Core Viewpoint - The stock price of Yingweike (002837) reached its daily limit on February 12, 2026, closing at 109.45 yuan, with a 10.00% increase, driven by the popularity of liquid cooling server concepts and the unexpected strong performance of overseas leaders [1] Industry Catalysts - The liquid cooling server concept was stimulated by the unexpected strong performance of Vertiv, a supplier of Nvidia, with global liquid cooling penetration expected to rise from 14% in 2024 to 40% in 2026, resulting in a market size of $15 billion [2] - Yingweike is a leading domestic player in liquid cooling, having entered the supply chains of Nvidia and Google, with its liquid cooling business gradually ramping up [2] Business Progress - For the first three quarters of 2025, Yingweike reported revenue of 4.026 billion yuan, a year-on-year increase of 40.19%, but net profit growth of 13.13% lagged behind revenue growth, with a gross margin of 27.32% [2] - An increase in the proportion of high-margin overseas business may improve the profit structure [2] Financial and Technical Analysis - On February 12, there was a net inflow of 1.678 billion yuan in main funds, although there were net outflows in several previous trading days, indicating significant capital divergence [3] - The stock price broke through the upper Bollinger Band at 109.77 yuan, with short-term moving averages in a bullish arrangement, but the KDJ indicator was hovering at the midpoint (K value 55.36) and the MACD histogram was negative (-0.187), indicating weakened upward momentum [3] - The recent price fluctuation range was between 94.07 and 111.39 yuan, with a need to monitor whether it can stabilize above the resistance level of 108.7 yuan [3] Institutional Perspectives - Multiple brokerages are optimistic about the growth potential of the liquid cooling sector, with Pacific Securities forecasting net profits of 710 million, 1.11 billion, and 1.51 billion yuan for 2025-2027, while Goldman Sachs set a target price of 121.1 yuan, indicating a potential upside of 21.6% from the current price [4] - Key risks include the potential underperformance of overseas orders, technological iterations in liquid cooling (e.g., immersion cooling replacing cold plate cooling), intensified domestic competition, and high valuation pressure (TTM P/E ratio of 214 times) [4] Future Outlook - The short-term stock price increase is event-driven, but sustainability needs to be validated by performance delivery (e.g., overseas order fulfillment, gross margin improvement) [5] - If the liquid cooling business ramps up as expected, the stock price may have support; however, if performance growth lags behind valuation, it may face volatility and corrections [5] - Investors should closely monitor quarterly orders, revenue structure, and progress with overseas clients [5]

Core Viewpoint - The energy storage battery sector is experiencing significant growth, with ETFs such as E Fund and GF rising over 3%, reflecting strong market interest and demand in the energy storage industry [1][2]. Group 1: ETF Performance - E Fund Energy Storage ETF increased by 3.09% year-to-date, with an estimated scale of 46.58 billion [2] - GF Energy Storage ETF rose by 3.33% year-to-date, with an estimated scale of 2.51 billion [2] Group 2: Market Dynamics - Recent bidding for a 12GWh energy storage system by Huadian showed an average price of 0.55 yuan/Wh, indicating a significant increase and a tight supply-demand situation [2] - The State Power Investment Corporation announced a public bidding for 7GWh energy storage cells with prices ranging from 0.325 to 0.355 yuan/Wh, reflecting strong downstream demand [3] Group 3: Policy Developments - A new notification established a unified national compensation logic for independent energy storage capacity pricing, which is expected to enhance revenue stability for energy storage projects [4] - The projected internal rate of return (IRR) for energy storage projects under different capacity pricing scenarios is 5.8% for 2 years, 7.9% for 10 years, and 9.2% for 20 years, indicating a favorable investment environment [4] Group 4: Industry Insights - The demand for lithium mining stocks is expected to rise due to increasing lithium carbonate prices, with potential for upward price adjustments [5] - The solid-state battery technology is anticipated to drive a new wave of capital expenditure in the industry by 2025, highlighting the importance of companies with integrated solid-state battery equipment capabilities [5] - The downstream battery terminal segment is currently viewed as the most stable part of the lithium battery supply chain, offering high win rates and safety [5]

