Summary of Key Points Core Viewpoint - As of December 31, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.968 billion yuan, showing a decrease of 23.04 million yuan from the previous trading day, marking a continuous decline for two consecutive trading days [1]. Financing and Margin Data - The financing balance was 7.968 billion yuan, down by 23.101 million yuan from the previous trading day, while the securities lending balance increased to 30.15 million yuan, up by 57,200 yuan [1]. - The stocks with the highest financing balances included Jinbo Biological (413 million yuan), Better Ray (341 million yuan), and Shuguang Digital Innovation (279 million yuan), with an average financing balance accounting for 1.41% of their circulating market value [1]. Net Buying and Selling Trends - On December 31, 88 stocks received net margin buying, with 22 stocks having net buying amounts exceeding 1 million yuan. The top net buyer was Hengdongguang with a net buying amount of 139 million yuan, followed by Tianming Technology and Tonghui Electronics with net buying amounts of 9.9802 million yuan and 9.2309 million yuan, respectively [1]. - The stocks with the highest net selling amounts included Shuguang Digital Innovation, Shisheng Intelligent, and Better Ray, with net selling amounts of 67.2093 million yuan, 11.0109 million yuan, and 10.2296 million yuan, respectively [1]. Industry Performance - In terms of industry statistics, the stocks with net buying over 1 million yuan were concentrated in the machinery equipment, automotive, and basic chemicals sectors, with 5 stocks each from machinery and automotive, and 3 from basic chemicals [2]. - The average increase for stocks with net buying over 1 million yuan was 40.17%, with notable increases from Hengdongguang (878.16%), Tianming Technology (29.96%), and Xingtou Measurement Control (5.11%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 7.41%, with the highest turnover rates from Hengdongguang (53.79%), Dapeng Industrial (39.78%), and Tianming Technology (21.34%) [2]. - The average daily turnover rate for BSE stocks on December 31 was 2.90% [2].

证券日报网讯 12月30日，曙光数创发布公告称，公司2025年12月29日召开2025年第二次临时股东会， 审议通过《关于变更部分募投项目实施方式》的议案等。 （文章来源：证券日报） ...

证券代码：920808 证券简称：曙光数创 公告编号：2025-099 曙光数据基础设施创新技术（北京）股份有限公司 （一）会议召开情况 1.会议召开时间：2025 年 12 月 29 日 2.会议召开地点：北京市海淀区东北旺西路 8 号中关村软件园一期 27 号楼 C 座 3 层 301 公司会议室 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 3.会议召开方式：现场投票、网络投票 4.会议召集人：董事会 5.会议主持人：任京暘 6.召开情况合法合规的说明： 出席和授权出席本次股东会的股东共 4 人，持有表决权的股份总数 131,128,068 股，占公司有表决权股份总数的 65.5640%。 其中通过网络投票参与本次股东会的股东共 1 人，持有表决权的股份总数 3,500 股，占公司有表决权股份总数的 0.0017%。 （三）公司董事、高级管理人员出席或列席股东会情况 3.公司高级管理人员、见证律师列席会议。 二、议案审议情况 （一）审 ...

北京植德律师事务所 关于 曙光数据基础设施创新技术（北京）股份有限公司 2025 年第二次临时股东会 法律意见书 北京植德律师事务所 关于 植德京(会)字[2025]0181 号 二〇二五年十二月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 曙光数据基础设施创新技术（北京）股份有限公司 2025 年第二次临时股东会 法律意见书 植德京（会）字[2025]0181 号 致：曙光数据基础设施创新技术（北京）股份有限公司 北京植德律师事务所（以下简称"本所"）接受曙光数据基础设施创新技术 （北京）股份有限公司（以下简称"公司"）的委托，指派律师出席并见证公司 2025 年第二次临时股东会（以下简称"本次股东会"）。 本所律 ...

在融资净卖出方面，捷众科技、欧福蛋业、纳科诺尔等股票净卖出金额居前，分别为1021.50万元、641.93万元和510.01万元。 统计数据显示，截至12月23日，北交所股票中融资余额排名前三的为锦波生物、曙光数创和贝特瑞，最新融资余额分别为3.93亿元、3.73亿元和3.34亿元。 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。 截至12月23日，北京证券交易所融资融券余额为78.88亿元，较前一交易日增加6339.22万元。其中，融资余额为78.87亿元，为连续第三个交易日增长。 12月23日，北交所市场共有179只股票获得融资净买入。其中，净买入金额在100万元以上的有45只。海希通讯以1276.17万元的净买入额位居首位，汉鑫科 技、天力复合分别以790.39万元和780.98万元的净买入额紧随其后。贝特瑞、曙光数创、骑士乳业等个股也获得了较高的融资净买入。 从行业分布来看，获得融资净买入超百万元的股票主要集中在机械设备、电力设备和计算机领域，上榜数量分别为13只、5只和5只。 来源：市场资讯 ...

