一、充换电设备行业相关概述 充换电设备是为电动汽车提供动力蓄电池充电及更换服务的相关设备总称，不仅包含直接实现补能功能 的核心设备，还涵盖保障设备运行的辅助设备与维护设备。而从政策文件的宽泛定义来看，其还可拓展 为充、换电设备及其他相关设施的总称，是衔接新能源汽车与电力系统的关键纽带，也是智慧交通与新 型电力系统融合的重要节点。 充换电设备可按核心功能分为充电设备、换电设备、电池箱及辅助与维护设备，其中充电设备涵盖交流 桩、直流快充桩、液冷超充桩等，适配不同补能场景；换电设备包含换电机器人、机械臂等自动化装 备，主打高效补能；辅助设备负责数据监控与信息传输，维护设备聚焦电池检测保养；按使用场景又可 分为私人自用、专用车辆配套及公共开放三类设施，全面覆盖多元补能需求。 充换电设备分类 内容概要：充换电设备作为衔接新能源汽车与电力系统的关键基础设施，涵盖充电、换电核心设备及辅 助维护设施，是智慧交通与新型电力系统融合的重要节点。在国家多项政策持续赋能与新能源汽车高增 长催生的刚性补能需求双重驱动下，行业进入"量质齐升"的发展阶段。截至2025年10月，全国充电基础 设施（枪）总量达1864.5万个，换电站达503 ...

2024年全球数据中心用电量达415TWh，约占全球总用电量的1.5%，但耗电量较为集中。美国、欧洲及 中国的数据中心用电量合计约占全球总量的85%。其中，美国自2015-2024年期间，数据中心电力消耗 以每年约12%的速度增长，增量约250TWh。2024年美国数据中心的用电量约为180TWh，占全球数据中 心总用电量近45%，并且占据美国全口径总用电量的4%。根据IEA预测，基准情况下2030年数据中心电 力消耗将增长至约945TWh，比2024年翻倍以上，年均增长率约15%，占2030年全球电力消耗的近3%。 其中，美国是最大市场，在基准情况中，2030年消耗将增至约420TWh（比2024年增长130%），占全球 增长的40%。 金元证券近日发布电子/行业深度报告：当前，单个GPU的最大额定功耗可达1000瓦。GPT-4训练时间约 95天（2280小时），采用84%的负载因子计算，其训练能耗需求约为38.2GWh，折合训练期间内日均能 耗约0.40吉瓦时（40万度电），如果以一个家庭单日电力消耗约为10度，GPT-4日均能耗约等于4万个家 庭单日用电量。 以下为研究报告摘要： 摘要 随着近些年AI模 ...

| 920223 | 荣亿精 | 8.01 | 15.13 | 21.32 | 22.25 | 4.34 | | --- | --- | --- | --- | --- | --- | --- | | | 密 | | | | | | | 300478 | 杭州高 新 | 6.90 | 8.05 | 28.67 | 29.91 | 4.33 | （文章来源：证券时报网） 12月3日突破五日均线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300179 | 四方达 | 15.37 | 30.53 | 15.88 | 17.79 | 12.01 | | 300391 | *ST长药 | 20.09 | 19.64 | 2.31 | 2.57 | 11.26 | | 688670 | 金迪克 | 15.93 | 14.07 | 28.11 | 30.50 | 8.49 | | 30 ...

| | 材 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 300478 | 杭州高 新 | 6.50 | 6.84 | 28.65 | 29.80 | 4.03 | | 001226 | 拓山重 工 | 6.24 | 9.61 | 40.00 | 41.57 | 3.93 | （文章来源：证券时报网） 12月3日突破五日均线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300179 | 四方达 | 15.89 | 26.01 | 15.90 | 17.87 | 12.40 | | 300996 | 普联软 件 | 12.16 | 22.21 | 18.45 | 20.11 | 8.97 | | 603017 | 中衡设 计 | 9.98 | 8.76 | 11.00 | 11.90 | 8.14 | | ...

