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].

领益智造（002600）最新股价为15.52元，较前一交易日收盘价下跌0.43元，跌幅为2.70%，总市值 1133.90亿元。从行业市盈率来看，领益智造所处的消费电子行业滚动市盈率平均48.15倍，行业中值 50.30倍，领益智造49.63倍排名第38位。 2025年12月23日，领益智造披露接待调研公告，公司于12月22日接待睿远基金管理有限公司、光大证 券、华泰证券、恒大人寿保险有限公司、申银万国证券股份有限公司、太平洋资产管理有限责任公司等 107家机构调研。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9808，近一年增长65.73%。 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。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 调研情况显示，领益智造收购立敏达主要是为了获得服务器热管理领域的核心技术和客户资源。立敏达 在企业级服务器热管理领域具备深厚的核心技术积累，主营业务包括服务器液冷快拆连 ...

12月22日基金调研公司一览 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有1家，其中总市值超千亿元的有领益智 造等，总市值不足100亿元的有4家，分别是美瑞新材、博盈特焊、莱宝高科等。 市场表现上，基金调研股中，近5日全部上涨，涨幅居前的有钧达股份、万向钱潮、中泰股份等，分别 上涨13.16%、5.57%、4.69%。 数据宝统计，基金参与调研股中，近5日资金净流入的有4只，钧达股份近5日净流入资金1.32亿元，主 力资金净流入最多；净流入资金较多的还有领益智造、万向钱潮等，净流入资金分别为1.18亿元、1.13 亿元。（数据宝） 昨日基金共对7家公司进行调研，扎堆调研领益智造、钧达股份等。 证券时报·数据宝统计，12月22日共13家公司被机构调研，按调研机构类型看，基金参与7家公司的调研 活动。领益智造最受关注，参与调研的基金达33家；钧达股份、万向钱潮等分别获4家、3家基金集体调 研。 基金参与调研的公司中，按所属板块统计，深市主板公司有4家，创业板公司有3家。 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- ...

6G等未来产业备受关注。 十倍潜力股浮现 除了英维克外，同样"实锤"为英伟达液冷服务器概念的个股还有领益智造等。12月22日晚间，领益智造 发布关于公司签订《股权转让协议》的公告。公告显示，领益智造将以8.75亿元取得对东莞市立敏达电 子科技有限公司(以下简称"立敏达")的控制权。 公开资料显示，立敏达为英伟达AVL/RVL认证供应商，提供液冷板(Liquid Cooling Plate)及内部液冷歧 管(Inner Manifold)、快接头(UQD/MQD)、液冷歧管(Manifold)等。今年8月，立敏达加入由英特尔牵头 的通用快接头互插互换联盟，与其他品牌的产品实现"互插互换"，为数据中心客户提供了更大的灵活性 和选择空间。 公司收购公告称，与立敏达签订协议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，并降低服务器电源相关产品的开发成本和产品验证周期。立敏达可与公司现有服 务器业务形成战略协同效应，有助于进一步丰富公司服务器板块的产品矩阵，提升公司AI硬件服务器 板块的业务规模和盈利能力。 此前，领益智造曾在深交所互动易回复称，公司已成功晋升为AMD核心供应商，也是谷 ...

