机构投资者占流通 A 股比例 | 基金 | 0.3% | | --- | --- | | 一般法人 | 32.0% | 股价相对大盘走势 | H70529@capital.com.tw | | --- | | 何利超 目标价(元) 130 | 公司基本资讯 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/12/29) | | 109.32 | | 深证成指(2025/12/29) | | 13537.10 | | 股价 12 个月高/低 | | 116.5/21.53 | | 总发行股数(百万) | | 976.56 | | A 股数(百万) | | 850.19 | | A 市值(亿元) | | 929.43 | | 主要股东 | | 深圳市英维克 | | | | 投资有限公司 | | | | (25.09%) | | 每股净值(元) | | 3.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 48.5 40.6 253.2 | | 近期评等 出刊日期 前日收盘 评等 2025 年 12 月 30 日 | 产品组合 | | --- | ...

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor testing industry, particularly for companies like Huafeng Measurement and Control (688200), which is positioned to benefit from the increasing demand for simulation and digital testing machines driven by AI chip requirements [4][5][6] - Guoke Military Industry (688543) is noted for its transition from conventional ammunition to intelligent and information-based ammunition, which is expected to enhance its growth prospects in a high-demand industry [4][5] - Purtai (603659) is recognized as a leading global lithium battery materials platform, with its negative electrode and diaphragm businesses expected to show long-term improvement [4][5] Group 2: Company-Specific Analysis - Wanchen Group (300972) is projected to continue expanding its store count, currently exceeding 18,000, while improving net profit margins through scale effects and supply chain efficiencies [5][6] - Top Group (601689) is actively developing new products in collaboration with major clients, including liquid cooling solutions, which have already secured initial orders worth 1.5 billion [7][8] - Zhuoyue New Energy (688196) is expanding its production capacity in the biofuel sector, with a focus on biodiesel and bio-based materials, supported by favorable policies and a projected internal rate of return of 28.94% for new projects [8][9] Group 3: Industry Trends - The report indicates that the server liquid cooling market is expected to experience significant growth in 2026 and 2027, with companies like Yingweike (002837) poised to capture substantial market share [8][9] - The mechanical equipment sector, particularly companies like Binglun Environment (000811), is expanding its presence in various fields, including nuclear power and industrial heat control, which is expected to provide new growth opportunities [9][10] - The AI industry is driving demand for intelligent control systems, with companies like Zhiwei Intelligent (001339) developing products that cater to this emerging market [10]

2025 年 12 月 29 日 公司点评 买入/维持 英维克(002837) 目标价: 昨收盘:110.59 乘液冷东风，海外客户有望逐步突破 ◼ 走势比较 (30%) 28% 86% 144% 202% 260% 24/12/30 25/3/12 25/5/23 25/8/3 25/10/14 25/12/25 英维克 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 9.77/8.5 | | --- | --- | | 总市值/流通(亿元) | 1,079.97/940. | | | 23 | | 12 个月内最高/最低价 | 116.5/23.6 | | (元) | | 相关研究报告 证券分析师：李仁波 电话：0755-83688853 E-MAIL：lirb@tpyzq.com 分析师登记编号：S1190520040002 事件：公司 2025 年前三季度英维克实现营收约 40.26 亿元，同比 +40.19%，归母净利润约 3.99 亿元，同比+13.13%，扣非净利润 3.84 亿 元，同比增长 14.76%。2025Q3 单季度营收 14.53 亿元（yoy+25.34%，环 比-11% ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-29 | 002837 | 英维克 | 107.13 | 40.00 | | 4,285.20国联民生证券股份 | 招商证券股份有限 | | | | | | | | 有限公司就得盛岸 | 公司郑州商务外环 | | | | | | | | 西路证券营业部 | 路班弟是不哉 | 12月29日，英维克大宗交易成交40万股，成交额4285.2万元，占当日总成交额的0.7%，成交价107.13 元，较市场收盘价109.32元折价2%。 ...

上周行业融资余额变动情况 | 行业 | 两融余额(万元) | 融资余额(万元) | 融资净买入额 | | --- | --- | --- | --- | | | | | (月元) | | SW电子 | 38276432.03 | 38137988. 46 | 1102172. 83 | | SW电力设备 | 22703826.06 | 22617758.99 | 973963. 24 | | SW机械设备 | 13650346.88 | 13601836. 58 | 531206. 58 | | SW通信 | 12357029.28 | 12312348. 45 | 444118.08 | | SW有色金属 | 12556041. 36 | 12494748.01 | 400321. 44 | | SW国防军工 | 9043906. 51 | 9002249. 84 | 243127.65 | | SW基础化工 | 10043416. 46 | 10012851.74 | 185492. 00 | | SW汽车 | 11917650. 99 | 11876400. 27 | 158755. 13 | | SW ...

