证券日报网讯飞龙股份（002536）11月26日在互动平台回答投资者提问时表示，公司始终聚焦高质量发 展核心目标，持续深耕汽车核心部件与液冷技术两大关键领域，通过技术迭代与业务深耕稳步提升核心 竞争力，致力于为全体股东创造长期、稳定的投资回报。 ...

2025年12月3-5日 第六届热管理产业大会暨博览会 （简称：热博会） 将在 深圳国际会展中心宝安（10号馆） 盛大 开幕 ！本届展会覆盖热管 理材料、器件、系统解决方案与工程应用，汇聚产业链600余家热管理优质供应商，预计 吸引20,000余名专业观众到场，涵盖 研发/技术/设计、采购负责人、终端应用厂商决策者 等核心人群。 部分VIP买家名单涵 消费电子、数据中心、互联网、新能源汽车、工业制造、 高校及科研院所等 多个关键领域， 通过iTherM搭建的高效供需对接平台，构筑从技术洞察到商业合作的高速通道。 诚挚邀请国内外知名 学者、技术专家、产业上下游企业高管和代表、政府园区、科研院所和投资机构等莅临交流与 合作， 共探热管理产业新动态、新技术、新场景和新趋势，共享新质生产力千亿大市场！ 华为技术有限公司 华为数字能源技术有限公司 华为终端有限公司 荣耀终端股份有限公司 OPPO 英伟达半导体有限公司 小米通讯技术有限公司 维沃移动通信有限公司(vivo) 影石创新科技股份有限公司 深圳市腾讯计算机系统有限公司 努比亚技术有限公司 公牛集团股份有限公司 深圳三星通信技术研究有限公司 深圳市海思半导体有限 ...

引子 一、政策红利下的冰火两重天 河北这份规划确实分量十足。要打造"环京智能算力集聚区"，光模块、液冷技术、量子计算等细分领域被券商报告用加粗字体反复强调。中泰证券说这 是"十年一遇的产业机遇"，中信证券更预测要复制美股科技股的长期牛市。 但翻开账户看看，持有相关概念的散户有几个真正赚到钱了？去年电子板块连续领涨时，我认识的老李在光模块龙头股上三进三出，最后算账还不如一直拿 着ETF的朋友赚得多。这就像去米其林餐厅却只吃到餐前面包——明明坐在盛宴现场，却尝不到主菜滋味。 二、牛市最危险的两种幻觉 河北"十四五"规划刚发布，算力概念股就集体躁动。看着满屏飘红的K线，老张在营业部拍着大腿直呼"又错过了"。这一幕何其熟悉——每次政策东风一 来，散户总是后知后觉。但更残酷的是，即便赶上了风口，多数人依然赚不到钱。这让我想起2025年那轮牛市，指数涨了900点，广聚能源的投资者却眼睁 睁看着60%的涨幅灰飞烟灭… 这时我依赖的「机构库存」数据给出了截然不同的信号：前三次调整中机构资金暗流涌动，第四次却突然销声匿迹。这就像赌场里的荷官突然换牌——表面 规则没变，底层逻辑早已天翻地覆。 十年看盘让我总结出散户最致命的两个认 ...

