证券代码：002837 证券简称：英维克 公告编号：2025-060 深圳市英维克科技股份有限公司 关于股东减持计划的公告 股东上海秉原旭股权投资发展中心（有限合伙）保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 深圳市英维克科技股份有限公司（以下简称"公司"）股东上海秉原旭股权 投资发展中心（有限合伙）（以下简称"上海秉原"）计划自本公告披露之日起 3 个交易日后的三个月内（2025 年 12 月 29 日至 2026 年 3 月 28 日），通过集中竞 价或者大宗交易方式减持公司股份不超过 5,494,883 股（含 5,494,883 股），约 占公司总股本比例 0.56%。 公司于近日收到公司股东上海秉原出具的《关于减持深圳市英维克科技股份 有限公司股份计划的告知函》。具体情况如下： 一、股东的基本情况 截至本公告披露之日，拟减持公司股份的股东具体持股情况如下： | 股东名称 | 持股数量 | 占公司目前总股本 | | --- | --- | --- | | | （股） | 比例(%) ...

Group 1 - Nvidia's cabinet liquid cooling market is expected to accelerate, with an estimated market size of $6.9 billion to $9.7 billion by 2026, driven by orders for approximately 14 million GPUs from Blackwell and Rubin [1] - The power of Nvidia's GPU chips is projected to increase significantly, from approximately 1000W for B200 to 2300W for R200 by 2026, and potentially over 4000W for R300 by 2027 [1] - Google's TPUv7 and above are expected to ship around 2.2 to 2.3 million units in 2026, leading to a projected market size of $2.4 billion to $2.9 billion for Google's cabinet liquid cooling systems [2] Group 2 - The domestic liquid cooling server market in China is forecasted to reach $10.2 billion by 2028, with a compound annual growth rate of 47.6% from 2023 to 2028 [3] - The current penetration rate of liquid cooling in servers is only 5%, indicating significant growth potential as the market expands [3] - Huawei's CloudMatrix384 super node has already sold over 300 units, and the introduction of new super nodes is expected to further drive demand for liquid cooling solutions in the domestic market [4] Group 3 - 2026 is anticipated to be a pivotal year for the industrialization of liquid cooling, with recommendations to focus on leading companies with technological barriers and those that can enter the supply chains of major domestic and international firms [5] - Companies such as Yingweike, Sixuan New Materials, Yidong Electronics, Hongfuhan, Shuo Beid, Jie Bang Technology, Xiangxin Technology, and Shenling Environment are highlighted as potential investment targets [5]

证券研究报告·策略报告·策略周评 策略周评 20251222 AI 产业生态博弈深化 2025 年 12 月 22 日 [Table_Tag] [Table_Summary] 本周 AI 要闻 （信息来源：科创板日报、第一财经、36 氪等） 周度观点 ◼ 全球 AI 产业生态博弈深化，技术落地与资本场景双向赋能 （1）本周全球 AI 产业的核心焦点集中在基础设施生态竞争升级、模型技 术实用化普及、全球应用场景深化与产业资本化协同三大维度。 （3）模型技术层面，AI 模型向 "实用化、低门槛、场景化" 深度演进， 技术普及与产业赋能成效凸显。OpenAI GPT-5.2-Codex 强化长任务处理与 网络安全能力，谷歌 Gemini 3 Flash 以低延迟、低成本实现专业级推理， T5Gemma2 与 FunctionGemma 推动多模态与端侧工具调用普及，字节 Seed1.8 升级通用 Agent 交互能力，Anthropic 开源 Agent Skills 降低企业 落地门槛，Meta 布局多模态生成模型补全产品线。这些技术突破不仅让复 杂推理、多模态交互、端侧部署成为常态，更推动 AI 从开发者工具下 ...

