Core Viewpoint - Jinpan Technology (688676.SH) has successfully launched the production line for amorphous strip products as part of its "Digital Factory Project for Amorphous Alloy Cores," which is funded by convertible bonds issued to unspecified investors [1] Group 1: Project Development - The new production line for amorphous strip products has been successfully put into operation [1] - The performance and technical parameters of the amorphous strip products meet all relevant national standards [1] Group 2: Competitive Advantage - The company has mastered the core technology for amorphous strip production, enabling large-scale continuous manufacturing [1] - This advancement is expected to enhance the core competitiveness of the company's amorphous alloy transformer products [1] Group 3: Cost and Supply Chain - The project will ensure stable supply of raw materials for the company's amorphous alloy transformers [1] - It is anticipated to lower the unit cost of products, thereby improving gross margins and market competitiveness [1]

Group 1 - The core viewpoint of the article is that Jinpan Technology (688676.SH) has successfully launched the production line for its new product, amorphous strip, as part of its digital factory project for amorphous alloy cores [1] - The company raised funds through the issuance of convertible bonds to invest in the "High-efficiency Energy-saving Immersion Transformer and Amorphous Alloy Core Intelligent Manufacturing Project" [1] - The performance and technical parameters of the amorphous strip products produced by the project meet all relevant national standards [1]

Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][17]. Core Viewpoints - The domestic data center industry is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment expected to benefit first. The market size of China's data center industry is projected to exceed 318 billion yuan in 2025, representing a year-on-year growth of approximately 14.7%. By 2030, it may reach 1.2 trillion yuan, with a compound annual growth rate (CAGR) of about 25%-28% [5][15]. - The load scale of data centers is expected to be around 7.05 GW in 2025, increasing to 9.37 GW by 2030, with a CAGR of approximately 5.85%. The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure in 2026, and Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027 [5][15]. - The industry is experiencing an unexpected expansion, with infrastructure technology upgrades creating investment opportunities in IDC-compatible DC power supply equipment [5][15]. Summary by Sections Investment Viewpoints - The report suggests focusing on the IDC sector, recommending companies such as Kehua Data and Jinpan Technology, as well as Sifang Co. and Liangxin Co. for their potential in the HVDC/SST industry. It also highlights the importance of high-voltage circuit breakers and suggests monitoring companies like Zhongheng Electric, Magmeter, and Oulu Tong in the power supply sector [6][16]. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with notable mentions: - Kehua Data (002335.SZ): EPS forecast of 1.86 yuan for 2026, currently unrated [18]. - Liangxin Co. (002706.SZ): Rated "Buy" with an EPS forecast of 0.44 yuan for 2026 [19]. - Magmeter (002851.SZ): Rated "Buy" with an EPS forecast of 2.07 yuan for 2026 [19]. - Sunshine Power (300274.SZ): Rated "Buy" with an EPS forecast of 7.74 yuan for 2026 [19]. - Jinpan Technology (688676.SH): Rated "Buy" with an EPS forecast of 2.20 yuan for 2026 [19]. Market Performance - The power equipment sector saw a 5.02% increase last week, ranking 12th among 28 sub-industries, outperforming the Shanghai Composite Index by 1.21 percentage points [46].

关于自愿披露公司新产品成功投产的公告 证券代码：688676 证券简称：金盘科技 公告编号：2026-009 海南金盘智能科技股份有限公司 非晶带材为公司非晶合金变压器产品的关键原材料。近年来，非晶合金变压 器下游市场需求快速增长，非晶带材市场需求旺盛，但国内仅有少数上市公司可 稳定大批量供应非晶带材，非晶带材市场价格维持高位。 公司自主生产非晶带材，一方面，可为公司非晶合金变压器产品提供稳定的 原材料供应保障；另一方面，可大幅降低非晶合金变压器产品的单位成本，具有 显著的成本优势，大幅提升公司非晶合金变压器产品的毛利率和市场竞争力。 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。 一、新产品成功投产情况 近日，海南金盘智能科技股份有限公司（以下简称"公司"）于2025年12 月向不特定对象发行可转换公司债券募集资金投资项目"高效节能液浸式变压器 及非晶合金铁芯智能制造项目"之"非晶合金铁芯数字化工厂项目"的新产品非 晶带材部分产线一次投产成功。经检测，该项目生产的非晶带材产品性能及技术 指标参数全部符合国家标准相关要求。 ...

