*免责声明：文章内容仅供参考，不构成投资建议 国投证券表示，从成长逻辑来看，AI算力的指数级增长将带动数据中心电力配套设施的刚性需求，而 高压化、高效化是核心技术发展趋势，800Vdc供电方案有望成为新一代数据中心的标配。招商证券则 指出，800Vdc技术的落地将大幅提升单台设备的能源利用效率，相关核心元器件的用量将随方案普及 实现倍数级增长，市场空间将随AI数据中心的扩张同步扩容。从产业链上下游来看，上游的功率半导 体、高压连接器企业将与下游的电力设备整机厂商同步受益于技术迭代与订单放量，形成从核心部件到 系统方案的全链条机遇。 公司方面，据上市公司互动平台表示， 阳光电源：公司是国内新能源电力设备龙头，已布局800Vdc高压供电相关技术，其数据中心高效供电 系统已通过北美部分客户的前期认证，近期正推进产能扩产以匹配潜在订单需求，在高压电力转换领域 的技术储备与客户资源处于行业领先地位。 科威尔：公司为小市值电力电子测试与电源设备企业，其高压电源产品可适配800Vdc供电方案的测试 与配套需求，目前已与多家国内算力设备厂商达成合作，且正在推进北美市场的产品认证工作。 据市场消息，英伟达将在加州圣克拉拉总部举 ...

Market Overview - The other power equipment sector declined by 1.19% on the previous trading day, with Yingjie Electric leading the decline [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Aike Saibo (688719) saw a significant increase of 15.06%, closing at 45.54, with a trading volume of 152,900 shares and a transaction value of 629 million [1] - Yingjie Electric (300820) experienced a notable drop of 6.21%, closing at 50.63, with a trading volume of 91,500 shares and a transaction value of 463 million [2] - Other notable declines included Oulu Tong (300870) down 3.17% and KOTAI Power (300153) down 2.89% [2] Capital Flow - The other power equipment sector saw a net outflow of 519 million from institutional investors, while retail investors had a net inflow of 357 million [2] - The capital flow data indicates that Aike Saibo had a net inflow of 83.78 million from institutional investors, while retail investors experienced a net outflow of 33.92 million [3] - New Electric (300593) also had a net inflow of 38.70 million from institutional investors, with retail investors seeing a net outflow of 18.69 million [3]

Core Viewpoint - Kewell stated that as of September 30, 2025, the number of shareholders is 5,488, and the company will disclose the number of shareholders at the end of the reporting period in its regular reports [1] Summary by Categories - **Shareholder Information** - The company has reported a total of 5,488 shareholders as of September 30, 2025 [1]

Investment Rating - The report initiates a "Buy" rating for the company [1][8] Core Insights - The company's power business orders exceeded expectations, leading to significant revenue and profit growth in Q3 2025, with revenue contributing approximately 80% from testing power orders [4][6] - The testing power market's price competition has stabilized, resulting in a recovery of the company's gross margin, which reached 40.16% in Q3 2025, despite a year-on-year decline [5][6] - The demand for AI server power supplies and solid-state battery testing is driving growth, with the company actively expanding its overseas market presence and securing orders from leading clients [6][7] Financial Performance - For the first three quarters of 2025, the company reported revenue of 370 million yuan, a year-on-year decrease of 1.97%, while Q3 revenue was 145 million yuan, showing a year-on-year increase of 17.90% and a quarter-on-quarter increase of 23.77% [3][4] - The net profit for Q3 2025 was 20.59 million yuan, reflecting a year-on-year increase of 110.36% and a quarter-on-quarter increase of 94.05% [3][4] - The company forecasts revenues of 527 million yuan, 731 million yuan, and 1.01 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.98, 1.52, and 2.12 yuan [8][10] Market Position and Strategy - The company has a strong technical foundation in high-power testing power supplies, particularly in the megawatt testing sector, and is recognized by clients for its capabilities [6][7] - The company is also focusing on solid-state battery testing equipment, having established partnerships with leading battery manufacturers [7]

Core Insights - Kewell (688551) experienced a net financing purchase of 1.17 million yuan on November 12, 2025, with a financing balance of 119 million yuan, marking a continuous net purchase of 4.64 million yuan over the last three trading days [1][2]. Financing Summary - On November 12, 2025, the net financing purchase was 1.17 million yuan, with a financing balance of 119 million yuan, representing 3.70% of the circulating market value [2]. - The financing balance increased by 1.04% from the previous day, with a total balance of 119 million yuan [4]. - The financing activities over the past few days showed fluctuations, with a notable net purchase of 3.10 million yuan on November 10, 2025, followed by a net repayment on November 7 and 6, 2025 [2][4]. Margin Trading Summary - On November 12, 2025, Kewell had a net short sale of 1,400 shares, with a remaining short balance of 5,491 shares [3]. - The margin trading balance was reported at 119 million yuan, reflecting a 1.04% increase from the previous day [3][4]. - The short selling activities indicated a mixed trend, with significant short sales on November 10 and 11, 2025, followed by a net repayment on November 7, 2025 [3].

