Core Viewpoint - The report highlights the increasing energy consumption and power demands of data centers, driven by advancements in technology and the growing reliance on AI, necessitating innovations in power supply architecture such as Solid State Transformers (SST) [1][2][3][6] Energy Consumption and Power Demand - According to IEA, global data center electricity demand is projected to reach 415 TWh in 2024, accounting for approximately 1.5% of total global electricity consumption [2] - The CAGR for IT energy consumption in AIDC from 2022 to 2027 is estimated at 44.8% [2] - NVIDIA's rack power is experiencing exponential growth, with each generation of GPU typically increasing thermal design power by 20%, leading to rising power requirements for individual servers [2][3] Concentrated Distribution and Cost Implications - Data centers exhibit a concentrated distribution pattern, with significant electricity demand in these areas and a rapid increase in the number of large-scale data centers [2] - Electricity costs represent over 50% of the total operational costs of data centers, making it a critical factor in their financial sustainability [2] Innovation in Power Supply Architecture - The rise in energy consumption and power demands is driving innovations in power supply architecture, particularly through the use of new power devices and medium-high frequency transformers, enabling efficient and highly integrated SST systems [3] - SiC and GaN are identified as key materials for enhancing the efficiency and power density of SST systems, with major manufacturers like STMicroelectronics and ON Semiconductor benefiting from this trend [3][5] Market Potential and Growth Projections - IEA data indicates that the global data center installed capacity is expected to increase by approximately 14 GW in 2024, with projections of reaching 32 GW by 2027, leading to a growing demand for SST systems valued at around 11.5 billion yuan by 2027 [4] - The construction of data centers, driven by AI development, is anticipated to significantly boost the demand for SST solutions [5] Investment Recommendations - Companies involved in the production of SiC and GaN power devices, such as STMicroelectronics and ON Semiconductor, are expected to benefit from the increasing adoption of these technologies [5] - Key materials for high-frequency transformers, including amorphous alloys and nanocrystalline cores, are crucial for reducing size and power consumption, with companies like TBEA and Keli Electric positioned to gain from this trend [5] - The report recommends focusing on companies like Sungrow Power Supply and others listed for potential investment opportunities in the SST market [5]

Market Overview - The metal new materials sector experienced a slight decline of 0.06% on November 20, with Alloy Investment leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Alloy Investment (000633) closed at 7.98, down 6.67% with a trading volume of 701,500 shares and a transaction value of 561 million [1] - Other notable declines included: - Zhongke Magnetic (301141) down 3.44% to 55.07 with a transaction value of 220 million [1] - Bowei Taijin (601137) down 2.58% to 21.18 with a transaction value of 258 million [1] - Jinli Yongci (300748) down 2.32% to 34.50 with a transaction value of 1.22 billion [1] Capital Flow Analysis - The metal new materials sector saw a net outflow of 151 million from main funds, while retail investors contributed a net inflow of 75.99 million [1] - Specific stock capital flows included: - Shenzhen New Star (603978) with a main fund net inflow of 1.05 billion, but a net outflow from retail investors of 46.47 million [2] - Tunan Co. (300855) with a main fund net inflow of 41.86 million, but a significant retail outflow of 3.44 million [2] - Bowei Alloy (601137) recorded a main fund net inflow of 3.88 million, while retail investors saw a net outflow of 2.06 million [2]

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]

Core Insights - Yunlu Co., Ltd. experienced a total of 14 block trades on November 18, with a cumulative trading volume of 629,500 shares and a total transaction value of 59.26 million yuan, at a price of 94.14 yuan per share, reflecting a discount of 9.52% compared to the closing price of the day [2][3] Trading Activity - The closing price of Yunlu Co., Ltd. on the same day was 104.04 yuan, marking a decline of 1.25%, with a turnover rate of 0.56% and a total trading volume of 70.07 million yuan, alongside a net inflow of main funds amounting to 4.65 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 9.41%, with a total net inflow of funds reaching 11.21 million yuan [2] Margin Financing - The latest margin financing balance for Yunlu Co., Ltd. stands at 10.9 million yuan, having increased by 4.46 million yuan over the past five days, representing a growth rate of 4.25% [3] Company Background - Qingdao Yunlu Advanced Materials Technology Co., Ltd. was established on December 21, 2015, with a registered capital of 1.2 billion yuan [3]

Core Points - The company Yunlu Co., Ltd. announced a significant equity change involving a shareholder, Guo Keyun, who reduced his stake in the company by 699,500 shares, representing 0.58% of the total shares outstanding [1] - Following this transaction, Guo Keyun's ownership in the company decreased from 17.42% to 16.84%, indicating a notable shift in equity distribution [1] Summary by Categories - **Equity Change** - Guo Keyun reduced his shareholding by 699,500 shares through centralized bidding and block trading [1] - This reduction accounts for 0.58% of the total shares of the company [1] - **Ownership Structure** - Post-transaction, Guo Keyun's ownership percentage changed from 17.42% to 16.84% [1] - The equity change triggered a notification due to the 1% threshold being crossed [1]

证券代码：688190 证券简称：云路股份 公告编号：2025-052 青岛云路先进材料技术股份有限公司 投资者郭克云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。 本公司董事会及除李晓雨先生外的其他董事会全体成员保证公告内容 与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 17.42% | | | | 权益变动后合计比例 | 16.84% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 5%以上大股东及其一致行动人 ☑其他 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明 ...

