Core Viewpoint - Hezhong Electric experienced a stock price decline of 2.05% on December 29, with a current price of 34.00 CNY per share and a total market capitalization of 15.563 billion CNY [1] Group 1: Stock Performance - Year-to-date, Hezhong Electric's stock price has increased by 71.37%, with a 1.16% rise over the last five trading days, a 5.36% increase over the last 20 days, and no change over the last 60 days [1] - The company has appeared on the trading leaderboard seven times this year, with the most recent occurrence on August 12, where it recorded a net buy of -274 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Hezhong Electric achieved a revenue of 2.778 billion CNY, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 334 million CNY, up 31.99% year-on-year [2] - The company has distributed a total of 299 million CNY in dividends since its A-share listing, with 170 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of December 20, Hezhong Electric had 56,000 shareholders, a decrease of 15.15% from the previous period, with an average of 8,173 circulating shares per shareholder, an increase of 17.86% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.5675 million shares, a decrease of 2.9177 million shares from the previous period [3]

Investment Rating - The industry investment rating is "Outperform the Market - A" [1] Core Insights - The artificial intelligence (AI) industrialization wave is approaching, leading to a rapid increase in demand for Artificial Intelligence Data Centers (AIDC) [4][11] - Power distribution equipment is a crucial component of AIDC and is expected to benefit significantly from the high demand in AIDC [36] - Major companies involved in the AIDC sector are highlighted, indicating potential investment opportunities [3] Summary by Sections Section 1: AI Industrialization and AIDC Demand Growth - AI is at a critical turning point for commercial deployment, driving a rapid increase in demand for intelligent computing power [4][11] - AIDC serves as the physical carrier for intelligent computing power, benefiting from the AI industrialization wave [12] - AIDC is evolving towards high energy consumption and high density, necessitating continuous upgrades in power distribution equipment [30][35] Section 2: Power Distribution Equipment in AIDC - Power distribution equipment is a vital part of AIDC, accounting for approximately 13% of initial investment costs [42] - AIDC's power supply architecture typically employs redundancy designs to ensure high reliability [43][44] - Diesel generator sets are the most common backup power solution for AIDC [56][60] - The transition from UPS to high-voltage direct current (HVDC) systems is anticipated, with HVDC becoming the mainstream architecture in the future [68][86] - The market for server power supplies is projected to exceed 100 billion, with supercapacitors and battery backup units (BBU) being key growth areas [113]

证券日报网讯 12月26日，禾望电气发布公告称，公司为苏州禾望、禾望科技分别提供2亿元、3亿元连 带责任担保，累计对外担保总额约54.04亿元，占净资产125.63%，无逾期担保。 （文章来源：证券日报） ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-106 深圳市禾望电气股份有限公司 关于为全资子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 担保对象及基本情况 单位：万元 | 被担保人名称 | 本次担保金额 | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | | | | （不含本次担保金额） | 预计额度内 | 否有反担保 | | 苏州禾望电气有限公司 （以下简称"苏州禾望"） | 20,000 | 68,844.88 | 是 | 否 | | 深圳市禾望科技有限公司 （以下简称"禾望科技"） | 30,000 | 197,060.48 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外 | 540,405.92 | | 担保总额（万元） | | | 对外担保总额占上市公司最近一期经审计净 资产 ...

禾望电气今年以来股价涨72.73%，近5个交易日涨2.76%，近20日涨14.81%，近60日跌0.46%。 今年以来禾望电气已经7次登上龙虎榜，最近一次登上龙虎榜为8月12日，当日龙虎榜净买入-2.74亿 元；买入总计4.85亿元 ，占总成交额比13.04%；卖出总计7.58亿元 ，占总成交额比20.41%。 12月26日，禾望电气盘中下跌2.00%，截至11:18，报34.27元/股，成交3.99亿元，换手率2.52%，总市值 156.86亿元。 资金流向方面，主力资金净流出385.19万元，特大单买入3753.85万元，占比9.40%，卖出3443.66万元， 占比8.62%；大单买入8677.56万元，占比21.73%，卖出9372.94万元，占比23.47%。 截至12月20日，禾望电气股东户数5.60万，较上期减少15.15%；人均流通股8173股，较上期增加 17.86%。2025年1月-9月，禾望电气实现营业收入27.78亿元，同比增长20.19%；归母净利润3.34亿元， 同比增长31.99%。 分红方面，禾望电气A股上市后累计派现2.99亿元。近三年，累计派现1.70亿元。 机构持仓方面， ...

