Group 1 - Yongtai Technology's executives plan to collectively increase their shareholding by no less than 5 million yuan [1] - Su Yan Jingshen's directors and executives have increased their holdings by 876,300 yuan [1] - Hongqi Lianchuan's shareholder Yonghui Supermarket intends to reduce its stake by no more than 3% [1] Group 2 - Yuehai Feed's shareholders plan to collectively reduce their holdings by no more than 3% [1] - Yingweike's shareholders plan to reduce their stake by no more than 0.56% [1] - China National Foreign Trade Transportation Corporation's senior management plans to reduce their shareholdings [1]

英维克（002837）(002837.SZ)发布公告，公司股东上海秉原旭股权投资发展中心(有限合伙)(以下简 称"上海秉原")计划自本公告披露之日起3个交易日后的三个月内(2025年12月29日至2026年3月28日)，通 过集中竞价或者大宗交易方式减持公司股份不超过549.48万股，约占公司总股本比例0.56%。 ...

智通财经APP讯，英维克(002837.SZ)发布公告，公司股东上海秉原旭股权投资发展中心(有限合伙)(以下 简称"上海秉原")计划自本公告披露之日起3个交易日后的三个月内(2025年12月29日至2026年3月28日)， 通过集中竞价或者大宗交易方式减持公司股份不超过549.48万股，约占公司总股本比例0.56%。 ...

英维克12月22日公告，公司股东上海秉原旭股权投资发展中心（有限合伙）计划自本公告披露之日起3 个交易日后的3个月内（2025年12月29日至2026年3月28日），通过集中竞价或者大宗交易方式减持公司 股份不超过549.49万股，即不超过公司总股本的0.56%。减持价格根据减持时的二级市场价格及交易方 式确定，且不低于公司上一年度末经审计的每股净资产。减持原因为股东自身经营资金需求。 ...

Group 1 - The core point of the article is that Yingweike (SZ 002837) announced a plan for a shareholder to reduce its stake by up to approximately 5.49 million shares, representing about 0.56% of the company's total equity [1] - Yingweike's revenue composition for the first half of 2025 is entirely from precision temperature control energy-saving equipment, accounting for 100.0% [1] - As of the report, Yingweike's market capitalization stands at 92.2 billion yuan [1] Group 2 - The article highlights a significant increase in sales for new energy heavy trucks, with November sales experiencing a year-on-year growth of 178% [1] - The demand for new energy heavy trucks is so high that customers are directly urging factories for orders, indicating a supply shortage [1] - This surge in demand for new energy heavy trucks is described as a rare occurrence in the past decade [1]

Core Viewpoint - The shareholder Shanghai Bingyuanxu Equity Investment Development Center (Limited Partnership) plans to reduce its stake in Invech by up to 5,494,883 shares, representing approximately 0.56% of the company's total share capital, due to its own operational funding needs [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - The reduction will occur within three months from December 29, 2025, to March 28, 2026 [1] - The shares to be sold will be sourced from shares issued prior to the company's IPO [1] - **Impact on Company Control** - The planned reduction does not lead to any change in the company's control [1]

证券代码：002837 证券简称：英维克 公告编号：2025-060 深圳市英维克科技股份有限公司 关于股东减持计划的公告 股东上海秉原旭股权投资发展中心（有限合伙）保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 深圳市英维克科技股份有限公司（以下简称"公司"）股东上海秉原旭股权 投资发展中心（有限合伙）（以下简称"上海秉原"）计划自本公告披露之日起 3 个交易日后的三个月内（2025 年 12 月 29 日至 2026 年 3 月 28 日），通过集中竞 价或者大宗交易方式减持公司股份不超过 5,494,883 股（含 5,494,883 股），约 占公司总股本比例 0.56%。 公司于近日收到公司股东上海秉原出具的《关于减持深圳市英维克科技股份 有限公司股份计划的告知函》。具体情况如下： 一、股东的基本情况 截至本公告披露之日，拟减持公司股份的股东具体持股情况如下： | 股东名称 | 持股数量 | 占公司目前总股本 | | --- | --- | --- | | | （股） | 比例(%) ...

Core Insights - The liquid cooling industry is transitioning from a "first development stage" focused on concepts and expectations to a "second development stage" characterized by order confirmations, capacity realization, and performance delivery [1][4] Group 1: Industry Transition - The liquid cooling system is moving towards performance realization, with high-power cabinets (100kW+) becoming the new norm, and the GB300 series AI servers expected to start mass production by the end of 2025 [2][4] - The market focus is shifting from discussions about liquid cooling concepts to actual performance metrics and market space evaluations, marking the end of the expectation-driven phase [1][2] Group 2: Competitive Landscape - The competitive landscape is evolving from individual component competition to a comprehensive thermal management system that spans servers, cabinets, and data center equipment, increasing customer reliance on solution providers [3][4] - Industry leaders are expected to benefit from their comprehensive solutions, large-scale delivery capabilities, and established relationships with major clients, reinforcing a "stronger gets stronger" dynamic in the market [3][4] Group 3: Market Opportunities - The liquid cooling market is being systematically re-evaluated as the application boundaries expand from GPU servers to switches and ASIC devices, indicating a significant growth potential [2][4] - Companies with full-stack solution capabilities and certifications from leading clients are positioned to capture the upcoming industry benefits, particularly those with extensive global delivery experience [4]

