证券日报网讯 立讯精密（002475）11月26日发布公告，在公司回答调研者提问时表示，首先，在电连 接方面，无论是有源或是无源，无论是连接器还是线缆，公司整个信号源都是由公司的团队主导开发 的，这与光连接有所不同。光连接更多地涉及Broadcom、Marvell等光器件核心部分，公司更多是在后 端做模组组装。因此，电连接的技术等级更高，因为它需要处理信号源。其次，关于电源和散热，在近 期客户的核心供应商会议上，大部分高层讨论都集中在这两个产品。这背后有其历史原因。电连接和光 连接等互联部分，许多学科很早就开始为未来的算力增长做规划。过去做服务器、PC、汽车等大型部 件热管理的企业，多以结构件出身，而现在对新材料、新工艺以及系统级要求已截然不同。这不仅为立 讯带来了机会，也为全球所有有能力理解架构、突破新材料和新工艺现状的企业提供了机会。公司团队 的优势在于，许多成员都出身于具备系统级能力的公司，使得他们能够更好地综合解决部件问题。此 外，公司是全球少数能同时生产电连接、光连接、电源和散热这四大品类的公司，这使公司能够在解决 某些问题时，具备更大的灵活性和协同优势。在电源部分，从低压电源模块来看，凭借公司的智 ...

中共河北省委关于制定河北省国民经济和社会发展第十五个五年规划的建议发布。其中指出，培育壮大 数字经济。推进数字产业化和产业数字化，加快建设数据驱动、智能融合的数字河北。统筹算力基础设 施规划布局，推动建设全国一体化算力网络京津冀国家枢纽节点，加快打造环京地区智能算力集聚区。 中泰证券（600918）认为，AI算力成为通信行业主要增长引擎，持续看好算力产业链投资机会，头部 光模块厂商交付能力将成为成长关键，重视光芯片、OCS、空芯光纤、液冷、电源等细分方向。国产算 力重视芯片进展，以及国产模型追赶变化，将影响AIDC景气节奏。 中信证券认为，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以 来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产替代是大势所 趋；另一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现 算力突围。多卡集群的建设对零组件的数量和质量提出更高要求，并为产业链上下游带来更大的投资机 遇，液冷、存储、电源、 ...

Group 1 - NVIDIA plans to adopt a "long-arm management" model for the next-generation Vera Rubin architecture AI server cabinets, potentially supplying Level-10 systems directly to partners to standardize rack designs and significantly shorten time-to-market [1] - NVIDIA is expected to finalize the list of water-cooling plate suppliers soon, likely selecting four companies, as part of its preparation for the liquid cooling ecosystem for next year [1] - The focus on liquid cooling design standards in the second half of this year indicates NVIDIA's strategy to enhance the quality and performance of its products ahead of the expected launch of the Vera Rubin architecture [1] Group 2 - The high power consumption of the Vera Rubin architecture necessitates better coverage of liquid cooling components, which will also include power supply and storage systems [1] - Companies that become contractors for NVIDIA's L10 solution for cooling plates are likely to secure stable large orders, enhancing their competitive advantage within the existing supply chain [1] - Feilong Co., Ltd. has confirmed its entry into NVIDIA's supply chain with its liquid cooling pumps [2]

Core Insights - The stock price of Yingtong Communications has increased by 53.40% year-to-date, with a recent rise of 5.71% over the last five trading days [1] - The company reported a revenue of 630 million yuan for the first nine months of 2025, reflecting a year-on-year growth of 5.75%, while the net profit attributable to shareholders was a loss of 35.65 million yuan, a decrease of 8.90% year-on-year [2] Financial Performance - As of November 19, Yingtong Communications' stock price was 21.46 yuan per share, with a market capitalization of 3.998 billion yuan [1] - The company has seen significant trading activity, with a net inflow of 4.2375 million yuan from main funds and a total trading volume of 25.8674 million yuan [1] - The company has appeared on the "Dragon and Tiger List" 12 times this year, with the most recent appearance on March 25, where it recorded a net buy of -11.2895 million yuan [1] Business Overview - Yingtong Communications, established on October 23, 2010, and listed on April 13, 2017, operates in the integrated technology sector, focusing on product research, manufacturing, and sales [2] - The company's main revenue sources include acoustic products and precision components (61.93%), power and data transmission products (35.02%), and other products (3.05%) [2] - The company is categorized under the electronic industry, specifically in consumer electronics and components, and is associated with concepts such as small-cap stocks and major tech companies [2] Shareholder Information - As of September 30, the number of shareholders for Yingtong Communications was 16,100, a decrease of 49.01% from the previous period, while the average number of circulating shares per person increased by 96.11% to 9,348 shares [2]

