8月20日主力资金净流入364.27万元，近五日主力资金累计净流入596.28万元。 风险提示：股市有风险，投资需谨慎。 博汇股份属于石油行业，同时涉及液冷概念、算力概念等板块。公司主营业务为石油化工产品的研发、 生产和销售。 公司子公司无锡极致液冷与广东申菱环境近日签署战略合作协议，双方将在热管理技术领域展开深度合 作。 博汇股份股价报15.21元，较前一交易日下跌0.85%。盘中最高触及15.85元，最低下探14.71元，振幅达 7.43%，成交金额2.04亿元。 ...

Group 1 - The latest stock price of Dayuan Pump Industry is 48.18 yuan, an increase of 1.51 yuan from the previous trading day [1] - The opening price was 46.71 yuan, with a highest point of 50.66 yuan and a lowest point of 46.71 yuan, and the trading volume reached 250,244 hands with a transaction amount of 1.219 billion yuan [1] - Dayuan Pump Industry is primarily engaged in the research, production, and sales of various pump products, which are widely used in industrial, agricultural, and construction sectors [1] Group 2 - On August 20, Dayuan Pump Industry experienced a rapid pullback, with a decline of over 2% within 5 minutes [1] - The net inflow of main funds on that day was 40.205 million yuan, accounting for 0.51% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 315.0189 million yuan, representing 3.97% of the circulating market value [1]

本文作者为创金合信基金首席经济学家魏凤春 《首席视点》因本人休假停了两期。期间想写点东西，但考虑到上期的观点仍然有效，故没有写作。回 顾一下前一期基本的结论：第一，股票优胜债券，黄金和美元弱势。投资者需要关注权益结构和风格的 变化。第二，周期和科技是攻击的两翼，周期的边际力量开始弱化，科技是越过山丘的重要力量。第 三，山丘的越过需要蓄力，无限风光在险峰，冲锋需要新的力量。第四，投资者和监管部门都担心越过 山丘后会无人守候，因此市场不会大起大落，会稳步前行，如此价值投资的平台才更加稳固。 一、越过山丘，分歧加大 从上周的大类资产走势看，创业板上涨8.6%，科创50上涨5.5%，沪深300、香港恒指、上证50、恒生科 技涨幅依次靠前，黄金、白银、螺纹钢、IPE布油、国债等跌幅居前。从月度走势看，焦煤收益率为 19.4%，占据榜首，创业板指、科创50、沪深300、北证50、香港恒指等走势靠前，原油、美元指数等 跌幅靠前。 这意味着风险资产，特别是科技风格是本次上证指数越过山丘的新增力量，周期虽然势弱，但其搭建舞 台的作用不可忽视。单纯从大类资产走势可以验证我们之前的判断：中国资产重估的结论成立，股票优 胜债券，周期 ...

Group 1 - The stock price of Satellite Chemical is reported at 18.86 yuan, down 0.04 yuan or 0.21% from the previous trading day, with a trading volume of 872 million yuan and a turnover rate of 1.37% [1] - Satellite Chemical operates in the chemical raw materials sector, focusing on the research, production, and sales of products such as acrylic acid and esters, and high polymer emulsions [1] - The company is advancing its industrial chain towards high-end new materials through a light hydrocarbon raw material route [1] Group 2 - Zhongyin Securities has issued a report giving Satellite Chemical a "buy" rating, highlighting the resilience of its light hydrocarbon route and significant growth in functional chemical products, with expectations for its high-end new materials layout to drive industrial upgrades [1] - In the second quarter, pension accounts newly held 1,996,720 shares of Satellite Chemical, ranking it among the top holdings in pension funds [1] - The company has also introduced a "liquid cooling concept" due to its research and development in immersion liquid cooling fluids [1] Group 3 - On August 19, the main funds saw a net inflow of 30.57 million yuan into Satellite Chemical, accounting for 0.05% of its circulating market value; however, over the past five days, there has been a cumulative net outflow of 371 million yuan, representing 0.58% of its circulating market value [1]

