截至2025年8月13日15时，科威尔股价报44.77元，较前一交易日上涨0.16%。当日开盘价为44.58元，最 高触及46.00元，最低下探42.71元，成交量为8.94万手，成交额达3.96亿元。 科威尔属于电源设备行业，业务涵盖电力电子测试设备的研发与生产，产品应用于新能源、半导体等领 域。公司总部位于安徽，是专精特新企业之一。 数据显示，8月12日科威尔融资余额为1.44亿元，较前一交易日增长45.73%，增幅在融资余额增长个股 中排名靠前。 8月13日主力资金净流入5838.66万元，近五日主力资金累计净流入5880.11万元。 风险提示：股市有风险，投资需谨慎。 ...

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The hydrogen energy index closed at 2322.90 points as of August 8, 2025, with a weekly increase of 3.68% and a year-to-date increase of 30.73% [9][10] - The number of successful bids for electrolyzer projects has increased, and the hydrogen heavy-duty truck has made significant progress, with a 400kW fuel cell hydrogen truck entering the testing phase [36] Summary by Sections 1. Hydrogen Industry Market Performance - The hydrogen energy index has shown an upward trend, ranking 29th among Shenwan secondary industries as of August 8, 2025 [9] - The top five companies in the hydrogen energy sector for weekly gains were Huaguang Huaneng (46.75%), Koweir (39.81%), Sulian Co. (31.25%), ST Diweixun (30.77%), and Chunhui Zhikong (23.31%) [14] 2. Hydrogen Industry Data Review 2.1 Electrolyzer Data Review - A total of 5 successful bids for hydrogen projects were recorded this week, including 3 for electrolyzers, with a total hydrogen production capacity of 3 Nm³/h [16] - New bidding projects for electrolyzers include a total scale of 55 MW and a hydrogen production capacity of 11,000 Nm³/h [18] 2.2 FCV Related Data Review - In July 2025, the production of fuel cell vehicles (FCVs) increased by 21.81% month-on-month, with 229 new units produced [19] - Cumulative production of FCVs reached 1,593 units in the first seven months of 2025, a year-on-year decrease of 54.47% [19] 3. Industry Dynamics and Company Updates 3.1 Industry Dynamics - A 50,000-ton wind-solar green electricity hydrogen liquefaction project has been approved [31] - The world's first 30MW pure hydrogen gas turbine demonstration project has officially started construction [31] 3.2 Hydrogen Company Dynamics - The 400kW fuel cell hydrogen heavy-duty truck developed by Rongcheng New Energy has completed integration and entered the testing phase [34] - Tianhe Yuan Hydrogen's MW-level container hydrogen production equipment has been shipped to Europe for demonstration [34]

金融界消息 截至2025年8月13日收盘，科威尔（688551）报收于44.77元，上涨0.16%，换手率10.63%， 成交量8.94万手，成交金额3.96亿元。 资金流向方面，今日主力资金净流入5838.66万元，占比成交额14.76%。其中，超大单净流入1480.79万 元、占成交额3.74%，大单净流入4357.86万元、占成交额11.02%，中单净流出流出2106.06万元、占成 交额5.32%，小单净流出3732.59万元、占成交额9.44%。 科威尔最新一期业绩显示，截至2025一季报，公司营业总收入1.07亿元、同比减少3.64%，归属净利润 2039.28万元，同比增长11.26%，扣非净利润247.52万元，同比减少84.90%，流动比率3.376、速动比率 2.646、资产负债率23.55%。 通过天眼查大数据分析，科威尔技术股份有限公司共对外投资了4家企业，参与招投标项目316次，知识 产权方面有商标信息34条，专利信息551条，此外企业还拥有行政许可12个。 来源：金融界 天眼查商业履历信息显示，科威尔技术股份有限公司，成立于2011年，位于合肥市，是一家以从事专用 设备制造业为主的 ...

