Group 1 - The AI era presents transformative opportunities for the renewable energy industry chain, with potential deep integration with AIDC, humanoid robots, and low-altitude economy, driving intelligent upgrades in society and expanding growth space in the industry [1][2] - Major AI companies are accelerating capital expenditures, leading to a significant upward shift in the renewable energy + AIDC sector, with technologies like HVDC and BBU enhancing data center efficiency and reliability [1][5] - The humanoid robot sector is at a critical transition from 0 to 1, with the potential for significant growth as companies in the electric vehicle supply chain, such as Tesla, expand into this field [1][21] Group 2 - The renewable energy + AIDC sector is experiencing a major opportunity due to AI's deepening integration, which is expected to optimize resource allocation and enhance decision-making quality [2][5] - Data centers are evolving into innovation centers, with AIDC investments serving as forward-looking indicators of growth, necessitating improvements in energy infrastructure to meet increasing power density demands [5][7] - UPS systems are currently the most widely used in data centers, with HVDC and Panama power systems representing the next evolutionary step in power supply solutions [9][11] Group 3 - The humanoid robot industry is in its early stages, with a projected market size of 10 trillion RMB by 2028, driven by advancements in technology and decreasing costs [14][19] - National policies are significantly supporting the humanoid robot sector, emphasizing its importance and promoting applications across various fields [19][20] - Tesla is a core driver of global humanoid robot development, with plans to produce thousands of units by 2025 and expand production significantly by 2026 [21][25] Group 4 - The low-altitude economy is expected to exceed a trillion RMB in scale, with eVTOL and drones as key components, driven by policy support and rapid advancements in certification processes [50][55] - The low-altitude economy's industrial chain is robust, with a focus on manufacturing and infrastructure, highlighting a dual transformation towards intelligence and low carbon [52][56] - Policies are crucial in the early stages of the low-altitude economy's development, with initiatives aimed at fostering technological breakthroughs and market cultivation [55][59] Group 5 - Key companies in the renewable energy + AIDC sector include Kehua Data, Hewei Electric, and others, while the humanoid robot sector features companies like Keda Li and Zhenyu Technology [2][63] - The low-altitude economy is represented by companies such as Yingboer and EHang, which are actively developing eVTOL products and related technologies [63][62]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

（文章来源：每日经济新闻） 消息面上，近日，《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策举措》印发，旨在 做好科技金融大文章，加快构建同科技创新相适应的科技金融体制，支撑高水平科技自立自强和科技强 国建设。 万联证券认为，本次政策旨在加快建设具有中国特色的科技金融体系，建议关注：（1）新质生产力是 推动我国高质量发展和经济增长的重要新动能，科技金融政策赋能新质生产力发展，关注传统产业改造 升级、新兴产业和未来产业培育壮大带来的投资机遇；（2）科技摩擦加剧背景下，我国亟需实现产业 链供应链自主可控，核心关键技术领域有望逐步突破，关注国产替代加速带来的投资机遇。 5月15日午后，A股延续回调态势，主要宽基指数跌多涨少。行业板块方面，计算机、传媒、通信等 TMT细分行业领跌A股。概念板块方面，金融科技、东数西算、IDC（算力租赁）、炒股软件、AI算力 等概念指数盘中重挫。聚焦算力板块的云计算50ETF（516630）午后跌幅持续拉大，一度跌超3%，持 仓股科华数据、奥飞数据、光环新网、用友网络、润泽科技、拓维信息等跌幅居前。 公开信息显示，云计算50ETF（516630）的AI算力含量较高，标的指数成 ...