Group 1 - The core viewpoint of the article is that Jinpan Technology (688676.SH) has successfully launched the production line for its new product, amorphous strip, as part of its digital factory project for amorphous alloy cores [1] - The company raised funds through the issuance of convertible bonds to invest in the "High-efficiency Energy-saving Immersion Transformer and Amorphous Alloy Core Intelligent Manufacturing Project" [1] - The performance and technical parameters of the amorphous strip products produced by the project meet all relevant national standards [1]

Core Viewpoint - The article discusses the growing trend of convertible bond issuance in China, highlighting its role as a financial lever for companies to invest in new productive forces, particularly in technology innovation and capital empowerment [2][3]. Group 1: Convertible Bond Issuance - Several companies, including Jinpan Technology, Changgao Electric, Huichuangda Technology, and Jinan Shengquan Group, have announced plans to issue convertible bonds to raise funds for projects in data center power supply, smart manufacturing of power equipment, and new energy battery materials [5][6]. - Jinpan Technology plans to raise a total of 1.6715 billion yuan through a 6-year convertible bond for projects related to data center power modules and energy-efficient power equipment [5]. - Changgao Electric aims to raise approximately 750 million yuan for projects focused on enhancing its production capabilities in the electric power equipment sector [5]. - Huichuangda intends to raise up to 650 million yuan for projects related to power batteries and energy storage systems, as well as to supplement working capital [5]. - Shengquan Group plans to issue 2.5 billion yuan in convertible bonds, with 2 billion yuan allocated for green energy battery material projects [6]. Group 2: Market Trends and Opportunities - The issuance of convertible bonds indicates a significant capital flow towards emerging industries, particularly in the technology and manufacturing sectors [8][9]. - The data center market is experiencing rapid growth, with power supply modules becoming increasingly dominant, suggesting a substantial future market space [8]. - Shengquan Group's project aims to produce 10,000 tons of silicon-carbon anode materials and 15,000 tons of porous carbon, addressing the rising demand for high-energy-density batteries in electric vehicles and consumer electronics [9]. - Despite an overall contraction in the convertible bond market in 2025, bonds in the technology and manufacturing sectors are highly sought after, reflecting a focus on supporting technological innovation and green transformation [9]. Group 3: Financial and Governance Aspects - The current interest rate reduction cycle provides an opportune environment for companies to issue convertible bonds, as it lowers financing costs [11]. - Convertible bonds offer a dual benefit of fixed income and potential equity conversion, allowing companies to manage shareholder dilution more gradually compared to direct stock issuance [11]. - The issuance of convertible bonds is accompanied by increased external oversight, requiring companies to demonstrate effective use of raised funds and maintain transparency in governance [11][12]. - Companies are strategically aligning their convertible bond projects with their future development plans to enhance core competitiveness and profitability [12][13].

股票简称：金盘科技 股票代码：688676 海南金盘智能科技股份有限公司 Hainan Jinpan Smart Technology Co., Ltd. （海南省海口市南海大道168-39号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （浙江省杭州市五星路 201 号） 二〇二六年一月 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上市公告书 第一节 重要声明与提示 海南金盘智能科技股份有限公司（以下简称"金盘科技"、"发行人"、"公 司"或"本公司"）全体董事、高级管理人员保证本上市公告书的真实性、准确 性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并承担 个别及连带的法律责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司向不特定对象发行可转换公司债券 （以下简称"可转债"）上市及有关事项的意见，均不表明对本公司的任何保证。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅刊登于上海证券交易所指定网站（http://www.sse.com.cn）的《海南金盘智 ...

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

Core Viewpoint - Jinpan Technology's stock has shown fluctuations with a recent increase of 2.10%, while the company has experienced a year-to-date decline of 2.73% in stock price [1] Group 1: Stock Performance - As of January 9, Jinpan Technology's stock price is 87.87 yuan per share, with a market capitalization of 40.401 billion yuan [1] - The stock has seen a trading volume of 3.22 billion yuan, with a turnover rate of 0.82% [1] - Year-to-date, the stock has decreased by 2.73%, with a 5-day decline of 2.73%, a 20-day increase of 4.63%, and a 60-day increase of 26.60% [1] Group 2: Financial Performance - For the period from January to September 2025, Jinpan Technology achieved a revenue of 5.194 billion yuan, representing a year-on-year growth of 8.25% [2] - The net profit attributable to shareholders for the same period was 486 million yuan, reflecting a year-on-year increase of 20.27% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Jinpan Technology is 14,900, a decrease of 19.18% from the previous period [2] - The average number of circulating shares per shareholder is 30,893, which has increased by 23.87% [2] - The company has distributed a total of 713 million yuan in dividends since its A-share listing, with 543 million yuan distributed over the past three years [3]

Core Viewpoint - Jinpan Technology announced the approval of a proposal to use part of its temporarily idle raised funds for cash management, ensuring that it does not affect the progress of convertible bond projects or the company's normal operations [2] Group 1: Company Actions - The company will use up to RMB 800 million of temporarily idle raised funds for cash management [2] - The investment products will include low-risk, high-liquidity options such as guaranteed financial products, structured deposits, notice deposits, fixed-term deposits, large certificates of deposit, agreed deposits, and income certificates [2] - The usage period for these funds will not exceed 12 months, and the funds can be rolled over within the specified limit and timeframe [2] Group 2: Financial Management - A dedicated settlement account for cash management of raised funds has been opened recently by the company [2]