Core Viewpoint - The company, 联特科技, experienced a decline in stock price by 5.04% on December 26, with a trading volume of 1.96 billion yuan and a market capitalization of 21.979 billion yuan [1] Group 1: Company Overview - 联特科技 specializes in the research, development, production, and sales of optical communication transceiver modules, with a significant revenue contribution from 10G and above optical modules at 92.72% [7] - The company was established on October 28, 2011, and went public on September 13, 2022 [7] - As of September 30, the company had 24,900 shareholders, an increase of 7.14% from the previous period [8] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 847 million yuan, representing a year-on-year growth of 31.75% [8] - The net profit attributable to the parent company was 81.796 million yuan, showing a year-on-year increase of 31.39% [8] - The company has distributed a total of 46.852 million yuan in dividends since its A-share listing [9] Group 3: Market Position and Technology - The company has developed core capabilities in optical chip integration, high-speed optical devices, and high-speed optical module design and production [2] - The main application markets for optical modules include data communication, telecommunications, and emerging markets, with the data communication market being the fastest-growing segment [2] - The company’s low-power design technology for optical modules significantly reduces power consumption, providing a competitive advantage in 5G communication and data center applications [3] Group 4: Shareholder and Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 2.3947 million shares, an increase of 533,000 shares from the previous period [9] - New institutional shareholders include 永赢科技驱动A, which holds 943,100 shares, and South China CSI 1000 ETF, which holds 474,700 shares, having decreased by 8,800 shares from the previous period [9]

格隆汇12月26日丨冰山冷热(000530.SZ)在投资者互动平台表示，数据中心已纳入公司重点深耕的细分 市场范围，2026年将强力拓展。 ...

在华尔街的权力版图中，一股低调却迅猛的力量正在改写游戏规则——家族办公室（Family Office）。 它们不上市、不募资、不对外披露财务，却正成为资本市场上越来越不可忽视的"隐形金主"。 "这不是增长，而是爆炸式扩张。"长期只服务家族办公室的律所合伙人Hendrik Jordaan直言，"我真的认 为，家族办公室会成为下一个私募股权。" 从"富豪标配"到"身份象征" 过去，家族办公室是比尔·盖茨、贝索斯、戴尔等超级富豪的专属工具；如今，净资产数千万甚至上亿 美元的家族也开始纷纷入局，或自建办公室，或选择"多家族办公室（Multi-Family Office）"模式。 根据德勤的数据，全球家族办公室目前管理的财富规模已达到约5.5万亿美元，较五年前暴增67%。这 一数字今年有望升至6.9万亿美元，并在2030年前突破9万亿美元。德勤甚至预计，未来家族办公室管理 的资产规模将超过对冲基金行业。 德勤数据显示，全球单一家族办公室数量已超过8000家，较2019年增长约三分之一，2030年或将突破1 万家。在超高净值人群的社交圈中，"有没有家族办公室"，本身已成为一种身份标签。 "在鸡尾酒会上，大家都会聊这个。" ...

振华科技（000733.SZ）12月25日在投资者互动平台表示，公司产品可应用于AI服务器、数据中心和商 业航天，电感电容等被动元件产品的价格随行就市。请注意投资风险。 有投资者在投资者互动平台提问：公司产品是否应用于AI服务器、数据中心和商业航天？ （文章来源：每日经济新闻） ...

证券日报网讯12月25日，特变电工（600089）在互动平台回答投资者提问时表示，公司海外订单主要分 布在亚洲及中东，在北美洲、欧洲、非洲等地区也有订单。公司高度重视数据中心等新兴市场机遇，将 结合能源需求趋势，审慎研究海外布局，以更好地服务国际客户，推动公司全球化发展。 ...

今天上午，市场主要有三大看点。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 一是商业航天产业链全线反弹 ，中国卫星涨停，18只名称中含有"航天"的个股中，有17只上涨， 其中，航天工程涨停，迎来"4天3板"。 二是算力产业链继续轮动 ，前两天是光模块、PCB（印制电路板）板块上涨，昨天是液冷板块大 涨，今天上午轮动到电源设备板块。 其中，麦格米特涨停，股价创历史新高，最新市值为518.7亿 元。 三是半导体产业链 ，存储芯片板块和中芯国际关注度较高。 截至上午收盘，上证指数上涨0.24%，深证成指上涨0.31%，创业板指上涨0.08%。 商业航天板块反弹 今天上午，商业航天板块迎来反弹，带动军工电子、卫星导航、航空发动机等板块上涨。新雷能、 超捷股份等收获"20CM"涨停。 | 成分股 | 星金 | 资金 | 板块分析 | 新闻 | | --- | --- | --- | --- | --- | | 5展开分析 | | 最新 | 涨幅 → | 流通市值 | | 大工股份 | | 22.00 | 22.49% | 13.8亿 | | 次新 920068 | | | ...

