Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the ongoing "anti-involution" trend in the photovoltaic industry, which is expected to drive price increases and improve profitability across the supply chain [16][36] - The energy storage sector is experiencing sustained demand growth, with significant project developments and favorable policy support [39][44] - The lithium battery segment shows stable demand, with advancements in solid-state technology and materials innovation [39][44] - The wind power sector is benefiting from increased offshore project activity and recovery in profitability [39][44] - The power equipment sector is seeing positive developments from high-voltage projects and international demand [39][44] - New directions in AI and robotics are highlighted as emerging investment opportunities, particularly in the context of increased capital expenditure from major manufacturers [39][44] Summary by Sections Photovoltaic - The photovoltaic industry is witnessing a price increase in key materials, with polysilicon prices rising to 49-55 CNY/kg and silicon wafer prices increasing by approximately 0.1 CNY per piece [22][25] - The government is pushing for the elimination of low-price competition and the orderly exit of outdated production capacity, with mergers and acquisitions in the polysilicon sector expected to progress in Q3 [16][36] - Recommended stocks include Tongwei Co., GCL-Poly, LONGi Green Energy, and Aiko Solar [16][36] Energy Storage - In H1 2025, major energy storage projects across 21 regions reached a total capacity of 124 GWh, with significant contributions from Inner Mongolia, Shandong, and Guangdong [41][42] - The report highlights the increasing stability of the energy storage market, with a positive outlook for domestic demand and pricing [39][44] - Recommended stocks include Sungrow Power Supply and Deye Technology [39][44] Lithium Batteries - The lithium battery sector is characterized by stable demand and a focus on solid-state battery technology, with companies like CATL and other second-tier players expected to benefit [39][44] - The report notes the importance of material innovations such as lithium metal anodes and nickel-iron current collectors [39][44] - Recommended stocks include CATL, Xiamen Tungsten, and Putailai [39][44] Wind Power - The offshore wind sector is accelerating project construction, with expectations for increased profitability in the second half of the year [39][44] - Recommended stocks include Mingyang Smart Energy and Zhongji Lingnan [39][44] Power Equipment - The report indicates that high-voltage projects have been approved, with overseas demand expected to rise [39][44] - Recommended stocks include Pinggao Electric and XJ Electric [39][44] New Directions - The report highlights advancements in humanoid robotics and AI applications, with significant capital expenditure from major companies [39][44] - Recommended stocks include Sanhua Intelligent Controls and Zhejiang Rongtai [39][44]

Core Viewpoint - Sifang Co., Ltd. (四方股份) reported a revenue increase of 18.34% year-on-year for Q1 2025, indicating strong financial performance despite a slight decline in stock price on the reporting date [1]. Financial Performance - As of the Q1 2025 report, the total operating revenue was 1.828 billion yuan, with a net profit attributable to shareholders of 241 million yuan, reflecting a 33.38% year-on-year growth [1]. - The company's non-recurring net profit was 234 million yuan, showing a 30.37% increase compared to the previous year [1]. - Key financial ratios include a current ratio of 1.569, a quick ratio of 1.258, and a debt-to-asset ratio of 57.62% [1]. Stock Market Activity - On July 30, 2025, Sifang Co., Ltd. closed at 17.18 yuan, down 0.75%, with a turnover rate of 1.01% and a trading volume of 82,400 hands, amounting to a transaction value of 142 million yuan [1]. - The net outflow of main funds was 14.83 million yuan, accounting for 10.44% of the transaction amount, with significant outflows from large orders [1]. Company Background - Sifang Co., Ltd. was established in 1994 and is based in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic equipment [1]. - The company has a registered capital of 833.436 million yuan and a paid-in capital of 832.251 million yuan [1]. Investment and Intellectual Property - The company has made investments in 22 enterprises and participated in 5,000 bidding projects [2]. - Sifang Co., Ltd. holds 42 trademark registrations and 1,688 patents, along with 20 administrative licenses [2].

证券代码：601126 证券简称：四方股份 公告编号：2025-034 北京四方继保自动化股份有限公司 关于控股股东权益变动触及 1%刻度的提示性公告 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | √ | 控股股东/实控人 | | | 四方电气（集团）股份 | □ | 控股股东/实控人的一致 | √ 9111000070022075X9 | | 有限公司 | 行动人 | | □ 不适用 | | | □ | 其他直接持股股东 | | 二、 权益变动触及 1%刻度的基本情况 | 投资者 | 变动前股数 | 变动前 | 变动后股数 | 变动后比 | 权益变动 | 权益变动的 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | （万股） | 比例（%） | （万股） | 例（%） | 方式 | 时间区间 | | 发生直接持股变动的主体： | | | | | | | | 四 方 电 气 | | | | | 集中竞价√ | 2025/07/22- | | （集团）股 份有限公司 | 3 ...