Core Viewpoint - The stock of Yingtong Communications has shown significant growth this year, with a 52.04% increase, and the company is actively involved in the electronic and consumer electronics sector, focusing on acoustic and data transmission products [1][2]. Financial Performance - For the period from January to September 2025, Yingtong Communications reported a revenue of 630 million yuan, representing a year-on-year growth of 5.75%. However, the net profit attributable to the parent company was a loss of 35.65 million yuan, a decrease of 8.90% compared to the previous year [2]. - The company has distributed a total of 198 million yuan in dividends since its A-share listing, with 41.96 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 18, the stock price of Yingtong Communications was 21.27 yuan per share, with a market capitalization of 3.962 billion yuan. The stock has seen a trading volume of 24.07 million yuan and a turnover rate of 0.77% [1]. - The company has appeared on the "Dragon and Tiger List" 12 times this year, with the most recent appearance on March 25, where it recorded a net buy of -11.29 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders for Yingtong Communications was 16,100, a decrease of 49.01% from the previous period. The average number of circulating shares per person increased by 96.11% to 9,348 shares [2]. Business Overview - Yingtong Communications, established on October 23, 2010, and listed on April 13, 2017, operates as a comprehensive technology company involved in product research and development, manufacturing, sales, and industrial investment operations. The main revenue sources are acoustic products and precision components (61.93%), power and data transmission products (35.02%), and other products (3.05%) [1].

Core Viewpoint - Since 2025, both Chinese and American tech stocks have shown impressive performance, with the computing power sector leading the market, and there are emerging opportunities in models and applications for 2026 [1] Group 1: Market Performance - The computing power sector has outperformed the market, indicating strong growth potential [1] - There is an expectation that domestic computing power will replicate the long bull market seen in US stocks since 2023 [1] Group 2: Industry Trends - The urgency for development in semiconductor equipment and AI chips has increased due to overseas restrictions, making domestic substitution a prevailing trend [1] - Domestic chip manufacturers have begun exploring solutions like super nodes to overcome performance disadvantages of single cards by leveraging multi-card advantages [1] Group 3: Investment Opportunities - The construction of multi-card clusters raises demands for the quantity and quality of components, creating greater investment opportunities across the supply chain [1] - Specific sectors such as liquid cooling, storage, power supply, optical modules, PCBs, and quantum computing are expected to see higher performance elasticity [1] Group 4: Application and Model Opportunities - There is potential for localized explosive growth in models and applications, particularly in AI-enabled internet tech giants and rapidly commercializing AI applications such as AI advertising, AI agents, AI video generation, and autonomous driving [1]

Core Insights - Since 2025, both Chinese and American tech stocks have shown impressive performance, with the computing power sector leading the market [1] - Looking ahead to 2026, domestic computing power is on the rise, with performance elasticity and investment certainty expected to replicate the long bull market seen in US stocks since 2023 [1] Sector Analysis - The urgency for development in semiconductor equipment and AI chips has increased due to overseas restrictions, making domestic substitution a prevailing trend [1] - Domestic chip manufacturers have begun to explore solutions such as super nodes to compensate for single card performance disadvantages by leveraging multi-card advantages, facilitating breakthroughs in computing power [1] - The construction of multi-card clusters demands higher quality and quantity of components, presenting greater investment opportunities across the supply chain [1] - Sub-sectors such as liquid cooling, storage, power supply, optical modules, PCBs, and quantum computing are expected to experience higher performance elasticity [1] Application Opportunities - The model and application side is anticipated to witness localized explosive opportunities, particularly in internet tech giants empowered by AI [1] - Fast-developing AI application sectors include AI advertising, AI agents, AI video generation, and commercial autonomous driving [1]

