Core Viewpoint - The continuous decline in the number of shareholders for many companies indicates a trend of increasing concentration of shares, with 106 companies experiencing a decrease for more than three consecutive periods, and some seeing declines for up to 12 periods [1][2]. Group 1: Shareholder Trends - A total of 541 companies reported their latest shareholder numbers as of December 31, with 106 companies showing a continuous decline in shareholder numbers for over three periods [1]. - Notable companies with significant declines include Zhukebo Design, which has seen a 28.08% drop in shareholder numbers over 12 periods, and Dazhongnan, with a 28.54% decline over 11 periods [1]. - Companies with the largest recent declines in shareholder numbers include *ST Shengxun, Huari Co., and Xingfa Group, with decreases of 11.26%, 8.70%, and 7.35% respectively [1][3]. Group 2: Market Performance - Among the companies with declining shareholder numbers, 32 have seen their stock prices rise, while 74 have experienced declines, with notable gainers including Zhiguang Electric, Zhejiang Meida, and Shenhuo Co., which increased by 43.50%, 21.97%, and 19.59% respectively [2]. - 20 companies outperformed the Shanghai Composite Index during this period, with Zhiguang Electric, Zhejiang Meida, and Shenhuo Co. achieving excess returns of 38.48%, 16.28%, and 15.71% respectively [2]. Group 3: Industry and Institutional Insights - The industries with the highest concentration of companies experiencing declining shareholder numbers include basic chemicals, pharmaceuticals, and machinery, with 17, 9, and 9 companies respectively [2]. - In terms of market segments, 65 companies are listed on the main board, 40 on the ChiNext board, and 1 on the Sci-Tech Innovation board [2]. - In the past month, 15 companies with declining shareholder numbers have been subject to institutional research, with Zhiguang Electric, Shenzhen Huqiang, and Jushen Co. being the most frequently researched, each receiving two institutional visits [2].

证券日报网讯1月6日，智光电气（002169）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司登记股东数为54138户。 ...

智光电气表示，此次合作是公司持续推进国际化战略布局、深化欧洲市场合作的重要成果。未来，智光 电气将继续以技术创新为核心，为全球客户提供更安全、更高效的能源解决方案，共同推动全球绿色能 源转型。（文穗） 日前，智光电气(002169)与希腊LFM公司成功签署了百台欧标全液冷一体机供货合同及战略合作协议， 标志着智光电气在欧洲储能市场取得进一步突破。 根据合同，智光电气将为LFM公司提供100台欧标认证的ZHIGUANG品牌全液冷一体机，该系统将于 2026年在希腊完成交付及投运。与此同时，双方签署的战略合作协议明确，未来将在希腊市场全面推广 智光ZHIGUANG品牌欧标认证的工商储产品及大型储能电站，助力希腊新能源的持续发展，所提供的 ZHIGUANG全液冷一体机，集安全、简约、智能、高效四大核心优势于一身。 ...

Group 1 - The core viewpoint of the article highlights that Guangzhou Zhiguang Electric Co., Ltd. is actively engaging with multiple institutions regarding its energy storage projects, showcasing its progress and technological advantages [1][2]. Group 2 - The investor relations activity took place from December 11 to 30, 2025, involving both on-site and teleconference formats, with participation from seven institutions and a total of 12 individuals [2]. Group 3 - The company revealed that several energy storage projects are on track for completion, with multiple projects expected to be connected to the grid before the first quarter of 2026, including the Qingyuan Phase I (100MW/200MWh) and Phase III (200MW/400MWh) projects [3]. Group 4 - The company reported a robust order situation for energy storage, indicating that it will adhere to contract terms for timely and quality delivery, with its energy storage systems featuring self-developed core systems adaptable to various battery types [4]. Group 5 - The company emphasized the advantages of its high-voltage cascade grid-type energy storage technology, which offers superior grid support capabilities compared to low-voltage systems, including larger single-unit power output and reduced control complexity [5]. Group 6 - The company is focusing on the sale of energy storage equipment and is monitoring policy changes for potential expansion into independent energy storage station investments outside the province and internationally [6].

