Group 1 - The A-share market in Hainan Free Trade Zone is experiencing a continuous decline [1] - Shen Nong Agricultural Industry and Xinlong Holdings have both dropped over 7% [1] - Other companies such as Haima Automobile, Hainan Ruize, Jinpan Technology, and Hainan Haiyao are also following the downward trend [1]

Core Viewpoint - The legal opinion confirms that the procedures for convening and holding the third extraordinary general meeting of Hainan Jinpan Intelligent Technology Co., Ltd. on July 24, 2025, comply with relevant laws, regulations, and the company's articles of association [1][10]. Group 1: Meeting Procedures - The meeting was convened as per the notice published on the Shanghai Stock Exchange website, and the actual time, location, and voting methods were consistent with the notice [3][4]. - The meeting utilized a combination of on-site and online voting, with the on-site meeting held at 14:45 on July 24, 2025, in Haikou, Hainan Province, presided over by Chairman Li Zhiyuan [3][4]. Group 2: Attendance and Qualifications - A total of 210 participants attended the meeting, representing 251,642,194 shares with voting rights, which is 55.2178% of the total voting shares [5]. - The attendance included 7 shareholders representing 236,566,151 shares (51.9096%) in person and 203 shareholders representing 15,076,043 shares (3.3081%) through online voting [4][5]. Group 3: Voting Procedures and Results - The voting process adhered to the legal and regulatory requirements, with the results announced based on both on-site and online votes [6][10]. - The resolutions passed included adjustments to the board's special committee, with significant support: 99.9717% in favor, 0.0185% against, and 0.0098% abstaining for one of the resolutions [7][9].

本次会议是否有被否决议案：无 证券代码：688676 证券简称：金盘科技 公告编号：2025-051 海南金盘智能科技股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 07 月 24 日 （二） 股东会召开的地点：海南省海口市南海大道 168-39 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 210 | | --- | --- | | 普通股股东人数 | 210 | | 2、出席会议的股东所持有的表决权数量 | 251,642,194 | | 普通股股东所持有表决权数量 | 251,642,194 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 55.2178 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 55.2178 | （ ...

北京市金杜（深圳）律师事务所 关于海南金盘智能科技股份有限公司 2025 年第三次临时股东会的法律意见书 致：海南金盘智能科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受海南金盘智能科技股 份有限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证 券监督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华 人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、 规章、规范性文件和现行有效的《海南金盘智能科技股份有限公司章程》（以下 简称《公司章程》）的规定，指派律师出席了公司于 2025 年 7 月 24 日召开的 2025 年第三次临时股东会（以下简称本次股东会），并就本次股东会相关事项 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．经公司 2025 年第一次临时股东会审议通过的《公司章程》； 2．海南金盘智能科技股份有限公司第三届董事会第二十四次会议决议； ...

Investment Rating - The report suggests a positive investment outlook for the SST (Solid State Transformer) solution, highlighting its comprehensive advantages in the data center sector [4][70]. Core Insights - The global AI market is projected to grow from 1,187.9 billion RMB in 2023 to 11,455.4 billion RMB by 2030, with a CAGR exceeding 35% [5][14]. - The SST solution is particularly suitable for microgrid DC power scenarios, enabling direct conversion from grid power to 800V DC supply, addressing various challenges in data center power supply [5][47]. - The report emphasizes the importance of high-frequency transformers and power electronic devices in the SST solution, recommending key companies in these sectors for investment [5][70]. Summary by Sections 1. Industry Status and Challenges - The demand for full DC systems is increasing due to the rising proportion of DC devices in data centers, necessitating a compatible full DC power supply architecture [21]. - Traditional 54V power supply systems are reaching their limits, prompting the need for higher voltage levels, such as the 800V HVDC architecture proposed by leading companies [28]. - The area occupied by power distribution systems is increasing as power density in data centers rises, with projections indicating that power distribution systems may occupy equal space to IT equipment in high-density setups [30] [31]. 2. Advantages of SST Solution - The SST solution offers modularity and high efficiency, with the ability to directly convert high voltage AC to low voltage DC, significantly reducing space requirements and improving energy efficiency [44][63]. - SST technology utilizes advanced semiconductor devices and high-frequency transformers, allowing for active control of power quality and rapid fault detection [55][57]. - The SST solution has already been implemented in benchmark data center projects, demonstrating its potential for widespread adoption in the industry [65]. 3. Investment Recommendations - The report recommends focusing on companies involved in high-frequency transformers, power electronic devices, and advanced magnetic materials, as they are expected to benefit from the growth of the SST market [70].

Investment Rating - The report maintains a "Buy" rating for companies such as Jin Feng Technology, Daikin Heavy Industries, and Yun Da Co., while recommending "Hold" for companies like Tai Sheng Wind Energy and Jin Lei Co. [1][1][1] Core Insights - The report highlights the acceleration of wind power construction in coastal provinces, driven by the release of key project lists and favorable regulations [3][6][6] - The report notes significant growth in wind power installations, with a 134.21% year-on-year increase in new installations from January to May 2025, totaling 46.28 GW [1][24][24] - The report emphasizes the positive impact of new regulations in the UK and ongoing projects in China, which are expected to boost the wind power sector [6][10][10] Industry Dynamics - The Hainan Power Trading Center has released draft guidelines for the sustainable development pricing mechanism for new energy projects, applicable to projects commissioned after June 1, 2025 [1][10][10] - The report tracks stock performance, noting that companies like Shangwei New Materials and Zhongji United have seen significant stock price increases, while others like Guoda Special Materials have experienced declines [1][18][21] Market Performance - The wind power equipment index has a TTM price-to-earnings ratio of 32.59 and a market-to-book ratio of 1.64, indicating a stable valuation environment [2][20][20] - The report indicates that the wind power equipment sector underperformed compared to the broader market, with a decline of 0.54% in the wind power equipment index [2][13][13] Installation Data - As of May 2025, the cumulative installed capacity of wind power in China reached approximately 567.49 million kW, reflecting a year-on-year growth of 23.10% [24][30][30] - The report details that the first quarter of 2025 saw 13.64 GW of new land-based wind power installations, a decrease of 7.90%, while offshore installations increased by 42.03% to 0.98 GW [24][28][28] Material Prices - The report notes fluctuations in raw material prices, with increases in medium-thick plates and rebar, while prices for copper and aluminum have decreased [33][37][37]

