维缔业绩大超预期，海外冷板核心＃科创新源持续推荐：冷板业务放量前夕，新能源热管理量利齐升 20260211 核心逻辑： 公司正处于基本面反转的关键节点。 数据中心液冷业务卡位核心代工环节，叠加导热材料资产注入预期，"板+材"协同效应显现，新能源热管理业务受 益大客户新放量，进入业绩兑现期； 1. 数据中心液冷：卡位核心供应链，产能扩建提速 • 业务模式： 采取"代工+直供"双轮驱动。 维缔业绩大超预期，海外冷板核心＃科创新源持续推荐：冷板业务放量前夕，新能源热管理量利齐升 20260211 核心逻辑： 公司正处于基本面反转的关键节点。 数据中心液冷业务卡位核心代工环节，叠加导热材料资产注入预期，"板+材"协同效应显现，新能源热管理业务受 益大客户新放量，进入业绩兑现期； 1. 数据中心液冷：卡位核心供应链，产能扩建提速 • 业务模式： 采取"代工+直供"双轮驱动。 目前通过为台系散热龙头（Cooler Master、台达等）提供关键环节（焊接、检测）代工，间接切入NV、ASIC侧供 应链；同时积极接触国内服务器及互联网大厂推进直供认证。 • 产能进展： 液冷板产线已进入量产爬坡期，良率稳步提升。 现有产线已投 ...

Summary of Conference Call Notes Industry Overview - The focus is on the liquid cooling market, which is expected to be a key growth area by 2026, with significant market expansion anticipated [1] - The liquid cooling market is projected to experience a compound annual growth rate (CAGR) of 51%, as per recent updates from UBS [1] Company Highlights - **Weidi (维谛)**: - Reported better-than-expected performance, leading to a historic high in stock price - As a core overseas liquid cooling integrator, Weidi's performance reflects the rapid growth in the overseas liquid cooling market - Expected revenue for 2026 is projected to be between $2.8 billion and $3 billion, representing a year-on-year increase of 45-50% - Direct chip cooling is anticipated to account for 60% of the revenue [1] Key Recommendations OEM (Original Equipment Manufacturer) - **Xingrui Technology (兴瑞科技)**: - Identified as a major supplier for Danfoss, with strong ties to NV [1] - **Kexin New Source (科创新源)**: - Noted as an OEM for AVC and Coolermaster cooling plates [1] Direct Supply - Recent audits by Amazon and Google have focused on domestic suppliers such as **Invec (英维克)** and **Shenling Environment (申菱环境)** for external cabinet equipment - Domestic suppliers are expected to gain more overseas orders, particularly in the primary side of liquid cooling infrastructure, including CDU (Cooling Distribution Unit) [1] - **Invec**: Recognized as a leader in liquid cooling with rapidly growing CDU orders [1] - **Shenling Environment**: Recently secured CDU orders from Google and Amazon [1] Additional Insights - NV (NVIDIA) has indicated a tightening of supplier certification, which may lead to increased outsourcing demand for liquid cooling equipment, especially within servers [1] - Established suppliers are believed to have a competitive advantage over new entrants in maintaining market share [1]

