Market Overview - On November 28, A-shares opened slightly lower, with the Shanghai Composite Index down 0.11% at 3870.94 points, the Shenzhen Component Index down 0.04% at 12869.66 points, and the ChiNext Index down 0.04% at 3029.98 points [1] - The market saw gains in sectors such as precious metals, while small metals and short drama games faced declines [1] - Notable stocks included Guosheng Technology, which opened up 1.23%, and Furi Shares, which opened down 4.00% [1] Company News - Dongxin Co., Ltd. signed a strategic cooperation framework agreement with a leading domestic cloud computing service provider to collaborate on various technology solutions [2] - Tianpu Co. applied for a stock suspension starting November 28, 2025, to protect investor interests [2] - Fule New Materials has successfully transitioned from a material supplier to a smart sensing solution provider with its "electronic skin" product [2] - Wantong Development is progressing with its strategic transformation involving Shudu Technology, which is currently in a loss-making state [2] - Moer Thread's recent share issuance saw 16.77 million shares subscribed, raising 1.917 billion yuan [2] Industry Insights - The AI glasses market is seeing growth with Alibaba's launch of the Quark AI glasses, which integrate various services from its ecosystem [5] - The AI unicorn "Moon's Dark Side" is nearing the end of its latest funding round, with a valuation expected to reach approximately $4 billion [6] - Chongqing's government has introduced policies to support the low-altitude economy, offering subsidies up to 20 million yuan [7] - The lithium battery supply chain is strengthening with long-term supply agreements totaling 159.5 thousand tons [8] - The consumer electronics sector is expanding, with a total of 230 million product varieties available in China [9] - The film industry is experiencing success with "Zootopia 2" achieving a record box office on its opening day [10] - The ice and snow economy is gaining traction, with increased flight bookings to popular destinations [11] Institutional Perspectives - Huatai Securities predicts rapid growth for satellite industry-related stocks due to advancements in reusable rockets and reduced launch costs [12] - Zhongyuan Securities highlights the solar industry entering a capacity clearing cycle, suggesting improved performance for existing companies [13] - Tianfeng Securities notes the rapid development of China's medical beauty market, with significant growth potential in various segments [14]

证券日报网讯 11月27日，永和股份在互动平台回答投资者提问时表示，公司液冷产品目前处于市场拓 展及客户验证阶段。 （文章来源：证券日报） ...

格隆汇11月27日丨昊华科技(600378.SH)在投资者互动平台表示，公司始终密切关注液冷服务器领域的 技术革新，致力于为市场提供多样化的制冷方案和产品。目前，凭借在含氟化学品领域丰富的研发积累 与技术优势，已研制开发出多款液冷产品，并与多家行业头部客户开展了产品和应用开发合作。公司相 关制冷剂产品可应用于冷板液冷。 ...

格隆汇11月27日丨昊华科技(600378.SH)在投资者互动平台表示，公司始终密切关注液冷服务器领域的 技术革新。液冷技术作为对高散热需求领域的关键技术，其行业前景广阔。液冷技术包括冷板液冷和浸 没液冷等多种应用方式，不同液冷方式使用的冷却液产品存在差异。目前，公司凭借在含氟化学品领域 丰富的研发积累与技术优势，已开发出多款液冷产品，并与多家行业头部客户开展了产品和应用开发合 作。公司将持续研发适配的多种应用场景的产品系列，为广大用户提供性能更优质的产品。 ...

人民财讯11月27日电，昊华科技（600378）11月27日在互动平台称，目前，公司凭借在含氟化学品领域 丰富的研发积累与技术优势，已开发出多款液冷产品，并与多家行业头部客户开展了产品和应用开发合 作。 ...

Core Viewpoint - The company is actively collaborating with Alibaba in the data center business, which includes both liquid cooling products and power supply products [2]. Group 1 - The company confirmed its partnership with Alibaba involves cooperation in data center operations [2]. - The collaboration encompasses both liquid cooling and power supply products [2].

Core Viewpoint - The company emphasizes the importance of continuous development of new products such as liquid cooling and aims to enhance its economic efficiency and market competitiveness through technological innovation and open ecosystem collaboration [1] Financial Performance - The company advises stakeholders to refer to its periodic reports for specific financial performance details [1]

Production Capacity and Utilization - Current production capacity for fluorinated liquids includes 3,000 tons/year for HFE and 2,500 tons/year for PFPE [2] - The company's battery chemical production capacity is 283,100 tons with a utilization rate of 83.54% [19][27] - Organic fluorochemical production capacity utilization is at 62.33%, while electronic information chemical utilization is at 49.67% [27] Market Position and Strategy - The company ranks among the top two in market share for lithium battery electrolyte, with continuous improvement in customer recognition [3] - The company emphasizes a long-term value creation strategy over short-term profit maximization, focusing on comprehensive supply chain management [3] - The company is expanding its fluorinated liquid product capacity through a project aimed at producing 30,000 tons of high-end fluorochemical products [2] Raw Material and Pricing Dynamics - Recent price increase for lithium hexafluorophosphate is 100,000 CNY per ton, potentially increasing gross profit by 3 billion CNY if fully utilized [3] - The company maintains a raw material self-sufficiency rate of over 50%, with plans to adjust this as new capacities come online [3] - The company is actively managing price transmission in response to raw material cost fluctuations, ensuring product value is reflected [20][21] Research and Development Focus - The company is committed to R&D investments aimed at product and technology innovation, enhancing product quality and solutions for customers [6] - Ongoing research includes advancements in liquid and solid-state battery technologies, with a focus on interface conduction challenges [9] Future Outlook and Market Trends - The company is optimistic about the long-term growth of the lithium battery and semiconductor markets, despite short-term fluctuations due to policy changes in the US and Europe [12] - The company is preparing for increased demand in the data center cooling market, with ongoing certification processes for its liquid cooling products [26] Financial Management and Shareholder Value - The company has implemented a market value management system, including stock buybacks and consistent dividend payments to enhance shareholder returns [12] - The management is focused on maintaining core competitiveness and sustainable growth to deliver long-term value to investors [28]

格隆汇11月20日｜澄天伟业在2025年度深圳辖区上市公司集体接待日上表示，当前公司液冷散热业务正 处于积极市场开拓阶段，正加快推动核心客户的量产导入进程，公司已实现小批量液冷产品订单的交 付。公司目标客户群体主要包括国内头部服务器厂商、AI算力平台建设单位以及部分外资品牌在华的 ODM/整机集成商。 ...

Group 1 - Nvidia's strong revenue outlook for Q4, expected at approximately $65 billion, surpasses analyst estimates of $62 billion, indicating robust demand for AI accelerators [1] - The U.S. has approved the sale of advanced AI chips to UAE's G42 and Saudi Arabia's Humain, significantly supporting their ambitions in the tech sector [1] - Following Nvidia's earnings outlook, its stock price rose by 5% in after-hours trading, with a year-to-date increase of 39% [1] Group 2 - InnoLux (02577) is a leading GaN power semiconductor company with a 30% global market share, expected to benefit from a 63% CAGR in the GaN market from 2024 to 2028 [2] - BYD Electronics (00285) is involved in the development of next-generation AI factories in collaboration with Nvidia, with its liquid cooling products certified for Nvidia's systems [2] Group 3 - ASMPT (00522) is enhancing its TCB and HB offerings, with expected acceleration in shipments starting Q4 2025, having secured orders for HBM4 from major clients [3] - The company is collaborating with clients on various HB projects, with multiple initiatives at different evaluation stages [3]