1月8日，冰山冷热盘中上涨2.07%，截至09:53，报7.38元/股，成交1.00亿元，换手率2.29%，总市值 62.23亿元。 冰山冷热所属申万行业为：机械设备-通用设备-制冷空调设备。所属概念板块包括：水电概念、热泵概 念、海工装备、海洋经济、专精特新等。 截至9月30日，冰山冷热股东户数6.08万，较上期减少9.99%；人均流通股11139股，较上期增加 12.16%。2025年1月-9月，冰山冷热实现营业收入36.13亿元，同比减少2.73%；归母净利润9029.31万 元，同比减少4.53%。 分红方面，冰山冷热A股上市后累计派现12.11亿元。近三年，累计派现7588.91万元。 责任编辑：小浪快报 资金流向方面，主力资金净流入190.96万元，特大单买入306.36万元，占比3.05%，卖出369.68万元，占 比3.69%；大单买入2071.21万元，占比20.65%，卖出1816.93万元，占比18.11%。 冰山冷热今年以来股价涨0.82%，近5个交易日跌1.86%，近20日跌4.77%，近60日涨16.04%。 资料显示，冰山冷热科技股份有限公司位于辽宁省大连经济技术开发区辽河东路1 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - The overseas AIDC construction remains robust, while domestic demand is expected to rebound in 2026. In the second half of 2025, there is a clear divergence in AIDC construction between domestic and international markets. North America continues to experience high levels of capital expenditure, with the four major cloud providers' capital spending reaching $257.4 billion in the first three quarters of 2025, a 65% year-on-year increase. In contrast, domestic cloud providers are experiencing a temporary slowdown in capital expenditure growth due to restrictions on high-end computing card imports, which has delayed some AIDC project timelines. However, this impact is seen as a deferral of demand rather than a disappearance of demand. As overseas supply of computing cards improves and domestic alternatives continue to develop, a "pent-up rebound" in domestic AIDC construction is anticipated in 2026, indicating potential for demand release [1]. Summary by Sections AIDC Equipment - The report highlights the ongoing high demand for AIDC equipment in North America, driven by rapid growth in AI computing needs and delayed power grid construction, leading to increased orders for gas turbines for self-generation or distributed power supply [2]. Gas Turbines - The global gas turbine market is characterized by a significant supply-demand imbalance, with an expected increase of over 85 GW in global gas turbine orders in 2025, while existing effective capacity is around 50 GW. The market is dominated by GE, Siemens Energy, and Mitsubishi Heavy Industries, which together hold an 88% market share. The backlog of orders extends to 2028, creating opportunities for Chinese companies to enter the overseas market [2][3]. Diesel Generators - Diesel generators are essential backup power sources in AIDC construction, with a long-term market dominated by Cummins, MTU, and Caterpillar, which together hold about 85% of the market share in China. Current capacity bottlenecks faced by overseas manufacturers present a window of opportunity for domestic manufacturers like Weichai to replace foreign brands and expand internationally [4]. Cooling Equipment - The report notes that the rapid increase in AI chip power consumption is pushing the adoption of liquid cooling solutions, as traditional air cooling approaches reach their physical limits. This trend is expected to drive demand for related cooling equipment [5]. Emerging Technologies - Solid Oxide Fuel Cells (SOFC) are being explored as a solution to power shortages in North America, offering high modularity, short delivery cycles, and high efficiency. The report suggests that SOFC costs are approaching those of gas turbines, indicating a potential growth area [7]. Data Center Busbars - The traditional "rack and cable" approach in high-power density scenarios is being replaced by intelligent busbar solutions, which offer higher reliability and easier maintenance, marking a significant upgrade direction for data center power distribution systems [8]. Investment Recommendations - The report recommends focusing on several key areas: gas turbines, diesel generators, cooling equipment, and emerging technologies like SOFC and data center busbars, as these sectors are expected to benefit from structural opportunities driven by both domestic and international demand [8]. Key companies to watch include Yingliu, Ice Wheel Environment, Weichai Power, Haomai Technology, and Jerry [8].

