重要新闻提示 模拟芯片龙头思瑞浦：筹划购买奥拉股份股权，预计构成重大资产重组，今起停牌 上纬新材：选举彭志辉为董事长，聘任田华为首席执行官 春秋电子：全资子公司拟全面要约收购液冷公司Asetek A/S全部股份 今日提示 央行今日有3105亿元7天期逆回购到期 2025粤港澳大湾区文化产业投资大会11月26日至28日举行 财经新闻 1.国家航天局网站11月25日消息，国家航天局近日印发《国家航天局推进商业航天高质量安全发展行动 计划（2025—2027年）》提出，引导培育耐心资本。完善商业航天发展投融资体制机制，设立国家商业 航天发展基金，鼓励地方政府、金融机构、社会资本联合成立投资平台，引导资本坚持做长期投资、战 略投资、价值投资。建立项目推送机制，遴选若干符合航天发展规划和投资政策方向，且创新性强、示 范性好、具有产业化发展潜力的商业航天项目向基金推送，基金以市场化方式自主决策。 2.国家数据局副局长陈荣辉11月25日在"数据价值化 我们在行动"第三场新闻发布会上表示，近期，国家 数据局会同国务院国资委启动了国有企业数据资源开发利用试点工作，明确了12家中央企业为首批试点 牵头单位，联合民营企业、科研院所 ...

智通财经APP讯，春秋电子(603890.SH)公告，公司拟通过在新加坡设立的全资控股子公司CQXA Holdings.PTE.LTD(简称"CQXA")作为要约人，向在纳斯达克哥本哈根交易所上市公司Asetek A/S公司全 体股东发起自愿性全面要约，以现金方式收购标的公司全部股份。本次交易对标的公司的要约价格为 1.72丹麦克朗/股，对应总要约对价不超过5.47亿丹麦克朗。 此外，标的公司目前处于亏损状态。尽管其未来业务发展规划展示了盈利前景，但该目标的实现受到宏 观经济、行业竞争、技术迭代、经营管理及市场开拓等多种不确定因素的影响。若标的公司未来无法有 效改善经营状况，及时扭亏为盈，则可能面临持续亏损、现金流紧张甚至经营停滞的风险。 公告称，Asetek作为台式电脑液冷散热技术领域的领先企业，积累了超过20年的液冷行业技术和客户关 系，长期为戴尔外星人、华硕、NZXT等全球主流PC品牌商、配件商提供高性能散热解决方案。通过本 次收购，春秋电子可快速拓展产品组合与市场份额，实现业务规模的显著扩张和盈利能力的全面提升。 本次对全球液冷技术领导者Asetek的收购，通过整合Asetek核心液冷技术，公司可实现 ...

公告提示，本次交易拟通过自愿性全面要约的方式收购标的公司不低于90%的股份，包括可能要约收购 标的公司100%的股份，本次要约收购可能导致对标的公司的私有化。如接受本次要约收购的股份比例 未达到90%但超过三分之二，董事会提请股东大会授权董事会决定是否继续进行本次要约收购交易。若 接受本次要约收购的股份比例未达到三分之二，则可能面临要约收购失败的风险。 此外，标的公司目前处于亏损状态。尽管其未来业务发展规划展示了盈利前景，但该目标的实现受到宏 观经济、行业竞争、技术迭代、经营管理及市场开拓等多种不确定因素的影响。若标的公司未来无法有 效改善经营状况，及时扭亏为盈，则可能面临持续亏损、现金流紧张甚至经营停滞的风险。 智通财经APP讯，春秋电子(603890.SH)公告，公司拟通过在新加坡设立的全资控股子公司CQXA Holdings.PTE.LTD(简称"CQXA")作为要约人，向在纳斯达克哥本哈根交易所上市公司Asetek A/S公司全 体股东发起自愿性全面要约，以现金方式收购标的公司全部股份。本次交易对标的公司的要约价格为 1.72丹麦克朗/股，对应总要约对价不超过5.47亿丹麦克朗。 公告称，Asetek ...

