Group 1 - The liquid cooling server concept experienced a decline on the 21st, with companies such as Tenglong Co. and Jintian Co. hitting the daily limit down, while Feilong Co. dropped over 9% [1] - Jintian Co. had previously achieved 5 limit-up days in the last 6 trading days, and the company indicated that its stock's short-term increase exceeded the industry and Shanghai Composite Index, suggesting an overheated market sentiment [1] - Jintian Co. primarily engages in non-ferrous metal processing, with main products including copper products and rare earth permanent magnet materials, which are used in various sectors such as power, electronics, construction materials, air conditioning, and new energy vehicles [1] Group 2 - Tenglong Co. also noted that its stock had increased by 67.34% over the past 6 trading days, compared to a 6.76% increase in the automotive parts industry index, indicating a significant short-term rise [1] - The trading volume for Tenglong Co. reached a cumulative turnover rate of 119.35% over 6 days, with an average daily turnover rate of 19.89%, which is significantly higher than usual [1] - The company confirmed that there had been no major changes in its fundamentals during this period [1] Group 3 - The company has noted recent market interest in data center/server liquid cooling and energy storage liquid cooling, and currently has small batch products supplied to domestic customers for these applications [2] - In the first half of 2025, the sales revenue from electronic water pump products for server liquid cooling is approximately 800,000 yuan, and revenue from hoses for energy storage liquid cooling is about 970,000 yuan, which is a small proportion of the company's total revenue [2] - The business development in these areas presents significant uncertainty, and the company advises investors to be cautious and make rational decisions [2]

Core Viewpoint - A-shares experienced a collective rise, with the Shanghai Composite Index reaching a ten-year high, driven by significant trading volume and structural market trends [1] Group 1: Market Performance - The total trading volume in the two markets reached 2.4 trillion yuan, with over 3,600 stocks rising and 86 non-ST stocks hitting the daily limit [1] - Semiconductor and liquor sectors led the market rally, indicating a notable structural market trend [1] Group 2: Popular Stocks - The top ten popular stocks as of August 21 include Inspur Information, Sanan Optoelectronics, Lingyi iTech, Leo Group, Huasheng Tiancheng, Huaying Technology, Sichuan Changhong, Hainengda, Jintian Co., and Southern Precision [2] Group 3: Key Influencing Factors - Inspur Information's stock price is driven by the explosive demand for AI computing power and the company's technological advantages, with a 165% year-on-year revenue growth in Q1 [3] - Sanan Optoelectronics benefited from multiple positive news releases, including a $239 million acquisition of Lumileds and a 21.23% year-on-year revenue increase in Q1 [3] - Lingyi iTech's growth is supported by strategic acquisitions and significant orders from Apple, with a projected net profit increase of 31.57%-66.66% for the first half of the year [3] Group 4: Additional Stock Insights - Leo Group's stock performance is influenced by multiple hot concepts and a doubling of net profit in the mid-year report [4] - Huasheng Tiancheng's expected net profit growth of 148%-173% is driven by its partnership with Huawei and participation in key projects [4] - Huaying Technology's revenue growth of 9.73% in high-margin products is supported by significant funding from its controlling shareholder [4] - Sichuan Changhong's stock is propelled by its partnership with Huawei and AI initiatives, alongside a share buyback plan [4] - Hainengda's stock performance is boosted by innovative solutions and a significant increase in operating cash flow [5] - Jintian Co. experienced a 203.86% year-on-year net profit increase, driven by advancements in liquid cooling technology [5] - Southern Precision's stock is influenced by policy catalysts and a projected net profit increase of over 286 times [5]

Core Viewpoint - As of August 20, 2025, the stock price of Porton Medical (301515) closed at 23.72 yuan, reflecting a decrease of 0.55% with a turnover rate of 4.15% and a trading volume of 26,400 shares, amounting to a transaction value of 62.26 million yuan [1]. Group 1: Company Operations - The company specializes in providing medical gas equipment and systems, as well as medical clean equipment and systems, aimed at addressing medical gas supply and infection issues [1]. - The company's products are primarily utilized in hospital wards, operating rooms, ICUs, central supply rooms, various laboratories, and high-altitude diffusion oxygen scenarios [1]. - The company's clean equipment and systems technology can be applied to data centers and laboratories for clean processing, although it has not yet been applied to liquid-cooled servers [1]. Group 2: Market Activity - On August 20, the net outflow of main funds from Porton Medical was 1.44 million yuan, while retail investors saw a net inflow of 1.47 million yuan [2]. - The trading data indicates that speculative funds experienced a net outflow of 27,200 yuan on the same day [2].

格隆汇8月20日丨乔锋智能(301603.SZ)在互动平台表示，公司数控机床产品可以应用液冷服务器机柜金 属零部件和铝制液冷板的加工。 ...

