Japan April industrial production YoY preliminary 2.3% (exp 0.7%, prev 2.4%).

Corporate filings show Hangzhou Nuanxin Jia Electronic Technology Co. recently added Shanghai Qishan Investment Co., a Tencent unit, and other investors as shareholders and raised registered capital to 16.8853 mln yuan. Founded in 2014, the firm’s licensed scope includes integrated circuit design, electronic and biomedical device tech development and services; public records identify its core business as R&D, manufacturing and sales of brain‑computer interfaces and neurobiological chips.

GF Securities says the liquid-cooling market is expanding and concentrating among market leaders. Data centers remain the primary deployment; rapid growth in AI/compute centers is driving significant incremental demand for liquid-cooled switches and liquid-cooled optical modules in the network-transmission layer. Recommend monitoring two pockets of exposure: integrated system/server OEMs offering end-to-end solutions and suppliers of core equipment and components.