3. 澳新银行：降低利率不足以解决泰国的经济增长问题 澳新银行研究负责东南亚和印度的首席经济学家Sanjay Mathur在一份报告中说，降低利率不足以解决泰 国的经济增长问题。他指出，2025年下半年的增长受到短途游客减少和泰国南部洪灾的影响。然而，泰 国2026年的前景受到结构性因素的影响，包括收入增长放缓和出口可能会对家庭消费造成压力。他表 示："可能推迟至议会选举结束的刺激性财政政策，以及（泰铢）更具竞争力，同样至关重要。"澳新银 行继续预计，央行将在2026年第一季度将其政策利率再下调25个基点。 4. 分析师：英国央行很可能会把任何降息行动描述为渐进的风险管理转变 2. 荷兰合作银行：2026年欧元兑美元上行空间受限，或维持区间震荡 交易平台Capital.com高级市场分析师Daniela Hathorn说："由于通胀率仍高于目标，服务业价格看起来仍 有粘性，英国央行政策制定者不太可能发出明显的鸽派信号。相反，英国央行很可能会把任何降息行动 描述为渐进的风险管理转变，而不是全面的宽松周期。" 荷兰合作银行外汇分析师简·弗利指出，尽管德国财政支出有望于明年最终推动该国经济摆脱停滞，但 欧元市场已为 ...

前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ①公司服务器液冷领域布局全面，不仅在国内稳定合作阿里、字节等大客户，更已进入英伟达的RVL名 单，后续有望进入供应链拿到一定份额； ②先进半导体材料稀缺标的，公司产品已成功切入主流设备厂商 供应链，并在部分关键工艺实现大批量导入，另有技术壁垒极高的新品已实现小规模量产。 ...

1.超4000万人次外国人涌入，全国口岸外籍客流爆发式增长 去年12月17日，我国240小时过境免签政策正式实施，今天已满一周年。国家移民管理局最新统计显示，政 策实施一年来，全国各口岸入境外国人4060万人次，同比增长27.2%。北上广外籍客流规模与增长幅度均表 现突出，全国多地口岸入境外籍客流呈爆发式增长态势：厦门口岸240小时免签入境外国人增长超3倍，辽 宁口岸增长5.7倍。 法国国家统计与经济研究所（Insee）17日发布的《经济形势报告》（Note de conjoncture）称，预计法国 2025年全年经济增速为0.9%，略低于2024年的1.1%；到2026年年中，经济增速有望回升至1.0%。报告指 出，尽管国内政治不确定性仍存，但法国已融入欧洲经济复苏进程。今年第三季度，法国国内生产总值 （GDP）环比增长0.5%，处于欧元区较好水平。航空航天领域供给约束缓解，带动工业生产环比增长 1.3%，制造业出口环比增长4.8%。企业投资环比增长0.8%，公共消费保持韧性。居民消费受对前景预期偏 弱影响，基本停滞，仍是主要拖累因素。 4.中信建投：2025年是服务器液冷的"爆发元年"，新方案迭代利好国 ...

12月18日消息，三大指数集体低开，猪肉板块跌幅居前。截至今日开盘，沪指报3857.26，跌0.34%；深成指报13112.61 点，跌0.85%；创指报3138.66点，跌1.17%。 消息面： 1、发改委等六部门发布通知要求对新建煤炭开发利用项目和有条件的存量项目，推动清洁高效利用水平应提尽提；坚决 依法依规淘汰落后产能、落后工艺。 2、市场监管总局召开发布会，强调平台要求商家"全网最低价"可能构成滥用市场支配地位或垄断协议行为。 3、工信部部长李乐成会见美国超威半导体公司董事会主席兼首席执行官苏姿丰，双方就加强数字经济、人工智能领域合 作等议题进行交流。 4、海南省人民政府发布关于海南自由贸易港正式启动全岛封关的通告，自2025年12月18日起，海南自由贸易港正式启动 全岛封关。 5、财政部数据显示，1—11月，全国一般公共预算收入200516亿元，同比增长0.8%。1—11月，印花税4044亿元，同比增 长27%。其中，证券交易印花税1855亿元，同比增长70.7%。 6、A股昨日午后上演绝地反攻，A500ETF扛起成交额大旗。截至收盘，5只A500ETF领跑市场，合计成交额合计达452.91 亿元。 ...

