Core Insights - As of January 19, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 9.112 billion yuan, an increase of 131 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Jinbo Biological, Better Energy, and Shuguang Digital Innovation, with balances of 406 million yuan, 337 million yuan, and 295 million yuan respectively [1] - A total of 149 stocks had net margin purchases on January 19, with 45 stocks having net purchases exceeding 1 million yuan, led by Kaide Quartz with a net purchase of 55.3185 million yuan [1][2] Industry Analysis - The industries with the highest concentration of stocks that received net margin purchases over 1 million yuan include machinery equipment, electric power equipment, and automotive, with 11, 9, and 5 stocks respectively [2] - On January 19, stocks with net margin purchases over 1 million yuan had an average increase of 1.34%, with notable gainers including Yinen Electric, Can Energy, and Tietuo Machinery, which rose by 29.96%, 17.72%, and 13.10% respectively [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 4.85%, with the highest turnover rates seen in Yinen Electric, Can Energy, and Tietuo Machinery at 36.06%, 32.93%, and 24.34% respectively [2] Stock Performance - The stocks with the largest increases in margin financing balances on January 19 included Kaide Quartz, Kairun Intelligent Control, and Hengtong Light, with increases of 55.3185 million yuan, 31.7536 million yuan, and 23.2118 million yuan respectively [2][3] - Stocks with significant net margin sales included Meideng Technology, Minshida, and Tongli Co., with net sales of 12.9811 million yuan, 7.1840 million yuan, and 6.5207 million yuan respectively [1] - The performance of stocks with increased margin financing balances varied, with some experiencing declines, such as Hengtong Light, which fell by 6.48% [2][3]

Group 1 - The A-share market's smart grid concept stocks continue to perform strongly, with Wan Sheng Intelligent approaching a 20% limit up, and Can Energy Power rising over 13% [1] - The investment in China's power grid during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, with annual investments around 1 trillion yuan during the 15th Five-Year Plan [1] - The investment forecast for State Grid and Southern Grid in 2026 is expected to reach 700 billion yuan and 189 billion yuan, respectively, with year-on-year growth of 7.6% and 8.0% [1] Group 2 - European data centers are accelerating construction, revealing power supply and demand contradictions, which further stimulate the demand for offshore wind and power interconnection [1] - The continuous high growth in the demand for European grid renovation is beneficial for main grid transformers and switches [1] Group 3 - The stock performance of various companies in the smart grid sector shows significant increases, with Wan Sheng Intelligent up by 19.44%, Can Energy Power by 13.45%, and He Shun Electric by 12.49% [2] - The total market capitalization of Wan Sheng Intelligent is 7.876 billion yuan, while Can Energy Power stands at 2.447 billion yuan [2] - The year-to-date performance of these stocks indicates strong growth, with Wan Sheng Intelligent at 46.38% and Can Energy Power at 35.06% [2]

证券代码：920062 证券简称：科润智控 公告编号：2026-003 科润智能控制股份有限公司 涉及会计师事务所提供的资料、信息，会计师事务所保证其提供、报送或披 露的资料、信息真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。 科润智能控制股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第四届董事会第十次会议及第四届监事会第八次会议，于 2025 年 5 月 20 日召开 2024 年年度股东会，审议通过《关于续聘会计师事务所的议案》，同意聘任天 健会计师事务（特殊普通合伙）为公司 2025 年度审计机构。具体内容详见公司 于 2025 年 4 月 29 日在北京证券交易所信息披露平台（www.bse.cn）上披露的 《拟续聘 2025 年度会计师事务所公告》（公告编号：2025-047）。 近日，公司收到天健会计师事务所（特殊普通合伙）出具的《关于变更签字 注册会计师和项目质量复核人的函》，现将具体情况公告如下： 一、本次变更的基本情况 天健会计师事务所（特殊普通合伙）受聘为公司 2025 年度审计机构，原指 派梁志勇（项目合伙人）、方家元作为签字注册会计师，丁晓燕作为项 ...

（上述人员简历详见附件） 二、证券事务代表离任的基本情况 本公司叶凯嘉女士，因个人原因辞任，自 2025 年 12 月 30 日起不再担任证券事务 代表。该人员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象，离任后 不再担任公司及其控股子公司其它职务，不存在未履行完毕的公开承诺。 三、合规性说明及影响 证券代码：920062 证券简称：科润智控 公告编号：2026-002 科润智能控制股份有限公司证券事务代表变动公告 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。 一、证券事务代表任命的基本情况 鉴于科润智能控制股份有限公司（以下简称"公司"）原证券事务代表叶凯嘉女士 于近日向公司提交了辞职申请，申请辞去公司证券事务代表职务。公司于 2025 年 12 月 30 日召开了第四届董事会第十六次会议，审议通过了《关于变更聘任公司证券事务 代表的议案》。 聘任宋雪女士为公司证券事务代表，任职期限至第四届董事会任期届满之日止，自 2025 年 12 月 30 日起生效。该人员持有公司股份 0 股， ...

