Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [6][46]. Core Insights - The communication industry is experiencing significant growth driven by advancements in AI infrastructure and cloud computing technologies, with companies like AWS and Marvell leading the charge [5][11][18]. - Credo's revenue growth is attributed to the expansion of AI training and inference infrastructure, with a notable increase in demand for AEC and ALC products [3][21]. - Marvell's acquisition of Celestial AI is a strategic move to enhance its capabilities in data center optical interconnect technology, positioning the company for future growth in AI and cloud data centers [2][18]. Summary by Sections Industry News Tracking - AWS successfully hosted its annual re:Invent cloud computing conference, unveiling the next-generation AI training chip Trainium 4, which supports NVLink Fusion technology [11][12]. - Marvell reported a 37% year-over-year revenue increase for FY2026Q3, driven by data center demand and operational efficiency, and announced a $3.25 billion acquisition of Celestial AI to enhance optical interconnect technology [2][13][18]. - Credo's FY2026Q2 revenue reached $268 million, reflecting a 20.2% quarter-over-quarter increase, with ALC expected to drive future growth [3][21]. Market Performance Review - The communication sector index rose by 3.69% this week, outperforming the Shanghai Composite Index, which increased by 1.28% [4][36]. - Key sectors such as satellite internet, optical devices/chips, and IoT controllers showed strong performance, with respective increases of 9.85%, 5.93%, and 4.35% [36]. Investment Recommendations - The report suggests continued focus on AI computing infrastructure development, recommending investments in optical devices, communication equipment, and liquid cooling technologies [5][43]. - The three major telecom operators are highlighted as important assets for dividend allocation, with stable operations and increasing dividend payouts [5][43].

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

本次质押股份不涉及负担重大资产重组等业绩补偿义务。 二、股东股份累计质押基本情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | 本次质押前 | 本次质押后 | 占其所 | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股 | 质押股份数 | 质押股份数 | 持股份 | 占公司总 | 已质押股份 | 占已质押 | 未质押股份 | 占未质 | | 名称 | （股） | 比例 | | | | 股本比例 | 限售和冻结 | | 限售和冻结 | 押股份 | | | | | 量（股） | 量（股） | 比例 | | 数量（股） | 股份比例 | 数量（股） | 比例 | | 英维 | | | | | | | | | | | | 克投 | 245,019,503 | 25.08% | 26,419,393 | 26,419,393 | 10.78% | 2.70% | 0 | 0.00% | 0 | 0.00% | | ...

Group 1 - The core point of the news is that Yingweike (SZ 002837) announced the pledge of shares by its actual controller, Qi Yong, involving 1.69 million shares, with a total of approximately 26.42 million shares pledged, accounting for 10.78% of the shares held by Yingweike [1] - As of the announcement date, Qi Yong has pledged a total of 6.2 million shares, which represents 11.26% of his holdings [1] - For the first half of 2025, Yingweike's revenue composition is entirely from precision temperature control energy-saving equipment, accounting for 100.0% [1] Group 2 - Yingweike's market capitalization is reported to be 69.9 billion yuan [2]

Investment Rating - The report indicates a positive outlook for the liquid cooling industry, highlighting the entry of domestic supply chains and the expected growth in market value [1]. Core Insights - Liquid cooling technology is deemed essential for addressing the heat dissipation challenges in data centers, offering advantages such as low energy consumption, high cooling efficiency, low noise, and reduced total cost of ownership (TCO) [3][10]. - The value of liquid cooling systems is projected to increase significantly with the upgrade of chips, with estimates suggesting that the market for ASIC liquid cooling systems could reach 35.3 billion yuan and for NVIDIA systems could reach 69.7 billion yuan by 2026 [4]. - The report emphasizes the transition from traditional air cooling to liquid cooling as a necessity due to the rising power density of chips, with liquid cooling becoming a mandatory solution for high-density server environments [21][31]. Summary by Sections Liquid Cooling Technology - Liquid cooling is identified as a critical solution for data center heat dissipation, leveraging the high thermal conductivity and capacity of liquids compared to air [10][14]. - The technology is characterized by its ability to significantly reduce energy consumption and improve cooling efficiency, with liquid cooling systems capable of achieving a PUE (Power Usage Effectiveness) of below 1.2 [14][31]. Liquid Cooling Industry - The report notes that the value of liquid cooling will rise alongside chip upgrades, with a projected growth of over 20% for rack liquid cooling modules as chip power density increases [4]. - Domestic supply chains are expected to accelerate their entry into the market, particularly as NVIDIA opens its supplier list to include multiple vendors, allowing for greater competition and innovation [4]. Rubin Architecture Outlook - The report discusses the limitations of single-phase cold plates for the Rubin architecture, which has a thermal design power (TDP) of 2300W, necessitating the exploration of new liquid cooling solutions such as phase change cold plates and microchannel cold plates [4][21]. - Microchannel cold plates are anticipated to become a preferred solution due to their ability to handle higher power densities and their compatibility with future architectural developments [4]. Related Companies - The report suggests monitoring companies such as Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology, as they are positioned to benefit from the increasing demand for efficient and energy-saving heat exchange solutions in data centers [5].

