8月19日，金盘科技大宗交易成交8.97万股，成交额489.58万元，占当日总成交额的0.42%，成交价54.58元，较市场收盘价54.58元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-19 | 金盘科技 | 688676 | 54.58 | 489.58 | 8.97 | 中信证券股份有限 | 中信证券股份有限 公司北京安外大街 | | | | | | | | 公司总部(非营业 | | | | | | | | | - | Ver 44 22 . 11 40 | ...

Core Viewpoint - Jinpan Technology has evolved from a single transformer product to a benchmark enterprise in intelligent manufacturing, achieving nearly 7 billion yuan in annual revenue and successfully applying its dry-type transformer products in over 180 wind power projects, 230 photovoltaic projects, and 177 rail transit projects domestically, while also expanding its reach to over 80 countries and regions internationally [6][9]. Group 1: Technological Foundation - Jinpan Technology has established itself as one of the few companies capable of producing transformers for the wind energy sector, particularly in the floating offshore wind power segment, which requires high corrosion resistance and robust design [7][8]. - The company has accumulated 121 core technologies and 284 effective patents, with over 400 R&D personnel, representing more than 17% of its total workforce [8][9]. - The successful development of an 18.XMW dry-type step-up transformer for floating offshore wind turbines marks a significant technological breakthrough, setting a world record for voltage level and capacity [9]. Group 2: Digital Empowerment - Jinpan Technology's digital transformation began in 2013, leading to the establishment of its first digital factory in 2020, which has since expanded to seven digital factories across various locations [10][11]. - The integration of advanced technologies such as digital twins, AI, cloud computing, and big data has enhanced the company's production efficiency, product quality, and ability to customize small-batch production [12]. - The company's revenue has grown from 2.42 billion yuan in 2020 to 6.9 billion yuan in 2024, with over 800 million yuan in digital solution orders by 2024 [12]. Group 3: Strategic Vision - Jinpan Technology's growth is attributed to its focus on R&D innovation and strategic digital transformation, allowing it to navigate various industry cycles effectively [13][14]. - The company has consistently positioned itself in key sectors such as rail transit, real estate, and renewable energy, ensuring a broad market presence [14]. - In March 2025, Jinpan Technology will enter the smart industrial robotics sector, aiming to enhance production efficiency through AI technology and digital manufacturing platforms [14].

上期（总第209期）A股绿色周报显示，共有10家上市公司在近期暴露了环境风险。 | | 星战化工 | | | --- | --- | --- | | | | 北京市 | | | 石油石化 | | | | | 订宁省 | | | 建筑装饰 | 山西省 | | 环境违法违规 | 医药生物 | 湖北省 | | | 社会服务 | 上海市 | | | 公用事业 | 河北省 | | | 食品饮料 | 广东省 | | | 电力设备 | 安徽省 | 2024年年报显示，金盘科技的主营业务为电气机械和器材制造业、专用设备制造业、其他业务，占营收比例分别为：97.37%、 1.79%、0.84%。 | 市值(亿元) | 时间 | 2023Y | 2024Y | 202501 | | --- | --- | --- | --- | --- | | 214.12 | | | | | | | 营业收入 | 66.68 | 69.01 | 13.43 | | 机构持股(占流通盘) | (亿元) | | | | | 8家(1.3%) | 归母净利润 | 5.05 | 5.74 | 1.07 | | | (亿元) | | | | | 北向资 ...

科创100ETF基金(588220)紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中 选取市值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构 成上证科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。 中原证券指出，英伟达主导全球高端AI算力芯片市场，国产AI算力芯片自主可控需求仍然迫切，AI算 力芯片国产替代市场空间广阔，国产AI算力芯片厂商有望加速发展，并持续提升市场份额，建议关注 国产AI算力芯片产业链投资机会。受益于AI对于公司核心业务的推动，北美四大云厂商谷歌、微软、 Meta、亚马逊2023年开始持续加大资本开支，目前北美四大云厂商从AI投资中获得了积极回报，并持 续加大AI基础设施的投资力度，推动AI算力硬件基础设施需求旺盛，建议关注PCB、铜连接、光芯片等 领域投资机会。 截至2025年8月15日 10:48，科创100ETF基金(588220)上涨1.90%，跟踪指数成分股东芯股份(688110)上 涨13.62%，金盘科技(688676)上涨11.52%，珠海冠宇(688772)上涨7.54%，华曙高科 ...