格隆汇12月29日丨同星科技(301252.SZ)在投资者互动平台表示，公司液冷产品客户主要为英维克、世 图兹等。 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司液冷产品有哪些客户呢？ 同星科技（301252.SZ）12月29日在投资者互动平台表示，公司液冷产品客户主要为英维克、世图兹 等。 （记者 胡玲） ...

Core Viewpoint - The year 2025 has seen significant performance from actively managed equity funds, with the highest annual return reaching 236.88%, setting a record for the highest annual doubling fund in public fund history [1][5][7]. Group 1: Fund Performance - As of December 26, 2025, a total of 72 actively managed equity funds have achieved returns exceeding 100% [6][12]. - The average return of actively managed equity funds surpassed 30%, significantly outperforming the average benchmark return of 15.60% [6][12]. - The median return for these funds stands at 29.03%, which is lower than the average return of 32.71% [2][12]. Group 2: Market Trends - Nearly 80% of actively managed funds outperformed their benchmarks, with 3,455 funds achieving returns above their benchmarks [2][6]. - The performance of these funds is closely tied to the structural market conditions, particularly benefiting from sectors like AI technology and innovative pharmaceuticals [8][12]. - The concentration of holdings in top-performing funds is high, with an average top ten stock position of 62.72%, compared to an average of 46.2% across all funds [8]. Group 3: Future Outlook - The active equity fund sector is expected to continue its recovery, with a focus on increasing the number of high-performing funds to benefit a larger number of investors [2][12][15]. - There is a call for a more sustainable approach to fund management, emphasizing long-term value creation over short-term gains [15]. - The investment landscape is evolving, with a shift from experience-driven strategies to data and industry-driven approaches, enhancing the ability to capture opportunities in niche markets [15].

**Acknowledgement** **The authors thank the anonymous referee for the help and comments on the manuscript.** 证券研究报告 | 2025年12月26日 乘势而起：市场新高趋势追踪：截至 2025 年 12 月 26 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 1.63%、0.89%、1.91%、1.19%、0.56%、 0.05%、2.42%、12.56%。中信一级行业指数中国防军工、有色金属、建 材、机械、轻工制造行业指数距离 250 日新高较近，食品饮料、银行、 医药、综合金融、房地产行业指数距离 250 日新高较远。概念指数中， 林木、航天军工、万得风电、十大军工集团、HJT 电池、金属非金属、 黄金等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 12 月 26 日，共 726 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 ...

Core Viewpoint - In 2023, Invec, a leader in liquid cooling technology, has seen its market capitalization exceed 100 billion yuan, driven by the increasing demand for AI computing power and high-efficiency cooling solutions [1][3][14]. Company Overview - Invec's stock price has surged over 258% this year, closing at 110.59 yuan per share, with a total market value of 1080 billion yuan as of December 26 [1][3]. - The company has transitioned from a small workshop to a leading enterprise in precision temperature control over the past 20 years, initially focusing on outdoor cabinet air conditioning for communication operators [11][12]. Business Growth and Financial Performance - Invec's revenue has grown from 518 million yuan in 2016 to an expected 4.589 billion yuan in 2024, with a 40.19% year-on-year increase in the first three quarters of 2025 [12][14]. - The net profit attributable to shareholders reached 399 million yuan in the first three quarters of 2025, reflecting a 13.13% year-on-year growth [12][21]. Market Trends and Opportunities - The global liquid cooling market is projected to reach 80 billion yuan by 2026, with significant demand driven by AI computing needs [15]. - Major clients include tech giants like Nvidia and Google, with Invec positioned to benefit from the increasing shift towards liquid cooling solutions in data centers [14][16]. Competitive Landscape - The liquid cooling sector is becoming increasingly competitive, with domestic and international players like Huawei and Delta Technologies also developing their own solutions [20][21]. - Invec faces challenges from both local competitors and foreign firms that have established strong market positions through partnerships with key chip manufacturers [20][21]. Production and Capacity Expansion - Invec is actively expanding its production capacity, with significant investments in new facilities aimed at meeting rising demand [18]. - The company has plans to enhance its overseas supply chain, with factories in Malaysia and Thailand set to increase production capabilities [18]. Strategic Partnerships - Invec has established strategic partnerships with leading companies in the AI sector, enhancing its position in the global cooling solutions market [16][17]. - The company is working to secure a larger share of the supply chain for major clients, which could lead to substantial revenue growth [16][17].