Investment Rating - The industry investment rating is "Accumulate" (maintained) [1] Core Insights - The establishment of Vertiv's East China R&D and manufacturing base in Suzhou signifies a rapid increase in global demand for cooling solutions in computing power, particularly driven by the growth in AI computing [1] - The rise in server power density has transformed liquid cooling from an optional solution to a necessity, with projections indicating that the computing server market could exceed 100 billion by 2026-2027 [2] - Vertiv's expansion aims to overcome current capacity bottlenecks, leveraging the robust supply chain in the Yangtze River Delta region, which is home to numerous suppliers of critical components [3] Summary by Sections Industry Potential - The establishment of Vertiv's manufacturing base indicates a significant uptick in demand for liquid cooling solutions, particularly in the context of AI computing [1] Market Dynamics - The liquid cooling market is expected to see substantial growth, with leading companies like Vertiv demonstrating confidence in the long-term prospects of this sector [2] - The introduction of more suppliers into the NV open RVL list and the maturation of the ASIC server supply chain present opportunities for domestic liquid cooling suppliers to gain market share [2] Company Expansion - Vertiv's expansion is a strategic move to address capacity constraints and enhance its competitive edge by integrating local suppliers into its supply chain [3] Investment Recommendations - Recommended companies include: - Vertiv as a leading thermal control provider with strong North American client progress - Hongsheng Co., specializing in plate-fin heat exchangers - Neway Valve, a leader in the valve sector - Additional companies to watch include Feilong Co., Kexin New Source, Yidong Electronics, and Feirongda [4]

| 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 ◆ | 交易日期 ◆ | | 1 | 300502.SZ | 新易盛 | 2025-12-18 | | 2 | 601318.SH | 中国平安 | 2025-12-18 | | 3 | 600118.SH | 中国卫星 | 2025-12-18 | | ব | 600343.SH | 航天动力 | 2025-12-18 | | 5 | 600879.SH | 航天电子 | 2025-12-18 | | 6 | 002600.SZ | 领益智造 | 2025-12-18 | | 7 | 603986.SH | 兆易创新 | 2025-12-18 | | 8 | 002837.SZ | 英维克 | 2025-12-18 | | 9 | 300274.SZ | 阳光电源 | 2025-12-18 | | 10 | 002536.SZ | 飞龙股份 | 2025-12-18 | 资金流向方面，申万31个一级行业中有14个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入17.28亿元；获融资 ...

截至12月18日，A股两融余额为24993.66亿元，较上一交易日减少34.80亿元，占A股流通市值比例为2.61%。当日两融交易额为1718.86亿元，较上一交易日 减少134.06亿元，占A股成交额的10.23%。 上证报中国证券网讯（刘禹希 记者 徐蔚）截至12月18日，A股两融余额为24993.66亿元，较上一交易日减少34.80亿元，占A股流通市值比例为2.61%。当日 两融交易额为1718.86亿元，较上一交易日减少134.06亿元，占A股成交额的10.23%。 资金流向方面，申万31个一级行业中有14个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入17.28亿元；获融资净买入居前的行业还 有国防军工、机械设备、通信、电力设备、非银金融等。 个股方面，29只个股获融资净买入额超1亿元。新易盛获融资净买入额居首，净买入6.09亿元；融资净买入金额居前的还有中国平安、中国卫星、航天动 力、航天电子、领益智造、兆易创新、英维克、阳光电源、飞龙股份等。 | 序号 | 证券代码 ◆ | 证券简称 ◆ | 交易日期 ◆ | | --- | --- | --- | --- | | 1 | 300 ...

