国金证券股份有限公司 | 保荐机构名称：国金证券股份有限公司 | 被保荐公司简称：欧陆通 | | | --- | --- | --- | | 保荐代表人姓名：孙爱国 | 联系电话：0755-82805991 | | | 保荐代表人姓名：张玉忠 | 联系电话：0755-82805991 | | | 现场检查人员姓名：孙爱国、张玉忠、黄铤 | | | | 现场检查对应期间：2025年度 | | | | 现场检查时间：2025年12月29日—12月31日 | | | | 一、现场检查事项 | 现场检查意见 | | | （一）公司治理 | 是 不适用 | 否 | | 现场检查手段（包括但不限于本指引第33条所列） | | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | | 2.公司章程和股东会、董事会规则是否得到有效执行 | √ | | | 3.股东会、董事会会议记录是否完整，时间、地点、出席 人员及 会议内容等要件是否齐备，会议资料是否保存完整 | √ | | | 4.股东会、董事会会议决议是否由出席会议的相关人员签名 | √ | | | 确认 | | | | 5.公司董事、高级管理人员是否按照有 ...

时间：2025年12月29日 培训方式：现场授课与自学相结合的方式 国金证券股份有限公司 关于深圳欧陆通电子股份有限公司 2025年度持续督导培训情况报告 国金证券股份有限公司（以下简称"国金证券"）作为深圳欧陆通电子股份 有限公司（以下简称"欧陆通"或"公司"）首次公开发行股票并在创业板上市 的保荐机构，根据《深圳证券交易所上市公司自律监管指引第13号--保荐业务》 的要求，对欧陆通进行了2025年度持续督导培训。现将培训情况报告如下： 一、培训基本情况 三、培训总结 本次持续督导培训的工作过程中，欧陆通参训人员认真学习并充分沟通，积 极配合。通过此次培训授课，使公司实际控制人、董事、高级管理人员和中层及 以上管理人员等相关人员对于上市公司信息披露管理、内幕交易、大股东、实控 人及董高行为规范、买卖股票时间限制、上市公司信息披露及募集资金监管等相 关主要法规变化情况等有深入的了解，进一步增强了公司相关人员对上市公司的 规范运作意识，达到了预期的培训效果。 （本页无正文，为《国金证券股份有限公司关于深圳欧陆通电子股份有限公 司 2025年度持续督导培训情况报告》之签字盖章页） 保荐代表人： 地点：公司会议室 ...

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4]. Core Insights - The Vera Rubin platform has officially entered mass production, featuring a comprehensive upgrade of six types of chips, including the Vera CPU and Rubin GPU, which significantly enhance performance metrics [1][2]. - The Rubin computing board adopts a cable-free design and introduces a new storage rack to meet the high memory demands of large models, resulting in a 5x increase in peak inference performance and a 3.5x increase in training performance [2]. - The launch of the Alpamayo model marks a significant transition in autonomous driving technology, integrating multi-model and multi-modal systems to enhance reasoning capabilities, with plans for deployment in major markets [3]. Industry Scale - The industry comprises 518 stocks, with a total market capitalization of 14,374 billion and a circulating market capitalization of 12,340.1 billion [4]. Industry Performance - The absolute performance over 1 month, 6 months, and 12 months is 9.3%, 38.5%, and 58.0% respectively, while the relative performance is 6.4%, 20.1%, and 33.0% [6]. Investment Recommendations - The report suggests focusing on NVIDIA and its supply chain, including components related to system assembly, GPU, CPU, storage, high-speed connectors, and various auxiliary chips, as well as domestic computing power manufacturers and advanced manufacturing opportunities [9].

Group 1 - A total of 15 companies were investigated by well-known institutions in the past week (December 29 to January 4) [1] - The machinery equipment sector received significant attention from institutions, along with power equipment and computer industries [1] - The company with the highest number of institutional investigations was Jingbeifang, with 71 institutions participating [1] Group 2 - Following Jingbeifang, Liugong received 65 institutional investigations, and Oulutong had 53 [1] - Other notable companies included Midea Group with 20 investigations, Jiuli Special Materials with 11, and Yuxin Technology with 48 [1][2] - The data indicates a strong interest in the machinery and computer sectors, reflecting potential investment opportunities [1]

Market Overview - The other power equipment sector increased by 1.72% on January 5, with China Power leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - China Power (600482) closed at 21.81, up 5.36% with a trading volume of 508,100 shares and a transaction value of 1.095 billion [1] - Other notable performers include: - Euro Continental (300870) at 230.10, up 4.12%, with a transaction value of 1.274 billion [1] - Tonghe Technology (300491) at 26.14, up 4.02%, with a transaction value of 206 million [1] - Keti Data (002335) at 57.56, up 3.66%, with a transaction value of 1.859 billion [1] Capital Flow - The other power equipment sector experienced a net outflow of 435 million from institutional investors, while retail investors saw a net inflow of 383 million [2] - The capital flow for specific stocks includes: - China Power (600482) had a net inflow of 26.41 million from retail investors but a net outflow of 58.67 million from institutional investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 55.70 million from institutional investors but a net outflow of 42.01 million from retail investors [3]

