Core Viewpoint - The company Yimikang (300249) has received approval from the Shenzhen Stock Exchange for a specific stock issuance, aiming to raise approximately 311 million yuan through the issuance of up to 132 million shares, which will be used for various projects related to cooling products for computing infrastructure and to supplement working capital [2] Group 1: Company Initiatives - The funds raised will be allocated to the construction of cooling products for computing infrastructure, the establishment of a research and testing platform for these products, and to enhance working capital [2] - The research and testing platform project aims to improve the company's R&D capabilities for cooling products and enhance testing capabilities, allowing for quicker responses to customer demands in the rapidly evolving technology landscape [3] Group 2: Industry Trends - The rapid development of the digital economy is accelerating the construction of digital infrastructure, which in turn is increasing the demand for data centers and raising the thermal density of computing equipment [2] - The importance of cooling solutions is becoming more pronounced as high-performance computing scenarios demand better heat dissipation capabilities, leading to the mainstream adoption of technologies such as liquid cooling and hybrid cooling [2] - The "East Data West Computing" initiative is facilitating the establishment of data center clusters in the western regions, while the dual carbon goals are driving the adoption of efficient cooling solutions, indicating a shift in the market towards lifecycle energy efficiency management [2]

Company Overview - Invech Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005. The company went public on December 29, 2016. Its main business includes the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1]. Business Segmentation - The revenue composition of Invech is as follows: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1]. Stock Performance - On October 16, Invech's stock rose by 5.05%, reaching a price of 78.06 CNY per share, with a trading volume of 2.598 billion CNY and a turnover rate of 4.02%. The total market capitalization is 76.230 billion CNY [1]. Fund Holdings - According to data, one fund under Huashang Fund holds a significant position in Invech. The Huashang Value Sharing Mixed Fund (630016) held 111,100 shares in the second quarter, accounting for 3.74% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 416,700 CNY [2]. Fund Performance - The Huashang Value Sharing Mixed Fund (630016) was established on March 18, 2013, with a latest scale of 88.2041 million CNY. Year-to-date returns are 64.16%, ranking 319 out of 8161 in its category. Over the past year, returns are 66.69%, ranking 435 out of 8021, and since inception, the fund has achieved a return of 417.46% [2]. Fund Management - The fund manager of Huashang Value Sharing Mixed Fund (630016) is Zhang Wenlong, who has been in the position for 2 years and 75 days. The total asset size of the fund is 1.221 billion CNY, with the best return during his tenure being 73.45% and the worst being 31.27% [3].

Group 1 - The core point of the news is that Yingweike's stock price increased by 5.05% to 78.06 CNY per share, with a trading volume of 2.643 billion CNY and a turnover rate of 4.09%, resulting in a total market capitalization of 76.23 billion CNY [1] - Yingweike, established on August 15, 2005, and listed on December 29, 2016, specializes in the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning for rail transit trains and traditional buses [1] - The revenue composition of Yingweike includes: 52.50% from data center temperature control products, 36.00% from cabinet temperature control products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1] Group 2 - From the perspective of major fund holdings, one fund under Caitong Securities Asset Management holds a significant position in Yingweike, with 3.4173 million shares, accounting for 4.08% of the fund's net value, ranking as the ninth largest holding [2] - Caitong Asset Management's Digital Economy Mixed Fund A (017483) has achieved a return of 73.7% this year, ranking 198 out of 8161 in its category, and a return of 92.27% over the past year, ranking 109 out of 8021 [2] - The fund manager, Bao Jianwen, has been in position for 3 years and 329 days, with the fund's total asset size at 3.381 billion CNY and a best return of 94.81% during his tenure [3]