证券代码：920062 证券简称：科润智控 公告编号：2026-001 科润智能控制股份有限公司 （一）会议召开情况 1.会议召开时间：2025 年 12 月 30 日 2.会议召开地点：公司会议室 3.会议召开方式：现场结合通讯 4.发出董事会会议通知的时间和方式：2025 年 12 月 25 日以通讯和书面方式 发出 第四届董事会第十六次会议决议公告 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。 一、会议召开和出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事刘杰、冯震远、潘自强因工作以通讯方式参与表决。 二、议案审议情况 审议通过《关于变更聘任公司证券事务代表的议案》 1.议案内容： 鉴于公司原证券事务代表叶凯嘉女士于近日向公司提交了辞职申请，申请辞 去公司证券事务代表职务，拟聘任宋雪女士为公司证券事务代表，任职期限至第 四届董事会任期届满之日止，自 2025 年 12 月 30 日起生效。 具体内容详见公司同日在北京证券交易所信息披露平台（www.bse.cn）披露 的《证券 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a potential bullish trend in the market [1] Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3888.05 points, with a change of 0.38% [1] - The total trading volume of A-shares today reached 1,628.31 billion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 135 A-shares have surpassed the annual line today, with notable stocks including Jiusheng Electric, Shifeng Culture, and Xilong Science, which have deviation rates of 10.24%, 6.95%, and 6.26% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Xiying Technology, Sifang Technology, and Yuyue Medical [1] Group 3: Deviation Rate Rankings - The top three stocks with the highest deviation rates are: - Jiusheng Electric (11.21% increase, latest price 19.44 yuan, deviation rate 10.24%) [1] - Shifeng Culture (9.99% increase, latest price 21.79 yuan, deviation rate 6.95%) [1] - Xilong Science (10.00% increase, latest price 9.35 yuan, deviation rate 6.26%) [1] - Other notable stocks with significant increases include Tiandi Digital (8.20% increase) and Yunlu Co. (6.11% increase) [1]

Core Viewpoint - 科润智控 (920062) experienced a decline of 3.58% on the trading day, with a turnover rate of 21.24% and a total transaction amount of 369 million yuan, indicating significant trading activity and potential volatility in the stock [2] Trading Activity Summary - The stock was listed on the龙虎榜 due to its turnover rate reaching 21.24%, with institutional investors net selling 3.67 million yuan [2] - The top five trading departments had a combined transaction amount of 86.1 million yuan, with buying amounting to 39.76 million yuan and selling amounting to 46.35 million yuan, resulting in a net sell of 6.59 million yuan [2] - One institutional specialized seat was noted among the trading departments, with a buying amount of 3.66 million yuan and a selling amount of 7.34 million yuan, leading to a net sell of 3.67 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the龙虎榜 six times, with an average price drop of 1.96% the day after being listed and an average decline of 4.29% over the following five days [2]

Core Insights - On November 6, 2025, KERUN Intelligent Control (stock code: 920062) was listed on the Beijing Stock Exchange and experienced significant trading activity, with a turnover rate of 21.24% and a trading volume of 28.33 million shares, amounting to a transaction value of 369 million yuan [1]. Trading Activity - The trading method was continuous bidding, indicating active market participation [1]. - The top buyer was Dongguan Securities Co., Ltd., which purchased shares worth 10.97 million yuan [1]. - The top seller was Guosen Securities Co., Ltd., with sales amounting to 13.58 million yuan [1].

Group 1 - The stock of KORUN Intelligent Control (920062) increased by 5.63% with a turnover rate of 30.08%, and a total transaction amount of 522 million yuan, showing a volatility of 19.83% [1][2] - Institutional investors net bought 1.4133 million yuan, while brokerage seats collectively net sold 3.2683 million yuan [1][2] - The stock has appeared on the daily trading list five times in the past six months, with an average decline of 1.55% the day after being listed and an average decline of 4.47% over the following five days [3] Group 2 - The top five brokerage seats accounted for a total transaction amount of 117 million yuan, with a buying amount of 57.6554 million yuan and a selling amount of 59.5104 million yuan, resulting in a net sell of 1.8550 million yuan [2][3] - The specific buying and selling activities of the top brokerage seats were detailed, with the first seat being Guosen Securities, which had a buying amount of 13.1795 million yuan and a selling amount of 19.6294 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its main business, although the production of subsidiaries has lowered the overall gross margin. The transformer export value has reached a historical high for four consecutive months [4][9] - The energy structure transformation and the demand for AI computing power are driving the power equipment market into a high growth cycle. The global investment in the power sector is expected to reach $1.5 trillion in 2025, with grid investment surpassing $400 billion for the first time [9] - The company is projected to achieve revenues of 1.65 billion yuan in 2025, with a year-on-year growth rate of 22.46%, and net profits of 48 million yuan, reflecting a growth rate of 11.38% [9] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.039 billion yuan, a year-on-year increase of 22.38%, while the net profit attributable to the parent company was 20 million yuan, a decrease of 23.00% [5] - In Q3 2025, the company reported operating revenue of 338 million yuan, a year-on-year increase of 3.14%, but a net loss of 3 million yuan, a decline of 144.87% year-on-year [5] - The gross margin for the first three quarters of 2025 was 12.18%, down 3.97 percentage points year-on-year, and the net margin was 2.01%, down 1.06 percentage points year-on-year [9] Revenue and Profit Forecast - The forecast for total operating revenue from 2025 to 2027 is 1.65 billion yuan, 2.19 billion yuan, and 2.80 billion yuan, with growth rates of 22.46%, 32.89%, and 27.79% respectively [7] - The net profit attributable to the parent company is expected to be 48 million yuan, 65 million yuan, and 89 million yuan for the years 2025 to 2027, with growth rates of 11.38%, 35.21%, and 38.39% respectively [9] - The earnings per share (EPS) for the same period is projected to be 0.25 yuan, 0.34 yuan, and 0.47 yuan [9] Market Performance - The company's stock price has shown relative returns of 11.17% over the past month, 1.63% over the past three months, and 29.62% over the past year compared to the North Securities 50 index [3]