Group 1 - The company focuses on the core area of energy digitalization, driving development through technological innovation [1] - The company is continuously deepening its integration in the fields of IoT, chips, and artificial intelligence [1] - The company is actively exploring emerging business opportunities [1]

Core Viewpoint - The strong stock performance of Weisheng Holdings is attributed to optimistic investment expectations from the State Grid during the 14th Five-Year Plan, with total investments expected to reach 4 trillion yuan, and the global AIDC wave leading to a revaluation of Weisheng as a scarce asset in energy management [1] Group 1: Company Performance - Weisheng Information, as the core smart energy company under Weisheng Holdings, is expected to undergo a reassessment of its mid-term value [1] - The company possesses a natural advantage in the intelligentization process of AIDC energy systems, leveraging its power IoT digital foundation [1] Group 2: Financial Projections - Projected net profits attributable to the parent company for the years 2025, 2026, and 2027 are expected to be 720 million yuan, 870 million yuan, and 1.05 billion yuan respectively [1] - The current stock price corresponds to price-to-earnings ratios of 28, 24, and 20 times for the years 2025, 2026, and 2027 [1] Group 3: Investment Rating - The investment rating for Weisheng Holdings is maintained at "Buy" [1]

Group 1 - The A-share market saw a collective surge in smart grid stocks, with companies like China Xidian, Xinlian Electronics, Dingxin Communications, and others hitting the daily limit up [1] - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), representing a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan [1] - Southern Power Grid is expected to invest around 1 trillion yuan during the same period, leading to a total investment of nearly 5 trillion yuan from both major grids, significantly exceeding the 2.64 trillion yuan and 2.85 trillion yuan investments during the 13th and 14th Five-Year Plans, respectively [1] Group 2 - China Xidian's stock rose by 10.03%, with a total market value of 81 billion yuan and a year-to-date increase of 73.63% [2] - Xinlian Electronics experienced a 10.01% increase, with a market capitalization of 8.34 billion yuan and a year-to-date rise of 43.06% [2] - Dingxin Communications, Hanlan Co., and other companies also saw significant stock price increases, with various percentages ranging from 5.19% to 10% [2]

Core Viewpoint - The A-share market for smart grid stocks has shown significant strength, driven by the announcement of substantial fixed asset investments by the State Grid and Southern Power Grid during the 14th Five-Year Plan period, indicating a robust growth outlook for the industry [1]. Group 1: Investment Announcements - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), representing a 40% increase compared to the 13th Five-Year Plan [1]. - The average annual investment scale is projected to reach 800 billion yuan [1]. - Southern Power Grid is expected to invest around 1 trillion yuan during the same period, with a total investment of approximately 5 trillion yuan for both major grids, significantly exceeding the 2.64 trillion yuan and 2.85 trillion yuan investments of the previous two plans [1]. Group 2: Stock Performance - Several smart grid stocks have reached their daily limit up, including China West Electric, New Link Electronics, Dingxin Communications, Hanlan Co., and others, with notable increases in stock prices [1]. - Specific stock performance includes: - China West Electric: +10.03% with a market cap of 81 billion yuan and a year-to-date increase of 73.63% [2]. - New Link Electronics: +10.01% with a market cap of 8.34 billion yuan and a year-to-date increase of 43.06% [2]. - Dingxin Communications: +10.00% with a market cap of 5.165 billion yuan and a year-to-date increase of 10.61% [2]. - Other notable performers include Hanlan Co. (+10.00%), Senyuan Electric (+10.00%), and Nanfang Power (+9.96%) [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's parent, Weisheng Holdings, has shown strong stock performance, driven by optimistic expectations for China's "14th Five-Year Plan" investments in the State Grid, projected to reach CNY 4 trillion, and a global AIDC wave that is leading to a revaluation of Weisheng as a scarce asset in energy management [1]. - The transition from power IoT to AIDC energy digitalization is highlighted, emphasizing the high demands for power quality and collaborative computing in AIDC, where distribution equipment acts as the "muscle" and perception and control serve as the "brain" [1]. - The company is expected to leverage its natural advantages in the intelligentization process of AIDC energy systems, with growth boundaries likely to continue expanding [3]. Financial Summary - Revenue projections for the company are as follows: CNY 2,225 million in 2023, CNY 2,745 million in 2024, CNY 3,101 million in 2025, CNY 3,718 million in 2026, and CNY 4,582 million in 2027, with year-on-year growth rates of 11.1%, 23.3%, 13.0%, 19.9%, and 23.2% respectively [5]. - The net profit attributable to the parent company is projected to be CNY 525 million in 2023, CNY 631 million in 2024, CNY 724 million in 2025, CNY 865 million in 2026, and CNY 1,046 million in 2027, with year-on-year growth rates of 31.3%, 20.1%, 14.8%, 19.6%, and 20.8% respectively [5]. - The report indicates that the current price-to-earnings (P/E) ratios are 28, 24, and 20 for the years 2025, 2026, and 2027 respectively [3]. Business Strategy - The company is positioned to benefit from group synergies, overseas expansion, and the migration of existing capabilities into new business areas, which collectively enhance growth certainty [2]. - The company has established a significant presence in overseas markets, with 19% of revenue coming from international operations in the first three quarters of 2025, and has developed local operations in Indonesia and Saudi Arabia [9]. - The report discusses the potential for the company to expand into power supply business areas, leveraging its long-term understanding of supply architecture and control logic in low and medium voltage distribution [9].

