关于向不特定对象发行可转换公司债券申请 获得上海证券交易所科创板上市委审议通过的公告 证券代码：688676 证券简称：金盘科技 公告编号：2025-077 海南金盘智能科技股份有限公司 海南金盘智能科技股份有限公司董事会 2025年11月8日 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。 上海证券交易所科创板上市委员会于 2025 年 11 月 7 日召开了 2025 年第 51 次上市委员会审议会议，对海南金盘智能科技股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券的申请进行了审议。根据会议审议结果，公司 本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披 露要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施，最终能 否获得中国证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项 的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 ...

Core Viewpoint - Jinpan Technology (688676.SH) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its application to issue convertible bonds to unspecified investors, meeting all necessary conditions for issuance and listing [1] Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board held its 51st listing committee meeting on November 7, 2025 [1] - The review concluded that Jinpan Technology's application for issuing convertible bonds complies with issuance conditions, listing conditions, and information disclosure requirements [1]

Core Viewpoint - Jinpan Technology (688676.SH) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its application to issue convertible bonds to unspecified investors, meeting all necessary conditions for issuance and listing [1] Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board held its 51st listing committee meeting on November 7, 2025, to review the company's application [1] - The review concluded that the company's application for issuing convertible bonds complies with issuance conditions, listing conditions, and information disclosure requirements [1]

Group 1 - The core viewpoint highlights the mixed performance of the Sci-Tech Innovation Board 100 Index, with Jinpan Technology leading the gains at 6.12% and Yuanjie Technology experiencing the largest decline [1] - The active performance of electric grid equipment stocks is noted, with Jinpan Technology reaching a historical high [1] - A significant statement from Microsoft and OpenAI CEOs indicates that the current challenge in the AI industry is not an excess of computing power but rather a lack of sufficient electricity to support all GPU operations [1] Group 2 - Huayuan Securities suggests that AI could significantly boost electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing centers by 2033, potentially leading to a dramatic increase in electricity demand [2] - GridStrategies predicts that the peak electricity load in the U.S. will reach 947GW by 2029, an increase of 128GW compared to 2024, with AIDC being a major driving factor [2] - The largest U.S. ISO, PJM, has raised its load forecast, predicting a peak load of 184GW by 2030, a 19.3% increase from 2025 [2] - Recommendations include focusing on solid-state transformers (SST) as a key development direction for power supply architecture in computing centers, as well as opportunities in electric grid equipment exports, energy storage, and SOFC [2] - The Sci-Tech 100 ETF closely tracks the Sci-Tech 100 Index, which is the first and only mid-cap style index on the Sci-Tech Innovation Board, focusing on high-growth sectors such as semiconductors, pharmaceuticals, and new energy [2]

Core Viewpoint - The electric grid equipment sector is experiencing significant activity, with multiple companies reaching new highs and hitting trading limits, indicating strong market interest and potential investment opportunities [1] Company Performance - Zhongneng Electric reached a 20% trading limit increase, showcasing robust investor confidence [1] - Guangdian Electric previously hit a trading limit, reflecting positive market sentiment [1] - Moen Electric achieved a four-day consecutive limit increase, indicating sustained upward momentum [1] - Jinpan Technology and Siyuan Electric set new historical highs, further emphasizing the sector's growth [1] - Jingquanhua, Wangbian Electric, and Siyuan Electric also experienced price increases, contributing to the overall positive trend in the industry [1]

Core Insights - The article highlights the increasing activity of broker research following the disclosure of third-quarter reports by listed companies, with a notable focus on sectors such as solar energy, semiconductor materials, and consumer electronics [2][5]. Group 1: Broker Research Trends - As of early November, over 35 brokers have conducted research on companies in the solar component supply chain, semiconductor materials, and leading consumer electronics firms [2]. - From October 1 to November 5, a total of 953 listed companies in A-shares received broker research, with 42 companies receiving research from 40 or more brokers [5]. - The most researched companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker inquiries respectively, all categorized under the new productivity label [5]. Group 2: Sector Focus - Brokers are particularly interested in sectors such as semiconductors, industrial automation, and high-end manufacturing, reflecting ongoing market attention to technology-driven industries [2][6]. - Companies like Zhaoyi Innovation and Canadian Solar have also attracted significant broker interest, receiving 55 and 49 inquiries respectively [5]. - The research interest extends to various industries, including medical devices, power equipment, and gaming, indicating a broad focus on high-growth sectors [6]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-prosperity industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [10]. - The research teams from CITIC Securities and CICC suggest that the electronic sector's performance is expected to remain strong, driven by AI and domestic production growth [10][11]. - Recommendations for November include focusing on new economic sectors such as AI software and semiconductor equipment, while traditional sectors like coal and steel are also highlighted [11].

