近日，多家券商向两融投资者提示淳中科技（603516.SH）存在可能被"*ST"的风险，其中有券商因此 将淳中科技调出两融标的证券范围。 券商预判淳中科技可能被"*ST"的原因在于，若该股票发生2025年度经审计的利润总额、净利润及扣除 非经常性损益后的净利润三者孰低为负值且营业收入低于3亿元的情形，可能被实施退市风险警示 （*ST）。 针对券商通过"预判"风险将股票调出两融标的范围这一举措，多位券商人士告诉第一财经记者，这属于 券商两融业务常规操作，并非业务收紧。 其中，一位券商营业部负责人称，"按照常规操作，这种情况一般不影响已经持有该股票的信用账户， 可以继续持有至合约到期，但是不能融资新开仓买。" 对于淳中科技如何看待公司股票未"*ST"却先被踢这一现象，第一财经联系淳中科技方面，相关人士 称，券商可能是依据自身风险评估做出的预警，公司也在往自救的方向努力，也就是尽量推动订单交 付，但最终2025年度营收能否超过3亿元，存在不确定性，即便最终被*ST也是风险警示，并非真正退 市。 "从往年的报表规律来看，下半年收入比上半年要多一些，但也不是每年都这样，现在数据还没有出 来，也不好说。目前在合规的情况下 ...

Group 1: Market Overview - On November 13, the net inflow of main funds in the Shanghai and Shenzhen markets reached 12.47 billion yuan, with the ChiNext board seeing a net inflow of 5.45 billion yuan and the CSI 300 index stocks experiencing a net inflow of 7.56 billion yuan [1] - Among the 12 industries, 27 sectors saw an increase, with the power equipment industry leading with a rise of 4.31%, followed by non-ferrous metals at 4.01% and both comprehensive and basic chemicals exceeding 2.6% [1] - The power equipment industry had the highest net inflow of main funds at 9.441 billion yuan, while the non-ferrous metals industry followed with a net inflow of 4.278 billion yuan [1] Group 2: Individual Stock Performance - Contemporary Amperex Technology Co., Ltd. (CATL) led the net inflow of main funds with 2.647 billion yuan, closing at a record high of 415.6 yuan per share, up over 7% [2][3] - In the lithium battery materials sector, Tianqi Lithium and other leading stocks also saw significant gains, with Tianqi Lithium experiencing a rise of 9.98% and a net inflow of 1.226 billion yuan [2][3] - A total of 21 stocks had a net inflow exceeding 400 million yuan, with 7 stocks seeing inflows over 800 million yuan [1] Group 3: Fund Outflows - Shannon Chip Innovation had the highest net outflow of main funds at 831 million yuan, followed by Huayou Cobalt and others [4][5] - A total of 16 stocks experienced net outflows exceeding 200 million yuan, with 5 stocks seeing outflows over 300 million yuan [5] - The net outflow of main funds from the pharmaceutical and biological industry was 1.89 billion yuan, the highest among the sectors [1] Group 4: Tail-End Market Activity - At the end of the trading day, the net inflow of main funds was 4.373 billion yuan, with the ChiNext board contributing 2.517 billion yuan [6][7] - Oriental Fortune led the tail-end net inflow with 393 million yuan, followed by Multi-Fluorine and Data Port [6][7] - Six stocks had a net outflow exceeding 55 million yuan at the end of the day, with Shannon Chip Innovation leading at 179 million yuan [8]

Group 1 - Pingtan Development opened up 6.68% after 12 consecutive days of gains [1] - Yingxin Development, involved in mergers and acquisitions, opened up 8.06% after 11 days of gains [1] - Antai Group, a low-priced coal stock, opened up 2.05% after 13 days of gains [1] Group 2 - Hezhong China, a cross-strait concept stock, opened up 10.03% after 5 days of gains [1] - Shenzhou Information, a quantum technology concept stock, opened down 4.12% after 8 days of gains [1] - Kangsheng Co., involved in liquid cooling servers, opened down 0.76% after 4 days of gains [1] Group 3 - Chunzong Technology opened up 3.07% after 4 days of gains [1] - Yue Media, a short drama concept stock, opened up 9.92% after 5 days of gains [1] - Huanrui Century opened up 1.66% after 2 days of gains [1] Group 4 - Haima Automobile, a local Hainan stock, opened up 9.50% after 2 days of gains [1] - Xinlong Holdings opened up 7.04% after 2 days of gains [1]