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling market is expected to see significant growth, with Google's demand for liquid cooling cabinets revised upwards from 30,000-40,000 units to approximately 65,000 units by 2026, indicating a market space increase of about 50% [2][3] - NVIDIA anticipates shipping 100,000 liquid cooling cabinets next year, corresponding to a market space of 70 billion RMB [1][4] - The global liquid cooling market is projected to reach a scale of 100 billion RMB by 2026, tripling from approximately 30 billion RMB in 2025, and could reach 200 billion RMB by 2028 [1][6] Key Players and Supply Chain - Major suppliers in NVIDIA's liquid cooling supply chain include AVC, Colmars, Baode, and Shuanghong, while CDU suppliers include Weidi, Delta, Ament Cool IT, and Schneider [5] - Google's CDU suppliers include Invec, Kohler Master, and Invent, with Invec holding a market share of 30%-35% [5] - Domestic suppliers include Invec, Shenling Environment, and Gaolan Co., which have a high localization rate [5] Company-Specific Insights Invec - Invec is highlighted as a key recommended company due to its capacity and technological advantages, showing significant competitiveness in acquiring overseas orders [7] - The company is expected to see a substantial improvement in performance, with stock prices potentially increasing by 40%-50% as it captures a 30% market share in the external cabinet market, leading to revenues exceeding 4 billion RMB and profits over 1 billion RMB [8] DingTong Technology - DingTong Technology has secured an order for 5,000 liquid cooling IO connectors and anticipates a near doubling of demand for 800G and 1.6T optical modules in 2026, which will significantly boost connector demand [9][10] YiDong Electronics - YiDong Electronics, engaged in OEM for server-related products, expects its OEM revenue to reach at least 1 billion RMB next year, with plans to expand capacity to meet customer demand [11] ShenLing Environment and GaoLan Co. - ShenLing Environment is positioned strongly in the domestic data center air cooling management systems and is expected to secure 20%-30% of Huawei's procurement share, with overseas orders amounting to at least 250 million RMB [12] - GaoLan Co. is also a key supplier for Huawei, with expectations of securing similar procurement shares and actively participating in Southeast Asian project tenders [12] Other Companies - Shuguang Digital Creation is a leading domestic company in immersion liquid cooling technology, collaborating with major North American clients like Meta and Google [13] - Siquan New Materials is focused on sample work within NVIDIA's supply chain and is advancing its related business development [13] Market Trends and Future Outlook - The increasing power consumption of AI computing cards and the rising penetration rate of liquid cooling solutions are expected to enhance the value of liquid cooling, with a sustainable gross margin of around 50% projected for the next 2-4 years [1][6] - The liquid cooling market is anticipated to align closely with the growth trajectories of optical modules and PCB sectors, indicating a robust future for the industry [6]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [27]. Core Insights - The North Exchange A-shares trading volume reached 21.69 billion yuan on December 23, 2025, an increase of 1.215 billion yuan from the previous trading day, with the North Exchange 50 index closing at 1439.94, down 0.64% [2][9]. - The North Exchange specialized and innovative index closed at 2413.60, down 1.05% [2][9]. - Among 286 companies listed on the North Exchange, 33 saw an increase in stock price, while 253 experienced a decline [2][17]. - The report highlights that the hard technology sector, including semiconductors and AI computing, was the main focus of A-share trading, but this did not effectively transmit to the North Exchange [4]. Summary by Sections Market Review - On December 23, the North Exchange A-shares trading volume was 21.69 billion yuan, with a PE_TTM of 60.37 times [9][15]. - The North Exchange 50 index decreased by 0.64%, while the specialized and innovative index fell by 1.05% [2][9]. Stock Performance - The top five gainers included: - Rongyi Precision (up 8.9%) - Hongxi Technology (up 7.9%) - Shuguang Digital Innovation (up 6.8%) - Tonghui Electronics (up 6.5%) - Tianhong Lithium Battery (up 6.4%) [2][17]. - The top five losers were: - Hanxin Technology (down 14.9%) - Xingchen Technology (down 13.3%) - *ST Guandao (down 12.1%) - Tianye Co. (down 11.7%) - Ruixing Co. (down 9.1%) [2][17]. Important News - Beijing issued the first batch of L3 level special license plates for autonomous driving vehicles on highways, allowing dynamic driving tasks under certain conditions [3][20]. - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [3][20]. Company Announcements - Changjiang Energy Technology plans to use up to 100 million yuan of temporarily idle raised funds to purchase safe and liquid investment products [21]. - Meideng Technology announced the use of 10 million yuan of idle self-owned funds for cash management [21][24].