Core Viewpoint - Yunlu Co., Ltd. (688190.SH) disclosed that Guo Keyun reduced his shareholding in the company, impacting his ownership percentage significantly [1] Summary by Category Shareholding Changes - Guo Keyun reduced his shareholding by 699,500 shares, which accounts for 0.58% of the total shares outstanding [1] - Following this reduction, Guo Keyun's ownership percentage decreased from 17.42% to 16.84% [1] - The share reduction occurred between November 14, 2025, and November 18, 2025, through centralized bidding and block trading methods [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a slight decline in revenue for Q3 2025, attributed to fluctuations in downstream demand affecting the shipment of amorphous products [11]. - The gross margin for the first three quarters of 2025 was 28.52%, a decrease of 2.26 percentage points year-on-year, with Q3 2025 gross margin at 26.84%, down 4.96 percentage points year-on-year [11]. - The company is expected to achieve a net profit of 352 million yuan in 2025, corresponding to a PE ratio of approximately 36 times [11]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.46 billion yuan, a year-on-year increase of 5.0%, while net profit attributable to shareholders was 250 million yuan, a year-on-year decrease of 5.0% [2][4]. - In Q3 2025, the company’s revenue was 470 million yuan, down 1.2% year-on-year and 16.4% quarter-on-quarter, with net profit of 80 million yuan, down 16.2% year-on-year and 11.3% quarter-on-quarter [2][4]. - The company’s inventory at the end of Q3 2025 was 208 million yuan, an increase of 38.6% year-on-year, while contract liabilities were 18 million yuan, up 19.9% year-on-year [11]. Cost and Expense Management - The company maintained effective cost control, with total expense ratio for the first three quarters of 2025 at 9.81%, a decrease of 1.16 percentage points year-on-year [11]. - In Q3 2025, the total expense ratio was 10.38%, down 1.00 percentage points year-on-year but up 1.01 percentage points quarter-on-quarter [11].

基于对公司未来持续稳定发展的信心以及对公司股票长期投资价值的 认可，青岛云路先进材料技术股份有限公司（以下简称"公司"）董事 兼副总经理庞靖先生，副总经理曾远华先生，副总经理李庆华先生， 副总经理、财务总监兼董事会秘书石岩女士计划自 2025 年 6 月 18 日 起 6 个月内，使用其自有资金或自筹资金，通过上海证券交易所交易 系统允许的方式（包括但不限于集中竞价和大宗交易等）增持公司股 份。本次各增持主体拟增持金额不低于人民币 100 万元（含）且不超 过 300 万元（含），各主体合计拟增持金额不低于人民币 400 万元（含） 且不超过 1,200 万元（含）。本次增持计划的具体内容详见公司 2025 年 6 月 18 日披露于上海证券交易所网站（www.sse.com.cn）的《青岛 云路先进材料技术股份有限公司关于公司董事、高级管理人员增持公 司股份计划的公告》。 截至 2025 年 11 月 17 日，曾远华先生通过上海证券交易所交易系统以 集中竞价方式累计增持公司股份 500 股，占公司总股本的 0.0004%，增 持总金额为人民币 5.23 万元；石岩女士通过上海证券交易所交易系统 以集中竞价 ...

Core Viewpoint - Solid State Transformers (SST) are expected to become the ultimate solution for AIDC power management due to their high efficiency and low footprint, with Delta's 800V SST system reaching MW-level capacity and Nvidia planning full deployment of its 800V high-voltage direct current architecture by 2027 [1][2]. Group 1: Industry Trends - Data centers are moving towards higher power levels, with power supply system efficiency becoming crucial as single cabinet power has increased from 8KW to over 30KW, and Nvidia's single cabinet power reaching 120KW [2]. - Traditional DC distribution methods are facing bottlenecks due to space limitations, copper overload, and low conversion efficiency, necessitating a new power supply architecture [2]. - In typical AIDC projects, power-related equipment costs account for nearly 50% of total costs, indicating high value and continuous iteration [2]. Group 2: SST Advantages - SST achieves high efficiency by replacing traditional transformers with high-frequency power electronics, allowing for system efficiencies of up to 98% [3]. - SST's modular design significantly reduces equipment size by approximately 40%, integrating rectification, conversion, and inversion processes [3]. Group 3: Market Opportunities - The 800V HVDC is seen as a starting point for SST penetration, offering active flexibility and green electricity adaptability, which can open broader application markets [4]. - SST can actively control power quality, addressing grid disturbances and load fluctuations, while also supporting bi-directional power flow [4]. - The new grid architecture using SST can accept 50%-70% renewable energy, improving performance by 1.3-2 times compared to traditional grid structures [4]. Group 4: Related Companies - Key players in SST systems include Sifang Co., Ltd. (601126.SH), China XD Electric (601179.SH), Jinpan Technology (688676.SH), and Xinte Electric (301120.SZ) [5]. - Companies involved in SST materials include Keli (002782.SZ) and Yunlu Co., Ltd. (688190.SH), with products covering a wide frequency range [5].