格隆汇11月24日丨紫光股份(000938.SZ)在互动平台表示，公司全面布局液冷技术，可提供冷板式、浸 没式、喷淋式等多种技术路线，致力于打造技术先进、性能卓越的全栈液冷解决方案，并推出面向AI 计算和智能科学计算领域的液冷整机柜产品系列。作为国内极少数具备液冷整机柜设计制造全流程和大 规模交付能力的厂商，公司持续完善液冷产业布局，在现有产能基础上积极筹建更大规模生产线以应对 市场需求的增长。 ...

Core Viewpoint - Zhongke Shuguang's stock performance shows a slight decline with significant financing activities indicating high market interest and potential volatility [1][2]. Financing Activities - On November 20, Zhongke Shuguang experienced a financing buy-in of 258 million yuan, with a net financing outflow of 136 million yuan, resulting in a total financing balance of 9.551 billion yuan [1]. - The financing balance of 9.533 billion yuan accounts for 6.52% of the circulating market value, indicating a high level compared to the past year [1]. - The company also reported a securities lending activity with 4,600 shares sold and a remaining balance of 18,000 shares, reflecting a securities lending balance of 17.99 million yuan, which is also at a high level [1]. Company Overview - Zhongke Shuguang, established on March 7, 2006, and listed on November 6, 2014, specializes in high-performance computing, general servers, and storage products, with 88.79% of its revenue coming from IT equipment [1]. - The company reported a revenue of 8.82 billion yuan for the first nine months of 2025, marking a year-on-year growth of 9.68%, and a net profit of 966 million yuan, reflecting a 25.55% increase [2]. Shareholder Information - As of October 10, 2025, the number of shareholders decreased to 323,500, while the average number of circulating shares per person increased to 4,521 [2]. - Cumulative cash dividends since the A-share listing amount to 1.922 billion yuan, with 1.083 billion yuan distributed over the last three years [3]. - Major institutional shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with notable changes in their holdings [3].

Core Viewpoint - The A-share market experienced a significant sell-off, with the Shanghai Composite Index dropping below 3900 points, closing at 3897.03, a decline of 0.94% [1] Group 1: Market Performance - The main capital outflow reached 136.5 billion yuan in a single day, a scale rarely seen in the past five years, surpassing the selling pressure during the Federal Reserve's interest rate cut last October [1][3] - The trading volume in the two markets fell back to 2.5 trillion yuan, a decrease of 136.5 billion yuan compared to the previous day, indicating a lack of new capital entering the market [5] Group 2: Sector Analysis - Technology stocks were the primary drivers of the market crash, with the semiconductor sector plummeting over 4%, and other popular sectors like IT equipment and software services also declining [3] - The ChiNext index's price-to-earnings ratio soared to 196 times, while the dividend index stood at only 7.53 times, indicating a significant valuation disparity and potential bubble [3] Group 3: Investor Sentiment - Retail investors faced severe losses, with some experiencing over 10% losses in technology stocks and others caught in financial stocks at high prices [6] - Social media reflected the frustration of investors, with comments highlighting the unexpected losses and the challenges of navigating the current market environment [6] Group 4: Institutional Response - Institutions displayed a rapid sell-off strategy, with a net outflow of 700 billion yuan within the first half hour of trading, indicating a willingness to liquidate positions even at a loss [3] - Some institutions suggested that the sell-off could be a "healthy correction" to prepare for a future rally, while others expressed concerns about the sustainability of high valuations in the tech sector [5]

Market Overview - The three major indices opened slightly lower, with the Shanghai Composite Index maintaining narrow fluctuations throughout the day, while the ChiNext Index rose over 2% at one point, reaching a three-year high [1] - By the end of the trading day, the Shanghai Composite Index fell by 0.01%, the Shenzhen Component Index increased by 0.67%, and the ChiNext Index rose by 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 2.39 trillion yuan [1] Sector Performance - The controllable nuclear fusion concept saw strong performance, with stocks like Haheng Huaton and Hezhuan Intelligent hitting the daily limit [1] - The copper cable high-speed connection concept was active, with stocks such as New Asia Electronics also reaching the daily limit [1] - The short drama gaming concept gained momentum, with Huanrui Century hitting the daily limit [1] - The multimodal AI concept rose, with Tianxiexiu reaching the daily limit [1] - The liquid cooling server concept also saw gains, with stocks like Cambridge Technology and Inspur Information hitting the daily limit [1] Notable Stocks - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock rise over 5% during the day, reaching a historical high, with a total market value exceeding 1.84 trillion yuan [1] - Sectors such as IT equipment, internet, non-ferrous metals, and electrical equipment showed significant gains, while textiles and apparel, engineering machinery, agriculture, forestry, animal husbandry, fishery, and transportation infrastructure sectors experienced declines [1]

