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 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 科威尔深耕氢能测试领域，其电解槽测试产品已形成从膜电极到千方级的完整谱系及丰富应用案 例，其中MW级案例包括1MW PEM 电解槽测试系统、2.5MW PEM电解槽测试平台和5MW ALK电 解槽测试平台（国家级首台套），能够为客户提供涵盖性能评估、工艺优化、产品验证、安全评估 和工程施工的综合测试解决方案。 继5MW碱性电解槽测试平台交付后，科威尔再传捷报—其8.5MW碱性电解槽测试平台顺利发货， 此举标志着科威尔在大功率电解槽测试装备领域的技术能力迈向新层级。 该8.5MW碱性电解槽测试平台基于10MW测试规格搭建，由测试系统、电解槽、纯化、辅助系统、 电源及办公六大类集装箱组成，功能较为完善。在性能上，平台 可实现100~2000Nm³/h产氢量测试 ，能够覆盖10%~120%的功率工况，以及 300kPag~3.2MPag产气压力 的组合边界测试需求，可对 电解槽进行多方面的测试评估。 平台的测试功能较为全面， ...

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]

摘要 AI 服务器测试电源设备市场随 AI 服务器电源需求增长而显著扩展，应用 涵盖 HVDC、UPS、power shelf、BBU、超级电容及 GPU 的 DCDC 模组等，虽整体市场空间不大，但覆盖面广，增量需求可观，产品开发 和量产下线前测试是主要应用场景。 AI 服务器测试电源面临高动态性能和广泛覆盖不同类型及功率等级的难 点。高速大模型计算导致工作电流剧烈波动，要求测试设备具备快速响 应能力和多电压平台测试能力，以精准模拟各种动态负载变化。 全球领先的 AI 电源测试设备制造商是 Chroma，其二季度综合毛利率高 达 65%，ATS 业务单季度营收增长 50%，AI 相关收入接近 ATS 业务总 收入的一半，表明 AI 电源测试设备具有较高壁垒和盈利性。 测试电源行业应用广泛，涵盖 HVDC、DCDC、ACDC、BBU 超级电容 等需求。台达等头部服务器厂商 AI 电源营收快速放量，科威尔通过台达 和长城等验证，并推出全面解决方案，表明该行业有望快速增长。 科威尔从光伏起家，后进入新能源汽车、氢燃料电池、功率半导体等领 域，在大功率测试领域占据约 30%的市场份额。虽过去两年收入与盈利 能力有所 ...

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]

证券代码：688551 证券简称：科威尔 公告编号：2025-057 科威尔技术股份有限公司 关于股票交易异常波动的公告 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"）股票连续三个交易日内 （2025 年 8 月 6 日、2025 年 8 月 7 日和 2025 年 8 月 8 日）日收盘价格涨幅偏离 值累计超过 30%。根据《上海证券交易所交易规则》《上海证券交易所科创板股 票异常交易实时监控细则》的有关规定，属于股票交易异常波动的情形。 经公司自查，并发函向公司控股股东、实际控制人核实，截至本公告披 露日，除在指定媒体上已公开披露的信息外，不存在应披露而未披露的重大信息。 公司股价短期波动幅度较大，特别提醒广大投资者，注意投资风险、审 慎决策，理性投资。 一、股票交易异常波动的具体情况 公司股票连续三个交易日内（2025 年 8 月 6 日、2025 年 8 月 7 日和 2025 年 8 月 8 日）日收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所交易 ...

经济观察网科威尔公告，公司股票连续三个交易日内(2025年8月6日、2025年8月7日和2025年8月8日)日 收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动。经自查及向控股股东、实际控制人核实， 公司近期日常经营正常，未发生重大变化，不存在应披露而未披露的重大信息。同时，公司股票交易异 常波动期间，公司董事、高级管理人员、控股股东、实际控制人及其一致行动人不存在买卖公司股票的 行为。 ...