- The liquid cooling index (8841247.WI) has increased by 76.30% since the beginning of 2025 and by 71.99% since April 7, 2025, significantly outperforming the Wind All A Index during the same period[2][12][13] - Public fund holdings in the liquid cooling sector have rebounded since August 2025, based on real-time estimates derived from public market information such as fund net value, disclosed holdings, and research activities[3][17][19] - ETF fund holdings in the liquid cooling sector have been declining since July 2025, despite the overall growth in the scale of public ETF funds, which reached over 4.3 trillion yuan by the end of the second quarter of 2025[3][18][21] - The financing balance in the liquid cooling sector has been continuously rising since July 2025, indicating increased investor optimism about the market[3][23][25] - The chip yield characteristic of the liquid cooling index shows a current profitability effect of 12.97%, reflecting a momentum effect when the market's profitability is good and a reversal effect when it is weak[3][26][28] - The most frequently researched stocks by institutions in 2025 include Feilong Co., Ltd., Kexin Source, and Zhongshi Technology[4][30][32] - The stocks with the highest attention from Xueqiu influencers since August 1, 2025, include Inovance, Chuanhuan Technology, and Feilong Co., Ltd.[4][33] - The stocks with the highest net inflow of main funds since August 1, 2025, include Suzhou Tianmai, Tenglong Co., Ltd., and Huazheng New Materials[4][34][36] - The stocks that appeared on the Dragon and Tiger List since August 1, 2025, include Feilong Co., Ltd., Chuanhuan Technology, and Shuguang Digital Creation[4][37][38] - The stocks with the highest increase in the number of shareholders since August 1, 2025, include Zhongjie Automobile, Yinlun Co., Ltd., and Huafeng Aluminum Industry[4][37][40]

证券日报网讯 8月21日晚间，苏州天脉发布公告称，公司于2024年10月29日召开第三届董事会第六次会 议和第三届监事会第五次会议，审议通过了《关于使用部分超募资金暂时补充流动资金的议案》，同意 公司使用超募资金暂时补充流动资金，总金额不超过（含）4，300万元。2025年8月20日，公司已将上 述用于暂时补充流动资金的超募资金4，300万元全部提前归还至超募资金专户，使用期限未超过12个 月。同时，公司已将上述归还情况通知了保荐机构及保荐代表人。 （文章来源：证券日报） ...

苏州天脉导热科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日 召开第三届董事会第六次会议和第三届监事会第五次会议，审议通过了《关于使 用部分超募资金暂时补充流动资金的议案》，同意公司使用超募资金暂时补充流 动资金，总金额不超过（含）4,300 万元，使用期限自公司董事会会议审议通过 之日起不超过 12 个月，到期将归还至超募资金专户。具体内容详见公司于 2024 年 10 月 30 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于使用部分超募资 金暂时补充流动资金的公告》（公告编号：2024-004）。 2025 年 8 月 20 日，公司已将上述用于暂时补充流动资金的超募资金 4,300 万元全部提前归还至超募资金专户，使用期限未超过 12 个月。同时，公司已将 上述归还情况通知了保荐机构及保荐代表人。 特此公告。 苏州天脉导热科技股份有限公司 证券代码：301626 证券简称：苏州天脉 公告编号：2025-021 苏州天脉导热科技股份有限公司 关于提前归还暂时补充流动资金的超募资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导 ...

Market Overview - On August 21, the consumer electronics sector declined by 1.77%, with Hongfu Han leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Zhuoman Technology (002369) with a closing price of 10.56, up 10.00% [1] - Kosen Technology (603626) at 13.87, up 9.99% [1] - Laimu Co., Ltd. (603633) at 10.81, up 9.97% [1] - Other significant performers included: - Lixun Precision (002475) at 42.19, up 5.34% with a trading volume of 200.68 million shares [1] - Lens Technology (300433) at 28.34, up 4.92% with a trading volume of 166.06 million shares [1] Capital Flow - The consumer electronics sector experienced a net outflow of 3.368 billion yuan from institutional investors, while retail investors saw a net inflow of 2.901 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Lixun Precision (002475) had a net inflow of 796 million yuan from institutional investors, but a net outflow of 339 million yuan from retail investors [3] - Zhuoman Technology (002369) saw a net inflow of 284 million yuan from institutional investors, with a net outflow of 126 million yuan from retail investors [3] - Kosen Technology (603626) had a net inflow of 181 million yuan from institutional investors, while retail investors experienced a net outflow of 683.57 million yuan [3]