Market Overview - The grid equipment sector experienced a decline of 0.52% on the previous trading day, with Zhongneng Electric leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Notable gainers in the grid equipment sector included: - Songsheng Co., Ltd. (301002) with a closing price of 36.41, up 8.52% and a trading volume of 96,500 shares, totaling 340 million yuan [1] - Zhongchao Holdings (002471) closed at 8.02, up 6.79% with a trading volume of 7.2 million shares, totaling 5.374 billion yuan [1] - Baosheng Co., Ltd. (600973) closed at 7.30, up 6.41% with a trading volume of 1.7659 million shares, totaling 1.282 billion yuan [1] - Conversely, significant decliners included: - Zhongneng Electric (300062) closed at 8.33, down 8.26% with a trading volume of 965,900 shares, totaling 816 million yuan [2] - Zhiguang Electric (002169) closed at 11.57, down 5.47% with a trading volume of 1.0249 million shares, totaling 1.213 billion yuan [2] - Xinte Electric (301120) closed at 17.27, down 4.06% with a trading volume of 148,400 shares, totaling 260 million yuan [2] Capital Flow - The grid equipment sector saw a net outflow of 2.372 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.012 billion yuan [2] - Notable capital flows among individual stocks included: - Jinda Co., Ltd. (600577) with a net inflow of 19.5 million yuan from institutional investors, but a net outflow of 99.22 million yuan from retail investors [3] - Baosheng Co., Ltd. (600973) had a net inflow of 95.786 million yuan from institutional investors, while retail investors saw a net outflow of 99.22 million yuan [3] - Songsheng Co., Ltd. (301002) experienced a net inflow of 37.106 million yuan from institutional investors, but a net outflow of 37.8429 million yuan from retail investors [3]

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities, including site visits and conference calls, with participation from various financial institutions and analysts [1] - Notable events included a site visit on December 16 with Guangzhou Haotou Private Fund and a conference call on December 29 with Great Wall Securities [1] Group 2: Energy Storage Projects - The company is progressing with its independent energy storage projects, aiming for the following operational timelines: - Qingyuan Phase II (100MW-200MWh) and Phase III (200MW-400MWh) targeted for Q1 2026 - Meizhou Pingyuan Phase I (100MW-200MWh) expected to be operational in a specified month of 2026 [2] - The company has a robust order situation in its energy storage business, ensuring timely and quality delivery of orders [2] Group 3: Technology and Product Development - The company emphasizes its expertise in high-power power electronics technology, producing most systems in-house, including PCS, EMS, BMS, and DMS [2] - High-voltage cascade energy storage systems offer significant advantages over low-voltage systems, including: - Higher power capacity, typically over ten times that of low-voltage systems - Simplified coordination and control due to fewer parallel units in large systems - Enhanced grid support capabilities and superior response characteristics [2] - The high-voltage cascade technology allows for effective reactive power compensation, crucial for voltage stability in the grid [2] Group 4: Market and Investment Insights - The company is monitoring policies in other provinces and abroad for potential investments in independent energy storage stations, focusing on economic viability and feasibility [3] - Updates on the IPO progress of the invested Yuxin Semiconductor should be referenced from official communications from Yuxin Semiconductor and relevant regulatory bodies [3]

Core Viewpoint - Recently, Zhiguang Electric announced two significant contracts totaling over 267 million yuan, indicating strong business activity and potential positive impact on financial performance [1][3][5]. Group 1: Contract Details - On December 26, Zhiguang Electric's subsidiary, Zhiguang Energy, signed a procurement contract worth 148.1 million yuan with China Electric Equipment Group Energy Technology Co., Ltd. for high-voltage cascade grid-type energy storage systems [1][3]. - The project is identified as the Anhui Neng Minfeng high-voltage cascade grid-type energy storage project, with specific payment and delivery terms outlined in the contract [3]. - On December 27, another contract was signed with Yangzhou New Concept Electric Co., Ltd. for a total of 118.9 million yuan, also for high-voltage cascade energy storage systems [3]. Group 2: Financial Impact - The contracts are part of the company's main business operations, and successful execution is expected to have a positive effect on the company's financial status and operational performance [5].

