证券日报网讯12月30日，华光新材在互动平台回答投资者提问时表示，公司AI液冷相关业务进展情况 可关注公司后续披露的定期报告。 ...

机构投资者占流通 A 股比例 | 基金 | 0.3% | | --- | --- | | 一般法人 | 32.0% | 股价相对大盘走势 | H70529@capital.com.tw | | --- | | 何利超 目标价(元) 130 | 公司基本资讯 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/12/29) | | 109.32 | | 深证成指(2025/12/29) | | 13537.10 | | 股价 12 个月高/低 | | 116.5/21.53 | | 总发行股数(百万) | | 976.56 | | A 股数(百万) | | 850.19 | | A 市值(亿元) | | 929.43 | | 主要股东 | | 深圳市英维克 | | | | 投资有限公司 | | | | (25.09%) | | 每股净值(元) | | 3.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 48.5 40.6 253.2 | | 近期评等 出刊日期 前日收盘 评等 2025 年 12 月 30 日 | 产品组合 | | --- | ...

谷歌液冷快速增长及供应商模式破局，国 内供应商将迎来较大机会 ——AI 液冷系列报告之三 核心观点 投资建议与投资标的 从投资策略上看，随着谷歌 TPU 需求增长、TPU v7 服务器全面转向液冷，预计谷歌服务 器液冷市场将迎来快速增长。谷歌液冷供应商选择的破局，将为国内供应商提供更多配 套市场空间，液冷业务将成为国内供应商的第二增长曲线。相关标的：英维克、银轮股 份、飞龙股份、川环科技、思泉新材、祥鑫科技、中鼎股份、溯联股份、高澜股份、申 菱环境、科创新源、同飞股份、宏盛股份、奕东电子等。 风险提示 海外数据中心如谷歌等扩张速度低于预期、液冷渗透率低于预期、国内液冷供应商出海 进度低于预期、市场竞争加剧、假设条件变化影响测算结果。 汽车与零部件行业 行业研究 | 深度报告 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 12 月 29 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxueqing@orientsec.com.cn | | 袁俊轩 | 执业证书编号：S0860523070005 | | | ...

Group 1 - The core point of the article is that Guangdong Lingyi iTech has signed a share transfer agreement to acquire a 35% stake in Dongguan Liminda Electronic Technology for 875 million yuan, gaining control over 52.78% of the voting rights of Liminda [1] - The acquisition is expected to enhance Lingyi iTech's capabilities in server liquid cooling technology and customer certification, creating synergies with its existing server cooling and power business, thereby increasing the scale and profitability of its AI hardware server segment [1] - Liminda has a strong technical foundation and extensive industry experience in enterprise-level server thermal management, offering core hardware products such as liquid cooling connectors and modules, making it a comprehensive hardware solution provider [1] Group 2 - Liminda is a certified supplier for NVIDIA's AVL/RVL and has joined Intel's universal quick connector alliance, enhancing flexibility and options for data center customers [2] - The upgrade in chip power consumption is expected to drive rapid growth in the value of liquid cooling solutions, positioning Lingyi iTech to potentially evolve from a single hardware supplier to a full-chain solution provider in the AI server market [2]

人民财讯12月8日电，华泰证券发布汽车行业2026年度展望：①乘用车：总量平淡，自主高端发力大五/ 六座SUV市场，新能源抢滩登陆西欧，推荐高端化和出口有看点的公司。②零部件把握"全球化+新赛 道"两条主线：全球化更侧重欧洲新机会，围绕订单与产能进行投资布局；新赛道重点关注机器人和AI 液冷，机器人2026年把握去伪存真与技术变量，液冷与汽车底层技术高度相通，新赛道带来业绩成长性 与估值弹性。③智能驾驶：将是AI应用重要方向，技术端整车AI化加速，城市NOA加速由20万向15万 价格标配化，L4也将迎来更大规模商业落地，推荐核心运营平台以及高成长性零部件供应商。 ...

Core Viewpoint - The report from Zheshang Securities highlights Yinlun's leadership in automotive thermal management and its expansion into new growth areas such as data centers and robotics [1] Business Structure - The company's passenger vehicle segment is performing strongly, leading the market [1] - The digital energy business is experiencing rapid growth, while the commercial vehicle and non-road segments maintain stable contributions [1] - The robotics business is positioned for future benefits due to anticipated market expansion [1] Industry Position - As a veteran in domestic thermal management, the company is expected to benefit from the increasing penetration of new energy vehicles in the passenger car sector [1] - The commercial vehicle and non-road segments are likely to see industry recovery and breakthroughs with overseas clients [1] Future Growth Potential - The company is leveraging its extensive experience and technological reserves in its core business to expand into emerging fields such as AI liquid cooling and embodied intelligent robotics [1] - This strategic expansion is aimed at ensuring sustainable development in the future [1] Investment Rating - The company has been given a "Buy" rating based on its strong market position and growth prospects [1]