2025年，液冷服务器市场迎来爆发式增长。根据IDC发布的《中国半年度液冷服务器市场(2024下半年) 跟踪》报告，2024年中国液冷服务器市场规模达到23.7亿美元，同比增长67.0%。这一亮眼的市场表 现，显示出液冷技术正在成为高密度算力场景的刚需。IDC进一步预测，2024-2029年，中国液冷服务 器市场年复合增长率(CAGR)将达到46.8%，2029年市场规模有望突破162亿美元。 液冷技术作为解决高密散热的核心方案，市场需求的激增源于算力密度的快速提升。据天风证券 （601162）测算，NVL72单机柜液冷价值量约为10万美元，随着GB200/300高密度功率机柜出货放量， AI数据中心液冷渗透率有望从B200阶段的10%跃升至GB300阶段的90%，2025年或将成为液冷服务器 的"起量元年"。 与此同时，国内液冷产业链公司纷纷加速布局。 例如，作为全链条液冷的开创者，英维克率先推出高可靠Coolinside全链条液冷解决方案。从冷板、快 速接头、Manifold、CDU、机柜，到SoluKing长效液冷工质、管路、冷源等"端到端"的产品覆盖，从服 务器制造工厂，到数据中心运行现场的"厂到场" ...

Core Viewpoint - Suzhou Tianmai's stock price experienced volatility on August 14, closing at 140.85 yuan, down 3.30% from the previous trading day, with a trading range of 6.25% [1] Company Overview - Suzhou Tianmai specializes in the research, development, production, and sales of products related to the consumer electronics sector, primarily used in smartphones and wearable devices [1] - The company is a newly listed stock under the registration system, with a current total market capitalization of 16.294 billion yuan [1] Stock Performance - On August 14, the stock price showed rapid fluctuations, with a maximum intraday price of 148.60 yuan and a minimum of 139.50 yuan [1] - The stock saw a quick decline of over 2% within 5 minutes at 9:42 AM, followed by a rebound of over 2% within 5 minutes at 10:18 AM [1] Capital Flow - On August 14, the net inflow of main funds was 27.7477 million yuan, accounting for 0.76% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow reached 43.4004 million yuan, representing 1.18% of the circulating market value [1]

金融界消息 截至2025年8月11日收盘，苏州天脉（301626）报收于142.11元，上涨2.24%，换手率 8.33%，成交量2.17万手，成交金额3.08亿元。 资金流向方面，今日主力资金净流入1316.58万元，占比成交额4.28%。其中，超大单净流出917.29万 元、占成交额2.98%，大单净流入2233.87万元、占成交额7.26%，中单净流出流入440.14万元、占成交 额1.43%，小单净流出1756.73万元、占成交额5.71%。 通过天眼查大数据分析，苏州天脉导热科技股份有限公司共对外投资了1家企业，参与招投标项目33 次，知识产权方面有商标信息7条，专利信息208条，此外企业还拥有行政许可39个。 来源：金融界 苏州天脉最新一期业绩显示，截至2025一季报，公司营业总收入2.50亿元、同比增长5.72%，归属净利 润5439.88万元，同比减少3.67%，扣非净利润5233.52万元，同比减少5.53%，流动比率6.749、速动比率 5.752、资产负债率9.92%。 天眼查商业履历信息显示，苏州天脉导热科技股份有限公司，成立于2007年，位于苏州市，是一家以从 事计算机、通信和其他电 ...