Group 1 - The "Investment Opportunities in China" roadshow successfully took place in Germany, featuring representatives from five Shenzhen-listed companies engaging with institutional investors [1] - The Shenzhen Stock Exchange (SZSE) organized a total of 11 overseas roadshows in 2025, covering over 50 Shenzhen-listed companies and reaching countries like Singapore, South Korea, Australia, and Germany [1] - The participating companies in the German roadshow represent key sectors such as renewable energy, high-end manufacturing, and healthcare, which are of significant interest to German investors [1] Group 2 - In the Sydney roadshow, six companies from the green low-carbon and high-end manufacturing sectors engaged with nearly 70 representatives from Australian investment institutions, highlighting the shift of Chinese companies from "technology followers" to "standard setters" [2] - During the Singapore roadshow, companies like Mindray Medical and Inovance Technology received positive feedback from foreign investors, who expressed high interest in the global strategies and technological advancements of Chinese firms [2] - The SZSE is actively organizing roadshows in Hong Kong to enhance understanding and trust between Shenzhen-listed companies and foreign investors, facilitating international investment in the Shenzhen market [2][3] Group 3 - The SZSE plans to continue organizing overseas roadshows and activities for foreign investors to enhance their understanding of the investment value of Chinese assets [3] - The exchange aims to improve the quality of services for connecting Shenzhen-listed companies with foreign investors, facilitating cross-border investment activities [3]

Summary of the Conference Call on Energy Storage Systems (ESS) in China Industry Overview - The conference call focused on the **Energy Storage Systems (ESS)** market in China, highlighting its rapid expansion driven by strong policy support and increased project filings [6][15][17]. Key Insights and Arguments 1. **Growth Projections**: - Global ESS installations are projected to grow by **40-60% year-over-year in 2026**, an increase from the previous estimate of approximately **30%** [6][7]. - China's ESS installation estimates for FY25-30 have been raised by **14-32%**, with a target of **180GW** installed capacity by 2027 [6][15]. 2. **Policy Support**: - Recent regulatory actions across multiple provinces are accelerating ESS deployment, with over **4,200 projects** totaling **518GWh** filed in Q3 2025, marking a **343% year-over-year increase** [6][33][35]. - The **NDRC** announced an "Action Plan in Energy Storage Development" targeting **180GW** of cumulative ESS installations by 2027, requiring an investment of **Rmb250 billion** [15][17]. 3. **Market Dynamics**: - The shift from mandatory ESS paired with renewable energy to independent ESS is noted, with capacity compensation models emerging as a future revenue source [23]. - Independent ESS projects accounted for **93.2%** of total capacity in the recent surge of project filings [35]. 4. **Earnings Impact**: - Earnings for ESS-related companies, such as **Sungrow**, are expected to increase by **2-15%** due to the favorable market conditions [6][8]. 5. **Regional Developments**: - Various provinces are implementing capacity compensation policies to incentivize local ESS installations, with specific rates outlined for different regions [18][21]. Additional Important Content - **AIDC Trends**: - The call discussed the rising power demand from **AIDC (Artificial Intelligence Data Centers)**, which is expected to account for **12%** of total US power demand by 2028, driving ESS adoption [61][62]. - AIDC projects are anticipated to have an ESS attachment ratio ranging from **10% to 30%** of their load, with durations varying from **2 to 8 hours** [62]. - **Financial Analysis**: - ESS projects in **Inner Mongolia** are projected to achieve an internal rate of return (IRR) of **13%** over the next 10 years, incentivizing further development under the current policy framework [24]. - **Market Challenges**: - Despite the surge in project filings, there is a cautionary note that not all filings may convert to actual installations, as developers may rush to secure project resources [38]. - **Future Outlook**: - The ESS market is expected to continue evolving with increasing integration of renewable energy and advancements in technology, potentially leading to a more flexible and resilient power system [17][67]. This summary encapsulates the critical points discussed during the conference call, providing insights into the current state and future prospects of the ESS market in China.

