Core Viewpoint - The report from Dongwu Securities highlights significant regional power supply pressures in the U.S. due to the increasing establishment of data centers, particularly in Texas, California, and Virginia, with projections indicating a substantial power gap by 2030 [1][2]. Group 1: Supply and Demand Dynamics - Over 50% of data centers are projected to be built in Texas, California, and Virginia by 2024, leading to considerable regional power supply stress [1][2]. - The North American Electric Reliability Corporation (NERC) anticipates an average peak power gap of over 20 GW from 2027 to 2030, with Texas, the Mid-Atlantic, the Midwest, and California facing significant risks [1][2]. - The U.S. Department of Energy (DOE) forecasts an average peak power gap of 20-40 GW by 2030 [1][2]. Group 2: Supply Challenges - The U.S. power supply is facing long-term challenges, including a decline in stable supply due to aging infrastructure and frequent outages, which cannot meet the 100% reliability demands of AI data centers [2]. - The upcoming retirement of coal power plants and the instability of wind and solar energy further exacerbate the supply issues, necessitating reliance on natural gas for current gaps [2]. Group 3: Technology Solutions - Gas turbines are identified as the optimal solution for self-built power generation in AIDC, with combined cycle gas turbines achieving over 60% efficiency and the lowest cost per kilowatt-hour [3]. - Gas internal combustion engines, while slightly less efficient, offer rapid deployment capabilities, with a significant increase in orders reported by leading companies [3]. - Solid Oxide Fuel Cells (SOFC) have high efficiency but are still in early commercialization stages, making them less viable in the short term [3]. - Diesel generators are noted for their quick start-up advantages, serving as optimal backup power solutions [3]. Group 4: Investment Recommendations - Investment opportunities are shifting from gas turbines to gas internal combustion engines and SOFCs, as the current power deficit in North America exceeds the total production capacity of various technologies [4]. - Recommended companies for gas turbines include Jerry Holdings, Yingliu Co., Dongfang Electric, Linde Co., and Haomai Technology [4]. - For gas internal combustion engines, Linde Co. is recommended, with additional attention to Weichai Power and Weichai Heavy Machinery [4]. - SOFC investments should focus on Weichai Power, while diesel generator investments recommend Linde Co. and other related companies [4].

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the general machinery sector [1][10]. Core Insights - The demand for power in North American data centers is increasing, leading to opportunities for domestic gas generator replacements and overseas expansion [1][10]. - The global power consumption of data centers is projected to double from approximately 415 TWh in 2024 to 945 TWh by 2030, indicating a significant growth trajectory [5]. - Caterpillar's revenue reached a historical high of $67.6 billion in 2025, with a 71% year-on-year increase in orders, driven by the surge in demand for data center backup power and gas engines [6][10]. Summary by Sections Market Performance - The general machinery sector has shown strong performance over the past year, with significant growth in the energy and power segment, which achieved a revenue of $9.4 billion, a 23% year-on-year increase [2][6]. Data Center Power Solutions - The increasing reliance on off-grid power solutions in data centers is driven by the mismatch between data center construction cycles and grid expansion timelines, necessitating the use of gas engines as primary power sources [5][8]. - Wärtsilä has secured orders for 507 MW of gas engines for data centers in the U.S., highlighting the growing trend of using gas engines for primary power supply [3][7]. Engine Market Dynamics - The share of gas engines in data center power generation is expected to rise from 28.6% in 2020 to 53.7% by 2024, with projections indicating a further increase to 70.8% by 2030, corresponding to a market size of approximately 101.8 billion RMB [8][10]. - The advantages of medium-speed engines include shorter delivery times, operational reliability in various environments, cost-effectiveness, and compliance with low emissions standards [9]. Investment Opportunities - The imbalance in supply and demand for gas engines in overseas markets presents an opportunity for domestic manufacturers to expand internationally [10][11]. - Key companies to watch include Weichai Heavy Machinery and Weichai Power, which have advantages in the North American market and in the production of gas engines [11].

