据介绍，此次观摩项目个个不一般：既有省级重大项目，也有外资重仓项目；既有破解国外"卡脖子"的 高新项目，也有存量企业增资扩产的N期项目；既有传统制造业项目，也有芯片半导体战新项目，还有 人工智能未来产业项目。 新年的好势头，源自去年的厚积淀。2025年，南通全市60个项目列入省级重大项目清单，其中38个项目 如期开工，新开工数位居全省第一；新认定服务业项目、招引科创项目数同比分别增长35.2%、 25.6%；112个项目"当年签约、当年开工"，启东惠生海工、海门振江铸造等一批涉海重大产业项目实 现"年初开工，年底试生产"，项目建设的"南通速度"不断刷新。 起势首在起速，开年就要开跑。南通市委书记吴新明表示，全市项目建设战线从年初开始就倒排工期、 挂图作战，推动项目早开快开、应开尽开，确保全年新开工5亿元以上项目200个、亿元以上项目500 个，省市重大项目9月底前全部开工，以项目建设高歌猛进支撑经济发展高开稳走，拼出南通高质量发 展新的"加速度"。 在南通高新技术产业开发区，安费诺高速技术公司封装车间，几乎每秒都在反复上演"追光逐电"的竞速 赛。"一眨眼的工夫就能下好一部10G电影。"车间技术负责人指着一款近 ...

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for several companies, including Dongpeng Beverage, Saintong Medical, Youlesai, Linqingxuan, Jinxun Co., Muyuan Foods, Basic Semiconductor, Huasheng Technology, Xiantong International, and Wuyi Vision, with Huasheng Technology applying for a listing in Taiwan and the others in Hong Kong [1]. Group 1: Dongpeng Beverage - Dongpeng Beverage plans to issue no more than 66,446,000 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on beverage R&D, production, and sales, particularly in the functional beverage sector, with products including energy drinks, sports drinks, tea, coffee, plant protein drinks, and fruit and vegetable juices [3]. - Financial projections for Dongpeng Beverage show revenues of 8.5 billion, 11.257 billion, 15.83 billion, and 10.732 billion for 2022 to 2025, with corresponding net profits of 1.441 billion, 2.04 billion, 3.326 billion, and 2.375 billion [3]. Group 2: Saintong Medical - Saintong Medical intends to issue no more than 12,298,300 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company specializes in the R&D, production, and sales of special medical purpose formula foods, particularly in the infant medical food sector [5]. - Financial forecasts for Saintong Medical indicate revenues of 491 million, 654 million, and 834 million for 2022 to 2024, with net profits of 83.89 million, 170 million, and 91.14 million [5]. Group 3: Youlesai - Youlesai plans to issue no more than 26,833,500 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a leading integrated circular packaging service provider for the automotive industry, offering solutions and smart logistics systems [8]. - Financial projections for Youlesai show revenues of 648 million, 794 million, and 838 million for 2022 to 2024, with net profits of 3.12 million, 64.15 million, and 50.74 million [8]. Group 4: Linqingxuan - Linqingxuan intends to issue no more than 16,061,400 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a high-end skincare brand focusing on plant-based skincare products, using camellia oil as a core ingredient [10]. - Financial forecasts for Linqingxuan indicate revenues of 691 million, 805 million, and 1.21 billion for 2022 to 2024, with net profits of -5.93 million, 84.52 million, and 187 million [10]. Group 5: Jinxun Co. - Jinxun Co. plans to issue no more than 42,280,400 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is involved in the development, smelting, and processing of non-ferrous metal new energy materials, with core businesses including cathode copper production and cobalt product processing [11]. - Financial projections for Jinxun Co. show revenues of 637 million, 676 million, and 1.77 billion for 2022 to 2024, with net profits of 84 million, 29 million, and 202 million [11]. Group 6: Muyuan Foods - Muyuan Foods intends to issue no more than 546,276,700 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company operates a full industry chain in pig farming, including feed processing, breeding, and meat processing [12]. - Financial forecasts for Muyuan Foods indicate revenues of 124.8 billion, 110.9 billion, and 138 billion for 2022 to 2024, with net profits of 14.933 billion, -4.168 billion, and 18.925 billion [12]. Group 7: Basic Semiconductor - Basic Semiconductor plans to issue no more than 39,357,800 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on the R&D and industrialization of silicon carbide power devices, with products used in photovoltaic storage and industrial control [15]. - Financial projections for Basic Semiconductor show revenues of 117 million, 221 million, and 299 million for 2022 to 2024, with net losses of 242 million, 342 million, and 237 million [15]. Group 8: Huasheng Technology - Huasheng Technology intends to issue no more than 9,100,000 ordinary shares and list on the Taiwan Stock Exchange [1]. - The company specializes in manufacturing electronic connectors and related products, including automotive wiring harnesses and RF antennas [17]. Group 9: Xiantong International - Xiantong International plans to issue no more than 9,259,900 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a comprehensive enterprise focusing on pharmaceutical R&D, production, and sales, with a pipeline targeting oncology and neurodegenerative diseases [19]. - Financial forecasts for Xiantong International indicate revenues of 10.23 million and 44.06 million for 2022 to 2024, with net losses of 309 million and 156 million [19]. Group 10: Wuyi Vision - Wuyi Vision intends to issue no more than 77,600,840 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on digital twin technology, providing applications for smart cities and industrial simulation [21]. - Financial projections for Wuyi Vision show revenues of 170 million, 256 million, and 287 million for 2022 to 2024, with net losses of 190 million, 87 million, and 82 million [21].

