金吾财讯 | 港股液冷板块盘初走高，截至发稿，美的集团(00300)涨4.24%，敏实集团(00425)涨4.01%，三花智控(02050)涨2.95%，龙蟠科技(02465)涨2.84%，比亚迪电子(00285)涨2.58%，津上机床中国(01651)涨1.78%。
消息面上，中信证券新近研报指出，液冷产业正从主题预期进入订单与业绩兑现阶段，关注具备产能弹性、客户认证和核心部件能力的供应链公司。代工链短期业绩弹性大，GB200/GB300量产导致台系及国际龙头产能紧张，大陆企业凭借精密加工和组装承接外溢订单。自主品牌供应链长期成长性最强，凭借认证资产和客户接口卡位CSP、ODM及国产GPU生态，当前处于样机和小批量验证阶段。横向新品类提供差异化机会，配电系统、光模块液冷等新品价值量较低但客户广、易切入。建议沿“代工链业绩弹性、自主品牌认证突破、横向新品类放量”三条主线把握机会。
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