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Insights - The company is positioned to benefit from the optimistic investment expectations in the domestic power grid, with a projected total investment of 4 trillion yuan during the 14th Five-Year Plan. Additionally, the global AIDC trend is leading to a revaluation of the company's worth as a rare asset in energy management [1] - The transition from power IoT to AIDC energy digitalization is highlighted, emphasizing the importance of power quality and collaborative computing in AIDC. The company is expected to align its valuation with technology sectors rather than traditional power grid investment rhythms [1] - The company is expected to see continuous growth in its net profit, with projections of 7.2 billion yuan, 8.7 billion yuan, and 10.5 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 28, 24, and 20 times [3] Financial Summary - Revenue projections for the company are as follows: 2,225 million yuan in 2023, 2,745 million yuan in 2024, 3,101 million yuan in 2025, 3,718 million yuan in 2026, and 4,582 million yuan in 2027, with year-on-year growth rates of 11.1%, 23.3%, 13.0%, 19.9%, and 23.2% respectively [5] - The company's net profit is projected to grow from 525 million yuan in 2023 to 1,046 million yuan in 2027, with year-on-year growth rates of 31.3%, 20.1%, 14.8%, 19.6%, and 20.8% [5] - The latest diluted EPS is expected to increase from 1.07 yuan in 2023 to 2.13 yuan in 2027 [5] Business Strategy - The company leverages its existing capabilities in smart metering, energy management, and comprehensive energy services to create synergies within the group, enhancing its value in data, perception, and underlying platform layers [9] - The company has established a significant presence in overseas markets, with 19% of its revenue coming from international operations in the first three quarters of 2025, and has set up local factories in Indonesia and Saudi Arabia [9] - The company is transitioning its digital capabilities to AIDC energy scenarios, utilizing AI for load forecasting and developing edge computing capabilities to meet the real-time and stability requirements of energy systems [9]

Core Viewpoint - The company, Weisheng Information Technology Co., Ltd., is organizing an Investor Reception Day to enhance corporate governance and investor relations, allowing investors to gain a deeper understanding of the company and provide feedback [2][5]. Group 1: Event Details - The Investor Reception Day is scheduled for January 21, 2026, from 13:30 to 18:00, at the company's headquarters located at 468 Tongzipo West Road, Changsha High-tech Zone, Hunan [2]. - The event will be held in person, with the actual end time subject to change based on the day's proceedings [2]. Group 2: Participation Information - Investors interested in attending must register in advance, with the registration deadline set for January 16, 2026, at 16:00 [4]. - Registration can be done via a QR code or by sending a registration form and identification documents to the company's email [3]. Group 3: Attendance Requirements - Attendees are required to arrive 15 minutes early for check-in, bringing original and photocopied identification documents for verification [5]. - The company encourages investors to submit questions or topics of interest via email prior to the event to facilitate efficient discussions [5]. Group 4: Post-Event Communication - After the event, the company will publish a summary of the meeting and key discussions on the Shanghai Stock Exchange website [5].

