A-shares coal mining and processing sector rallied, with Yunmei Energy hitting the daily limit; Antai Group, Dayou Energy, Liaoning Energy, Shaanxi Black Cat and Zhengzhou Coal & Power also advanced.

The 7th China Liaoning International Investment and Trade Fair opened in Shenyang on the 23rd. Zhou Qiang, vice chairman of the CPPCC, said Beijing continues to prioritize northeast revitalization and that Liaoning will treat opening-up as a basic state policy, build a northeast sea‑land corridor, deepen integration into high‑quality Belt and Road projects, and actively participate in the China–Mongolia–Russia economic corridor to strengthen its hub functions and attract new investment. The fair's theme is New opening, new momentum; a new chapter for revitalization.

CITIC Securities said AI compute is entering a full‑liquid‑cooling era, with liquid cooling shifting from an optional configuration to required infrastructure. Mainstream platforms — NVIDIA Rubin, Google TPU v7/v8, AMD Helios and ByteDance’s AI Rack 3.0 — are moving from high‑share liquid or air‑liquid hybrid designs to 100% liquid‑cooled, fanless architectures. Coupled with tight local capacity overseas, accelerating exports by Chinese suppliers and the roll‑out of China’s national standards, 2026 could be a turning year for concentrated order and earnings realization across the liquid‑cooling supply chain.