Core Viewpoint - Yongjie New Materials (603271.SH) is actively participating in the liquid cooling market, which includes applications in electric vehicle battery thermal management, energy storage system thermal management, and data center cooling solutions [1] Group 1: Company Developments - The company has achieved stable mass production of liquid cooling plate materials [1] - Yongjie New Materials has entered the supply chain of major domestic manufacturers such as Sanhua Intelligent Controls and Kexin New Energy [1] - The specific end-user applications for these materials are not fully understood by the company [1] Group 2: Industry Insights - The liquid cooling market encompasses various cooling applications, including those for new energy vehicles, energy storage systems, and data centers [1]

Market Overview - The rubber sector experienced a decline of 2.27% on August 14, with Kexin Innovation leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Yanggu Huatai (300121) closed at 14.18, up 1.58% with a trading volume of 329,600 shares and a turnover of 480 million yuan [1] - Kexin Innovation (300731) saw a significant drop of 7.02%, closing at 48.63 with a trading volume of 227,800 shares and a turnover of 1.148 billion yuan [2] - Other notable declines include: - Sanwei Co. (603033) down 0.40% to 12.57 [1] - Heimao Co. (002068) down 1.75% to 11.26 [1] - Longxing Technology (002442) down 2.16% to 6.34 [1] Capital Flow Analysis - The rubber sector experienced a net outflow of 223 million yuan from institutional investors, while retail investors saw a net inflow of 167 million yuan [2] - Notable capital flows include: - Sanwei Co. (603033) had a net inflow of 18.66 million yuan from institutional investors [3] - Yanggu Huatai (300121) saw a net inflow of 7.34 million yuan from institutional investors [3] - Black Cat Co. (002068) had a net inflow of 5.16 million yuan from retail investors [3]

Market Overview - The rubber sector increased by 1.07% on August 13, with Litong Technology leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Performers in Rubber Sector - Litong Technology (832225) closed at 23.72, up 7.67% with a trading volume of 88,300 shares and a turnover of 203 million [1] - Kexin New Source (300731) closed at 52.30, up 6.97% with a trading volume of 280,100 shares and a turnover of 1.392 billion [1] - Tiantie Technology (300587) closed at 8.20, up 5.13% with a trading volume of 725,700 shares and a turnover of 586 million [1] Other Notable Stocks - Haida Co., Ltd. (300320) closed at 10.60, up 2.81% with a trading volume of 241,500 shares and a turnover of 254 million [1] - Tongcheng New Materials (603650) closed at 34.85, up 2.08% with a trading volume of 213,500 shares and a turnover of 749 million [1] Fund Flow Analysis - The rubber sector saw a net inflow of 11.92 million from institutional investors, while retail investors experienced a net inflow of 1.68 million [2] - The sector had a net outflow of 13.60 million from speculative funds [2] Individual Stock Fund Flow - Kexin New Source (300731) had a net inflow of 92.21 million from institutional investors, but a net outflow of 67.51 million from speculative funds [3] - Tiantie Technology (300587) experienced a net inflow of 39.65 million from institutional investors, with a slight outflow from speculative funds [3] - Three-dimensional Co., Ltd. (603033) had a net inflow of 15.98 million from institutional investors, while retail investors saw a net outflow of 16.88 million [3]

科创新源最新一期业绩显示，截至2025一季报，公司营业总收入2.52亿元、同比增长86.39%，归属净利 润1007.69万元，同比增长839.66%，扣非净利润761.32万元，同比增长1371.38%，流动比率1.554、速动 比率1.244、资产负债率45.61%。 金融界消息 截至2025年8月13日收盘，科创新源（300731）报收于52.3元，上涨6.97%，换手率 23.31%，成交量28.01万手，成交金额13.92亿元。 资金流向方面，今日主力资金净流入9220.59万元，占比成交额6.62%。其中，超大单净流入9038.59万 元、占成交额6.49%，大单净流入182.01万元、占成交额0.13%，中单净流出流出6750.79万元、占成交 额4.85%，小单净流出2469.80万元、占成交额1.77%。 天眼查商业履历信息显示，深圳科创新源新材料股份有限公司，成立于2008年，位于深圳市，是一家以 从事其他制造业为主的企业。企业注册资本12643.1804万人民币，实缴资本12643.1804万人民币。公司 法定代表人为周东。 通过天眼查大数据分析，深圳科创新源新材料股份有限公司共对外投资 ...