证券代码：688100 证券简称：威胜信息 公告编号：2026-002 威胜信息技术股份有限公司 关于举办投资者接待日活动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 为进一步提高公司治理水平，加强投资者关系管理，增进公司与广大投资者 的沟通和交流，便于广大投资者更全面深入地了解公司，同时广泛听取投资者的 意见和建议，威胜信息技术股份有限公司（以下简称"公司"）计划于2026年1 月21日13:30-18:00举办投资者接待日活动。本次投资者接待日活动具体情况如 下： 一、活动召开的时间、地点 活动时间：2026年1月21日（星期三）13:30-18:00（结束时间为预估时间， 以实际结束时间为准） 活动地点：湖南长沙高新区桐梓坡西路468号威胜信息技术股份有限公司 召开方式：现场召开 二、公司参加人员 活动时间：2026年1月21日（星期三）13:30-18:00 活动地点：湖南长沙高新区桐梓坡西路468号威胜信息技术股份有限公司 召开方式：现场召开 公司主要管理层，具体人员以实际出席为准。 三 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][44]. Core Insights - The commercial aerospace sector is showing significant momentum both domestically and internationally, shifting focus from mere technological breakthroughs to the integration of technology, ecosystem development, and market applications. Leading companies are enhancing their commercialization capabilities [3][39]. - The report anticipates that the communication industry will experience a period of technological iteration and policy dividends in 2025, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors. The recovery of cellular IoT modules and ongoing construction of communication facilities are expected to create new demands for devices, equipment, and service operations [3][39]. Summary by Sections 1. Communication Industry Market Review - The communication sector index fell by 1.18% over the two weeks from December 26, 2025, to January 8, 2026, underperforming the CSI 300 index by 3.22 percentage points, ranking last among 31 sectors [11][12]. - In January 2026, the communication sector index increased by 0.85%, again underperforming the CSI 300 index by 1.48 percentage points [11][12]. 2. Industry News - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'" [15]. - The first offshore reusable rocket recovery base in China has commenced construction with a total investment of 5.2 billion yuan [21]. - SpaceX's Starlink has connected over 9 million active users across 155 countries, showcasing significant growth from 14.5 million users in December 2021 [22]. 3. Company Announcements - Feiling Kesi plans to indirectly invest in Nanfei Microelectronics, focusing on high-speed network communication interconnect chips, with a total investment of 40.8 million yuan [23][24]. - Guangku Technology expects a net profit growth of 152%-172% for 2025, driven by revenue growth and cost control measures [26]. 4. Industry Data Updates - As of November 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.20% [27]. - The total number of 5G base stations reached 4.83 million, with a net increase of 579,000 compared to the end of the previous year [36].

Core Insights - The Ministry of Industry and Information Technology, along with four other departments, has issued the "Guidelines for the Construction and Application of Industrial Green Microgrids (2026-2030)" to promote the development and application of green microgrids in the industrial sector, aiming to enhance the use of green electricity and reduce carbon emissions in key industrial areas [1] Group 1: Industry Overview - In the past six months, 40 listed companies have disclosed their involvement in microgrid-related businesses through investor Q&A platforms or research activities, primarily in the power equipment sector with 19 companies [1] - Other sectors involved include machinery equipment, construction decoration, and telecommunications, with 4, 3, and 3 companies respectively [1] Group 2: Company Performance and Predictions - Among the concept stocks, 20 have received institutional ratings, with 10 stocks attracting significant attention from institutions, having ratings from five or more agencies [1] - According to consensus forecasts, 8 out of the 10 stocks are expected to achieve year-on-year growth in net profit attributable to shareholders by 2025, with Teruide (300001) projected to have the highest net profit growth rate of 30.4%, and Dongfang Electronics (000682) expected to increase by over 20% [1] Group 3: Stock Performance Data - The table lists various companies along with their stock performance on January 9, including: - Guodian Nari (600406) with a 0.55% increase and a projected net profit growth of 9.73% [2] - Weisheng Information (688100) with a 1.32% decrease and a projected growth of 14.97% [2] - Sifang Co. (601126) showing a 5.08% increase with a 17.98% growth forecast [2] - Teruide (300001) with a slight increase of 0.19% and a projected growth of 30.4% [2] - Dongfang Electronics (000682) with a 0.48% increase and a forecasted growth of 23.78% [2]