证券之星消息，12月24日风电设备板块较上一交易日上涨2.29%，飞沃科技领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301232 | 飞沃科技 | 122.00 | 14.22% | 8.99万 | | 10.22亿 | | 688660 | 电气风电 | 17.80 | 14.10% | 61.54万 | | 10.51亿 | | 603063 | 禾望电气 | 35.02 | 5.17% | 43.80万 | | 15.19亿 | | 300129 | 泰胜风能 | 8.93 | 5.06% | 60.75万 | | 5.37亿 | | 300690 | 双一科技 | 31.49 | 2.67% | 6.86万 | | 2.13亿 | | 300443 | 金雷股份 | 28.63 | 2.25% | 8.94万 | | 2.55亿 | ...

数据显示，华夏基金旗下1只基金位居禾望电气十大流通股东。华夏中证1000ETF（159845）三季度新 进十大流通股东，持有股数246.47万股，占流通股的比例为0.54%。根据测算，今日浮盈赚取约419万 元。 华夏中证1000ETF（159845）成立日期2021年3月18日，最新规模454.69亿。今年以来收益25.59%，同 类排名2025/4197；近一年收益22.74%，同类排名2208/4157；成立以来收益26.36%。 华夏中证1000ETF（159845）基金经理为赵宗庭。 12月24日，禾望电气涨5.11%，截至发稿，报35.00元/股，成交8.53亿元，换手率5.42%，总市值160.21 亿元。 资料显示，深圳市禾望电气股份有限公司位于广东省深圳市南山区西丽官龙村第二工业区11栋，成立日 期2007年4月20日，上市日期2017年7月28日，公司主营业务涉及专注于电能变换领域,帮助客户实现高 效、可靠、高品质的发电、用电和电能传输。主营业务收入构成为：新能源电控业务83.88%，工程传 动业务11.45%，其他4.67%。 从禾望电气十大流通股东角度 截至发稿，赵宗庭累计任职时间8年 ...

