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].

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

（原标题：机械设备行业资金流出榜：英维克、川润股份等净流出资金居前） 机械设备行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002837 | 英维克 | -4.62 | 5.67 | -16276.18 | | 002272 | 川润股份 | 0.09 | 32.89 | -12668.90 | | 600520 | 三佳科技 | -2.66 | 10.05 | -10272.17 | | 002490 | 山东墨龙 | 9.97 | 30.32 | -9260.45 | | 300276 | 三丰智能 | -0.29 | 3.35 | -7939.33 | | 002097 | 山河智能 | -0.48 | 4.66 | -6538.23 | 沪指6月23日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为计算机、国防军 工，涨幅分别为2.25%、1.97%。机械设备行业今日上涨0.82%。跌幅居前的行业为食品饮料、家用电 器、钢铁，跌幅分别为0.80%、0. ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Group 1 - The company plans to purchase land use rights and invest in the construction of a new precision temperature control energy-saving equipment R&D center and production base, with a total investment of no less than RMB 100 million [1][2] - The company successfully won the bid for a state-owned construction land use right in Longhua District for RMB 24 million, signing a confirmation letter with Shenzhen Trading Group [2] - Acquiring the land use rights is expected to enhance the company's overall image, improve management efficiency, and lay a foundation for long-term stable development [2] Group 2 - The company will proceed with the payment of the land transfer fee and sign the relevant land use rights transfer contract following the confirmation of the bid [2] - The company commits to timely fulfill information disclosure obligations in accordance with legal regulations and normative documents [2]

证券代码：002837 证券简称：英维克 公告编号：2025-034 三、本次竞得土地使用权对公司的影响 关于公司竞得土地使用权暨总部基地项目进展公告 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 ...