12月18日，英维克涨1.29%，成交额103.91亿元。两融数据显示，当日英维克获融资买入额12.39亿元， 融资偿还10.48亿元，融资净买入1.91亿元。截至12月18日，英维克融资融券余额合计36.44亿元。 截至11月28日，英维克股东户数13.46万，较上期减少14.49%；人均流通股6316股，较上期增加 16.94%。2025年1月-9月，英维克实现营业收入40.26亿元，同比增长40.19%；归母净利润3.99亿元，同 比增长13.13%。 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 融资方面，英维克当日融资买入12.39亿元。当前融资余额36.14亿元，占流通市值的3.93% ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the continuous improvement of Google's AI ecosystem, with the release of TPUv7 Ironwood and Gemini 3 series models, which are expected to drive demand for liquid cooling solutions and enhance market expansion [3][4] - There is a strong demand for TPU, with companies like Anthropic and Meta planning to rent TPU chips from Google, indicating a significant market opportunity [4] - The AI sector is expected to boost the demand for optical fibers and cables, leading to a potential price recovery in this segment [5] - The report emphasizes three core investment themes: "Optical, Liquid Cooling, and Domestic Computing Power," while also highlighting opportunities in satellite and edge AI [6] Summary by Sections Industry Overview - The report indicates a positive outlook for the industry, with a focus on the advancements in AI technology and its implications for related sectors [1] Market Trends - The demand for TPU is increasing, with notable partnerships and rental agreements being established, which will likely enhance ASIC demand [4] - The AI-driven growth is expected to elevate the usage of optical fibers and cables, particularly in data center interconnects and metropolitan area networks [5] Investment Recommendations - Recommended stocks include Invec (leader in liquid cooling solutions), with beneficiaries such as Feilong Co., Dayuan Pump Industry, Lingyun Co., and others in the optical fiber and cable sector [4][5][6]

Market Overview - A total of 61 stocks hit the daily limit up, while 19 stocks faced limit down, resulting in a sealing rate of 76% [1] - The Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index and the ChiNext Index fell by 1.29% and 2.17% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.66 trillion, a decrease of 155.7 billion from the previous trading day [1] Stock Performance - Baida Group achieved a six-day limit up streak, while Shengtong Energy and Pinao recorded five and four consecutive limit ups respectively [1][3] - The number of stocks advancing was nearly 2900, with notable performances in the pharmaceutical, banking, and retail sectors [1] - The commercial aerospace concept saw a resurgence, with stocks like Shunhao and Xibu Materials hitting limit up after previous declines [3][5] Sector Analysis - The pharmaceutical commercial sector experienced significant growth due to increased orders amid a rise in respiratory diseases during the winter season [14][15] - The retail sector, particularly driven by the "reward economy," showed strong performance with stocks like Baida Group and Nanjing Shanglv achieving consecutive limit ups [6][12] - The AI healthcare sector remained active, with Ant Group's AI health app "Antifortune" gaining popularity, leading to limit ups for companies like Meian Health and Huaren Health [7][19] Investment Themes - The commercial aerospace sector is highlighted as a strategic emerging industry, with government support and recent rocket launches boosting investor sentiment [5] - The "reward economy" is emerging as a new consumption model among younger demographics, contributing to the growth of related sectors [6][12] - The IP economy is gaining traction, with government initiatives aimed at promoting new consumption models and financial support for innovative businesses [16] Future Outlook - The market is expected to continue experiencing volatility, with a focus on small-cap stocks and growth sectors as larger stocks face profit-taking [9] - The Shanghai Composite Index is attempting to recover above key moving averages, indicating potential for further upward movement if trading volume increases [9]