Core Viewpoint - The article highlights the increasing activity of broker research in various sectors following the disclosure of Q3 financial reports, with a particular focus on technology and new productivity sectors [1][2]. Group 1: Broker Research Activity - As of early November, over 953 A-share listed companies have been researched by brokers, with 42 companies receiving attention from 40 or more brokers [3]. - The most popular companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker research reports respectively, all associated with new productivity [3]. Group 2: Sector Focus - Brokers are particularly interested in the semiconductor industry, high-end equipment, and companies with strong technological barriers and growth potential [5][6]. - Notable companies receiving significant attention include storage chip leader Zhaoyi Innovation and solar component leader Artis, which received 55 and 49 broker research reports respectively [3]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-growth industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [8][9]. - The research teams suggest that the electronic sector is expected to maintain its performance, driven by AI and domestic production growth [8]. Group 4: Market Trends and Recommendations - The article emphasizes the importance of monitoring annual performance expectations and the quality of corporate earnings, as well as the potential for market funds to shift between technology, consumer, and defensive sectors [10]. - Investors are advised to consider policy direction, industry hotspots, valuation rationality, and risk control when making investment decisions [10].

Summary of Key Points from Conference Call Records Industry Overview - The records discuss the **electric power industry** in the United States, focusing on the challenges posed by an aging power grid and the integration of renewable energy sources. Over **70%** of the power grid equipment is nearing **30 years** of usage, necessitating urgent upgrades [1][3][6]. Core Insights and Arguments - **Electricity Demand Growth**: The electricity consumption of data centers is rapidly increasing, with a load growth rate approaching **30%**. It is projected that by **2028**, data centers will account for approximately **10%** of total electricity consumption in the U.S. [1][5]. - **Transformer Market Dynamics**: The transformer market is currently dominated by international companies such as Hitachi, Siemens, and Schneider, while domestic companies like Jinpan Technology are making strides in the North American market through capacity expansion [1][6][11]. - **Investment Opportunities**: The electricity gap presents two main investment opportunities: 1. Traditional power equipment manufacturers, particularly transformer producers, are benefiting from increased demand due to supply shortages. 2. Technological upgrades, such as Solid State Transformers (SST), can address the weaknesses of the aging grid and facilitate the integration of renewable energy [2][3]. Important but Overlooked Content - **SST Technology**: Solid State Transformers (SST) can accommodate both AC and DC inputs, allowing for **100%** integration of renewable energy sources. This technology significantly alleviates the demand for stable electricity in data centers and reduces construction delays caused by long delivery times of traditional transformers [1][4][7][8]. - **Efficiency and Cost Savings**: SSTs utilize nanocrystalline materials instead of silicon steel, achieving an overall efficiency close to **99%**, which is crucial for energy-intensive data centers. This efficiency not only enhances energy conversion but also leads to substantial cost savings on electricity bills [8][9]. - **Market Growth Projections**: The U.S. is expected to invest around **$10 billion** annually in power transmission and distribution over the next **20-30 years** to meet the demands of equipment upgrades and new installations [6][11]. - **Company Performance**: Jinpan Technology is experiencing robust growth in its overseas business, particularly in North America, with significant partnerships established with major clients like Google, Amazon, and Meta. The company plans to increase its production capacity by an additional **$400-500 million** by **2026** [11][12]. Conclusion - The U.S. electric power industry is at a critical juncture, facing challenges from aging infrastructure and rising demand from data centers. The adoption of innovative technologies like SST presents significant opportunities for growth and investment, particularly for companies that can adapt and expand their capabilities in this evolving landscape.

