Over the past week (August 11-15), all three major A-share indices posted gains. As of August 15 closing, the Shanghai Composite Index closed at 3,696.77 points, up 1.7% for the week; the Shenzhen Component Index closed at 11,634.67 points, up 4.55% for the week; and the ChiNext Index closed at 2,534.22 points, up 8.58% for the week.
Specifically, nearly 55% of individual stocks rose during the week, with 263 stocks gaining over 15% and 10 stocks falling more than 15%. PEEK materials, other power equipment, and liquid cooling servers led the gains, while banking, precious metals, and cinema chains led the declines. Which stocks led the gains? Which stocks led the declines? We continue to provide weekly insights for you.
**Liquid Cooling Server Concept Active, Top Stock Shenzhen Honor Electronic Surges Nearly 83% in a Week**
Excluding newly listed stocks from the past month, Shenzhen Honor Electronic Co.,Ltd. (300870.SZ) topped this week's bull stock list with a weekly gain of 82.52%, followed by China Post & Telecom Technologies (688648.SH) with a 74.05% weekly gain. Sino Medical Sciences Technology (688108.SH) and Dayuan Pumps (603757.SH) both achieved weekly gains exceeding 60%, with all 10 stocks on the bull stock list posting weekly gains over 49%.
Top performer Shenzhen Honor Electronic belongs to the liquid cooling server, data center, and consumer electronics concept stocks. According to public information, the company is primarily engaged in the research, development, production, and sales of switching power supply products. Main products include power adapters, data center power supplies, and other power supplies.
In the secondary market, Shenzhen Honor Electronic accumulated gains of nearly 83% over the past week, with intraday pricing reaching 249.88 yuan per share on August 15, hitting a new high since listing.
Over the past week, the liquid cooling server concept has been repeatedly active. According to Wind data, as of August 15 closing, since the beginning of August (August 1-15), the Wind liquid cooling server concept index has accumulated gains of 19.77%.
Industry analysis points out that as computing density continues to increase, heat dissipation issues in data centers and computing equipment have become increasingly prominent. Liquid cooling technology, as a core solution for high-density heat dissipation, has seen explosive growth in market demand, attracting market attention.
Analysts believe that as overseas manufacturers' GPU solutions gradually increase demand for liquid cooling, the liquid cooling industry chain market space is gradually expanding, and related investment opportunities deserve attention.
According to data released by IDC, from 2025 to 2029, China's liquid cooling server market is expected to achieve a compound annual growth rate of approximately 48%, with market size reaching approximately $16.2 billion by 2028.
Tianfeng Securities believes that the NVL72 single-cabinet liquid cooling value is approximately $100,000. As GB200/300 high-density power cabinet shipments increase, AI data center liquid cooling penetration rates are expected to rise from B200's ~10% to GB300's ~90%, with 2025 potentially being the first year of liquid cooling volume growth.
Zheshang Securities estimates that NVIDIA GPUs and cloud manufacturers' self-developed ASIC chips jointly drive rapid growth in the liquid cooling market, with liquid cooling market sizes of approximately 35.4/71.6/108.2 billion yuan for 2025-2027 respectively, potentially breaking through the trillion yuan market space by 2027.
CITIC Securities states that Google, Meta, Microsoft, AWS and other companies' custom ASIC chips and NVIDIA GPUs' AI server thermal design power density improvements have created clear demand for liquid cooling. As ASIC chips and NVIDIA GB300 continue to scale up, liquid cooling penetration rates will significantly increase, expanding market space. Domestic liquid cooling companies excel in comprehensive capabilities including technology, product quality, cost, and service, and the potential for domestic companies to expand overseas looks promising.
In terms of performance, according to the company's first quarter report, in Q1 2025, the company achieved revenue of 888 million yuan, up 27.65% year-over-year; net profit attributable to shareholders was 49.5707 million yuan, up 59.06% year-over-year.
On the evening of July 31, Shenzhen Honor Electronic announced that the company had opened special accounts for IPO fundraising in banks in accordance with relevant laws, regulations, and normative documents. As of the announcement date, the company's IPO fundraising funds have been fully utilized according to specified purposes, and the company recently completed the cancellation procedures for some fundraising special accounts.
**Major Asset Restructuring Plan Terminated, Worst Stock Jin Lihua Electric Falls Over 28% in a Week**
Among this week's top 10 bear stocks (excluding newly listed stocks from the past week), Jin Lihua Electric (300069.SZ) became the worst performer with a weekly decline of 28.31%. Jihua Group (601718.SH), *ST Gaohong (000851.SZ), Hengxin Oriental (300081.SZ), and Rihai Intelligence (002313.SZ) all declined over 20%. All 10 stocks on this week's bear stock list fell more than 14%.
Worst performer Jin Lihua Electric belongs to the power grid equipment industry, covering ultra-high voltage, nuclear power, and fuel cell concepts. According to public information, the company's main business is the research, development, production, sales, and related technical services of glass insulators.
In the secondary market, Jin Lihua Electric accumulated declines exceeding 28% over the past week.
On the evening of August 8, Jin Lihua Electric announced that the board of directors unanimously voted to terminate the major asset restructuring plan that had been under consideration for half a year. Previously, Jin Lihua Electric had announced plans to acquire 100% equity of Beijing Heidelisen Technology through issuing shares and paying cash, and to issue shares to controlling shareholders to raise matching funds.
According to public information, Heidelisen was established in 2001 and is a high-tech enterprise and specialized "little giant" enterprise focused on high-pressure fluid equipment research, development, production, sales, and service. It is also one of the early domestic companies engaged in hydrogen energy safety equipment research and hydrogen refueling station equipment manufacturing.
Affected by this news, Jin Lihua Electric opened with a "20cm" limit down on August 11. On August 12, the company stated in institutional research that the termination of this restructuring would not have a significant impact on the company's existing production operations and glass insulator main business development. Additionally, the company currently has no plans to restart major asset restructuring.
On August 13, Jin Lihua Electric announced that the cumulative deviation of daily closing price declines exceeded 30% over three consecutive trading days from August 11-13, 2025, constituting abnormal stock trading fluctuations. After verification, there are no corrections or supplements needed to previously disclosed information, and the company's major matter status is the termination of issuing shares and paying cash to purchase assets and raise matching funds in related transactions. The company's recent production and operation conditions and internal and external operating environment have not undergone major changes, and production operations remain normal. The company's controlling shareholders and actual controllers did not buy or sell company shares during the period of abnormal stock trading fluctuations. We respectfully request that investors invest rationally and pay attention to risks.
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