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Core Insights - The main focus of the news is the significant inflow of capital into specific stocks, indicating strong investor interest and potential market trends. Group 1: Stock Performance and Capital Inflow - The top stock by capital inflow is Yingweike, with an inflow of 1.297 billion yuan and a price increase of 8.68% [1][2] - Leo Group follows with an inflow of 1.123 billion yuan and a price increase of 5.33% [1][2] - TBEA has an inflow of 545 million yuan and a price increase of 3.42% [1][2] - Western Materials shows an inflow of 504 million yuan with a price increase of 5.61% [1][2] - Tianfu Communication has an inflow of 462 million yuan and a notable price increase of 9.79% [1][2] Group 2: Sector Analysis - The stocks listed belong to various sectors, including specialized equipment, internet services, power grid equipment, and communication devices, indicating diverse investment interests [2][3] - The energy metals sector is represented by Shengtun Mining, which has an inflow of 395 million yuan and a price increase of 10.03% [1][2] - The healthcare sector is highlighted by WuXi AppTec, with an inflow of 389 million yuan and a price increase of 3.78% [1][2] Group 3: Additional Notable Stocks - Copper Crown Copper Foil has an inflow of 370 million yuan and a significant price increase of 11.36% [1][2] - Ningde Times, a key player in the battery sector, has an inflow of 334 million yuan with a price increase of 1.82% [1][2] - Other notable stocks include Yunnan Tin with an inflow of 288 million yuan and a price increase of 1.8% [1][3]

Group 1 - The A-share market saw a collective surge in liquid cooling concept stocks, with Fangsheng Co. rising by 17%, Shenling Environment increasing by over 13%, and Langjin Technology and Yimikang both up by over 12% [1] - Other notable performers included Chuanrun Co., Bojie Co., and Dayuan Pump Industry, which all hit the daily limit of 10%, while Keda, Yingweik, Kexin Innovation, and Debang Technology rose by over 7% [1] Group 2 - The table lists several stocks with their respective price changes and market capitalizations, highlighting that Youkede-W had a price increase of 20.01% with a total market value of 20.6 billion, and a year-to-date increase of 60.38% [2] - Wansheng Co. experienced a 17.01% rise, with a market cap of 2.801 billion and a year-to-date increase of 10.23% [2] - Shenmeng Environment saw a 13.84% increase, with a market cap of 22.9 billion and a year-to-date increase of 35.74% [2]

Group 1 - The liquid cooling server sector experienced a significant rise at the beginning of trading on February 12, with companies like Lito Electronics and Kexin Innovation reaching new highs during the session [1] - Dayuan Pump Industry and Chuanrun Co. hit the daily limit increase, while Fangsheng Co. saw an increase of over 10% [1] - Other companies such as Yimikang, Yingweike, Shenling Environment, and Chunzong Technology also experienced upward movement in their stock prices [1]

Core Insights - Major companies are competing to release new models and marketing activities, leading to a tight supply of computing power, which is expected to persist for a considerable time [2] Group 1: Liquid Cooling Market - The global liquid cooling market is projected to grow 5-10 times compared to last year, with many companies expected to receive substantial orders [4] - Vertiv reported strong order growth, with organic growth of approximately 252% year-over-year and 117% quarter-over-quarter, estimating order size between $8.2 billion and $8.4 billion [6] - The backlog of orders reached $15 billion, showing a year-over-year increase of about 109% and a quarter-over-quarter increase of 57% [6] Group 2: UBS Upgrade on Invec - UBS raised the target price for Invec by 60% to 160 yuan, driven by a significant upward revision of the global liquid cooling market size and an expected CAGR of 51% from 2025 to 2030 [10] - Invec's market share is anticipated to increase faster than previously expected, with a projected market share of 10% by 2027 [10] - UBS believes Invec's core competitive advantage lies in its full value chain liquid cooling capabilities, which enhance heat dissipation efficiency [11] Group 3: Valuation Insights - UBS argues that Invec's current valuation is unreasonable and significantly underestimates its growth potential, with a projected revenue and EPS CAGR of 69% and 167% from 2025 to 2027 [12] - The valuation adjustment reflects confidence in the company's short-term market share increase and the potential for margin improvement from overseas business [12] Group 4: ByteDance's Liquid Cooling - ByteDance has increased its global capital expenditure to 300 billion, indicating a significant commitment to liquid cooling technology [13]

