Market Overview - A-shares experienced a significant rebound on Wednesday, with Muxi Co. (688802 CH) surging 692% on its debut[3] - The Hang Seng Index rose by 233 points (+0.92%) to close at 25,468 points, driven by technology and consumer stocks[12] - U.S. stocks fell sharply, with the Dow Jones down 228 points (-0.47%) and the S&P 500 down 1.16%[10] Economic Indicators - U.S. inflation data is anticipated to influence the Federal Reserve's stance on further rate cuts, with expectations of a CPI increase exceeding 3%[31] - The UK inflation rate dropped to an eight-month low, exceeding expectations, which has bolstered market rate cut predictions[6] Commodity and Currency Movements - International oil prices rebounded from a four-and-a-half-year low, with NY crude oil rising 1.21% to $55.94 per barrel[28] - Gold prices approached record highs, with NY gold increasing by 0.96% to $4,347.5 per ounce[28] Fixed Income Market - U.S. Treasury yields showed mixed results, with the 10-year yield rising by 0.8 basis points to 4.15%[31] - The auction for 20-year U.S. Treasury bonds was lackluster, with a bid-to-cover ratio of 2.67, below the average of 2.73[31] Sector Performance - In the U.S., the technology sector led declines, with the information technology index falling 2.19%[10] - In Asia, the KOSPI index in South Korea rose by 1.4% to 4,056.4 points, while the Shanghai Composite Index increased by 1.19%[22] Corporate Highlights - Micron Technology (MU US) reported a strong earnings outlook, with Q1 EPS exceeding market expectations by 16%[9] - MongoDB (MDB US) announced significant revenue growth and raised its full-year guidance, driven by an increase in AI-native customer acquisitions[9] Geopolitical Developments - The U.S. is reportedly preparing to impose new sanctions on Russia amid ongoing geopolitical tensions[6] - The EU has upgraded its economic security framework, indicating a rise in trade disruption probabilities[6]

Core Insights - The liquid cooling server industry is experiencing significant growth, driven by increased demand for high-density servers and efficient cooling solutions [1][2] - Major companies are actively investing in liquid cooling technologies, with substantial market opportunities projected in the coming years [2][3] Industry Developments - Xiechuang Data plans to invest up to 9 billion yuan to purchase servers from multiple suppliers, indicating accelerated infrastructure development in cloud computing [1] - The 5th International AIDC Liquid Cooling Supply Chain Summit will be held on December 18-19, focusing on technology exchange and market trends [1] Market Projections - UBS forecasts that the global direct liquid cooling market for data centers will grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate of 51% [2] - The AI server liquid cooling market is expected to reach $23.746 billion, while the non-AI server liquid cooling market will grow to $7.446 billion [2] Company Highlights - Yingweike (002837) holds over 35% market share in liquid cooling technology and is a designated temperature control supplier for major clients like Tencent and Alibaba [2] - Shenling Environment (301018) is a core supplier for Huawei's data centers, with 63 liquid cooling patents and a PUE as low as 1.15 [2] - Highlan (300499) uniquely supplies both server and energy storage solutions, with a client base including ByteDance and Alibaba [3] Key Component Suppliers - Juhua (600160) is a leading domestic supplier of electronic-grade fluorinated liquids, aiming for a 15% global market share by 2025 [4] - Feirongda (300602) specializes in integrated cooling solutions and is a core supplier for Huawei servers [5] - Zhongshi Technology (300684) provides unique nano-carbon material cooling plates, with over 90% of its business in liquid cooling modules [5] System Integration Leaders - Inspur (000977) is a leading global liquid cooling server provider, with a projected market share of over 45% in 2024 [6] - Zhongke Shuguang (603019) collaborates on liquid cooling server development, introducing a high-density cooling solution for complex computing scenarios [6] - Unisplendour (000938) has a significant market presence with over 35% share in the operator market and expects liquid cooling orders to exceed 5 billion yuan in 2024 [6] Other Relevant Companies - Guangxun Technology (002281) is the only domestic company to achieve mass production of liquid cooling optical modules, holding a 15% global market share [7] - Changfei Optical Fiber (601869) applies optical fiber technology to liquid cooling, enhancing data transmission efficiency [8] - Ruijie Network (301165) offers a full range of liquid cooling products and has launched a new immersion liquid cooling switch [8]

Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Hong Kong Shenling, to support its overseas business development and ensure the fulfillment of sales contracts [2] Group 1: Company Actions - The company held the 10th meeting of the 4th Board of Directors on December 15, 2025, where it approved the proposal to provide a guarantee for its subsidiary [2] - The guarantee involves a bank credit limit application for a separated guarantee letter with a maximum amount of RMB 60 million [2] - The validity period of the guarantee decision is effective for 12 months from the date of approval by the Board of Directors [2]

Core Viewpoint - The company announced that its board of directors approved a proposal to provide guarantees for its wholly-owned subsidiary [2] Group 1 - The fourth meeting of the fourth board of directors was held on December 15, where the guarantee proposal was reviewed and approved [2]

Core Viewpoint - The company has signed a strategic cooperation agreement with Guangdong Guoteng Quantum Technology Co., Ltd. to establish a long-term and stable partnership in the field of quantum technology and its related applications [1][2] Group 1: Strategic Cooperation - The cooperation aims to leverage the company's extensive industrial experience in reflective materials to assist Guoteng in the industrialization of quantum technology [1][2] - Both companies will jointly explore quantum functional materials and quantum security applications, achieving complementary advantages and value co-creation [1][2] Group 2: Guoteng Company Overview - Guoteng is a cutting-edge technology enterprise with independent intellectual property rights across the entire quantum communication network industry chain [1][2] - Since its establishment, Guoteng has made significant achievements in the quantum communication field, including the development of a "high-performance quantum key distribution device," recognized as the first of its kind in Guangzhou [1][2] - Guoteng has also developed the "Yuan Yun" quantum security service platform, which provides end-to-end quantum data encryption and identity authentication solutions [1][2]

