人民财讯11月20日电，近期，存储等核心元器件成本出现温和上涨，市场对终端厂商盈利能力保持担 忧。11月20日，联想集团表示，成本端变化增强了客户"前置采购"意愿，带动下游渠道积极补库；同 时，相较于行业平均水平，联想在供应链的灵活度与风险吸收能力具备显著优势，能够在需求变化和成 本波动中保持更高的响应效率与供给韧性。因此，联想对下半财年PC及ISG的"双位数增长"保持信心， 并将继续推动市占率提升。 ...

智通财经APP讯，联想集团(00992)发布公告，该公司将于2025年12月24日派发截至2025年9月30日止6个 月的中期股息每股0.085港元。 ...

智通财经APP获悉，11月20日，联想集团(00992)发布2025/26财年第二季度财报，ISG基础设施方案业务 集团实现营收约293亿元人民币，同比提升24%。运营利润率环比提升1.2个百分点，业务盈利能力呈现 出企稳回升势头。AI服务器收入实现高双位数增长，订单储备强劲。 ...

Core Viewpoint - The company, Unisplendour Corporation Limited, announced that its shareholder, Cinda Securities, plans to reduce its stake by up to 28.6008 million shares, representing approximately 1.00% of the company's total share capital within three months after the announcement [1] Group 1 - Cinda Securities, through its asset management plan, intends to execute the share reduction via centralized bidding [1] - The reduction will take place within a timeframe of three months starting from 15 trading days after the announcement [1]

Core Viewpoint - The announcement indicates that a shareholder, Xinda Securities, plans to reduce its stake in Unisplendour Co., Ltd. by selling up to 28.6008 million shares, which represents 1.00% of the company's total equity, between December 11, 2025, and March 10, 2026, at market price [1] Summary by Relevant Sections - **Shareholder Information** - Xinda Securities holds a 5.50% stake in Unisplendour Co., Ltd. [1] - **Reduction Plan** - The planned reduction involves selling up to 28.6008 million shares [1] - This sale will account for 1.00% of the company's total share capital [1] - **Timeline and Pricing** - The reduction is scheduled to occur from December 11, 2025, to March 10, 2026 [1] - The selling price will be determined based on market conditions [1]

每经AI快讯，智明达（SH 688636，收盘价：33.45元）11月19日晚间发布公告称，公司第四届第一次董 事会会议于2025年11月19日在公司会议室以现场结合通讯方式召开。会议审议了《关于选举公司第四届 董事会审计委员会委员的议案》等文件。 （记者 王晓波） 截至发稿，智明达市值为56亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" 2024年1至12月份，智明达的营业收入构成为：嵌入式计算机占比99.46%，其他业务占比0.54%。 ...

证券日报网讯星网宇达（002829）11月19日在互动平台回答投资者提问时表示，公司截至2025年11月10 日的股东人数为31032户。 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "small giant" in data center cooling technology, with a revenue of 279 million yuan in Q1-Q3 2025, representing a year-on-year growth of 61% [5] - The company focuses on efficient cooling technology and provides a full lifecycle of services for data center infrastructure products, including immersion phase change liquid cooling and cold plate liquid cooling solutions [5][8] - The company aims to expand its market presence in Southeast Asia and has established a subsidiary in Singapore to explore overseas markets [8] Financial Performance - The company achieved a revenue of 506 million yuan in 2024 and a net profit of 61.42 million yuan [5] - Revenue projections for 2025 are estimated at 794 million yuan, with a net profit of 67 million yuan, reflecting a significant recovery from previous years [7] - The company has a market share of 61.30% in the liquid cooling infrastructure market, maintaining its leading position for three consecutive years [8] Product Development - The company has launched the C7000-F phase change cold plate liquid cooling solution, transitioning domestic liquid cooling from laboratory to production line [5] - The company is actively involved in setting industry standards, including the first national standard for green data centers and a general specification for quick connectors in liquid cooling data centers [5][6] Market Trends - The demand for liquid cooling solutions is driven by stricter energy efficiency requirements for data centers, with PUE values for cold plate liquid cooling dropping to a minimum of 1.15 [6] - The internet industry accounts for 46.3% of the domestic liquid cooling server market, indicating a strong demand for these technologies [5] Future Outlook - The company is expected to see a net profit of 67 million yuan in 2025, with projections of 151 million yuan and 201 million yuan for 2026 and 2027, respectively [7][8] - The company plans to enhance product value and profitability through R&D investments and the establishment of production bases [8]

Market Overview - The computer equipment sector increased by 0.12% on November 18, with Haohan Deep leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Top Gainers - Haohan Deep (688292) closed at 22.83, up 9.03% with a trading volume of 92,900 shares and a turnover of 207 million yuan [1] - New Open Sound (300248) closed at 13.29, up 7.35% with a trading volume of 502,800 shares and a turnover of 668 million yuan [1] - Zhongfu Information (300659) closed at 18.65, up 4.66% with a trading volume of 614,900 shares and a turnover of 1.134 billion yuan [1] Top Losers - Aerospace Intelligent Equipment (300455) closed at 26.25, down 6.82% with a trading volume of 693,000 shares and a turnover of 1.828 billion yuan [2] - Dineike (300884) closed at 14.11, down 5.81% with a trading volume of 183,000 shares and a turnover of 260 million yuan [2] - Kalete (301391) closed at 85.11, down 5.01% with a trading volume of 20,100 shares and a turnover of 173 million yuan [2] Fund Flow Analysis - The computer equipment sector experienced a net outflow of 702 million yuan from institutional investors, while retail investors saw a net inflow of 353 million yuan [2] - Major stocks like Inspur Information (000977) had a net inflow of 14.2 million yuan from institutional investors, but a net outflow from retail investors [3] - Zhongfu Information (300659) had a net inflow of 64.95 million yuan from institutional investors, but a net outflow of 98.73 million yuan from retail investors [3]

Core Viewpoint - On November 17, a total of 13 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively, across the optical optoelectronics, general equipment, and professional engineering industries [1][3]. Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan with a target price increase of 44.60% [3] - Kede CNC was assigned a target price of 86.95 yuan, reflecting a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, indicating a 37.73% increase [3] - Other companies with significant target price increases include Zhongxin International with a target price of 159.30 yuan (35.42% increase) and Sinopec with a target price of 7.60 yuan (31.49% increase) [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - On November 17, brokerages raised ratings for 2 companies, including Sinopec's rating upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics' rating upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - On November 17, brokerages initiated coverage on 7 companies, including Wan Energy Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [8]