沪指12月18日上涨0.16%，申万所属行业中，今日上涨的有12个，涨幅居前的行业为银行、煤炭，涨幅 分别为1.97%、1.89%。跌幅居前的行业为电力设备、通信，跌幅分别为2.22%、1.58%。机械设备行业 今日下跌0.64%。 资金面上看，两市主力资金全天净流出325.78亿元，今日有8个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨0.90%，全天净流入资金22.90亿元，其次是银行行业，日涨幅 为1.97%，净流入资金为9.27亿元。 | 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 | 1.29 | 12.68 | -115751.81 | | 600501 | 航天晨光 | -3.48 | 18.59 | -46262.68 | | 300499 | 高澜股份 | -3.87 | 17.79 | -18777.64 | | 002639 | 雪人集团 | -5.76 | 38.18 | -17945.53 | | 601399 | 国 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.16% to 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points, and the ChiNext Index decreased by 2.17% to 3107.06 points [3][4]. Sector Performance - The consumer sector strengthened, particularly in retail, while commercial aerospace stocks experienced significant activity, with military stocks showing localized strength in the afternoon [3]. - The commercial aerospace sector saw a broad surge, with multiple stocks hitting the daily limit up, including Shengyang Technology and Tianjian Technology [5]. - The lithium battery sector faced a decline, with notable drops in stocks such as Huasheng Lithium and Haike New Source [6][7]. Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets was 1.66 trillion yuan, a decrease of 155.7 billion yuan compared to the previous trading day, with over 2800 stocks rising [7]. Capital Flow - Main capital inflows were observed in the aerospace, banking, and pharmaceutical sectors, while there were outflows from consumer electronics, securities, and semiconductors [10]. - Specific stocks like Kaimete Gas and China Satellite saw net inflows of 770 million yuan and 667 million yuan, respectively, while stocks like Industrial Fulian faced significant outflows totaling 2.443 billion yuan [10]. Institutional Insights - CICC indicated that the recent market pullback could provide good positioning opportunities for the first half of 2026 [11]. - Huashan Securities noted that historically, A-shares tend to exhibit high volatility in January following a significant rise, suggesting that the initiation of a spring rally remains to be observed [12]. - Everbright Securities projected that the index is likely to continue its range-bound oscillation [13].

Summary of Key Points Core Viewpoint - The total trading volume of the Shanghai and Shenzhen stock markets on December 18 reached 1.66 trillion yuan, reflecting a decrease of approximately 155.66 billion yuan compared to the previous trading day [1] Trading Volume Details - The trading volume in the Shanghai market was 704.90 billion yuan, while the Shenzhen market recorded 950.59 billion yuan [1] - New Yisheng topped the trading volume with 17.33 billion yuan, followed by Zhongji Xuchuang at 13.81 billion yuan, CATL at 11.08 billion yuan, Aerospace Electronics at 10.68 billion yuan, and Invec at 10.39 billion yuan [1]

Market Overview - A-shares experienced a significant rebound on Wednesday, with Muxi Co. (688802 CH) surging 692% on its debut[3] - The Hang Seng Index rose by 233 points (+0.92%) to close at 25,468 points, driven by technology and consumer stocks[12] - U.S. stocks fell sharply, with the Dow Jones down 228 points (-0.47%) and the S&P 500 down 1.16%[10] Economic Indicators - U.S. inflation data is anticipated to influence the Federal Reserve's stance on further rate cuts, with expectations of a CPI increase exceeding 3%[31] - The UK inflation rate dropped to an eight-month low, exceeding expectations, which has bolstered market rate cut predictions[6] Commodity and Currency Movements - International oil prices rebounded from a four-and-a-half-year low, with NY crude oil rising 1.21% to $55.94 per barrel[28] - Gold prices approached record highs, with NY gold increasing by 0.96% to $4,347.5 per ounce[28] Fixed Income Market - U.S. Treasury yields showed mixed results, with the 10-year yield rising by 0.8 basis points to 4.15%[31] - The auction for 20-year U.S. Treasury bonds was lackluster, with a bid-to-cover ratio of 2.67, below the average of 2.73[31] Sector Performance - In the U.S., the technology sector led declines, with the information technology index falling 2.19%[10] - In Asia, the KOSPI index in South Korea rose by 1.4% to 4,056.4 points, while the Shanghai Composite Index increased by 1.19%[22] Corporate Highlights - Micron Technology (MU US) reported a strong earnings outlook, with Q1 EPS exceeding market expectations by 16%[9] - MongoDB (MDB US) announced significant revenue growth and raised its full-year guidance, driven by an increase in AI-native customer acquisitions[9] Geopolitical Developments - The U.S. is reportedly preparing to impose new sanctions on Russia amid ongoing geopolitical tensions[6] - The EU has upgraded its economic security framework, indicating a rise in trade disruption probabilities[6]