11月18日，思泉新材涨5.4%，截至发稿，报194.87元/股，成交5.65亿元，换手率6.37%，总市值157.37 亿元。 资料显示，广东思泉新材料股份有限公司位于广东省东莞市企石镇江边村金磊工业园A栋1-2楼，成立 日期2011年6月2日，上市日期2023年10月24日，公司主营业务涉及研发、生产和销售热管理材料、磁性 材料、纳米防护材料等。主营业务收入构成为：热管理材料88.60%，其他8.69%，磁性材料1.99%，纳 米防护材料0.72%。 金鹰民丰回报混合（004265）成立日期2017年6月28日，最新规模1.81亿。今年以来收益20.6%，同类排 名4158/8140；近一年收益22.96%，同类排名3583/8057；成立以来收益78.8%。 金鹰民丰回报混合（004265）基金经理为林龙军。 截至发稿，林龙军累计任职时间7年188天，现任基金资产总规模56.68亿元，任职期间最佳基金回报 71.77%， 任职期间最差基金回报-15.58%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述 ...

Market Overview - The electronic chemicals sector increased by 0.67% on November 17, with Siquan New Materials leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Siquan New Materials (301489) closed at 184.89, up 4.89% with a trading volume of 46,100 shares and a transaction value of 849 million [1] - Other notable performers included: - Glinda (603931) at 30.98, up 3.96% with a trading volume of 172,300 shares [1] - Guanghua Technology (002741) at 23.88, up 3.06% with a trading volume of 665,400 shares [1] - National Ceramic Materials (300285) at 25.21, up 2.86% with a trading volume of 417,400 shares [1] Capital Flow - The electronic chemicals sector saw a net inflow of 598 million from institutional investors, while retail investors experienced a net outflow of 624 million [2][3] - Key stocks with significant capital flow included: - Guanghua Technology with a net inflow of 159 million from institutional investors [3] - Siquan New Materials with a net inflow of 124 million from institutional investors [3] - Glinda with a net inflow of 109 million from institutional investors [3]

Group 1 - The core viewpoint of the news is that Siquan New Materials has seen a significant stock price increase of 5.17%, reaching 185.39 yuan per share, with a total market capitalization of 14.971 billion yuan as of the report date [1] - Siquan New Materials, established on June 2, 2011, specializes in the research, production, and sales of thermal management materials, magnetic materials, and nano-protective materials, with thermal management materials accounting for 88.60% of its main business revenue [1] - The company was listed on October 24, 2023, and has a trading volume of 3.38 billion yuan and a turnover rate of 3.91% [1] Group 2 - Jin Ying Fund holds a significant position in Siquan New Materials, with the Jin Ying Minfeng Return Mixed Fund (004265) owning 14,500 shares, representing 1.92% of the fund's net value, making it the fourth-largest holding [2] - The Jin Ying Minfeng Return Mixed Fund has a total scale of 181 million yuan and has achieved a year-to-date return of 19.34%, ranking 4481 out of 8213 in its category [2] - The fund manager, Lin Longjun, has been in position for 7 years and 187 days, with the best fund return during his tenure being 71.77% [3]

Market Overview - The electronic chemicals sector experienced a decline of 2.02% on November 14, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable performers in the electronic chemicals sector included: - Guanghua Technology (002741) with a closing price of 23.17, up 2.39% [1] - Anji Technology (688019) closed at 202.50, up 0.70% [1] - Siquan New Materials (301489) led the decline with a closing price of 176.27, down 7.23% [2] - The sector saw significant trading volumes, with Guanghua Technology recording a volume of 41.10 million shares [1] Capital Flow - The electronic chemicals sector experienced a net outflow of 8.79 billion yuan from institutional investors, while retail investors saw a net inflow of 6.56 billion yuan [2] - The capital flow for specific stocks showed: - Guanghua Technology had a net inflow of 93.31 million yuan from institutional investors [3] - Siquan New Materials had a significant net outflow of 8.58 billion yuan [2][3]

Core Viewpoint - The liquid cooling server index experienced a decline of 2.01%, with major constituent stocks under pressure [1]. Group 1: Stock Performance - Siquan New Materials saw the largest drop, falling by 6.42% [1]. - Kexin New Source decreased by 5.52% [1]. - Zhongshi Technology declined by 3.85% [1]. - Feirongda dropped by 3.76% [1]. - Chaoping San fell by 3.13% [1].

