Group 1 - The data center power concept showed initial strength on December 24, with companies like New Ray Power hitting the daily limit up [1] - Megmeet Technology also approached the daily limit up, indicating strong market interest [1] - Other companies such as Zhongheng Electric, KOTAI Power, Tonghe Technology, and Kehua Data experienced upward movement in their stock prices [1]

东吴证券认为，周二，虽然指数方面保持红盘，但大部分个股出现了调整，领先指数整体震荡走低，本 轮调整目前看为连续上涨后的良性调整，大部分品种的回调幅度较小，综合近期成交量的有效放大来 看，在上证指数3900点左右平台筹码正在进行有序交换，前期观望资金正在进行入场的动作，A股市场 人气处于逐渐复苏的状态。 （文章来源：证券时报网） 财信证券认为，周二（12月23日），A股大盘冲高回落，个股跌多涨少。指数层面维持着震荡反弹趋 势，不过市场分化特征仍较明显，当日"二八"分化行情主要缘于前期强势题材商业航天和消费板块有所 走弱，导致市场短线情绪受到一定影响，资金选择中大盘股进行承接。因此短期内，大盘或维持震荡反 弹势头，不过在全市场成交额暂未稳定在2万亿元以上的情况下，仍以板块轮动思维参与市场，把握好 结构性机会。展望后续，随着11月份经济数据公布以及海外三大央行利率决议落地，宏观经济数据对市 场影响消退，流动性及风险偏好对市场影响将增加，叠加国内政策利好预期，市场有望逐步演绎"春季 躁动"行情，指数放量突破均线将是观察"春季躁动"行情开启的关键信号。 中原证券认为，周二，A股市场冲高遇阻、小幅震荡上行。盘中电池、能源 ...

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：贵公司的服务电源产品目前是否有出口到国外？ 欧陆通（300870.SZ）12月24日在投资者互动平台表示，目前公司数据中心电源业务主要以内销为主， 海外市场拓展在积极推进中。 ...

Core Viewpoint - The company, 欧陆通, specializes in power supply products, including power adapters and data center power solutions, indicating a strong focus on the data center market [1] Product Offerings - The main products include power adapters, data center power supplies, and other power solutions [1] - The data center power supplies are designed for equipment within server rooms and support a wide range of AC and DC inputs [1] - Key products in the server power supply segment include: - 3,200W Titanium M-CRPS server power supply - 1,300W-3,600W Titanium CRPS server power supply - 3,300W-5,500W Titanium and Super Titanium GPU server power supplies - Immersion liquid cooling server power supplies - Rack-mounted power supply solutions [1] Technological Leadership - The company claims that its research and development technology and products are at a leading level in the industry [1]

Core Viewpoint - The company, Xinle Energy, has confirmed that its power products can be applied to low Earth orbit satellites, with existing products already in operation in orbit. The company plans to develop a series of power products specifically for low Earth orbit satellites in the future [1]. Group 1 - The company has engaged with investors through an interactive platform, indicating transparency and communication regarding its product applications [1]. - Existing power products from the company are currently operational in low Earth orbit, showcasing the company's capability and experience in this sector [1]. - The company is planning a series of developments for low Earth orbit satellite power products, indicating a strategic focus on expanding its product line in this emerging market [1].

每经AI快讯，12月23日，爱科赛博在互动平台表示，本月中旬公司陆续中标BEST系统内真空室快控电 源采购项目及HL-3系统RMP电源升级改造项目。 ...

爱科赛博（688719.SH）12月23日在投资者互动平台表示，本月中旬公司陆续中标BEST系统内真空室快 控电源采购项目及HL-3系统RMP电源升级改造项目。 每经AI快讯，有投资者在投资者互动平台提问：根据贵公司近期公布的投资者交流会纪要，可控核聚 变相关业绩，将会在2025年第四季度，也就是12月30日前参与重大项目的投标和中标。请问，相关投标 中标的情况如何？2025年四季度只有12天时间了，相关进展顺利吗？ （文章来源：每日经济新闻） ...

Group 1: Investment Opportunities in Chinese Assets - In 2025, foreign investment in Chinese assets through ETFs has seen a net inflow of $83.1 billion, with domestic ETFs accounting for $78.6 billion and foreign ETFs for approximately $4.5 billion [2] - The technology sector has attracted the most foreign inflows, totaling $9.5 billion, primarily from the US and Europe [2] - Six out of the top ten foreign inflow ETFs are technology-focused, with the top three being iShares China Technology UCITS ETF, Invesco China Technology ETF, and KraneShares CSI China Internet ETF, each receiving over $2 billion [2] Group 2: Real Estate Investment Trusts (REITs) Development - The China Securities Regulatory Commission has proposed a pilot program for commercial real estate investment trusts (REITs), building on the success of infrastructure REITs [3] - The introduction of commercial real estate REITs is expected to enhance the multi-tiered REITs market and facilitate a shift in the real estate industry from a "sales-heavy" to an "operation-heavy" model [3] - Increased supply of public REITs is anticipated to lead to a more rational market pricing, as the previous supply was limited [3] Group 3: Gaming Industry Growth - The domestic gaming market in China is projected to reach a sales revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68% [5] - The user base is expected to exceed 683 million, with a growth of 1.35%, driven by an increase in ARPU [5] - Mobile games are forecasted to generate 257.08 billion yuan, a 7.92% increase, while client games are expected to see a significant rise of 14.97%, reaching 78.16 billion yuan [5] Group 4: Aerospace Industry Insights - The global aerospace sector has been experiencing significant growth since 2020, with countries recognizing its strategic importance [6] - China's aerospace industry has made substantial advancements, particularly in satellite internet and reusable rockets, with increasing numbers of rocket launches and satellites being deployed [6] - The demand for solar wings, a critical subsystem for spacecraft, is expected to rise, presenting investment opportunities in this area [6] Group 5: Company-Specific Analysis - 欧陆通 - 欧陆通 is identified as a leading domestic provider of high-power server power supplies, with a target price of 233.37 yuan and an initial "Buy" rating [8] - The company is well-positioned to benefit from the growing demand in AI data centers, with expectations of both volume and price increases in server power supplies [8] - Potential catalysts for market performance include an increase in domestic data center localization rates and a recovery in the consumer electronics market [8] Group 6: Pharmaceutical Sector Developments - 先声药业 has announced the overseas licensing of its SIM0613 product for $45 million upfront and a total of $1.06 billion, marking its third licensing deal in 2025 [10] - This transaction indicates that the company's innovative drug pipeline is entering a monetization phase, with expectations for further licensing opportunities as new products progress through clinical stages [10] - The company maintains a "Buy" rating based on its growth potential in the global market [10] Group 7: Semiconductor Industry Performance - 博通 reported a revenue of $18.015 billion for Q4 FY25, representing a year-on-year increase of 28% and a quarter-on-quarter increase of 13% [11] - The net profit for the quarter reached $8.518 billion, a significant year-on-year increase of 97%, driven by improved gross margins and reduced expenses [11] - The company’s Non-GAAP net profit was $9.714 billion, with a Non-GAAP EPS of $1.95, indicating strong financial performance [11]

