Group 1 - The Shanghai Composite Index broke the 4000-point mark for the first time in ten years, reaching a high of 4010.73 points on October 28, 2023, driven by positive signals from the 2025 Financial Street Forum and the "14th Five-Year Plan" emphasizing technological self-reliance [1] - The total trading volume for the day was 2.15 trillion yuan, with significant contributions from AI hardware and optical modules, as well as new materials and minor metals [1] - A total of 72 stocks hit the daily limit up, with notable gains in technology and regional attributes, particularly in Jiangsu province where companies in electronics, new materials, and high-end manufacturing saw substantial increases [1] Group 2 - Huatai Securities indicated that technology remains the main focus of the market in the short term, while multiple brokerages, including CITIC Securities, highlighted that the "14th Five-Year Plan" outlines a clear growth path for A-shares through technological breakthroughs and industrial upgrades [2] - Several executives from Jiangsu-listed companies expressed their commitment to focusing on the development and layout in areas such as digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology under the guidance of policy [2] - The capital market is expected to empower the technology sector, potentially leading to the emergence of a number of global leading enterprises within the A-share technology segment [2]

Core Insights - Company has received an order for a custom-developed 0.08mm blade cooling structure from a Taiwanese client, which is now used in the liquid cooling system for the B200 chip [1] - The new cooling structure utilizes the latest MLCP technology, providing a significant competitive edge and effectively addressing the TDP thermal issues for processors with power consumption of 1800W to 2000W and above [1] - The company has completed multiple rounds of sample testing for the next-generation B300 chip adaptation plan, receiving positive feedback and is now entering the production preparation phase [1] Industry Trends - The demand for GPU performance is increasing due to the rapid development and application of AI technology, leading to the evolution of GPU products from B200 to the new B300 generation, both based on the Blackwell architecture [1] - The GB200 and GB300 represent the core development direction for data center computing power, with significant increases in chip power and performance making thermal management a critical bottleneck [1] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.594 billion yuan, reflecting a year-on-year growth of 27.78% [2] - The revenue for the third quarter also stood at 1.594 billion yuan, maintaining the same year-on-year growth rate of 27.78% [2] Future Plans - The company aims to deepen technical collaboration with leading global GPU companies and their ODM partners, ensuring reliable verification of the liquid cooling plate production process before the large-scale shipment of GB300 [2] - There will be increased investment in the research and development of microchannel cooling plate architecture and manufacturing processes to achieve breakthroughs in cooling efficiency for higher power consumption chips [2]

Company Overview - Jinfu Technology (SZ 300128) announced on October 28 that it will utilize idle self-owned funds to purchase structured deposits or financial products, with a limit of up to 100 million yuan, to improve capital efficiency and increase company revenue [1][1][1] - The decision was made during the 25th meeting of the 6th Board of Directors, scheduled for October 28, 2025, ensuring that normal production and operations are not affected [1][1][1] Financial Performance - For the first half of 2025, Jinfu Technology's revenue composition was as follows: Consumer Electronics accounted for 64.15%, New Energy 30.29%, Chemical Materials 2.75%, Other Businesses 2.27%, and Other Industries 0.53% [1][1][1] - As of the report date, the market capitalization of Jinfu Technology is 11.3 billion yuan [1][1][1] Market Context - The A-share market has recently surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1][1][1]

证券代码：300128 证券简称：锦富技术 公告编号：2025-074 苏州锦富技术股份有限公司 关于使用闲置自有资金购买结构性存款或理财产品的公告 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。 为提高资金使用效率，增加公司收益，苏州锦富技术股份有限公司（以下简 称"公司"）于 2025 年 10 月 28 日召开第六届董事会第二十五次会议，审议通 过了《关于使用闲置自有资金购买结构性存款或理财产品的议案》，在保证正常 生产经营不受影响的情况下，同意公司及控股子公司使用额度不超过 1 亿元的闲 置自有资金购买结构性存款或理财产品。现将相关事项公告如下： 一、投资概况 1、投资目的 2、投资额度 公司使用额度不超过人民币 1 亿元的闲置自有资金购买结构性存款或理财 产品。在上述额度内，资金可以循环使用，使用期限内任一时点的交易金额(含 前述投资的收益进行再投资的相关金额)不应超过上述额度。 3、投资品种 为控制风险，上述额度内的资金仅限于投资期限不超过 1 年的安全度高、流 动性好、风险可控、稳健的或风险较低的结构性存款或理财产品（包括但不限于 收益型银行理财 ...

证券代码：300128 证券简称：锦富技术 公告编号：2025-073 关于使用部分闲置募集资金进行现金管理的公告 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。 苏州锦富技术股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开第六届董事会第二十五次会议审议通过了《关于使用部分闲置募集资金进行现 金管理的议案》，同意公司使用额度不超过 10,000.00 万元（含本数）的闲置募 集资金进行现金管理，使用期限自前次闲置募集资金现金管理的授权到期之日起 12 个月内有效，在上述额度和期限内，资金可循环滚动使用。现将具体情况公 告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意苏州锦富技术股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2023〕245 号），同意公司向特定对象 发行股份拟募集资金总额为不超过 73,800 万元。公司实际募集资金总额为人民 币 738,000,000.00 元，发行股票总数量为 205,000,000 股，发行价格为 3.60 元/股，扣除本次发行费用（不含税）人民币 13,241,7 ...