Market Performance - The main board led the gains with notable increases in stocks such as Shiji Information (+10.02%), Yongding Co. (+9.99%), and Data Port (+9.99%) [1] - The ChiNext board saw significant growth with stocks like Zhidema (+20.00%) and Chaoping San (+13.68%) [1] - The Sci-Tech Innovation board was led by Baiwei Storage (+13.21%) and Changguang Huaxin (+9.60%) [1] - Active sub-industries included SW Portal Websites (+2.98%) and SW Communication Application Value-Added Services (+2.68%) [1] Domestic News - Yiwentech launched the second generation of AR glasses, Even G2, featuring advanced specifications such as 640×350 resolution and 1200 nits peak brightness, with a 75% increase in display area compared to the previous generation [1] - Baidu announced the new Kunlun chip M100, optimized for large-scale reasoning scenarios, set to launch in 2026, and the M300 for ultra-large multimodal model training, expected in 2027 [1] - Cambricon announced its embrace of the FlagOS ecosystem, an open-source software stack supporting over 20 mainstream AI chip models [1] - UMC and Metalenz have entered mass production of the Polar ID facial recognition solution, which significantly reduces costs and complexity compared to existing methods [1] Company Announcements - SMIC reported Q3 2025 revenue of 17.162 billion yuan, a 6.9% increase quarter-on-quarter, with a gross margin of 25.5%, up 4.8 percentage points [3] - Hengyin Technology announced a significant shareholder reduction of 5% through block trading, with 5.7 million shares sold, representing 1.10% of total shares [3] - Hengshuo Co. completed its share reduction plan, selling 573,857 shares, which is 0.69% of total shares [3] - Zhixin Electronics received a patent for a heat shrink device, enhancing its production automation capabilities [3] Overseas News - Infineon reported a fiscal year 2025 revenue of 14.662 billion euros, a 2% year-on-year decline, with a profit of 2.56 billion euros and a profit margin of 17.5% [1] - Microchip Technology launched a new series of optical Ethernet PHY transceivers, offering 25 Gbps and 10 Gbps options [1] - The global smartphone panel market saw a significant quarterly growth, with Q3 2025 shipments reaching 580 million units, a year-on-year increase of approximately 5.2% [1] - Kioxia expects NAND demand to exceed supply, projecting a 15% growth in bit shipments for fiscal year 2025 [1]

证券日报网讯 首航新能11月13日在互动平台回答投资者提问时表示，作为电池技术的下游应用方，公 司持续关注包括固态电池在内的前沿技术发展。待前沿技术成熟时，公司将积极将其纳入产品设计与系 统集成中，以进一步提升产品性能与安全性。目前公司向电池供应商主要采购磷酸铁锂电芯进行储能电 池的生产，相关技术及产品的具体介绍可以查阅公司定期报告中的相关内容。 （编辑 袁冠琳） ...

Core Insights - The electronic chemicals sector experienced a 2.05% increase on November 13, with Siquan New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Siquan New Materials (301489) closed at 190.00, up 11.57% with a trading volume of 84,500 shares and a transaction value of 15.64 billion [1] - Debang Technology (688035) closed at 52.30, up 8.60% with a trading volume of 64,000 shares and a transaction value of 3.27 billion [1] - Rui Lian New Materials (688550) closed at 49.80, up 4.53% with a trading volume of 63,400 shares and a transaction value of 3.14 billion [1] - Other notable performers include Guoci Materials (300285) up 4.08% and Zhongshi Technology (300684) up 3.68% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 300 million in main funds, while retail funds experienced a net outflow of 176 million [2] - Main funds showed significant inflow into Siquan New Materials with 178 million, while retail funds had a net outflow of 157 million [3] - Other companies like Guoci Materials and Zhongshi Technology also saw positive net inflows from main funds [3]

