格隆汇12月24日｜国盛证券研报指出，领益智造收购立敏达，卡位AI算力黄金赛道，开拓增长新引 擎。交易完成后，立敏达将纳入公司合并报表范围。本次收购的立敏达深耕企业级服务器热管理领域， 已发展成为以热管理产品为核心的服务器综合硬件解决方案提供商。公司持续深耕AI终端硬件相关产 品，电池、热管理、快充等业务在创新周期中获得新增量，同时人形机器人、AI眼镜、折叠机、服务 器等新业务卡位较好，将拉动中期新一轮成长，维持"买入"评级。 ...

领益智造在公告中表示，立敏达主业聚焦于服务器热管理领域，其客户包含英特尔、英伟达等知名企 业。此次收购将有助于公司快速获得境内外特定客户服务器液冷散热业务的技术储备与客户认证资质。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 当地时间12月23日，美股三大指数集体收涨，均录得日线四连涨。其中，标普500指数收盘价创下历史 新高。大型科技股多数上涨，英伟达股价上涨超过3%，其市值单日增加约1341亿美元，按汇率折算约 合人民币9425亿元。 根据美国商务部同日公布的首次预估数据，2025年第三季度美国国内生产总值（GDP）环比按年率计算 增长4.3%，高于第二季度3.8%的增速。数据发布后，市场对美联储明年初降息的预期有所调整。据 CME"美联储观察"工具显示，美联储在明年1月维持利率不变的概率升至86.7%。 同日，美国总统特朗普就美联储主席人选发表看法。特朗普表示，任何不同意他观点的人永远不会成为 美联储主席。他希望新任美联储主席在市场表现良好的情况下降低利率，而不是"无缘无故地"破坏市 场。 英伟达的产业链动态也受到关注。根 ...

相关产品： 机器人ETF易方达（159530）通过跟踪国证机器人产业指数，为投资者提供一键布局机器人全产业链的 高效工具。 机器人ETF易方达（159530）场外也有基金份额：（联接A：020972、联接C：020973）。 消息面上，全国首个开放式机器人租赁平台"擎天租"在上海发布。据悉，平台目前已覆盖全国50个核心 城市、超600家服务商，提供多个品牌、多种型号的机器人租赁服务，租金价格从200元到超万元不等。 预计2026年，平台租赁服务将覆盖全国超200个城市，用户可通过小程序、商城等渠道直接下单。全国 首个开放式机器人租赁平台标志着机器人租赁服务从零散化走向生态化，将高门槛的机器人使用场景转 化为类似共享充电宝的便捷租赁模式。 摩根士丹利报告认为，2026年人形机器人市场热度将持续，但需警惕炒作与规模化实用价值间的巨大差 距。行业面临技术开发难度和初创企业洗牌的回调风险，且中美差距正加速扩大——中国依托制造业优 势巩固领先，而美国政策支持短期难以扭转趋势。 国证机器人产业指数特点鲜明：1.指数人形机器人含量居首：指数中人形机器人相关公司权重显著高于 同类指数；2.指数聚焦高成长龙头：前十大权重股占比 ...

近5日机构合计调研157家公司，领益智造、博盈特焊、光庭信息等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（12月17日至12月23日）约157家公司被机构调研，调研机构类型 显示，证券公司共对132家公司进行调研，即84.08%的上市公司调研活动有证券公司参与；基金公司调 研89家，位列其后；阳光私募机构调研64家，排名第三。 机构调研榜单中，共有20家公司获20家以上机构扎堆调研。领益智造最受关注，参与调研的机构达到 107家；博盈特焊被82家机构调研，榜单中排名第二；光庭信息、上汽集团等分别被67家、61家机构调 研。 机构调研次数来看，冰轮环境机构调研最为密集，共获机构5次调研。博盈特焊、本钢板材等机构调研 也较为密集，分别被机构调研4次、3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有9只，中瓷电子近5日净流入资金2.02 亿元，主力资金净流入最多；净流入资金较多的还有钧达股份、领益智造等，净流入资金分别为1.32亿 元、1.18亿元。 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | ...