Core Viewpoint - The "2025 New Energy Power Generation and Energy Storage Frontier Technology Seminar" was successfully held in Haikou, Hainan, showcasing Jinpan Technology's advancements in high-voltage direct-connected energy storage technology and promoting industry innovation towards carbon neutrality goals [1][3]. Group 1: Event Overview - The seminar was co-hosted by multiple professional committees and aimed to enhance academic and technical exchanges in the new energy power generation and storage equipment sectors [1]. - Jinpan Technology provided comprehensive support for the event, leveraging its local presence to attract significant industry attention [1]. Group 2: Technological Insights - Jinpan Technology presented a keynote report on the application prospects of high-voltage direct-connected energy storage in new power systems, highlighting its efficiency, reliability, and strong support for the grid [2]. - The company introduced breakthrough technologies such as adaptive SOC balancing and fault isolation, which have been successfully implemented in the Hainan Jiazi project [2]. Group 3: Project Highlights - The Hainan Jiazi project features a 35kV 25MW/50MWh high-voltage direct-connected energy storage system and a 100MW agrivoltaic solar power project, significantly enhancing energy conversion efficiency and supporting power supply-demand matching in Haikou [2]. - The project exemplifies a new path for the synergistic development of clean energy and agriculture through its agrivoltaic model [2]. Group 4: Future Directions - The successful hosting of the seminar is seen as a catalyst for Jinpan Technology's future development, with a commitment to advancing energy storage technology in alignment with carbon neutrality goals [3].

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].

Core Viewpoint - The report highlights significant adjustments in the portfolio of funds managed by Cui Chenlong, focusing on increased investments in solid-state battery technology and robotics, while reducing holdings in companies like China Unicom and Chipone Technology. Despite these strategic shifts, the performance of the funds has not been outstanding, with some showing negative returns [1][5]. Group 1: Fund Adjustments - Cui Chenlong's funds have notably increased their positions in solid-state battery companies such as Shenghong Co. and Jinpan Technology, with share increases of 25.82% and 48.09% respectively compared to the end of the first quarter [1][2]. - Other funds managed by Cui also reflect similar trends, with increased holdings in Shenghong Co. and Jinpan Technology, while reducing stakes in China Unicom, Chipone Technology, and Shandong Gold [3][4]. Group 2: Performance and Market Sentiment - The overall performance of Cui Chenlong's funds has been lackluster, with several funds experiencing net redemptions due to poor performance, including a significant redemption of approximately 18.3 million shares in the previously high-performing Qianhai Kaiyuan Public Utilities fund [5][6]. - The Qianhai Kaiyuan Public Utilities fund recorded a net value growth rate of 4.25% in the second quarter, making it the best-performing fund among those managed by Cui, although it still ranked poorly among similar funds [5][6]. Group 3: Future Outlook - Looking ahead, Cui Chenlong expresses optimism about investment opportunities in emerging sectors such as robotics and artificial intelligence, anticipating significant applications by 2025 [5]. - The report indicates a continued focus on the energy sector, with an emphasis on long-term investment opportunities despite short-term market fluctuations in certain segments [5][6].

Core Points - The company is holding its third extraordinary general meeting of shareholders in 2025 to address several key proposals, including the resignation and replacement of an independent director, the cancellation of the supervisory board, changes to registered capital, and amendments to the company's articles of association [1][11]. Group 1: Meeting Procedures - The meeting will ensure the verification of attendees' identities to maintain order and efficiency [2]. - Only authorized attendees, including shareholders, directors, and invited personnel, will be allowed entry to the meeting [2]. - Attendees must arrive at least 30 minutes early to complete registration and verification procedures [2][3]. - The meeting will follow a structured agenda, with specific time limits for shareholder questions and comments [3][4]. Group 2: Proposals - Proposal One involves the resignation of independent director Gao Ciwei after completing a six-year term and the nomination of Chen Tao as a candidate for the independent director position [5][6]. - Proposal Two outlines the compensation plan for the new independent director, proposing an annual pre-tax allowance of 200,000 RMB [10]. - Proposal Three includes the cancellation of the supervisory board, changes to registered capital, and amendments to the articles of association, with the supervisory board's powers being transferred to the audit committee of the board [11][12]. Group 3: Independent Director Candidate - Chen Tao, the proposed independent director, holds a Ph.D. in Electrical Engineering from the University of Michigan and has relevant academic and professional experience [8][9]. - Chen Tao does not hold any shares in the company and has no relationships that could affect his independence [9]. Group 4: Capital Changes - The company plans to increase its total share capital from 456.95167 million shares to 459.286072 million shares, resulting in a corresponding increase in registered capital [12]. - The amendments to the articles of association will reflect these changes and ensure compliance with the latest legal requirements [12][13].