Core Insights - The report identifies liquid cooling as a strategic investment opportunity, potentially replicating the success of optical modules and PCBs, with strong growth prospects driven by AI computing needs and stringent energy efficiency standards [2][3] - Liquid cooling is characterized by three main features: strong growth, complete narrative, and favorable odds, indicating a favorable market environment for investment [2] - The industry is transitioning from speculative hype to a high-growth phase with confirmed orders, as evidenced by significant order increases from key suppliers like Vidi Technology [3] Industry Trends - The liquid cooling industry is entering a high-growth phase with a 252% year-over-year increase in organic orders reported by Vidi Technology, highlighting strong market demand [3] - Major tech companies like NVIDIA and Google are adopting liquid cooling as a mandatory standard for their next-generation platforms, indicating a shift from optional to essential technology in AI computing [3] - The industry is witnessing a wave of mergers and acquisitions, with companies like Liying Intelligent Manufacturing acquiring liquid cooling suppliers to secure positions in the AI server supply chain [3] Liquid Cooling Industry Chain - The liquid cooling industry chain consists of three main segments: upstream components, midstream system integration and manufacturing, and downstream applications [4] - Upstream includes key technologies and components such as cooling fluids and CDU, which have high technical barriers and value [4] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities as a core barrier [4] - Downstream focuses on high-performance data center operators and industry users driving the large-scale adoption of liquid cooling [4]

中国证券报记者2月12日获悉，近日，国家税务总局浙江省税务局发布五家先进制造业企业税务合规典 型案例，为广大经营主体提供参考。桐昆股份、王力安防、华峰化学、水晶光电、三花智控等上市公司 入选。 同时，国家税务总局广东省税务局发布首批电子信息行业税务合规典型案例，涉及方邦股份、德赛西 威、奥海科技、三环集团等上市公司；国家税务总局吉林省税务局发布五家冰雪行业企业税务合规典型 案例，涉及长白山等上市公司。案例为同行业经营者提供可参考的范本，引导更多经营主体增强依法纳 税意识。 优化部门设置制定相关制度 案例展示的多家公司均连续多年获评纳税信用A级。具体看，这些企业采用了设置专门部门、运用技术 赋能系统建设等方式，查堵风险，构建合规闭环。 桐昆股份在产业链持续延伸过程中，为防范跨区域、多主体带来的税务合规风险，于2018年将税务管理 职能提级，单独设置集团一级职能部门"税务管理部"，统筹指导全集团涉税事务，制定《税务风险管理 制度》《发票及税金管理制度》等内部合规指引，为集团投资并购、业务模式设计、关联交易定价等重 大决策提供税务合规保障，并将纳税信用纳入内部考评，目前旗下15家企业稳定保持纳税信用A级。 2023 ...

格隆汇2月12日丨三花智控(002050.SZ)在投资者互动平台表示，目前公司暂无收购法雷奥马勒及电装等 公司的计划。 ...

三花智控2月12日在互动平台表示，目前公司暂无收购法雷奥马勒及电装等公司的计划。 ...

格隆汇2月12日丨三花智控(002050.SZ)在互动平台表示，公司的阀、泵、换热器以及相关的组件类产品 都可以使用在液冷服务器业务，产品技术具有一定的同源性。目前公司积极拓展液冷服务器领域业务， 并持续推进与液冷相关企业的合作。 ...

2月12日，A股市场震荡，电新板块冲高，截至13:42，电池ETF汇添富（159796）涨超1.5%，成交额大幅放量，盘中已超2.6亿元，资金持续涌入电池板块， 电池ETF汇添富（159796）盘中获3300万元净申购！ | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 002050 | 三花智控 | 家用电器 | 0.94% | 8.22% | | 2 | 300274 | 阳光电源 | 电力设备 | 2.83% | 7.99% | | 3 | 300750 | 宁德时代 | 电力设备 | 1.96% | 7.73% | | 4 | 300014 | 亿纬锂能 | 电力设备 | 1.76% | 5.36% | | ਟ | 002709 | 天赐材料 | 电力设备 | 0.63% | 4.36% | | 6 | 300450 | 先导智能 | 电力设备 | -0.23% | 4.07% | | 7 | 002340 | 格林美 | 电力设备 | 1.16% | 3.39% | | 8 | 0 ...