Overview - The box-type substation market is primarily driven by the demand from State Grid Corporation, which is a major user of distribution equipment in China and a leader in the construction of smart grids and new power systems. The demand for box-type substations reflects the market development situation [1][12] - The total tender volume for box-type substations from State Grid is influenced by various factors including macroeconomic environment, industrial policies, project construction arrangements, and specific product demand timing. From 2017 to 2024, the tender volume has shown fluctuations but maintains an overall growth trend, with a projected total of 14,078 units in 2024, representing a year-on-year increase of 1.85% [1][13] Market Policy - The box-type substation falls under the category of "C38 Electrical Machinery and Equipment Manufacturing" in the national economic industry classification. The development of the transmission and distribution equipment industry, including box-type substations, is crucial for the safety and efficiency of China's power system. The government has issued several supportive policies to foster the growth of this industry [7][9] Industry Chain - The upstream of the box-type substation industry includes suppliers of metals like steel and aluminum, as well as insulation materials and electrical components. The quality and stability of these raw materials are critical for product quality and production progress. The midstream consists of manufacturing enterprises responsible for design, production, assembly, and testing, while the downstream market encompasses various applications including power grids, infrastructure, electric vehicle charging stations, and renewable energy projects [10][12] Competitive Landscape - The box-type substation industry in China is characterized by a fragmented market with numerous participants. In 2024, a total of 125 companies won tenders from State Grid, with Shanghai Zhixin Electric Co., Ltd. leading with a bid amount of 23,382.65 million yuan, followed by Beijing Haocreat Electric Equipment Co., Ltd. and Ningbo Aokex Intelligent Technology Co., Ltd. with bid amounts of 19,427.42 million yuan and 16,613.87 million yuan, respectively [15][17] Development Trends - The future of box-type substations will leverage technologies such as IoT, big data, and artificial intelligence to enhance monitoring, control, and protection capabilities. This will enable real-time monitoring of equipment status, fault warnings, and automatic diagnostics, while also supporting remote control and management. Additionally, there will be a focus on using more efficient transformers and energy-saving switchgear to reduce energy loss and environmental impact [29][31]

Group 1 - The company has established production bases in the United States and Malaysia, which are operated as subsidiaries [2] - According to accounting standards for consolidated financial statements, the assets, liabilities, and operating results of these overseas factories have been included in the company's consolidated financial statements since the start of their construction [2]

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The demand for AIDC power equipment is expected to grow significantly due to the increasing capital expenditure by major cloud service providers, with a projected annual growth rate of 20% from 2025 to 2030 [5][13] - The market space for various AIDC power equipment segments, including dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers, is estimated to reach significant values by 2030 [12][13] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in the data center sector, with a potential overall value chain transfer to Chinese enterprises [5] AIDC Power Equipment Summary - Recent capital expenditures by North America's four major cloud service providers reached $95 billion in Q2, a year-on-year increase of 66% [5] - The projected global AI computing load from 2025 to 2030 is expected to be 9.7, 15.9, 20.2, 22.3, 23.4, and 24.6 GW respectively, with corresponding AIDC power equipment demand estimated at 29, 48, 60, 67, 70, and 74 GW [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85, 341, 41, 380, and 239 billion yuan respectively by 2030 [12][13] - Recent performance in the AIDC power equipment sector shows significant increases, with high-voltage direct current (HVDC) rising by 19.7%, server power supplies by 11.3%, and lead-acid batteries by 8.5% [5] - Key companies in the AIDC power equipment sector include Jinpan Technology, Mingyang Electric, Hezhong Electric, and others [5] Grid Industry Summary - In June 2025, the total investment in national power engineering reached 105.7 billion yuan, a year-on-year increase of 22.5% [31] - The total investment in national grid engineering for the first half of 2025 was 291.1 billion yuan, reflecting a year-on-year increase of 14.6% [32] - The recent bidding for the State Grid's fourth batch of substation equipment amounted to approximately 12.77 billion yuan, with a cumulative estimated bidding amount for the year reaching 66.84 billion yuan, a year-on-year increase of 20.5% [58] - The grid equipment sector has also seen significant stock performance, with cable components and other equipment rising by 6.8% recently [5] - Key focus areas for the grid industry include high-voltage orders, virtual power plants, and international expansion opportunities [5]

