Investment Rating - The report rates the machinery equipment industry as "Overweight" [1] Core Insights - The machinery equipment sector is experiencing significant growth driven by increased demand for efficient cooling solutions in data centers and AI infrastructure [3][22] - Major companies like Trane Technologies and Johnson Controls are reporting strong order growth, indicating a robust market environment [9][15] - Google's substantial capital expenditure plans for 2026 highlight the increasing investment in AI and cloud infrastructure, which is expected to further boost demand for related equipment [21] Summary by Sections 1. Trane Technologies Financial Review - Trane Technologies reported Q4 2025 revenue of $5.1 billion, a 6% year-over-year increase, with adjusted EPS of $2.86, up 10% [9] - The company saw a 24% increase in new orders, with a record backlog of $7.8 billion, indicating strong future revenue potential [10] - The commercial HVAC business is a key growth driver, with orders up over 35% in Q4 2025 [10] 2. Johnson Controls Performance - Johnson Controls achieved Q1 2026 revenue of $5.8 billion, a 7% increase year-over-year, with a 39% rise in self-owned business orders [15] - The company has raised its adjusted EPS guidance for FY 2026 to approximately $4.70, reflecting a 25% year-over-year growth [15] - The introduction of new products like the YORK YDAM chiller is aimed at enhancing data center cooling solutions [20] 3. Google's Cloud Business - Alphabet reported Q4 2025 revenue of $113.8 billion, an 18% increase, with cloud revenue growing 48% due to AI infrastructure demand [21] - The company plans to invest $175 to $185 billion in capital expenditures for 2026, nearly doubling its previous year's investment [21] 4. Investment Recommendations - The report suggests that the growth in data centers will create opportunities for Chinese cooling equipment manufacturers, such as Ice Wheel Environment and Linde Co., to capitalize on the demand for cooling solutions [22] - Companies like Invek, which provide comprehensive liquid cooling solutions, are also highlighted as potential beneficiaries of this trend [22] 5. Caterpillar Financial Review - Caterpillar reported 2025 revenue of $67.6 billion, a 4% increase, with Q4 revenue reaching a record $19.1 billion [28] - The power and energy segment saw a 23% increase in sales, driven by demand from data centers [29] - The construction machinery segment also grew, but profit margins were pressured by rising costs [29]

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]

Company and Industry Summary Company: 英维克 (Invec) Key Points - **AWS Factory Audit Progress**: The audit progress and feedback from AWS have exceeded market expectations, indicating strong confidence in the company's capabilities [1] - **Trainium3 Product Upgrade**: The AWS Trainium3 product is set to fully adopt a liquid cooling solution by 2026, representing a significant upgrade over previous generations and better meeting the thermal management needs of high-performance computing scenarios [1][3] - **Liquid Cooling Market Growth**: The standardization plan for liquid cooling is expected to be a core driver of growth in the overseas liquid cooling market, highlighting the increasing demand for advanced cooling solutions [2] - **Order Performance**: The company has exceeded expectations for annual orders, with potential for further upward revisions. The anticipated shipments from foreign CSP manufacturers for TPU have been adjusted upwards, contributing to a sustained increase in liquid cooling penetration [3][4] - **Domestic Orders**: Domestic orders are expected to stabilize between 1.5 to 2 billion yuan. The previous market expectation was around 5 billion yuan, but the actual order scale is now confirmed to be at least 6.5 to 7 billion yuan, with potential for further upward adjustments, providing solid support for performance exceeding expectations [4] - **NVIDIA Collaboration**: There is a high probability that the company will secure the code for the Rubin200 microchannel liquid cooling plate from NVIDIA. The company possesses comprehensive advantages in technology, supply chain, and customer service in the liquid cooling sector [4] - **Future Growth Potential**: As orders materialize, the scale is expected to be adjusted upwards, further enhancing performance [5]

证券日报网讯2月9日，英维克（002837）在互动平台回答投资者提问时表示，公司高度重视与投资者的 沟通交流，始终以审慎、公平的态度，通过互动易平台认真回应投资者的每一个问题。公司建立了严格 的内部回复流程，确保信息准确、合规，并经交易所审核后及时公开。同时也欢迎广大投资者拨打公司 的热线电话，与公司进行更直接、高效的交流。 ...

证券日报网讯2月9日，英维克（002837）在互动平台回答投资者提问时表示，公司已在互动易"公司声 音"栏目中发布上月末股东人数信息，如有需要可前往查阅"公司声音"了解相关信息。 ...

Company Overview - Yingweike Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005. The company went public on December 29, 2016. Its main business involves the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1]. Business Revenue Composition - The revenue composition of Yingweike is as follows: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1]. Stock Performance - On February 9, Yingweike's stock price increased by 5.33%, reaching 105.00 CNY per share, with a trading volume of 2.55 billion CNY and a turnover rate of 2.91%. The total market capitalization is 102.54 billion CNY [1]. Fund Holdings - The Guolian Fund has a significant holding in Yingweike, with the Guolian CSI 500 ETF (515550) holding 1,000 shares, representing 0.62% of the fund's net value, making it the largest holding. The estimated floating profit for the day is approximately 5,310 CNY [2]. Fund Performance - The Guolian CSI 500 ETF (515550) was established on November 15, 2019, with a current size of 17.16 million CNY. Year-to-date returns are 8.88%, ranking 511 out of 5,579 in its category. Over the past year, the return is 42.72%, ranking 1,261 out of 4,289. Since inception, the return is 80.64% [2]. Fund Manager Information - The fund managers of Guolian CSI 500 ETF are Chen Xinyu and Du Chao. Chen has a tenure of 6 years and 195 days, managing assets totaling 1.579 billion CNY, with the best return during his tenure being 87.39% and the worst being -19.21%. Du has a tenure of 2 years and 114 days, managing assets of 1.76 billion CNY, with the best return of 62.86% and the worst of -14.54% [3].

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

（文章来源：证券日报） 证券日报网讯 2月6日，英维克发布公告称，公司于近日接到控股股东深圳市英维克投资有限公司（简 称"英维克投资"）的通知，获悉英维克投资所持有公司的部分股份质押及解除质押，本次质押股数为 700.00万股。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市英维克科技股份有限公司（以下简称"公司"）于近日接到控股股东深圳市英 维克投资有限公司（以下简称"英维克投资"）的通知，获悉英维克投资所持有公司的部 分股份质押及解除质押，具体事项如下： | | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | 是否为 | 是否 为补 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 名称 | 第一大股 | 押股数 | 持股份 | 总股本 | 限售股 | 充质 | 质押 起始日 | 质押 到期日 | 质权人 | 质押用途 | | | 东及其一 | （万股） | 比例 | 比例 | | 押 | | | | | | | 致行动人 | | | | | | | | | | | 英维 | | | | | | | | 至办理解 | 招商证 券股份 | 偿还债务、向 关联企业提供 | | 克投 | 是 | 700.00 | 2.86% | 0.72% | 否 | ...