截至收盘，沪指跌0.02%，报3727.29点，深成指跌0.12%，报11821.63点，创业板指跌0.17%，报2601.74点，科创50指数跌1.12%，报1112.27点。沪深两市合 计成交额25883.69亿元。 三、涨跌家数 | 學系 世 | | 1.04 | | --- | --- | --- | | 张幅 > 7% | | 165 | | 污水幅 | 5-7% I | 116 | | 润滑 | 3-5% | 303 | | 沿岸 | 0-3% | 2400 | | 跌幅 | 0-3% | 1999 | | 跌幅 | 3-5% | 175 | | 跌幅 | 5-7% | 51 | | 跌幅 | > 7% | 30 | | 其中 跌停 | | 10 | | 上涨家数 | | 2984 | | 下跌家数 | | 2255 | | 平盘停牌 | | 185 | | 总品种数 | | 5424 | | 总成交额 | | 26406.82亿 | | 总成交量 | | 165831.0万 | | 张家增减 | | 272 | | 张家增幅 | | 10.03% | | 指数量比 | | 1.11 | 四、涨停 ...

液冷概念今日回调，腾龙股份、华正新材、领益智造等领涨，众捷汽车、科创新源、曙光数创等领跌。 华福证券指出，液冷的大空间来自于渗透率的提升+高价值量+通胀。大陆厂商的机会在于：一方面， 数据中心服务器避免漏液和过热是最重要的安全性问题；另一方面，PCB、光模块领域大陆厂商占据产 能优势，液冷和电源板块并不如此，新机会来自于新机柜工艺变化+供应链鲇鱼效应，即大陆厂商的技 术进步和精密加工的降本能力。因此类似于机器人，在NV和ASIC扩供应商的过程中送样即能带来期权 溢价。尤其是B300小冷板工艺的变化带来的订单外溢。综合节奏判断，短期液冷业绩兑现度低有可能 带来情绪回调，更宜聚焦龙头/份额的确定性/ASIC增量逻辑。 华西证券指出，随着海外算力需求爆发，主要CSP厂商资本开支上行趋势明确，GPU&ASIC需求均有望 实现快速增长，液冷需求空间广阔。同时，考虑到CSP厂商的降本需求，国内液冷相关供应商有望在海 外市场实现突破&提升份额，持续看好已和海外大厂有合作经验或积极布局海外市场的液冷系统解决方 案及零部件厂商。 ...

Core Insights - Liquid cooling technology has emerged as a leading trend in the AI hardware sector, with significant increases in related concept indices, particularly a 29% rise in the liquid cooling server index [2] - The introduction of NVIDIA's GB300 NVL72 system marks a pivotal moment for AI cloud services, indicating a growing demand for liquid cooling solutions across the computing power industry [2][3] - The liquid cooling market is expected to experience substantial growth driven by rising power consumption from advanced AI chips, alongside supportive policies and changing market expectations [3] Industry Demand - The GB300 architecture is designed for high-performance computing and cloud services, utilizing a fully liquid-cooled rack design to manage increased power consumption [3] - Major cloud service providers (CSPs) are anticipated to increase capital expenditures, leading to rapid growth in demand for GPUs and ASICs, thereby expanding the liquid cooling market [3] - Domestic liquid cooling suppliers are expected to gain market share in overseas markets, particularly those with existing partnerships or proactive international strategies [3] Market Performance - The A-share market features 122 liquid cooling concept stocks with a combined market capitalization of approximately 3.7 trillion yuan, with Industrial Fulian leading at over 880 billion yuan [5] - Liquid cooling concept stocks have shown an average increase of over 56% year-to-date, significantly outperforming the broader market [5] - Notable performers include Siquan New Materials and Huaguang New Materials, with year-to-date increases of 251.02% and 232.62%, respectively [6] Key Players - Companies such as Deyuan Pump Industry and Silver Wheel Holdings are highlighted for their strong relevance to the liquid cooling sector, with Deyuan focusing on applications in electric vehicles and energy storage [5] - Silver Wheel Holdings is recognized for its comprehensive product matrix in automotive thermal management, positioning it well to benefit from the liquid cooling industry's expansion [5] Underperforming Stocks - A total of 21 liquid cooling concept stocks have underperformed, with year-to-date increases below 20%, including companies like Sifang Technology and Yonggui Electric [7] - Yonggui Electric is developing liquid cooling solutions for data centers, indicating potential for future growth despite current underperformance [7]