Company Overview - Zhiguang Electric Co., Ltd. is located at 89 Ruihe Road, Huangpu District, Guangzhou, Guangdong Province, and was established on April 9, 1999. The company was listed on September 19, 2007. Its main business includes the research, production, and sales of cables, comprehensive energy-saving services, electrical products, and electricity services [1] - The revenue composition of the company is as follows: digital energy technology and products account for 82.39%, while comprehensive energy services make up 17.61% [1] Stock Performance - On December 30, Zhiguang Electric's stock rose by 1.28%, reaching a price of 11.87 yuan per share, with a trading volume of 82.4873 million yuan and a turnover rate of 0.93%. The total market capitalization is 9.291 billion yuan [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Everbright Pramerica holds a significant position in Zhiguang Electric. The Everbright Pramerica Chengxin Mixed A Fund (003115) held 21,800 shares in the third quarter, accounting for 1.08% of the fund's net value, making it the second-largest heavy stock [2] - The Everbright Pramerica Chengxin Mixed A Fund was established on December 15, 2016, with a latest scale of 3.6051 million. Year-to-date returns are 49.59%, ranking 1217 out of 8087 in its category; the one-year return is 46.24%, ranking 1244 out of 8085; and since inception, the return is 107.52% [2] - The fund manager, Zhu Jiantao, has been in position for 1 year and 239 days, with total assets under management of 1.851 billion yuan. The best fund return during his tenure is 54.06%, while the worst is 7.54% [2]

Core Insights - The core viewpoint of the article emphasizes the significant role of medium and high-voltage variable frequency drives (VFDs) in industrial production, driven by China's "dual carbon" strategy and policy support, leading to a stable growth in market demand [1][10]. Industry Overview - Medium and high-voltage VFDs are essential for adjusting motor speed and operational status to meet various process requirements, commonly used in fans, pumps, and compressors [1][6]. - The market size of China's medium and high-voltage VFD industry is projected to grow from 10.8 billion yuan in 2017 to 21.6 billion yuan in 2024, with a compound annual growth rate (CAGR) of 10.41% [1][11]. Industry Chain - The upstream of the medium and high-voltage VFD industry includes raw materials and components such as transformers, IGBTs, capacitors, and cooling systems [8]. - The downstream applications encompass sectors like electricity, petrochemicals, construction materials, coal, and metallurgy [8]. Market Demand and Growth - The demand for medium and high-voltage VFDs is significantly influenced by the need for energy conservation and emission reduction in high-energy-consuming industries, particularly under strict environmental regulations [1][10]. - The industrial power generation in China is expected to grow from 6,275.82 billion kWh in 2017 to 9,418.1 billion kWh in 2024, with a CAGR of 5.97% [9][10]. Competitive Landscape - The medium and high-voltage VFD industry in China features a diversified competitive landscape, with both international brands (like Schneider, ABB, Siemens) and domestic leaders (like Invt, Huichuan Technology, and HeKang New Energy) [11]. - Domestic companies are gaining market share by leveraging localized service responsiveness and competitive product pricing [11]. Key Companies - Invt Electric Co., Ltd. focuses on industrial automation and energy sectors, reporting a revenue of 1.153 billion yuan from VFDs in the first half of 2025, a year-on-year increase of 6.56% [12]. - Huichuan Technology Co., Ltd. provides automation solutions across various industries, with a revenue of 8.807 billion yuan from general automation in the first half of 2025, reflecting a year-on-year growth of 17.11% [13]. Development Trends - Future trends in the medium and high-voltage VFD industry include energy efficiency optimization and enhanced dynamic response capabilities through advanced semiconductor devices and control algorithms [14]. - The integration of VFDs into the industrial internet will enable full lifecycle digital management, enhancing operational efficiency and predictive maintenance [15]. - VFDs are expected to evolve into power conversion nodes with multi-energy interfaces, supporting renewable energy integration and smart grid functionalities [15].

Core Viewpoint - The company, Zhiguang Electric (002169), is focusing on expanding its overseas market as a "second growth curve" due to increased demand for power electronic and energy storage devices driven by investments in power infrastructure in Europe and the United States [1] Group 1 - The company is responding to increased demand for power electronic and energy storage devices in Europe and the United States [1] - The company aims to firmly establish its overseas market presence [1] - The overseas market is viewed as a significant growth opportunity for the company [1]