Group 1 - The core viewpoint of the report is that the mechanical equipment industry is rated as "recommended" with investment suggestions focusing on growth and cyclical opportunities, particularly in humanoid robots and AI infrastructure [1] - The mechanical equipment industry has seen a significant increase of 48.96% from the beginning of 2025 to November 30, 2025, outperforming the CSI 300 index, which rose by 15.04%, resulting in a relative return of 33.92% [2] Group 2 - The manufacturing PMI has declined, and export orders have contracted, indicating pressure on demand, particularly from external sources, while companies are in a "proactive destocking" phase [3] - Despite the macroeconomic fluctuations, the structural trend of industrial upgrading is expected to drive the industry towards high-end and intelligent development [3] Group 3 - Investment in humanoid robots is driven by a reversal in sentiment and clear bottom characteristics, with production nearing critical mass both domestically and internationally [4] - Recommended stocks in this sector include Hengli Hydraulic, Sanhua Intelligent Controls, and others [4] Group 4 - The gas turbine sector is experiencing a historic opportunity due to the power gap in North America, driven by AI computing demands [5] - Recommended stocks include Dongfang Electric, Shanghai Electric, and others [5] Group 5 - The liquid cooling sector is transitioning from "air cooling limits" to "liquid cooling necessities," driven by the exponential growth in AI chip power consumption [6] - Recommended stocks include Invec, Shenli Environment, and others [6] Group 6 - The engineering machinery sector is expected to recover due to domestic demand and policy support, with significant growth potential in overseas markets [7] - Recommended stocks include Sany Heavy Industry, XCMG, and others [7] Group 7 - The mining machinery sector is poised for growth due to rising global capital expenditures and a shift from import reliance to self-sufficiency [9] - Recommended stocks include XCMG, Northern Heavy Industries, and others [9]

Trading Volume and Market Activity - On December 23, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.038 billion shares, with a total transaction value of 21.69 billion yuan, an increase of 1.216 billion yuan compared to the previous trading day [1] - A total of 33 stocks closed higher, accounting for 11.54% of the tradable stocks, with the top gainers being Rongyi Precision, Hongxi Technology, and Shuguang Digital Innovation, which rose by 8.90%, 7.88%, and 6.83% respectively [1] - Conversely, 253 stocks closed lower, with the largest declines seen in Hanxin Technology, Xingchen Technology, and Guangdao Tui, which fell by 14.89%, 13.31%, and 12.07% respectively [1] Stock Performance and Turnover Rates - Among the stocks traded, 62 had transaction values exceeding 10 million yuan, with Tianli Composite, Tianye Co., and Xingchen Technology leading at 810 million yuan, 664 million yuan, and 615 million yuan respectively [1] - The trading activity showed that 34 stocks had a turnover rate exceeding 10%, with 7 stocks exceeding 20%. Additionally, 39 stocks had turnover rates between 5% and 10%, while 194 stocks had turnover rates between 1% and 5% [1] - The stocks with the highest turnover rates included Tianye Co. at 42.16%, Dapeng Industrial at 36.73%, and Guangdao Tui at 28.05% [1] Detailed Stock Data - The closing prices and performance of notable stocks included: - Tianli Composite: 76.93 yuan, down 3.17%, turnover rate 9.53%, transaction value 809.72 million yuan [1] - Tianye Co.: 5.22 yuan, down 11.68%, turnover rate 42.16%, transaction value 664.49 million yuan [1] - Xingchen Technology: 24.88 yuan, down 13.31%, turnover rate 26.61%, transaction value 615.03 million yuan [1] - Rongyi Precision: 26.80 yuan, up 8.90%, turnover rate 22.98%, transaction value 489.63 million yuan [1] - Hongxi Technology: 38.21 yuan, up 7.88%, turnover rate 5.06%, transaction value 141.16 million yuan [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300941 | 创识科技 | 23.10 | -19.99% | 26.74万 | 6.28亿 | | 301117 | 佳缘科技 | 47.04 | -8.82% | 19.17万 | 9.18亿 | | 300455 | 航天智装 | 25.66 | -6.01% | 60.65万 | 15.86 Z | | 300552 | 万集科技 | 30.69 | -5.92% | 30.98万 | 9.72亿 | | 300551 | 古鳌科技 | 15.55 | -5.24% | 32.98万 | 5.14亿 | | 300368 | 汇金股份 | 14.30 | -3.90% | 36.50万 | 5.26亿 | | 002512 | 达华智能 | 5.72 | -3.87% | 117.11万 | 6.75亿 | | 300771 | 智莱科技 | 15.22 | -3.85% | 35.56万 | 5.48亿 | | 002869 | 金溢 ...