company has strong domestic clients and is gradually making breakthroughs in overseas markets, including a partnership with Intel [5]. Financial Summary - The company is projected to achieve net profits of 600 million yuan, 1.02 billion yuan, and 1.43 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 112, 66, and 47 [6][10]. - The total revenue is expected to grow from 3.53 billion yuan in 2023 to 13.82 billion yuan by 2027, with a compound annual growth rate of 37.23% [10]. - The company’s total assets are projected to increase from 5.09 billion yuan in 2023 to 12.58 billion yuan by 2027 [12]. Market Position - The company is recognized as a leading manufacturer of cooling solutions and equipment, continuously enhancing its R&D and expanding its client base both domestically and internationally [6]. - The increasing capital expenditure from internet companies is expected to drive strong business growth for the company [4]. - The company has established strong relationships with major domestic clients such as Tencent and Alibaba, while also making strides in international markets [5].

Group 1 - MSCI announced the results of its November index review, which includes the addition of 17 new A-shares and the removal of 16 A-shares [2][3] - The newly added A-shares include companies such as Qianli Technology, Dongyangguang, and Changchuan Technology, while the removed A-shares include companies like Zhongzhi Co., Bertley, and Dong'a Ejiao [1][3] - The adjustments will take effect after the market closes on November 24 [2] Group 2 - In addition to A-shares, MSCI also included 9 new Hong Kong stocks in its indices, such as Zijin Mining International and GF Securities, while removing 4 Hong Kong stocks [3][4] - The largest new additions to the MSCI Global Standard Index include companies like CoreWeave, Nebius Group, and Insmed, indicating a focus on sectors like cloud services and biopharmaceuticals [4] - MSCI conducts four routine adjustments to its indices each year, with the November review being one of the two major semi-annual assessments [5]

Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][6]. Summary of Adjustments - **Newly Added Stocks**: The list includes stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) among others [4]. - **Removed Stocks**: Stocks such as Zhongzhi Co., Ltd. (600038.SH), Bertli (603596.SH), and Dong'e Ejiao (000423.SZ) are among those being removed from the index [4]. - **Hong Kong Stocks**: In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Global Index Adjustments - **Global Standard Index Changes**: MSCI's global standard index (ACWI) added 69 stocks and removed 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [5]. - **Emerging Markets Index**: The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy from Indonesia, Zijin Mining International, and GF Securities [5]. Adjustment Frequency and Impact - MSCI conducts four routine adjustments annually, with the May and November adjustments typically being more significant. Adjustments are based on objective quantitative metrics such as market capitalization and liquidity [6].

Core Insights - MSCI announced the results of its November index review, which includes changes to the MSCI China A-shares index and the MSCI China index [1][2]. Group 1: MSCI China A-shares Index Changes - The MSCI China A-shares index will add 17 new stocks and remove 16 stocks, with the changes effective after the market close on November 24, 2025 [2]. - New additions to the index include companies such as Qianli Technology, Dongyangguang, and Changchuan Technology [4]. - Stocks removed from the index include China Everbright Bank and Huazhong Medicine [4]. Group 2: MSCI China Index Changes - The MSCI China index will also add 9 new Hong Kong stocks, including Zijin Mining International and Ganfeng Lithium [2]. - The index will remove 4 Hong Kong stocks, including Beijing Enterprises Water Group [2]. Group 3: Global Index Changes - The MSCI All Country World Index (ACWI) will add 69 stocks and remove 64 stocks globally [3].

Group 1 - MSCI announced changes to its indices, including the addition of 17 new A-share stocks and the removal of 16 stocks, effective after the market close on November 24, 2025 [1] - The newly added A-share stocks include 千里科技 (601777.SH), 东阳光 (600673.SH), and 长川科技 (300604.SZ), while stocks like 中直股份 (600038.SH) and 海澜之家 (600398.SH) were removed [1] - In addition to A-shares, 9 Hong Kong stocks were added to the MSCI China Index, including 紫金黄金国际 and 广发证券, while 4 stocks were removed [1] Group 2 - MSCI's global standard index (ACWI) added 69 stocks and removed 64, with notable additions including CoreWeave and Nebius Group [2] - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, 紫金黄金国际, and 广发证券 [2] - MSCI conducts four routine adjustments to its indices annually, with May and November adjustments typically being more significant [2]