Core Insights - Ningbo Jingda achieved stable revenue growth with operating income of 401 million yuan and net profit of 65 million yuan in the first half of 2025 [2] - The company made significant progress in various fields, particularly in heat exchanger equipment and precision presses, with a notable expansion into multiple sectors for microchannel heat exchangers [2][6] Group 1: Capital Strategy and Acquisitions - The company successfully acquired 100% of Wuxi Weiyan's shares, enhancing its competitive edge through synergies in technology and customer resources [3] - Wuxi Weiyan's new orders, over 50% of which were export orders, saw a year-on-year increase of approximately 70%, with significant market performance in North America and emerging markets [4] - The acquisition allows for resource integration in customer channels and technology development, enhancing overall competitiveness and risk resilience [4] Group 2: Product Development and Market Expansion - The establishment of JSMachinery GmbH in Germany aims to leverage local technological resources and enhance brand influence in the European market [5] - The company continues to lead in the heat exchanger equipment sector, with the successful mass production of a three-station fin access machine, improving competitiveness in the market [6] - The automotive thermal management equipment market is expanding, with a projected market size of approximately 16 billion USD by 2028, and the company is enhancing its competitiveness in this sector [7] Group 3: Microchannel Heat Exchanger Applications - Microchannel heat exchangers are extending into diverse fields, including data center liquid cooling, driven by the rapid growth of the digital economy [8] - The company has developed specific air conditioning fin molds for AI data centers, laying the groundwork for entering the high-margin liquid cooling market [8] - The microchannel heat exchanger market in China is expected to reach nearly 20 billion yuan by 2030, with an annual compound growth rate of approximately 10.8%, presenting new growth opportunities for the company [8]

从中证5G产业50指数持仓样本的行业来看，信息技术占比52.18%、通信服务占比47.82%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，中证5G产业50指数近一个月上涨18.01%，近三个月上涨42.12%，年至今上涨34.11%。 跟踪5G 50的公募基金包括：博时中证5G产业50ETF联接A、博时中证5G产业50ETF联接C、博时中证 5G产业50ETF。 金融界8月19日消息，上证指数高开震荡，中证5G产业50指数 (5G 50，931406)上涨1.47%，报1609.18 点，成交额1405.37亿元。 从指数持仓来看，中证5G产业50指数十大权重分别为：新易盛（9.85%）、中际旭创（9.46%）、工业 富联（7.51%）、胜宏科技（5.47%）、中兴通讯（4.71%）、中 ...

Core Viewpoint - The company focuses on providing integrated and customized services in the context of 5G mobile internet infrastructure, emphasizing its capabilities in cloud services and big data [2] Group 1: Company Services - The company offers comprehensive solutions ranging from single product services to diversified communication products, including product manufacturing, construction delivery, planning design, and operational services [2] - The company is actively involved in a series of smart city construction projects and has achieved good results in collaboration with local service integrators in Shenzhen [2]

Group 1 - The Ministry of Human Resources and Social Security and other departments announced new regulations for personal pension withdrawals, effective from September 1, which include three additional scenarios for withdrawal eligibility [1] - The new scenarios for personal pension withdrawals include: medical expenses exceeding the average disposable income of residents in the province, receiving unemployment insurance for 12 months within the last two years, and currently receiving minimum living security [1] - The announcement also introduces new online service channels for pension withdrawal applications, including the national social insurance public service platform and mobile apps [1] Group 2 - Major brokerage firms are engaged in a commission war to attract new clients, with some offering commissions as low as 0.8 per thousand for stock trading and 0.5 per thousand for ETFs [2] - The competitive landscape has led to a significant increase in inquiries about commission adjustments and more frequent account transfers among investors [2] Group 3 - A significant technological breakthrough in indium phosphide (InP) materials has been achieved, with the successful development of 6-inch InP-based devices, marking a first in large-size InP material production in China [3] - This breakthrough is expected to facilitate the mass production of 6-inch InP chips, which are crucial for optical communication and quantum computing [3] Group 4 - The first remote robotic surgery using 5G technology was successfully performed in Fujian, showcasing advancements in telemedicine [4] Group 5 - Apple has entered large-scale production of the iPhone 17, with expectations of enhanced AI capabilities and other upgrades that may boost sales [5] Group 6 - Hopu Co. signed a procurement contract worth 232 million yuan for a shared energy storage project, indicating growth in the energy sector [10] - Xin Hongye plans to acquire a 62% stake in Yangzhou Shuguang, aiming to expand into high-end application markets [11] Group 7 - Xiaomi Group reported a 75.4% year-on-year increase in adjusted net profit for Q2 2025, with revenues reaching 116 billion yuan [7] - Pop Mart's revenue for the first half of 2025 surged by 204.4% year-on-year, indicating strong market performance [8] Group 8 - Several companies reported significant profit growth in their half-year financial results, including Beisi Mei with a 109.7% increase in net profit and Zhongnan Culture with a 524.45% increase [13][17] - The overall market showed a mixed performance, with the ChiNext index experiencing a slight decline while trading volumes remained high [18][19]