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **gas turbine** and **solid oxide fuel cell (SOFC)** industries, highlighting the significant demand increase driven by the surge in AIDC (Artificial Intelligence Data Center) requirements in the U.S. [1][3][4] Core Insights and Arguments - **Gas Turbine Demand Surge**: The demand for gas turbines has surged due to the reliance on natural gas for power generation in AIDC, with companies like GE, Siemens Energy, and Mitsubishi Heavy Industries facing delivery delays until 2030. GE's new order volume reached **20 GW** last year, with a backlog of **62 GW** as of Q3 this year [3][4] - **Investment Initiatives**: The U.S. government and Japan are investing **$550 billion** to address energy challenges, with **$25 billion** allocated specifically for gas turbines, steam turbines, generators, and grid issues [4] - **SOFC as a Solution**: SOFC technology, with an efficiency of **95%**, is positioned as a promising energy solution, potentially transforming fossil fuels into electricity more effectively than gas turbines, which have an efficiency of around **30%** [4][7] - **Metal Chromium Demand**: The demand for metal chromium, essential for high-temperature alloys, is expected to increase significantly, with SOFC requiring over **15 times** the amount needed for gas turbines. A supply gap of **340,000 tons** is anticipated by 2028 [6][8] Emerging Opportunities - **Chinese Companies' Role**: Chinese firms like Yingliu Co. and Longda Co. are poised to benefit from the supply chain opportunities as overseas gas turbine manufacturers face integration and installation challenges [4][5] - **North American Power Equipment Market**: The North American power equipment market is expected to see significant growth driven by new energy installations, industrial resurgence, and the replacement of aging grid infrastructure [10][11] - **Transformer Industry Outlook**: The transformer industry is experiencing a supply-demand gap, providing opportunities for domestic companies to expand their market presence [11][12] Additional Insights - **Data Center Construction Impact**: The construction of data centers is increasing demand for advanced power distribution solutions, transitioning from UPS systems to **800V HVDC** and **SST solid-state transformers**, which enhance power conversion efficiency to **98.5%** [13][14] - **Storage Systems Role**: Energy storage systems are crucial for balancing load fluctuations and enhancing gas turbine responsiveness, with global demand for storage expected to reach **300 GWh** by 2030 [14] - **Future Prospects for Weichai Power**: Weichai Power is expected to benefit from both AIDC backup power engines and SOFC technology, with projected revenues from new business lines reaching **3 billion yuan** and total market capitalization potentially reaching **210 billion yuan** by 2027 [16][18] Companies to Watch - **Key Players**: Companies such as Yingliu Co., Wanzhou Co., Longda Co., and Zhihua Co. are highlighted for their potential gains in the component and material sectors due to increased demand [8][9] - **Liquid Cooling Market**: Companies like Yinlun Co., Top Group, and Feilong Co. are noted for their active involvement in the liquid cooling sector for data centers, which is expected to contribute positively to their performance [19]

Core Insights - The integration of hydropower, wind, and solar energy in the Yarlung Tsangpo River basin represents a successful model for the future of the industry, emphasizing the need for a reevaluation of the value of grid infrastructure as a strategic asset [1] - The electric grid equipment sector is transforming into a new focal point for capital markets, driven by energy security strategies and the global AI computing power wave [1][2] - The China Electric Grid Equipment Theme Index has seen a significant increase of 44% since July, with several stocks doubling in value, indicating strong market interest [2] Industry Developments - The construction of the first integrated hydropower and wind-solar base in China marks a new phase for a project with a total installed capacity of 2.7 million kilowatts [1] - The electric grid equipment sector is positioned at the intersection of "Manufacturing China," "Green China," and "Digital China," benefiting from national policy support and global energy transition opportunities [2] - The investment in electric grid infrastructure is expected to reach a historical high of over 825 billion yuan by 2025, indicating a strong commitment to enhancing the sector [16] Market Performance - The electric grid equipment ETF (159326) has experienced a tenfold increase in scale, from less than 100 million yuan at the end of September to 1.161 billion yuan by November 5, reflecting robust investor interest [2][18] - The electric grid equipment theme index has outperformed major indices, with returns of 34.86% over the past three years and 165.02% since 2019, showcasing its resilience and growth potential [20] Technological Innovations - The introduction of advanced storage systems and smart scheduling technologies has significantly improved grid efficiency and reduced energy wastage, addressing the historical "three abandonments" issue [8][9] - The development of a comprehensive ultra-high voltage network has enabled rapid transmission of electricity across vast distances, enhancing the overall efficiency of the energy system [5] Global Context - The global demand for electricity is expected to surge, driven by the exponential growth of AI computing power, with projections indicating that AI could account for 3% to 4% of global electricity demand by 2030 [12] - China's electric grid equipment industry is poised for significant international opportunities, with exports of power equipment reaching 22.246 billion yuan in early 2024, marking a 28.73% increase year-on-year [13]