Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

新源智储承建的青海共和200兆瓦/800兆瓦时配储项目一期地处青海海南州共和县塔拉滩。项目突破多项高寒地区储能系统集成与安装难题，投运后将有 效提升海南州电网的调峰调频能力，增强系统运行弹性，促进周边风电、光伏发电高效消纳，助力青海打造国家清洁能源示范高地。 风机机组各系统设备运行平稳，主要运行参数均符合技术规程规范要求。 转载自：国家电投官网 WETOWN ELECTRIC 近日，国家电投集团中国电力（中电国际）新源智储在内蒙古、甘肃、新疆、青海等地承建的多个储能项目相继并网投运，涵盖不同规模与应用场景，为 区域电网调峰调频、新能源消纳提供有力支撑，推动能源结构优化升级。 新源智储内蒙古通辽150兆瓦/600兆瓦时新能源配储项目位于通辽市奈曼旗金沙500千伏变电站周边。项目投产后，可为蒙东电网提供快速、灵活的功率支 撑与频率调节服务，大幅提升电网对风电、光伏等波动性电源的消纳能力，进一步增强区域供电可靠性与经济运行水平。 新源智储甘肃靖远10兆瓦/20兆瓦时储能项目位于甘肃白银市靖远县。项目团队在建设中注重防风固沙、低温施工等专项技术措施的落实，采用适应恶劣 环境的储能设备与安装工艺，顺利完成系统集成与调试 ...

Group 1 - The 2023 national average carbon dioxide emission factor for electricity is 0.5306 kgCO2/kWh, a decrease of 1.1% from 2022's 0.5366 kgCO2/kWh, attributed to the optimization of the power generation energy structure and a reduction in the proportion of thermal power generation [1][5] - The average carbon dioxide emission factors for electricity in 2023 for various regions are as follows: North China 0.6361 kgCO2/kWh (down 6.1%), Northeast 0.5122 kgCO2/kWh (down 8.0%), East China 0.5500 kgCO2/kWh (down 2.1%), Central China 0.5271 kgCO2/kWh (down 2.3%), and Northwest 0.5543 kgCO2/kWh (down 5.4%), mainly due to the decrease in the proportion of thermal power generation [2][5] - In contrast, the Southern and Southwestern regions have average carbon dioxide emission factors of 0.4042 kgCO2/kWh (up 4.5%) and 0.2472 kgCO2/kWh (up 9.0%), respectively, due to reduced hydropower output from lower rainfall, leading to an increased share of thermal power generation [2][5] Group 2 - At the provincial level, 20 provinces, including Beijing, show a downward trend in the average carbon dioxide emission factor for electricity in 2023 compared to 2022, influenced by a decrease in thermal power generation and an increase in the proportion of clean energy imported from other provinces [3][6] - Conversely, 10 provinces, including Guangdong, have seen an increase in their average carbon dioxide emission factors due to a decline in hydropower generation and an increase in thermal power generation [3][6] - The national average carbon dioxide emission factor for electricity, excluding market-based non-fossil energy, is 0.6096 kgCO2/kWh, an increase of 4.1% from 2022's 0.5856 kgCO2/kWh, primarily due to the growth of market-based non-fossil energy transactions [3][6] Group 3 - The national fossil energy electricity carbon dioxide emission factor is 0.8273 kgCO2/kWh, a decrease of 0.6% from 2022's 0.8325 kgCO2/kWh, mainly due to a reduction in the proportion of coal-fired power generation and a decrease in the carbon content of coal used in thermal power generation [3][6] - Overall, the changes in the carbon dioxide emission factors for electricity in 2023 reflect the actual achievements of China's clean and low-carbon transition in the power industry [7] - The country plans to continue improving the calculation methods for carbon dioxide emission factors and strengthen the analysis of measured parameters to support the establishment of a unified and standardized carbon emission statistical accounting system [7]

近期，威腾电气成功中标全椒县椒阳100MW/200MWh电网侧储能项目（EPC），该项目采用磷酸铁锂 技术路线，配套建设110kV升压站，单次循环可释放近20万千瓦时电量，相当于为数万户家庭提供1小 时峰值用电保障。（人民财讯） ...