Core Viewpoint - The liquid cooling server sector is experiencing active performance, with Industrial Fulian reaching a limit-up and setting a new historical high [8][10]. Market Overview - On October 29, the A-share market opened higher, with the ChiNext Index rising over 2% at one point [3]. - Major indices showed the following performance: - Shanghai Composite Index: 3995.45 (+7.22, +0.18%) - Shenzhen Component Index: 13527.35 (+97.25, +0.72%) - ChiNext Index: 3275.29 (+45.72, +1.42%) [4]. Sector Performance - The liquid cooling server concept stocks are notably active, with Industrial Fulian hitting the limit-up and achieving a historical high [8]. - Other stocks in the sector, such as Keda Guokuan and Guo Dun Quantum, also saw significant gains, with Shen Zhou Information hitting the limit-up [10]. - The electronic components sector is strong, with stocks like Ben Chuan Intelligent and Chun Zhong Technology reaching the limit-up, while others like Tong Guan Copper Foil and Fuji Da increased by over 10% [15][16]. Notable Stock Movements - Ben Chuan Intelligent (SZ:300964) saw a 20% limit-up, trading at ¥55.21, with a trading volume of 69,298 hands [17]. - Industrial Fulian's stock performance included a peak price of ¥16.73, with a trading volume of 11.02 billion [12][19]. Industry Insights - NVIDIA revealed that the Vera Rubin computing architecture is equipped with eight Rubin CPX GPUs and a fully liquid-cooled design, indicating a trend towards advanced cooling solutions in computing [19]. - The CEO of NVIDIA highlighted the global labor shortage and the potential for robots to become a significant consumer electronics opportunity, emphasizing the importance of AI skills in the workforce [20].

Core Viewpoint - The company, Jieban Technology, is experiencing a decline in stock price and has significant reliance on major clients, particularly Foxconn and Apple, while also benefiting from the depreciation of the Chinese yuan. Group 1: Company Performance - Jieban Technology's stock price fell by 2.15% on October 23, with a trading volume of 1.25 billion yuan and a market capitalization of 9.058 billion yuan [1] - For the first half of 2025, the company reported a revenue of 438 million yuan, representing a year-on-year growth of 27.51%, but the net profit attributable to shareholders was a loss of 38.02 million yuan, a decrease of 572.70% year-on-year [7] - The company's overseas revenue accounted for 67.79% of total revenue, benefiting from the depreciation of the yuan [3] Group 2: Client Dependency - The company's liquid cooling server business is progressing as planned, but specific project details are confidential due to non-disclosure agreements with clients [2] - Major clients include Foxconn, Quanta Computer, Compal Electronics, Catcher Technology, and BYD, with sales to Foxconn accounting for 35.58%, 36.85%, and 39.52% of revenue in recent periods [2] - A significant portion of the company's products is used in Apple's laptops and tablets, with sales to Apple products making up 85.22%, 77.95%, and 81.27% of revenue [2] Group 3: Product and Market Segments - The company's carbon nanotube products are primarily conductive pastes used in power lithium batteries and consumer energy storage batteries, with supply to major new energy manufacturers like CATL and BYD [2] - Jieban Technology's main business revenue composition includes 92.70% from precision manufacturing products, 5.79% from new materials, and 1.51% from other sources [7] Group 4: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders decreased by 4.32% to 6,616, while the average circulating shares per person increased by 4.52% to 4,062 shares [7] - The top ten circulating shareholders include institutions such as Bosera and Yinhua, with notable changes in holdings among these institutions [9]

Group 1 - The concept of liquid-cooled servers is gaining traction, leading to significant stock price increases for related companies [1] - Hongsheng Co., Ltd. reached the daily limit increase, while Jintian Co., Ltd. rose over 8% [1] - Other companies such as Gaolan Co., Ltd., Juhe Materials, Inspur Information, and Roman Co., Ltd. also saw notable gains [1]

Group 1 - Industrial metals and liquid cooling server concepts are active, while semiconductor and port shipping sectors open lower [2][5] - The A-share market opened with all three major indices declining: Shanghai Composite Index down 0.03%, Shenzhen Component Index down 0.17%, and ChiNext Index down 0.56% [2][3] - Chery Automobile officially listed on the Hong Kong Stock Exchange, opening with a rise of over 11% [3][4] Group 2 - The Hong Kong Hang Seng Index opened up 0.07%, while the Hang Seng Tech Index fell by 0.13% [5] - The copper mining sector saw significant gains due to a major copper mine's production halt, with companies like Luoyang Molybdenum and Jiangxi Copper rising by 8% [5]