Investment Rating - The report suggests a positive investment outlook for the SST (Solid State Transformer) solution, highlighting its comprehensive advantages in the data center sector [4][70]. Core Insights - The global AI market is projected to grow from 1,187.9 billion RMB in 2023 to 11,455.4 billion RMB by 2030, with a CAGR exceeding 35% [5][14]. - The SST solution is particularly suitable for microgrid DC power scenarios, enabling direct conversion from grid power to 800V DC supply, addressing various challenges in data center power supply [5][47]. - The report emphasizes the importance of high-frequency transformers and power electronic devices in the SST solution, recommending key companies in these sectors for investment [5][70]. Summary by Sections 1. Industry Status and Challenges - The demand for full DC systems is increasing due to the rising proportion of DC devices in data centers, necessitating a compatible full DC power supply architecture [21]. - Traditional 54V power supply systems are reaching their limits, prompting the need for higher voltage levels, such as the 800V HVDC architecture proposed by leading companies [28]. - The area occupied by power distribution systems is increasing as power density in data centers rises, with projections indicating that power distribution systems may occupy equal space to IT equipment in high-density setups [30] [31]. 2. Advantages of SST Solution - The SST solution offers modularity and high efficiency, with the ability to directly convert high voltage AC to low voltage DC, significantly reducing space requirements and improving energy efficiency [44][63]. - SST technology utilizes advanced semiconductor devices and high-frequency transformers, allowing for active control of power quality and rapid fault detection [55][57]. - The SST solution has already been implemented in benchmark data center projects, demonstrating its potential for widespread adoption in the industry [65]. 3. Investment Recommendations - The report recommends focusing on companies involved in high-frequency transformers, power electronic devices, and advanced magnetic materials, as they are expected to benefit from the growth of the SST market [70].

Core Viewpoint - The controlling shareholder, Sifang Electric (Group) Co., Ltd., has reduced its stake in Sifang Automation Co., Ltd. from 42.06% to 41.18%, indicating a decrease in ownership percentage by 0.88% [1]. Group 1: Shareholder Information - The controlling shareholder is Sifang Electric (Group) Co., Ltd., with consistent actions from its concerted actors, Yang Qixun and Wang Xuzhao [1]. - The total shareholding before the change was 36,127,750.06 shares (43.36%), which decreased to 35,395,030.6 shares (42.48%) after the change [1]. Group 2: Details of the Equity Change - The equity change occurred through centralized bidding and block trading between May 30, 2025, and July 21, 2025, with a total of 487,200 shares being sold [1]. - The reduction in shares does not violate any previously made commitments or plans, nor does it trigger mandatory tender offer obligations [1].

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on July 21, with a total transaction volume of 1.717 billion yuan across 75 stocks, indicating notable investor interest in specific companies [1]. Group 1: Trading Activity - A total of 75 stocks had block trades, with a total transaction value of 1.717 billion yuan [1]. - The top three stocks by transaction value were SAIC Motor Group (1.57 billion yuan), Tianwei Food (1.55 billion yuan), and Sifang Co., Ltd. (1.07 billion yuan) [1]. Group 2: Pricing Trends - Among the stocks traded, 10 stocks were sold at par value, 5 at a premium, and 60 at a discount [1]. - The stocks with the highest premium rates were Jiangsu Shentong (2.64%), Jindi Group (1.83%), and Minsheng Bank (1.11%) [1]. - The stocks with the highest discount rates were Langke Intelligent (27.09%), Energy Iron Han (25.78%), and Betta Pharmaceuticals (22.86%) [1]. Group 3: Institutional Trading - The top stocks by institutional buying were SAIC Motor Group (1.57 billion yuan), XCMG Machinery (1.04 billion yuan), and Milky Way (77.6 million yuan) [2]. - The top stocks by institutional selling included North Copper Industry (30.9 million yuan), Jindi Group (15.9 million yuan), and New Strong Link (3.5 million yuan) [2].

证券代码：601126 证券简称：四方股份 公告编号：2025-033 北京四方继保自动化股份有限公司 关于控股股东权益变动触及 1%刻度的提示性公告 控股股东四方电气（集团）股份有限公司及其一致行动人杨奇逊、王绪昭 保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 2、信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | √ | 控股股东/实控人 | | | 四方电气（集团）股份 | □ | 控股股东/实控人的一致 | √ 9111000070022075X9 | | 有限公司 | 行动人 | | □ 不适用 | | | □ | 其他直接持股股东 | | | 投资者名 | | 变动前股数 | 变动前比 | 变动后股数 | 变动后比 | 权益变动方 | 权益变动的 | | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | | （万股） | 例（%） | （万股 ...

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1][5]. Core Insights - The approval of the first cross-province green electricity direct connection project in Inner Mongolia and Ningxia is expected to boost the demand for distribution equipment. This project, initiated by the State Power Investment Corporation, features a renewable energy installation capacity of 3 million kilowatts and aims to connect directly to aluminum production facilities in Ningxia [1][2]. - The project introduces an innovative short-distance cross-province "point-to-point" supply model, enhancing resource complementarity between the two regions and providing new ideas for inter-provincial electricity complementarity and expanding renewable energy consumption channels [2]. Company Summaries - **Sifang Co., Ltd. (601126.SH)**: Market capitalization of 14.3 billion RMB, with projected net profits of 720 million RMB in 2024, 850 million RMB in 2025, and 990 million RMB in 2026. The PE ratios are 19.9x for 2024, 16.8x for 2025, and 14.4x for 2026, with a PB ratio of 2.9 [4]. - **Teruid (300001.SZ)**: Market capitalization of 25.1 billion RMB, with projected net profits of 920 million RMB in 2024, 1.22 billion RMB in 2025, and 1.53 billion RMB in 2026. The PE ratios are 27.4x for 2024, 20.6x for 2025, and 16.4x for 2026, with a PB ratio of 3.3 [4]. - **XJ Electric (000400.SZ)**: Market capitalization of 22.5 billion RMB, with projected net profits of 1.12 billion RMB in 2024, 1.46 billion RMB in 2025, and 1.88 billion RMB in 2026. The PE ratios are 20.1x for 2024, 15.4x for 2025, and 12.0x for 2026, with a PB ratio of 1.9 [4].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]