Core Viewpoint - The demand for liquid cooling in data centers is increasing due to the rise of the computing power era, leading to steady growth in the operating performance of Invec (002837.SZ) [1][3]. Financial Performance - For the first three quarters of 2025, Invec achieved operating revenue of 4.026 billion yuan, a year-on-year increase of 40.19% [1][3]. - The net profit attributable to shareholders was 399 million yuan, up 13.13% year-on-year, while the net profit excluding non-recurring gains and losses was 384 million yuan, reflecting a 14.76% increase [1][3]. - R&D expenses reached 297 million yuan, a 31.36% increase year-on-year, accounting for 7.39% of the operating revenue during the same period [2][6]. Business Growth Drivers - The growth in revenue is primarily attributed to increased sales of energy-saving temperature control products for server rooms and cabinets [2][4]. - Invec's temperature control products serve major clients in the data center sector, including ByteDance, Tencent, Alibaba, and major telecommunications companies [4]. Market Position and Technology - Invec is recognized as a leading provider of precision temperature control solutions, with a strong focus on cooling solutions for cloud computing data centers and communication networks [3][5]. - The company has established a comprehensive R&D system and has been recognized by Intel for its cooling products, becoming a key partner in Intel's liquid cooling innovation program [5][6]. Inventory and Demand Indicators - As of September 2025, Invec's inventory reached 1.232 billion yuan, a 39.32% increase from the end of 2024, indicating strong downstream customer demand [7]. - The company's contract liabilities also increased by 42.37% to 326 million yuan, reflecting ongoing robust demand from clients [7].

Core Viewpoint - The company Invec has confirmed that its precision temperature control energy-saving equipment headquarters project in South China is now operational, with future expansion contingent on the company's business conditions [2] Group 1 - The South China headquarters project of Invec's precision temperature control energy-saving equipment has been put into use [2] - As of June 30, 2025, the progress of Invec's Central China headquarters project has reached 70.95% [2]

Group 1 - The core viewpoint of the news is that Yingweike's stock price increased by 5.14% to 83.90 CNY per share, with a trading volume of 3.652 billion CNY and a turnover rate of 5.32%, resulting in a total market capitalization of 81.326 billion CNY [1] - Yingweike Technology Co., Ltd. specializes in the research, production, and sales of precision temperature control energy-saving equipment, with its main business revenue composition being 52.50% from machine room temperature control products, 36.00% from cabinet temperature control products, and 0.93% from rail transit train air conditioning and services [1] - The company was established on August 15, 2005, and went public on December 29, 2016 [1] Group 2 - According to data, a fund under Caitong Securities Asset Management holds a significant position in Yingweike, with the Caitong Digital Economy Mixed Fund A (017483) holding 3.4173 million shares, accounting for 4.08% of the fund's net value, ranking as the ninth largest holding [2] - The Caitong Digital Economy Mixed Fund A has achieved a year-to-date return of 77.59%, ranking 215 out of 8244 in its category, and a one-year return of 136.98%, ranking 87 out of 8080 [2] Group 3 - The fund manager of Caitong Digital Economy Mixed Fund A is Bao Jianwen, who has been in the position for 3 years and 312 days, with the fund's total asset size at 3.381 billion CNY [3] - During Bao Jianwen's tenure, the best fund return was 103.41%, while the worst return was 8.01% [3]

Investment Rating - The report rates the industry as "Outperform" [2] Core Viewpoints - The rise in computing power density necessitates liquid cooling as the primary heat dissipation technology for intelligent computing centers. Liquid cooling offers advantages over air cooling, including faster temperature transfer, higher heat removal capacity, lower noise, energy savings, and space efficiency. The global trend towards stricter PUE assessments is expected to drive the penetration of liquid cooling technology [7][11][26] - The global market for liquid cooling in data centers is projected to exceed $10 billion by 2026, driven by the increasing power of AI chips and the growing density of server cabinets. The North American market alone is expected to reach $10 billion, with significant contributions from companies like NVIDIA [8][93] - Domestic liquid cooling market in China is expected to reach approximately 11.3 billion yuan in 2026, with a further increase to 23.8 billion yuan in 2027, as operators gradually adopt liquid cooling solutions [8][86] Summary by Sections 1. Computing Power Density and Liquid Cooling Technology - The increasing power density of AI chips is pushing the limits of traditional air cooling methods, making liquid cooling essential for managing heat in intelligent computing centers. Liquid cooling systems are categorized into room-side and ICT device-side architectures, with cold plate technology currently being the most widely adopted [7][10][11] 2. Accelerating Liquid Cooling Application and Market Size - The cooling system costs account for over 20% of the total data center infrastructure costs. Liquid cooling is expected to further increase this investment share. The report estimates that by 2026, the liquid cooling market in China will surpass that of air cooling, with a projected market size of 21.8 billion yuan [80][81][86] 3. Liquid Cooling Industry Chain Analysis - The liquid cooling industry chain consists of upstream components (liquid cooling parts), midstream system integrators, and downstream customers (data center service providers, operators, and internet companies). The report emphasizes the importance of system-level understanding for specialized temperature control manufacturers to benefit from industry growth [97][101]