Core Insights - Xiangxin Technology Co., Ltd. reported a record high revenue of 5.667 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 16.16%, while net profit attributable to shareholders decreased to 159 million yuan [1][2] Revenue Growth Drivers - The revenue growth is attributed to the synergy of three core business segments, showcasing strong market resilience [1] - In the electric vehicle sector, the company has strengthened partnerships with major automakers, including GAC Group, Geely, BYD, and XPeng, leveraging its advanced precision stamping mold technology [1] - In the power battery sector, Xiangxin has established comprehensive collaborations with top ten domestic battery manufacturers, which has supported significant business growth [1] Emerging Business Segments - In the photovoltaic and energy storage sectors, Xiangxin has begun mass production of energy storage systems in collaboration with Paneco Group, highlighting its competitive advantages in safety, longevity, and intelligence [2] - The company has formed long-term global strategic partnerships with KDHAR in Australia and SANSO Electric in Japan to develop a "photovoltaic + energy storage + computing power center" project, aiming to enhance overseas green computing power markets [2] Robotics Development - The humanoid robot business has made significant progress, transitioning from technology development to customer delivery, with the completion of two generations of dexterous hands [2][3] - The second-generation dexterous hand features a lightweight design and high precision, making it suitable for various industrial applications [2] Strategic Investments and Innovations - Xiangxin has strategically invested in Hengqu Motor to complete the critical link in the power system, forming a comprehensive technology chain [3] - The company has established a joint innovation center with the Guangdong Academy of Sciences, contributing to the development of a self-controlled humanoid robot industry ecosystem [3] AI Cooling Solutions - In September 2023, Xiangxin launched a liquid cooling solution for AI computing power, which includes CPU/GPU liquid cooling modules and self-sealing quick-connect fittings [4] - The liquid cooling module features a micro-channel design that significantly increases heat exchange area and efficiency, compatible with major AI chips [4]

Core Insights - The company reported a revenue of 5.667 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 16.16%, achieving a historical high in revenue; however, net profit attributable to shareholders decreased to 159 million yuan [1] - The company's core business segments demonstrated strong market resilience, particularly in the new energy sector, with significant collaborations with leading automotive manufacturers and battery producers [2] Business Performance - The revenue growth in the third quarter was driven by the synergy of three core business segments, including precision stamping molds for the automotive industry, which strengthened partnerships with major car manufacturers such as GAC Group, Geely, BYD, and XPeng [2] - In the power battery sector, the company has established comprehensive cooperation with top ten domestic battery manufacturers, contributing to significant business growth [2] - The company achieved a milestone in the photovoltaic and energy storage sector by launching a joint energy storage system with PANECO, emphasizing safety, longevity, and intelligence [2] Strategic Partnerships - The company announced a long-term global strategic partnership with KDH AR from Australia and SANSO Electric from Japan, focusing on a demonstration project integrating photovoltaic, energy storage, and computing power [3] New Business Development - The humanoid robot business has made significant progress, completing the development of two generations of dexterous hands, which are now being industrially applied [4] - The second-generation dexterous hand features a lightweight design and high precision, meeting the demands of various industrial applications [4] - The company has also invested in key components of the power system and established a comprehensive ecosystem for humanoid robots [4] AI Cooling Solutions - The company launched a liquid cooling solution for AI computing power, which includes CPU/GPU liquid cooling modules and other innovative components [5] - The liquid cooling module features a microchannel design that significantly increases heat exchange area and efficiency, compatible with major AI chips [6]

Group 1 - The A-share market has been very active recently, particularly the computing power sector, which has shown strong performance since mid-August, with AI chips, AI servers, optical modules, and liquid cooling technology being standout hardware segments [1] - The strong performance of the computing power sector is driven by three main factors: first, the capital expenditure plans disclosed by major overseas cloud vendors exceeded expectations, maintaining high growth in global computing infrastructure investment; second, OpenAI's recent announcement of GPT-5 has attracted industry attention, with plans to double the scale of computing clusters in the next five months; third, feedback from the supply chain indicates robust demand for computing power, supported by new technological iterations that have spawned multiple high-growth sub-sectors [1] - Looking ahead, the demand for computing power is expected to grow exponentially due to breakthroughs in AI model performance, the evolution of multimodal technologies, and the rapid deployment of AI Agent applications, indicating a long-term high prosperity in the industry [1] Group 2 - Specific investment opportunities include GPU and ASIC chips, optical modules, optical chips, and fiber optic connectors, which are expected to continue benefiting from the growth in computing power [1] - Additionally, the rising demand for AI servers will lead to increased usage of PCBs, high-power power supply systems, and liquid cooling solutions, marking significant opportunities in these emerging fields [1]