Group 1: Commercial Aerospace - Focus on core targets in satellite manufacturing: Shanghai Huanxun, Zhenlei Technology, and Aerospace Electronics, with potential for value enhancement[3] - Key application targets include communication terminal baseband, RF chips, and phased array antennas[3] - Aerospace Technology Group has strong expectations for mergers and acquisitions due to substantial external assets[3] Group 2: Liquid Cooling Industry - Global competition in the liquid cooling industry is driven by ecological positioning, technology, and manufacturing advantages[3] - Recommended targets include: Infinet and Highlan for full industry chain layout; Kangsheng and Siquan New Materials for technical breakthroughs; and Tongfei for precision manufacturing and cost control[3] Group 3: Engineering Machinery - The core of engineering machinery investment is to assess the position in the cycle, with sales as a critical observation metric[3] - Excavator sales in October reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units, up 2.44%[63] - Loader sales in the first ten months totaled 104,412 units, a year-on-year increase of 15.8%, with domestic sales up 21.8%[64]

Group 1 - The core viewpoint of the news is that Yingweike's stock has experienced fluctuations, with a year-to-date increase of 133.29% but a recent decline in the last five trading days [1] - As of December 2, Yingweike's stock price was 72.14 yuan per share, with a market capitalization of 704.49 billion yuan and a trading volume of 2.46 billion yuan [1] - The company has seen significant net inflows and outflows of funds, with a net outflow of 19.85 million yuan from main funds on December 2 [1] Group 2 - Yingweike, established on August 15, 2005, specializes in the research, production, and sales of precision temperature control energy-saving equipment, among other products [2] - The company's revenue composition includes 52.50% from precision temperature control products, 36.00% from cabinet temperature control products, and smaller percentages from other services [2] - As of October 31, the number of shareholders decreased by 4.17% to 157,400, while the average circulating shares per person increased by 4.36% to 5,401 shares [2] Group 3 - Yingweike has distributed a total of 5.81 billion yuan in dividends since its A-share listing, with 3.45 billion yuan distributed in the last 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 45.20 million shares from the previous period [3] - New shareholder, China Aviation Opportunity Leading Mixed Fund A, holds 16.13 million shares, ranking as the fourth-largest circulating shareholder [3]

Core Viewpoint - The A-share market has shown a significant rebound this week, with major indices such as the CSI 300, ChiNext 300, STAR 50, CSI 500, and CSI 1000 recording weekly gains of 1.64%, 4.68%, 3.21%, 3.14%, and 3.77% respectively, with the ChiNext 300 showing the most notable recovery [1] Weekly Market Review - The performance of humanoid robot stocks has been mixed this week, with the top five gainers being Lixing Co., Changying Precision, Chaojie Co., Ruineng Technology, and GAC Group, while the top five losers include Huada Technology, Runhe Software, Jiangte Electric, Tonghui Electronics, and Lihexing [1] Recent Hotspots and Event Review - Invech's AI temperature control solution has helped data centers achieve over 22% energy savings, addressing high energy consumption issues in the manufacturing industry's digital transformation [2] - The energy consumption of data center air conditioning systems exceeds 30%, and Invech's solution optimizes cooling system control strategies without altering building structures, ensuring seamless installation and maintenance [2] Current Perspectives - Humanoid robots are considered an important downstream application of AI technology, with domestic industrial manufacturing levels leading globally. Companies like Hengshuai Co., Anpeilong, and Lens Technology are expected to benefit from the maturation of products from manufacturers like Tesla and Zhiyuan [3] - The application of diamond heat dissipation is gaining recognition among downstream customers, as the semiconductor industry progresses towards 2nm, 1nm, and even atomic-level developments. Companies such as Guoji Precision, World, and Sifangda are positioned for growth in this area [3] - The 2025 Intel Technology Innovation and Industry Ecosystem Conference has opened in Chongqing, where the first dual-plate liquid cooling server was launched, indicating a potential increase in demand for liquid cooling equipment driven by AI data center construction. Relevant companies include Invech, Bojie Co., and Fengmao Co. [3] - The development of Optical Circuit Switch (OCS) technology by Google is accelerating the progress of the industry chain, with companies like Chip Motion and Tengjing Technology being key players [3]