消息面上，威胜控股近期公告，旗下ADO业务非全资子公司惟远能源引入战略股东博裕投资。博裕投 资将以总金额人民币3.8亿元认购惟远能源4881万股新股，占其经扩大股本约8%，惟远能源估值约47.5 亿元人民币。 国投证券(国际)发布研报称，数据中心业务需求进入爆发期，推动威胜控股ADO业务正进入快速增长 期。威胜控股ADO业务由非全资控股子公司惟远能源运营。威胜控股持有惟远能源约65%股份。该行预 期威胜控股与博裕投资控股强强联合，在产业资源及跨境布局等领域开展合作。此外，惟远能源也在推 进A股上市中，该行认为如果成功上市，进一步释放公司价值。 来源：智通财经网 威胜控股(03393)尾盘涨近5%，高见17.99港元，再创历史新高。截至发稿，涨4.37%，报17.93港元，成 交额2440.84万港元。 ...

威胜控股(03393)尾盘涨近5%，高见17.99港元，再创历史新高。截至发稿，涨4.37%，报17.93港元，成 交额2440.84万港元。 国投证券(国际)发布研报称，数据中心业务需求进入爆发期，推动威胜控股ADO业务正进入快速增长 期。威胜控股ADO业务由非全资控股子公司惟远能源运营。威胜控股持有惟远能源约65%股份。该行预 期威胜控股与博裕投资控股强强联合，在产业资源及跨境布局等领域开展合作。此外，惟远能源也在推 进A股上市中，该行认为如果成功上市，进一步释放公司价值。 消息面上，威胜控股近期公告，旗下ADO业务非全资子公司惟远能源引入战略股东博裕投资。博裕投 资将以总金额人民币3.8亿元认购惟远能源4881万股新股，占其经扩大股本约8%，惟远能源估值约47.5 亿元人民币。 ...

每经AI快讯，华安证券12月31日发布研报称，给予冰轮环境（000811.SZ）"买入"评级。评级理由主要 包括：1）2025 年前三季度公司实现归母净利润4.28 亿元，同比下降9.68%；2）数据中心业务：技术壁 垒构筑竞争优势，海内外项目落地提速；3）核电业务：聚焦核电站热管理核心环节，多场景卡位赋能 长期发展风。险提示：1）订单交付不及预期风险；2）原材料价格波动风险；3）汇率风险；4应收账款 回收风险；5）核心技术人员流失；6）市场波动风险。 每经头条（nbdtoutiao）——最高返现60%！惠民保年末销售乱象调查：业务员"贴钱"冲考核，谁在"赔 本赚吆喝"？ （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

比亚迪电子 20251217 摘要 比亚迪电子 2025 年安卓业务收入约 400 亿元，虽稳健但略有下降，组 装业务同比减少。苹果零部件业务受铝合金材质替代影响，单价降低， 影响整体收入，但高端手机供货量仍有保障。 2025 年汽车业务增长至 250 亿元，得益于母公司比亚迪汽车销量增长。 比亚迪电子在中控主机等舱类产品占据近 100%份额，支架域控和热管 理系统约占 60%，主动悬架份额预计未来一两年内达 50%以上。 数据中心业务 2025 年收入十几亿元，低于预期，主要来自服务器领域。 光模块、液冷等新产品仅有小批量订单，预计 2026 年上半年逐步实现 更多出货。 比亚迪电子具备 800G 光模块量产能力，1.6T 方案仍在研发中，预计 2026 年开始小批量出货。光模块将横向拓展至液冷、电源等品类，有 望在数据中心领域取得突破。 预计 2026 年消费电子端将聚焦大客户零部件，结构件业务有望增长并 贡献利润。数据中心业务预计解决供应问题后将有实际落地项目，汽车 业务将跟随母公司发展趋势提升出货量。 Q&A 2026 年北美大客户新形态手机将带来零部件供应增量，单机价值量和 盈利能力预计优于现有机型 ...

