兴业证券发布研报称，上半财年公司AI液冷表现突出，销售金额约1.2亿，占国内销售金额5.2%，是业 绩增长的主要驱动力之一。直通型液冷接头占总市场需求量的80%，使用公司主力产品自动车床加工具 有明显优势，目前液冷接头产品加工工艺基本确定，行业已进入批量采购设备阶段。今年1-9月，公司 已与数十家客户签订设备订单，占国内订单金额约5%，该行业在2026财年下半年，并且有望在2027财 年成为公司业绩增长的主要驱动力之一。 智通财经APP获悉，津上机床中国(01651)再涨超4%，截至发稿，涨4.63%，报32.96港元，成交额 2026.75万港元。 消息面上，津上机床中国发布公告，11月25日，公司耗资312.06万港元回购10万股。据统计，今年以 来，津上机床中国累计进行56次回购，合计回购852.30万股，累计回购金额2.04亿港元。 ...

Core Viewpoint -津上机床中国's stock price increased by over 4%, reaching 32.96 HKD, with a trading volume of 20.27 million HKD, following the announcement of a share buyback program [1] Group 1: Company Performance -津上机床中国 announced a share buyback of 100,000 shares for a total cost of 3.12 million HKD on November 25 [1] -Year-to-date, the company has conducted 56 buybacks, totaling 8.52 million shares and an aggregate amount of 204 million HKD [1] -For the first half of the fiscal year, the company's AI liquid cooling segment performed well, generating sales of approximately 120 million HKD, which accounts for 5.2% of domestic sales and is a key driver of revenue growth [1] Group 2: Industry Insights -Direct cooling connectors represent 80% of total market demand, with the company's main product, automatic lathes, having a significant competitive advantage in this area [1] -The processing technology for liquid cooling connectors has been largely established, and the industry is entering a phase of bulk equipment procurement [1] -From January to September, the company signed equipment orders with dozens of clients, representing about 5% of domestic order value, indicating strong future growth potential in the industry [1] -The industry is expected to become a major driver of the company's revenue growth in the second half of the 2026 fiscal year and into the 2027 fiscal year [1]