Group 1: Chemical and Oil Indices Performance - The chemical index and oil index showed overall positive performance, with the chemical raw materials index rising by 1.66% and the chemical machinery index increasing by 6.08%. However, the chemical pharmaceuticals index fell by 1.30% [1] - In the oil sector, the oil processing index increased by 0.67%, the oil extraction index rose by 2.70%, and the oil trading index went up by 2.18% [1] Group 2: International Oil Prices - International crude oil prices declined, with WTI settling at $63.88 per barrel, down 5.12% from August 1, and Brent settling at $66.597 per barrel, down 4.42% [1] Group 3: Petrochemical Products Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 14.98%, coke up by 4.57%, mancozeb up by 4%, coking coal up by 3.55%, and aniline up by 2.82%. The top five products with price decreases included folic acid down by 6%, acrylic acid down by 5.51%, vitamin D3 down by 5.41%, WTI down by 5.12%, and synthetic ammonia down by 4.90% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies with the highest stock price increases were Kexin New Energy up by 53.05%, Amway Co. up by 51.60%, Xinhang New Materials up by 45.88%, Zhongxin Fluorine Materials up by 35.66%, and Huaxin New Materials up by 25.99%. The top five companies with the largest declines were Lianhua Technology down by 10.41%, Cangzhou Dahua down by 8.80%, Zaiseng Technology down by 8.63%, Yabeng Chemical down by 7.86%, and Xinchao Energy down by 7.21% [2]

Group 1 - The stock price of Kexin New Source (300731) closed at 52.17 yuan, up 4.34% with a turnover rate of 23.68% and a trading volume of 284,500 hands, amounting to 1.419 billion yuan [1] - The latest financial report shows total operating revenue of 252 million yuan, a year-on-year increase of 86.39%, and a net profit attributable to shareholders of 10.08 million yuan, up 839.66% [1] - The company has a current ratio of 1.554, a quick ratio of 1.244, and a debt-to-asset ratio of 45.61% [1] Group 2 - Kexin New Source has made investments in 18 companies and participated in 76 bidding projects [2] - The company holds 38 trademark registrations and 110 patent applications, along with 23 administrative licenses [2]

Core Viewpoint - Liquid cooling technology is expanding beyond GPU servers to network devices and ASIC chips, driven by the scaling of AI clusters and a shift in market perception towards a revaluation of the liquid cooling industry [1][2][3] Group 1: Reasons for the Surge in Liquid Cooling - Liquid cooling technology is gaining traction as it is no longer limited to GPU servers, with potential applications in network devices and ASIC chips [2] - Recent developments include Broadcom introducing liquid cooling in switch devices, AMD emphasizing liquid cooling in its MI350 series, and Taiwanese cooling leaders predicting a rapid increase in water cooling adoption over the next two years [2] - The industry is transitioning from conceptual discussions to tangible implementations, with changes in revenue structures, customer bases, and production expansions expected [2] Group 2: Market Dynamics and Future Prospects - The market is at a tipping point where the recognition of liquid cooling trends is leading to significant market reactions, driven by increasing power consumption and the diversification of AI clusters [3] - The power consumption of systems like NVL72 has reached 120kW, surpassing the limits of air cooling systems, prompting a shift towards liquid cooling [3] - Major companies such as Meta, Google, and Amazon are advancing their AI architectures, which will likely include liquid cooling systems in the future [3] Group 3: Competitive Landscape and Strategic Considerations - The core competitive issue in the liquid cooling industry revolves around the ability to avoid "internal competition" and maintain a strong competitive edge [4] - Chip manufacturers may prefer decoupled solutions to reduce costs and improve installation efficiency, while cloud providers favor integrated delivery models for stability and operational efficiency [4] - Companies with robust system integration capabilities, including cold plates, CDU, UQD, cooling liquids, redundancy control, and engineering implementation, are likely to become preferred partners for major cloud service providers [4] Group 4: Investment Recommendations - Core recommendation includes Invec (002837) for its system capabilities and international expansion potential [5] - Other companies to watch include Dongyangguang (600673), Shuguang Shuchuang (872808), Shenling Environment (301018), and Gaolan Co. (300499) [5][6]