港股已经成为外资配置中国资产门类最齐全的市场。 作者 | 观韬 编辑 | 小白 2026年1月2日，港交所交易大堂的锣声为全年定下基调，"国产GPU第一股"壁仞科技正式挂牌，紧随 其后的是AI大模型公司智谱、MiniMax以及首日大涨的量贩零食企业鸣鸣很忙。 从新能源、AI、生物科技到高端制造、新消费，伴随着A+H上市机制优化及"特专科技"上市通道的激 活，港股市场已经成为外资配置中国资产门类最齐全的枢纽，为国际投资者提供了"一站式"配置中国 增长的机会。 2024年，港股市场在美的集团等龙头企业的拉动下募资约876亿港元，同比大增89%；进入2025年 后，市场动能全面爆发，全年IPO募资额高达2,856.93亿港元，同比激增224%，成功重返全球IPO募 资额榜首。 据香港交易所行政总裁陈翊庭透露，港股排队等待IPO的企业数量已超过350家，港股市场的资本活 力还在持续迸发。这也使其成为金融支持实体经济的"主战场"之一。 从数据来看，在全球投行竞逐港股IPO市场的浪潮中，在金融服务实体的宏大命题下，中资券商已经 占据主导地位。 （来源： W ind，制图：市值风云APP） 这表明，港股市场对代表中国发展方 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and cultural media sectors, highlighting potential investment risks in these areas [1][2][3] Group 1: Stock Performance and Fund Flow - The stock with the highest outflow is Xinyiseng, with a fund outflow of 30.50 billion yuan and a decline of 5.46% [2] - Zhongji Xuchuang follows closely with a fund outflow of 29.64 billion yuan and a decrease of 4.28% [2] - Other notable stocks with significant outflows include BlueFocus with 12.91 billion yuan and a drop of 3.57%, and Jiecheng Co. with 12.13 billion yuan but an increase of 4.73% [2] - Cultural media stocks such as Chinese Online and Guanghua Media also experienced outflows of 10.27 billion yuan (down 6%) and 9.38 billion yuan (up 5.09%), respectively [2][3] Group 2: Sector Analysis - The communication equipment sector is heavily impacted, with both Xinyiseng and Zhongji Xuchuang showing substantial fund outflows [2] - The cultural media sector also shows mixed performance, with some stocks like Guanghua Media gaining while others like Chinese Online are declining [2][3] - The home appliance industry, represented by Sanhua Zhikong and Zhao Chi Co., shows minor outflows of 8.30 billion yuan and 7.45 billion yuan, respectively, with slight declines in stock prices [2][3]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, particularly in the communication equipment and cultural media sectors, suggesting potential investor concerns or market volatility [1][2][3] Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced a capital outflow of 2.851 billion yuan, with a decline of 4.1% in stock price [2] - Xinyi Sheng saw a capital outflow of 2.795 billion yuan, with a stock price drop of 4.9% [2] - BlueFocus Media had a capital outflow of 1.2 billion yuan, with a decrease of 3.62% in stock price [2] - Jiecheng Co. reported a capital outflow of 1.135 billion yuan, with a stock price increase of 3.67% [2] - Zhongwen Online faced a capital outflow of 0.928 billion yuan, with a decline of 7.04% in stock price [2] Group 2: Sector Analysis - The communication equipment sector, represented by Zhongji Xuchuang and Xinyi Sheng, shows significant capital outflows, indicating potential challenges in this industry [2][3] - The cultural media sector, including companies like BlueFocus Media and Zhongwen Online, also reflects notable capital outflows, suggesting investor caution in this area [2][3] - The home appliance industry, represented by Sanhua Intelligent Control and Zhaochi Co., shows mixed performance with capital outflows, indicating varying investor sentiment [2][3]

Core Viewpoint - The A-share home appliance industry shows a mixed performance in the 2025 earnings forecasts, with 44 out of 103 listed companies having disclosed their projections, indicating both positive and negative trends in profitability [1][2]. Group 1: Positive Earnings Forecasts - Among the 44 companies that disclosed their 2025 earnings forecasts, 15 companies are expected to have positive performance, including profit increases, slight increases, turnaround from losses, and continued profitability [1][2]. - Specifically, 8 companies forecast profit increases, 5 companies expect to turn losses into profits, 1 company anticipates a slight increase, and 1 company expects to maintain profitability [2]. - Approximately 68.18% of the 30 companies that are expected to be profitable, with 2 companies, Sanhua Intelligent Controls and Ecovacs, projecting net profits exceeding 1 billion yuan [3]. Group 2: Leading Companies in Profit Forecasts - Sanhua Intelligent Controls is expected to achieve a net profit of 3.874 billion to 4.649 billion yuan in 2025, representing a year-on-year growth of 25% to 50% [7]. - The growth for Sanhua is attributed to its strong market position in the refrigeration and air conditioning components sector and its expansion in the automotive parts business [7]. - Ecovacs anticipates a net profit of 1.7 billion to 1.8 billion yuan, with a year-on-year increase of 110.90% to 123.30%, driven by product innovation and market expansion strategies [10]. Group 3: Negative Earnings Forecasts - A total of 14 companies are expected to report losses in 2025, with the top three companies projected to incur the largest losses being Deep Kangjia A, Qinsun Shares, and Marsman [11][13]. - Deep Kangjia A forecasts a net loss of 12.581 billion to 15.573 billion yuan, primarily due to significant impairment provisions and a decline in revenue from its consumer electronics business [13][14]. - Other companies like Marsman and Aishida are also expected to report substantial losses, indicating a challenging environment for certain segments within the home appliance industry [14].