Core Viewpoint - Hongteng Precision (06088) has seen its stock price drop over 30% from its yearly high, currently trading at 4.57 HKD, down 2.77% with a trading volume of 227 million HKD [1] Group 1: Company Performance - Hongteng Precision is leveraging its "3+3" strategy to strategically position itself in the AI data center and electric vehicle sectors [1] - The company is making significant advancements in optical modules, high-speed connectors, and liquid cooling technologies [1] - With its global manufacturing advantages and alignment with industry trends, Hongteng Precision is transforming the AI wave into sustainable profit growth, indicating a promising earnings outlook [1] Group 2: Industry Context - Foxconn Industrial Internet (601138), a subsidiary of Hon Hai Group, hit its daily limit down but stated that its fourth-quarter operations, including the GB200 and GB300 product shipments, are proceeding as planned with strong customer demand [1] - The company has not lowered its fourth-quarter profit targets and is on track with the development of next-generation products in collaboration with customers [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the outlook for the A-share market in 2026, predicting a slow bull market with increased difficulty in making profits, necessitating a focus on fundamental improvements and validations [1][2][15]. Core Insights and Arguments - **Market Outlook**: The A-share market is expected to continue a "slow bull" trend, with a focus on technology sectors while being cautious of structural and phase adjustment risks [2][9][15]. - **Sector Preferences**: The preferred sectors for 2026 include new energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military machinery, and computing [3][10][15]. - **Investment Themes**: Key investment themes revolve around the US-China competition, particularly in AI and new energy, with significant advancements in domestic technologies such as large model algorithms and solid-state batteries [13][14][15]. - **IPO Market Dynamics**: The IPO market in 2025 saw a resurgence in new listings, with an average first-day increase of 244.78% and no new stocks experiencing a decline [16][24]. The number of new IPOs increased, particularly on the main board and the North Exchange [16][21]. - **Banking Sector Outlook**: The banking sector is expected to maintain high dividend yields, with credit growth projected at 7-8% and a narrowing of interest margin declines [4][36][39]. The overall provisioning is deemed sufficient to manage potential risks [42][43]. Important but Overlooked Content - **Valuation Levels**: Current valuation levels of major indices are at historical highs, indicating a potential risk of a market peak if short-term gains are too rapid [5][6]. - **Market Phases**: The market is currently in the "economic verification phase," characterized by index fluctuations and slowing growth, with frequent style switches due to earnings realizations in overvalued sectors [6][7]. - **Resource Sector Potential**: If the technology sector adjusts, resource products may become the new focus, benefiting from global monetary easing and supply-demand imbalances [12][15]. - **Non-Interest Income**: The banking sector's non-interest income is expected to continue benefiting from the bond market, although reliance solely on this income is cautioned against [40][41]. - **Asset Quality Concerns**: Despite the overall stability, there are concerns regarding real estate-related risks and the potential exposure of certain loan projects [42][43]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the anticipated trends and strategies for the A-share market and specific sectors in 2026.

数据中心配套电力设备趋势&伊顿业绩后交流 20251120 摘要 2025 年 Super Compute 展会展示了多个新技术和发展趋势。首先，液冷 （Liquid Cooling）技术已经从去年的试验阶段转变为主流应用。去年液冷还 处于"nice to have"的状态，而今年已经成为"must do"。其次，从需求端 来看，数据中心的建设需求非常旺盛，根据在建项目的公告，数据中心的建设 周期预计将延续到 2039 年。此外，高压直流 800 伏产品也备受关注，包括 NVIDIA 在内的多家公司展示了相关解决方案。NVIDIA 希望与能够提供全套解 决方案的供应商合作，以实现其 AI 工厂的宏大愿景。 AI 数据中心设备价值量已超过传统数据中心，目前传统数据中心设备价 值量大约为 1.2~1.5 美元/瓦，而 AI 数据中心则为 1.2~2.9 美元/瓦。 加上博伊德液冷技术，每瓦可能超过 3 美元，美国 AI 数据中心订单占比 已达 50%且不断扩大。 美国数据中心建设面临发电、人工、配电和政府审批等多环节制约，用 电问题短期内难以解决，但复杂性有利于伊顿软件、智能设备和服务在 电网端的应用。北美地区订 ...

Core Points - The iTherM 2025 conference will focus on the thermal management industry, emphasizing the integration of electronic information, new materials, new energy, semiconductors, digital economy, automotive, smart networking, low-altitude economy, and green low-carbon industries [1][3] - The event aims to explore new dynamics, technologies, scenarios, and trends in the thermal management industry, highlighting its market potential worth billions [1] Event Details - The conference is scheduled for December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center [3] - The theme of the conference is "Integration · Innovation | Delivering a Little More" [3] Organizers and Support - Organized by DT New Materials and iTherM, with support from various academic and industry experts [4][5] - The event will feature contributions from renowned scholars and industry leaders, including members from prestigious institutions [4] Conference Agenda - The agenda includes multiple specialized sessions covering topics such as thermal science, thermal interface materials, chip and electronic device management, and liquid cooling technology [5][6] - Each day will feature a series of presentations and discussions led by experts in the field, focusing on advancements and challenges in thermal management [5][6] Exhibitors and Participants - A diverse range of exhibitors will participate, showcasing innovations in thermal management materials and technologies [38][39] - Notable companies and institutions, including major players in the semiconductor and automotive sectors, are expected to attend [42]