液冷概念成为近期最强题材。 AI硬件方向成为近期最强题材。截至昨日收盘（8月18日），液冷服务器、玻璃纤维、光模块、服务 器、覆铜板、算力租赁等概念指数均大涨超10%，位居概念涨幅榜前列。其中，液冷服务器指数大涨超 29%，高居AI硬件概念首位。 消息面上，7月初，CoreWeave宣布率先部署英伟达GB300 NVL72系统，成为首家提供该系统的超大规 模AI云服务提供商，标志着首款GB300 NVL72服务器正式出货。 业内人士指出，领先AI芯片产品全面拥抱液冷，或将带动整个算力产业链的液冷需求显著提升。 机构关注这些滞涨股 液冷需求有望暴增 GB300是英伟达今年发布的面向高性能计算和云服务领域的一款AI推理架构新产品，算力性能持续提高 的同时，功耗也大幅增加，为此GB300采用了完全液冷式机架规模设计。此外，近日华为升腾发布的重 磅384超节点服务器集群也采用了液冷+微结构导热方案。 液冷技术是指利用液体取代空气作为冷却介质，与服务器发热元器件进行热交换，将服务器元器件产生 的热量带走，以保证服务器工作在安全温度范围内的一种冷却方法。伴随着AI芯片性能升级造成功耗 持续提升，数据中心液冷已成大势所趋。 ...

Market Performance - The Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index increased by 1.73%, and the ChiNext Index surged by 2.84% at the close [1][3] - Over 4,000 stocks in the two markets experienced gains, with a total trading volume of 2.76 trillion yuan [1] Sector Highlights - The liquid cooling concept stocks saw a strong surge, with an increase of 7.05% by midday, including over 20 stocks hitting the daily limit or rising more than 10% [3] - Major financial stocks, including brokerage and fintech companies, reached new historical highs, with stocks like Zhina Compass and Tonghuashun performing particularly well [3] - The rare earth permanent magnet sector was active, with stocks like Northern Rare Earth hitting the daily limit [3] - The coal industry opened high but closed down by 0.53%, with several stocks, including Electric Power Investment Energy and Jinko Coal Industry, falling over 2% [3] - Other sectors such as non-ferrous metals, gold, fertilizers, and steel experienced notable declines [3] Trading Dynamics - The market showed strong performance in the morning, with the Shanghai Composite Index reaching a new high since 2015, but cautious sentiment led to a pullback in the afternoon [3] - Despite the afternoon retreat, trading volume significantly increased, surpassing 5.196 trillion yuan compared to the previous trading day [3]

本周第一个交易日，A股再次强势上攻。交易行情数据显示，8月18日盘中，上证指数、深证成指、创 业板指均突破阶段高点，创下近年来新高，北证50指数则更是创下历史新高。另外，沪深京三市股票总 市值首次突破百万亿元。有观点认为，当前上证指数盘中已突破3731点，只要后续有效站稳这个位置， 就意味着A股正式步入牛市行情。A股突破近十年的新高后，市场将有机会加快往4000点靠拢。 三大股指均上涨 8月18日，A股三大股指集体高开，开盘后三大股指发力上攻，上证综指盘中一度涨超1%，最高触及 3745.94点；深证成指盘中涨超2%，创业板指盘中涨近4%。午后开盘，三大股指涨幅有所收窄，截至当 日收盘，上证综指收涨0.85%，报3728.03点，仍创下近十年以来新高。深证成指、创业板指分别收涨 1.73%、2.84%，分别报11835.57点、2606.2点，均创下近两年多以来新高。 除了三大股指之外，北证50指数当日表现亮眼，大幅收涨6.79%，报1576.63点，创历史新高。截至收 盘，北交所个股海达尔、戈碧迦、海能技术、曙光数创、晶赛科技5股"30cm"涨停。 盘面上，液冷概念板块领涨，除曙光数创"30cm"涨停外，方 ...