2025年，全球新出台超过250项提高能效的政策举措，不仅标志着全球主要经济体越来越重视强化能源 安全与经济发展的战略布局，也透视出能效提升正成为应对全球经济与能源政策的优先议题。国际能源 署（IEA）近日发布2025年度《全球能源效率报告》，向世界展示了积极但又存忧的全球能效现状。 从积极面看，2025年全球能效提高幅度预计将达1.8%，较2024年约1%的增长水平进一步提高。预计 2025年中国能源强度（能源消耗与产出的比重）降幅超3.5%，印度能源强度降幅可能超4%，高于中、 印两国2019年以来的平均改善幅度。相较而言，美国和欧盟2025年能效改善幅度预计将回落至1%以 下。 国际能源署分析认为，若没有2010年以来的能效提升，当前温室气体排放量将增加20%，能效改善仍是 未来减排的关键驱动力之一。2000年以来各国采取的能效改善措施，已使发达经济体的家庭能源支出降 低了至少20%。能效提升同样增强了产业竞争力，当前工业单位能耗创造的价值较2000年增长20%。同 期，能效提升避免了全球额外20%的化石燃料进口。 尽管如此，令人担忧的是，实现全球2030年能效提升目标仍面临较大挑战。2023年，近20 ...

戴好护目镜，拉紧滑雪手套，身着亮粉色滑雪服的李然深吸一口气，在雪杖的支撑下，从抚顺市清原满族自治县聚隆滑雪场的雪道顶端一跃而下，画下 灵动的弧线。 12月7日，大雪节气，随着辽宁省内的滑雪场陆续开板，贯穿冬春、覆盖全域的辽宁省2025—2026雪季正式开启。在率先开启今冬"全省第一滑"的沈阳 怪坡国际滑雪场内，新增的高级雪服护具租赁区人头攒动，魔毯上密集的身影也在不断推高新雪季的热度。 一片片小小的雪花，正成为辽宁将"冷资源"变成"热产业"的振兴发展新引擎。 冰雪经济的蓬勃发展，催生了辽宁装备制造产业的新机遇。 雪花点燃了全民参与冰雪赛事的热情，也串联起文旅新场景，让消费活力在冬日里持续升温。 两个月前开通的本桓宽高速公路，直接延伸到丹东天桥沟滑雪旅游度假地景区门口。作为全国首批、辽宁省唯一的国家级滑雪旅游度假地，这里拥有4 条不同级别的雪道，景区还将滑雪场、特色民宿、饭店、景区串联起来，打造成一站式度假目的地。 刚结束滑雪初体验，从河北秦皇岛自驾来的游客常敏带着家人前往民宿休整，脸上满是兴奋，"滑了一上午又累又饿，民宿的老板说铁锅炖已准备好， 这就去尝尝地道的东北特色菜。" 沈阳怪坡国际滑雪场迎来众多滑雪爱 ...

Group 1 - The company, Xue Ren Group, announced a total approved guarantee amount of approximately 1.625 billion yuan after the recent guarantee, with a total external guarantee balance of about 874 million yuan, accounting for 35.41% of the company's latest audited net assets [1][1][1] - The company and its subsidiaries do not provide guarantees to entities outside the consolidated financial statements, and there are no overdue debts related to guarantees, nor any guarantees involving litigation or obligations due to adverse judgments [1][1][1] Group 2 - For the first half of 2025, the revenue composition of Xue Ren Group is as follows: 72.23% from refrigeration equipment manufacturing, 25.18% from oil and gas technology services, and 2.59% from central air conditioning system sales and installation [1][1][1] - As of the report date, the market capitalization of Xue Ren Group is 10.5 billion yuan [1][1][1]