Core Viewpoint - The A-share market saw a significant rally in the chemical sector, with multiple stocks experiencing substantial gains on February 12, indicating strong investor interest and potential growth in this industry [1]. Group 1: Stock Performance - Changhua Chemical (301518) rose by 10.57%, with a total market capitalization of 65.46 billion and a year-to-date increase of 26.51% [2]. - Meibang Shares (605033) increased by 10.00%, with a market cap of 35.23 billion and a year-to-date rise of 29.78% [2]. - Jianxin Shares (300107) saw a gain of 9.80%, with a market value of 49.19 billion and a year-to-date increase of 28.15% [2]. - Weike Technology (301196) grew by 8.98%, with a market capitalization of 108 billion and a year-to-date increase of 7.65% [2]. - Kexin Source (300731) increased by 6.92%, with a market cap of 83.04 billion and a year-to-date rise of 16.83% [2]. - Huide Technology (603192) rose by 5.80%, with a market value of 39.31 billion and a year-to-date increase of 5.68% [2]. - New Jinlu (000510) saw a gain of 5.58%, with a market capitalization of 113 billion and a year-to-date increase of 50.26% [2]. - Zhenhua Shares (603067) increased by 5.38%, with a market cap of 263 billion and a year-to-date rise of 28.57% [2]. - ST Yatai (000691) rose by 5.02%, with a market value of 41.56 billion and a year-to-date increase of 21.56% [2]. - Guangkang Biochemical (300804) increased by 4.00%, with a market cap of 33.87 billion and a year-to-date rise of 30.77% [2]. - Hangjin Technology (000818) saw a gain of 4.00%, with a market capitalization of 163 billion and a year-to-date increase of 28.03% [2]. - Hongda Shares (600331) rose by 3.98%, with a market value of 463 billion and a year-to-date increase of 36.90% [2]. - Demei Chemical (002054) increased by 3.31%, with a market cap of 52.65 billion and a year-to-date rise of 47.97% [2]. - Huangma Technology (603181) saw a gain of 3.17%, with a market capitalization of 99.49 billion and a year-to-date increase of 18.26% [2]. - Runmu Materials (300727) rose by 3.14%, with a market value of 65.73 billion and a year-to-date increase of 2.38% [2]. - Litong Technology (920225) increased by 3.09%, with a market cap of 38.08 billion and a year-to-date decrease of 6.40% [2].

Core Viewpoint - The A-share market has seen a significant rally in the chemical sector, with multiple companies experiencing substantial gains in their stock prices [1] Group 1: Company Performance - Changhua Chemical has increased by over 10% [1] - Meibang Co. has reached a 10% limit up [1] - Jianxin Co. has risen by over 9% [1] - Weike Technology has gained over 8% [1] - Kexin Innovation Source has increased by over 6% [1] - Huide Technology, Xinjin Road, and Zhenhua Co. have all risen by over 5% [1]

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].

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]

（文章来源：证券日报） 证券日报网讯 2月4日，科创新源发布公告称，公司控股子公司无锡昆成新材料科技有限公司近日再次 通过江苏省科学技术厅、江苏省财政厅、国家税务总局江苏省税务局联合认定的高新技术企业，新证书 有效期三年，预计2025至2027年度继续按15%税率缴纳企业所得税，对2025年业绩无影响。 ...

格隆汇2月4日丨科创新源(300731.SZ)公布，控股子公司无锡昆成新材料科技有限公司（简称"无锡昆 成"）于近日收到了由江苏省科学技术厅、江苏省财政厅、国家税务总局江苏省税务局联合颁发的《高 新技术企业证书》，属于原《高新技术企业证书》有效期满后重新通过认定的情形，新证书编号为 GR202532008818，发证日期为2025年12月19日，有效期三年。 ...

证券代码：300731 证券简称：科创新源 公告编号：2026-010 深圳科创新源新材料股份有限公司 特此公告。 深圳科创新源新材料股份有限公司 关于控股子公司再次通过高新技术企业认定的公告 根据《中华人民共和国企业所得税法》以及国家对高新技术企业的相关税收 规定，无锡昆成自重新通过高新技术企业认定起连续三年（2025 年度至 2027 年 度）可享受高新技术企业的税收优惠政策，即按 15%的税率缴纳企业所得税。 无锡昆成 2025 年已根据相关规定按 15%的企业所得税税率进行纳税申报， 无锡昆成本次通过高新技术企业资格重新认定不会对公司 2025 年度经营业绩产 生影响。 二、备查文件 《高新技术企业证书》。 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。 一、基本情况 深圳科创新源新材料股份有限公司（以下简称"公司"）控股子公司无锡昆 成新材料科技有限公司（以下简称"无锡昆成"）于近日收到了由江苏省科学技 术厅、江苏省财政厅、国家税务总局江苏省税务局联合颁发的《高新技术企业证 书》，属于原《高新技术企业证书》有效期满后重新通过认定的情形，新证书编 号为 ...