2.液冷领域：重点关注具备全栈解决方案能力、已获头部客户认证并拥有大规模交付经验的龙头企业， 将成为此轮产业确定性红利的主要受益者，如英维克、飞龙股份。 3.光纤光缆领域：关注在特种光纤、海洋通信等领域技术领先，且产能规模占优的龙头企业，如中天科 技、亨通光电。 最后，算力集群内部海量的数据交换，以及跨数据中心的互联DCI，显著带动了光纤光缆的用量；与此 同时，全球供应链的产能瓶颈（尤其体现在光纤预制棒环节）与国内"东数西算"等工程对特种光纤的集 中需求相叠加，共同推动了光纤光缆市场的供需关系趋紧，行业价格步入复苏通道。 在这一趋势下，机构提示投资逻辑应聚焦于两个层面：一是选择直接受益于规格升级且需求弹性大的环 节；二是筛选在量产能力、客户认证和供应链地位上已建立壁垒的龙头企业。具体收益方向如下： 1.光模块与上游器件：聚焦已实现800G大规模交付、并率先推进1.6T产能爬坡的龙头公司，如中际旭 创、新易盛；同时关注直接受益于技术迭代和客户需求上修的上游光器件公司，如天孚通信。 在12月8日的FORCE原动力大会上，火山引擎总裁谭待介绍，近日豆包大模型日均Tokens使用量已突破 50万亿，居中国第一、全球第 ...

Core Insights - The liquid cooling industry is transitioning from a "first development stage" focused on concepts and expectations to a "second development stage" characterized by order confirmations, capacity realization, and performance delivery [1][4] Group 1: Industry Transition - The liquid cooling system is moving towards performance realization, with high-power cabinets (100kW+) becoming the new norm, and the GB300 series AI servers expected to start mass production by the end of 2025 [2][4] - The market focus is shifting from discussions about liquid cooling concepts to actual performance metrics and market space evaluations, marking the end of the expectation-driven phase [1][2] Group 2: Competitive Landscape - The competitive landscape is evolving from individual component competition to a comprehensive thermal management system that spans servers, cabinets, and data center equipment, increasing customer reliance on solution providers [3][4] - Industry leaders are expected to benefit from their comprehensive solutions, large-scale delivery capabilities, and established relationships with major clients, reinforcing a "stronger gets stronger" dynamic in the market [3][4] Group 3: Market Opportunities - The liquid cooling market is being systematically re-evaluated as the application boundaries expand from GPU servers to switches and ASIC devices, indicating a significant growth potential [2][4] - Companies with full-stack solution capabilities and certifications from leading clients are positioned to capture the upcoming industry benefits, particularly those with extensive global delivery experience [4]

Group 1 - The overall market financing balance increased to 2.49 trillion yuan as of December 19, with a rise of 4.577 billion yuan compared to the previous trading day [1] - A total of 15 Shenwan first-level industries experienced net inflows of financing funds, with the electronics industry leading at a net purchase amount of 1.409 billion yuan [3] - Notable individual stocks with significant net financing purchases include China Ping An at 587 million yuan, followed by companies like Zhaoyi Innovation, Yonghui Superstores, and others [3] Group 2 - A total of 1,726 individual stocks received net financing purchases on the same day, with 22 stocks exceeding 100 million yuan in net purchases [3] - The top ten stocks by net financing purchase amounts included China Ping An, Zhaoyi Innovation, and others, indicating strong market interest in these companies [3]

Group 1 - The total margin trading balance in A-shares reached 25,038.28 billion yuan, an increase of 44.62 billion yuan from the previous trading day, accounting for 2.60% of the A-share circulating market value [1][2] - The trading volume of margin financing and securities lending was 1,774.92 billion yuan, up by 56.06 billion yuan from the previous trading day, representing 10.13% of the total A-share trading volume [1][2] Group 2 - Among the 31 primary industries, 15 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 1.409 billion yuan [2] - Other industries with significant net financing inflows included defense and military, non-ferrous metals, communications, electric equipment, and retail [2] Group 3 - A total of 22 individual stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 587 million yuan [3][4] - Other notable stocks with high net financing inflows included Zhaoyi Innovation, Youxun Co., Yonghui Superstores, Aerospace Development, Ganfeng Lithium, Aerospace Electronics, Fenghuo Communication, Feilong Co., and Meinian Health [3][4]