作者丨雷晨 剧烈波动的背后，是外界对其未来增长可持续性的微妙预期，叠加近期外部环境不稳定不确定因素较多。 随着美股科技板块承压下行，其冲击波也迅速传导至A股市场。 东方财富数据显示，11月21日， 算力概念板块较上一日下跌3.38%， 资金净流出141.2亿元，光模块"三剑客"新易盛、天孚通信、中际旭创分 别收跌8.46%、7.34%、5.69%。 此外，AI芯片板块收跌4.33%，净流出16.85亿元，寒武纪跌5.54%。 基金持仓方面，截至今年第三季度末，电子、通信板块（含算力相关标的）超配比例已达历史高位，筹码结构相对复杂。有分析指出， 接近年 末，部分机构存在回笼资金需求，导致短期获利盘了结压力加大。 业内专业人士人认为， 市场正对算力板块估值与基本面匹配度重新审视。 而从长远来看，当前市场的波动更像是产业浪潮中的一次理性回 调。 全球AI算力竞赛的长期逻辑并未改变，微软、谷歌、Meta、亚马逊等科技巨头仍在持续上调资本开支，为光模块、服务器等产业链环节带来确 定性需求。 在国内，算力产业链各环节都在经历深刻变革，从芯片制造到系统集成，从算法优化到应用落地，一场围绕算力自主可控的产业升级正在全面 展开 ...

Core Viewpoint - The company is focusing on the integration of "electricity + computing power + AI" to drive sustainable growth in its three main business areas, supported by a robust industrial foundation in the power energy sector over the past 40 years [1][2]. Group 1: Business Performance - In the first half of 2025, the company achieved operating revenue of 12.976 billion yuan, a year-on-year increase of 14.38%, with the second quarter reaching 8.102 billion yuan, a quarter-on-quarter growth of 66.24% [1]. - The net profit attributable to shareholders in the first half of 2025 was 144 million yuan, up 210.60% year-on-year, with the second quarter contributing 98 million yuan, a quarter-on-quarter increase of 112.41% [1]. - The net cash flow from operating activities was 433 million yuan, reflecting a year-on-year growth of 220.68%, indicating strong operational cash generation [1]. Group 2: Market Expansion - The company is aggressively expanding into emerging markets in artificial intelligence, computing power, and robotics, with a significant revenue contribution of 487 million yuan in these sectors, representing a year-on-year increase of 204.61% and a quarter-on-quarter growth of 377.25% [2]. - The dual-dimensional layout of "power supply foundation + equipment empowerment" is being established through accelerated development in liquid cooling technology, high-speed connectors, and AI servers, among others [2]. Group 3: Client Engagement - The company has supported over 200 large data centers, including those for China Telecom and Alibaba Cloud, establishing a comprehensive support system [3]. - It has secured supplier codes from leading global AI chip companies, enabling bulk supply of power cables and vehicle-mounted cables, while continuously advancing the supply of high-speed copper cables and liquid cooling plates [3]. - The company aims to expand its market presence by connecting with more high-quality domestic and international clients as product iterations and demand grow [3]. Group 4: Profit Forecast - Revenue projections for the company are estimated to reach 29.538 billion yuan in 2025, 33.291 billion yuan in 2026, and 36.170 billion yuan in 2027, with year-on-year growth rates of 13%, 13%, and 9% respectively [4]. - The net profit attributable to shareholders is forecasted to be 291 million yuan in 2025, 529 million yuan in 2026, and 903 million yuan in 2027 [4]. - Based on comparable companies, the target price is set at 10.56 yuan, with an initial coverage rating of "buy" [4].

Core Viewpoint - The iTherM 2025 conference aims to explore the latest trends, technologies, and applications in the thermal management industry, focusing on various sectors such as electronics, new materials, and green energy [2][4]. Group 1: Conference Overview - The iTherM 2025 conference will be held from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center [4]. - The event is organized by DT New Materials and iTherM, with support from various academic and industry experts [4][5]. - The conference will feature discussions on thermal management policies, materials, technologies, and engineering advancements [2][4]. Group 2: Themes and Topics - The conference will cover multiple themes, including thermal interface materials, liquid cooling technologies, and thermal management in electric vehicles [5][12][27]. - Specific sessions will focus on advancements in thermal management materials, chip thermal management, and battery thermal management [5][19][25]. Group 3: Notable Speakers and Contributors - The conference will feature prominent figures such as academicians from leading universities and researchers from various institutions, including the Chinese Academy of Sciences and Tsinghua University [4][5][33]. - Experts will present on topics ranging from heat transfer measurement innovations to AI-enabled thermal management material design [17][18]. Group 4: Industry Participation - Major companies and institutions, including BYD, Huawei, and various universities, are expected to participate, showcasing their latest technologies and research [30][31][32]. - The event aims to foster collaboration between academia, industry, and government entities to drive innovation in thermal management solutions [2][4].