Core Viewpoint - Tsunash Machine Tool China (01651) has seen a stock price increase of over 4%, currently trading at 32.96 HKD, with a trading volume of 20.27 million HKD. The company has been actively repurchasing shares, indicating confidence in its future performance [1]. Group 1: Share Buyback Activity - The company announced a share buyback of 100,000 shares for a total cost of 3.12 million HKD on November 25 [1]. - Year-to-date, Tsunash Machine Tool China has conducted 56 buybacks, totaling 8.52 million shares and an aggregate expenditure of 204 million HKD [1]. Group 2: Financial Performance and Market Position - According to a report from Industrial Securities, the company's AI liquid cooling segment has performed exceptionally well, generating sales of approximately 120 million HKD, which accounts for 5.2% of domestic sales and is a key driver of revenue growth [1]. - Direct cooling connectors represent 80% of total market demand, with the company's main product, automatic lathes, having a significant competitive advantage in this area [1]. - The processing technology for liquid cooling connectors has been largely established, and the industry is entering a phase of bulk equipment procurement [1]. - From January to September, the company signed equipment orders with dozens of clients, representing about 5% of domestic order value, with expectations for this sector to become a major growth driver in the second half of the 2026 fiscal year and into the 2027 fiscal year [1].

Core Viewpoint -津上机床中国's stock price increased by over 4%, reaching 32.96 HKD, with a trading volume of 20.27 million HKD, following the announcement of a share buyback program [1] Group 1: Company Performance -津上机床中国 announced a share buyback of 100,000 shares for a total cost of 3.12 million HKD on November 25 [1] -Year-to-date, the company has conducted 56 buybacks, totaling 8.52 million shares and an aggregate amount of 204 million HKD [1] -For the first half of the fiscal year, the company's AI liquid cooling segment performed well, generating sales of approximately 120 million HKD, which accounts for 5.2% of domestic sales and is a key driver of revenue growth [1] Group 2: Industry Insights -Direct cooling connectors represent 80% of total market demand, with the company's main product, automatic lathes, having a significant competitive advantage in this area [1] -The processing technology for liquid cooling connectors has been largely established, and the industry is entering a phase of bulk equipment procurement [1] -From January to September, the company signed equipment orders with dozens of clients, representing about 5% of domestic order value, indicating strong future growth potential in the industry [1] -The industry is expected to become a major driver of the company's revenue growth in the second half of the 2026 fiscal year and into the 2027 fiscal year [1]

Core Viewpoint -津上机床中国 reported strong mid-year performance with significant revenue and profit growth, driven by AI liquid cooling products and a favorable market position in the industry [1] Financial Performance - The total revenue for the first half of the year reached approximately 2.497 billion RMB, representing a year-on-year increase of about 26.2% [1] - Gross profit was around 863 million RMB, with a year-on-year growth of approximately 35.1% [1] - The overall gross margin improved by about 2.5 percentage points from approximately 32.1% in the same period last year to about 34.6% [1] - Net profit amounted to approximately 502 million RMB, reflecting a year-on-year increase of about 47.7% [1] - The company proposed an interim dividend of 0.60 HKD per ordinary share [1] Product and Market Insights - The performance of AI liquid cooling products was highlighted, with sales amounting to approximately 120 million RMB, accounting for 5.2% of domestic sales, serving as a key driver for revenue growth [1] - Direct cooling joints represent 80% of total market demand, with the company's main product, automatic lathes, having a significant competitive advantage in processing [1] - The processing technology for liquid cooling joint products is now largely established, and the industry has entered a phase of bulk equipment procurement [1] - From January to September 2025, the company has signed equipment orders with dozens of clients, representing about 5% of domestic order value, indicating strong future growth potential [1] - The industry is expected to become a major growth driver for the company's performance in the second half of the 2026 fiscal year and into the 2027 fiscal year [1]

Core Viewpoint - Tsugami Machine Tool China reported strong mid-year performance with significant revenue and profit growth, driven by AI liquid cooling products and a favorable market position in the industry [1] Financial Performance - The total revenue for the first half of the year reached approximately 2.497 billion RMB, representing a year-on-year increase of about 26.2% [1] - Gross profit was around 863 million RMB, with a year-on-year growth of approximately 35.1% [1] - The overall gross margin improved by about 2.5 percentage points from approximately 32.1% in the same period last year to about 34.6% [1] - Net profit amounted to approximately 502 million RMB, reflecting a year-on-year increase of about 47.7% [1] - The company proposed an interim dividend of 0.60 HKD per ordinary share [1] Product and Market Insights - The AI liquid cooling segment performed exceptionally well, with sales amounting to approximately 120 million RMB, accounting for 5.2% of domestic sales, serving as a key driver for revenue growth [1] - Direct cooling connectors represent 80% of total market demand, with the company's main product, automatic lathes, having a significant competitive advantage in processing [1] - The processing technology for liquid cooling connector products is largely established, and the industry is entering a phase of bulk equipment procurement [1] - By January to September 2025, the company has signed equipment orders with dozens of clients, representing about 5% of domestic order value, indicating strong future growth potential [1] - The industry is expected to become a major growth driver for the company's performance in the second half of the 2026 fiscal year and into the 2027 fiscal year [1]