Investment Rating - The report suggests a positive investment outlook for the North American electricity sector, particularly focusing on gas turbines and related technologies due to the ongoing electricity shortage driven by AI data center demands [2][6][30]. Core Insights - The North American electricity shortage is characterized by a contradiction between the non-linear growth of AI electricity demand and the aging infrastructure of the power grid. The demand side sees a surge in AIDC projects, while the supply side faces challenges with declining stable supply and regional electricity shortages [2][6][24]. - The report highlights that gas turbines are currently the optimal solution for AIDC self-built power generation, with gas internal combustion engines, SOFC, and diesel generation serving as effective supplements [2][37]. - The North American Electric Reliability Corporation (NERC) predicts an average peak electricity gap of over 20GW from 2027 to 2030, with significant risks in Texas, the Mid-Atlantic, the Midwest, and California [2][32]. Summary by Sections Section 1: Current Electricity Shortage in North America - The electricity shortage is driven by the non-linear growth of AI demand and the aging power grid infrastructure. The electricity consumption in the U.S. is expected to reach historical highs in 2025-2026, with data centers' planned installed capacity increasing from 5GW in early 2023 to over 245GW by October 2025 [6][19]. - The average lifespan of power infrastructure in the U.S. is around 35-40 years, leading to frequent outages and an inability to meet the reliability demands of AIDC [15][19]. Section 2: Power Source Selection - Gas turbines are identified as the primary power source, with gas internal combustion engines, SOFC, and diesel generation as supplementary options. The report emphasizes the efficiency and cost-effectiveness of gas turbines, which can achieve over 60% efficiency and have the lowest cost per kilowatt-hour [2][37]. - The report also discusses the expected increase in gas turbine installations, with global new installations projected to approach previous cycle peaks by 2025, driven by the surge in AIDC electricity demand [48][52]. Section 3: Investment Recommendations - The report recommends focusing on various technologies due to the ongoing electricity shortage, suggesting investments in gas turbines, gas internal combustion engines, SOFC, and diesel generation. Specific companies are highlighted for potential investment opportunities, including Jerry Holdings, Yingliu Co., Dongfang Electric, and others [2][37][39].

Group 1 - The core viewpoint of the news is that Weichai Heavy Machinery's stock has increased by 5.06%, reaching a price of 33.62 CNY per share, with a trading volume of 341 million CNY and a turnover rate of 4.56%, resulting in a total market capitalization of 15.595 billion CNY [1] - Weichai Heavy Machinery Co., Ltd. is located in Weifang Binhai Economic and Technological Development Zone, Shandong Province, and was established on June 28, 1993, with its listing date on April 2, 1998 [1] - The company's main business involves the development, manufacturing, and sales of marine power and power generation equipment, including engines ranging from 30 to 12,000 horsepower and integrated power systems, as well as generator sets and integrated power solutions [1] - The revenue composition of the main business includes: generator sets 51.61%, engines 33.89%, aftermarket and others 7.28%, and parts and processing services 7.23% [1] Group 2 - From the perspective of the top ten circulating shareholders of Weichai Heavy Machinery, a fund under Caitong Securities Asset Management has entered the top ten, holding 5.9548 million shares, which accounts for 2.62% of the circulating shares, with an estimated floating profit of approximately 9.6467 million CNY [2] - Caitong Asset Management Digital Economy Mixed Initiation A (017483) was established on December 26, 2022, with a latest scale of 920 million CNY, and has achieved a return of 8.55% this year, ranking 1201 out of 8994 in its category [2] - The fund has a one-year return of 69.09%, ranking 524 out of 8194 in its category, and a cumulative return of 122.84% since its inception [2]

中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No.1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于潍柴重机股份有限公司 2026 年第一次临时股东会的 法律意见书 致：潍柴重机股份有限公司 根据《中华人民共和国律师法》《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》《上市公司股东会规则》（以下简称"《股 东会规则》"）《深圳证券交易所上市公司股东会网络投票实施细则》（以下简 称"《网络投票实施细则》"）等法律、法规和规范性文件以及《潍柴重机股份有 限公司章程》（以下简称"《公司章程》"）的规定，北京市通商律师事务所（以 下简称"本所"）接受潍柴重机股份有限公司（以下简称"公司"）的委托，指派律 ...

证券代码：000880 证券简称：潍柴重机 公告编号：2026-009 潍柴重机股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、重要提示 1．本次股东会没有出现否决议案的情况； 2．本次股东会没有涉及变更以往股东会已通过的决议。 二、会议召开的情况 1．本次股东会的召开时间： （1）现场会议召开时间：2026年2月6日（星期五）下午14:50开始。 （2）网络投票时间： 采用深圳证券交易所交易系统投票的时间：2026年2月6日上午9:15-9:25， 9:30-11:30，下午13:00-15:00。 采用深圳证券交易所互联网投票系统投票的时间：2026年2月6日上午9:15至下午 15:00期间的任意时间。 2．现场会议地点：山东省潍坊市公司会议室（山东省潍坊市滨海经济技术开发区 富海大街17号） 3．召开方式：本次会议采取现场投票与网络投票相结合的方式 4．会议召集人：公司董事会 5．主持人：董事长傅强先生 6．会议的召开符合《公司法》《深圳证券交易所股票上市规则》和《公司章程》 等相关法律、法规和规 ...