2025 年 12 月 22 日 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 相关研究 1、《双融日报》2025-12-19 2、《双融日报》2025-12-18 3、《双融日报》2025-12-17 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 81 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：81 分（过热） 最近一年大盘走势 20 25 (%) 沪深300 ▌ 热点主题追踪 今日热点主题：液冷、银行、券商 1、液冷主题：第五届国际 AIDC 液冷产业链千人大会暨全球 数据中心液冷市场趋势研讨会将于 12 月 18 日至 19 日举行。 近年来国际 AI 领域的主要企业正加速转向液冷技术应用。例 如，英伟达在去年发布的 B100 与 H200 芯片上，已正式将散 热方案从传统风冷升级为液冷系统。相关标的：英维克 （002837）、飞龙股份（002536） 2、银行主题：银行股具有高股息特性，如中证银行 ...

Core Insights - The rise in AI chip power consumption has made high-efficiency liquid cooling an essential part of the computing power industry, with liquid cooling solutions offering a heat transfer coefficient 20 times greater than air cooling, stabilizing chip temperatures below 65°C, which is critical for GPU performance and data center expansion [1] - IDC forecasts that from 2024 to 2029, the liquid cooling server market in China will grow at a compound annual growth rate (CAGR) of 46.8%, reaching a market size of $16.2 billion by 2029 [1] - Recent trends show a significant increase in A-share liquid cooling server-related stocks, with heightened investor inquiries about company operations [1] Company Responses - **川环科技** focuses on expanding applications for liquid cooling pipeline products, particularly in automotive fluid pipelines, data server liquid cooling, and energy storage liquid cooling, while maintaining confidentiality regarding specific collaborations with clients [2] - **硕贝德** confirms that its cooling products and modules can be applied in liquid cooling servers [4] - **川润股份** highlights its competitive advantages in high-end equipment manufacturing and energy management, emphasizing its capabilities in providing stable and reliable liquid cooling systems [6] - **飞龙股份** reports that its revenue from liquid cooling components was approximately 4.115 million, accounting for less than 2% of total revenue, but anticipates increased sales in the second half of the year based on current orders [8] - **首都在线** is actively preparing high-power and liquid cooling systems for data center operations, aiming to optimize server cooling efficiency and reduce energy consumption [10] - **飞荣达** has not yet supplied directly to clients like NVIDIA but has made significant progress in developing various cooling products, including liquid cooling modules [11] - **澄天伟业** emphasizes its self-developed high-performance manufacturing processes for liquid cooling products, which are crucial for meeting the demands of high-power computing devices [13] - **银轮股份** is committed to high investment in digital energy thermal management and anticipates accelerated order acquisition [15] - **科创新源** collaborates with Honeywell and is involved in the development of liquid cooling solutions for high-performance computing scenarios [17] - **捷邦科技** is progressing with its liquid cooling business as planned, while also focusing on market value management [18] - **思泉新材** has developed a range of cooling products and is actively working on customer product introductions in the liquid cooling sector [20] - **冰轮环境** has introduced new technologies to adapt to the latest high-efficiency servers, including low-carbon energy-saving technologies [22] - **科华数据** is expanding its partnerships with leading internet companies to meet the growing demand for intelligent computing centers [24] - **鼎通科技** produces various connectors and cooling solutions for servers and data centers [26]

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

证券时报·数据宝统计，截至（12月19日）收盘，沪指报3890.45点，涨14.08点，涨幅为0.36%；深成指 报13140.21点，涨86.24点，涨幅为0.66%；创业板指报3122.24点，涨15.17点，涨幅为0.49%。个股方 面，今日95只A股换手率超过20%，其中，C优迅、三羊马等5只个股换手率达五成以上，半数筹码易 主。（数据宝） 12月19日两市换手率居前个股一览 | 000890 | 法尔胜 | 5.83 | 30.49 | -10.03 | | --- | --- | --- | --- | --- | | 000547 | 航天发展 | 22.30 | 30.02 | 3.96 | | 002235 | 安妮股份 | 11.03 | 29.73 | 5.05 | | 300189 | 神农种业 | 5.94 | 29.69 | 8.79 | | 002536 | 飞龙股份 | 28.68 | 29.65 | -3.27 | | 603703 | 盛洋科技 | 14.75 | 29.04 | -4.78 | | 688790 | C昂瑞-UW | 170.45 | 29.00 | -5 ...