Company Overview - Shenling Environment (SZ 301018) announced a total guarantee amount of RMB 200 million for the company and its subsidiaries, excluding the current announcement [1] - The total external guarantee balance is RMB 129 million, which accounts for 5.06% of the company's latest audited net assets [1] Revenue Composition - For the year 2024, the revenue composition of Shenling Environment is as follows: Data services industry 51.31%, Special industry 23.33%, Industrial sector 20.26%, Public construction and commercial sector 4.61%, Other businesses 0.49% [1] Market Capitalization - As of the announcement, the market capitalization of Shenling Environment is RMB 14.6 billion [1]

证券代码：301018 证券简称：申菱环境 公告编号：2025-055 一、本次权益变动基本情况 公司于近日收到持股 5%以上股东苏翠霞女士出具的《关于减持股份触及 5% 整数倍的告知函》及签署的《简式权益变动报告书》。苏翠霞女士于 2025 年 12 月 9 日至 2025 年 12 月 12 日期间通过集中竞价方式合计减持了公司股份 408,300 股。 广东申菱环境系统股份有限公司 关于持股 5%以上股东减持股份触及 5%整数倍暨 披露简式权益变动报告书的提示性公告 公司持股5%以上股东苏翠霞女士保证向本公司提供的信息内容真实、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。 特别提示： 1、本次权益变动前，广东申菱环境系统股份有限公司（以下简称"公司"） 持股 5%以上股东苏翠霞女士持有公司股份 13,711,000 股，占公司总股本的 5.1535%。本次权益变动后，苏翠霞女士持有公司股份 13,302,700 股，占公司总 股本的 5.0000%，本次权益变动后持股比例触及 5%的整数倍。 2、本次权益变动属于股东减持，不触及要 ...

广东申菱环境系统股份有限公司 关于为全资子公司申请综合授信提供担保的公告 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。 特别提示： 广东申菱环境系统股份有限公司拟对资产负债率超过 70%的被担保对象申 菱环境系统（香港）有限公司提供担保，前述担保为对合并报表范围内单位提供 的担保，处于公司可控范围内，敬请广大投资者充分关注并注意投资风险。 广东申菱环境系统股份有限公司（以下简称"公司"或"申菱环境"）于 2025 年 12 月 15 日召开了第四届董事会第十一次会议审议通过了《关于为全资 子公司提供担保的议案》，现将有关事项公告如下： 证券代码：301018 证券简称：申菱环境 公告编号：2025-054 6、股权结构： 一、担保情况概述 为满足公司海外业务发展需求，保证全资子公司申菱环境系统（香港）有限 公司（以下简称"香港申菱"）的销售合同正常履约，公司为香港申菱向招商银 行股份有限公司佛山分行使用公司的银行授信额度申请开立分离式保函，保函担 保金额不超过人民币 6,000 万元（含本数），构成公司对香港申菱的担保。本次 担保决议的有效期为自公司董事会审 ...

经出席会议的董事讨论和表决，审议通过如下决议： 审议通过《关于为全资子公司提供担保的议案》 证券代码：301018 证券简称：申菱环境 公告编号：2025-053 广东申菱环境系统股份有限公司 关于第四届董事会第十一次会议决议的公告 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。 一、会议召开情况 广东申菱环境系统股份有限公司（以下简称"公司"）第四届董事会第十一 次会议于 2025 年 12 月 15 日在公司会议室以现场会议的方式召开，本次会议通知 于 2025 年 12 月 10 日通过电话通知、电子邮件等形式送达至公司全体董事、高级 管理人员。会议应出席董事 9 人，实际出席人数 9 人。会议由公司董事长崔颖琦 先生主持，公司董事会秘书及高级管理人员列席了本次会议。会议的召集、召开 符合《公司法》和《公司章程》的有关规定，会议合法有效。 二、会议审议情况 三、备查文件 1、第四届董事会第十一次会议决议。 特此公告 广东申菱环境系统股份有限公司董事会 2025 年 12 月 15 日 为满足全资子公司申菱环境系统（香港）有限公司（以下简称"香港申菱"） ...

广东申菱环境系统股份有限公司 简式权益变动报告书 上市公司名称：广东申菱环境系统股份有限公司 股票上市地点：深圳证券交易所 股票简称：申菱环境 股票代码：301018.SZ 信息披露义务人：苏翠霞 住所：广东省佛山市顺德区****** 通讯地址：广东省佛山市顺德区****** 签署日期：二〇二五年十二月十五日 信息披露义务人声明 | 本报告书 | 指 | 广东申菱环境系统股份有限公司简式权益变动报告书 | | --- | --- | --- | | 申菱环境、上市公 | 指 | 广东申菱环境系统股份有限公司 | | 司、公司 | | | | 信息披露义务人 | 指 | 苏翠霞 | | 本次权益变动 | 指 | 信息披露义务人通过集中竞价的方式减持上市公司408,300股 | | | | 股份（占上市公司总股本的0.1535%）的行为 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 证券交易所、深交所 | 指 | 深圳证券交易所 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《收购管理办法》 | 指 | 《上市公司收购 ...