中天科技 20250826 摘要 公司各业务板块在 2025 年上半年的表现如何？ 电网板块收入接近 100 亿元，同比保持稳定增长。海洋系列产品实现约 30 亿 收入，其中海缆约 20 亿，海工约 9 亿。海缆公司总收入 60 亿，其中包括高压 缆产品。新能源材料方面，PCB 覆铜板市场红火，电子铜箔开工率明显改善， 高端 H 膜开始批量供货。通信网络方面，由于数据中心和人工智能需求增加， 2025 年上半年海洋板块收入增速最快，约增长 37-38%。预计全年通 信板块毛利率将有所改善，下半年光模块放量有望成为新的增长点，推 动通信板块稳中向好。电线电缆业务全年收入指引尚未明确，但新业务 发展将积极影响下半年业绩。 公司计划继续提高现金分红比例以回馈股东。在沙特成立子公司是战略 布局，扩展市场及服务当地需求，涉及海缆产品。公司已确定在中东进 行产能布局，欧洲市场也有可能根据未来机会进行深度布局。 以及运营商政策调整，中天科技以最高价中标中国移动普通光缆第一份额，上 半年通信网络收入保持稳定。 2025 年上半年各业务板块的毛利率情况如何？ 电力板块毛利率保持相对稳定；通信板块因价格变动略有下降，毛利率约 2 ...

格隆汇8月26日|佳力图(603912.SH)在投资者互动平台表示，公司目前技术储备既有风冷技术也有液冷技 术，其中CPU液冷技术开发设计目标及主要内容包括：（1）液冷系统的集成；（2）冷板式、浸没式系 统的优缺点研究；(3)液冷系统的设计；（4）沸腾换热研究；（5)冷却液冷却研究；（6）液冷系统应用 研究。 ...

"十年新高"高不高？港股为何跑输？20250825 摘要 当前 A 股市场创下十年新高，但这并不一定意味着市场已经达到顶峰。尽管近 期 A 股表现强劲，但仍需关注未来的市场走向和潜在风险。首先，美联储在近 期的 Jackson Hole 会议上明确转鸽，鲍威尔表示当前货币政策处于相对紧缩 状态，并暗示如果经济形势适宜，将调整货币政策立场。这一表态使得市场对 9 月份降息的预期大幅上升，从会前的 70%提升至 90%。这种货币政策的变 化可能带来额外流动性，对全球资本市场，包括中国资产，产生积极影响。 对 于投资者而言，在当前环境下，需要关注几个方面。首先是美联储降息预期对 全球流动性的影响。如果美联储如预期降息，将有助于缓解传统需求被利率压 制的问题，例如制造业和房地产领域。此外，还需关注国内政策动向和经济数 据，以判断 A 股是否具备进一步上涨空间。 在具体配置方面，可以考虑以下几 个方向：第一，受益于流动性宽松的金融板块；第二，与 AI 相关的新兴科技领 域，如液冷技术板块；第三，受益于中美关系改善及内需增长的消费品行业。 总之，在当前复杂多变的宏观环境中，投资者应保持灵活，根据最新经济数据 和政策调整策 ...

2025 年 08 月 25 日 国产算力多因素催化，AIDC 配套迎来爆发契机 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 6.6 19.5 50.1 沪深 300 5.5 12.8 31.6 市场表现 -10 0 10 20 30 40 50 60 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：液冷柴发 板块超预期，关注云厂财报》2025- 08-12 2、《电力设备行业周报：海外巨头 CapEx 上调验证 AI 高景气度，国产 算力自主可控势不可挡》2025-08- 04 3、《电力设备行业周报：人形机器 人新品频出，WAIC2025 具身智能火 热》2025-07-29 ▌多因素催化，IDC 与算力租赁赛道迎来爆发契机 国产算力迎多重利好，投资价值凸显。产业升级上，"国产 芯片 ...

