Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，科华数据股份有限公司取得一项名为"液冷系统控制方法及液冷系统"的专 利，授权公告号CN117915634B，申请日期为2024年1月。 天眼查资料显示，科华数据股份有限公司，成立于1999年，位于厦门市，是一家以从事电气机械和器材 制造业为主的企业。企业注册资本51541.4041万人民币。通过天眼查大数据分析，科华数据股份有限公 司共对外投资了47家企业，参与招投标项目3874次，财产线索方面有商标信息130条，专利信息1399 条，此外企业还拥有行政许可36个。 厦门华睿晟智能科技有限责任公司，成立于2013年，位于厦门市，是一家以从事软件和信息技术服务业 为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，厦门华睿晟智能科技有限责任公 司共对外投资了1家企业，参与招投标项目20次，专利信息84条，此外企业还拥有行政许可20个。 ...

智通财经APP获悉，中信建投发布研报称，AI供电方案的根本驱动力是单芯片和单机柜功率的不断提 升，目前以英伟达(NVDA.US)为首的AI芯片厂商不断迭代升级其最新AI芯片的功率。通过NVL72(英伟 达)、Superpod(谷歌)等多芯片设计，单机柜功率进一步向MW级迈进。至2028年北美新增AI数据中心功 率可达71GW。根据产业趋势优先，兼顾弹性和公司α，AIDC电源主机、电站级储能、核心增量零部件 以及GaN、SiC等第三代半导体四大方向值得关注。 中信建投主要观点如下： AI供电方案的根本驱动力是单芯片和单机柜功率的不断提升 以英伟达为首的AI芯片厂商不断迭代升级其最新AI芯片的功率。英伟达已从Maxwell时代单颗芯片 250W提升至B200芯片的超过1000W；谷歌、微软、Meta等自研芯片也向单颗1000W以上迈进。通过 NVL72(英伟达)、Superpod(谷歌)等多芯片设计，单机柜功率进一步向MW级迈进。至2028年北美新增 AI数据中心功率可达71GW。 大功率化、高压化、直流化是AIDC电源迭代的主要方向 英伟达发布的800V供电白皮书给出了交流→800V直流(低压整流器过渡)→80 ...

Summary of Key Points from the Conference Call Transcript Industry Overview - **Industry**: China Data Center Equipment - **Key Focus**: Power and cooling upgrades, particularly related to NVIDIA's Vera Rubin platform launch in 2026 [2][3] Core Insights and Arguments - **NVIDIA's Rubin Platform**: - The Rubin platform is set to double the rack power compared to the previous Blackwell platform, moving from 80% to 100% liquid cooling [2] - Rubin is currently in full production [2] - **VR200 NVL72 Specifications**: - Delivers approximately 3.5x to 5x the training/inference AI computing power compared to GB300 NVL72, significantly increasing rack-level power demand [3] - Upgrades power shelves to a 3*3U 110 kW configuration, compared to the GB300's 8*1U 33 kW shelves [3] - Introduces a 3+1 redundancy design for power shelves [3] - **Future Developments**: - Anticipation of transitioning to the next-generation Kyber rack design, which will support 800V HVDC to meet rising power requirements driven by AI compute scaling [3] - Potential launch of Rubin Ultra in 2027 could further unleash HVDC demand [3] Investment Opportunities - **Stock Picks**: - **Kstar and Kehua**: Expected to benefit from stronger UPS demand and potential upgrades to HVDC and SST [4] - Kstar is anticipated to have strong order intake from US hyperscalers due to strategic partnerships [4] - Kehua's domestic GPU ramp-up and H200 shipment could enhance order intake from domestic hyperscalers [4] Risks and Valuation - **Downside Risks for Data Center Equipment Sector**: - Slower-than-expected AI data center capacity growth [6] - Slower penetration of high-power density products [6] - Challenges in gaining market share in the overseas AIDC equipment supply chain [6] - **Kehua's Price Target and Risks**: - Price target based on DCF methodology; downside risks include slower IDC capacity expansion and lower overseas shipment expectations [7] - Upside risks include faster IDC capacity expansion and stronger relationships with hyperscalers [7] - **Kstar's Price Target and Risks**: - Similar DCF methodology for price target; downside risks include slower IDC capacity expansion and new entrants in the market [8] - Upside risks include faster IDC capacity expansion and higher overseas shipments [8] Additional Important Information - **Analyst Team**: The report was prepared by UBS Securities Asia Limited, with analysts Yishu Yan, Anna Yuan, and Ken Liu involved [5] - **Valuation Methodology**: The report emphasizes the use of DCF methodology for price targets and highlights the importance of understanding risks before making investment decisions [7][8] This summary encapsulates the critical insights and data from the conference call, focusing on the developments in the China data center equipment industry, particularly regarding NVIDIA's advancements and the implications for investment opportunities in Kstar and Kehua.

