Group 1 - The core viewpoint of the news is that Yingweike's stock has experienced fluctuations, with a recent decline of 2.04% and a total market capitalization of 102.255 billion yuan as of January 5 [1] - As of November 28, Yingweike reported a decrease in the number of shareholders to 134,600, a reduction of 14.49%, while the average circulating shares per person increased by 16.94% to 6,316 shares [2] - For the period from January to September 2025, Yingweike achieved a revenue of 4.026 billion yuan, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million yuan, up 13.13% year-on-year [2] Group 2 - Yingweike has distributed a total of 581 million yuan in dividends since its A-share listing, with 345 million yuan distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 37.06 million shares, a decrease of 45.195 million shares from the previous period [3] - The fourth-largest circulating shareholder is China Aviation Opportunity Leading Mixed Fund A, which is a new shareholder holding 16.1267 million shares [3]

Summary of the Conference Call on Liquid Cooling Industry and Company Insights Industry Overview - The liquid cooling industry is expected to have significant growth in the coming years, with a market size projected to reach over 100 billion by 2026, driven by advancements from companies like NVIDIA and ASIC [3][5] - The penetration rate of liquid cooling technology is currently low but is anticipated to increase steadily, leading to further growth in 2027 and 2028, even if the overall computing power supply chain does not see substantial growth [3][5] Company Insights: 英维克 (Invech) Competitive Advantages - 英维克 has a notable competitive edge in the overseas market, with no significant generational gap in technology compared to international peers, and some products even outperforming them [6] - The company is actively establishing its brand and distribution channels in overseas markets, which is crucial for its growth [6] - 英维克's full-chain capability allows it to provide comprehensive solutions to customers, making it a rare and valuable asset in the current market [6][11] Growth Potential - The company has immense growth potential in the next few years, with the possibility of doubling its growth if it successfully integrates into customer supply chains by 2026 [7] - If 英维克 can secure its position and expand its product offerings within client ecosystems, it could see substantial profit margins, indicating that a market valuation of 100 billion is just the beginning [7] Market Position - Chinese companies, including 英维克, are gaining ground in the global liquid cooling market, with product performance reaching international standards [8] - 英维克's strategy includes addressing brand localization challenges and leveraging its full-chain capabilities to penetrate international markets effectively [8] Financial Performance and Strategy - 英维克 has demonstrated consistent revenue and profit growth since its IPO, a rarity in the cooling industry [15] - The company emphasizes a platform-based R&D model, optimizing structural design for cost efficiency, and prioritizing innovation, such as the introduction of evaporative cooling products [15][13] Market Share and Product Strategy - 英维克 ranks among the top two in the indirect evaporative cooling market, alongside major players like Huawei, due to its innovative products and increasing market penetration [16] - The transition from traditional cooling systems to indirect evaporative cooling has significantly enhanced the company's revenue potential, increasing its value capture from 20-30% to 100% [17] Future Outlook - 英维克's strategic focus on liquid cooling technologies, starting from CDU (Central Processing Unit) and expanding into related electronic cooling technologies, showcases its strong innovation and R&D capabilities [18] - The company is expected to solidify its position in the market by 2026, setting the stage for further growth in 2027 and 2028, with a long-term view suggesting it will become a leading representative of quality cooling solutions in both domestic and international markets [18]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Core Insights - The Chinese refrigeration and air conditioning equipment industry is at a critical turning point, transitioning from a price war-driven market to a stable development phase dominated by stock renewal demand and energy efficiency standards [1] - The report aims to analyze structural opportunities for growth in a mature market and provide insights into the long-term evolution and competitive landscape of the refrigeration equipment industry by benchmarking against overseas leaders [1] Group 1: Market Trends - The overseas HVAC giants are directing their capital expenditures towards data center infrastructure, driven by the global digitalization and intelligence wave, leading to increased demand for computing power [3] - The cooling systems in data centers represent a significant portion of energy consumption, making energy efficiency improvements and reduced Power Usage Effectiveness (PUE) critical requirements, thus creating market space for high-end cooling solutions [3] Group 2: Strategic Developments - Localized deepening in overseas markets and value extension in the supply chain are essential, with acquisitions of local brands allowing companies to quickly access established distribution networks and adapt to local product technologies [2] - The trend of direct overseas capacity construction in emerging markets like Southeast Asia is driven by tariff barriers, logistics costs, and the need to respond quickly to market demands while leveraging local resource advantages [2] Group 3: Investment Recommendations - In the household refrigeration equipment sector, attention should be given to industry leaders such as Midea Group [3] - In the specialized refrigeration equipment sector, domestic companies like Invec and Shenling Environment, which have rich reserves in data center cooling solutions, are worth monitoring [3] - Upstream components such as compressors, valves, and pumps are expected to benefit from the demand for data center cooling, with companies like Hanzhong Precision Machinery, Ice Wheel Environment, and Sanhua Intelligent Control being of interest [3]