Core Viewpoint - The A-share market has shown a fluctuating bottoming trend since December, but specific segments, particularly Invec's stock, have demonstrated remarkable independent performance, with a significant price increase of 26.9% in just 15 trading days [1][2]. Group 1: Stock Performance and Market Dynamics - Invec's stock has surged nearly threefold over the past six months, approaching a market capitalization of 100 billion [4]. - The ongoing and accelerating upward trend indicates that the capital market is affirming a new industrial trend [5]. - The recent price acceleration is attributed to market rumors regarding Google's factory audit and a substantial increase in the shipment target for TPU chips [8]. Group 2: Industry Catalysts and Trends - The "year-end acceleration" in stock performance is unusual, as institutions typically prefer to secure profits at year-end [7]. - Invec is no longer viewed merely as a temperature control equipment manufacturer but is now seen as a key player in the AI computing infrastructure, particularly in the liquid cooling segment [11]. - The shift towards liquid cooling technology is becoming a necessity due to the increasing power consumption of high-performance chips, with Nvidia's latest chips exceeding 1000W [13][14]. Group 3: Market Expectations and Growth Potential - The market logic suggests that liquid cooling is the next big opportunity, similar to the previous boom in optical modules [17]. - The demand for liquid cooling components is expected to grow significantly, with projections indicating that the penetration rate for AI training servers will rise from 15% in 2024 to 80% by 2027 [15]. - Invec's unique full-chain self-research and production capabilities position it favorably within the global AI computing supply chain [18]. Group 4: Competitive Landscape - Invec is the only A-share company covering the entire liquid cooling supply chain, from CDU to liquid cooling servers [21]. - Competitors include major players like 3M and domestic companies such as Shenyang Environment and Gaolan Co., which are also entering the liquid cooling market [20]. - The competitive landscape is intensifying, with various domestic firms challenging international counterparts in the liquid cooling sector [20]. Group 5: Financial Performance and Future Outlook - Invec's revenue has grown significantly since its listing, with a projected revenue of 4.5 billion in 2024, reflecting a 40.19% year-on-year increase [24]. - The company's liquid cooling revenue is still in the early stages, indicating potential for substantial growth in the future [27]. - The current high price-to-earnings ratio of nearly 180 times reflects optimistic market expectations, but it also poses risks if order fulfillment does not meet projections [28].

Core Viewpoint - The stock price of Yingweike has surged by 26.9% in just 15 trading days, reflecting a significant market trend towards liquid cooling technology as a critical component in AI computing infrastructure [2][3]. Group 1: Catalysts - The recent surge in Yingweike's stock price is attributed to market rumors regarding Google's factory audit and a substantial increase in Google's TPU chip shipment target by 50% to 6 million units by 2026 [2][5]. - The market now views Yingweike not merely as a temperature control equipment manufacturer but as a key player in the liquid cooling segment, essential for AI computing [2][5]. - The demand for liquid cooling solutions is expected to rise significantly, with projections indicating that the penetration rate of liquid cooling in AI training servers will jump from 15% in 2024 to 80% by 2027 [10]. Group 2: Industry Dynamics - The evolution of heat management technology is crucial as AI-driven applications require advanced cooling solutions due to the increasing power consumption of GPUs, with Nvidia's latest chips exceeding 1000W [6][8]. - Liquid cooling is transitioning from an optional technology to a mandatory requirement in the AI chip market, driven by the high power density of new systems [9][10]. - The liquid cooling market is expected to mirror the growth trajectory of the optical module market, with a strong correlation between the demand for high-performance GPUs and liquid cooling components [11]. Group 3: Competitive Landscape - Yingweike's unique position stems from its comprehensive self-research and production capabilities across the entire liquid cooling supply chain, which reduces integration risks for clients [12][13]. - Competitors in the liquid cooling space include global leaders like Viavi and various domestic firms that are beginning to challenge Yingweike's market position [16][17]. - The company has established partnerships with major cloud service providers, enhancing its credibility and market reach [12][20]. Group 4: Financial Performance - Yingweike's revenue has grown significantly, with a projected increase from 5 billion RMB at the time of its IPO to 45 billion RMB by 2024, reflecting a consistent growth trajectory [20]. - The company's earnings for the first three quarters of 2025 reached 4.026 billion RMB, marking a year-on-year growth of 40.19% [20][23]. - Despite the optimistic market outlook, the current price-to-earnings ratio of nearly 180 times suggests a high valuation based on future growth expectations rather than current earnings [10][23].