Market Performance - The consumer electronics sector increased by 1.38% on December 25, with Xunwei Communication leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Consumer Electronics - Xunwei Communication (300136) closed at 50.70, up 13.35% with a trading volume of 1.74 million shares [1] - Changying Precision (300115) closed at 40.25, up 8.52% with a trading volume of 1.36 million shares [1] - Hengmingda (002947) closed at 56.28, up 8.27% with a trading volume of 277,400 shares [1] - Yidong Electronics (301123) closed at 79.16, up 6.97% with a trading volume of 348,800 shares [1] - Other notable gainers include Guangda Tongchuang (301387) and Chaoping San (300647) with increases of 6.13% and 5.97% respectively [1] Top Losers in Consumer Electronics - Yitian Co., Ltd. (300812) closed at 29.53, down 2.86% with a trading volume of 115,300 shares [2] - Kecuan Technology (603052) closed at 33.04, down 2.74% with a trading volume of 84,500 shares [2] - Anker Innovation (300866) closed at 115.02, down 2.54% with a trading volume of 39,800 shares [2] - Other notable losers include Transsion Holdings (688036) and Zhishang Technology (301486) with declines of 2.13% and 1.79% respectively [2] Capital Flow Analysis - The consumer electronics sector experienced a net outflow of 843 million yuan from institutional investors, while retail investors saw a net inflow of 1.316 billion yuan [2] - Notable stocks with significant capital flow include Changying Precision and Yidong Electronics, which had varying levels of net inflow and outflow from different investor types [3]

Group 1 - The A-share market continues to see an upward trend in liquid cooling concept stocks, with notable increases in share prices for several companies [1] - Fangsheng Co., Ltd. experienced a rise of over 12%, while Oulutong and Hongsheng Co., Ltd. saw increases of over 11% and 10% respectively [1] - Other companies such as Minglida, Jingyan Technology, and Yingweike also reported significant gains, with increases ranging from 5% to 9% [1] Group 2 - The table lists various companies along with their stock codes, percentage increases, total market capitalization, and year-to-date performance [2] - Fangsheng Co., Ltd. has a total market value of 29.24 billion and a year-to-date increase of 68.15% [2] - Oulutong has a market capitalization of 27.6 billion and a remarkable year-to-date increase of 137.26% [2] - Hongsheng Co., Ltd. has a market value of 6.167 billion and an impressive year-to-date increase of 256.74% [2] - Other companies listed show varying market capitalizations and year-to-date performance, indicating a strong interest in the liquid cooling sector [2]

Group 1 - The electronic sector experienced a significant rally in early trading on December 24, with companies such as Victory Precision, Hengmingda, and Tianjin Pulin hitting the daily limit up [1] - Other companies like Jingyan Technology and Zhizheng Co. saw their stock prices increase by over 7%, while Demingli also experienced a rise [1]

Group 1 - The liquid cooling server index increased by 2% [1] - Siquan New Materials reached the daily limit [1] - Tongfei Co., Ltd. rose by 7.24% [1] - Jingyan Technology increased by 7.03% [1] - Yingtai Technology grew by 5.31% [1] - Yingweike rose by 5.12% [1]

Group 1 - The core viewpoint of the news is that Jingyan Technology's stock has seen a significant increase of 5.08%, reaching a price of 45.07 CNY per share, with a trading volume of 348 million CNY and a turnover rate of 5.32%, resulting in a total market capitalization of 8.386 billion CNY [1] - Jingyan Technology, established on November 29, 2004, and listed on October 19, 2017, is located in Changzhou, Jiangsu Province. The company primarily focuses on MIM products and has recently expanded into transmission, precision plastics, heat dissipation, smart manufacturing services, and electronic manufacturing sectors [1] - The revenue composition of Jingyan Technology includes MIM components and assemblies at 59.24%, transmission and heat dissipation components at 25.79%, precision plastic components at 7.99%, other supplementary products at 4.27%, and end products at 2.71% [1] Group 2 - Among the top circulating shareholders of Jingyan Technology, Huaxia Fund's Huaxia Industry Prosperity Mixed A (003567) increased its holdings by 318,400 shares in the third quarter, totaling 2.9477 million shares, which represents 1.97% of the circulating shares. The estimated floating profit today is approximately 6.426 million CNY [2] - Huaxia Industry Prosperity Mixed A (003567) was established on February 4, 2017, with a latest scale of 8.972 billion CNY. The fund has achieved a year-to-date return of 56.22%, ranking 774 out of 8088 in its category, and a one-year return of 51.03%, ranking 850 out of 8057. Since its inception, the fund has returned 379.44% [2]