Group 1 - The core point of the news is that Shenglan Technology Co., Ltd. experienced a stock price decline of 5.06%, with a current share price of 44.83 yuan and a total market capitalization of 7.339 billion yuan [1] - Shenglan's main business involves the research, production, and sales of electronic connectors and precision components, with revenue composition as follows: 62.69% from consumer electronic connectors, 22.92% from new energy vehicle connectors, 6.66% from data communication connectors, 5.35% from optical lenses, and 2.38% from other sources [1] - The trading volume for Shenglan's shares reached 287 million yuan, with a turnover rate of 3.98% [1] Group 2 - Among the top ten circulating shareholders of Shenglan, one fund from GF Fund Management, the GF Multi-Strategy Emerging Stock Fund (003745), entered the list in the third quarter, holding 718,800 shares, which is 0.46% of the circulating shares [2] - The GF Multi-Strategy Emerging Stock Fund has a total scale of 2.29 billion yuan and has achieved a year-to-date return of 29.12%, ranking 1599 out of 4208 in its category [2] - The fund manager, Zhou Zhishuo, has been in position for 5 years and 65 days, with the fund's best return during his tenure being 47.06% and the worst being -24.96% [3]

Summary of Liquid Cooling Connector Industry and Company Insights Industry Overview - **Industry**: Liquid Cooling Connector Industry - **Growth Drivers**: The rapid development of the liquid cooling connector industry is primarily driven by the limitations of traditional air cooling technologies in meeting the heat dissipation needs of data centers. The increasing demand for high-density data centers due to the growth of digital economy, 5G, and artificial intelligence is a significant factor [2][9][10]. Key Insights - **Market Size and Growth**: The liquid cooling connector market in China is projected to grow from 1.8 billion yuan in 2021 to 5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 40.6%. By 2030, the market size is expected to reach 24.1 billion yuan, with a CAGR of approximately 30% [2][9]. - **Core Application**: Data centers are the primary application for liquid cooling connectors, expected to account for 60% of the market share. The demand for liquid cooling connectors will increase as the number of data center racks continues to grow [2][17]. - **Energy Efficiency**: Liquid cooling technologies can significantly reduce Power Usage Effectiveness (PUE) to below 1.3 for cold plate systems and even 1.2 for immersion cooling systems, enhancing energy efficiency and equipment stability [1][3]. Technological Developments - **Connector Types**: Liquid cooling connectors, known as Universal Quick Disconnect (UQD), are designed for quick connection and disconnection without tools. They are categorized into first-in and blind-mate types, suitable for different operational scenarios [4]. - **Technical Evolution**: The technology has evolved from the Beta version to version 4.0, with continuous improvements in functionality and application scenarios. The latest version includes features like pressure relief valves and non-stop pressurized connection capabilities [7]. Competitive Landscape - **Key Players**: Major competitors in the Chinese market are categorized into three tiers: - **Tier 1**: International companies like Stäubli and Parker, known for their high reliability and early market entry. - **Tier 2**: Domestic leaders such as AVIC Optoelectronics, Zhengbei Connection, and Yonggui Electric, which have strong production capabilities but are still catching up to international giants. - **Tier 3**: Companies like Industrial Fulian and Liminda, which have production capabilities but lack scale [12][13]. Policy Support - **Government Initiatives**: The Chinese government supports the liquid cooling technology and connector industry through various policies aimed at promoting energy-efficient cooling technologies and enhancing the development of data centers [8]. Company Spotlight: AVIC Optoelectronics - **Company Overview**: Established in 2002 and listed in 2007, AVIC Optoelectronics specializes in fluid connection technology and has developed over 500 series of products. The company has a strong patent portfolio and has been involved in setting industry standards [19]. - **Competitive Advantages**: AVIC Optoelectronics holds a significant position in the industry, having authored numerous national standards and developed a comprehensive range of liquid cooling solutions. Their revenue from related businesses grew from 840 million yuan in 2021 to 1.43 billion yuan in 2023 [20][21]. Conclusion - The liquid cooling connector industry is poised for significant growth driven by technological advancements and increasing demand from data centers. Companies like AVIC Optoelectronics are well-positioned to capitalize on this trend, supported by favorable government policies and a strong competitive edge in product development and market presence.