Core Viewpoint - Keda Data's stock experienced a decline of 0.98% on December 19, with a trading volume of 1.018 billion yuan, indicating a significant level of trading activity in the stock market [1] Financing and Margin Trading - On December 19, Keda Data had a financing buy amount of 126 million yuan and a financing repayment of 145 million yuan, resulting in a net financing buy of -18.56 million yuan [1] - The total margin trading balance for Keda Data reached 1.502 billion yuan as of December 19, with the financing balance of 1.499 billion yuan accounting for 5.54% of the circulating market value, which is above the 70th percentile level over the past year [1] - In terms of securities lending, Keda Data had 4,700 shares repaid and 4,200 shares sold on December 19, with a selling amount of 220,400 yuan, and a remaining securities lending balance of 388.80 million yuan, also above the 70th percentile level over the past year [1] Company Overview - Keda Data Co., Ltd. is located in Xiamen Torch High-tech Zone, Fujian Province, and was established on March 26, 1999, with its listing date on January 13, 2010 [1] - The company's main business involves the production and sales of UPS power supplies for information equipment and industrial power, with revenue composition as follows: 49.62% from new energy products, 21.01% from data center products, 16.43% from IDC services, 11.77% from smart energy products, and 1.17% from other sources [1] Financial Performance - As of December 10, Keda Data had 107,000 shareholders, an increase of 10.31% from the previous period, with an average of 4,249 circulating shares per person, a decrease of 9.35% [2] - For the period from January to September 2025, Keda Data achieved an operating income of 5.706 billion yuan, representing a year-on-year growth of 5.79%, and a net profit attributable to the parent company of 344 million yuan, reflecting a year-on-year increase of 44.71% [2] Dividend Distribution and Institutional Holdings - Keda Data has distributed a total of 1.385 billion yuan in dividends since its A-share listing, with 130 million yuan distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 20.0319 million shares, an increase of 13.3589 million shares from the previous period [3] - The Guangfu ETF (515790) is the seventh-largest circulating shareholder, holding 4.1008 million shares, a decrease of 114,800 shares from the previous period, while the Southern CSI 1000 ETF (512100) is the tenth-largest circulating shareholder, holding 3.2986 million shares, a decrease of 23,100 shares [3]

Core Viewpoint - The company is initiating coverage on Continental Power with a "Buy" rating and a target price of 233.37 yuan, corresponding to a 57x PE for 2026, highlighting its strong position in the high-power server power supply market amid growing AI data center demand [1] Group 1: Company Overview - The company specializes in power adapters and server power supply, being one of the few domestic leaders capable of providing high-power server power supplies [1] - The company is expected to benefit from the booming demand for AI data centers, leading to a rise in both volume and price for server power supplies [2] Group 2: Market Dynamics - The global installed capacity of intelligent computing data centers is projected to grow at a CAGR of 25% from 2025 to 2027, driven by increased demand for AI computing power [2] - The global AI server power supply market is expected to reach between 15.9 billion to 21.3 billion yuan by 2025, with the company poised to capture market share due to its advanced technology and strong customer relationships [2] Group 3: Business Segments - The power adapter segment is expected to contribute 44% of the company's total revenue in 2024, with a projected revenue contribution of 1.76 billion, 1.84 billion, and 1.94 billion yuan from 2025 to 2027, reflecting a CAGR of 5% [3] - The company has established stable partnerships with major clients such as LG, HP, Honeywell, Google, and Foxconn, which enhances order resilience and new product introduction [3] Group 4: Differentiation from Market Views - The company believes it will outperform market expectations by leveraging its leading capabilities in high-power server power supply development and production, thus enjoying both value and market share growth during the technology diffusion period [4] Group 5: Profit Forecast and Valuation - The company forecasts net profits of 326 million, 450 million, and 562 million yuan for 2025 to 2027, with year-on-year growth rates of 21.47%, 38.17%, and 24.95% respectively [5] - The estimated EPS for the same period is projected to be 2.96 yuan, 4.09 yuan, and 5.12 yuan, with a target price of 233.37 yuan based on a 57x PE for 2026 [5]