| 000678 | 襄阳轴承 | 3.94 | 12.52 | 8582.80 | | --- | --- | --- | --- | --- | | 600104 | 上汽集团 | 1.49 | 0.41 | 8278.55 | | 603596 | 伯特利 | 4.25 | 3.57 | 8176.53 | | 002813 | 路畅科技 | 9.99 | 7.59 | 6957.34 | | 301005 | 超捷股份 | 4.19 | 15.83 | 6515.54 | | 000980 | 众泰汽车 | 2.92 | 3.39 | 6189.36 | | 000901 | 航天科技 | 3.43 | 15.59 | 5738.29 | | 300304 | 云意电气 | 10.81 | 8.55 | 5426.49 | | 001285 | 瑞立科密 | 5.94 | 25.28 | 5282.68 | | 603766 | 隆鑫通用 | -0.68 | 1.68 | 5148.07 | 汽车行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） ...

Core Viewpoint - The automotive industry is at a new crossroads, with the end of the electric vehicle (EV) boom and the rise of smart technology. Commercial vehicles and two-wheelers are seen as promising investment areas. The company suggests two strategies: finding cyclical alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [1] Automotive Sector Forecast for 2026 - Passenger vehicle sector: The industry will be impacted by a 5% new energy vehicle purchase tax, with an overall domestic demand expectation of 3.5%. Total domestic sales are projected at 22 million units (down 3.5% year-on-year), with new energy domestic sales at 13.2 million units (up 6.4% year-on-year). Total external sales are expected to be 6.41 million units (up 12.0% year-on-year), with new energy external sales at 3.52 million units (up 43.9% year-on-year) [1] - Heavy truck sector: Under neutral predictions, wholesale sales are expected to reach 1.16 million units (up 1.5% year-on-year), with domestic sales at 770,000 units (down 5.5% year-on-year) and external sales at 390,000 to 400,000 units (up 18.8% year-on-year) [1] - Bus sector: Continued resonance in domestic and external demand is expected, with export growth likely to maintain over 30%, and new energy export growth anticipated to be even faster. Domestic sales are projected at 81,000 units (up 3% year-on-year), with exports at 76,400 units (up 30% year-on-year) [1] - Motorcycle sector: Total industry sales are expected to reach 19.38 million units (up 14% year-on-year), with large-displacement motorcycles at 1.26 million units (up 31% year-on-year). Domestic sales are projected at 3.99 million units (down 9% year-on-year), while external sales are expected to be 15.39 million units (up 21% year-on-year) [1] Investment Opportunities - Passenger vehicle sector: Preferred stocks include Yutong Bus (600066) and attention to King Long Motor (600686) [2] - Motorcycle sector: Top picks are Chunfeng Power (603129) and Longxin General (603766) [2] - Heavy truck sector: Preferred stocks include China National Heavy Duty Truck Group (000951) H and Weichai Power (000338) [2] - Passenger car sector: Top choice is BYD (002594), with Jianghuai Automobile (600418) as a preferred option [2] - Parts sector: Preferred stocks include Fuyao Glass (600660), Xingyu Co., Ltd. (601799), and Minth Group (002743) [2] Growth Opportunities - L4RoboX investment opportunities: Focus on the L4RoboX industry chain, with B-end software targets preferred over C-end hardware. Top picks include XPeng Motors and Horizon Robotics in H-shares, and Qianli Technology and Desay SV in A-shares [3] - Robotics/AIDC investment opportunities: The overseas Optimus V3 is expected to be finalized in 2026, with rapid capital progress in domestic robotics. Preferred stocks in the robotics and liquid cooling sectors include Top Group (601689) and Junsheng Electronics (600699) [3]