Group 1 - The core point of the news is that Yingweike's stock price increased by 5.05% to 83.00 CNY per share, with a trading volume of 3.095 billion CNY and a turnover rate of 4.48%, resulting in a total market capitalization of 80.454 billion CNY [1] - Yingweike Technology Co., Ltd. specializes in the research, production, and sales of precision temperature control energy-saving equipment, with its main revenue sources being room temperature control products (52.50%), cabinet temperature control products (36.00%), and other services [1] - The company was established on August 15, 2005, and went public on December 29, 2016 [1] Group 2 - According to data, a fund managed by Caitong Securities Asset Management holds a significant position in Yingweike, with 3.4173 million shares, representing 4.08% of the fund's net value, making it the ninth largest holding [2] - The Caitong Digital Economy Mixed Fund A (017483) has achieved a return of 80.94% this year, ranking 223 out of 8173 in its category, and a one-year return of 149.77%, ranking 90 out of 8003 [2] - The fund manager, Bao Jianwen, has been in position for 3 years and 308 days, with the fund's total asset size at 3.381 billion CNY and a best return of 104.3% during his tenure [3]

Group 1 - The core point of the news is that Yingweike's stock price dropped by 5.59% to 78.08 CNY per share, with a trading volume of 934 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 75.685 billion CNY [1] - Yingweike Technology Co., Ltd. is based in Shenzhen, Guangdong, and was established on August 15, 2005, with its IPO on December 29, 2016. The company specializes in the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1] - The revenue composition of Yingweike's main business includes: 52.50% from data center temperature control products, 36.00% from cabinet temperature control products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1] Group 2 - Manulife Fund has one fund heavily invested in Yingweike, specifically the Manulife Risk Budget Mixed Fund (162205), which held 28,800 shares in the second quarter, accounting for 1.32% of the fund's net value, ranking as the tenth largest holding [2] - The estimated floating loss for the Manulife Risk Budget Mixed Fund today is approximately 133,100 CNY. The fund was established on April 5, 2005, with a latest scale of 64.8448 million CNY, and has achieved a year-to-date return of 7.28%, ranking 6140 out of 8173 in its category [2] - The fund manager, Cai Yiyang, has been in position for 2 years and 1 day, with a total asset scale of 4.562 billion CNY, achieving a best return of 11.48% and a worst return of 1.99% during his tenure. The co-manager, Shi Lei, has been in position for 1 year and 40 days, managing 2.831 billion CNY, with a best return of 10.94% and a worst return of 5.02% during his tenure [3]

Company Overview - Invech Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005. The company went public on December 29, 2016. Its main business involves the research, development, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1]. Business Segmentation - The revenue composition of Invech is as follows: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1]. Stock Performance - On September 18, Invech's stock price increased by 5.94%, reaching 79.90 CNY per share, with a trading volume of 4.194 billion CNY and a turnover rate of 6.38%. The total market capitalization is 77.449 billion CNY [1]. Fund Holdings - Tianhong Fund has a significant holding in Invech, with its Tianhong Guozheng New Energy Battery Index Fund A (021963) increasing its position by 3,700 shares in the second quarter, bringing the total to 14,700 shares, which accounts for 3.07% of the fund's net value, ranking it as the eighth largest holding [2]. Fund Performance - The Tianhong Guozheng New Energy Battery Index Fund A has a total asset size of 5.9776 million CNY and has achieved a year-to-date return of 40.97%, ranking 962 out of 4,222 in its category. Since its inception, the fund has returned 38.16% [2].