Core Viewpoint - The chief analyst of Qisheng Futures, Liu Xufeng, believes that the commodity attributes of precious metals are expected to replace their financial and monetary attributes, becoming the main driving force behind price movements, with an expanding supply-demand gap in silver likely supporting prices [1] Group 1: Silver Supply and Demand - The global silver market has experienced a supply shortage for five consecutive years from 2021 to 2025, with deficits of 2,468 tons, 7,762 tons, 6,240 tons, 4,632 tons, and 3,659 tons respectively [2] - Despite a slowdown in global economic growth post-COVID-19 affecting demand expansion, the supply-demand imbalance has not been fully resolved [2] - In 2026, silver demand is expected to see a structural recovery driven by improved investment sentiment and the rapid development of emerging fields such as artificial intelligence and computing devices, which will increase industrial demand for silver and silver alloy coatings [2] Group 2: Economic Indicators and Monetary Policy - As of November 2025, the U.S. CPI has decreased to an annual rate of 2.7%, with core CPI at 2.6%, indicating limited risk of significant inflation rebound [3] - The manufacturing PMI has been in contraction territory, recorded at 48.2 in November, with weak new orders and employment components, while the service sector remains resilient but may weaken in 2026 [3] - A potential turning point may occur in mid-2026, coinciding with the end of Federal Reserve Chairman Powell's term, with expectations that Kevin Hassett, who is perceived as dovish, may accelerate monetary easing if appointed [3] Group 3: Risks and Investment Strategies - The long-term influence of the U.S. dollar credit system is weakening, as evidenced by ongoing gold purchases by global central banks, reflecting a diversification demand away from dollar assets [4] - The People's Bank of China has shown a slowdown in gold purchases in 2025, raising questions about whether it will pause further accumulation in 2026 [4] - While the macro environment may support precious metal prices in the medium to long term, multiple risk factors, including liquidity risks and potential inflation rebounds, should be closely monitored [4] - Investors are advised to focus on upward opportunities while remaining vigilant against short-term extreme volatility, and to reassess the long-term bullish logic for silver if the overseas economy stabilizes during a rate-cutting cycle [4]

白银供应短缺或延续 在"期货大家谈——2025期货业盘点"系列访谈第七期中，齐盛期货贵金属首席分析师刘旭峰就2026年贵金属市场走势进行了深 度解读。他认为，贵金属的商品属性有望取代金融与货币属性，成为驱动价格的主导力量，白银供需缺口的扩大或对价格形成 支撑，结合海外宏观环境变化，投资者需重点关注流动性风险。 多重风险交织 刘旭峰表示，美元信用体系的长期影响力呈现弱化趋势，全球央行持续的购金行为是非美国家货币实力增强的体现，也反映了 对美元资产的分散化需求。值得注意的是，2025年中国央行购金力度已有所放缓，2026年是否暂停增持有待关注。 "尽管中长期宏观环境对贵金属价格构成一定支撑，但多重风险点不容忽视。"刘旭峰认为，重点应防范流动性风险，2020年3月 的市场波动表明，在极端流动性紧缩的情况下，黄金、白银等资产亦难以独善其身。此外，通胀反弹、经济实现软着陆及美联 储货币政策边际收紧的可能性，均可能扭转当前的市场预期。 刘旭峰建议，投资者策略上应关注向上的机会，在把握结构性行情的同时，对短线极端波动保持警惕。若海外经济在降息周期 中企稳反弹，则需重新评估中长期看多白银的逻辑基础。 刘旭峰表示，2021年— ...

Core Viewpoint - The company is actively promoting the application of cooling solutions and core materials in computing power equipment, aiming to create a new growth curve [1] Group 1: Product Development and Market Application - The company's VC module products are accelerating their market application in high-speed optical modules [1] - Core components of the thermal module, TIM materials, and other products are being supplied in bulk to server manufacturers [1] - The company is actively advancing customer onboarding, product certification, and mass production supply of liquid cooling thermal modules [1]

Core Viewpoint - The company is actively expanding its cooling solutions and core materials in the data center sector, aiming to establish new growth trajectories and attract new top-tier clients, including potential customers in North America [2] Group 1: Business Development - The company is focusing on the application of cooling solutions and core materials in computing equipment [2] - The market application of the company's VC module products in high-speed optical modules is accelerating [2] - The company is supplying core components and TIM materials in bulk to server manufacturers [2] Group 2: Product Innovation - The company is actively promoting the introduction of liquid cooling modules, product certification, and mass production supply [2] - Investors are encouraged to monitor the company's regular reports and announcements on the Shenzhen Stock Exchange for updates on client and product developments [2]

