Summary of Conference Call on Liquid Cooling Industry Trends Industry Overview - The liquid cooling industry is experiencing significant growth, with revenue from Taiwanese and European manufacturers reaching record highs, indicating a shift towards large-scale shipments. The impact of holiday delays on order confirmations is noted, with expectations for a strong first quarter in 2026 despite seasonal trends [1][2]. Key Companies and Performance 1. **Chicony** - In 2025, Chicony's liquid cooling shipments are primarily focused on cold plate modules, with a remarkable revenue increase of nearly 129% year-over-year in Q4, driven by the GB300 exchange board liquid cooling components. The total revenue for 2025 is projected to reach between 130 billion to 139.6 billion New Taiwan Dollars (NTD), with January 2026 showing a 150% year-over-year increase [3][4]. 2. **Double Wing** - Double Wing anticipates liquid cooling revenue of approximately 1.5 to 1.6 billion RMB in 2025, marking the entry into large-scale shipments. The company reported record revenue in January 2026, benefiting from GB300 shipments. Their focus is on Manifold products, with plans to mass-produce CDU starting in 2026 to enhance system integration capabilities [4][5]. 3. **Fujitsu (Chicony's Subsidiary)** - Fujitsu is involved in liquid cooling quick connectors and related components, achieving record revenue in 2025 and a high in January 2026, driven by the "Seika Water Cooling Cabinet" [4]. 4. **Delta Electronics** - Delta's liquid cooling products are primarily CDU, with a significant revenue spike in October, reaching 10 billion NTD in a single month, attributed to the aforementioned water cooling cabinet [4]. 5. **Vertiv** - Vertiv focuses on data center infrastructure, with liquid cooling components centered around CDU and circular piping networks. The company expects a revenue growth rate of 28% in 2025, with the U.S. market being a significant contributor [5]. Market Dynamics and Trends - The liquid cooling sector is entering a phase of large-scale production, driven by the AI wave and increasing demand for efficient cooling solutions. The first quarter of 2026 is expected to maintain a strong performance, contrary to typical seasonal trends [2][8]. - The competitive landscape is shifting from merely supplying components to providing integrated system solutions, emphasizing the importance of end-to-end capabilities in liquid cooling systems [6][8]. Future Outlook - The liquid cooling industry is projected to maintain a clear growth trajectory in 2026, with significant contributions expected from NV chip-related cooling solutions. ASIC cooling is anticipated to begin ramping up in the third quarter of 2026, marking a critical phase for market penetration [7][8]. - Companies like Invec and Tier two suppliers such as Feilong and Hongsheng are highlighted as having strong potential for performance in the ASIC liquid cooling segment in 2026 [9][10]. Conclusion - The liquid cooling industry is poised for continued growth, with key players expanding production capabilities and focusing on system integration. The outlook for 2026 remains positive, with expectations for increased order visibility and revenue growth across the sector [8].

通信行业周报 20260301 英伟达业绩超预期，液冷产业链有望迎来新一轮上涨 glmszqdatemark 行业要闻： 芬兰量子计算公司 IQM 拟赴美上市，估值 18 亿美元。 公司动态： [Table_Author] | 分析师 张宁 | | --- | | 执业证书： S0590523120003 | | 邮箱： zhangnyj@glms.com.cn | | 分析师 谢致远 | | 执业证书： S0590525110073 | | 邮箱： xiezhiyuan@glms.com.cn | | 研究助理 朱正卿 | | 执业证书： S0590125110083 | | 邮箱： zhuzhengqing@glms.com.cn | 相对走势 -20% 20% 60% 100% 2025/2 2025/8 2026/2 通信 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 蘅东光：公司发布 2025 年度业绩快报。2025 年度公司实现营业收入 22.16 亿 元，同比+68.48%；实现归母净利润 3.02 亿元，同比+104.52%；实现扣非净利 ...

| 北交所定期报告 | | --- | hyzqdatemark 2026 年 02 月 28 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2 月北证 50 指数跑赢创业板 50 和科创 50，关注调入 50 指数标的+基本面优质次新股 证券研究报告 ——北交所周观察第六十六期（20260301） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2026 年 2 月北证 50/北证专精特新指数分别上涨 0.36%/0.39%，跑赢创业板 50 和科创 50 指 数。从具体公司涨跌幅来看，2026 年 2 月有 14 家公司涨幅达到或超过 10%（不包含新股）， 其中*ST 云创、亿能电力和灿能电力 3 家公司涨幅超 20%，曙光数创、美心翼申、惠丰钻石、 方盛股份和天工股份 5 家公司涨幅超 15%，主要为电力、液冷、有色等产业链公司。从成交 情况来看，2026 年 2 月日均成交额回落到 191 亿元，2026 年 2 月北交所月换手 ...

一、行业概述 内容概况：当前，中国同轴连接器行业正处在机遇与挑战并存的关键发展阶段。作为全球最大的连接器 细分市场，并身处全球最大的通信、汽车电子、消费电子制造基地，中国同轴连接器产业既得益于下游 通信与汽车行业的强劲驱动，也面临着外资企业主导市场和技术升级带来的双重竞争压力，2024年，中 国同轴连接器行业市场规模约为144亿元，同比增长9.09%。 相关上市企业：富士达（835640）、中航光电（002179）、吴通控股（300292）、陕西华达（301517） 相关企业：紫金矿业集团股份有限公司、中国铝业集团有限公司、金发科技股份有限公司、东岳集团有 限公司、光华科技股份有限公司、三孚新科电子材料股份有限公司、晋亿实业股份有限公司、七丰精工 科技股份有限公司、超捷紧固系统股份有限公司、中国移动通信集团有限公司、中国卫通集团股份有限 公司、中国航天科技集团有限公司、德赛西威汽车电子股份有限公司、联影医疗科技股份有限公司、迈 瑞医疗国际股份有限公司、辰光医疗科技股份有限公司、天智航医疗科技股份有限公司 关键词：同轴连接器、同轴连接器市场规模、同轴连接器行业现状、同轴连接器发展趋势 供应端方面，全球核心铜矿事 ...