Core Viewpoint - The Shandong state-owned enterprise reform sector experienced a decline of 1.49% on February 5, with Weichai Heavy Machinery leading the drop [1] Market Performance - The Shanghai Composite Index closed at 4075.92, down 0.64% - The Shenzhen Component Index closed at 13952.71, down 1.44% [1] Capital Flow - The Shandong state-owned enterprise reform sector saw a net outflow of 1.84 billion yuan from main funds - Retail investors contributed a net inflow of 1.205 billion yuan - Speculative funds recorded a net inflow of 635 million yuan [1]

Group 1 - Weichai Heavy Machinery announced that it will accept investor research from February 3 to February 5, 2026, with Liu Guochao participating in the reception and answering investor questions [1] Group 2 - The article highlights the issue of millions of elderly individuals living alone and the need for solutions to help them age gracefully [1] - It mentions that the concept of intended guardianship has been in China for 14 years but is still facing challenges in full implementation [1]

Group 1: Company Performance and Financial Outlook - In 2025, the company is expected to achieve a net profit growth of 45%-75% year-on-year, driven by industry policy support and demand from emerging markets [3] - The acquisition of 100% equity in Changbo Company was completed by the end of Q3 2025, which will be included in the consolidated financial statements [3] - The company aims to enhance shareholder returns through cash dividends, planning to distribute dividends twice a year based on operational and financial assessments [6] Group 2: Business Development and Market Strategy - The company has made significant progress in the alternative fuel market, developing various technologies for natural gas and dual-fuel engines, and has established a multi-technology system for LNG, methanol, and biofuels [4] - In the generator set business, there was a substantial increase in sales and revenue in the data center sector, gaining access to major telecom operators' procurement [4] - The company plans to leverage its product advantages to expand its market share in high-end sectors such as data centers, communications, oil and gas fields, and high-end manufacturing [4] Group 3: Changbo Company's Future Development - Changbo Company has a large market potential and competitive advantages, including rich business resources and a strong geographical position [6] - The company intends to utilize Changbo's market strengths and promote performance growth through synergy in the upstream and downstream supply chain [6]

Consumption - Dongpeng Beverage has launched its H-share offering with a price not exceeding 248 HKD per share, expecting to end on January 29, and reported revenue exceeding 16.8 billion CNY for the first three quarters [2] - Xibei's founder, Jia Guolong, announced a return to core business focus, abandoning personal branding efforts, as the company faces losses exceeding 600 million CNY [2] - Yanghe Distillery anticipates a net profit decline of over 60% for 2025, primarily due to deep adjustments in the liquor industry and reduced market demand [2] - KFC has slightly raised prices on some delivery items by an average of 0.8 CNY starting January 26, while in-store prices remain unchanged [2] Technology - Jieyue Star has appointed Yin Qi as chairman, responsible for overall strategic direction and technology, and has reportedly completed a multi-billion B+ round of financing [2] - Samsung has raised NAND flash supply prices by 100% in Q1, indicating severe supply-demand imbalance in the semiconductor market [3] - AI chip supplier Aixin Yuanzhi has passed the Hong Kong Stock Exchange hearing [3] Health - Yiling Pharmaceutical expects a net profit of 1.2 to 1.3 billion CNY for 2025, driven by stable market performance in its cardiovascular and respiratory product lines [3] Mobility - Wuxi Xian Dao Intelligent Equipment has passed the Hong Kong Stock Exchange main board listing hearing, with CITIC Securities and JPMorgan as joint sponsors [4] - GAC Group has received nearly 2,000 orders for its GOVY AirCab by the end of 2025 [4] - Ideal Auto plans to close approximately 100 underperforming retail stores in a channel transformation effort [7] Health (Continued) - The first version of the commercial health insurance innovative drug directory took effect on January 1, 2026, aimed at providing more access to innovative drugs through commercial insurance [11] - Nine departments have issued a document encouraging innovative drugs to enter retail pharmacies, aiming to enhance the quality of the pharmaceutical retail industry [13]