Core Viewpoint - The three major indices experienced slight declines at the opening but then rose, with the Shanghai Composite Index increasing by 0.16%, the Shenzhen Component Index by 1.14%, and the ChiNext Index by 2.22%, reaching a new three-year high [1] Market Performance - The trading volume in the Shanghai and Shenzhen markets reached approximately 1.56 trillion yuan [1] Sector Highlights - The controllable nuclear fusion concept saw strong performance, with companies like Haohuan Huaton and Hezhuan Intelligent hitting the daily limit [1] - The multi-modal AI concept was active, with Tianxiexiu also hitting the daily limit [1] - The BC battery concept gained momentum, with TCL Zhonghuan reaching the daily limit [1] - The liquid cooling server concept rose, with companies such as Xinya Electronics and Inspur Information hitting the daily limit [1] - Contemporary Amperex Technology Co., Ltd. (CATL) saw its A-shares rise over 5%, reaching a historical high [1] Sector Performance - IT equipment, internet, electrical equipment, and non-ferrous metals sectors showed significant gains [1] - Conversely, the tourism, banking, transportation infrastructure, and public transportation sectors experienced declines [1]

Core Viewpoint - The stock market showed slight fluctuations with the Shanghai Composite Index and Shenzhen Component Index experiencing minor gains, while the ChiNext Index saw a slight decline. The market was characterized by strong performances in specific sectors such as AI glasses, consumer electronics, and robotics, while other sectors like hotel and tourism faced declines [1]. Market Performance - The Shanghai Composite Index rose by 0.07% and the Shenzhen Component Index increased by 0.17% at midday, while the ChiNext Index fell by 0.09% [1]. - Notable stocks included Industrial Fulian, which surged over 8%, reaching a historical high [1]. Sector Highlights - The Moer Thread concept saw significant gains, with stocks like Hehe Tai, Lianmei Holdings, Donghua Software, and Chuling Information hitting the daily limit [1]. - AI glasses, consumer electronics, and Apple-related stocks performed strongly, with companies such as Luxshare Precision, Guoguang Electric, and Keri Technology also reaching the daily limit [1]. - The robotics sector experienced a boost, with stocks like Wanma Co., Dayang Electric, and Yokogawa Precision hitting the daily limit [1]. - The CPO concept also rose, with stocks like Demingli and Pengding Co. reaching the daily limit [1]. - The liquid cooling server concept was active, with Haiou Co. and Yingweike hitting the daily limit [1]. - Sectors such as components, communication equipment, semiconductors, and IT equipment showed the highest gains, while hotel and restaurant, tourism, paper, and media entertainment sectors faced the largest declines [1].

Market Overview - The Shanghai and Shenzhen stock indices opened slightly higher on September 16, with the Shanghai Composite Index briefly rising before experiencing a decline of approximately 0.57% during the session [1] - By midday, the Shanghai Composite Index closed at 3856.45 points, down 0.10%, with a trading volume of about 633.3 billion yuan; the Shenzhen Component Index closed at 12971.80 points, down 0.26%, with a trading volume of approximately 848.5 billion yuan [2] Sector Performance - Sectors such as precious metals, coal, automotive parts, and tourism showed strong gains at the opening [1] - IT equipment, semiconductors, cloud gaming, and liquid cooling servers performed well initially, while sectors like non-ferrous metals, pork, and film exhibition faced weakness [1] - By midday, IT equipment, exoskeleton robots, and automotive thermal management led the gains, while non-ferrous metals, agriculture, and sodium batteries saw significant declines [1] Institutional Insights - Guojin Securities noted that the rise in A-shares in August was driven by three factors: global liquidity, resolution of long-term systemic risks, and sentiment catalysts from important festivals and meetings [3] - CITIC Securities highlighted the new development model for the energy storage industry following the release of Document No. 136 by the National Development and Reform Commission, indicating improved profitability for energy storage projects [3] - CICC pointed out the growth potential for indoor ski resorts as a new real estate category, addressing the supply-demand imbalance in China's skiing market [4] Policy Developments - The Ministry of Agriculture and Rural Affairs reported progress in building livable and workable rural areas, with significant improvements in infrastructure and public services in rural areas [5] - The Ministry of Transport released new technical standards for hydrogen transportation, which will enhance safety and operational guidelines for hydrogen transport [6] - Policies aimed at expanding the "15-minute convenient living circle" in cities are set to be introduced, focusing on services for the elderly and children [8]