证券代码：300731 证券简称：科创新源 公告编号：2025-046 1 本次担保为 2025 年第一次临时股东会审议通过后新增的担保额度，不含之前已审批的仍在有效期内的 担保。 关于为控股子公司提供担保的进展公告 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。 一、担保情况概述 深圳科创新源新材料股份有限公司（以下简称"公司"或"科创新源"）于 2025 年 3 月 7 日、2025 年 3 月 24 日分别召开了第四届董事会第四次会议、2025 年第一次临时股东会，审议通过了《关于为控股子公司提供担保额度预计的议案》， 同意公司为控股子公司苏州瑞泰克散热科技有限公司（以下简称"瑞泰克"）、 芜湖市航创祥路汽车部件有限公司向银行或其他金融机构的综合授信业务（授信 融资品种及用途包括但不限于：流动资金贷款、项目贷款、保函、信用证、银行 承兑汇票、票据贴现、保理、押汇等综合业务）提供担保。提供担保方式包括但 不限于信用担保（含一般保证、连带责任保证等）、抵押担保、质押担保或多种 担保方式相结合等形式，预计提供担保额度合计不超过人民币 9,000 万元1，该担 ...

Group 1 - BeiGene reported a net profit of 450 million yuan for the first half of 2025, reversing a loss of 287.7 million yuan in the same period last year, with a total revenue of 17.518 billion yuan, up 46.0% year-on-year [1] - The company attributed the profit increase to significant growth in product revenue and improved operational efficiency through cost management [1] Group 2 - Tianyang Technology is planning to acquire a portion of the equity in Tonglian Financial Services Co., Ltd. and related companies, aiming to enhance its competitive advantage in credit card and consumer finance system services [2] - The acquisition is expected to create synergies in areas such as industry positioning, product development, and technical services [2] Group 3 - ST Yazhen's stock experienced abnormal trading fluctuations, with a cumulative price increase of 12% over three consecutive trading days, leading to a suspension of trading for investigation starting August 7, 2025 [3] - The company noted that the short-term price increase significantly deviated from the Shanghai Composite Index and the furniture manufacturing industry [3] Group 4 - Shunbo Alloy reported a revenue of approximately 7.126 billion yuan for the first half of 2025, an increase of 11.75% year-on-year, with a net profit of about 176.6 million yuan, up 110.56% [4] - Tapa Group achieved a revenue of approximately 2.056 billion yuan, a 4.05% increase year-on-year, with a net profit of about 435.4 million yuan, up 92.47% [4] - Liyuan Information reported a revenue of approximately 4.034 billion yuan, a 17.46% increase year-on-year, with a net profit of about 96.1 million yuan, up 65.79% [5] Group 5 - Zhongchumei reported a revenue of approximately 461.1 million yuan for the first half of 2025, a 16.46% increase year-on-year, with a net profit of about 126.8 million yuan, up 31.52% [5] - Pudong Development Bank reported a revenue of approximately 90.559 billion yuan, a 2.62% increase year-on-year, with a net profit of about 29.737 billion yuan, up 10.19% [5]

Group 1: Company Performance - BeiGene reported a net profit of 450 million yuan for the first half of 2025, marking a turnaround from losses in the previous year, with product revenue increasing by 45.8% to 17.36 billion yuan and total revenue rising by 46.0% to 17.52 billion yuan [1] - CITIC Securities announced that Huaxia Fund achieved an operating income of 4.258 billion yuan and a net profit of 1.123 billion yuan in the first half of 2025, with total comprehensive income of 1.106 billion yuan [3] - Shanghai Pudong Development Bank's net profit for the first half of 2025 was 29.737 billion yuan, reflecting a year-on-year growth of 10.19%, with total operating income of 90.559 billion yuan, up 2.62% [6] - Xianhe Co. plans to invest approximately 11 billion yuan in a new integrated high-performance paper-based material project, with an expected annual output value of about 5.15 billion yuan from the first phase [7] - Shengmei Shanghai reported a net profit of 696 million yuan for the first half of 2025, representing a year-on-year increase of 56.99% [14] Group 2: Regulatory and Corporate Actions - Sino Medical's subsidiary received breakthrough medical device designation from the FDA for its intracranial atherosclerosis treatment product, marking it as the first of its kind globally [2] - *ST Dongtong's actual controller and chairman is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [8] - Tianyang Technology is planning to purchase equity in Tonglian Financial Services, with key transaction details still under negotiation [10] - Dongfang Guoxin's major shareholder reduced their stake by 2.68 million shares, decreasing their total shareholding from 27.06% to 26.82% [5] - Filinger's president reduced his holdings by 8,600 shares during a period of stock price volatility, while other executives did not sell shares [4]