今日提示 重要新闻提示 格力电器（000651）：实施2024年年度权益分派方案，向全体股东每10股派20元（含税），共计派发现 金红利111.7亿元 中国石化：拟5亿元—10亿元回购公司A股股票；2025年半年度合计拟派发现金股利106.70亿元（含税） 飞鹿股份：公司控股股东、实际控制人正在筹划控制权变更相关事宜，今日停牌 北交所新股能之光（920056）今日上市。 今日有2380亿元7天期逆回购到期。 恒生指数有限公司今日将宣布2025年第二季度之恒生指数系列检讨结果。 第33届广州博览会8月22日至24日举行。 华为兆瓦超充高质量发展峰会今日举行，将发布百兆瓦级重卡超充站。 国泰海通将于今日的日终清算后实施法人切换、客户及业务迁移合并，将原海通证券的相关法人主体切 换为国泰海通，适时将原海通证券的客户及业务迁移合并入国泰海通。 财经新闻 1. 8月21日，国家能源局发布7月份全社会用电量等数据。7月，全社会用电量10226亿千瓦时，同比增长 8.6%。从产业用电看，第一产业用电量170亿千瓦时，同比增长20.2%；第二产业用电量5936亿千瓦 时，同比增长4.7%；第三产业用电量2081亿千瓦时，同比 ...

Market Overview - A-shares experienced mixed performance on August 21, with the Shanghai Composite Index reaching a ten-year high of 3787.98 points during the day, closing at 3771.10 points, up 0.13% [2] - The Shenzhen Component Index closed at 11919.76 points, down 0.06%, while the ChiNext Index closed at 2595.47 points, down 0.47% [2] - The total trading volume in the Shanghai and Shenzhen markets was 242.71 billion yuan, an increase of 18.9 billion yuan from the previous trading day [2] Sector Performance - Bank stocks showed strong performance in the afternoon, with Agricultural Bank of China and Postal Savings Bank of China reaching historical highs, closing at 7.23 yuan (up 2.12%) and 6.23 yuan (up 1.30%) respectively [4] - The digital currency sector was active, with stocks like Yuyin Co. and PetroChina Capital hitting the daily limit [2] - Oil and gas stocks also saw gains, with Zhun Oil Co. hitting the daily limit [2] Trading Volume Trends - The trading volume in the Shanghai and Shenzhen markets has exceeded 2 trillion yuan for seven consecutive trading days since August 13, with figures of 2.15 trillion, 2.28 trillion, 2.24 trillion, 2.76 trillion, 2.59 trillion, 2.41 trillion, and 2.42 trillion yuan [2] - This level of trading volume has not been seen since November of the previous year [2] Individual Stock Highlights - From August 13 to 21, Dongfang Wealth led with a cumulative trading volume of 184.5 billion yuan, followed by Northern Rare Earth and Cambrian with 90 billion yuan and 81 billion yuan respectively [3] - These companies experienced stable stock price increases, with cumulative gains ranging from 10% to 25% [3] Future Market Outlook - Dongxing Securities predicts that the market may break through the 4000-point mark, reinforcing a mid-term upward trend [6] - The market is expected to enter a long-term upward cycle, supported by the potential for significant capital inflows and an improving economic outlook [6] - Debon Securities highlights that the current market is underpinned by three key factors: fundamentals, liquidity, and policy support [7] Sector-Specific Insights - The liquid cooling server sector has shown strong performance recently, although it experienced a pullback, with stocks like Jintian Co. and Tenglong Co. hitting the daily limit down [5] - Oriental Securities forecasts that 2025 will see accelerated penetration of AI liquid cooling technology, driven by the increasing demand for computing power [5]

Group 1 - The article emphasizes the importance of liquid cooling technology, which has been mass-produced for data centers, indicating a growing trend in the industry [1] - A company plans to launch a specialized embodied intelligence solution in the next month, showcasing innovation in the field [1] - The company's equipment is applicable in various sectors, including optical modules, PCBs, foldable screens, and server product processing [1]