Core Points - The company completed the initial grant registration of the 2025 restricted stock and stock option incentive plan, with the initial grant date set for September 30, 2025, and the listing date for the restricted stock on November 14, 2025 [1][3] - A total of 8.94 million shares were granted at a price of 4.8 yuan per share, with 31 individuals receiving the grants [1][3] - The initial grant of restricted stock represents 1.10% of the company's total share capital of 814 million shares at the time of the incentive plan announcement [3] Adjustments to the Incentive Plan - The board approved adjustments to the incentive plan, reducing the number of recipients from 238 to 224 due to the voluntary forfeiture of 56,000 stock options by some recipients [3] - The total number of restricted shares granted remains at 10 million, with 9.06 million shares initially granted and 940,000 shares reserved [3] - The total number of stock options granted was adjusted to 9.944 million, with 9.214 million options initially granted and the reserved quantity unchanged [3] Company Overview - The company specializes in providing solutions in industrial automation and energy power sectors, focusing on energy conservation, intelligent manufacturing, artificial intelligence, and digitalization [4] - Its business segments include industrial automation, network energy, new energy vehicles, and photovoltaic energy storage, offering products such as inverters, servo systems, and UPS power supplies [4] - For the first three quarters of 2025, the company reported revenue of 3.108 billion yuan and a net profit attributable to shareholders of 148 million yuan [4]

Core Points - The stock price of Yingtong Communications has decreased by 2.02% to 19.92 CNY per share as of November 12, with a market capitalization of 3.711 billion CNY [1] - The company has seen a year-to-date stock price increase of 42.39%, with a recent decline of 1.09% over the last five trading days [1] - Yingtong Communications has been listed on the "Dragon and Tiger List" 12 times this year, with the most recent instance on March 25, where it recorded a net buy of -1128.95 million CNY [1] Financial Performance - For the period from January to September 2025, Yingtong Communications achieved a revenue of 630 million CNY, representing a year-on-year growth of 5.75%, while the net profit attributable to shareholders was -35.65 million CNY, a decrease of 8.90% year-on-year [2] - The company has distributed a total of 198 million CNY in dividends since its A-share listing, with 41.96 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, Yingtong Communications had 16,100 shareholders, a decrease of 49.01% from the previous period, with an average of 9,348 circulating shares per shareholder, an increase of 96.11% [2] Business Overview - Yingtong Communications, established on October 23, 2010, and listed on April 13, 2017, operates in the electronic sector, focusing on acoustic products and precision components, which account for 61.93% of its revenue, while power and data transmission products contribute 35.02% [1][2]

Core Viewpoint - The article analyzes the recent revenue performance of major chip distributors, WPG Holdings and Auras Technology, highlighting their month-over-month declines but year-over-year growth, indicating a mixed market outlook driven by AI demand and seasonal trends [4][5]. Group 1: Revenue Performance - WPG Holdings reported a revenue of NT$126.88 billion in October, a month-over-month decrease of 5.97% but a year-over-year increase of 28.69%, marking the second-highest monthly revenue in its history [6][8]. - Auras Technology achieved a revenue of NT$83.39 billion in October, down 6.4% month-over-month but up 11.4% year-over-year, reflecting strong demand in AI-related sectors [7][15]. - For the first ten months of the year, WPG's cumulative revenue reached NT$962.75 billion, a year-over-year increase of 20.93%, surpassing its total revenue for the previous year [8][14]. Group 2: Market Trends and Outlook - WPG's Chairman expressed optimism for the upcoming year, citing strong growth in AI semiconductor demand driven by cloud service providers' data center expansion plans [7][10]. - Auras Technology noted that the demand for AI-related products is expected to continue strong through 2026, with significant growth in various sectors including cloud servers and autonomous vehicles [7][15]. - Both companies are experiencing a seasonal slowdown in consumer electronics, with expectations of a slight decrease in revenue for the fourth quarter, although the year-over-year growth trend remains positive [6][10]. Group 3: Comparative Performance - In the first three quarters of the year, WPG led the global chip distribution market with a cumulative revenue of approximately USD 270.37 billion, while Auras followed with USD 240.59 billion [16]. - The article highlights that WPG's performance remains robust compared to its competitors, indicating a strong position in the market as the industry begins to recover [16].