东吴证券研报指出，英维克为温控系统龙头，AI算力服务器液冷构筑新增长极。公司主业经营稳健， 产品矩阵完善。凭借深厚技术积淀，公司成为华为、中兴、腾讯、阿里巴巴等头部企业的稳定合作伙 伴，2025前三季度公司实现营收40.26亿元，同比增加40.19%，实现归母净利润3.99亿元，同比增加 13.13%，业绩稳健增长。公司作为国内温控系统龙头企业，海外算力链导入进展国内领先，伴随算力 服务器持续迭代拉动液冷市场空间扩容，公司有望逐步兑现业绩。首次覆盖，给予公司"买入"评级。 ...

宏观策略 证券研究报告 [Table_MacroStrategy] 宏观量化经济指数周报 20251214：居民出行数据强于季节性，"冰雪经 济"有望为服务消费注入新动能 东吴证券晨会纪要 东吴证券晨会纪要 2025-12-17 利率窄幅波动态势或延续至跨年 海外周报 20251214：11 月非农与 CPI 前瞻：新增就业料疲软，通胀中枢 料维持 3% 核心观点：本周美联储如期降息，叠加鲍威尔在发布会上较为"意外"的 鸽派信号，短端美债利率再度下行；但由于甲骨文和博通再度引发市场对 AI 投资泡沫的担忧，美股下行。本周 FOMC 会议点阵图指引 6 名 FOMC 成员不赞同本次降息，2026 全年降息 1 次，整体偏鹰；但同时美联储超 预期宣布启动轻量扩表，且由于反对票、鹰派点阵图已被市场抢跑预期， 因此 Powell 在发布会上偏鸽派的发言反而助推了市场的宽货币交易。向 前看，下周即将公布的 11 月非农与 CPI 数据料显现出政府停摆给 25Q4 美国经济带来的负面影响。当前分析师一致预期 11 月新增非农就业为 5 万，但预测标准差高达 3.3 万，市场分歧较大，且发布的数据质量仍可能 不佳，劳务市场 ...

Core Viewpoint - Dinghan Technology has received approval from the China Securities Regulatory Commission for its stock issuance to specific investors, marking a significant milestone in its development and a model for the integration of state-owned and private enterprises [1] Group 1: Capital Operation - The company will issue up to 46.905 million shares at a price of 4.78 yuan per share, raising a total of no more than 224.2059 million yuan [1] - After the transaction, Guangzhou Industrial Control Capital Management Co., Ltd. will hold 17.20% of Dinghan Technology's shares, becoming the largest shareholder [1] Group 2: Strategic Empowerment - The entry of state-owned capital is expected to enhance the company's capital strength and optimize its financial structure, providing solid support for continuous innovation and business expansion [2] - Dinghan Technology aims to leverage the industrial background of the Industrial Control Group in the Guangdong-Hong Kong-Macao Greater Bay Area to integrate deeply into the regional rail transit industry chain [2] Group 3: Business Development - The company is focusing on a "1+N" high-end manufacturing business layout, with stable rail transit operations as the foundation and new fields such as renewable energy, intelligent manufacturing, and artificial intelligence as accelerators for future growth [2] - Dinghan Technology has established a solid advantage in rail transit, holding authoritative certifications and serving high-quality clients like CRCC and China Railway Group [3] Group 4: Future Strategy - The company plans to utilize the resources from its state-owned shareholder to seize strategic opportunities in urban intercity railway construction and railway maintenance peaks [3] - Dinghan Technology aims to transform from a "single product supplier" to an expert in "high-end rail transit equipment and intelligent comprehensive solutions," creating sustainable value for investors and society [3]