国泰海通证券股份有限公司 关于苏州锦富技术股份有限公司 向关联方申请借款暨关联交易的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐人"）作 为苏州锦富技术股份有限公司（以下简称"公司"）向特定对象发行股票保荐人， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》 《深圳证券交易所上市公司自律监管指引第7号——交易与关联交易》等有关规 定，对公司向关联方申请借款暨关联交易事项进行了核查，具体情况如下： 一、关联交易概述 1、公司拟向泰兴市智光环保科技有限公司（以下简称"智光环保"）及其 控股子公司申请不超过 3.5 亿元借款，用于公司日常经营活动资金周转，借款期 限不超过 12 个月，借款利率参照同期贷款市场报价利率 LPR 并综合考虑公司融 资成本的基础上经双方协商确定，计息方式按照借款实际使用天数计息。在上述 累计额度内，可循环使用。本次借款无需提供任何抵押或担保。 2、本次交易对方为智光环保及其控股子公司，智光环保系公司控股股东泰 兴市智成产业投资基金（有限合伙）（以下简称"智成投资"）之 ...

二、募集资金投资项目情况及部分募集资金闲置原因 国泰海通证券股份有限公司 关于苏州锦富技术股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐人"）作 为苏州锦富技术股份有限公司（以下简称"公司"）向特定对象发行A股股票并 在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募 集资金监管规则》《深圳证券交易所上市公司自律监管指引第13号——保荐业务》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第2号——创业板上市公司规范运作》等相关规定，对公司使用部分闲置募集 资金进行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意苏州锦富技术股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2023〕245 号），同意公司向特定对象 发行股份拟募集资金总额为不超过 73,800 万元。公司实际募集资金总额为人民 币 738,000,000.00 元，发行股票总数量为 205,000,000 股，发行价格为 3.60 元/股，扣除本次发行费用（不含税）人民币 ...

国泰海通证券股份有限公司 关于苏州锦富技术股份有限公司 新增募投项目实施主体、实施地点 及变更实施方式的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐人"）作 为苏州锦富技术股份有限公司（以下简称"锦富技术"或"公司"）向特定对象 发行股票持续督导保荐人，根据《证券发行上市保荐业务管理办法》《上市公司 募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第2号——创业板上市公司规范运作》等有关规定，对公 司新增募投项目实施主体、实施地点及变更实施方式的事项进行了核查，具体情 况如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意苏州锦富技术股份有限公司向 特定对象发行股票注册的批复》（证监许可[2023]245号）同意注册，并经深圳 证券交易所同意，公司向特定对象发行人民币普通股（A股）股票205,000,000 股，发行价格为3.60元/股，募集资金总额为人民币738,000,000.00元，扣除本 次发行费用13,241,781.15元后的募集资金净额为人民币724,758,218.85元。 上述募集资金已于2023年10月2 ...

Core Insights - The company reported a revenue of 1.594 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.78%, with the third quarter alone achieving 621 million yuan, a growth of 40.44% [1] Group 1: Robotics Business Development - The company has identified three key development directions in the robotics sector: robot inspection, complete line OEM, and secondary development of robots, achieving tangible results [2] - The company has successfully received an OEM order for a complete line from a U.S. educational robotics company, with products being delivered [2] - A subsidiary showcased a developed inspection robot dog for the Shanghai police, enhancing operational efficiency for law enforcement [2] - The four-legged robot market in China is projected to grow from 2.37 billion USD in 2024 to 16.2 billion USD by 2029, with a CAGR of 46.8% from 2024 to 2029 [2] Group 2: Liquid Cooling Market Expansion - The global liquid cooling market is expected to reach 35.4 billion yuan in 2025, 71.6 billion yuan in 2026, and 108.2 billion yuan in 2027, with a potential to exceed 100 billion yuan by 2027 [4] - The company has successfully integrated the liquid cooling industry chain, developing cooling liquid products suitable for electric vehicles and data centers [4] - A custom-developed 0.08mm fin heat sink architecture has received orders from a Taiwanese client, utilizing advanced MLCP technology to effectively manage high thermal loads [4] Group 3: Strategic Outlook - The company's dual breakthroughs in robotics and liquid cooling align with the core industrial demands of AI computing power enhancement and intelligent manufacturing [5] - The company is poised to open new growth avenues amid the "14th Five-Year" industrial upgrade wave, laying a solid foundation for high-quality development [5]

Core Viewpoint - The company reported a revenue of 1.594 billion yuan for the first three quarters, marking a year-on-year increase of 27.78%, but recorded a net loss attributable to shareholders of 165 million yuan [2] Group 1: Financial Performance - For the first three quarters, the company achieved an operating income of 1.594 billion yuan, which is a 27.78% increase compared to the previous year [2] - The net profit attributable to shareholders for the same period was -165 million yuan [2] - In the third quarter, the company reported an operating income of 621 million yuan, reflecting a year-on-year growth of 40.44% [2] - The net profit attributable to shareholders in the third quarter was -49.97 million yuan [2]