Core Viewpoint - The liquid cooling concept stocks in the A-share market have shown strong performance, driven by a report from Morgan Stanley indicating an increase in the total value of cooling components for the next-generation Vera Rubin NVL144 platform, which is expected to rise by 17% to approximately $55,710 (around 400,000 RMB) per cabinet [1] Summary by Category Stock Performance - Xinjubang (新宙邦) surged over 16%, with a year-to-date increase of 73.09% and a total market value of 47.8 billion RMB [2] - Tongfei Co., Ltd. (同飞股份) rose over 12%, with a year-to-date increase of 97.19% and a total market value of 13.7 billion RMB [2] - Xin'an Co., Ltd. (新安股份) increased by 10.04%, with a year-to-date increase of 42.89% and a total market value of 16.7 billion RMB [2] - Yingweike (英维克) reached a 10% increase, with a year-to-date increase of 138.65% and a total market value of 72 billion RMB [2] - Six other companies, including Siquan New Materials (思泉新材) and Yongtai Technology (永太科技), also reported significant gains ranging from 6% to 9% [1][2] Market Insights - The report from Morgan Stanley highlights a growing trend in the liquid cooling sector, indicating a robust demand for advanced cooling solutions in data centers [1] - The anticipated increase in cooling component value reflects the industry's shift towards more efficient thermal management technologies [1]

Investment Rating - The report maintains a positive outlook on the AI-PCB and core computing hardware sectors, as well as the Apple supply chain and self-controllable beneficiary industries [4][30]. Core Insights - Nvidia's CEO Jensen Huang indicated strong business momentum, with the Blackwell demand being robust and the production of the next-generation Rubin chips underway [1]. - SanDisk reported a revenue of $2.31 billion for FY26Q1, with a quarter-over-quarter increase of 23% and year-over-year growth of 21%, exceeding market expectations [1]. - The demand for ASICs is expected to surge due to the explosive growth in token numbers, with significant contributions from companies like Google, Amazon, Meta, OpenAI, and Microsoft anticipated between 2026 and 2027 [1][30]. Summary by Sections 1. Industry Overview - The semiconductor industry is experiencing a robust recovery, with significant demand for AI-related products and services driving growth across various segments [1][4]. - The report highlights a strong recovery in the data center market, with expectations of NAND flash memory becoming the largest market by 2026, driven by AI demand [1]. 2. Subsector Insights 2.1 Consumer Electronics - Apple launched new products, including the iPhone 17 series and AR glasses, which are expected to drive demand in the AI sector [5][6]. - The report anticipates a surge in end-side AI product releases, particularly in 2025 and 2026, enhancing Apple's competitive position in the AI market [5]. 2.2 PCB - The PCB industry is maintaining a high level of prosperity, driven by demand from automotive and industrial control sectors, alongside AI expansion [7]. - The report notes a significant increase in orders for AI-PCB and related products, with many companies operating at full capacity [30]. 2.3 Components - The report emphasizes the growth in passive components, particularly MLCCs, driven by increased usage in AI devices and mobile applications [22]. - The LCD panel market is stabilizing, with effective production control measures in place [23]. 2.4 IC Design - The storage sector is expected to see continued upward momentum, with DRAM prices projected to rise due to increased demand from cloud service providers [24][26]. 2.5 Semiconductor Equipment - The semiconductor equipment sector is experiencing a positive trend, with significant investments in advanced manufacturing technologies [27][29]. - The report highlights the importance of domestic production capabilities in the face of global supply chain challenges [27]. 3. Key Companies - Nvidia is highlighted for its strong performance and technological advancements, particularly in AI server shipments [30]. - Companies like SanDisk, Three Ring Group, and Northern Huachuang are noted for their robust financial performance and strategic positioning in the market [32][34][35].