Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

海南金盘智能科技股份有限公司 2025 年第二次临时股东会会议资料 海南金盘智能科技股份有限公司 2025 年第二次临时股东会会议资料 股票简称：金盘科技 股票代码：688676 2025 年 5 月 1 | 2025 | 年第二次临时股东会须知 4 | | --- | --- | | 2025 | 年第二次临时股东会会议议程 6 | | 议案一：《关于公司符合向不特定对象发行可转换公司债券条件的议案》 8 | | | 议案二：《关于公司向不特定对象发行可转换公司债券方案的议案》 9 | | | 子议案 | 1：发行证券的种类 9 | | 子议案 | 2：发行规模 10 | | 子议案 | 3：票面金额及发行价格 11 | | 子议案 | 4：债券期限 12 | | 子议案 | 5：债券利率 13 | | 子议案 | 6：还本付息的期限和方式 14 | | 子议案 | 7：转股期限 16 | | 子议案 | 8：转股价格的确定及其调整 17 | | 子议案 | 9：转股价格向下修正条款 19 | | 子议案 | 10：转股股数确定方式 20 | | 子议案 | 11：赎回条款 21 | | 子议案 | 12： ...

Group 1 - The Ministry of Natural Resources will hold a press conference on May 16 to discuss the role of land spatial planning in promoting high-quality urban development [2] - The 2025 Data Security Development Conference will take place from May 16 to 18 in Zhejiang, focusing on marketization of data elements and data security driven by AI [3] - A total of 12 companies will have their restricted shares unlocked today, with a total unlock volume of 116 million shares, amounting to a market value of 2.325 billion yuan [4] Group 2 - 34 companies have disclosed their stock repurchase progress, with 4 companies announcing new repurchase plans and 17 companies having their plans approved by shareholders [5] - The People's Bank of China will have 77 billion yuan of 7-day reverse repos maturing today, with an operation rate of 1.4% [5] - Upcoming data releases include the annualized new housing starts in the US for April and the seasonally adjusted trade balance for the Eurozone for March [6]

证券代码：688676 证券简称：金盘科技 公告编号：2025-042 海南金盘智能科技股份有限公司 中股份为基数，向全体股东每 10 股派发现金红利 5.06 元（含税），2024 年度公 司不进行资本公积转增股本，不送红股。如在实施权益分派股权登记日前，公司 总股本发生变化的，维持每股分配比例不变，相应调整分配总额。 本次权益分派实施的具体情况详见公司于 2025 年 5 月 16 日在上海证券交易 所网站（www.sse.com.cn）披露的《海南金盘智能科技股份有限公司 2024 年年 度权益分派实施公告》（公告编号：2025-041）。 根据《回购报告书》，若在回购期限内公司实施了资本公积金转增股本、派 送股票红利、股票拆细、缩股或配股等除权除息事项，公司将按照中国证监会及 上海证券交易所的相关规定，对回购股份价格上限进行相应调整。 关于 2024 年年度权益分派实施后调整股份回购价格 上限的公告 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、准确性和完整性依法承担法律责任。 重要内容提示: 一、 回购股份的基本情况 2025 年 4 月 9 ...

2023 年 12 月 14 日，公司召开第三届董事会第三次会议，审议通过了《关 于以集中竞价交易方式回购公司股份的方案的议案》，同意公司通过集中竞价交 易方式回购公司已发行的部分人民币普通股（A 股）股票，回购股份的资金总额 不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含），回购股份的期 限自董事会审议通过最终股份回购方案之日起不超过 12 个月。截至 2024 年 10 月 8 日，公司完成本次回购，实际回购股份 2,600,562 股，使用资金总额 9,798.81 万元（不含印花税、交易佣金等交易费用）。 2025 年 4 月 9 日，公司召开第三届董事会第二十次会议，审议通过了《关 于以集中竞价交易方式回购公司股份的方案的议案》，同意公司通过集中竞价交 易方式回购公司已发行的部分人民币普通股（A 股）股票，回购股份的资金总额 不低于人民币 3,000 万元（含），不超过人民币 5,000 万元（含），回购股份的期 限自董事会审议通过最终股份回购方案之日起不超过 12 个月。截至 2025 年 4 月 28 日，公司实际回购股份 959,036 股。 截至 2025 年 4 ...

证券代码：688676 证券简称：金盘科技 公告编号：2025-041 海南金盘智能科技股份有限公司 2024年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/22 | 2025/5/23 | 2025/5/23 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （海南金盘智能科技股份有限公司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股份回 购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》及《公司 章程》等有关规定，公司回购专用 ...