Group 1 - The core point of the article highlights the recent performance of Dianlian Technology, which saw a 5.29% increase in stock price, reaching 53.56 yuan per share, with a trading volume of 413 million yuan and a market capitalization of 22.753 billion yuan [1] - Dianlian Technology, established on November 20, 2006, and listed on July 31, 2017, specializes in the research, design, manufacturing, and sales of micro connectors and interconnection systems [1] - The company's main business revenue composition includes automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1] Group 2 - From the perspective of major fund holdings, Jin Yuan Shun An Fund has a significant position in Dianlian Technology, with its flagship fund, Jin Yuan Shun An Value Growth Mixed Fund (620004), holding 37,400 shares, accounting for 2.43% of the fund's net value [2] - The fund reduced its holdings by 11,300 shares in the second quarter, and as of the latest data, it has an estimated floating profit of approximately 100,600 yuan [2] - The Jin Yuan Shun An Value Growth Mixed Fund was established on September 11, 2009, with a current scale of 69.7686 million yuan, achieving a year-to-date return of 16.27% and a one-year return of 15.69% [2]

Core Viewpoint - Zhejiang Zhucheng Technology Co., Ltd. reported a revenue increase of 13.33% year-on-year for the first half of 2025, reaching 899.6 million yuan, but faced a net profit decline of 10.43% to 88.52 million yuan due to rising upstream material costs and exchange rate fluctuations [1][2]. Group 1: Business Performance - In the first half of 2025, the company achieved an operating income of 899.6 million yuan, reflecting a year-on-year growth of 13.33% [1]. - The net profit attributable to shareholders was 88.52 million yuan, showing a year-on-year decrease of 10.43% [1]. - The company experienced a negative operating cash flow of 74 million yuan, indicating significant investments in capacity expansion and inventory reserves [1]. Group 2: Business Structure - The company's main business focuses on the research, production, and sales of electronic connectors, with applications in home appliances, automotive, new energy, and industrial control sectors [2]. - In the home appliance sector, the company is a long-term partner of several leading brands, ensuring stable product supply [2]. - The automotive sector has seen breakthroughs in high-speed connection systems, while the industrial connectors for energy storage and photovoltaics are beginning to scale up [2]. Group 3: Competitive Advantages - With 30 years of experience in the connector industry, the company and its subsidiaries have obtained a total of 173 patents, including 23 invention patents, establishing strong brand and technical advantages [2]. - The company implements IATF16949 quality management and ISO14001 environmental management systems, with major products certified by CQC and UL [2]. - The company has become a designated brand and strategic partner for major manufacturers like Midea and Haier [2]. Group 4: Industry Chain Layout - The company has established a subsidiary focused on industrial connectors, expanding into the industrial robot sector [2]. - A partnership with UBTECH has been formed, with related products currently in the sample testing phase [2]. - The company has obtained a supplier code from KUKA Robotics and has begun small-scale deliveries [2].