Core Viewpoint - Jingyan Technology's stock price has shown a positive trend recently, with a notable increase in trading volume and market capitalization, indicating investor interest and potential growth in the company's performance [1][2]. Group 1: Stock Performance - As of December 23, Jingyan Technology's stock price increased by 2.01%, reaching 43.75 yuan per share, with a trading volume of 1.38 billion yuan and a turnover rate of 2.14%, resulting in a total market capitalization of 8.141 billion yuan [1]. - Year-to-date, the stock price has risen by 9.21%, with a 5-day increase of 5.47%, a 20-day increase of 3.18%, but a 60-day decline of 18.50% [2]. Group 2: Financial Performance - For the period from January to September 2025, Jingyan Technology achieved a revenue of 2.267 billion yuan, representing a year-on-year growth of 43.86%, and a net profit attributable to shareholders of 151 million yuan, reflecting a growth of 51.33% [2]. - The company's main business revenue composition includes MIM components and assemblies at 59.24%, transmission and cooling components at 25.79%, precision plastic components at 7.99%, and other categories at 4.27% [2]. Group 3: Shareholder and Dividend Information - Since its A-share listing, Jingyan Technology has distributed a total of 182 million yuan in dividends, with 50.24 million yuan distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased to 29,200, up by 4.89%, while the average circulating shares per person decreased by 4.67% to 5,115 shares [2][3].

Core Viewpoint - The company is focused on providing one-stop services for thermal simulation, design, manufacturing, and testing, aiming to create customized thermal solutions and reliable thermal products [1] Group 1: Company Products and Services - The main products of the company include liquid cooling modules, liquid cooling plates, and air cooling modules, as well as self-manufactured components like heat pipes and vapor chambers [1] - These products have been applied in fields such as edge computing servers and energy storage [1] Group 2: Revenue and Market Position - The revenue from the thermal segment currently accounts for a relatively small proportion of the company's total revenue [1]

Investment Rating - The report rates the electronic/consumer electronics industry as "Outperform" [1] Core Insights - The iPhone's entry into the foldable screen market is expected to reshape its high-end market positioning, with a projected release in 2026 [10][6] - The report highlights the competitive pressure faced by iPhone in China from domestic brands like Huawei and Xiaomi, particularly in the foldable screen segment [2][6] - The foldable screen market is anticipated to grow significantly, with global shipments expected to rise from 15.3 million units in 2023 to 31.4 million units by 2027, reflecting a compound annual growth rate (CAGR) of 43.7% [19][20] Summary by Sections 1. iPhone Market Dynamics - iPhone's market share in China has declined from 19.9% in Q1 2023 to 15.0% in Q2 2025, facing competition from local brands [2][6] - The high-end market is identified as a critical area for iPhone to regain market share, with Pro models gaining popularity [6][10] 2. Foldable Screen Development - Foldable screens are seen as a key innovation in the smartphone sector, balancing large screen experiences with portability [11][10] - The report outlines the cost increments associated with foldable screens, particularly in display modules, mechanical components, and memory, with increases of approximately 194%, 177%, and 38.6% respectively [2][27] 3. Market Projections for Foldable iPhone - The report estimates that if Apple launches a foldable iPhone in 2026, potential sales could reach 14 million units under optimistic scenarios [42][38] - The analysis indicates that higher-priced brands tend to have a greater proportion of foldable screen sales, suggesting iPhone's potential to exceed a 6.44% sales share in this segment [42][38] 4. Key Components in Foldable Phones - The main components driving foldable phone innovation include flexible display modules, hinges, and memory [31][35] - The report identifies key suppliers for these components, including major players in the flexible OLED panel market and memory sectors [31][35] 5. Market Trends for UTG and Hinges - The global market for ultra-thin glass (UTG) is projected to grow significantly, with shipments expected to reach 24.6 million units in 2024, reflecting a 36.9% year-on-year increase [48][51] - The hinge market for foldable screens is also expected to expand, with a projected market size of $3.2 billion in 2024, growing to $15.4 billion by 2032 [57][60]

财经频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月15日丨精研科技(300709.SZ)在投资者互动平台表示，截止目前，公司与中达电子未有液冷 产品的业务合作，敬请投资者注意风险，谨慎决策。 责任编辑：栎树 ...

Core Viewpoint - The company focuses on providing one-stop services for thermal simulation, design, manufacturing, and testing, aiming to create customized thermal solutions and reliable thermal products [1] Group 1: Company Overview - The company’s main products include liquid cooling modules, liquid cooling plates, and air cooling modules, along with self-manufactured components such as heat pipes and vapor chambers [1] - The thermal segment's revenue currently constitutes a relatively small proportion of the company's total revenue [1] Group 2: Industry Application - The company's thermal products have been applied in edge computing servers and energy storage sectors [1]