证券日报网讯1月14日，科华数据（002335）在互动平台回答投资者提问时表示，公司已与腾讯云在数 据中心领域建立了深入密切的合作关系，针对腾讯云的个性化需求，规划设计、建设及运营了张家口、 广州、清远地区的四大定制化数据中心，提供包括咨询规划、产品方案、集成管理、工程建设、运维管 理、IDC运营到增值服务在内的全生命周期服务。同时，公司与腾讯云开展了弹性资源池模式合作，在 上海、广东等数据中心导入腾讯云资源，为进驻用户提供更为便捷的腾讯云服务。此外，公司的UPS、 高压直流、精密配电、动环监控、MDC集成产品、TB集装箱数据中心等产品也在腾讯数据中心多个项 目中应用。未来，公司将继续携手腾讯云等行业合作伙伴，深入产业共创价值，为用户提供更加优质的 产品和服务，为千行百业的创新发展贡献更大力量。 ...

证券日报网讯1月14日，科华数据（002335）在互动平台回答投资者提问时表示，截至2026年1月9日公 司股东户数约为10.8万户。 ...

Investment Rating - The industry investment rating is positive, indicating an overweight outlook for the AIDC sector, suggesting it will outperform the overall market [8]. Core Insights - The AIDC industry is expected to experience significant breakthroughs in computing power, models, and applications in 2026, with domestic computing power transitioning from usable to highly effective [2]. - The demand from cloud vendors remains strong, with a notable increase in IDC orders expected to be fulfilled by mid-2026, indicating a robust growth trajectory for cloud computing infrastructure [2]. - The supply side faces challenges due to the scarcity of effective supply, as the government emphasizes orderly guidance and efficient construction of intelligent computing centers [2]. Summary by Sections Demand Side - Cloud vendors are expected to have high demand for IDC, with orders from Q1 2025 anticipated to be deployed by Q2-Q3 2026, necessitating significant capital investment [2]. - The new round of IDC bidding has commenced, with an accelerated delivery schedule expected [2]. Supply Side - The government is focusing on optimizing the layout of intelligent computing resources, which will create a balanced supply-demand situation in the long term [2]. - There is a noted expectation for supply of supporting equipment, such as UPS and HVDC systems, to meet the needs of AIDC construction [2]. Key Companies - Key players in the industry include leading IDC companies like Runze Technology and Dongyangguang, as well as emerging companies like Aofei Data and Guanghuan New Network [2]. - Companies providing essential supply and cooling solutions, such as Kehua Data and Zhongheng Electric, are also highlighted as important players [2].

13 January 2026 | 4:28PM CST Equity Research CHINA INDUSTRIAL TECH: DATA CENTER ELECTRICALS The Export Alpha – Buy Kstar on US AIDC ODM Wins; Neutral on Kehua We reiterate Buy on Kstar (12m TP of Rmb67.6, 26% upside) and Neutral on Kehua (12m TP of Rmb50.5, 24% downside), two diverging investment stories within data center electricals. While both benefit from secular power demand, we see Kstar as better positioned to capture the high-margin US AIDC growth. Conversely, Kehua remains more exposed to the domes ...

1月14日，科华数据涨5.07%，截至发稿，报64.65元/股，成交13.33亿元，换手率4.66%，总市值333.22 亿元。 资料显示，科华数据股份有限公司位于福建省厦门火炬高新区火炬园马垄路457号，成立日期1999年3月 26日，上市日期2010年1月13日，公司主营业务涉及信息设备用UPS电源、工业动力用UPS电源的生产 与销售。主营业务收入构成为：新能源产品49.62%，数据中心产品21.01%，IDC服务收入16.43%，智慧 电能产品11.77%，其他(补充)1.17%。 招商稳健优选股票A（004784）基金经理为陈西中。 截至发稿，陈西中累计任职时间4年110天，现任基金资产总规模16.3亿元，任职期间最佳基金回报 92.51%， 任职期间最差基金回报29.83%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓科华数据。招商稳健优选股票A（004784）三季度持有股数20. ...

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the IDC/Intelligent Computing Center sector [2]. Core Insights - The report highlights a consensus among AI industry leaders that domestic technology companies are transitioning from followers to leaders in global AI technology [2]. - Significant breakthroughs are expected in 2026 across multiple dimensions, including computing power, models, and applications, with a notable improvement in the usability of domestic computing power [2]. - The IDC sector is anticipated to undergo major changes in 2026, driven by the demand from cloud vendors and the need for efficient computing resources [2]. - The report emphasizes the scarcity of effective supply in the market, with government policies shifting focus from broad construction to orderly guidance and efficient resource allocation [2]. - Key companies identified for investment include leading IDC firms and those in the supply chain for power distribution and temperature control [2]. Summary by Sections Demand Side - High demand from cloud vendors is expected, with a significant number of IDC orders anticipated to be deployed by mid-2026 [2]. - The necessity for cloud vendors to secure quality assets for sustainable computing power supply is highlighted [2]. Supply Side - The report notes a strong scarcity of "effective supply," with government initiatives aimed at optimizing the layout of intelligent computing resources [2]. - The need for supporting equipment such as UPS/HVDC and liquid cooling systems is emphasized due to the redundancy requirements in power supply [2]. Key Companies - Core players in the IDC sector include Runze Technology, Dongyangguang, and Baoxin Software, among others [3]. - Companies with flexible demand and strong client ties, such as Dawi Technology and Aofei Data, are also highlighted as potential investment opportunities [2].