花旗发表报告，对敏实集团开启90天上行催化剂观察，目标价为46港元，评级"买入"。报告指，AI液冷 产品的大规模交付很可能已于1月开始，预期敏实在AI液冷领域将进一步获得订单。另外，该行认为德 国重新推出的补贴政策可能为敏实欧洲销售带来上行风险。其他催化剂因素包括铝价上涨的影响可控； 墨西哥关税上调的影响有限，2026年料涉及约100万美元；机器人业务2026年营收贡献约1亿元；估值具 吸引力，股息率达3.8%，派息率达40%。 ...

花旗发布研报称，对敏实集团(00425)开启90天上行催化剂观察，目标价46港元，评级"买入"。 报告指，AI液冷产品的大规模交付很可能已于1月开始，预期敏实在AI液冷领域将进一步获得订单。另 外，该行认为德国重新推出的补贴政策可能为敏实欧洲销售带来上行风险。其他催化剂因素包括铝价上 涨的影响可控;墨西哥关税上调的影响有限，2026年料涉及约100万美元;机器人业务2026年营收贡献约1 亿元人民币;估值具吸引力，股息率达3.8%，派息率达40%。 ...

报告指，AI液冷产品的大规模交付很可能已于1月开始，预期敏实在AI液冷领域将进一步获得订单。另 外，该行认为德国重新推出的补贴政策可能为敏实欧洲销售带来上行风险。其他催化剂因素包括铝价上 涨的影响可控; 墨西哥关税上调的影响有限，2026年料涉及约100万美元; 机器人业务2026年营收贡献约 1亿元人民币; 估值具吸引力，股息率达3.8%，派息率达40%。 智通财经APP获悉，花旗发布研报称，对敏实集团(00425)开启90天上行催化剂观察，目标价46港元，评 级"买入"。 ...

Vi e w p o i n t | Limited impact from Mexico tariff hike — Mexico imposes new tariffs on cars and auto parts for China (link, Automotive Logistics, 12 Jan), with new tariff rate up to 50% (from ~20%). Given Minth achieved localized procurement complying with the US-Mexico-Canada Agreement (USMCA) rules, we think the tariff hike would pose limited impacts on Minth (~USD1mn in 2026E). 21 Jan 2026 10:58:55 ET │ 12 pages Minth (0425.HK) Upside Risk in AI Liquid Cooling + EU Sales; Open 90D +ve CW CITI'S TAKE W ...

Group 1 - The market experienced a rebound with the ChiNext Index leading the gains, closing up 2.61% [6] - The total trading volume in the Shanghai and Shenzhen markets was 2.24 trillion, a decrease of 34.6 billion from the previous trading day [6] - Over 4,600 stocks in the market saw an increase, indicating a broad-based rally [6] Group 2 - The liquid cooling server concept stocks have surged, with Tianfeng Securities estimating the value of the NVL72 single cabinet liquid cooling system at approximately $100,000 [8] - The penetration rate of liquid cooling in AI data centers is expected to rise from 10% to 90% as high-density power cabinets are shipped [8][9] - The year 2025 is anticipated to be a pivotal year for liquid cooling, with steep growth expected in 2026 [8] Group 3 - The humanoid robot sector is transitioning from "performance" to "work," with significant orders being placed in factories [23] - A project collaboration worth several million yuan was established between Zhiyuan Innovation and Fulian Precision, involving nearly 100 units of the Expedition A2-W robot [23] - The demand for robots is expected to increase as they become integral to various industrial applications [23] Group 4 - The domestic copper-clad laminate leader, Nanya New Materials, reported a 213% quarter-on-quarter increase in net profit due to high-end product demand [19] - The company is expected to reach a production capacity of nearly 4 million sheets per month by the end of 2025, with a global expansion strategy [19] - Nanya New Materials' stock saw a significant rise, reflecting positive market sentiment [19] Group 5 - The first domestically produced commercial electron beam lithography machine has entered application testing, marking a significant milestone for quantum chip development in China [29] - The global lithography equipment market is projected to reach $29.57 billion in 2024, with a compound annual growth rate of 5% from 2024 to 2034 [30] - Companies like Longtu Photomask and Luwei Optoelectronics have shown notable stock performance, with increases of 14.59% and 11.79% respectively [30]