Core Viewpoint - The consumer electronics sector is experiencing a significant increase in storage costs, which is expected to impact the pricing of various electronic devices, including smartphones, tablets, and gaming consoles. This trend is anticipated to continue into 2025 and beyond, driven by dual demand from smartphones and servers [1]. Group 1: Market Performance - As of December 24, 2025, the CSI Consumer Electronics Theme Index (931494) rose by 0.61%, with key stocks such as Beijing Junzheng (300223) increasing by 5.23% and SMIC (688981) by 3.35% [1]. - The Consumer Electronics ETF (561600) also saw a rise of 0.59%, marking its fourth consecutive increase, with the latest price reported at 1.19 yuan [1]. Group 2: Storage Cost Trends - Storage costs have risen significantly, surpassing expectations, and this increase has been passed on to end-user products [1]. - Xiaomi's Lu Weibing indicated that the memory cost surge will lead to higher smartphone prices, particularly for the upcoming Xiaomi 17 Ultra, which is expected to see a substantial price increase due to rising memory costs [1]. Group 3: Future Projections - According to Aijian Securities, a new round of price increases for storage chips is expected to begin in Q4 2025, driven by historical patterns and the current demand dynamics [1]. - The upcoming upgrades in storage capacity for iPhones in 2025 and 2026 are projected to further stimulate the global storage chip market, extending the price increase cycle into 2026 [1]. Group 4: Index Composition - The CSI Consumer Electronics Theme Index comprises 50 companies involved in component production and electronic brand design, reflecting the overall performance of the consumer electronics sector [2]. - The top ten weighted stocks in the index account for 56.39% of the total index, including companies like Luxshare Precision (002475) and BOE Technology Group (000725) [2].

12月24日早盘，A股三大指数集体上涨，上证指数盘中上涨0.10%，环保、建筑材料、电子等板块涨幅 靠前，煤炭、农林牧渔跌幅居前。消费电子走强，截至9:41，消费电子ETF（159732.SZ）上涨0.83%， 成分股顺络电子上涨4.13%，领益智造上涨3.48%，圣邦股份上涨3.13%，德赛西威上涨2.63%，纳芯微 上涨2.53%。 招商证券表示，AI PC带来的影响将在2026~2027年更为显著，建议关注受益于端侧AI落地、下游需求 景气，同时新品迭代和量产进度加速落地的企业。同时建议关注受益于高端新品持续突破、国产替代加 速的企业 消息方面，Canalys预测2025年支持AI 的PC出货量将超过1亿台，占所有PC出货量的40%，预计2028年 供应商将出货2.05亿台支持AI的PC，2024年至2028年期间的CAGR高达44%；Counterpoint预测AI PC渗 透率将从2024年的34%上升至2027年的78%。 （文章来源：每日经济新闻） ...

Group 1 - The core focus of the article is the rising importance of 6G and other future industries as a national strategy in China, as highlighted in the 2025 government work report [2] - The U.S. is actively pursuing global leadership in 6G standards, as evidenced by a memorandum from former President Trump to key government officials [3] - The year 2025 is identified as a critical point for the initiation of 6G standard research, with a growing consensus in the industry regarding the future direction of 6G standards [3] Group 2 - Several companies, including Chuangyuan Xinke and Tongyu Communication, are highlighted for their strategic investments in 6G and related technologies, indicating potential growth opportunities [4] - Notable stocks in the 6G sector have seen significant capital inflows, with 18 stocks receiving both leveraged and institutional net purchases since December [4][5] - Specific companies like China Mobile and Zhongcai Technology have reported substantial net purchases exceeding 1 billion yuan from both leveraged and institutional investors [5][6] Group 3 - The liquid cooling server market is projected to experience rapid growth, with a compound annual growth rate of 47.6% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [9] - Companies like Lingyi Zhizao are expanding their capabilities through strategic acquisitions, enhancing their position in the liquid cooling server supply chain [8] - The liquid cooling industry is expected to see significant commercialization by 2026, suggesting a favorable outlook for companies with technological advantages [9]