Group 1: Commercial Aerospace Sector - The commercial aerospace sector experienced a rebound, with significant gains in related industries such as military electronics, satellite navigation, and aircraft engines. Notable stocks like Xinle Energy and Chaojie Co. achieved a 20% limit-up [2][4] - The China National Space Administration reported the successful launch of the Long March 12 rocket, marking a significant milestone in commercial aerospace [4][5] - Blue Arrow Aerospace, a leading private aerospace company in China, completed its IPO counseling, focusing on the development and operation of medium to large launch vehicles using liquid oxygen and methane [5][6] Group 2: Power Equipment Sector - The power equipment sector saw substantial growth, with stocks like Megmeet and Zhongheng Electric hitting their daily limit-up [9][10] - Data centers are becoming a core application area for the power equipment industry, driven by the increasing demand for AI infrastructure. The global data center installed capacity is expected to exceed 100 GW by 2025, with significant growth rates projected from 2024 to 2030 [12] - The evolution of AI data centers (AIDC) is leading to new demands for power solutions, including supercapacitors and battery backup units (BBU), to stabilize power supply and enhance energy storage efficiency [12]

从供给端而言：光棒扩产周期长，工艺要求高，短期供给或趋紧。传统光棒扩产周期较长，光纤制备方 法中熔芯拉伸法适用于长距离光纤，主要包括预制棒成型以及光纤拉丝，其中主流预制棒制备方法包括 PCVD、OVD、VAD三种，光纤拉丝是将预制棒通过光纤拉丝塔进行高温拉丝，拉丝过程并不复杂，但 需协调下棒速度、炉内温度、拉丝速率等，对厂商技术成熟度及精密控制良率 要求较高，扩产难度较 大。 该行指短期或将供不应求，重视光纤光缆投资机会，随着全球AI蓬勃发展，或持续驱动数据中心内部 与DCI互联对光纤光缆的需求。短期来看，全球厂商扩产能力有限，或将形成供不应求的格局。该行认 为光纤光缆需求与价格有望维持稳步提升。该行推荐标的：亨通光电(600487.SH)、中天科技 (600522.SH); 受益标的：长飞光纤(06869,601869.SH)、永鼎股份(600105.SH)、烽火通信(600498.SH)及 特发信息(000070.SZ) 。 智通财经APP获悉，开源证券发布研报称，从需求端而言，随着AI大模型训练侧持续迭代，推理侧AI应 用落地加速，或持续拉动全球光纤光缆需求。面向数据中心内部的海量数据流动需求，高端单模 ...

Core Insights - Google is making a significant move to expand its data center capabilities to support its growth in the artificial intelligence (AI) sector by acquiring Intersect for $4.75 billion in cash, along with assuming its related debts [1][3][4] Group 1: Acquisition Details - The acquisition will allow Intersect to operate independently under its CEO Sheldon Kimber, while helping Alphabet accelerate the construction of new data centers and energy facilities [3][4] - Alphabet will acquire ongoing data center projects and several gigawatts of energy assets from Intersect, which will also explore emerging energy technologies to diversify energy supply [3][4] - The deal is expected to close in the first half of 2026, pending standard closing conditions [4] Group 2: Strategic Importance - This acquisition is part of Alphabet's strategy to enhance its infrastructure in response to increasing competition in the AI field, particularly from OpenAI [6][7] - By controlling data centers and energy infrastructure, Google aims to reduce operational costs and ensure stable energy supply to meet the growing demands of AI computing [5][6] - The acquisition is seen as a crucial step for Google to maintain its competitive edge in AI, allowing for faster deployment of AI resources and improved efficiency in training large models [6][7] Group 3: Broader Context - Google has previously held a minority stake in Intersect and has strategic partnerships aimed at developing data center capacity in the U.S. [3][5] - The company is also planning significant investments in renewable energy infrastructure, with a target of $20 billion by the end of the decade [3][5] - The competitive landscape in AI has intensified, with OpenAI investing over $1.4 trillion in data center construction, prompting Google to take decisive actions to bolster its infrastructure [6][7]

Group 1: Investor Relations Activity Overview - The investor relations activity involved various financial institutions, including Morgan Stanley and multiple fund management companies, with a total participation of 131 entities [3][4]. - The event took place online on December 22, 2025, and was hosted by the company's Vice President and Board Secretary, Mr. Guo Rui, along with the Director of Investor Relations, Ms. Han Shuting [4]. Group 2: Acquisition of Limin Technology - The acquisition of Limin Technology aims to enhance the company's capabilities in server thermal management, covering products such as liquid cooling connectors and heat management solutions [5][6]. - Limin Technology has established long-term relationships with major overseas clients, including Nvidia and Google, which will synergize with the company's existing server business [6][10]. - The acquisition is part of the company's strategy to achieve its 2030 development goals through both organic and external growth, without negatively impacting financial or operational stability [7]. Group 3: Market Opportunities in AI Infrastructure - The global demand for AI computing power is expected to grow exponentially, with data center capital investment projected to increase from approximately $450 billion in 2024 to over $3 trillion by 2030 [8]. - The market for high-precision thermal management hardware for enterprise servers is forecasted to grow from $200 million in 2020 to $4.5 billion in 2024, with a compound annual growth rate (CAGR) of 133.6% [10]. - The shift from traditional air cooling to liquid cooling solutions is driven by the increasing power density and efficiency requirements of data centers [10][11]. Group 4: Product Development and Strategic Focus - The company plans to expand its product line in AI server power solutions, focusing on high power density and efficiency to meet the growing demands of AI workloads [11]. - Key products under development include liquid cooling plates, CDU, and high-performance GPU cooling solutions, aimed at addressing the stringent thermal management needs of large-scale deployments [11][12]. - The company's strategy emphasizes modularity and reusability across different applications, positioning it to leverage opportunities in emerging fields such as humanoid robots and AI servers [12].