Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the IDC/Intelligent Computing Center sector [2]. Core Insights - The report highlights a consensus among AI industry leaders that domestic technology companies are transitioning from followers to leaders in global AI technology [2]. - Significant breakthroughs are expected in 2026 across multiple dimensions, including computing power, models, and applications, with a notable improvement in the usability of domestic computing power [2]. - The IDC sector is anticipated to undergo major changes in 2026, driven by the demand from cloud vendors and the need for efficient computing resources [2]. - The report emphasizes the scarcity of effective supply in the market, with government policies shifting focus from broad construction to orderly guidance and efficient resource allocation [2]. - Key companies identified for investment include leading IDC firms and those in the supply chain for power distribution and temperature control [2]. Summary by Sections Demand Side - High demand from cloud vendors is expected, with a significant number of IDC orders anticipated to be deployed by mid-2026 [2]. - The necessity for cloud vendors to secure quality assets for sustainable computing power supply is highlighted [2]. Supply Side - The report notes a strong scarcity of "effective supply," with government initiatives aimed at optimizing the layout of intelligent computing resources [2]. - The need for supporting equipment such as UPS/HVDC and liquid cooling systems is emphasized due to the redundancy requirements in power supply [2]. Key Companies - Core players in the IDC sector include Runze Technology, Dongyangguang, and Baoxin Software, among others [3]. - Companies with flexible demand and strong client ties, such as Dawi Technology and Aofei Data, are also highlighted as potential investment opportunities [2].

Core Viewpoint - The company has established a strong position in the cooling technology sector, particularly in liquid cooling systems, and has gained recognition from leading industry clients through years of technological development and product iteration [2] Group 1: Company Capabilities - The company has developed significant design, manufacturing, and testing capabilities for liquid cooling systems and products over many years [2] - Multiple related products have achieved a leading advantage in the market, receiving acknowledgment from top industry clients [2] Group 2: Product Offerings - The company's cooling products for servers and data centers include TIM materials, various types of heat sinks, fans, single-phase and two-phase liquid cooling plate modules, flow control instruments, and CDU [2] - The company has established supply cooperation with major domestic server manufacturers, with some products already in mass delivery [2] Group 3: Client Relationships - Key clients in the data center and server sectors include H Company, ZTE, Cisco, Inspur, Datang Mobile, Fenghuo Supermicro, New H3C, Super Fusion, Lenovo, Wistron, Wistron NeWeb, Compal, ASUS, and other significant customers [2] - The company maintains close communication and collaboration with important clients, ensuring the orderly advancement of its server cooling-related business [2] Group 4: Research and Development - The company is committed to continuous research and development of liquid cooling products and technological innovation, increasing investment in cutting-edge areas and market penetration [2] - The company aims to explore and deepen the application of liquid cooling technology across various fields to drive industrial progress and meet market demands [2]

Group 1 - The company, Feirongda, has indicated that some of its thermal management and electromagnetic shielding products are now applied in chip-related supporting products, effectively addressing heat dissipation and shielding issues for chips and application terminals [2] - These products support the continuous and efficient operation of chips in secure environments [2]

格隆汇1月13日丨飞荣达(300602.SZ)在投资者互动平台表示，公司产品暂未应用于脑机接口领域。公司 也将积极关注相关技术领域的发展动态，一切有利于公司发展的措施，公司都会积极的考虑和论证，以 不断提高综合竞争优势。 ...

Core Viewpoint - Feirongda (300602.SZ) is a leading domestic supplier of electromagnetic shielding and thermal management solutions, providing customized products based on different material combinations to meet customer needs [1] Group 1: Company Overview - The company specializes in electromagnetic shielding, thermal management, and lightweight application solutions [1] - Feirongda's thermal products and electromagnetic shielding products are currently applied in chip-related supporting products [1] Group 2: Product Applications - The company's products effectively address heat dissipation and shielding issues for chips and application terminals, ensuring they operate efficiently in safe environments [1]

Core Viewpoint - Feirongda (300602.SZ) has indicated that its products are not yet applied in the commercial aerospace sector, but the company is actively monitoring the development trends in demand for related products such as electromagnetic shielding and thermal management [1] Group 1 - The company has not yet entered the commercial aerospace market with its products [1] - Feirongda is committed to considering and evaluating all measures that could benefit its development in the future [1]