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: Market Strategy and Economic Outlook - The report suggests that the market is entering a cyclical transition, similar to Japan in 1978, with a recommendation to continue investing in sectors that are expected to reach new highs [1][10] - The anticipated "spring rally" in the A-share market is supported by favorable economic policies and the return of cross-border capital, which could lead to a "Davis Double" effect in the consumer sector [3][21] - The report emphasizes the importance of cyclical recovery in the economy, with a focus on sectors such as non-ferrous metals, new consumption, and high-end manufacturing [10][21] Group 2: Company-Specific Insights - The report on Ecovacs (科沃斯) forecasts revenues of 18.923 billion, 21.973 billion, and 24.919 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.954 billion, 2.306 billion, and 2.777 billion CNY, indicating significant growth potential [2][13] - Ecovacs is expected to benefit from improvements in its cleaning business, the development of its consumer robotics matrix, and synergies from its supply chain layout [13] - The report highlights the potential for the liquid cooling industry to experience significant growth in 2026, with a focus on companies that have technological barriers and can enter major domestic and international supply chains [4][26] Group 3: Industry Trends and Projections - The liquid cooling market is projected to reach a conservative estimate of 6.9 billion to an optimistic 9.7 billion USD by 2026, driven by advancements in GPU technology and increasing demand for efficient cooling solutions [23][24] - The report indicates that the domestic liquid cooling server market is expected to exceed 10 billion USD by 2028, with a compound annual growth rate of 47.6% from 2023 to 2028 [25] - The consumer electronics sector is experiencing a recovery, with a focus on innovative products and market expansion, particularly in the context of the upcoming CES 2026 [32][34]

Summary of Key Points from Conference Call Records Industry Overview: Commercial Aerospace - The commercial aerospace industry is expected to accelerate in 2026, with satellite launches and tenders projected to grow at least threefold, driven by policy support, capital-intensive investments, and intensified space competition among major powers [1][4] - The domestic commercial aerospace companies are currently valued significantly lower than their overseas counterparts, with China leveraging a mother fund plan to mobilize a trillion-yuan industry fund to accelerate development and narrow the valuation gap [1][5] Core Insights and Arguments - **Market Sentiment**: Recent market attention and investment sentiment in the commercial aerospace sector are high, with some investors concerned about whether the industry expectations have been fully priced in due to significant price increases [3] - **Policy Support**: The "15th Five-Year Plan" emphasizes building a strong aerospace nation, encouraging support for commercial aerospace development [4] - **Investment Opportunities**: Despite short-term setbacks like the Long March 12 rocket launch delay, the long-term growth trend of the industry remains intact, suggesting that investors should consider undervalued core leading companies [6][7] Key Companies to Watch - **Xinke Mobile**: Positioned as a significant player in satellite internet, backed by Datang Group, with a strong technology foundation and leading progress in payload verification [8] - **China Satellite**: A leader in ground terminal products, recently winning 80% of the bidding in its category, indicating strong market presence and operational capabilities [8] Genesis Company Overview - Genesis Company, originally focused on machining centers, is now leading in the domestic metal cutting machine tool industry and is undergoing internationalization and high-end transformation, particularly in the AI sector [10][11] - The company has seen rapid growth in sales of humanoid robot hardware and liquid cooling plate processing, with significant profit growth expected in 2025 and 2026 [12][16] AI Data Center Trends - The demand for efficient and energy-saving chillers and compressors is surging due to the increasing power requirements of AI data centers, with the market for magnetic levitation centrifugal compressors expected to reach nearly 30 billion yuan by 2026, growing 70% year-on-year [2][18] - Magnetic levitation technology is becoming the mainstream choice for cooling in AI data centers, offering significant energy savings and operational efficiency [17][18] Future Projections - The liquid cooling sector is anticipated to grow rapidly, with global demand expected to reach a trillion-level market by 2026, driven by advancements in technology and increased orders from major tech companies [19] - Companies like Yingwei Ke are highlighted for their strong capabilities in liquid cooling solutions, positioning them for growth in the expanding market [19][20] Recommendations for Investors - Investors are advised to focus on companies with strong technological foundations and market positions, particularly those involved in the development of the Longjiang 1,000 engine project, which is crucial for China's aviation industry [23]

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 ...

