Market Overview - The grid equipment sector increased by 0.42% compared to the previous trading day, with Jinbei Electric leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Top Performers in Grid Equipment Sector - Jinbei Electric (002533) closed at 11.06, up 10.05%, with a trading volume of 988,500 shares and a transaction value of 1.073 billion [1] - Jinpan Technology (688676) closed at 40.51, up 6.89%, with a trading volume of 315,000 shares and a transaction value of 1.264 billion [1] - Other notable performers include ST Huicheng (002168) up 4.89%, Xidian New Energy (603312) up 4.85%, and Guoxin Technology (920037) up 4.58% [1] Underperformers in Grid Equipment Sector - Jinlihua Electric (300069) closed at 20.54, down 7.39%, with a trading volume of 164,000 shares and a transaction value of 350 million [2] - Liangxin Co. (002706) closed at 9.15, down 5.08%, with a trading volume of 864,200 shares and a transaction value of 805 million [2] - Other underperformers include Jinlongyu (002882) down 3.44% and Wenzhou Hongfeng (300283) down 3.15% [2] Capital Flow Analysis - The grid equipment sector experienced a net outflow of 36.5471 million from institutional investors, while retail investors saw a net inflow of 209 million [2] - Major stocks like Jinbei Electric had a net inflow of 207 million from institutional investors, but a net outflow of 109 million from speculative funds [3] - Other stocks such as Kelu Electronics (002121) and Shun Na Co. (000533) also showed mixed capital flows, with significant retail outflows [3]

Group 1 - The core viewpoint of the article highlights the significant stock performance of Kelu Electronics, with a 6.66% increase in share price, reaching 6.57 yuan per share, and a trading volume of 5.59 billion yuan, indicating strong market interest [1] - Kelu Electronics is positioned as a pioneer in the energy storage industry, focusing on smart grid and new electrochemical energy storage sectors, aiming to become a global leader in energy services [1] - The company has a robust research and development capability and maintains strong competitiveness in both domestic and international markets [1] Group 2 - As of March 31, Kelu Electronics had 76,500 shareholders, with an average of 18,300 circulating shares per shareholder [1] - For the first quarter of 2025, Kelu Electronics reported a revenue of 1.214 billion yuan, representing a year-on-year growth of 16.20%, and a net profit attributable to shareholders of 67.45 million yuan, showing a remarkable year-on-year increase of 857.45% [1]

Core Viewpoint - The launch of the Shenzhen Unified Management Platform for Special Funds aims to streamline the application process for enterprises, reduce operational burdens, and enhance the efficiency of fund allocation and management [1][2][8]. Group 1: Platform Features and Benefits - The platform allows enterprises to access all special fund policies through a single account, eliminating the need for multiple registrations and logins [3][4]. - It integrates electronic certificates and automatically populates nearly 30 fields with basic enterprise data, significantly reducing the complexity of the application process [3]. - The platform has seen over 22,000 users making more than 180,000 applications, with a total of 216.7 billion yuan disbursed [4]. Group 2: Efficiency and Management Improvements - The platform enhances the speed of fund disbursement by allowing real-time data transfer to the budget execution system, expediting the benefits for enterprises [3][5]. - It implements a comprehensive management system that includes pre-application, in-process, and post-application oversight to ensure funds are allocated effectively [5][6]. - The platform has triggered nearly 1,000 alerts for potential irregularities, enhancing the integrity of the fund distribution process [6]. Group 3: Tailored Services for Enterprises - The platform provides customized "concierge-style" services, including advance publication of application guidelines and intelligent policy recommendations based on enterprise profiles [7]. - It features a "workbench" for enterprises to manage their information and track application statuses, improving overall efficiency [7]. - The introduction of a "guideline publication plan" has significantly improved the efficiency of information acquisition and preparation for fund applications [7].

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].

Core Viewpoint - Kelu Electronics has recently obtained a new invention patent for a "Control Guidance Testing Device and AC Charging Pile Verification System," indicating a focus on innovation in the electric vehicle charging sector [1] Group 1: Patent and Innovation - Kelu Electronics has been granted a new patent with the application number CN202210924765.9, authorized on a specific date [1] - The company has acquired a total of 68 new patents this year, representing a 30.77% increase compared to the same period last year [1] Group 2: Research and Development Investment - In 2024, Kelu Electronics invested 377 million yuan in research and development, which is a 42.46% year-on-year increase [1] Group 3: Company Activities and Data - Kelu Electronics has made investments in 66 companies and participated in 2,447 bidding projects [1] - The company holds 54 trademark registrations, 1,544 patent records, and 226 copyright registrations [1]

Transaction Overview - Shenzhen Kelu Electronics Technology Co., Ltd. has approved the transfer of 100% equity of its wholly-owned subsidiary, Nanchang Kelu Smart Grid Technology Co., Ltd., for a price of RMB 125 million to Nanchang Kangxintai Trading Co., Ltd. [1] Progress of the Transaction - A supplementary agreement (Supplementary Agreement II) has been signed among the parties involved regarding the equity transfer agreement and its first supplementary agreement [2] - The second payment of RMB 37.5 million will be made by Kangxintai within fifteen working days after the completion of certain conditions outlined in the equity transfer agreement [2] - The remaining payment of RMB 62.5 million is to be made within fifteen days after the second payment, contingent upon the resolution of certain guarantees and transitional operational conditions [2][3] Legal Validity - Supplementary Agreement II is considered an integral part of the equity transfer agreement and holds equal legal effect [3][4] - In case of any inconsistencies between Supplementary Agreement II and the original equity transfer agreement, the terms of Supplementary Agreement II will prevail [4]