Industry Overview - The demand for smartphone thermal management devices is increasing due to enhanced smartphone performance, faster processors, and higher screen resolutions, leading to increased heat generation [1][13] - The rapid adoption of 5G technology is driving the need for higher performance and efficiency in thermal management devices to meet the growing thermal demands in 5G scenarios [1][13] - The market size of China's smartphone thermal management device industry is projected to reach approximately 3.267 billion yuan in 2024, representing a year-on-year growth of 6.52% [1][13] Industry Chain - The upstream of the smartphone thermal management device industry chain includes raw materials such as metals, ceramics, plastics, composite materials, PI films, natural graphite, CVD equipment, and cooling liquids [7] - The midstream involves the production and manufacturing of thermal management devices, while the downstream consists of various types of smartphones [7] Material and Technology Trends - Natural graphite is a key raw material for manufacturing high thermal conductivity graphite sheets and thermal films, essential for ensuring stability and battery life during high-load operations [9] - The production of natural graphite in China is expected to grow from 708,000 tons in 2015 to 1,291,600 tons in 2024, with a compound annual growth rate of 6.91% [9] - Future innovations in materials will focus on higher thermal conductivity and lighter weight, with potential applications of new materials like graphene and carbon nanotubes [23] Market Dynamics - The smartphone market in China saw a decline in shipments from 461 million units in 2017 to 296 million units in 2020, primarily due to market saturation and extended replacement cycles [11] - The smartphone shipment volume is expected to reach 294 million units in 2024, reflecting a year-on-year growth of 6.52% [11][13] - The competitive landscape of the smartphone thermal management device market is diverse, with significant contributions from both domestic and international players [16] Key Companies - Major companies in the smartphone thermal management device industry include Carbon Source Technology Co., Ltd., Shenzhen Feirongda Technology Co., Ltd., and Beijing Zhongshi Weiye Technology Co., Ltd., among others [16][19][21] - Shenzhen Feirongda Technology Co., Ltd. is focused on electromagnetic shielding materials and thermal management materials, with projected revenue of 1.864 billion yuan in 2024, up 7.56% [19] - Beijing Zhongshi Weiye Technology Co., Ltd. specializes in advanced thermal management solutions, with expected revenue of 1.539 billion yuan in 2024, reflecting a growth of 23.81% [21]

Group 1: Strategy Overview - The report emphasizes that the Chinese economy is undergoing a transformation, leading to a "transformation bull market" in the stock market, with expectations for new highs in the future [1][15][16] - Key investment themes include a focus on financials, growth sectors, and certain cyclical industries, as the market adjusts and gains confidence [1][2][3] Group 2: Key Investment Recommendations - The August stock selection includes: 1. Banking: China Merchants Bank 2. Non-bank: CICC and New China Life Insurance 3. Overseas Technology: Tencent Holdings and Kuaishou-W 4. Electronics: Cambricon Technologies, Chipone Technology, and Suzhou Tianmai 5. Computing: Dingjie Smart and Anheng Information 6. Machinery: Hengli Hydraulic and Mingzhi Electric 7. Military: AVIC Shenfei 8. Coal: Shaanxi Coal and Chemical Industry 9. Light Industry: Sun Paper 10. Agriculture: Muyuan Foods 11. Transportation: SF Express 12. Pharmaceuticals: MicroPort Medical 13. Real Estate: China Resources Mixc Lifestyle 14. Utilities: Huadian International Power [1][4][12] Group 3: Banking Sector Insights - The banking sector is expected to face revenue pressure but maintain positive net profit growth, with a gradual recovery in net interest margins anticipated [22][23] - China Merchants Bank is projected to benefit from economic recovery, with an upward revision of net profit growth forecasts for 2025-2027 [25][26][27] Group 4: Non-Banking Sector Insights - The impact of the new tax on bond interest income is expected to be limited for the non-banking sector, with continued optimism for growth in this area [30][32] - CICC is forecasted to see significant profit growth driven by active trading and investment recovery, with an increase in EPS estimates for 2025-2027 [33][34] Group 5: Technology Sector Insights - Major tech companies are increasing capital expenditures significantly, particularly in AI, indicating a robust growth trajectory for the sector [43][45] - Tencent is expected to leverage AI to enhance its core business, with revenue and profit projections being adjusted upwards for 2025-2027 [45][46][47]

Core Insights - The consumer electronics sector experienced a decline of 1.51% on August 1, with Dingjia Precision leading the drop [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - 隆扬电子 (Longyang Electronics) saw a significant increase of 12.06%, closing at 43.10 with a trading volume of 297,700 shares and a transaction value of 1.29 billion [1] - 可川科技 (Kechuan Technology) rose by 9.99%, closing at 30.29 with a trading volume of 171,500 shares and a transaction value of 515 million [1] - 鼎佳精密 (Dingjia Precision) led the decline with a drop of 14.56%, closing at 55.22 with a trading volume of 98,100 shares and a transaction value of 561 million [2] - 工业富联 (Industrial Fulian) decreased by 4.65%, closing at 33.00 with a trading volume of 2,194,000 shares and a transaction value of 7.29 billion [2] Capital Flow - The consumer electronics sector saw a net outflow of 1.188 billion from main funds, while retail investors contributed a net inflow of 1.256 billion [2]