Group 1 - The company is actively promoting industry solutions and core materials, as well as modules in the computing power equipment sector to create new growth curves [1] - The company is supplying core components of thermal modules and TIM materials in bulk to server manufacturers [1] - The company is also advancing the customer introduction of liquid cooling heat dissipation modules, continuously enhancing the value of supplied products [1]

Group 1 - The company is actively promoting industry solutions and core materials, as well as modules for application in computing power devices, aiming to create new growth curves [2] - In the data center communication sector, the company is continuously expanding its customer base, with its integrated VC module products receiving product certification and mass production from leading domestic and international clients [2] - The company is supplying core components of thermal modules, TIM materials, and is actively advancing the customer introduction of liquid cooling thermal modules, thereby enhancing the value of its supplied products [2]

Core Viewpoint - The company, Invec (002837), has noted increased market attention on AI, computing equipment, and data center industries, particularly regarding its liquid cooling business, but has confirmed no undisclosed significant information affecting stock prices [1] Company Operations - The company's production and operational status remains normal, with no significant changes in its main business activities [1] - There have been no major changes in the internal and external operating environment [1]

Core Viewpoint - The company, Yingweike, announced on August 12 that its stock price had deviated significantly, with a cumulative increase of over 20% in the last three trading days, which is classified as abnormal stock trading activity according to Shenzhen Stock Exchange regulations [1] Group 1: Company Operations - The company has noted increased market interest in AI, computing power equipment, and data centers, leading to heightened attention on its liquid cooling business [1] - After investigation, the company found no undisclosed significant information in public media that could have impacted its stock price [1] - The company aims to leverage its technological innovation in air cooling and liquid cooling to expand its customer base in domestic and international data centers and computing power equipment sectors [1] Group 2: Business Stability - The company has established a relatively complete liquid cooling technology, product, and solution capability [1] - Current production and operational conditions are normal, with no significant changes in the main business or external operating environment [1] - The company, its controlling shareholders, and actual controllers have no undisclosed significant matters or major matters under planning related to the company [1]

Core Viewpoint - The company, Invec (002837.SZ), has noted increased market interest in AI, computing power equipment, and data centers, particularly regarding its liquid cooling business, but has found no undisclosed significant information affecting stock prices [1] Group 1: Company Operations - The company has confirmed that its production and operational conditions are normal, with no significant changes in its main business [1] - The company has established a relatively complete technology, product, and solution capability for the entire liquid cooling chain [1] Group 2: Market Position and Strategy - The company aims to leverage its technological innovation advantages in air cooling and liquid cooling to expand its customer base in domestic and international data center and computing power equipment industries [1] - The ongoing development of AI computing power is expected to drive further interest and opportunities in the company's liquid cooling solutions [1]

Group 1: Company Dividend Announcements - Dongfang Yuhong reported a 10.84% decrease in revenue to 13.569 billion yuan and a 40.16% decline in net profit to 564 million yuan for the first half of 2025, proposing a cash dividend of 9.25 yuan per 10 shares [1] - Zhengdan Co. achieved a 3.37% increase in revenue to 1.429 billion yuan and a 120.35% rise in net profit to 630 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [1] - Daodaokuan reported a 1.16% increase in revenue to 2.792 billion yuan and a significant 563.15% increase in net profit to 181 million yuan, proposing a cash dividend of 1.76 yuan per 10 shares [2] Group 2: Major Financial Performance Updates - Sinopec expects a net profit of 20.1 billion to 21.6 billion yuan for the first half of 2025, representing a decline of 39.5% to 43.7% year-on-year due to factors such as falling international oil prices and intense market competition [3] - Jiejia Weichuang anticipates a net profit of 1.7 billion to 1.96 billion yuan for the first half of 2025, reflecting a growth of 38.65% to 59.85% year-on-year due to ongoing order fulfillment [6] Group 3: Share Buyback and Corporate Actions - Dajuecheng plans to privatize its subsidiary Dajuecheng Real Estate through a share buyback arrangement, proposing to repurchase shares at 0.62 HKD per share, totaling approximately 2.93 billion HKD [4][5] - Fuanna intends to repurchase shares with a budget of 55.85 million to 104 million yuan for employee stock ownership plans [8] - Aoshikang plans to issue convertible bonds to raise up to 1 billion yuan for high-end printed circuit board projects [8] Group 4: Fundraising and Capital Projects - Sixuan New Materials plans to raise up to 466.1 million yuan through a private placement to fund various projects including a cooling product project in Vietnam [7] - Changhua Chemical aims to raise up to 230 million yuan for its carbon dioxide polyether project [7] Group 5: Corporate Governance Changes - Renfu Pharmaceutical announced a change in its controlling shareholder to招商生命科技 (Wuhan) Co., Ltd., following a board restructuring [8]