Group 1: Food and Beverage Industry - The EU's anti-subsidy measures on dairy products have been implemented, which is expected to accelerate the domestic substitution in deep processing of dairy products. The measures include temporary anti-subsidy deposits on EU dairy imports starting December 23, 2025 [3] - From 2020 to March 2024, EU dairy product imports accounted for 23.6% to 34.6% of China's total dairy imports. The imposition of anti-subsidy taxes is likely to drive the deep processing business to shift domestically [3] - Domestic dairy companies such as Miao Ke Lan Duo, Yili, Mengniu, and Li Gao are focusing on deep processing, with current domestic milk prices being lower than overseas prices, which may further accelerate domestic substitution [3] - The deep processing sector is expected to enhance the consumption of raw milk, thereby improving the supply-demand dynamics in the upstream raw milk industry [3] Group 2: Electronics Industry - Lingyi Technology (002600.SZ) plans to acquire a 35% stake in Limin Da for 875 million RMB, gaining control over 52.78% of voting rights. This acquisition will integrate Limin Da into the company's consolidated financial statements [5] - Limin Da specializes in thermal management solutions for enterprise-level servers, providing key hardware products such as liquid cooling connectors and modules. The company has established a strong customer base, including leading clients in the overseas computing industry [5] - For the first nine months of 2025, Limin Da reported revenues of 486 million RMB and a net profit of 21 million RMB, showing significant improvement in profitability compared to the previous year [5] - The acquisition is expected to enhance the company's capabilities in the server liquid cooling business, reduce development costs, and improve product validation cycles, thereby expanding the scale and profitability of the AI hardware server segment [5]

长江商报消息 ●长江商报记者 沈右荣 收购资产，"果链"龙头企业领益智造（002600.SZ）再出手。 12月22日晚，领益智造官宣，拟出资8.75亿元收购东莞市立敏达电子科技有限公司（以下简称"立敏达"或"目标公 司"）35%股权。 本次收购存在高溢价。截至2025年9月末，立敏达净资产仅为7127.02万元，而其估值高达25.10亿元，溢价率逾34 倍。 领益智造表示，本次交易有助于公司快速获得境内外特定客户服务器液冷散热业务的技术储备与客户认证资质， 可与公司现有服务器业务形成战略协同效应。 2025年初以来，AI算力服务器液冷概念火爆。通过本次交易，领益智造也将顺利切入这一赛道。 除了深耕AI终端，领益智造还布局有汽车及低空经济产业，且已经形成了一定规模。近期，公司还收购了江苏科 达，加码汽车产业布局。 领益智造具备较强盈利能力。2025年前三季度，公司盈利超19亿元。2019年以来，公司年度归母净利润均超过10 亿元。 领益智造正在冲击港股市场，加码全球化。2025年上半年，公司境外收入占比约74%。 目标公司立敏达成立于2009年6月16日，注册资本1336.96万元。截至2025年9月30日，立 ...

Core Viewpoint - Lingyi iTech's acquisition of a 35% stake in Dongguan Liminda Electronic Technology Co., Ltd. at a significant premium of over 34 times the assessed value highlights the company's strategic focus on the thermal management sector, particularly in relation to high-profile clients like NVIDIA and Intel [1][3]. Group 1: Acquisition Details - Lingyi iTech plans to acquire a 35% stake in Liminda for 875 million yuan, gaining control over 52.78% of voting rights through a voting rights entrustment agreement [1]. - The acquisition will allow Liminda to be included in Lingyi iTech's consolidated financial statements [1]. Group 2: Valuation and Financial Metrics - Liminda's audited equity as of September 30, 2025, was only 71.27 million yuan, while the assessed value of its total equity reached 2.51 billion yuan, reflecting a staggering increase of 3421.81% [3]. - Despite a rapid revenue increase, Liminda's cash flow from operating activities remains negative, worsening from -12.95 million yuan last year to -55.20 million yuan in the first three quarters of this year [6]. Group 3: Market Position and Clientele - Liminda specializes in thermal management products, including liquid cooling connectors and manifolds, and is recognized as a liquid cooling supplier for NVIDIA [3][5]. - The company has established partnerships with major clients such as Intel, NVIDIA, BYD, and Foxconn, enhancing its market credibility [3][5]. Group 4: Strategic Implications for Lingyi iTech - The acquisition aligns with Lingyi iTech's strategy to focus on core businesses and expand upstream into server cooling and robotics [9]. - Lingyi iTech's thermal management business contributed 9.29% of its revenue in 2024, amounting to 4.11 billion yuan, with a year-on-year growth of 9.2% [9][10]. - The global data center thermal management market is projected to grow from 16.56 billion USD in 2024 to 34.51 billion USD by 2029, with a CAGR of 15.82% [9].