飞荣达：可提供灵巧手、关节模组相关产品等 部分已处于小批量供货阶段。 ...

Core Viewpoint - Feirongda maintains close cooperation with leading brand terminal manufacturers, focusing on the development and supply of thermal management materials and devices for mobile terminals [2] Group 1: Product Offerings - The company’s products for mobile terminals include graphite sheets, graphene, heat pipes, vapor chambers (VC), phase change materials, micro fans, and micro pumps for liquid cooling [2] - The company emphasizes the continuous iteration and updating of products to meet customer needs, providing more suitable and higher-quality products [2] Group 2: R&D and Technology - The company actively collaborates with customers to conduct research and development related to its products, ensuring a strong technological reserve [2]

Group 1 - The core viewpoint of the article highlights the positive performance of the ChiNext New Energy ETF (华夏, 159368), which rose by 1.85%, with significant gains in its constituent stocks such as Robotech (罗博特科) increasing over 10%, Feirongda (飞荣达) over 5%, and Defu Technology (德福科技) over 4% [1] - According to the China Passenger Car Association, the wholesale volume of new energy passenger vehicles in China is expected to reach 1.72 million units in November 2025, representing a year-on-year growth of 20% and a month-on-month increase of 7%. Cumulatively, 13.78 million units have been wholesaled this year, marking a 29% year-on-year increase [1] - Zhongyin Securities anticipates that the fourth quarter will be a peak sales season, projecting that domestic new energy vehicle sales in 2025 will continue to grow significantly year-on-year, which will drive demand for batteries and materials [1] Group 2 - The ChiNext New Energy ETF (华夏, 159368) is the largest ETF fund tracking the ChiNext New Energy Index, which encompasses various sectors within the new energy and new energy vehicle industries, including batteries and photovoltaics [1] - The ETF has the highest elasticity with a potential increase of up to 20%, the lowest fee structure with a total management and custody fee of only 0.2%, and the largest scale, reaching 829 million yuan as of October 31 [1] - The ETF has a significant storage capacity of 59% and a solid-state battery content of 32%, aligning well with current market trends [1]

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

Core Viewpoint - Feirongda holds a 55% stake in Guoli Intelligent and is focusing on the embodiment intelligence sector, particularly in humanoid robots, AR/VR, and smart wearable applications [2] Group 1: Company Overview - Feirongda is engaged in the development of products related to AI chips, joint motors, and sensors, addressing the cooling and structural support needs of these components [2] - The company offers a range of products including dexterous hands, joint modules, fans, integrated cooling modules, lightweight structural parts, and thermal materials [2] Group 2: Product Development and Market Position - The products are designed to support high power density, miniaturization, and dynamic interaction scenarios, ensuring stable operation of devices [2] - Some products have already passed customer certification and are currently in the sampling, testing, or small batch supply stages [2]

证券日报网讯 12月3日，飞荣达在互动平台回答投资者提问时表示，截至2025年11月28日，公司股东总 户数为44538户。 （文章来源：证券日报） ...

Core Viewpoint - The company has signed non-disclosure agreements with several clients, indicating a strong client base and confidentiality in its operations [1] Group 1: Client Base - The company serves a diverse range of clients, including notable names such as H Company, ZTE, Cisco, Inspur, Datang Mobile, and others [1] - The client list also includes significant players like Firefly, New H3C, Super Fusion, Lenovo, Wistron, Compal, Asus, Oriental Communication, and Shenzhou Kuntai [1] Group 2: Product Offering - The company offers a wide variety of products that cater to different customer needs, environments, and usage levels [1] - The company has demonstrated significant technological advantages in the liquid cooling field, which is a key area of its product offering [1] Group 3: Business Development - The company has made notable progress in advancing its business, particularly in the liquid cooling technology sector [1] - The company will continue to monitor developments in relevant technology fields to enhance its competitive advantages [1]

Core Insights - Feirongda reported that as of November 20, 2025, the total number of shareholders is 43,946 [2] Company Summary - The company has provided an update on its shareholder count, indicating a significant level of investor interest and engagement [2]

Core Viewpoint - The company is actively developing a range of cooling products for servers and terminal devices, with a focus on liquid cooling technology, which is expected to accelerate in the coming years [1] Group 1: Product Development - The company is involved in the research and development of various cooling products, including thermal materials, cooling modules, fans, 3D VC coolers, special coolers, single-phase liquid cooling plates, and two-phase liquid cooling plates [1] - The company has demonstrated significant technological advantages in the liquid cooling sector and has made notable progress in business development [1] Group 2: Clientele and Market Demand - The company's cooling products cater to a wide range of clients in the data center and server sectors, including major companies such as H Company, ZTE, Cisco, Inspur, and Lenovo, among others [1] - The company aims to continuously increase investment in research and innovation related to liquid cooling products to meet market demands and drive industrial progress [1]

Group 1: Key Events and Developments - Zhiyuan Robotics launched the Lingxin platform on November 24, 2025, which allows users to configure the personality and voice of robots [1] - The Ministry of Industry and Information Technology (MIIT) announced the list of members for the humanoid robot standardization technical committee on November 24, 2025, indicating ongoing efforts to establish industry standards [1] - The Hunan Embodied Intelligence Innovation Center was fully launched on November 26, 2025, further promoting the development of humanoid robotics [3] Group 2: AI Infrastructure Developments - Amazon plans to invest $50 billion to expand AI computing capacity for the U.S. government, adding 1.3 GW of capacity [3] - Vantage Data Centers received $1.6 billion in investment to expand its operations in the Asia-Pacific region [3] - Former President Trump signed an executive order on November 25, 2025, to initiate a national-level AI program called "Genesis Mission" [3] Group 3: Company Dynamics - On November 25, 2025, Kuawei Intelligent and Kepler Robotics visited Zhenghe Industrial [4] - On November 27, 2025, Shengshi Technology signed a strategic cooperation agreement with Songyan Power [4] - On November 28, 2025, Changan Automobile plans to invest 225 million yuan to establish Changan Robotics [4] Group 4: Investment Insights - For humanoid robots, focus on value and positioning, with an emphasis on supply chain vendors and companies with strong market positions [5] - In AI infrastructure, the AI liquid cooling segment is highlighted as a key area for investment, with specific companies recommended for attention [6] - The low-altitude economy is rapidly advancing, with a national low-altitude traffic project initiated, emphasizing the importance of core components in the industry [6]