Investment Rating - The report maintains a "Buy" rating for several companies in the wind power sector, including Jin Feng Technology, Daikin Heavy Industries, and Yunda Co., Ltd. [1][4] Core Insights - The wind power sector has seen significant growth, with 51.39 GW of new wind power installations in the first half of 2025, representing a year-on-year increase of 98.88% compared to the same period in 2024 [2][27]. - The report highlights the rising prices of key raw materials, including medium-thick plates, rebar, and casting pig iron, which may impact overall costs in the industry [2][37]. - The report notes a shift in the market dynamics with the introduction of new pricing mechanisms for renewable energy in Liaoning Province, which could influence future project developments [2][13]. Summary by Sections 1. Industry Dynamics - Liaoning Province has released proposals for market-oriented pricing reforms for renewable energy, which include a mechanism price of 0.3749 yuan/kWh for existing projects [2][13]. - The wind power sector has experienced fluctuations in stock performance, with notable gains from companies like Shangwei New Materials and Electric Wind Power, while Jin Feng Technology and others faced declines [2][20]. 2. Wind Power Market Review - The wind power equipment index has a TTM price-to-earnings ratio of 32.75 and a market-to-book ratio of 1.67 [3][17]. - The report indicates that the wind power equipment sector underperformed compared to the broader market indices, with a weekly increase of only 1.24% [3][17]. 3. Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion yuan, reflecting a growth of 5.3% year-on-year [3][28]. - The total electricity consumption in the first half of 2025 was 48,418 billion kWh, marking a 3.7% increase from the previous year [3][25]. 4. Investment Recommendations - The report suggests that with the acceleration of wind power construction in coastal provinces, the sector is expected to outperform the broader market [4].

Core Viewpoint - Jinpan Technology (688676.SH) indicates that its transformer series and other core products are suitable for large hydropower station generator sets, auxiliary power systems, and medium and low voltage distribution systems [1] Group 1 - The company's transformer series is designed for large hydropower stations [1] - Core products support generator sets and auxiliary power systems [1] - Products are applicable in medium and low voltage distribution systems [1]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030, leading to a corresponding increase in demand for AIDC power equipment [5][13] - The domestic data center industry is expected to see substantial capital expenditure growth, with major cloud providers anticipated to ramp up investments, particularly in AI infrastructure [18][24] - The industry is characterized by a long power transmission chain, with established global players like Eaton and Schneider Electric dominating, while domestic companies are gaining competitive advantages in various segments [5][13] AIDC Power Equipment Summary - The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW from 2025 to 2030, with an average annual growth rate of 20% [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - Recent performance in the AIDC power equipment sector has shown significant gains, particularly in transformers and switchgear, with notable stock performances from companies like TBEA and XWDA [5][28] Grid Industry Summary - National power engineering investment reached 1,057 billion yuan in June 2025, a year-on-year increase of 22.5% [32] - The grid engineering investment for the same period was 871 billion yuan, reflecting a year-on-year growth of 4.1% [33] - The bidding results for the State Grid's transformer equipment showed a total bid amount of 211.89 billion yuan, a year-on-year increase of 38.1% [61] - The focus for the grid industry includes high voltage orders and the development of new business models such as virtual power plants and green electricity direct supply [5][55]

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].