国内方面，11月经济数据呈现"生产端稳中修复、需求端分化加剧"格局。工业生产方面，规模以上工业 增加值同比增长4.8%，环比增长0.44%修复，装备制造业、高技术制造业同比分别增长7.7%、8.4%，新 动能持续领跑。投资端整体承压，1-11月固定资产投资同比下降2.6%（降幅较上月扩大），房地产投资 下降15.9%成最大拖累，制造业投资仅增1.9%显示企业扩产意愿不足。消费方面，11月社零同比增长 1.3%明显偏弱（前值2.9%），但1-11月服务零售额同比增长5.4%，服务消费韧性仍强于商品消费。房 地产市场延续深度调整。财政收支方面，1-11月一般公共预算收入同比增长0.8%持平上月，税收增速 1.8%边际改善有限，支出增速由2%降至1.4%显示地方财政约束进一步显现，政府性基金收入因土地出 让收入降幅扩大至10.7%而同比下降4.9%，整体呈"收入弱稳、支出趋谨、中央托底、地方承压"格局。 海外方面，美日央行政策走向继续成为市场焦点。美国11月CPI同比2.7%、核心CPI同比2.6%均大幅低 于预期（3.1%和3.0%），但因政府停摆导致10月数据永久缺失、11月调查仅覆盖下半月，数据质量存 疑使其 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - 2026 is expected to be the year of significant industrialization for liquid cooling technology, with a focus on investment opportunities in this area [4] - NVIDIA's GPU power is projected to increase significantly, with the R200 chip expected to reach 2300W and the R300 chip potentially exceeding 4000W by 2027, leading to a substantial market size for liquid cooling systems [1] - The liquid cooling market for Google’s TPUv7 is estimated to be between $2.4 billion and $2.9 billion in 2026, with a significant increase in chip shipments anticipated [2] - IDC forecasts that the domestic liquid cooling server market in China will exceed $10 billion by 2028, driven by a compound annual growth rate of 47.6% from 2023 to 2028 [3] Summary by Sections Section 1: NVIDIA Liquid Cooling Market - NVIDIA's liquid cooling market size is estimated to be between $6.9 billion and $9.7 billion for 2026, based on projected GPU orders [1] Section 2: Google TPU Liquid Cooling Market - The estimated market size for Google’s TPUv7 liquid cooling systems is projected to be between $2.4 billion and $2.9 billion in 2026, with significant chip shipments expected [2] Section 3: Domestic Market Growth - The Chinese liquid cooling server market is expected to reach $2.37 billion in 2024, a 67% increase from 2023, with a projected market size of $10.2 billion by 2028 [3] Section 4: Investment Recommendations - It is recommended to focus on leading companies with technological barriers that can enter the supply chains of major domestic and international manufacturers, as well as second-tier companies that can leverage the growth in the liquid cooling industry [4]

Market Dynamics - Since November, the correlation between the A-share (CSI 300) and U.S. stock market (S&P 500) has increased, with a 20-day rolling correlation exceeding 90%[3] - The average daily fluctuation of the CSI 300 has narrowed to the 39.7th percentile, while the S&P 500 is at the 33.7th percentile, indicating reduced volatility in both markets[12] Economic Indicators - The U.S. core CPI has decreased to 2.6%, the lowest in three and a half years, while the unemployment rate has risen to 4.6%[3] - Despite the rise in unemployment, the increase is primarily due to higher labor participation and temporary unemployment, not triggering the "Sam's Rule" threshold[15] AI Industry Insights - Recent trends show a divergence in the AI investment chain, with "broad AI" assets (copper, lithium, aluminum) outperforming core AI assets (computing chips, optical modules)[4] - There is a negative correlation between the stock price performance of AI core stocks and their capital expenditure as a percentage of revenue, indicating investor concerns over capital spending not translating into revenue growth[4] Domestic Demand Expansion - The Chinese government emphasizes expanding domestic demand, with a focus on increasing consumer spending and investment driven by income growth[5] - By 2025, measures will be taken to enhance secondary distribution, including raising minimum pension standards and implementing childcare subsidies[5] Future Investment Strategies - Investment strategies should focus on sectors benefiting from physical demand and domestic policy incentives, including industrial resources (copper, aluminum, lithium) and consumer sectors (airlines, hotels, food and beverage)[6] - The report suggests a dual focus on both physical demand and consumption policies as a more reliable investment approach leading into 2026[6]