中信建投研报认为，2025年是服务器液冷的"爆发元年"，新方案迭代利好国产厂商。市场预期GB300机 柜Q4大量出货，当前处于液冷零部件上量的关键时间节点。此前，GB200服务器液零部件厂商主要集 中在台系AVC、Coolermaster、Delta等企业，GB300大陆厂商送样参与度大幅提升。同时部分台企将目 光瞄准大陆厂商，液冷零部件厂商积极送样，利好国产液冷产业链。 ...

Group 1 - The article highlights the company's focus on server liquid cooling, semiconductor precision components, and the increase in shareholding by major stakeholders, indicating a strong client base that includes Huawei and Tesla, with expectations for performance to exceed forecasts [1] - The portable energy storage industry is entering a second growth phase, with the company's LFP battery new products set to launch, leading to a doubling of sales in the European market and a visible operational turning point following inventory destocking [1]

Core Viewpoint - The company reported a mixed performance for Q3 2025, with revenue growth but a significant decline in net profit due to previous asset disposal gains [1] Financial Performance - Revenue for the quarter reached 972 million yuan, representing a year-on-year increase of 0.5% [1] - Net profit attributable to shareholders was 52 million yuan, a decrease of 57.16% year-on-year, primarily due to last year's asset disposal gains from demolition compensation [1] - The non-recurring net profit was 51 million yuan, reflecting a year-on-year decrease of 20.28%, impacted by industry competition and project capacity ramp-up [1] Market and Product Development - The company currently has approximately 20% of its sales coming from overseas markets and plans to evaluate foreign exchange hedging measures as needed [1] - The company is expanding into new product areas, including electronic water pumps, and is exploring emerging market segments [1] - A subsidiary has been established in the server liquid cooling sector, and the vehicle-mounted refrigerator project is expected to commence mass production by the end of the year [1]

Core Viewpoint - The company, Feilong Co., Ltd. (002536), has a core product system that includes engine thermal management products and new energy thermal management products, with applications extending into various fields including automotive, server liquid cooling, charging pile liquid cooling, energy storage liquid cooling, and robotics [1] Product Categories - The company's core product categories consist of two main types: engine thermal management products and new energy thermal management products [1] - These products are designed to cover a wide range of application scenarios, primarily in the automotive sector [1] Market Expansion - The company is gradually extending its product applications into advanced fields such as server liquid cooling, charging pile liquid cooling, energy storage liquid cooling, and robotics [1] - This strategy aims to create a collaborative development layout across multiple fields [1]

Core Viewpoint - Feilong Co., Ltd. (002536) announced on November 18 that its thermal management integrated module products are widely used in the automotive sector and will gradually expand into various civilian thermal management scenarios based on its strategic development plan [1] Group 1: Product Applications - The company's thermal management integrated module series is currently applied in the automotive field [1] - Future expansions will include applications in server liquid cooling, data center (IDC) liquid cooling, artificial intelligence, and charging station liquid cooling [1] Group 2: Strategic Development - The company plans to extend its product applications to numerous cutting-edge fields such as robotics, 5G base stations and communication equipment, hydrogen energy liquid cooling, and wind and solar energy storage liquid cooling [1] - Additional areas for potential growth include power equipment, modern agricultural machinery, large industrial machinery liquid cooling, and low-altitude economy [1]

Core Viewpoint - Feilong Co., Ltd. is actively promoting the integration of thermal management technology with various cutting-edge fields such as new energy vehicles, server liquid cooling, charging pile liquid cooling, wind and solar energy storage liquid cooling, power equipment, and large machinery industrial liquid cooling [1] Group 1 - The company is gradually ramping up production at its Thai production base, Longtai Auto Parts (Thailand) Co., Ltd. [1] - There are no plans for additional investments in domestic automotive engine thermal management products [1]