经过一日调整后，8月20日A股再度开启涨势，早盘三大指数集体低开，午后则拉升翻红，盘中沪指，再度刷新近十年高点。截至收盘，上证指数报 3766.21，涨1.04%，深证成指报11926.74，涨0.89%，创业板指报2607.65，涨0.23%。三市全天成交额24484亿元，较上日缩量1923亿元，成交额连续6个交 易日超2万亿。全市场超3600只个股上涨。 板块题材上，白酒、半导体板块走高，白酒股中，酒鬼酒涨停领涨，舍得酒业涨8.40%跟涨，伊力特、金种子涨超5%，古井贡酒、水井坊、今世缘涨超 4%跟涨；半导体板块午后走高，寒武纪涨8.46%，股价达到1013.00元，盛科通信20CM涨停领涨，艾为电子、芯原股份、成都华微等多股涨超10%。 液冷服务器概念多股涨停，华升股份、浪潮信息、光迅科技、金田股份涨停，南芯科技涨12.62%。此外，受到iPhone17相关消息影响，苹果产业链科森科 技、安洁科技、朝阳科技、三安光电均迎来涨停。 化学制药板块则迎来调整，福元医药、诚意药业、辰欣医药跌停。此前受到政策利好上涨的影视院线板块也迎来调整，慈文传媒跌7.63%，华策影视跌超 6%，华智数媒、欢瑞世纪跌超3%。 ...

格隆汇8月20日丨捷捷微电(300623.SZ)于投资者互动平台表示，公司暂无产品配套在液冷服务器领域！ ...

Group 1 - A-shares showed mixed performance on August 20, with the ChiNext Index dropping over 1%, led by declines in the pharmaceutical and communication sectors [1] - The liquid cooling server concept stocks gained strength, with Inspur Information hitting a 10% limit up, indicating a positive trend in this segment [1] - According to Industrial Securities, the liquid cooling market has reached a turning point, with increased shipments of GB200 and GB300 cabinet-level solutions, and a growing demand for liquid cooling technology in various applications [1] Group 2 - North American cloud vendors continue to expand capital expenditures, reflecting strong demand for AI computing power, which is expected to benefit the domestic computing power industry chain [2] - The Cloud Computing 50 ETF (516630) tracks an index with a high AI computing power content, covering popular concepts such as optical modules, computing power leasing, data centers, AI servers, and liquid cooling [2] - The Cloud Computing 50 ETF (516630) has the lowest total fee rate for tracking this index, making it an attractive investment option [2]

Market Overview - Major A-share indices collectively declined, with the Shanghai Composite Index down 0.05% at 3725.22 points, the Shenzhen Component down 0.66%, the ChiNext Index down 1.71%, and the Northbound 50 Index down 0.39% [1] - The trading volume in the Shanghai and Shenzhen markets was 15,350 billion yuan, a decrease of 1,430 billion yuan compared to the previous day, with over 3,400 stocks declining [1] Sector Performance - The State Council emphasized strengthening domestic circulation and stimulating consumption, leading to a third consecutive day of gains in the liquor sector, with stocks like Guojiao Liquor and Xian Restaurant hitting the daily limit [1] - The small metals sector performed well, with stocks such as Dongfang Zirconium and Yunnan Germanium hitting the daily limit, and Huaxi Nonferrous Metals rising over 9% [1] - Bank stocks saw widespread gains, with China Bank and Xiamen Bank rising over 2%, and Postal Savings Bank reaching a historical high [1] Underperforming Sectors - The film and television sector faced significant declines, with Ciweng Media down nearly 9% and Huace Film & TV down nearly 8% [1] - The pharmaceutical sector collectively fell, with Xintian Pharmaceutical hitting the daily limit down, and Shutai Shen and Nuo Cheng Jianhua down over 8% [1] - The liquid cooling server concept experienced a pullback, with Kangsheng Co. down over 8% and Kehua Data down over 7% [1]

Core Viewpoint - The A-share market opened lower with all three major indices declining, indicating a bearish sentiment in the market [1] Market Performance - The Shanghai Composite Index fell by 0.28% - The Shenzhen Component Index decreased by 0.61% - The ChiNext Index dropped by 1.14% [1] Sector Highlights - The photovoltaic equipment sector opened high, with Huamin Co. hitting the daily limit up (20% increase) and Ainengju rising over 5% - The Ministry of Industry and Information Technology held another symposium to regulate competition in the photovoltaic industry [1] - The small metals sector saw initial gains, with Yunnan Zinc Industry rising over 7% and Northern Rare Earth increasing by over 2% [1] Other Sector Movements - The copper cable high-speed connection concept opened low, with Yidong Electronics and Ruikeda both falling over 6% - The liquid cooling server concept experienced adjustments, with Kangsong Co. dropping nearly 7%, and Industrial Fulian and Jintian Co. both declining over 4% [1]

Core Viewpoint - Debang Technology (688035.SH) has noted increased market attention on liquid cooling servers, although the revenue from its thermal interface materials applicable to these servers currently represents a relatively low proportion of the company's overall business revenue, thus having a limited impact on total revenue [1] Group 1 - The company has issued a stock price fluctuation announcement in response to heightened market interest in liquid cooling servers [1] - The thermal interface materials produced by the company can be utilized for heat conduction and dissipation in liquid cooling servers [1] - The revenue contribution from these products to the company's overall business is currently minimal [1]