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 899.6 million CNY, a year-on-year increase of 13.33% [2] - The net profit attributable to shareholders was 88.52 million CNY, a year-on-year decrease of 10.43% [2] - Operating cash flow was -74 million CNY, indicating significant investment in capacity expansion and inventory reserves [2] Group 2: Core Business Structure - The main business focuses on the R&D, production, and sales of electronic connectors, with applications in home appliances, automotive, new energy, and industrial control [2][3] - Home appliance connectors remain the primary revenue source, with clients including leading brands such as Midea, Haier, and Xiaomi [3] - The automotive connector business is growing rapidly, with partnerships established with manufacturers like BYD and Changan in the new energy sector [3] Group 3: Competitive Advantages - The company has been in the connector industry for 30 years, holding a total of 173 patents, including 23 invention patents, which enhances its brand and technical strength [3] - It implements IATF16949 quality management and ISO14001 environmental management systems, with major products certified by CQC and UL [3] - The company has become a designated brand and strategic partner for top manufacturers such as LG, Panasonic, and KUKA [3] Group 4: Robotics Industry Engagement - The company has established a subsidiary focused on industrial connectors, particularly for robotics applications [3] - A partnership with UBTECH has been formed, with products currently in the sample testing phase [3] - The company has received a supplier code from KUKA and is supplying small batches of products, with plans to enhance customer collaboration and develop customized products [3]

Core Viewpoint - The company is focused on the development of the electronic connector industry, emphasizing its strong technical foundation and ongoing investment in research and market expansion [1] Group 1: Company Development - The company has significant technological accumulation in the connector field and is actively participating in the domestic substitution process for mid-to-high-end connectors [1] - The company is committed to continuous R&D investment and market expansion [1] Group 2: Market Position - The company possesses a notable competitive advantage in the high-speed transmission connector sector [1] - The products are primarily applied in the fields of computers, communications, and data centers [1]

Group 1 - The core point of the news is that Zhu Cheng Technology's stock has increased by 5.44%, reaching a price of 51.94 CNY per share, with a total market capitalization of 7.104 billion CNY [1] - Zhu Cheng Technology, established on July 3, 2000, specializes in the research, production, and sales of electronic connectors, with 97.11% of its revenue coming from home appliance connectors [1] - The company is located in the Yejing Economic Development Zone, Zhejiang Province, and was listed on December 26, 2022 [1] Group 2 - Guohai Franklin Fund has a significant holding in Zhu Cheng Technology, with the Guofu Tianyi Mixed A Fund (005652) holding 1,200 shares, representing 0.59% of the fund's net value [2] - The Guofu Tianyi Mixed A Fund was established on March 27, 2018, and has a current scale of 6.0837 million CNY, with a year-to-date return of 3.52% [2] - The fund's performance ranks 7,054 out of 8,161 in its category this year, and it has achieved a return of 52.11% since inception [2] Group 3 - The fund managers of Guofu Tianyi Mixed A are Wang Li and Gao Yanyun, with Wang Li having a tenure of 9 years and 270 days and a total fund asset scale of 27.662 billion CNY [3] - Wang Li's best fund return during her tenure is 45.5%, while the worst is -0.71% [3] - Gao Yanyun has a tenure of 3 years and 100 days, managing a fund asset scale of 0.0941 billion CNY, with a best return of 37.46% and a worst return of 6.67% during her tenure [3]

Group 1: Company Overview - The company is named Shenglan Technology Co., Ltd. with stock code 300843 and bond code 123258 [1] - The main products include consumer electronic connectors, new energy vehicle connectors, data communication connectors, and optical lenses [3][4] Group 2: Investor Relations Activity - The investor relations activity took place on September 19, 2025, from 15:30 to 17:00 via the Panoramic Network platform [2] - The event was attended by the company's chairman, financial director, and board secretary [2] Group 3: Production and Capacity - The company is currently constructing new production capacity, expected to be operational in the first half of next year [2] - The current production capacity utilization rate is reported to be sufficient to meet existing orders [3] Group 4: Market and Technology Development - The company is focusing on expanding market share in the liquid cooling technology sector and has made progress in micro-channel technology [4] - The company has received certifications from major clients such as AMD, Inspur, and Lenovo, indicating a shift towards domestic alternatives [3] Group 5: Financial Performance and Future Outlook - The company aims to enhance its core competitiveness through technology upgrades and market demand orientation, which will support long-term value creation for shareholders and creditors [3] - The company is committed to maintaining stable operations and leveraging convertible bond projects to drive performance growth [3]