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index reaching new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading volume exceeding 2 trillion yuan. The Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23% [1]. Fund Flow Insights - Huatai Securities noted that the trading activity remains high, with foreign and insurance capital likely to be the main sources of incremental capital moving forward. The trading volume in the A-share market exceeded 2 trillion yuan last week, with active trading by retail investors reaching a year-to-date high. The number of private fund registrations was also high, with 666 new products registered in early August, a 6% increase from July. Insurance capital's market entry ratio is expected to rise by the second quarter of 2025, with equity assets in life insurance exceeding the previous high in Q3 2024, although still below policy limits. Additionally, foreign capital trading activity has rebounded, but net inflows from foreign institutional investors have not yet formed a trend [2]. Technology Sector Developments - China International Capital Corporation (CICC) highlighted the rise of liquid cooling technology in server cooling solutions, driven by increasing computational power demands and chip power consumption. The global AI liquid cooling market is projected to reach $8.6 billion by 2026. Among the various liquid cooling methods, cold plate liquid cooling is currently the most mature due to its minimal impact on equipment and infrastructure while providing significant cooling efficiency. The market for liquid-cooled servers in China is expected to grow by 67% year-on-year in 2024, according to IDC [3]. Strategic Focus on Manufacturing - Guojin Securities emphasized the importance of developing new quality productivity tailored to local conditions, leveraging the advantages of a new type of national system. This includes enhancing basic research intensity and addressing key technology bottlenecks in integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials. The goal is to modernize the industrial system, upgrade traditional industries, and foster emerging industries while maintaining a reasonable share of manufacturing. The focus will be on technological innovation to drive high value-added and high-tech manufacturing, attracting quality resources to the sector, and enhancing brand development and protection to increase the manufacturing sector's value [4].

Summary of Liquid Cooling Technology Conference Call Industry Overview - Liquid cooling technology has become essential for high-power equipment cooling, particularly in the server sector, where cabinets exceeding 20 kW must rely on liquid cooling to enhance data center signal transmission efficiency [1][2] - The liquid cooling market is expected to reach a trillion-level valuation in the future, driven by demand from companies like NVIDIA and major cloud service providers such as Google and Amazon [1][7] Key Points and Arguments - **Development Stages**: Liquid cooling technology has evolved from air cooling to plate-level liquid cooling and now to immersion cooling. The GV300 level plate cooling is currently a market hotspot, but its thermal management system is still in the early stages, with revenue realization expected to take time [1][5] - **Market Position**: China holds a significant advantage in the PCB sector, capturing 60% to 70% of global production capacity. However, it lacks a strong foundation in liquid thermal management systems, with Japan and Taiwan currently leading in this area [6] - **Market Potential**: The domestic liquid cooling market is valued at approximately 600 to 700 million yuan, with potential growth to 100 billion yuan when including external equipment and demand from major tech companies [7] - **Transition from PCB to Liquid Cooling**: As the PCB sector grows, liquid cooling is becoming a critical segment, particularly in the transition from chip-level to system-level cooling solutions [2] Challenges and Opportunities - The liquid cooling industry faces market divergence due to stock market adjustments, but it still holds significant long-term growth potential. The market is expected to expand rapidly, with domestic manufacturers moving from low-end components to high-end core components [8][9] - **Investment Timing**: Current market conditions present a favorable opportunity for investors, as the industry is still in its early stages, with the formation of Tier 1 and Tier 2 suppliers just beginning [18] Additional Insights - **Certification Requirements**: Liquid cooling modules must undergo NVIDIA certification for Tier 1 and Tier 2 suppliers, while some components can enter the system through indirect means, allowing for quicker market entry [10] - **Component Performance**: Cold plates are progressing rapidly in the market, while CDU and UQD components are lagging due to their complexity and the need for extensive certification [11] - **Future Trends**: The industry is moving towards improved cooling efficiency and stability, with new materials like graphene and liquid metals emerging as alternatives to traditional thermal grease [15][16] Conclusion - The liquid cooling industry is poised for significant growth, driven by increasing demand for high-performance computing and data center solutions. The transition from traditional cooling methods to liquid cooling systems is expected to accelerate, creating numerous investment opportunities in the coming years [19]

Group 1 - The stock price of Tongxing Technology on August 19 was 32.10 yuan, down 2.73% from the previous trading day, with a trading range of 31.45 yuan to 32.88 yuan and a transaction volume of 345 million yuan [1] - The company operates in the general equipment industry, focusing on liquid cooling technology and holds specialized and innovative qualifications [1] - As of August 8, 2025, the number of shareholders for the company was reported to be 14,372 [1] Group 2 - On August 19, the net outflow of main funds was 29.16 million yuan, with a cumulative net outflow of 81.26 million yuan over the past five days [1]