机构观点 经济观察网2026年2月10日，英伟达即将完成GB300液冷方案认证，维谛技术(Vertiv)在全球系统级合作 伙伴地位面临挑战，中国厂商英维克（002837）崛起。英维克据称拿下英伟达G300中国区液冷机柜近 一半市场份额，并通过英伟达NPN Tier1认证，成为大陆唯一获此认证的液冷供应商。这一事件可能重 塑AI基础设施温控市场格局。 股票近期走势 近7天(2026年2月5日至2月10日)，维谛技术股价波动显著。2月6日单日大涨10.03%，收盘报195.58美 元；2月9日继续上涨3.28%，收盘报202.00美元；但2月10日回调，跌1.18%，收盘报199.62美元。区间 累计涨幅9.34%，振幅达19.76%。成交方面，2月4日成交额环比增78.16%至14.94亿美元，2月10日成交 额约13.46亿美元，显示市场活跃度较高。当前市盈率(TTM)为75.33倍，总市值约763亿美元。 2026年2月10日，Evercore分析师Amit Daryanani维持对维谛技术的"买入"评级，目标价210美元。机构数 据显示，近一个月(2026年2月)有26家机构发布观点，其中77%给予买入或 ...

证券日报网讯 2月11日，中原高速在互动平台回答投资者提问时表示，英维克于2025年12月23日发布 《关于股东减持计划的公告》，公司子公司秉原控股计划自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英维克股份不超过5494883股。上述减持是基于自身资金安排与经营管理 需要，按照相关法律法规及监管要求进行的合规减持。2025年度公司旗下创投公司参与投资的部分项目 在二级市场表现良好，具体财务数据及影响情况以公司披露的2025年年报为准。 （文章来源：证券日报） ...

Core Viewpoint - The article discusses recent developments in various sectors, highlighting significant technological advancements in space exploration, financial incentives in the tech industry, and market trends in materials and inflation data. Group 1: Space Exploration - The successful sea landing test of the Long March 10A rocket marks a significant breakthrough in technology, crucial for the recovery of low-orbit satellites and future landing operations [1] - The successful maximum dynamic pressure escape flight test of the Dream Chaser manned spacecraft indicates a major milestone in China's lunar exploration program [2] Group 2: Financial Incentives and Market Trends - Ant Group's promotional campaign offering new users a 16.8 yuan red envelope reflects a competitive landscape in the tech sector, with various platforms engaging users through incentives [4] - The glass fiber sector saw a notable increase in stock prices, driven by supply reductions from major producers due to rising demand [4] Group 3: Economic Indicators - January's CPI growth was 0.2% year-on-year, below expectations, while the core CPI reached its highest level in six months at 0.3% [9][15] - PPI data showed a slight improvement at -1.4%, with certain sectors like non-ferrous metals and AI-related industries experiencing price increases [15] Group 4: Stock Market Performance - On February 11, the A-share market showed mixed results, with the Shanghai Composite Index up by 0.09% and the Shenzhen Component down by 0.35% [17] - The glass fiber concept stocks surged, with several companies hitting the daily limit up, indicating strong market interest [17] Group 5: Industry Dynamics - The electric power sector is undergoing significant reforms, aiming to establish a unified national electricity market by 2030, which will enhance market participation and efficiency [20] - The AI sector is being prioritized for commercial applications, with government initiatives to foster growth and innovation in various industries [23]