Core Viewpoint - The article highlights the advancements in hydrogen energy testing technology, particularly focusing on the delivery of a new 8.5MW alkaline electrolyzer testing platform by Kewell, which signifies a leap in their technical capabilities in high-power electrolyzer testing equipment [2][4]. Group 1: Kewell's Technological Advancements - Kewell has successfully delivered an 8.5MW alkaline electrolyzer testing platform, which is based on a 10MW testing specification, indicating a significant enhancement in their testing capabilities [2][4]. - The platform consists of six major categories: testing system, electrolyzer, purification, auxiliary systems, power supply, and office containers, showcasing a comprehensive functionality [4]. - It can perform hydrogen production tests ranging from 100 to 2000 Nm³/h and cover power conditions from 10% to 120%, as well as gas pressure testing from 300 kPag to 3.2 MPag, fulfilling diverse testing requirements [4]. Group 2: Testing Capabilities and Safety Features - The platform is equipped to conduct various tests, including polarization curves, wind-solar simulation, dynamic response, accelerated durability, stable operation at different power points, and cold-hot start tests, providing extensive performance evaluation [4]. - Real-time monitoring of hydrogen content in the oxygen outlet and voltage in individual cells is possible, allowing for detailed observation of the electrolyzer's performance under varying conditions [4]. - Safety measures are robust, incorporating HAZOP and LOPA analysis, PLC and SIS dual-loop monitoring, and compliance with pressure vessel and explosion-proof standards, ensuring safe operation [4]. Group 3: Comprehensive Testing Solutions - Kewell has established a complete spectrum of electrolyzer testing products, ranging from membrane electrodes to megawatt-level systems, including 1MW PEM, 2.5MW PEM, and 5MW ALK electrolyzer testing platforms [5]. - The company offers integrated testing solutions that encompass performance evaluation, process optimization, product validation, safety assessment, and engineering construction, catering to a wide range of client needs [5].

Core Insights - The total margin financing balance on the STAR Market increased by 826 million yuan, while the margin short selling balance rose by 23.92 million yuan, indicating a positive trend in investor sentiment [1][2] Financing Balance Summary - As of August 11, the total margin financing balance reached 181.72 billion yuan, marking a continuous increase for 21 trading days [1] - The highest margin financing balance was held by SMIC at 7.57 billion yuan, followed by Cambrian and Haiguang Information with 4.91 billion yuan and 4.50 billion yuan respectively [1] - A total of 301 stocks saw an increase in margin financing balance, while 283 stocks experienced a decrease [1] - Notable increases in margin financing balance were observed in Kewell, Jinghua Micro, and Songji shares, with increases of 43.46%, 26.35%, and 26.04% respectively [1] Short Selling Balance Summary - The highest margin short selling balance was also held by SMIC at 24 million yuan, followed by Cambrian and Haiguang Information with 21 million yuan and 17 million yuan respectively [2] - A total of 193 stocks experienced an increase in margin short selling balance, while 84 stocks saw a decrease [2] - Significant increases in margin short selling balance were noted for Diao Weiwei, Shengmei Shanghai, and Maixin Lin, with increases of 195.24%, 162.26%, and 152.43% respectively [2]

New Stock Issuance - Hongyuan Co., Ltd. (stock code: 920018) issued shares at a price of 9.17 on August 11, 2025[1] - China Shipbuilding Industry Corporation (stock code: 600150) has a cash acquisition request period from August 13 to August 15, 2025[1] - ST Kelly (stock code: 300326) has a tender offer period from July 17 to August 15, 2025[1] Rights and Announcements - China Heavy Industry (stock code: 601989) has a cash option declaration period starting August 13, 2025[1] - Fushun Special Steel (stock code: 600399) has a tender offer period from August 12 to September 10, 2025[1] - North Long Dragon (stock code: 301357) has an announcement link for further details[1] Market Volatility - Several stocks, including ST Xifa (stock code: 000752) and ST Aowei (stock code: 002231), are under observation for significant price fluctuations[1] - The report highlights abnormal fluctuations in stocks such as ST Songfa (stock code: 603268) and ST Yancheng (stock code: 603063)[2]

Summary of the Conference Call on AI Server Testing Power Equipment Industry Overview - The AI server testing power equipment market is expanding significantly due to the growing demand for AI server power supplies, covering applications such as HVDC, UPS, power shelf, BBU, supercapacitors, and GPU DCDC modules [2][3][4] - The market space for AI server testing power equipment is estimated to be around 2 billion RMB, with expectations of maintaining a substantial year-on-year growth rate, potentially reaching 5 billion RMB by 2027-2028 [4][18] Key Points and Arguments - **Dynamic Performance Requirements**: AI server testing power equipment faces challenges in high dynamic performance and the ability to cover various types and power levels. The rapid fluctuations in working current during high-speed large model computations necessitate testing devices that can respond quickly and support multi-voltage platform testing [2][10][9] - **Market Leaders**: Chroma is identified as a global leader in AI power testing equipment, achieving a gross margin of 65% in Q2, with ATS business revenue growing by 50%. AI-related income is nearing half of ATS total revenue, indicating high barriers and profitability in the sector [11][19] - **Application Scope**: The testing power equipment is widely applicable, including front-end strong electricity (HVDC, UPS) and back-end weak electricity (power shelf, BBU, supercapacitors). The continuous upgrade of GPUs drives the demand for related power supply testing equipment [4][5][12] - **Company Positioning**: 科威尔 has successfully entered the data center and server market, leveraging long-term partnerships with companies like 台达 and demonstrating technical and pricing advantages. The company has also validated its solutions with major players like 长城 [15][12] Additional Important Insights - **Development History**: 科威尔 started in the photovoltaic sector and has expanded into electric vehicles, hydrogen fuel cells, and power semiconductors, holding about 30% market share in high-power testing [14][13] - **Profitability Outlook**: The company is expected to achieve a gross margin of 60% in the AI server testing equipment sector, with potential profits nearing 300 million RMB if it captures 20% of the market [19][20] - **Market Challenges**: The AI server testing power equipment sector is relatively new, with few domestic listed companies. The main players are 科威尔 and 艾赛博, while Chroma leads globally. The market is anticipated to grow significantly as AI server power demand increases [3][12] Conclusion - The AI server testing power equipment industry is poised for rapid growth, driven by technological advancements and increasing demand from AI applications. Companies like 科威尔 are well-positioned to capitalize on this trend, supported by strong partnerships and a focus on high-performance testing solutions [21][19]

