Group 1 - Goldman Sachs has updated its global server market forecast, expecting total revenue to reach $433.1 billion, $606.1 billion, and $763.9 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 71%, 40%, and 26% [2] - AI training servers are identified as the core growth engine, with projected revenues of $234.8 billion, $369.8 billion, and $506.2 billion for the same years, reflecting year-on-year growth rates of 97%, 57%, and 37% [2] - The report highlights a structural transformation in the global server market, driven by accelerated ASIC server penetration and significant capital expenditure growth from global cloud service providers, maintaining a high prosperity period from 2025 to 2027 [1][2] Group 2 - ASIC chip penetration in AI servers is expected to increase, with forecasts of 38%, 40%, and 50% for 2025, 2026, and 2027 respectively, up from a previous estimate of 45% for 2027 [3] - The demand for AI chips corresponding to AI servers is projected to reach 11 million, 16 million, and 21 million units in 2025, 2026, and 2027, representing increases of 7%, 17%, and 26% from previous forecasts [3] - The AI rack server market is shifting from reliance on Nvidia to a more diversified competition, with non-Nvidia solutions like AMD's Helios expected to gain market share [4] Group 3 - High-power AI training servers are projected to see significant growth, with shipment forecasts of 692,000, 952,000, and 1,227,000 units for 2025, 2026, and 2027, and corresponding market sizes of $180.2 billion, $205.2 billion, and $251.1 billion [5] - AI inference servers are expected to grow steadily, with shipment forecasts of 470,000, 539,000, and 656,000 units, and market size increasing from $29.8 billion to $48.4 billion from 2025 to 2027 [6] - The general server market is returning to normal growth, with shipment growth rates of 11%, 8%, and 2% for 2025, 2026, and 2027, and revenue growth rates of 51%, 19%, and 5% [7] Group 4 - Key companies in the server supply chain include ODM manufacturers like Wistron, Quanta, and Hon Hai, with Hon Hai being a leader in AI server market share [8] - Liquid cooling manufacturers such as AVC and Auras are highlighted for their roles in the cooling solutions for AI servers, with AVC providing custom cooling solutions for Nvidia's platforms [10][11] - TSMC is recognized as a foundational player in the AI chip and ASIC manufacturing sector, while companies like Chenbro and GCE are noted for their roles in critical components for server manufacturing [12]

Core Viewpoint - The article emphasizes that AI computing power remains a key investment theme in 2026, driven by strong growth in infrastructure and technology advancements, particularly in GPU, liquid cooling, optical modules, and PCB sectors [2][5][44]. AI Computing Power - The AI computing power index has seen a significant increase of 46.67% since 2025, outperforming other AI-related indices [3]. - The article identifies that the excess returns in AI computing power stem from its certainty and continuous outperformance, supported by capital investments from major tech companies and policy-driven domestic GPU replacements [4][5]. Market Growth Projections - The article outlines the market size and compound annual growth rates (CAGR) for various AI computing segments from 2024 to 2029, highlighting that the Chinese intelligent computing GPU market is expected to grow at a CAGR of 56.47% [6][7]. - Liquid cooling technology is projected to see a penetration rate increase from 14% in 2024 to 31% in 2026, indicating a strong growth trajectory [19]. Investment Opportunities - The article suggests that liquid cooling is one of the highest growth segments in AI computing, transitioning from an optional to a necessary technology due to the limitations of traditional air cooling [18]. - Companies involved in liquid cooling that secure contracts with major clients like Google and NVIDIA are expected to see valuation increases [20][24]. GPU Market Dynamics - NVIDIA continues to dominate the GPU market, but domestic manufacturers are rising due to policies favoring local replacements [8][10]. - The profitability of domestic GPU companies like Cambricon is anticipated to improve significantly, with projected net profits of 48.72 billion and 79.91 billion yuan for 2026 and 2027, respectively [12]. Optical Modules and PCB - The optical module sector has experienced substantial growth, with companies like NewEase and Zhongji Xuchuang seeing stock price increases of 450% and 422% since 2025 [27]. - The article notes that the PCB market is also expected to grow significantly, with AI-related PCBs projected to have a CAGR of 20.6% from 2024 to 2029 [34]. Investment Ranking - The article ranks various AI segments based on investment certainty: liquid cooling is rated highest, followed by optical chips, GPUs, PCBs, and optical modules, while AI applications and end products are considered less certain [42][43]. Macro Environment - The anticipated loosening of macroeconomic conditions, including potential interest rate cuts by the Federal Reserve, is expected to enhance liquidity in the market, benefiting high-growth sectors like AI computing power [44].