Core Points - The other power equipment sector experienced a decline of 1.14% on November 11, with HaiLu Heavy Industry leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - HaiBo SiChuang (688411) saw a significant increase of 13.00%, closing at 299.65 with a trading volume of 72,500 shares and a transaction value of 2.176 billion [1] - ST YiShiTe (300376) rose by 7.81%, closing at 5.80 with a trading volume of 616,000 shares and a transaction value of 351 million [1] - Yingjie Electric (300820) increased by 4.51%, closing at 56.98 with a trading volume of 90,500 shares and a transaction value of 512 million [1] - Other notable performers included Rongfa Nuclear Power (002366) with a 3.91% increase and a closing price of 8.50, and AiKe SaiBo (688719) with a 2.63% increase [1] Decliners - HaiLu Heavy Industry (002255) led the decline with a drop of 7.13%, closing at 13.80 with a trading volume of 2,599,100 shares and a transaction value of 3.624 billion [2] - OuLu Tong (300870) fell by 6.08%, closing at 191.38 with a trading volume of 47,300 shares [2] - Dongfang Electric (600875) decreased by 3.71%, closing at 23.37 with a trading volume of 1,084,100 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 1.045 billion from main funds, while retail investors contributed a net inflow of 791 million [2]

Core Points - On November 7, the company announced that shareholder Jiang Jiaping directly holds 10,509,091 shares, accounting for 12.50% of the total share capital [1] - Jiang Jiaping has released a pledge of 1,200,000 shares [1]

证券代码：688551 证券简称：科威尔 公告编号：2025-072 科威尔技术股份有限公司 关于持股 5%以上股东股份解除质押的公告 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、准确性和完整性承担法律责任。 重要内容提示: 科威尔技术股份有限公司（以下简称"公司"）股东蒋佳平先生直接持有 公司股份 10,509,091 股，占公司总股本的 12.50%。 蒋佳平先生本次解除质押股份 1,200,000 股，占其持股总数的 11.42%， 占公司总股本的 1.43%。本次解除质押后，蒋佳平先生累计质押股份为 0 股。 | 股东名称 | | | 蒋佳平 | | --- | --- | --- | --- | | 本次解除质押股份（股） | | 1,200,000 | | | 占其所持股份比例（%） | | | 11.42 | | 占公司总股本比例（%） | | | 1.43 | | 解除质押时间 | 2025 年 11 月 | | 6 日 | | 持股数量（股） | 10,509,091 | | | | 持股比例（%） | | | 12.50 | | 剩 ...

Core Viewpoint - The company announced that major shareholder Jiang Jiaping has lifted the pledge on part of his shares, indicating a potential positive sentiment towards the company's future performance [1] Summary by Relevant Sections - **Shareholder Actions** - Jiang Jiaping lifted the pledge on 1.2 million shares, which represents 11.42% of his total holdings and 1.43% of the company's total share capital [1] - After this action, Jiang Jiaping has no pledged shares remaining [1]

Core Insights - The A-share market has seen a decline in the power equipment sector, with significant drops in stock prices for several companies [1] Summary by Category Stock Performance - Tonghe Technology (300491) experienced a decline of 14.43%, with a total market capitalization of 5.167 billion [2] - Hongyuan Green Energy (603185) fell by 6.70%, with a market cap of 20.3 billion [2] - Sunshine Power (300274) decreased by 5.47%, with a market value of 26.068 billion [2] - Haibo Sichuang (688411) saw a drop of 4.81%, with a market capitalization of 48.8 billion [2] - Shuangyi Technology (300690) declined by 4.70%, with a market cap of 5.225 billion [2] - Yiyuan Lithium Energy (300014) fell by 4.69%, with a market value of 162.7 billion [2] - Changhong Energy (920239) decreased by 4.48%, with a market capitalization of 6.635 billion [2] - Daqian Energy (688303) saw a decline of 4.35%, with a market cap of 63.3 billion [2] - Zhongheng Electric (002364) dropped by 4.33%, with a market value of 1.39 billion [2] - Liwang Co. (920627) fell by 4.11%, with a market cap of 2.513 billion [2] - Boliview (688345) decreased by 4.05%, with a market capitalization of 3.596 billion [2] - Koweil (688551) saw a drop of 4.04%, with a market value of 3.394 billion [2] - Haitai New Energy (920985) declined by 3.83%, with a market cap of 2.801 billion [2] - Guosheng Technology (603778) fell by 3.61%, with a market value of 3.152 billion [2] - Jiejia Weichuang (300724) decreased by 3.81%, with a market capitalization of 31.7 billion [2] Year-to-Date Performance - Despite the recent declines, some companies have shown significant year-to-date gains, such as: - Tonghe Technology with an 85.85% increase [2] - Hongyuan Green Energy with an 84.31% increase [2] - Sunshine Power with a 161.42% increase [2] - Haibo Sichuang with a remarkable 1319.42% increase [2] - Zhongheng Electric with a 130.72% increase [2]