Market Performance - On January 5, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 1.38% to 4023.42 points, the Shenzhen Component Index rising by 2.24% to 13828.63 points, and the ChiNext Index up by 2.85% to 3294.55 points [1] - The sectors that performed well included brain engineering, storage chips, and cloud gaming, while shale gas, natural gas, and insurance-related sectors saw declines [1] Fund Manager Changes - From January 1 to January 5, a total of 9 fund managers experienced changes in their positions, which can significantly impact the future performance of the funds they manage [2] - In the same period, 4 fund products announced fund manager departures, with reasons including job changes and personal reasons [3] - A total of 29 fund products announced new fund manager appointments, involving 7 new fund managers [3] Fund Performance - Wang Bo from Ping An Fund managed a total fund asset of 696 million yuan, with the highest return of 99.12% from the fund "Anxin Xinfang Youxuan Mixed A" during his tenure [3] - Li Jialiang from Southern Fund managed a total fund asset of 9.657 billion yuan, with the highest return of 163.15% from the "Southern Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF" during his tenure [3] Fund Research Activity - In the past month (December 6 to January 5), Huaxia Fund conducted the most company research, engaging with 43 listed companies, followed by Bosera Fund, Southern Fund, and E Fund, which researched 39, 32, and 29 companies respectively [5] - The chemical products industry was the most researched sector, with 161 instances, followed by the computer equipment industry with 112 instances [5] Recent Company Focus - In the last month, the most researched company by public funds was Zhongke Shuguang, which is in the specialized computer equipment industry, with 117 fund management companies participating in the research [5] - Other companies receiving significant attention included Haiguang Information and Changan Automobile, with 117 and 86 fund management companies involved in their research respectively [5] Recent Weekly Research Activity - In the week from December 29 to January 5, the company with the highest number of fund research engagements was Oulutong, with 30 fund institutions participating [6] - Other companies with notable research activity included Jingji Zhinu and Zhongwei Shares, with 29 and 26 fund institutions respectively [6]