Summary of Key Points Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 576 stocks experiencing net outflows for five consecutive days or more, indicating potential investor concerns and market volatility [1]. Group 1: Stocks with Longest Net Outflow - Dahan Technology has the longest streak of net outflows, with 23 consecutive days [1]. - Dameng Data follows with 19 consecutive days of net outflows [1]. Group 2: Stocks with Highest Total Net Outflow - Yingweike has the largest total net outflow amounting to 3.26 billion yuan over 7 days [1]. - Hengtong Optics ranks second with a total net outflow of 1.472 billion yuan over 8 days [1]. Group 3: Stocks with Highest Net Outflow Percentage - ST Aowei has the highest percentage of net outflow relative to trading volume, with a 19.88% decline over the past 5 days [1]. - Other notable stocks with significant net outflow percentages include Haima Automobile at 9.06% and Antong Holdings at 10.61% [1]. Group 4: Performance of Stocks with Net Outflows - The report indicates that many stocks with significant net outflows have also experienced notable declines in their prices, such as Haima Automobile with a drop of 17.41% and Jiumuwang with a decline of 22.67% [1]. - Conversely, some stocks like Dameng Data have shown a slight increase of 4.79% despite the outflow [3].

Group 1 - The core viewpoint of the news is that Yingweike's stock has experienced fluctuations, with a recent decline of 2.04% and a total market capitalization of 102.255 billion yuan as of January 5 [1] - As of November 28, Yingweike reported a decrease in the number of shareholders to 134,600, a reduction of 14.49%, while the average circulating shares per person increased by 16.94% to 6,316 shares [2] - For the period from January to September 2025, Yingweike achieved a revenue of 4.026 billion yuan, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million yuan, up 13.13% year-on-year [2] Group 2 - Yingweike has distributed a total of 581 million yuan in dividends since its A-share listing, with 345 million yuan distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 37.06 million shares, a decrease of 45.195 million shares from the previous period [3] - The fourth-largest circulating shareholder is China Aviation Opportunity Leading Mixed Fund A, which is a new shareholder holding 16.1267 million shares [3]

Summary of the Conference Call on Liquid Cooling Industry and Company Insights Industry Overview - The liquid cooling industry is expected to have significant growth in the coming years, with a market size projected to reach over 100 billion by 2026, driven by advancements from companies like NVIDIA and ASIC [3][5] - The penetration rate of liquid cooling technology is currently low but is anticipated to increase steadily, leading to further growth in 2027 and 2028, even if the overall computing power supply chain does not see substantial growth [3][5] Company Insights: 英维克 (Invech) Competitive Advantages - 英维克 has a notable competitive edge in the overseas market, with no significant generational gap in technology compared to international peers, and some products even outperforming them [6] - The company is actively establishing its brand and distribution channels in overseas markets, which is crucial for its growth [6] - 英维克's full-chain capability allows it to provide comprehensive solutions to customers, making it a rare and valuable asset in the current market [6][11] Growth Potential - The company has immense growth potential in the next few years, with the possibility of doubling its growth if it successfully integrates into customer supply chains by 2026 [7] - If 英维克 can secure its position and expand its product offerings within client ecosystems, it could see substantial profit margins, indicating that a market valuation of 100 billion is just the beginning [7] Market Position - Chinese companies, including 英维克, are gaining ground in the global liquid cooling market, with product performance reaching international standards [8] - 英维克's strategy includes addressing brand localization challenges and leveraging its full-chain capabilities to penetrate international markets effectively [8] Financial Performance and Strategy - 英维克 has demonstrated consistent revenue and profit growth since its IPO, a rarity in the cooling industry [15] - The company emphasizes a platform-based R&D model, optimizing structural design for cost efficiency, and prioritizing innovation, such as the introduction of evaporative cooling products [15][13] Market Share and Product Strategy - 英维克 ranks among the top two in the indirect evaporative cooling market, alongside major players like Huawei, due to its innovative products and increasing market penetration [16] - The transition from traditional cooling systems to indirect evaporative cooling has significantly enhanced the company's revenue potential, increasing its value capture from 20-30% to 100% [17] Future Outlook - 英维克's strategic focus on liquid cooling technologies, starting from CDU (Central Processing Unit) and expanding into related electronic cooling technologies, showcases its strong innovation and R&D capabilities [18] - The company is expected to solidify its position in the market by 2026, setting the stage for further growth in 2027 and 2028, with a long-term view suggesting it will become a leading representative of quality cooling solutions in both domestic and international markets [18]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Core Insights - The Chinese refrigeration and air conditioning equipment industry is at a critical turning point, transitioning from a price war-driven market to a stable development phase dominated by stock renewal demand and energy efficiency standards [1] - The report aims to analyze structural opportunities for growth in a mature market and provide insights into the long-term evolution and competitive landscape of the refrigeration equipment industry by benchmarking against overseas leaders [1] Group 1: Market Trends - The overseas HVAC giants are directing their capital expenditures towards data center infrastructure, driven by the global digitalization and intelligence wave, leading to increased demand for computing power [3] - The cooling systems in data centers represent a significant portion of energy consumption, making energy efficiency improvements and reduced Power Usage Effectiveness (PUE) critical requirements, thus creating market space for high-end cooling solutions [3] Group 2: Strategic Developments - Localized deepening in overseas markets and value extension in the supply chain are essential, with acquisitions of local brands allowing companies to quickly access established distribution networks and adapt to local product technologies [2] - The trend of direct overseas capacity construction in emerging markets like Southeast Asia is driven by tariff barriers, logistics costs, and the need to respond quickly to market demands while leveraging local resource advantages [2] Group 3: Investment Recommendations - In the household refrigeration equipment sector, attention should be given to industry leaders such as Midea Group [3] - In the specialized refrigeration equipment sector, domestic companies like Invec and Shenling Environment, which have rich reserves in data center cooling solutions, are worth monitoring [3] - Upstream components such as compressors, valves, and pumps are expected to benefit from the demand for data center cooling, with companies like Hanzhong Precision Machinery, Ice Wheel Environment, and Sanhua Intelligent Control being of interest [3]