Group 1 - The liquid cooling server concept index declined by 0.98%, ranking among the top declines in the concept sector, with major declines seen in companies like Unification Holdings, Chuanrun Shares, and Yidong Electronics [1] - Among the liquid cooling server concept stocks, 47 stocks saw price increases, with notable gains from Fenghuo Communication (up 10.01%), Lio Shares (up 9.94%), and Sanhua Intelligent Control (up 5.35%) [1] - The liquid cooling server concept experienced a net outflow of 6.502 billion yuan in main funds, with 114 stocks seeing net outflows, and 21 stocks with outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stock was Industrial Fulian, with a net outflow of 1.880 billion yuan, followed by Yingweike, Sanhua Intelligent Control, and Luxshare Precision with net outflows of 1.088 billion yuan, 1.053 billion yuan, and 908 million yuan respectively [2] - The top net inflow stocks included Lio Shares, Fenghuo Communication, and ZTE Corporation, with net inflows of 2.599 billion yuan, 833 million yuan, and 405 million yuan respectively [2] - The liquid cooling server concept saw significant declines in individual stocks, with Unification Holdings down 9.99%, Chuanrun Shares down 9.92%, and Flying Dragon Shares down 7.36% [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月31日，英维克收跌5.57%，收盘价为106.89元，发生1笔大宗交易，合计成交量30万股，成交金额 3142.5万元。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1.3亿元。该股近5个交易日累计下 跌3.85%，主力资金合计净流出24.45亿元。 责任编辑：小浪快报 第1笔成交价格为104.75元，成交30.00万股，成交金额3,142.50万元，溢价率为-2.00%，买方营业部为国 联民生证券股份有限公司无锡盛岸西路证券营业部，卖方营业部为招商证券股份有限公司郑州商务外环 路证券营业部。 ...

| 证券代 | 证券简称 | 主力资金净流出 | 主力资金净流出金额 | 主力资金净流出比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | | 天数 | （亿元） | （%） | （%） | | 688795 | 摩尔线 程-U | 14 | 51.42 | 9.35 | -37.53 | | 002837 | 英维克 | 6 | 27.81 | 6.38 | 2.94 | | 000657 | 中钨高新 | 8 | 15.80 | 6.31 | 1.50 | | 600487 | 亨通光电 | 7 | 14.06 | 5.75 | -5.39 | | 603259 | 药明康德 | 8 | 13.34 | 6.19 | -1.98 | | 600309 | 万华化学 | 10 | 13.34 | 6.29 | 3.31 | | 000572 | 海马汽车 | 7 | 12.93 | 8.70 | -12.82 | | 000566 | 海南海药 | 6 | 12.05 | 12.41 | -18.38 | | 601006 | 大秦铁路 | 15 ...

Core Viewpoint - The Nvidia concept sector experienced a decline, with a drop of 1.27% in overall performance [1] Group 1: Company Performance - Haowen Automotive Electric fell by 3.23% [1] - Jingwang Electronics decreased by 3.12% [1] - Yingweike dropped by 2.61% [1] - Dalian Technology and Shenghong Technology both saw declines exceeding 3% [1]

12月30日，英维克大宗交易成交50万股，成交额5547万元，占当日总成交额的0.74%，成交价110.94元，较市场收盘价113.2 元折价2%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-12-30 | 002837 | 英维克 | 110.94 | 50.00 | 5,547.00国联民生证券股份 | 招商证券股份有限 | | | | | | | 有限公司无锡盛岸 | 公司郑州商务外环 | | | | | | | 西路证券营业部 | 路证券营业部 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7]. Core Insights - The company is a leading provider of temperature control systems in the liquid cooling sector, poised to benefit from the anticipated surge in AI-driven data center demands in 2026 [7]. - The company has established a comprehensive liquid cooling solution that caters to various applications, including data centers, energy storage stations, and communication bases [7]. - The expected net profits for 2025, 2026, and 2027 are projected to be 652 million, 1.069 billion, and 1.463 billion RMB, respectively, with year-over-year growth rates of 44%, 64%, and 37% [9]. Company Overview - The company operates in the mechanical equipment industry, with a current stock price of 109.32 RMB as of December 29, 2025, and a market capitalization of approximately 92.943 billion RMB [2]. - The stock has shown significant price appreciation over the past year, with a 12-month high of 116.5 RMB and a low of 21.53 RMB, reflecting a 253.2% increase [2]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 4.03 billion RMB, a 40.2% increase year-over-year, and a net profit of 400 million RMB, up 13.1% from the previous year [7]. - The gross margin for Q3 2025 was 27.32%, an increase of 3.4 percentage points from the previous quarter, driven by higher-margin projects in Southeast Asia and the growth of high-value liquid cooling products [7]. Market Position - The company maintains stable partnerships with major domestic players such as Huawei, ZTE, Tencent, and Alibaba, while also expanding its international collaborations with companies like NVIDIA and Google in the liquid cooling sector [7]. - The report highlights the company's competitive advantage in terms of technology and cost efficiency in the liquid cooling market, which is expected to enhance its market share and profitability in the coming years [7].