Summary of Key Points Core Viewpoint - The recent block trading activity of Feirongda indicates significant institutional interest, with a notable discount to the market price, suggesting potential investment opportunities for discerning investors [2][3]. Trading Activity - On January 9, Feirongda experienced 12 block trades, totaling 1.892 million shares and a transaction value of 55.1896 million yuan, with an average transaction price of 29.17 yuan, reflecting an 11.50% discount compared to the closing price [2]. - Over the past three months, Feirongda has recorded 67 block trades, amounting to a total transaction value of 232 million yuan [2]. Market Performance - The closing price of Feirongda on January 9 was 32.96 yuan, marking a 2.84% increase, with a daily turnover rate of 7.55% and a total transaction volume of 972 million yuan [2]. - The net inflow of main funds for the day was 63.6917 million yuan, while the stock has seen a cumulative decline of 0.60% over the past five days, with a total net outflow of 143 million yuan during the same period [2]. Margin Trading Data - The latest margin financing balance for Feirongda stands at 599.7 million yuan, having decreased by 79.8922 million yuan, which represents an 11.80% decline over the past five days [2].

证券代码：300602 证券简称：飞荣达 公告编号：2026-001 深圳市飞荣达科技股份有限公司 关于控股股东、实际控制人股份减持实施完毕及其一致行动人 减持计划实施进展的公告 控股股东、实际控制人马飞先生及其一致行动人黄峥女士、马军先生、宁波 飞驰荣达股权投资有限公司保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市飞荣达科技股份有限公司（以下简称"公司"或"飞荣达"）于2025年10 月15日披露了《关于控股股东、实际控制人及其一致行动人股份减持计划的预披露 公告》（公告编号：2025-068），控股股东、实际控制人马飞先生计划以大宗交易方 式减持其直接持有公司股份合计不超过1,158,212股，占公司总股本的0.1991%（以 公司总股本58,186.3431万股为基数，下同）；其一致行动人黄峥女士计划以大宗交易 方式减持其直接持有公司股份合计不超过5,818,634股，占公司总股本的1.0000%； 其一致行动人宁波飞驰荣达股权投资有限公司（以下简称"飞驰投资"）计划以大宗 交易及集中竞价交易方式合计 ...

Core Viewpoint - The wave-absorbing materials industry in China is experiencing unprecedented growth opportunities driven by the proliferation of 5G/6G communication technologies, explosive growth in the electric vehicle industry, and accelerated modernization of national defense. The market size is projected to grow from 9.2 billion yuan in 2019 to 15.2 billion yuan by 2024, with a compound annual growth rate (CAGR) of 10.6% [1][6]. Industry Overview - Wave-absorbing materials are designed to absorb or significantly reduce electromagnetic wave energy, thereby minimizing interference. They are required to have high absorption rates across a wide frequency range, as well as lightweight, temperature resistance, moisture resistance, and corrosion resistance [2][3]. - The classification of wave-absorbing materials includes absorption-type, interference-type, and various loss mechanisms such as resistive, dielectric, and magnetic loss types [2]. Industry Value Chain - The upstream raw materials for wave-absorbing materials include non-ferrous metals such as iron, copper, nickel, chromium, silicon, titanium, and aluminum. The midstream involves the production and manufacturing of wave-absorbing materials, while the downstream applications span electric vehicles, 5G communication, consumer electronics, and photovoltaic energy storage [3][4]. Current Industry Status - The global market for wave-absorbing materials is on an upward trend, expected to reach 6.138 billion USD by 2024, reflecting a year-on-year increase of 6.8%. This growth is primarily driven by demand in military, aerospace, communication, and electronic information sectors [5][6]. Competitive Landscape - Historically, the wave-absorbing materials market has been dominated by foreign manufacturers such as ARC, 3M, DuPont, Henkel, TDK, and NEC. However, domestic companies in China are advancing technologically, with firms like Shenzhen Feirongda Technology Co., Ltd., Beikong Technology Co., Ltd., and others achieving competitive product standards [7][8]. Industry Development Trends 1. **Performance Improvement**: Future developments will focus on enhancing performance in high-frequency absorption, wide frequency coverage, and multifunctional integration. The rise of 5G/6G communication and millimeter-wave radar technologies necessitates materials that maintain excellent absorption performance at high frequencies [9]. 2. **Application Expansion**: Initially used in military applications, wave-absorbing materials are now extending into civilian sectors, including smart vehicles and IoT, where they help mitigate electromagnetic interference and enhance system reliability [10][11]. 3. **Green and Intelligent Transformation**: The industry is moving towards smart manufacturing and green production practices, emphasizing the use of eco-friendly raw materials and low-emission processes, such as water-based coating technologies [12].

Group 1 - The company Feirongda (300602.SZ) has announced a collaboration with UBTECH in the field of artificial intelligence [1] - The partnership involves providing customers with thermal management solutions and related products [1]