Group 1 - The liquid cooling server concept index declined by 0.98%, ranking among the top declines in the concept sector, with major declines seen in companies like Unification Holdings, Chuanrun Shares, and Yidong Electronics [1] - Among the liquid cooling server concept stocks, 47 stocks saw price increases, with notable gains from Fenghuo Communication (up 10.01%), Lio Shares (up 9.94%), and Sanhua Intelligent Control (up 5.35%) [1] - The liquid cooling server concept experienced a net outflow of 6.502 billion yuan in main funds, with 114 stocks seeing net outflows, and 21 stocks with outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stock was Industrial Fulian, with a net outflow of 1.880 billion yuan, followed by Yingweike, Sanhua Intelligent Control, and Luxshare Precision with net outflows of 1.088 billion yuan, 1.053 billion yuan, and 908 million yuan respectively [2] - The top net inflow stocks included Lio Shares, Fenghuo Communication, and ZTE Corporation, with net inflows of 2.599 billion yuan, 833 million yuan, and 405 million yuan respectively [2] - The liquid cooling server concept saw significant declines in individual stocks, with Unification Holdings down 9.99%, Chuanrun Shares down 9.92%, and Flying Dragon Shares down 7.36% [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月31日，英维克收跌5.57%，收盘价为106.89元，发生1笔大宗交易，合计成交量30万股，成交金额 3142.5万元。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1.3亿元。该股近5个交易日累计下 跌3.85%，主力资金合计净流出24.45亿元。 责任编辑：小浪快报 第1笔成交价格为104.75元，成交30.00万股，成交金额3,142.50万元，溢价率为-2.00%，买方营业部为国 联民生证券股份有限公司无锡盛岸西路证券营业部，卖方营业部为招商证券股份有限公司郑州商务外环 路证券营业部。 ...

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, indicating potential investment risks and market sentiment shifts. Group 1: Main Capital Outflow Statistics - A total of 670 stocks experienced a net outflow of main capital for five consecutive days or more as of December 31 [1] - The stock with the longest continuous outflow is Zhifei Biological, with 24 days of net outflow, followed by Wanfu Biological with 23 days [1] - The largest total outflow amount was from Moer Thread-U, with a cumulative net outflow of 5.142 billion yuan over 14 days [1] Group 2: Individual Stock Performance - Moer Thread-U had a net outflow of 5.142 billion yuan, with a decline of 37.53% in cumulative stock price [1] - Yingweike followed with a net outflow of 2.781 billion yuan over 6 days, showing a price increase of 2.94% [1] - Other notable stocks include Zhongtung High-tech with a net outflow of 1.580 billion yuan and a price increase of 1.50%, and Hengtong Optic-Electric with a net outflow of 1.406 billion yuan and a price decline of 5.39% [1] Group 3: Outflow Proportions and Trends - Guanghui Energy had the highest proportion of net outflow relative to trading volume, with a recent decline of 2.19% [1] - The report includes a detailed table of stocks with their respective net outflow amounts, percentages, and cumulative price changes, indicating a broader trend of capital withdrawal from the market [1]