Investment Rating - Maintain "Buy" rating for the industry [4] Core Viewpoints - The market has underestimated the explosive potential of innovative connection solutions in optical communication, particularly with the increasing demand for MPO and shuffle box in complex interconnections [1][21] - The transition from 400G to higher speeds like 800G and 1.6T in optical modules is becoming a consensus, creating new opportunities for passive connection devices [3][24] - The report emphasizes the importance of high-density, high-speed, and low-power solutions in the context of growing computing clusters, which will drive innovation in passive products [24] Summary by Sections Investment Strategy - Focus on the undervalued high-speed optical interconnect sector, recommending "Two Big and Four Small" companies: Tianfu Communication, Sanhuan Group, and smaller firms like Taicheng Light, Shijia Photon, Bochuang Technology, and Zhishang Technology [7][13][24] Market Review - The communication sector has seen an increase, with the blockchain segment performing the best [18][19] - The report notes significant stock movements, with Guomai Technology leading the sector with a 46.586% increase [20] Weekly Topic - The upcoming GTC and OFC events are expected to highlight new technologies in optical communication, with a focus on the demand for more compact and efficient solutions [1][21] Key Recommendations - The report suggests monitoring developments in optical modules and passive connection devices, as these areas are poised for growth due to technological advancements and market demand [24][26]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the launch of the domestic general-purpose AI Agent Manus, which outperforms OpenAI's DeepResearch in performance metrics [5][13] - Alibaba's release of the QwQ-32B reasoning model, with 32 billion parameters, accelerates the development of domestic AI models and applications [6][14] - The report emphasizes four key investment directions within the AIDC industry chain: AIDC data center construction, IT sector (domestic computing chips, servers, and power supplies), network sector (switches, chips, optical communication), and cloud computing [7][16] Summary by Sections 1. Investment Insights - The performance of the AI Agent Manus is noted as exceptional, with capabilities that extend beyond simple task execution to complex problem-solving [13] - The report anticipates a surge in AI applications driven by the open-source model trend, particularly with major cloud providers announcing significant investments [16] 2. Communication Data Tracking - By 2024, the total number of 5G base stations in China is projected to reach 4.251 million, with a net increase of 874,000 stations from the end of 2023 [24] - The number of 5G mobile phone users is expected to reach 1.014 billion, reflecting a year-on-year growth of 25.96% [24] - In December 2024, 5G mobile phone shipments are forecasted to be 30.433 million units, accounting for 88.1% of total shipments, with a year-on-year increase of 25.76% [24] 3. Operator Performance - The report details strong revenue growth in cloud services for major operators, with China Mobile's cloud revenue reaching 50.4 billion yuan in the first half of 2024, a 19.3% increase year-on-year [38] - China Telecom's Tianyi Cloud revenue for the same period is projected at 55.2 billion yuan, up 20.3% year-on-year [38] - China Unicom's cloud revenue for the first three quarters of 2024 is expected to be 43.9 billion yuan, reflecting a 19.5% increase [38]

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

二、股东股份累计质押基本情况 截至本公告披露日，公司控股股东英维克投资及其一致行动人齐勇先生所持公司股 证券代码：002837 证券简称：英维克 公告编号：2025-002 深圳市英维克科技股份有限公司 关于股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市英维克科技股份有限公司（以下简称"公司"）于近日分别接到控股股东深圳 市英维克投资有限公司（以下简称"英维克投资"）及其一致行动人齐勇先生的通知，获 悉其所持有公司的部分股份办理解除质押业务，具体事项如下： 三、备查文件 1．招商证券股份有限公司解除质押证明文件； 2. 中国证券登记结算有限责任公司深圳分公司出具的证券质押及司法冻结明细表。 特此公告。 份质押情况如下： | | | | 累计被质押 | 合计占 | 合计占公 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股 | 股份数量 | 其所持 | 司总股本 | 已 ...

证券代码：002837 证券简称：英维克 公告编号：2025-001 深圳市英维克科技股份有限公司 关于股东部分股份质押的公告 本次质押股份不涉及负担重大资产重组等业绩补偿义务。 二、股东股份累计质押基本情况 截至本公告披露日，公司控股股东深圳市英维克投资有限公司及其一致行动人齐勇 先生所持公司股份质押情况如下： 股东 名称 持股数量 （股） 持股 比例 本次质押前 质押股份数 量（股） 本次质押后 质押股份数 量（股） 占其所 持股份 比例 占公司总 股本比例 已质押股份情况 未质押股份情况 已质押股份 限售和冻结 数量（股） 占已质押 股份比例 未质押股份 限售和冻结 数量（股） 占未质 押股份 比例 英维 克投 资 188,476,541 25.32% 33,105,410 34,895,410 18.51% 4.69% 0 0.00% 0 0.00% 齐勇 42,400,686 5.70% 5,272,800 5,272,800 12.44% 0.71% 5,272,800 100.00% 26,527,715 71.45% 合计 230,877,227 31.01% 38,378,210 40,16 ...