Core Viewpoint - The continuous decline in the number of shareholders for several companies indicates a trend of increasing concentration of shares, with 118 companies experiencing a decrease for more than three consecutive periods, and some like Yihau New Materials seeing a drop for 12 periods [1] Group 1: Shareholder Trends - A total of 513 companies reported their latest shareholder numbers as of December 20, with 118 companies showing a continuous decline in shareholder numbers for over three periods [1] - Yihau New Materials has the lowest shareholder count at 14,402, down 37.94% over 12 periods, while Kute Intelligent has 32,185 shareholders, down 20.89% over 11 periods [1] - Other companies with significant declines include Dalian Heavy Industry and Jinshi Technology, with respective decreases of 11.90% and 13.33% [1] Group 2: Market Performance - Among the companies with declining shareholder numbers, 27 saw their stock prices increase, while 91 experienced declines, with notable gainers including Shibu Testing (up 64.58%), Guoji Precision Engineering (up 45.98%), and Xianglu Tungsten (up 30.68%) [2] - 29 companies outperformed the Shanghai Composite Index, with Shibu Testing, Guoji Precision Engineering, and Xianglu Tungsten achieving relative returns of 65.46%, 48.43%, and 30.96% respectively [2] Group 3: Industry Distribution - The industries with the highest concentration of companies experiencing declining shareholder numbers include basic chemicals (17 companies), machinery and equipment (14 companies), and pharmaceutical biology (12 companies) [2] - The main board has 74 companies with declining shareholder numbers, while the ChiNext board has 44 [2] Group 4: Institutional Interest - In the past month, 17 companies with declining shareholder numbers were investigated by institutions, with Guoji Precision Engineering, Baowu Magnesium, and Shenzhen Huqiang receiving the most attention, with 6, 4, and 2 investigations respectively [2] - The companies with the highest number of institutional participants in their investigations include Yahua Group (61 institutions), Igor (46 institutions), and Sanyuan Biological (32 institutions) [2]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The core contradiction in the sugar market lies in the supply - demand differences between domestic and international markets, which leads to the current pattern of strong domestic and weak international prices [1]. - The 01 contract of domestic sugar is unlikely to have a large - scale rebound and may transition smoothly with the spot price; the 05 contract may face greater pressure and has the possibility of falling to a very low price [1]. - The international raw sugar price is expected to have limited rebound height in the near - term, and the game around 15.2 cents will continue [2]. Group 3: Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - **Domestic Contracts**: The 01 contract's pricing and the 05 contract's trend are key issues. The 01 contract is less likely to rebound significantly and may align with the spot price. The 05 contract has the greatest pressure due to increased domestic and imported sugar supply in the future and may fall to a low price [1]. - **International Market**: The international raw sugar price has fallen sharply, and it is difficult for it to firmly stand above 15 cents. The near - term rebound is limited, and the game around 15.2 cents will continue [2]. 1.2 Speculative Strategy Recommendations - **Market Situation**: The downward momentum of Zhengzhou sugar is slowing. Although the long - term structure is bearish, there is a short - term need for price to rebound and return to the 10 - day moving average [10]. - **Strategy Review**: Unilateral long position on SR2511 has been stopped out. There are also some basis, spread, and hedging arbitrage strategies [12]. 1.3 Industrial Customer Operation Recommendations - **Price Forecast**: The predicted price range of sugar is 5000 - 5300 yuan, with a current volatility of 7.29% and a 3 - year historical percentile of 2.2% [13]. - **Hedging Strategies**: For inventory management, enterprises with high finished - product inventory can short Zhengzhou sugar futures and sell call options. For procurement management, enterprises with low procurement inventory can long Zhengzhou sugar futures and sell put options [13]. Chapter 2: This Week's Important Information and Next Week's Concerns 2.1 This Week's Important Information - **Positive Information**: In November 2025, China's sugar imports decreased year - on - year, but the cumulative imports from January to November increased. The imports of syrup and premixed powder decreased. In the second half of November, Brazil's sugar production decreased. The number of ships waiting to load sugar in Brazilian ports and the export volume in the first two weeks of December increased [14]. - **Negative Information**: In November 2025, China's dairy product production decreased year - on - year, and the number of sugar mills in Guangxi that started production decreased. India's sugar production in the 2025/26 season increased [16]. 2.2 Next Week's Important Events to Watch - Monitor the weekly quantity of sugar waiting to be shipped and the number of ships in Brazilian ports (Thursday, Beijing time), Brazil's sugar export data for November (Tuesday, Beijing time), and India's sugar pressing progress [17][20]. Chapter 3: Market Interpretation 3.1 Price, Volume, and Capital Interpretation - **Domestic Market**: The domestic sugar price fell by 2.42% this week. The position of the SR2605 contract increased seasonally and reached a historical high. The market shows a bearish technical pattern. The basis of the 01 contract is expected to repair to near - par, and the market presents a back structure with the 01 - 05 spread expanding [19][22]. - **International Market**: The international raw sugar price fell by 1.66% last week. Although it rebounded on Friday, it still closed below 15 cents. The CFTC non - commercial position maintained a large short position. The market shows a back structure, and there is pressure from hedging positions above 15.2 cents [24][26]. - **Domestic - International Price Difference**: Due to the quota system, the domestic and international sugar prices are related. Recently, the pattern has changed from strong domestic and weak international to weak domestic and strong international [29]. Chapter 4: Valuation and Profit Analysis 4.1 Import Profit Tracking - China is a net importer of sugar. Due to the quota system, the current out - of - quota import profit is very rich. The imports of syrup and premixed powder are relatively stable [32]. Chapter 5: Supply and Inventory Projection 5.1 Supply - Demand Balance Sheet Projection - In the 25/26 season, China's sugar production is expected to reach about 1156 tons, a year - on - year increase of 3.56%. Other data in the supply - demand balance sheet are estimated based on the 24/25 season and the current situation [37].

南华期货锌产业周报 ——进口窗口开启，区间震荡 傅小燕 （投资咨询证号：Z0002675） 交易咨询业务资格：证监许可【2011】1290号 2025年12月21日 第一章 核心矛盾及策略建议 1.1 核心矛盾 宏观情绪回暖，但产业基本面呈现"外松内紧"的剧烈分化。 宏观层面，美国11月CPI低于预期 （2.7%）且美联储降息预期增强，叠加国内经济会议释放积极信号，为锌价提供了金融属性的底部支撑 。然 而，供需的核心矛盾在于全球库存周期的错配。LME库存因大幅交仓激增至10万吨级别，0-3月差迅速转为 Contango（C结构），直接证伪了海外供应短缺的逻辑 。反观国内，虽然消费端受北方环保预警抑制导致镀 锌开工下滑 ，但冶炼厂年末集中检修导致供应边际收缩，叠加进口矿实际流通量尚未完全释放，国内现货升 水持续走高 。结论：短期基本面处于"海外利空压顶，国内供应底支撑"的僵持阶段，单边驱动不足，更多 表现为比价修复。 沪锌沪铜期货主力收盘价对比 元/吨 沪锌期货主力合约收盘价 沪铜期货主力收盘价(右轴) 元/吨 15000 20000 25000 30000 50000 60000 70000 80000 90 ...