证券代码：002121 证券简称：科陆电子 公告编号：2025041 深圳市科陆电子科技股份有限公司 关于转让全资子公司南昌市科陆智能电网科技有限公司 100%股权的进展公告 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。 甲方：南昌康鑫泰商贸有限公司 一、交易概述 深圳市科陆电子科技股份有限公司（以下简称"公司"）第九届董事会第十 五次会议审议通过了《关于转让全资子公司南昌市科陆智能电网科技有限公司 100%股权的议案》，同意公司将持有的南昌市科陆智能电网科技有限公司（以下 简称"南昌科陆"）100%股权以人民币12,500万元的价格转让给南昌康鑫泰商贸 有限公司（以下简称"康鑫泰"），具体内容详见2025年3月22日在《证券时报》、 《中国证券报》、《证券日报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn） 上刊登的《关于转让全资子公司南昌市科陆智能电网科技有限公司100%股权的 公告》（公告编号：2025021）。 2025年3月22日，康鑫泰、公司、南昌科陆三方签订了《关于南昌市科陆智 能电网科技有限公司的股权转让协议》（以下简称" ...

Core Viewpoint - The company, Kelu Electronics, is expected to turn a profit in the first half of 2025, driven by overseas energy storage orders and a significant increase in revenue from its energy storage business, which has become a key growth driver [1][3][4]. Financial Performance - Kelu Electronics anticipates a net profit attributable to shareholders of 175 million to 225 million yuan for the first half of 2025, recovering from a loss of 39.67 million yuan in the same period last year [1][3]. - The company reported a 16.2% year-on-year increase in revenue for Q1 2025, reaching 1.214 billion yuan, with a net profit increase of 857.45% to 67.45 million yuan [2][3]. Business Segments - The company's business includes smart grid, energy storage, comprehensive energy management and services, and property and other businesses [2]. - The energy storage business has grown significantly, with revenue increasing from 233 million yuan in 2021 to 1.456 billion yuan in 2024, representing a growth of over 5 times [4]. Market Expansion - Kelu Electronics has accelerated its overseas market expansion, securing a 800 MWh order for containerized battery energy storage systems in the U.S. and collaborating on 485 MWh projects in Colombia and Chile [5]. - The company is establishing a localized sales and project management team in Chile, anticipating a doubling of energy storage deployment in the country to over 1 GWh by 2025 [5]. Strategic Developments - The company launched its first commercial application of the Aqua C2.5 energy storage system, with the first batch of 350 MWh shipped to overseas markets [6]. - Following the acquisition by Midea Group, Kelu Electronics has initiated the construction of a 3 GWh energy storage base in Indonesia, with the first phase expected to be operational by Q1 2026 [6].

Market Overview - The Shanghai Composite Index fell by 0.42% on July 15, with six industries experiencing gains, led by the communication and computer sectors, which rose by 4.61% and 1.42% respectively. The coal and agriculture sectors saw the largest declines, down by 1.92% and 1.62% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 41.186 billion yuan across the two markets, with only three industries seeing net inflows: communication (2.151 billion yuan), computer (1.839 billion yuan), and a minor inflow in the comprehensive sector (178.56 million yuan) [1] - The electric equipment industry experienced the largest net outflow, totaling 5.055 billion yuan, followed by the non-ferrous metals industry with a net outflow of 4.508 billion yuan. Other sectors with significant outflows included basic chemicals, pharmaceuticals, and defense [1] Electric Equipment Industry Performance - The electric equipment industry declined by 0.74% with a total of 358 stocks, of which 68 rose and 288 fell. One stock hit the daily limit up while another hit the limit down [2] - Within the electric equipment sector, 75 stocks saw net inflows, with six stocks receiving over 100 million yuan in inflows. The top inflow was for Kehua Data, which attracted 394 million yuan, followed by Hengdian East Magnetic and Kotec Power with inflows of 278 million yuan and 236 million yuan respectively [2] - The outflow list for the electric equipment sector included six stocks with outflows exceeding 100 million yuan, led by Sunshine Power and CATL, both with outflows of 346 million yuan, followed by Kelu Electronics with an outflow of 266 million yuan [2][4] Top Gainers in Electric Equipment - The top gainers in the electric equipment sector included: - Kehua Data: +6.95% with a turnover rate of 14.34% and a main capital flow of 393.85 million yuan - Hengdian East Magnetic: +7.69% with a turnover rate of 10.82% and a main capital flow of 277.98 million yuan - Kotec Power: +6.28% with a turnover rate of 17.48% and a main capital flow of 236.49 million yuan [2] Top Losers in Electric Equipment - The top losers in the electric equipment sector included: - Sunshine Power: -0.61% with a turnover rate of 2.88% and a main capital flow of -346.33 million yuan - CATL: -0.28% with a turnover rate of 0.43% and a main capital flow of -345.96 million yuan - Kelu Electronics: -1.67% with a turnover rate of 22.73% and a main capital flow of -265.52 million yuan [4]

Group 1 - The company expects to turn a profit in the first half of 2025, with the performance period from January 1, 2025, to June 30, 2025 [1] - The preliminary estimate indicates a significant increase in revenue due to the delivery of overseas energy storage orders [2] - The company experienced a foreign exchange loss of RMB 103.64 million in the first half of 2024 due to the depreciation of the Egyptian pound, but this period saw a stabilization of the exchange rate, leading to a decrease in financial expenses [2] Group 2 - The company reported a turnaround in operating performance, resulting in profitability, although income tax expenses increased year-on-year [3] - The performance forecast is based on preliminary estimates from the company's finance department and has not been audited by an accounting firm [4] - The company has designated specific media outlets for information disclosure, including "China Securities Journal" and "Shanghai Securities Journal," and advises investors to make cautious decisions based on disclosed information [4]