Core Viewpoint - The company is focusing on providing integrated cooling system solutions for data centers, leveraging its expertise in customized refrigeration equipment and energy-saving technologies to meet the increasing demand for data processing capabilities [2]. Group 1: Company Overview - The subsidiary Nanjing Dule Refrigeration, which evolved from Nanjing Cold Motion Machine Factory, is capable of producing various refrigeration equipment, including medium-temperature refrigeration units and dual-source wind wall systems with natural cooling [2]. - The subsidiary Weili Energy Technology has a professional team specializing in water cooling system integration, with extensive design and operational experience, having implemented multiple efficient machine room projects [2]. Group 2: Business Focus - Weili Energy is dedicated to industrial energy-saving services, offering solutions such as variable frequency energy saving, centralized cooling stations, and high-temperature heat pump waste heat recovery for high-energy-consuming enterprises [2]. - The establishment of Jiangsu Weinen Intelligent Refrigeration CNC Technology Co., Ltd. aims to provide efficient and energy-saving integrated cooling system solutions for data centers, ensuring compliance with high standards for cooling systems and reducing Power Usage Effectiveness (PUE) [2]. Group 3: Competitive Advantage - The company combines the strengths of Nanjing Dule and Weili Energy to create highly competitive overall solutions through efficient internal collaboration [2].

Financial Data and Key Metrics Changes - The company reported Q1 sales of $157 million, representing a 14% increase compared to the same quarter last year [14] - Adjusted EBITDA for the quarter was $15.7 million, with an EBITDA margin of 10% [14] - Adjusted earnings per share improved to $0.31, a 19% increase from $0.26 in the prior year quarter [14] Business Line Data and Key Metrics Changes - Lighting segment sales increased by 18% compared to the prior year, following a 12% growth in the previous quarter [14][15] - Display solutions saw an 11% increase in total sales, driven by recovery in the grocery vertical and ongoing projects in refueling convenience stores [17][18] Market Data and Key Metrics Changes - The grocery vertical is experiencing a recovery, with customers formulating investment plans despite short-term guidance [18] - The refueling convenience store market remains favorable, with a large national program projected to continue through the end of calendar year 2026 [17] Company Strategy and Development Direction - The company aims to be a one-stop partner for customers across various vertical markets, expanding its product and service offerings [7][8] - A focus on operational efficiency and talent development is emphasized for fiscal year 2026, with plans to optimize processes and improve service [13][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for lighting and display solutions, citing strong demand and successful project conversions [25][34] - The company is aware of potential seasonality effects in the grocery segment but remains optimistic about overall growth for the fiscal year [29][39] Other Important Information - Free cash flow for Q1 was slightly negative due to increased working capital, specifically accounts receivable [19] - The company amended and extended its credit facility, increasing availability to $125 million and extending the term to September 2030 [19] Q&A Session Summary Question: Can you discuss the growth outlook for the lighting segment? - Management indicated that the growth is primarily driven by volume rather than price, with stable pricing observed [22][23] Question: What is the outlook for grocery customers' spending? - Management noted that while Q2 comparisons may not match last year's exceptional growth, they expect continued growth in the grocery segment [26][29] Question: How is the company addressing operational efficiency? - The company is focusing on improving operational efficiency and investing in its workforce to enhance performance [31] Question: What is the company's view on the macro environment and customer investment hesitancy? - Management believes that their offerings are seen as investments rather than expenses, and they expect continued growth across various markets [48][49] Question: What is the current state of the M&A environment? - The company remains active in pursuing acquisitions and has a strong pipeline for potential opportunities [52][54]

Market Overview - A total of 68 stocks hit the daily limit up in the A-share market, with 51 stocks after excluding 17 ST stocks, resulting in a limit-up rate of 70.83% [1] Limit-Up Stocks - Yingxin Development had the highest limit-up order volume at 776,500 hands, followed by Jishi Media, Dahua Intelligent, and Pingtan Development with order volumes of 432,100 hands, 349,300 hands, and 323,700 hands respectively [2] - Yingxin Development is planning to acquire control of Guangdong Changxing Semiconductor Technology Co., Ltd. and focuses on emerging industries such as artificial intelligence, semiconductors, and biomedicine [2] - ST Zhongdi achieved 13 consecutive limit-ups, while *ST Baoying and HeFu China had 7 and 6 consecutive limit-ups respectively [2] Industry Highlights Ice and Snow Industry - Snowman Group and Dalian Shengya are key players in the ice and snow industry, providing cooling equipment for various ice entertainment projects [3] - Snowman Group supports projects like the Guilin Tianhu Outdoor Ski Resort and Changsha Xiangjiang Ice and Snow World [3] Thorium-Based Molten Salt Reactor - China's thorium-based molten salt experimental reactor has been completed and has achieved thorium-uranium conversion for the first time [4] - Companies like Lanshi Heavy Industry, Hailu Heavy Industry, and Baose Co., Ltd. are involved in the thorium-based molten salt reactor technology and have significant technical reserves [5] Smart Grid - Key stocks in the smart grid sector include Shima Power, Moen Electric, and Zhongneng Electric, which provide various electrical equipment and solutions for smart grid infrastructure [6][7] - Shima Power's long-life composite insulation products have gained recognition in China and Latin America [7] Institutional Activity - Institutions net bought over 200 million yuan in stocks such as Haixia Innovation, with top net purchases including Wanlima, Fulongma, and Haixia Innovation at 262 million yuan, 239 million yuan, and 209 million yuan respectively [8] - Deep Stock Connect saw net purchases of Haima Automobile at 96.98 million yuan, while net sales of Shenzhou Information reached 59.94 million yuan [8]