Summary of Key Points from the Conference Call Company Overview - **Company**: Unisplendour Corporation (紫光股份) - **Industry**: IT and telecommunications, focusing on computing power and network solutions Financial Performance - **Revenue**: In the first half of 2025, Unisplendour achieved revenue of 364.004 billion CNY, a year-on-year increase of 37.75% [1] - **Net Profit**: The net profit was 18.5 billion CNY, showing a nearly 2% increase [1] - **Domestic Business**: Revenue from domestic government and enterprise business reached 310.35 billion CNY, up 53.55% year-on-year [5] - **International Business**: International revenue was 19.19 billion CNY, reflecting a growth of 60.25% [5] - **Second Quarter Performance**: In Q2 2025, revenue was 266.35 billion CNY, with a net profit of 6.92 billion CNY, marking an 18.01% increase year-on-year [3] Technological Advancements - **R&D Investments**: The company increased investments in ARPC applications, multi-dimensional computing power, and high-performance network connections [6] - **Product Launches**: Introduced the Unipod S super node cabinet, improving training efficiency by 25% and inference efficiency by 63% [6] - **High-Density Cooling Solutions**: Launched high-density liquid cooling cabinet solutions, significantly enhancing computing power deployment density [6] Domestic Market Developments - **Project Wins**: Secured multiple contracts for mainstream general computing platforms, cabinets, and 800G high-speed switch projects [7] - **Industry Solutions**: Provided IAR solutions to over 100 enterprises in sectors like automotive autonomous driving and biomedicine [7][8] International Market Expansion - **Global Strategy**: Focused on localizing strategies in Asia, the Middle East, Europe, and Latin America [9] - **Key Markets**: Achieved breakthroughs in Japan, Saudi Arabia, and the Philippines, with significant data center projects in Singapore and the Philippines [9] Future Outlook - **Capital Expenditure**: Anticipated continued high levels of domestic capital expenditure, particularly in AI and computing power sectors [2][12] - **Product Development**: Plans to enhance product intelligence and optimize network performance, with a focus on high-margin products [10] Challenges and Risks - **Supply Chain Issues**: Faced challenges in inventory management due to the AI boom and production halts in DDR4 chips, impacting delivery capabilities [37] - **Balancing Growth and Profitability**: Aiming to balance scale and profitability, with a focus on achieving satisfactory results in 2025 [38] Competitive Landscape - **Market Position**: Unisplendour and its subsidiary, H3C, are positioned as key players in the IT industry, providing both computing power and network solutions, unlike competitors who may focus on only one aspect [36] Conclusion - Unisplendour is poised for growth with strong financial performance, significant technological advancements, and a strategic focus on both domestic and international markets, while navigating challenges in supply chain and market competition.

Market Performance - The Shanghai Composite Index closed at 3857.93 points, with an increase of 0.37% and a trading volume of 12,216.92 billion yuan [1] - The Shenzhen Component Index closed at 12,696.15 points, rising by 0.99% with a trading volume of 15,766.05 billion yuan [1] - The ChiNext Index ended at 2890.13 points, up by 2.23% and a trading volume of 7,637.79 billion yuan [1] Sector Performance - Strong performing sectors included liquor, insurance, tourism services, small metals, gold, daily chemicals, copper, telecommunications, biopharmaceuticals, and food [1] - Weak performing sectors included semiconductors, IT equipment, dyes and coatings, software services, automotive services, oil trading, and home appliances [1] Concept Stocks - Concept stocks such as sodium batteries, solid-state batteries, and lithium mines experienced significant gains [1]

Market Performance - The Shanghai Composite Index experienced a slight increase of 0.37%, closing at 3857.93 points, while the Shenzhen Component Index rose by 0.99% to 12696.15 points. The ChiNext Index saw a significant gain of 2.23%, closing at 2890.13 points. In contrast, the STAR Market 50 Index declined by 1.71%, ending at 1341.31 points. The total trading volume across the Shanghai and Shenzhen markets reached 28,306 billion yuan [1]. Sector Performance - Strong sectors included liquor, insurance, tourism services, small metals, gold, daily chemicals, copper, telecommunications, biopharmaceuticals, and food. Conversely, sectors such as semiconductors, IT equipment, dyes and coatings, software services, automotive services, oil trading, and home appliances showed weakness. Notably, concept stocks related to sodium batteries, solid-state batteries, and lithium mining experienced significant gains [1]. Earnings Outlook - According to Zhongyuan Securities, the overall profit growth forecast for A-share listed companies is expected to turn positive by 2025, ending a four-year decline. The technology innovation sector is anticipated to exhibit the most significant profit elasticity [1]. Global Economic Factors - The Federal Reserve has signaled a potential interest rate cut, leading to expectations of increased global liquidity and a weaker dollar, which may facilitate foreign capital inflow into A-shares. The medium to long-term outlook remains supported by three key drivers: the shift of household savings, the release of policy dividends, and the recovery of the profit cycle [1]. Investment Strategy - The market is expected to maintain a steady upward trend in the short term, with a focus on monitoring policy, capital flow, and external market changes. Short-term investment opportunities are suggested in sectors such as software development, semiconductors, communication equipment, and electronic components [1].