Group 1 - The top five trading departments had a total transaction volume of 669 million yuan, with a buying transaction amount of 258 million yuan and a selling transaction amount of 411 million yuan, resulting in a net sell of 153 million yuan [1] - The stock Yingweike reached its daily limit, with a turnover rate of 7.74% and a total transaction amount of 1.992 billion yuan, showing a fluctuation of 11.49% [2] - The stock was listed on the Dragon and Tiger list due to a daily price deviation of 9.15%, with institutional proprietary seats net selling 92.7365 million yuan [3]

深圳市英维克科技股份有限公司 证券代码：002837 证券简称：英维克 公告编号：2024-064 | 序 | 变更 | 变更前 | 变更后 | | --- | --- | --- | --- | | 号 | 事项 | | | | 1 | 注册 资本 | 56,881.8725 万元人民币 | 74,382.2694 万元人民币 | | | | 限售条件流通股(或非流通股)：出资额 | 限售条件流通股(或非流通股)：出资额 | | 2 | 投资 | 7,476.9764（万元） | 9,720.0692（万元） | | | 人 | 无限售条件流通股：出资额 49,404.8961 | 无限售条件流通股：出资额 64,662.2002 | | | | （万元） | （万元） | 特此公告。 深圳市英维克科技股份有限公司 董事会 二〇二四年十二月十七日 关于完成工商变更登记的公告 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。 深圳市英维克科技股份有限公司（以下简称"公司"）分别于 2024 年 11 月 19 日、2024 年 12 月 6 日召开第四届董事会第 ...

证券代码：002837 证券简称：英维克 公告编号：2024-063 深圳市英维克科技股份有限公司 关于股东部分股份质押延期购回的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股 | 本次质押前 | 本次质押后 | 占其所 | 占公司 | 已质押股份 | | 未质押股份 | 占未质 | | | | | 质押股份数 | 质押股份数 | 持股份 | 总股本 | | 占已质押 | | | | 名称 | （股） | 比例 | 量（股） | 量（股） | 比例 | 比例 | 限售和冻结 | 股份比例 | 限售和冻结 | 押股份 | | | | | | | | | 数量（股） | | 数量（股） | 比例 | | 英维克 投资 | 188,476,541 | 25.33% | 33,105,410 | 33,105,410 ...

中国 深圳 福田区 益田路6001号太平金融大厦11-12楼 邮政编码：518038 11-12F., TAIPING FINANCE TOWER, NO. 6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755) 88265537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市英维克科技股份有限公司 2024年第二次临时股东大会的 法律意见书 信达会字[2024]第 333 号 致：深圳市英维克科技股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市英维克科技股份有限 公司（以下简称"贵公司"）的委托，指派律师参加了贵公司 2024 年第二次临时 股东大会（以下简称"本次股东大会"），并进行了必要的验证工作。现根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）以及贵公司《公司章程》等规定，按照律师业公认 的业务标准、道德规范和勤勉尽责精神，对本次股东大会的召集和召 ...

证券代码：002837 证券简称：英维克 公告编号：2024-061 届时公司高管将在线就公司业绩、公司治理、发展战略、经营状况股权激励和 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与！ 特此公告。 深圳市英维克科技股份有限公司 深圳市英维克科技股份有限公司 关于参加 2024 年度深圳辖区上市公司集体接待日活动 的公告 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。 为进一步加强与投资者的互动交流，深圳市英维克科技股份有限公司（以下简 称"公司"）将参加由深圳证监局指导和深圳证券交易所指导、深圳上市公司协会 与深圳市全景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待日" 活动，现将相关事项公告如下： 本次投资者集体接待日活动将采用网络远程的方式举行，投资者可登录"全景 路演"网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景 路演 APP，参与本次投资者集体接待日活动，活动时间为 2024 年 12 月 12 日（周 四）14:30-17:00，其中公司与投资者互动的时间为 ...