Group 1: Company Overview - Fujian Snowman Group Co., Ltd. was established in 2000, focusing on thermal power technology for cold chain logistics, industrial refrigeration, clean energy, and hydrogen power sectors [1] - In the first three quarters of 2025, the company achieved a revenue of CNY 1.631 billion, representing a year-on-year increase of 24.26% [1] Group 2: Data Center Business Expansion - The company has entered the data center business through compressor refrigeration equipment supply and key project construction [1] - It offers a diverse product line including piston compressors, open screw compressors, semi-hermetic screw compressors, and centrifugal compressors, with a new centrifugal compressor designed for high-efficiency data centers now on the market [1] - The company utilizes low-charge ammonia refrigeration technology, replacing traditional refrigerants, exemplified by its provision of third-generation low-charge ammonia cooling technology to Facebook's Denmark data center [1][2] Group 3: Controlled Nuclear Fusion Business - The company produces helium compressors essential for large-scale low-temperature systems, crucial for projects like the superconducting tokamak [2] - Its "megawatt-level" helium compressors can achieve cooling capacities at -271°C, with the technology recognized as internationally leading [2] Group 4: Hydrogen Energy Sector - The company is developing hydrogen fuel cell technology, focusing on core components and systems, while extending its existing compressor and refrigeration technologies to liquid hydrogen applications [2] - It has established a global hydrogen fuel cell technology R&D and supply chain system, with research institutions in Europe and Japan [2] - The new generation of metal plate fuel cell stacks has been developed, and the company is advancing the mass production of hydrogen fuel cells and core components domestically [2]

Group 1: Company Overview and Financial Performance - Fujian Snowman Group Co., Ltd. was established in 2000, focusing on advanced equipment manufacturing in cold chain logistics, industrial refrigeration, clean energy, and hydrogen power sectors [1] - In the first three quarters of 2025, the company achieved a revenue of CNY 1.631 billion, representing a year-on-year increase of 24.26% [1] Group 2: Controlled Nuclear Fusion Business - The company is involved in the controlled nuclear fusion sector, utilizing helium compressors as core components for large-scale low-temperature systems [1] - The "large-scale low-temperature refrigeration system" project employs the company's "megawatt-level" helium compressor, capable of achieving cooling at -271°C with a cooling capacity of 100 watts [2] - The technology has received national scientific achievement evaluation, reaching an internationally leading level with significant social and economic benefits [2] Group 3: Hydrogen Energy Sector - The company has developed a long-term strategy in the hydrogen fuel cell sector, focusing on core technologies within the supply chain [3] - It has established hydrogen technology R&D institutions in Europe and Japan, working on key components and materials for hydrogen fuel cells [3] - The company is advancing the mass production of hydrogen fuel cells and core components, gradually building a complete industrial ecosystem [3] Group 4: Data Center Business Expansion - The company has entered the data center sector, leveraging its compressor technology to offer a diverse product line, including piston, open-type screw, semi-closed screw, and centrifugal compressors [4] - It has implemented low-charge ammonia refrigeration technology in overseas data centers, providing energy-efficient and environmentally friendly solutions [4] - The company’s subsidiary, Hangzhou Longhua, is involved in major data center refrigeration engineering projects for leading enterprises like China Mobile and Alibaba [4] Group 5: Ice Making Products Development - The company has seen significant growth in its ice-making products, particularly in the industrial construction and ice and snow sectors [5] - Demand in the Middle East for large-scale infrastructure projects is expected to drive rapid growth in the industrial construction sector over the next three to five years [5] - The company's ice-making and snow-making products are utilized in over 30 global ice and snow projects annually, establishing a stable business foundation [5] Group 6: Future Outlook - The company aims to continue expanding application scenarios and strengthening technological advantages while seizing opportunities in national strategies and global trends [5] - It plans to leverage innovative products and comprehensive service capabilities to drive steady business growth [5]

Core Insights - The company, Huqin Technology, is expected to achieve significant growth in AI servers and general servers, as well as switches by 2025 [1] - The data center business is projected to maintain a doubling growth in revenue for the first three quarters of 2025, with an estimated annual revenue exceeding 40 billion yuan [1] Group 1 - The company anticipates a multiple growth in AI server segment by 2025 [1] - The company also expects rapid growth in general servers and switches [1] - The overall revenue for the data center business is projected to exceed 40 billion yuan for the entire year [1]