来源：新浪证券-红岸工作室 3、公司的光模块低功耗设计技术，通过独特的电路设计和算法优化，显著降低光模块产品功耗，在 5G 通信和数据中心应用领域具有突出优势。公司产品是数据中心和 5G 通信应用领域的上游关键部件 4、根据2024年年报，公司海外营收占比为89.07%，受益于人民币贬值。 5、根据公司互动：公司具备的是光芯片到光器件的设计制造能力。光芯片指应用于光通信的半导体， 是完成光电信号转换的核心器件，分为激光器芯片（LD Chip）和探测器芯片（PD Chip），分别完成电 光转换和光电转换，是光模块最核心的功能芯片。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 8月19日，联特科技涨7.98%，成交额14.19亿元，换手率18.49%，总市值145.31亿元。 异动分析 共封装光学(CPO)+5G+数据中心+人民币贬值受益+芯片概念 1、2022年12月8日互动易回复：公司拥有了光芯片集成、高速光器件以及高速光模块设计、生产的核心 能力，在高速信号设计和仿真、光学仿真和光耦合工艺领域掌握了相关核心技术。公司目前研发的有基 于EML（电吸收调制激光器）、SIP（ ...

Core Viewpoint - Immersion liquid cooling is a promising solution for high power density scenarios in data centers, with potential market opportunities driven by increasing demand for cooling solutions due to rising power densities from AI and 5G applications [1][2][4][6]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, especially with the increasing power density of AI servers, which can reach 2000-3000W compared to traditional servers at 300W-1000W [2]. - The current mainstream cooling solution is cold plate liquid cooling, which primarily uses water and ethylene glycol as cooling mediums, accounting for approximately 70% of the liquid cooling market [3]. - Two types of cold plate liquid cooling exist: single-phase (no phase change) and two-phase (with phase change), with the latter offering higher cooling efficiency suitable for higher power densities [3]. Group 2: Immersion Liquid Cooling - Immersion liquid cooling is more efficient than traditional cold plate systems, utilizing non-conductive cooling liquids to dissipate heat through convection and phase change [4]. - Single-phase immersion cooling is currently favored due to lower deployment costs and reduced risk of coolant spillage, while two-phase immersion cooling, although more efficient, faces challenges in cost and technology maturity [4]. Group 3: Market Potential and Demand - The International Energy Agency (IEA) predicts that global data center installed capacity will reach 114.3 GW by 2025, with annual additions ranging from 9 GW to 24 GW between 2024 and 2030, leading to a potential demand for 40,000 tons of fluorinated liquids [6]. - The estimated market space for immersion cooling solutions, based on a fluorinated liquid price of 250,000 CNY per ton, is approximately 10 billion CNY [6]. Group 4: Key Players and Recommendations - Companies in the fluorinated liquid space, such as Dongyangguang (600673.SH), Juhua Co. (600160.SH), and Yonghe Co. (605020.SH), are recommended for investment due to the growth potential in the cooling medium market [7][8].

Summary of the Conference Call on Greater China Technology Hardware Industry Overview - **Industry**: Greater China Technology Hardware - **Date**: August 18, 2025 - **Analysts Involved**: Sharon Shih, Howard Kao, Duan Liu, Yang Liu, Eddy Wang, CFA Core Insights and Arguments - **Market Performance**: The industry view is rated as "In-Line" by Morgan Stanley, indicating expectations of performance in line with the broader market benchmark [2][46]. - **Hon Hai (Foxconn)**: - Price target set at NT$250, with a current rating of "Overweight" [5]. - Monthly shipment data shows significant growth, with August 2025 shipments reaching 3,000 units, representing a 69% supply share [8]. - Revenue projections indicate a steady increase across product segments, with a notable rise in cloud and networking revenues [9]. - **FII (Foxconn Industrial Internet)**: - Price target set at Rmb52.50, with a strong revenue guidance for Q3 2025, expecting over 15% YoY growth in Telecom & Networking Equipment and over 100% YoY growth in Cloud Equipment [10][11]. - Cloud server revenue is projected to contribute over 75% of total server revenue, indicating a strong market position [10]. Additional Important Information - **Shipment Estimates**: - Hon Hai's GB200/300 rack output for 2025 has been raised by approximately 4,000 to a total of 34,000 units [14]. - The notebook build estimate for Q3 2025 has been increased by 6% to 33.6 million units, reflecting a slight quarter-over-quarter increase [24]. - **Valuation Methodology**: - Hon Hai's valuation is based on a residual income model with a cost of equity of 8.5%, a medium-term growth rate of 13%, and a terminal growth rate of 3% [25]. - FII's valuation is derived from a multi-stage residual income model, with a medium-term growth rate of 16% and a terminal growth rate of 5% [26]. - **Risks**: - Upside risks include better-than-expected iPhone sell-through and faster progress in AI server business [27]. - Downside risks involve geopolitical developments and lower-than-expected demand in 5G and data centers [27]. Conclusion The conference call highlighted a positive outlook for the Greater China Technology Hardware sector, particularly for key players like Hon Hai and FII, with significant growth projections and strategic insights into market dynamics. The analysts emphasized the importance of monitoring shipment data and revenue contributions from emerging technologies such as cloud computing and AI.