Market Overview - A total of 68 stocks reached the daily limit up in the A-share market, with 51 stocks hitting the limit after excluding 17 ST stocks, resulting in an overall limit-up rate of 70.83% [1] Top Gainers - Yingxin Development had the highest limit-up order volume, exceeding 776,500 hands, followed by Jishi Media, Dahua Intelligent, and Pingtan Development with order volumes of 432,100 hands, 349,300 hands, and 323,700 hands respectively [2] - Yingxin Development is planning to acquire control of Guangdong Changxing Semiconductor Technology Co., Ltd. and focuses on emerging industries such as artificial intelligence, semiconductors, and biomedicine [2] Continuous Limit-Up Stocks - ST Zhongdi achieved 13 consecutive limit-ups, while *ST Baoying and Hefei China had 7 and 6 consecutive limit-ups respectively [2] - 19 stocks had limit-up order funds exceeding 100 million yuan, with Pingtan Development, Fulongma, and Xue Ren Group leading with order funds of 277 million yuan, 248 million yuan, and 233 million yuan respectively [2] Industry Highlights Ice and Snow Industry - Xue Ren Group provides refrigeration equipment for ice and snow entertainment projects, supporting consumer experiences in this sector [4] - Dalian Shengya operates various attractions in Harbin, contributing to the ice and snow tourism industry [4] Thorium Molten Salt Reactor - China has successfully built and achieved thorium-uranium conversion in its thorium molten salt experimental reactor [5] - Companies like Lanshi Heavy Industry, Hailu Heavy Industry, and Baose Co. are involved in the development and supply of nuclear power equipment related to thorium molten salt technology [6] Smart Grid - Companies such as Shenma Electric, Moen Electric, and Zhongneng Electric are engaged in the smart grid sector, providing high-quality electrical equipment and solutions [7][8] Institutional Activity - Institutions net bought over 200 million yuan in stocks like Haixia Innovation, Shenzhou Information, and Fulongma, indicating strong interest in these companies [9][10]

Group 1 - Haier Smart Home (600690) shares increased by nearly 3%, currently up 2.39% at HKD 25.66, with a trading volume of HKD 154 million [1] - On November 4, Haier Smart Home signed a strategic cooperation agreement with Sanhua Intelligent Control (002050) in Qingdao, focusing on collaborative R&D, laboratory construction, and emerging field layouts to enhance supply chain efficiency and accelerate innovation [1] - The partnership will establish joint laboratories focusing on refrigeration, heat pumps, and thermal management for new energy vehicles, sharing testing resources and data to shorten product development cycles [1] Group 2 - Haier Smart Home reported Q3 2025 earnings, with revenue of CNY 77.56 billion, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of CNY 5.34 billion, up 12.7% year-on-year [1] - For the first three quarters, the company achieved revenue of CNY 234.05 billion, a year-on-year growth of 10%, and a net profit of CNY 17.37 billion, reflecting a 14.7% year-on-year increase [1] - The first three quarters marked record highs for both revenue and net profit, with a strong outlook for the company's position as a global leader in home appliances and ongoing advancements in digital reform domestically and high-end brand strategies internationally [1]