Group 1: Stock Market Performance - The Shanghai Composite Index has experienced five consecutive days of gains, closing up 0.07% and reaching a new monthly high [2][11] - The technology sector continues to perform well, with lithium battery electrolyte prices surging over 6% and liquid cooling servers seeing gains of over 3% [2][11] - In the liquid cooling server sector, Invec (002837) has hit its daily limit, with a market capitalization exceeding 100 billion yuan, and its stock price has increased over nine times since its low in February 2024 [2][11] Group 2: Invec's Growth Potential - Invec's stock price surge is attributed to its association with NVIDIA's liquid cooling server concept, and it has entered NVIDIA's RVL list, indicating potential supply chain opportunities [2][11] - Analysts suggest that Invec could achieve a tenfold increase based on its current price trajectory [2][11] Group 3: Linyi Intelligent Manufacturing's Acquisition - Linyi Intelligent Manufacturing has signed an agreement to acquire control of Dongguan Limin Technology for 875 million yuan, enhancing its capabilities in the liquid cooling server market [4][13] - Limin is recognized as an NVIDIA AVL/RVL certified supplier, providing critical components for liquid cooling systems [4][13] Group 4: Liquid Cooling Server Market Growth - The liquid cooling server market in China is projected to grow at a compound annual growth rate of 47.6% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [5][14] - Analysts recommend focusing on leading companies with technological barriers that can enter domestic and international supply chains, as well as second-tier companies that can leverage the liquid cooling industry for performance growth [5][15] Group 5: 6G as a National Strategy - The Chinese government has elevated 6G and other future industries to a national strategic level, as outlined in the 2025 government work report [6][16] - The U.S. is also actively pursuing 6G standards, with a recent memorandum from President Trump emphasizing the importance of winning the 6G race [7][16] Group 6: Investment in 6G Stocks - Several companies, including Chuangyuan Xinke and Tongyu Communication, are increasing investments in 5G/6G and satellite internet, aligning with national strategic goals [18] - A total of 18 6G concept stocks in the A-share market have seen net purchases from both leveraged and institutional funds since December [18][19] Group 7: Notable 6G Stocks - Companies such as China Mobile, Tianyin Electric, and Zhongcai Technology have received significant net purchases exceeding 1 billion yuan from both leveraged and institutional investors [20]

12月23日，领益智造发布公告，披露公司收购江苏科达斯特恩汽车科技股份有限公司（简称"江苏科达"）控制权的最新进展。目前，公司已完成相关交割程 序，以2.4亿元现金成功收购江苏科达60%股权，标的公司正式成为领益智造控股子公司并纳入合并报表范围。 比例保持不变，分别为4.11%、4.11%、2.56%、1.54%；而浙江万里扬企业管理有限公司等其余5名交易对方则通过本次交易完全退出江苏科达股东行列。 领益智造表示，此次完成股权交割后，江苏科达已正式纳入公司合并报表范围，后续将依托双方资源协同，推动相关业务发展。 据悉，此次收购源于领益智造对原购买资产方案的调整。2025年11月7日，领益智造审议通过《关于调整购买资产方案的议案》，决定将原"发行可转换公司 债券及支付现金购买资产并募集配套资金"的方案，调整为以现金方式收购江苏科达控制权，同时向深交所申请撤回原交易申请文件。调整后，交易对方及 收购控制权的核心目标保持不变，仅优化交易作价与支付方式，以更好保障公司及中小股东权益。 2025年12月，领益智造全资子公司领益科技（深圳）有限公司（简称"领益科技"）与江苏科达的6名股东正式签订《资产购买协议》。交易对方 ...

沪指12月23日上涨0.07%，申万所属行业中，今日上涨的有9个，涨幅居前的行业为电力设备、建筑材 料，涨幅分别为1.12%、0.88%。电子行业位居今日涨幅榜第三。跌幅居前的行业为社会服务、美容护 理，跌幅分别为2.07%、1.65%。 资金面上看，两市主力资金全天净流出448.51亿元，今日有4个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨1.12%，全天净流入资金37.93亿元，其次是基础化工行业，日 涨幅为0.22%，净流入资金为10.02亿元。 主力资金净流出的行业有27个，国防军工行业主力资金净流出规模居首，全天净流出资金86.98亿元， 其次是通信行业，净流出资金为54.70亿元，净流出资金较多的还有汽车、计算机、电子等行业。 电子行业今日上涨0.58%，全天主力资金净流出41.65亿元，该行业所属的个股共475只，今日上涨的有 183只，涨停的有4只；下跌的有285只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有161只，其中，净流入资金超亿元的有18只，净流入资金居首的是工业富联，今日净流入资金 13.04亿元，紧随其后的是寒武纪-U、胜宏科技 ...