Core Viewpoint - The report from Dongfang Securities indicates that Huqin Technology's consumer electronics fundamentals remain solid, and short-term industry disruptions do not alter the company's upward trend [1] Company Analysis - Recent concerns among investors about rising storage prices affecting end consumers and potentially impacting terminal sales and profitability in other supply chain segments are addressed [1] - The company primarily serves leading domestic and international brands, which typically sign long-term agreements with upstream core suppliers to lock in prices and inventory [1] - The ODM industry operates on a customer-supplied material model, meaning price increases in storage, OLED screens, or main control components will not erode the company's profitability [1] - Huqin Technology is a domestic leader in PC ODM, with a continuous increase in overseas customer share [1] Industry Outlook - The data center business is expected to maintain high growth, with further optimization of the product structure [1] - Future data business is anticipated to achieve sustained revenue growth, with ongoing improvements in product structure and steady enhancement of profitability [1] - Based on comparable companies' 26-year 21x PE valuation, the target price is set at 107.73 yuan [1]

Core Insights - Nvidia reported strong financial results for Q3 of fiscal year 2026, with revenue of $57.006 billion, a year-over-year increase of 62% and a quarter-over-quarter increase of 22%, significantly surpassing market expectations of $55.19 billion [1] - The net profit for the quarter was $31.910 billion, reflecting a 65% year-over-year growth and a 21% quarter-over-quarter growth [1] - Adjusted earnings per share were $1.30, up 67% year-over-year, exceeding market expectations of $1.25 [1] Revenue Breakdown - The data center business, which is the core growth engine for Nvidia, generated $51.2 billion in revenue, a 66% year-over-year increase, accounting for the majority of total revenue [1] - Within the data center revenue, the "compute business" (GPUs) contributed $43 billion, while the networking business (components enabling multiple GPUs to work together) contributed $8.2 billion [1] Future Guidance - Nvidia expects Q4 revenue to be approximately $65 billion, exceeding analyst expectations of $61.66 billion [1] - The gross margin is projected to be 74.8%, with a non-GAAP estimate of 75%, which is higher than market expectations [1] - Following the announcement, Nvidia's stock rose nearly 3% in after-hours trading, with an increase of over 5% [1]

Summary of AMD Conference Call Company Overview - **Company**: AMD (Advanced Micro Devices) - **Industry**: Semiconductor and Data Center Solutions Key Points and Arguments Market Share and Growth Projections - AMD expects its data center business market share to reach double digits in the next 3 to 5 years, with an AI business CAGR of 80% and a data center business CAGR of 60% [2][3] - Overall revenue is projected to grow at a CAGR of 35%, exceeding Wall Street's expectations of 20% to 30% [3] - By 2030, AMD anticipates its addressable market for data centers to reach $1 trillion, up from a previous estimate of $500 billion [2][5] Revenue Expectations - AMD forecasts data center revenue to reach $100 billion by 2030, with the business currently accounting for about half of total revenue [2][6] - Expected revenue for 2025 is approximately $16 billion, indicating significant growth potential [2][6] Product Development and Innovations - AMD plans to launch cabinet-level products in 2026, similar to NVIDIA's NVL72, utilizing Infiniband Fabric to connect GPUs and CPUs [2][7][9] - The MI400 and MI500 series GPUs are set to be released in 2026 and 2027, respectively, showcasing AMD's commitment to advancing GPU architecture [2][5] AI and Data Center Collaborations - AMD has signed a 6 GW collaboration agreement with OpenAI, with deployment expected to begin in the second half of the year [2][10] - Oracle has started deploying systems based on AMD cards, with new customers anticipated to choose AMD products in 2026 [2][10] Financial Guidance - AMD's long-term financial guidance includes a total revenue growth target of 35%, with gross margins projected between 50% and 58% and operating margins expected to improve to 35% [4][22] - EPS is anticipated to exceed $20, compared to the current consensus of $16 to $18, indicating potential for significant upside [22] Data Center CPU Market Outlook - The global data center CPU market is projected to reach $60 billion by 2030, nearly doubling from $26 billion in 2025, with a CAGR of 18% [4][13] Emerging Markets - The AI PC market is expected to surpass 1 billion devices in the coming years, while the physical AI market could reach $200 billion by 2035 [17] - Client business is projected to maintain low single-digit growth over the next 3 to 5 years, highlighting the potential of emerging sectors [17] Challenges and Considerations - The successful delivery of new cabinet and product launches in 2026 is critical, as supply chain challenges may impact market performance [21] - AMD's reliance on third-party suppliers for switch devices may affect the deployment timeline of new technologies [9] Overall Outlook - AMD's optimistic outlook includes a $1 trillion market for computing cards, GPUs, CPUs, and network cards, with significant revenue elasticity expected if the supply chain operates smoothly [23][24]