Group 1 - The State Council issued the "Solid Waste Comprehensive Management Action Plan," aiming for significant results in solid waste management by 2030, including a comprehensive utilization of 4.5 billion tons of major solid waste annually and 510 million tons of major recycled resources [3] - The People's Bank of China released the "Non-Bank Payment Institutions Classification Rating Management Measures," which includes seven modules for classification rating, such as corporate governance and user rights protection [3] - The Ministry of Housing and Urban-Rural Development published opinions on improving housing quality, targeting significant advancements in housing standards and construction by 2030 [3] Group 2 - The Chinese Academy of Sciences announced a breakthrough in nuclear fusion research with the EAST device, confirming the existence of a density-free zone in tokamaks, which is crucial for high-density operation [4] Group 3 - UBS Wealth Management stated that advanced manufacturing and technological self-reliance will become new growth engines for the Chinese stock market in 2026, driven by increased R&D investment in the tech sector [6] - Citic Securities reported a positive outlook for the Chinese stock market in 2026, particularly in the technology sector, with expectations of a new systematic market trend [5] - Fidelity International highlighted the strong attractiveness of the Chinese market in 2026, driven by continuous policy support and rapid advancements in local enterprises [5] Group 4 - The Shanghai government aims to develop a low-altitude economy, targeting an industry scale of approximately 80 billion yuan by 2028, establishing a complete industrial chain for new low-altitude aircraft [8] - The report indicated that around 30 provinces have included "low-altitude economy" in their 14th Five-Year Plan, with various regions proposing to develop low-altitude applications [8] Group 5 - Hainan's duty-free sales saw significant growth during the New Year holiday, with sales reaching 712 million yuan, a 128.9% increase year-on-year, following the expansion of the zero-tariff policy [10] - China Duty Free Group is identified as a leading player in the domestic duty-free industry, while Caesar Travel is expanding its duty-free business through partnerships [11] Group 6 - Plentiful orders have been reported by Huazhong Microelectronics, with full operation of its production lines and plans for further investment to increase capacity [18] - The company has achieved significant growth in its third-generation semiconductor business, surpassing 100 million yuan in scale [18]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **2026 Electronic Industry Predictions**, particularly in the **cloud computing** and **AI** sectors, highlighting significant trends and developments expected in the coming years [2][3][4]. Key Insights and Arguments Cloud Computing Sector - The **domestic cloud computing** sector, especially **domestic computing power**, is anticipated to experience substantial growth by the end of 2026, with major wafer fabs expected to release ample capacity, alleviating previous supply constraints [2][3]. - **ByteDance's** data consumption has shown remarkable growth, increasing from approximately **15-16 trillion** in May 2025 to over **50 trillion** by December 2025, indicating strong demand for domestic computing power [2]. - The **demand for domestic computing power** is projected to exceed **100 trillion** by mid-2026, setting a solid foundation for the performance of domestic computing companies [2][3]. - Leading companies like **Cambricon** and **Hygon** are expected to dominate in capacity supply and local government bidding, benefiting from the rising demand for inference chips, with **ASIC chips** likely to become as significant as **GPU** chips [2][3]. - The **domestic CS market** is under increasing pressure for localization, with local suppliers like **Shenghe Jingwei** expected to capture more market share in supercomputing nodes [2][3]. Edge Computing Sector - The **edge computing (SOC)** sector is set to benefit from the AI innovation wave, with smart hardware products such as glasses and robots expected to see significant development opportunities [4]. - The emergence of **multi-modal applications** (e.g., smart assistants) is anticipated to drive adjustments in app developers' permission management, leading to a diverse market landscape in 2026 [4]. 3D DRAM Technology - Despite slower-than-expected progress in the **3D DRAM** supply chain in 2025, optimism remains for 2026, with collaborations between **Zhaoyi Innovation** and leading companies indicating potential breakthroughs and new application scenarios [5]. Upcoming Trends and Technologies - Several key technology and product trends are expected in the second half of 2025, including the launch of specialized 3D hardware for mobile and automotive applications, which will enhance edge computing and storage capabilities [6][7]. - The **AI terminal devices** market is projected to gain traction, with major North American clients like **OpenAI** planning to introduce smart terminal products, potentially driving hardware sales and a replacement wave [7]. - The **domestic wafer foundry industry** is also highlighted, with leading companies like **SMIC** and **Huahong** expanding capacity, ensuring that the N2 process will no longer be a bottleneck for computing power development by 2026 [7]. Power Supply and Infrastructure - The **power density** in data centers is rapidly increasing, with **HVDC** (High Voltage Direct Current) expected to become a core focus in 2026, facilitating electrification upgrades and creating new growth opportunities [8][9]. - Upgrades in server power supply technology are anticipated to enhance the value of embedded modules and advanced cooling technologies, with companies like **Oulutong** and **Weiergao** positioned to benefit [9]. New Infrastructure and Advanced Packaging - The **new infrastructure** sector is expected to see significant growth in 2026, particularly in the **PCB** segment, with new products like **CO2 laser drilling** and advanced packaging set to achieve full-scale production [10][11]. - Advanced packaging products are expected to gradually achieve mass production among leading packaging and testing manufacturers, indicating a shift from demo machines to essential products in the next two years [11]. Additional Important Insights - The conference call emphasizes the importance of monitoring developments in the electronic industry, particularly in cloud computing, edge computing, and new infrastructure, as these areas are poised for significant growth and investment opportunities in the near future [2][3][4][5][6][7][8][9][10][11].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Summary of Google TPU and Liquid Cooling Demand Insights Industry and Company Involved - The discussion revolves around Google and its upcoming changes in the TPU (Tensor Processing Unit) architecture and the associated demand for optical modules and liquid cooling technology [1][2]. Core Insights and Arguments - Google is expected to significantly increase the shipment of V7+8 TPUs by 2026, primarily featuring 1.6T optical modules and liquid cooling technology, indicating substantial changes in the related supply chain [1][3]. - The introduction of 3D Taurus or Cloth architecture at the cabinet level is anticipated, which will increase the demand for scale-up optical modules and Active Optical Cables (AOC) [1][4]. - The 3D Taurus architecture aims to reduce latency through direct interconnection, with each Cube containing 64 TPUs, while the Cloth architecture employs a traditional fat-tree multi-layer network to alleviate OCS (Optical Circuit Switching) port pressure [5][6]. - The structural changes are projected to significantly boost the demand for 1.6T optical modules, benefiting suppliers like Zhongji Xuchuang and Yuanjie Technology; increased chip counts will raise power consumption, leading to a higher demand for liquid cooling, favoring suppliers like Invec [7]. Additional Important Content - Liquid cooling technology is critical to the entire data center solution, requiring stringent supplier selection. Once a supplier enters Google's supply chain, their market share tends to grow steadily, provided their product quality remains high [8]. - Companies expected to benefit from these changes include Zhongji Xuchuang, NewEase, Yuanjie Technology, and others in the optical module sector, as well as Invec in the liquid cooling sector. Additionally, companies linked to the AIGC (Artificial Intelligence Generated Content) supply chain, such as Yangtze Optical Fibre and Cable, Tengjing Technology, and Oulu Tong, are also likely to gain from these developments [9].