Group 1: AIDC Power Equipment Industry - The AIDC power equipment industry is expected to benefit from increased AI capital expenditure by global internet giants, with Google raising its 2025 capital expenditure from $75 billion to $85 billion, and Meta adjusting its range from $64-72 billion to $66-72 billion [1][28] - The release of OpenAI's GPT-5 model is anticipated to drive advancements in AI large models, further supporting the AIDC power equipment sector [29] - Key companies to focus on in the AIDC power equipment chain include Jinpan Technology, New Special Electric, Igor, and others [1][30] Group 2: Photovoltaic Industry - The "anti-involution" policy is leading to a recovery in photovoltaic product prices, with significant rebounds in prices for polysilicon, silicon wafers, and battery cells [2][84] - The photovoltaic industry is expected to enter a stable development phase by 2027, with a focus on capacity integration and clearing, particularly in the silicon material segment [2] - Key companies in the photovoltaic sector include GCL-Poly Energy, New Special Energy, Tongwei Co., and TBEA [2][84] Group 3: Wind Power Industry - Wind turbine prices are recovering, which is likely to lead to sustained profitability across the industry chain, with all model bidding prices in the first half of the year exceeding the lowest cost prices of 2024 [2][55] - The wind power industry is projected to achieve record installations in 2025, with stable main machine prices and a rebound in profitability driven by technological cost reductions [55] - Recommended companies in the wind power sector include Goldwind Technology, Dongfang Cable, and Daikin Heavy Industries [2][55] Group 4: Solid-State Battery Industry - The solid-state battery industry is making progress, with several companies announcing advancements in production and testing phases, including Qianyan and Honeycomb Energy [3][69] - Major automotive manufacturers like SAIC and Mercedes-Benz are planning to launch solid-state battery models by 2030, indicating a growing market for this technology [3][69] - Key players in the solid-state battery supply chain include Xiamen Tungsten, Tiannai Technology, and others [3][70] Group 5: Power Battery and Charging Pile Industry - The domestic electric vehicle market is expected to show slight improvement in August, with battery production anticipated to increase as companies prepare for peak season deliveries [68] - The production of positive electrode materials is expected to recover, driven by sustained demand for lithium iron phosphate from overseas battery manufacturers [68] - Key companies in the power battery sector include CATL, EVE Energy, and others [70]

Core Viewpoint - The article discusses the recent stock recommendations by analyst Sun Xiaoya from Tianfeng Securities, highlighting her influence and the market's enthusiasm for her insights, particularly in the context of a large conference that attracted significant attention [1][5]. Group 1: Stock Recommendations - Ten stocks were recommended across five industries, including Beiqi Blue Valley, Jinpan Technology, Feilong Co., Dayuan Pump Industry, and others, indicating a diverse investment opportunity [1][2]. - Beiqi Blue Valley (code: 600733) has a market value of 29.06 billion, with a projected sales increase to 18-20 million units, suggesting a target market value of 80 billion, representing an upside potential of over 80% [2]. - Jinpan Technology (code: 688676) is expected to generate 30 billion in overseas revenue and 50 billion domestically by 2025, with a year-on-year growth of 39% [2]. - The report emphasizes the importance of high-quality pumps in the cooling liquid market, with specific recommendations for Feilong Co., Dayuan Pump Industry, and Southern Pump Industry [2]. - The article notes that the semiconductor inductors market is a key focus, with significant profit contributions expected from companies like Botek New Materials and Dongmu Co. [2]. Group 2: Analyst Influence - Sun Xiaoya has gained recognition in the industry, rapidly advancing to the position of Chief Analyst at Tianfeng Securities since obtaining her analyst qualification in August 2020 [5]. - Her reports are characterized by high visibility and ambitious valuation targets, often predicting significant upside potential for recommended stocks [5]. - The recent conference led by Sun attracted around 3,000 participants, showcasing her strong influence and the market's excitement around her insights [1][5].