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3894.22 points, just above the five-day moving average, indicating a mixed market sentiment [1] Group 1: Market Performance - The total trading volume of A-shares reached 10,755.55 billion yuan today [1] - The Shanghai Composite Index experienced a change of -0.09% [1] Group 2: Stocks Breaking the Five-Day Moving Average - A total of 281 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Sifangda (300179) with a deviation rate of 11.67% and a daily increase of 14.92% [1] - Pulian Software (300996) with a deviation rate of 9.95% and a daily increase of 13.44% [1] - Zhongheng Design (603017) with a deviation rate of 8.14% and a daily increase of 9.98% [1] Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the five-day moving average include: - Haotong Technology and Weisi Medical, which have just reached the five-day moving average [1]

资料显示，斯达半导体股份有限公司位于浙江省嘉兴市南湖区科兴路988号，成立日期2005年4月27日， 上市日期2020年2月4日，公司主营业务涉及以IGBT为主的功率半导体芯片和模块的设计研发和生产,并 以IGBT模块形式对外实现销售。主营业务收入构成为：模块98.12%，其他产品1.88%。 斯达半导所属申万行业为：电子-半导体-分立器件。所属概念板块包括：IGBT概念、碳化硅、汽车芯 片、集成电路、第三代半导体等。 12月1日，斯达半导盘中上涨2.00%，截至14:13，报96.34元/股，成交2.48亿元，换手率1.09%，总市值 230.71亿元。 资金流向方面，主力资金净流入867.76万元，特大单买入852.65万元，占比3.43%，卖出837.65万元，占 比3.37%；大单买入5967.49万元，占比24.04%，卖出5114.73万元，占比20.60%。 斯达半导今年以来股价涨8.02%，近5个交易日涨2.68%，近20日跌6.57%，近60日跌11.74%。 分红方面，斯达半导A股上市后累计派现8.85亿元。近三年，累计派现6.71亿元。 机构持仓方面，截止2025年9月30日，斯达半导十 ...

Core Viewpoint - Stada Semiconductor's stock has shown a mixed performance in recent trading, with a year-to-date increase of 13.08% but a decline of 11.16% over the past 20 days, indicating volatility in its market position [1][2]. Financial Performance - For the period from January to September 2025, Stada Semiconductor reported a revenue of 2.99 billion yuan, representing a year-on-year growth of 23.82%. However, the net profit attributable to shareholders decreased by 9.80% to 382 million yuan [2]. - Cumulatively, since its A-share listing, Stada has distributed a total of 885 million yuan in dividends, with 671 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 21.67% to 65,600, while the average number of circulating shares per person decreased by 17.81% to 3,649 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 3.18 million shares, a decrease of 1.10 million shares from the previous period. The Southern CSI 500 ETF and Guolian An Semiconductor ETF are also notable shareholders, with slight reductions and new entries, respectively [3]. Stock Performance - On November 18, Stada's stock price rose by 2.01% to 100.85 yuan per share, with a trading volume of 140 million yuan and a turnover rate of 0.59%. The total market capitalization reached 24.15 billion yuan [1]. - The stock has experienced a 0.90% increase over the last five trading days and a 1.89% increase over the last 60 days, reflecting some recovery after a recent decline [1]. Business Overview - Stada Semiconductor, established on April 27, 2005, and listed on February 4, 2020, specializes in the design, research, and production of power semiconductor chips and modules, primarily focusing on IGBT technology. The revenue composition shows that 98.12% comes from modules, while other products account for 1.88% [1]. - The company operates within the semiconductor industry, specifically in the electronic sector, and is involved in various concept sectors including silicon carbide, IGBT, third-generation semiconductors, automotive chips, and integrated circuits [1].