Core Viewpoint - The company, Weiteng Electric, has confirmed that it exports products to EU member countries and is optimistic about overseas market demand and business growth opportunities [1] Group 1: Company Operations - Weiteng Electric has engaged in exporting products to EU member countries [1] - The company encourages investors to refer to official announcements for specific sales data related to its EU operations [1] Group 2: Market Outlook - The company expresses a positive outlook on overseas market demand and potential for business growth [1]

进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为8534.75万元。该股近5个交易日累 计上涨5.68%，主力资金合计净流出6012.7万元。 责任编辑：小浪快报 1月12日，威腾电气收涨1.32%，收盘价为39.29元，发生1笔大宗交易，合计成交量52.24万股，成交金 额2037.55万元。 第1笔成交价格为39.00元，成交52.24万股，成交金额2,037.55万元，溢价率为-0.74%，买方营业部为粤 开证券股份有限公司深圳深南大道证券营业部，卖方营业部为东北证券股份有限公司上海北艾路证券营 业部。 ...

Group 1 - The A-share market indices continued to rise, with the only electric grid equipment ETF (159326) increasing by 2.3% and the green electricity ETF (562550) rising by 0.54% [1] - Key stocks in the electric grid equipment ETF, including Baosheng Co., Igor, and China XD Electric, reached their daily limit, while other stocks like Power Transformer and Weiteng Electric also saw gains [1] - A new guideline was released by relevant authorities to promote high-quality development of the electric grid, aiming for significant enhancements in resource optimization and capacity by 2030 [1] Group 2 - The electric grid equipment ETF (159326) tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation, and cable components [2] - The green electricity ETF (562550) tracks the CSI Green Power Index, including companies involved in solar, wind, and hydropower, reflecting the overall performance of the green energy sector [2] - The index includes both clean energy enterprises and traditional energy sources, aligning with the dual carbon goals and energy security initiatives [2]

Core Viewpoint - The company has decided to postpone the completion date of the "5GWh Energy Storage System Construction Project" to April 2026, based on a careful assessment of industry developments and project conditions [4][5][7]. Group 1: Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue 30,000,000 shares at a price of RMB 19.27 per share, raising a total of RMB 578.1 million, with a net amount of RMB 569.86 million after deducting issuance costs [2]. - The funds are managed in a dedicated account, with oversight agreements in place with the sponsor and the supervising bank [2]. Group 2: Project Details - The company has outlined the investment status of the fundraising projects as of December 29, 2025, detailing the cumulative investment amounts [3]. - The postponement of the project does not alter the investment subject, purpose, or scale [5][7]. Group 3: Reasons for Delay - The delay is attributed to the rapid evolution of core components in energy storage products, necessitating adjustments to the production line to enhance efficiency and longevity [4]. - The company aims to align the new production line with future mainstream battery technologies [4]. Group 4: Impact of Delay - The postponement is a strategic decision that will not affect the project's implementation or the interests of shareholders, particularly minority shareholders [7]. - The delay is expected to improve capital efficiency and resource allocation, aligning with the company's long-term strategic goals [7]. Group 5: Approval Process - The board of directors approved the postponement during a meeting on December 29, 2025, and the matter does not require shareholder approval [8]. Group 6: Sponsor's Opinion - The sponsor has confirmed that the delay is a prudent decision based on industry conditions and will not change the investment total, subject, or purpose [9][10].

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。 证券代码：688226 证券简称：威腾电气 公告编号：2025-070 威腾电气集团股份有限公司 关于 2022 年度向特定对象发行部分募投项目延期的 公告 威腾电气集团股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召 开第四届董事会第十三次会议，审议通过了《关于部分募投项目延期的议案》， 同意公司对 2022 年度向特定对象发行股票募集资金投资项目"年产 5GWh 储 能系统建设项目"（以下简称"募投项目"）达到预定可使用状态的日期进行 延期。本次募投项目延期未改变募投项目的实施主体、募集资金投资用途及投 资规模等，无需提交股东会审议。保荐机构中信证券股份有限公司（以下简称 "保荐机构"）发表了明确同意的核查意见。 一、募集资金基本情况 根据中国证券监督管理委员会于 2024 年 4 月 20 日出具的《关于同意威腾 电气集团股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕 639 号），同意公司向特定对象发行股票的注册申请。公司本次向 ...

中信证券股份有限公司 关于威腾电气集团股份有限公司 2022 年度向特定对象发行部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为威腾电 气集团股份有限公司（以下简称"威腾电气"或"公司"）2022 年度向特定对象 发行 A 股股票（以下简称"本次发行"或"本次向特定对象发行"）的保荐人， 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》《上市公司募集资金 监管规则》等有关规定，对威腾电气 2022 年度向特定对象发行部分募投项目延 期事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2024 年 4 月 20 日出具的《关于同意威腾电 气集团股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕639 号），同意公司向特定对象发行股票的注册申请。公司本次向特定对象发行人民 币普通股 30,000,000 股，发行价格为每股人民币 19.27 元，共募集资金人民币 578 ...