Investment Rating - The industry investment rating is "Outperform the Market" [1][36]. Core Insights - The report highlights a significant increase in lithium carbonate prices, which is expected to enhance profitability in related sectors, particularly in battery and cathode materials [1][24]. - The report anticipates a gradual recovery in domestic new energy vehicle sales starting from August, driven by the release of subsidy funds, with a forecast of high growth in 2025 [1][24]. - The photovoltaic sector is undergoing a "de-involution" process, with government policies aimed at regulating low-price competition and promoting product quality [1][24]. - The hydrogen energy sector is being supported by continuous policy initiatives, with a focus on companies that have cost and technological advantages in electrolyzer production and hydrogen infrastructure [1][24]. Summary by Sections Market Overview - The electric equipment and new energy sector saw a 1.94% increase this week, with wind power leading at 4.05% and photovoltaic at 1.26% [10][13]. - The lithium battery index rose by 2.72%, reflecting ongoing price adjustments in the lithium market [10][13]. New Energy Vehicles - In July 2025, new energy vehicle retail sales reached 987,000 units, a year-on-year increase of 22.3% but a month-on-month decrease of 3.3% [24]. - The penetration rate of new energy vehicles in the overall passenger car market reached 54.0%, up 2.7 percentage points from the previous year [24]. Lithium Market - The price of battery-grade lithium carbonate reached 71,961 yuan per ton on August 8, marking a month-on-month increase of 1,012 yuan per ton [24]. - The report notes that the price of lithium carbonate has been influenced by potential production halts in Jiangxi lithium mines [24]. Photovoltaic Sector - The report indicates that the price of silicon materials remains stable, with mainstream prices for dense materials around 49-55 yuan per kilogram [15]. - The photovoltaic sector is expected to see an increase in production in August, particularly in polysilicon and other segments [24]. Hydrogen Energy - The National Energy Administration has announced pilot projects for green liquid fuel technology, including green methanol and ammonia [24]. - The report suggests focusing on companies with cost and technological advantages in the hydrogen energy sector [1][24]. Company Updates - Aisheng Co. reported a net loss of 238 million yuan for the first half of 2025, while Huaming Equipment achieved a net profit of 368 million yuan, a year-on-year increase of 17.17% [26]. - Hewa Electric reported a net profit of 242 million yuan, up 56.79% year-on-year [26].

Core Viewpoint - Kewell announced that its stock price has deviated significantly, with a cumulative increase of over 30% in closing prices over three consecutive trading days from August 6 to August 8, 2025, indicating unusual trading activity [1] Summary by Relevant Sections - Stock Price Movement - Kewell's stock experienced a cumulative increase of over 30% in closing prices over three trading days [1] - Company Disclosure - The company conducted a self-examination and confirmed with its controlling shareholder and actual controller that there are no undisclosed significant information apart from what has been publicly disclosed [1]

Group 1 - The stock of Kewell (688551) closed at 43.20 yuan on August 8, reaching the daily limit with a trading volume of 3.10 billion yuan and a turnover rate of 8.72% [2] - The stock was listed on the trading board due to a price increase of 15% at the close of the day [2] - The top five trading departments accounted for a total transaction of 1.25 billion yuan, with a net buying amount of 29.97 million yuan [2][3] Group 2 - The main capital inflow for the stock was 58.95 million yuan throughout the day [3] - The largest buying department was Kaiyuan Securities with a purchase amount of 17.70 million yuan, followed by Zheshang Securities with 16.79 million yuan [3] - An institutional proprietary seat was the largest seller, with a selling amount of 14.70 million yuan [3]