新华财经柏林8月19日电（记者褚怡）当许多国家已经着手部署更先进的5G标准、甚至测试6G应用时， 德国却在"下一代通信"的赛道上步履沉重：速度提升有限，延迟依旧偏高，覆盖存在空白，投资更显乏 力。从"欧洲经济火车头"到"5G落后生"，德国的数字化雄心正遭遇意想不到的阻碍。 "网络建设未达预期" "快不起来"，也"广不起来" 对工业界来说，延迟不是"几毫秒的小事"。菲策克说，只有在实时移动通信支撑下，自动驾驶才具备经 济可行性。例如，谷歌旗下自动驾驶汽车子公司"出行新方式"依赖大量车载传感器和算力，模式昂贵且 难以规模化。要让自动驾驶真正普及，需要依靠低延迟网络，由中央系统远程协调和控制多辆车。 德国汽车工业协会总经理马库斯·博利希列出一串对"毫秒级响应"高度敏感的场景：卡车编队行驶，即 多辆卡车通过无线网络保持紧密队列，前车动作能毫秒级传递给后车，路口智能协同以及远程泊车等。 只要网络延迟过高，这些功能就难以稳定运行，试点常常"跑不起来"。 如果说高延迟让德国的5G"快不起来"，那么覆盖难题则让它"广不起来"。根据德国联邦网络局的最新数 据，全德仍有约2.1%的国土是完全没有4G或5G信号的"白色区域"，另有 ...

Core Insights - Germany is struggling with its 5G deployment, facing issues such as limited speed improvements, high latency, and coverage gaps, which hinder its digital ambitions [1][3][4] Network Construction - Major telecom operators in Germany, including Deutsche Telekom, Vodafone, O2, and 1&1, spent approximately €6.6 billion to acquire 5G frequency bands in 2019, aiming to reduce network latency to below 10 milliseconds [1] - Six years later, average latency remains high, with Deutsche Telekom at 23 milliseconds and Vodafone and O2 at around 29 milliseconds, far exceeding the 10 milliseconds target set by the 3GPP [1][2] Latency and Real-Time Applications - High latency is a significant barrier for industries relying on real-time communication, such as autonomous driving, which requires low-latency networks for effective operation [2] - Scenarios like truck platooning and remote parking are highly sensitive to latency, making them difficult to implement under current network conditions [2] Coverage Issues - Approximately 2.1% of Germany's territory lacks any 4G or 5G signal, with an additional 14% classified as "gray areas" with partial coverage, primarily in rural and mountainous regions [3] - Coverage problems persist even in major cities like Berlin and Munich, indicating a widespread issue [3] Investment and Regulatory Challenges - The lack of investment and commitment is identified as a core issue, as reducing latency below 10 milliseconds requires significant infrastructure upgrades and increased base station density [3] - The slow approval process for new mobile base stations in Germany is a major obstacle, with complaints from telecom executives about the lengthy procedures compared to other countries [3][4] Conclusion - The consensus among analysts is that Germany's 5G challenges stem not from a lack of technology but from insufficient investment and a need for a more proactive approach to network development [4]

Market Overview - The A-share market has shown strong momentum, with all three major indices closing higher, and the Shanghai Composite Index reaching a new high of 3745.94 points, surpassing the previous record of 3731.69 points set in 2021 [3][4] - The total market capitalization of A-share companies has exceeded 100 trillion yuan for the first time, reflecting market expansion and a trend of wealth shifting towards equity assets [4] Trading Activity - On August 18, the total trading volume in the A-share market reached 2.81 trillion yuan, an increase of 536.4 billion yuan compared to the previous trading day, indicating heightened trading enthusiasm [4][5] - Over 4000 stocks rose, with a significant number of stocks hitting the daily limit, showcasing a strong profit-making effect in the market [4][5] Sector Performance - The technology growth sector and financial heavyweight stocks have driven the market upward, with notable performances in communication equipment, small metals, and consumer electronics, all rising over 3% [5] - The communication equipment sector rose by 3.38%, benefiting from ongoing 5G construction and technological innovations, while the cultural media sector surged by 5.88% due to strong box office performance during the summer [5] Future Outlook - Analysts from Morgan Stanley and Minsheng Jianyin Fund suggest that the A-share market may continue to trend upward in August, driven by improving cash flow in Q2 corporate earnings and sustained inflow of incremental capital [6][7] - The focus is on technology growth, Chinese manufacturing, and new consumption as key areas for investment, with expectations of continued market interest in high-quality companies [6][7]