CPO、铜缆等算力硬件股持续走强，长飞光纤、创益通、华丰科技、中天科技盘中创新高，凯旺科技、 富士达、意华股份、远东股份、中富电路跟涨。 ...

Market News - Shanghai has initiated the first major relaxation of housing purchase restrictions in 2026, implementing a "new seven measures" to lower barriers for non-local buyers and improve housing loan conditions[6] - The new policy is expected to stimulate demand in the real estate market, leading to a "volume increase and price stability" trend in Shanghai's housing market[7] Industry News - Short-seller Citron Capital has taken a short position against SanDisk, citing cyclical pressures in the NAND industry and increased competition from Samsung, causing SanDisk's stock to drop over 8%[9] - During the recent Spring Festival holiday, sales of home appliances and digital products exceeded 5.1 million units, marking a 21.7% increase compared to last year[11] Market Performance - As of February 25, 2026, the North Exchange 50 index rose by 0.77%, while the ChiNext index increased by 1.41% and the A-share index rose by 0.73%[12] - The average market capitalization of the 294 constituent stocks in the North Exchange is 3.214 billion, with a trading volume of 18.656 billion, an increase of 2.277 billion from the previous trading day[12] Company Announcements - Companies such as Thunder God Technology and Haidaer have released their annual performance reports, with Thunder God reporting a revenue of 3.042 billion, a year-on-year increase of 2.93%[23] - Haidaer reported a revenue of 371 million, a decrease of 11.15% year-on-year, with a net profit decline of 20.21%[33] Risk Warning - There are risks of individual stock earnings falling short of expectations, intensified industry competition, and potential trade frictions impacting market stability[36]

重要新闻提示 上海《关于进一步优化调整本市房地产政策的通知》今起施行 多家A股公司披露2025年业绩快报。其中，赛诺医疗净利同比增长3057.05% 爱博医疗：拟收购德美医疗68.31%股权 今日提示 北交所新股觅睿科技（申购代码：920036）今日申购，发行价为21.52元/股 北交所新股通宝光电（920168）今日上市 商务部今日举行新闻发布会，介绍近期商务领域重点工作有关情况 财经新闻 1. 2月25日，上海市住房城乡建设管理委等五部门联合印发《关于进一步优化调整本市房地产政策的通 知》，自2月26日起施行。《通知》明确进一步调减住房限购政策。一是缩短非沪籍居民购买外环内住 房所需缴纳社保或个税年限，二是符合条件非沪籍居民可在外环内增购1套住房，三是符合条件的持 《上海市居住证》群体可在上海市购买住房。《通知》还规定优化住房公积金政策等。 2. 2月25日，香港特区政府发布2026至2027年度财政预算案。该财政预算案显示，为持续优化证券市 场，吸引发行人和提升市场效率，港交所将推进三方面工作。 一是在第一季就修订"同股不同权"企业上市要求、便利海外发行人第二上市、优化首次公开招股流程， 以及为生物科技 ...

证券日报网讯 2月25日，富士达发布公告称，公司2025年实现营业收入881136430.37元，同比增长 15.51%；归属于上市公司股东的净利润77725628.74元，同比增长52.03%；基本每股收益0.4140元，同 比增长52.03%。 （文章来源：证券日报） ...

证券代码：920640 证券简称：富士达 公告编号：2026-011 中航富士达科技股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 881,136,430.37 | 762,797,542.26 | 15.51% | | 利润总额 | 90,339,988.75 | 54,925,827.37 | 64.48% | | 归属于上市公司股 东的净利润 | 77,725,628.74 | 51,126,712.39 | 52.03% | | 归属于上市公司股 东的扣除非经常性 | 75,116,693.97 | 49,1 ...

Investment Rating - The investment rating for the industry is "Overweight" indicating an expectation for the industry to outperform the overall market performance [74]. Core Insights - The report highlights significant breakthroughs in quantum key distribution networks, with the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips, supporting 20 chip users and a networking capability of up to 3700 kilometers [13][18]. - Fujida (920640.BJ) is identified as a representative company in the quantum industry chain, having made early investments in quantum technologies and achieving key technical breakthroughs in low-temperature superconducting RF cables, which are essential for stable signal transmission in quantum computing applications [3][25]. - The report notes that Fujida's revenue for the first three quarters of 2025 reached 652 million yuan, a year-on-year increase of 16.62%, with a net profit of 55.93 million yuan, reflecting a growth of 55.38% [30][28]. Summary by Sections Quantum Key Distribution Breakthroughs - The report discusses the advancements in quantum key distribution, emphasizing the development of a scalable quantum relay module that enables long-distance quantum networks and the successful transmission of device-independent quantum key distribution (DI-QKD) over distances exceeding 100 kilometers [18][21]. Industry Performance - The information technology sector experienced an average weekly increase of 1.68%, with the median price-to-earnings (P/E) ratio dropping to 74.1X [4][31]. - The smart manufacturing sector saw its median P/E ratio rise to 42.5X, indicating positive market sentiment [47][54]. Company Announcements - Fujida's core products are being utilized in superconducting quantum computer projects across domestic research institutions, with current operations focused on small-batch supply, contributing to a growing revenue stream [3][25]. - The report also includes performance forecasts for various companies, with notable expected revenue growth for companies like JinHao Medical and North Mining Testing [68][69].