Core Viewpoint - The stock of Sda Semiconductor has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 12.76%, indicating mixed market sentiment and performance [1][2]. Financial Performance - For the period from January to September 2025, Sda Semiconductor reported a revenue of 2.99 billion yuan, representing a year-on-year growth of 23.82%. However, the net profit attributable to shareholders decreased by 9.80% to 382 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 885 million yuan, with 671 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased by 21.67% to 65,600, while the average circulating shares per person decreased by 17.81% to 3,649 shares [2]. - The stock's trading activity shows a net outflow of 17.2 million yuan from main funds, with significant buying and selling from large orders [1]. Company Overview - Sda Semiconductor, established on April 27, 2005, and listed on February 4, 2020, specializes in the design, research, and production of power semiconductor chips and modules, primarily focusing on IGBT technology [1]. - The company's revenue composition is heavily weighted towards modules, accounting for 98.12%, with other products making up 1.88% [1]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 1.1 million shares, and new entrants like Guolian An Semiconductor ETF [3].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, particularly focusing on the potential growth of SiC/GaN power devices driven by new power supply solutions for AI data centers [6]. Core Insights - The demand for AI servers and data centers is expected to open up growth opportunities for SiC/GaN power devices, with new power supply solutions like HVDC and SST becoming increasingly important [3][11]. - The report highlights that the transition to 800V HVDC power supply architecture is anticipated to significantly enhance power efficiency and reduce operational costs for data centers [9][28]. Summary by Sections 1. AI Data Center Power Requirements - The power requirements for AI data centers are increasing, with single cabinet power rising from 5-8 kW to 20-50 kW, and potentially exceeding 100 kW [19]. - NVIDIA is promoting the transition to an 800V HVDC power supply architecture, which is expected to be fully implemented by 2027 [26][28]. 2. SST (Solid State Transformer) - SSTs are characterized by high efficiency and compact size, making them suitable for modern power supply needs [37]. - The adoption of SST technology is expected to become mainstream in future power supply solutions, significantly improving space utilization and power efficiency in data centers [47]. 3. HVDC and SST Impact on Power Semiconductors - The report indicates that HVDC and SST solutions will enhance the performance requirements for power semiconductors, creating a favorable environment for the penetration of SiC/GaN devices [56]. - The market for SiC/GaN devices is projected to reach $2.7 billion by 2030, driven by their application in 800V HVDC data center power systems [11][68]. 4. SiC/GaN Growth Potential - The report identifies key companies that are well-positioned to benefit from the growth in SiC/GaN devices, including industry leaders like Innoscience and Tianyu Advanced [3][14]. - The penetration rates for SiC and GaN in the power semiconductor market are expected to increase, with forecasts suggesting a rise in demand due to AI computing facilities [68].

Core Points - The Shanghai Composite Index closed at 3960.19 points, with a decline of 0.41% and a total trading volume of 1,938.395 billion yuan [1] - A total of 107 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Group 1: Stocks with Significant Death Cross - Hongyuan Electronics (603267) had a 5-day moving average of 52.69 yuan, down 1.97% from the 10-day moving average of 53.74 yuan, with a current price of 48.86 yuan, representing a deviation of -9.09% [1] - Zhongjian Technology (002779) reported a 5-day moving average of 123.82 yuan, down 1.88% from the 10-day moving average of 126.19 yuan, with a current price of 117.70 yuan, showing a deviation of -6.73% [1] - ST Huizhou (002122) showed a 5-day moving average of 3.56 yuan, down 1.41% from the 10-day moving average of 3.62 yuan, with a current price of 3.23 yuan, indicating a deviation of -10.65% [1] Group 2: Additional Stocks with Death Cross - Chao Hongji (002345) had a 5-day moving average of 13.02 yuan, down 1.33% from the 10-day moving average of 13.20 yuan, with a current price of 11.69 yuan, reflecting a deviation of -11.43% [1] - Kema Technology (301611) reported a 5-day moving average of 54.35 yuan, down 1.30% from the 10-day moving average of 55.06 yuan, with a current price of 52.30 yuan, showing a deviation of -5.02% [1] - Chuangyi Tong (300991) had a 5-day moving average of 40.78 yuan, down 1.26% from the 10-day moving average of 41.30 yuan, with a current price of 39.27 yuan, indicating a deviation of -4.91% [1]