Core Viewpoint - The stock market showed slight fluctuations with the Shanghai Composite Index and Shenzhen Component Index experiencing minor gains, while the ChiNext Index saw a slight decline. The market was characterized by strong performances in specific sectors such as AI glasses, consumer electronics, and robotics, while other sectors like hotel and tourism faced declines [1]. Market Performance - The Shanghai Composite Index rose by 0.07% and the Shenzhen Component Index increased by 0.17% at midday, while the ChiNext Index fell by 0.09% [1]. - Notable stocks included Industrial Fulian, which surged over 8%, reaching a historical high [1]. Sector Highlights - The Moer Thread concept saw significant gains, with stocks like Hehe Tai, Lianmei Holdings, Donghua Software, and Chuling Information hitting the daily limit [1]. - AI glasses, consumer electronics, and Apple-related stocks performed strongly, with companies such as Luxshare Precision, Guoguang Electric, and Keri Technology also reaching the daily limit [1]. - The robotics sector experienced a boost, with stocks like Wanma Co., Dayang Electric, and Yokogawa Precision hitting the daily limit [1]. - The CPO concept also rose, with stocks like Demingli and Pengding Co. reaching the daily limit [1]. - The liquid cooling server concept was active, with Haiou Co. and Yingweike hitting the daily limit [1]. - Sectors such as components, communication equipment, semiconductors, and IT equipment showed the highest gains, while hotel and restaurant, tourism, paper, and media entertainment sectors faced the largest declines [1].

Group 1 - The liquid cooling server concept index rose by 0.60%, ranking 10th among concept sectors, with 65 stocks increasing in value [1] - Leading stocks in the liquid cooling server sector included Lihexing, which hit the daily limit with a 20% increase, and others like Tenglong Co., Fenghuo Communication, and Hengtong Optic-Electric also reached the daily limit [1] - The top gainers in the sector were Feirongda, Wentai Technology, and Kexin Innovation Source, with increases of 10.19%, 9.60%, and 9.39% respectively [1] Group 2 - The liquid cooling server sector saw a net inflow of 797 million yuan from main funds, with 56 stocks receiving net inflows and 20 stocks exceeding 100 million yuan [2] - Hengtong Optic-Electric led the net inflow with 1.172 billion yuan, followed by Fenghuo Communication, Chuanrun Co., and Industrial Fulian with net inflows of 1.012 billion yuan, 981 million yuan, and 867 million yuan respectively [2] - The top stocks by net inflow ratio included Chuanrun Co. at 34.47%, Dayuan Pump Industry at 33.54%, and Hengtong Optic-Electric at 28.24% [3] Group 3 - The liquid cooling server sector's performance was highlighted by significant trading volumes and turnover rates, with Hengtong Optic-Electric showing a turnover rate of 7.74% and a price increase of 10.00% [3] - Other notable stocks included Fenghuo Communication with a 10.02% increase and a turnover rate of 13.00%, and Chuanrun Co. with a 9.99% increase and a turnover rate of 40.62% [3][4] - The overall market sentiment for the liquid cooling server sector appears positive, with multiple stocks experiencing substantial gains and strong fund inflows [2][3]

Market Overview - A-shares opened higher on September 16, with major indices showing positive movement: Shanghai Composite Index at 3871.64 points, up 0.29%, Shenzhen Component Index up 0.24%, and ChiNext Index up 0.22%. The total trading volume in both markets exceeded 500 billion yuan [2] - Real estate and gold sectors saw initial gains, while computer hardware and automotive parts led the market. Conversely, rare earth concepts experienced a notable pullback, with agriculture and energy equipment sectors declining [2] Semiconductor Sector - The semiconductor sector led the market, with computing chip concept stocks rising significantly. The GPU index increased by nearly 4%. Longxin Technology hit a 20% limit up, while Puran shares also reached a 20% limit up. Zhongke Shuguang and Haiguang Information both rose over 8%, reaching historical highs [3][4] - Key stocks in the semiconductor sector included: - Puran shares at 105.60 yuan, up 20%, with a market cap of 15.6 billion yuan, and a year-to-date increase of 46.65% - Longxin Technology at 154.50 yuan, up 18.66%, with a market cap of 62 billion yuan, and a year-to-date increase of 16.80% - Zhongke Shuguang at 110.98 yuan, up 8.32%, with a market cap of 162.4 billion yuan, and a year-to-date increase of 54.12% [4] Nvidia Supply Chain - The Nvidia supply chain index rose over 2% on September 16. Key stocks included: - Shiyun Circuit and Junsheng Electronics both hit the 10% limit up, while Zhongke Shuguang rose by 8.55% and Jingwang Electronics increased by over 8% [6] - Following the Chinese Ministry of Commerce's anti-dumping investigation into US simulation chips, the State Administration for Market Regulation announced further investigations into Nvidia for violating antitrust laws [6] - The liquid cooling server concept sector strengthened, with notable performances from Chunzong Technology, which achieved five consecutive limit ups over six days, and Zhongshi Technology, which rose over 12% [6][7] Liquid Cooling Technology - Nvidia is promoting upstream suppliers to develop a new type of water cooling component called MLCP (Microchannel Liquid Cooling Plate) to address the increasing heat generated by AI GPU chips, with prices three to five times higher than existing cooling solutions [6][7]