Investment Rating - The investment rating for the electric power equipment industry is "Outperform the Market" [2][6]. Core Viewpoints - The recent US-China trade talks have resulted in significant tariff reductions, which are expected to positively impact the electric new energy sector's exports to the US. Key affected areas include the power battery supply chain, photovoltaic inverters, energy storage batteries, AIDC equipment, grid equipment, consumer lithium batteries, and wind power components. These sectors are anticipated to experience a recovery and acceleration in shipments to the US starting from May [4][5][6]. - The agreement reached during the talks includes the US committing to cancel 91% of tariffs imposed on Chinese goods and modifying 34% of reciprocal tariffs, with a 90-day suspension on 24% of these tariffs. Similarly, China will cancel 91% of its retaliatory tariffs on US goods and suspend 24% of the reciprocal tariffs for 90 days [3][6]. Summary by Relevant Sections - **Tariff Changes**: The US will cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China will cancel 91% of retaliatory tariffs and suspend 24% of reciprocal tariffs for 90 days [3][6]. - **Market Impact**: The agreement is expected to benefit companies in the electric new energy sector, particularly those involved in the power battery and energy storage battery supply chains, such as Ningde Times, Keda Li, and Xinjubang. Other companies to watch include Sunshine Power, Shenghong Co., and Megmeet [4][7]. - **Market Demand**: The US accounts for 10-15% of global power battery market demand, 30-40% of large energy storage market demand, and 10% of the global photovoltaic market demand. The successful conclusion of the trade talks is expected to enhance the short-term and long-term development prospects for various sectors [7].

Core Viewpoint - Jinpan Technology (688676.SH) plans to issue convertible bonds to raise funds for various projects, including smart manufacturing and working capital, with a total amount not exceeding 1.6715 billion yuan [1][2]. Group 1: Convertible Bond Issuance - The convertible bonds will be issued at a face value of 100 yuan each, with a term of 6 years from the issuance date [1]. - The total amount to be raised from the issuance is capped at 1.6715 billion yuan, which will be allocated to specific projects and working capital [2][4]. - The initial conversion price will be determined based on the average stock price over the 20 trading days prior to the announcement [1][2]. Group 2: Fund Allocation - The funds will be used for several projects, including: - Data center power modules and energy-efficient power equipment manufacturing, with a total investment of approximately 523.42 million yuan, of which 473.37 million yuan will be funded by the raised capital [3][4]. - High-efficiency liquid-immersed transformers and amorphous alloy core manufacturing, with a total investment of about 734.22 million yuan, with 616.53 million yuan from the raised funds [4]. - R&D office building construction in Tongxiang, with an investment of 82.97 million yuan, funded entirely by the raised capital [4]. - Supplementing working capital with 501.40 million yuan [4]. Group 3: Previous Fundraising and Financial Performance - Jinpan Technology has previously raised funds through convertible bonds, totaling approximately 976.70 million yuan in a prior issuance [5]. - The company reported a revenue of 1.343 billion yuan for the first quarter of 2025, reflecting a year-on-year increase of 2.90%, and a net profit attributable to shareholders of 107.24 million yuan, up 13.32% [7][8]. - The net cash flow from operating activities for the same period was 135 million yuan [8].

（住所：海南省海口市南海大道 168-39 号） 海南金盘智能科技股份有限公司 向不特定对象发行可转换公司债券预案 $$\Xi{\bf{\cal{O}}}=\Xi{\bf{\cal{H}}}\oplus\Xi{\bf{\cal{H}}}$$ 海南金盘智能科技股份有限公司 向不特定对象发行可转换公司债券预案 公司声明 证券代码：688676 证券简称：金盘科技 | 公司声明 2 | | --- | | 目录 3 | | 释义 5 | | 一、 本次发行符合《上市公司证券发行注册管理办法》向不特定对象发行证券 | | 条件的说明 6 | | 二、 本次发行概况 6 | | （一）本次发行证券的种类 6 | | （二）发行规模 6 | | （三）票面金额和发行价格 6 | | （四）债券期限 6 | | （五）债券利率 6 | | （六）还本付息的期限和方式 7 | | （七）转股期限 8 | | （八）转股价格的确定及其调整 8 | | （九）转股价格向下修正条款 9 | | （十）转股股数确定方式 10 | | （十一）赎回条款 10 | | （十二）回售条款 11 | | （十三）转股后的股利分配 12 | ...

（住所：海南省海口市南海大道 168-39 号） 证券代码：688676 证券简称：金盘科技 海南金盘智能科技股份有限公司 向不特定对象发行可转换公司债券方案的 论证分析报告 二〇二五年五月 海南金盘智能科技股份有限公司（以下简称"公司"或"发行人"）为在上 海证券交易所科创板上市的公司。为满足公司发展的资金需求，扩大公司经营规 模，增强公司的盈利能力和综合竞争力，公司考虑自身实际状况，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）以及《上市公司证券发行注册管理办法》（以下简称"《注 册管理办法》"）等相关规定，拟通过向不特定对象发行可转换公司债券（以下 简称 "本次发行"、"本次向不特定对象发行"；可转换公司债券以下简称"可 转债"）的方式募集资金。 第一节 本次发行证券及其品种选择的必要性 一、本次发行证券的种类 本次发行证券的种类为可转换为公司 A 股股票的可转换公司债券。该可转 换公司债券及未来转换的公司 A 股股票将在上海证券交易所科创板上市。 二、本次募集资金投资项目的必要性及可行性 公司本次向不特定对象发行可转换公司债券募集资金投资 ...