Group 1 - The computing power concept stocks experienced a significant decline in the afternoon trading session [1] - Kehua Data (002335) approached the limit down, indicating a severe drop in its stock price [1] - Hongjing Technology (301396) fell over 8%, reflecting a notable decrease in market confidence [1] Group 2 - Other companies such as Lian Technology (300603), Aofei Data (300738), and Dawi Technology (600589) also reported substantial declines, with their stock prices among the worst performers [1]

Industry Overview - The energy storage inverter is a device that converts direct current (DC) from batteries into alternating current (AC), playing a crucial role in energy storage systems and enabling bidirectional energy flow between storage systems and the grid [1][4] - The market for energy storage inverters in China is rapidly growing, with the market size projected to increase from 2.21 billion yuan in 2020 to 12.098 billion yuan in 2024 [1][14] - The energy storage industry in China is entering the GWh era, with significant projects being launched, including 10 GWh-level lithium battery projects and 2 300MW compressed air storage projects [8][20] Policy Environment - Multiple policies have been issued to promote the development of new energy storage technologies and products, which will benefit the energy storage inverter industry [10][12] - The government aims to achieve a new energy storage installed capacity of over 30GW by 2025, supported by subsidies and price mechanisms [23] Market Dynamics - The energy storage inverter market is characterized by high concentration, with the top five companies (CR5) holding an 82% market share [14][21] - Major players in the market include Sungrow Power Supply, Kehua Data, and SINE, with Sungrow leading with a market share of 29% [14][16] Technological Trends - The industry is experiencing accelerated technological iteration, focusing on high conversion efficiency, high power density, and intelligent control [20] - Current mainstream products have achieved conversion efficiencies exceeding 98%, with future targets aiming for over 99% [20] Competitive Landscape - The competitive landscape is evolving, with leading companies integrating vertically and horizontally to enhance their capabilities in energy storage solutions [21][22] - Domestic companies are expanding into international markets, leveraging cost and technological advantages to compete globally [22] Application Scenarios - The application scenarios for energy storage inverters are diversifying, with increasing demand in grid-side applications, commercial sectors, and residential markets [23] - The integration of energy storage systems with renewable energy sources is becoming more prevalent, driving the need for efficient and compact inverters [23]

广发证券股份有限公司关于科华数据股份有限公司保荐总结报告书 广发证券股份有限公司 关于科华数据股份有限公司 保荐总结报告书 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为科 华数据股份有限公司（以下简称"科华数据"或"公司"或"发行人"）向不特 定对象发行可转换公司债券（以下简称"本次发行"）的保荐机构，截至 2024 年 12 月 31 日，广发证券对科华数据持续督导期限已届满，现根据《证券发行上 市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保 荐业务》等相关法律法规和规范性文件的要求，出具本保荐总结报告书。 | 情况 | 内容 | | --- | --- | | 上市公司名称 | 科华数据股份有限公司 | | 证券代码 | 002335 | | 注册地址 | 福建省厦门火炬高新区火炬园马垄路457 号 | | 法定代表人 | 陈成辉 | | 董事会秘书 | 林韬 | | 证券事务代表 | 赖紫婷 | | 联系电话 | 0592-5163990 | | 本次证券发行类型 | 向不特定对象发行可转换公司债券 | | 本次证券上市时间 | 年 月 日 2023 9 1 ...

2024 年年度保荐工作报告 | 保荐人名称：广发证券股份有限公司 | 被保荐公司简称：科华数据 | | --- | --- | | 保荐代表人姓名：李晓芳 | 联系电话：020-66338888 | | 保荐代表人姓名：王振华 | 联系电话：020-66338888 | 一、保荐工作概述 广发证券股份有限公司关于科华数据股份有限公司 （本页无正文，为《广发证券股份有限公司关于科华数据股份有限公司 2024 年 年度保荐工作报告》之签字盖章页） | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 | 是 | | 括但不限于防止关联方占用公司资源的制 | | | 度、募集资金管理制度、内控制度、内部审 | | | 计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募 ...

Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][16]. Core Viewpoints - OpenAI plans to expand its $500 billion U.S. data center project, Stargate, and increase overseas investments, indicating a sustained positive outlook for the AIDC (AI Data Center) segment [5][15]. - The competition in AI is expected to intensify, and investments in AIDC will continue to show an upward trend, regardless of future U.S. chip restrictions [5][15]. - The report highlights that the power generation sector remains the most logical area for growth, recommending关注潍柴重机 (Weichai Heavy Machinery) [6][15]. Summary by Sections Investment Viewpoints - The report emphasizes that the power generation sector is experiencing simultaneous growth in volume and profit, with a recommendation to focus on Weichai Heavy Machinery. It also suggests monitoring the HVDC segment, recommending 科华数据 (Kehua Data) and 通合科技 (Tonghe Technology), and highlights opportunities in server power and liquid cooling segments, recommending 英维克 (InvoTech), 申菱环境 (Shenling Environment), and 欧陆通 (Oulutong) [6][15]. Industry Dynamics - OpenAI's expansion of its data center project is aimed at promoting "democratic AI" development, with no details on financing or delivery methods disclosed. The report notes that capital expenditures are still growing rapidly, indicating a strong demand for AIDC construction [18]. - The report also tracks the industrial robot reducer market, noting a projected demand of 1.366 million units in 2024, a year-on-year increase of 14.85% [19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including: - 潍柴重机 (Weichai Heavy Machinery): EPS of 0.56 in 2024, 0.98 in 2025E, and 1.52 in 2026E [8][17]. - 科华数据 (Kehua Data): EPS of 0.68 in 2024, 1.29 in 2025E, and 1.66 in 2026E [8][17]. - 英维克 (InvoTech): EPS of 0.61 in 2024, 0.83 in 2025E, and 1.09 in 2026E, with a "Buy" rating [8][17]. - 通合科技 (Tonghe Technology): EPS of 0.13 in 2024, 0.38 in 2025E, and 0.69 in 2026E, with an "Increase" rating [8][17]. - 申菱环境 (Shenling Environment): EPS of 0.43 in 2024, 1.05 in 2025E, and 1.33 in 2026E, with a "Buy" rating [8][17].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **IDC (Internet Data Center) equipment industry** and its related sectors, including AI chip supply, diesel generator sets, and gas turbine markets. Key Points and Arguments IDC Equipment Demand and Supply - **NVIDIA's H20 chip** is expected to launch in July, alleviating domestic computing power supply constraints, which is further supported by increased capital expenditures from major companies like Tencent and Alibaba, indicating strong domestic demand for computing power [1][2] - The **long-term demand for computing power** remains certain, with increased cabinet power density and a tight supply-demand situation for diesel generators [1][4] - **Tencent's feedback** indicates that third-party IDC may exceed 50%, suggesting potential upward adjustments in CAPEX and OPEX [1][5] Market Dynamics - The **upcoming bidding** from major companies in May and June is expected to exacerbate supply shortages and increase price elasticity [1][5] - **Domestic demand** for computing power is rising due to the easing of card bans and higher-than-expected capital expenditures from major firms [1][4] Company-Specific Insights - **Taihao Company** has established connections with major internet firms and possesses MTU diesel engine resources, indicating significant profit elasticity [1][7] - **Weichai Company** has seen a strong performance in the diesel generator sector, with significant profit contributions and a clear expectation for future growth due to domestic substitution [1][8] - **KOTAI Company** has shown improvements in gross and net profits, with inventory reaching historical highs, indicating a positive trend for future price increases [1][9] - **China Power Company** has reported continuous profit releases in its marine engine business, with significant product shipments [1][10] Gas Turbine Market Trends - **Siemens Energy's latest financial report** shows record revenue and orders in gas-related businesses, with gas turbine orders doubling year-on-year [1][11] - **Domestic heavy-duty gas turbine market** is expected to see significant growth, with orders for a specific company projected to double in 2024 [1][12] AI and Power Supply Developments - **Maimi Company** is experiencing significant improvements in power supply unit (PSU) density, with AI-related orders expected to reach 500 million yuan [1][13] - The **AI application landscape** is evolving, with major companies like Apple and Alibaba emphasizing AI integration in their strategies, indicating sustained growth in AI application demand [1][18] Investment Opportunities - The **upcoming bidding** from Tencent and the tight supply of imported engines present potential investment opportunities for domestic OEM manufacturers [1][6] - The **IDC data center infrastructure sector** is recommended for investment, highlighting companies like Kehua, Shenghong, and Koshida for their strong performance and growth potential [1][19][20] Future Outlook - The **AI data center market** is at a turning point, with expected large-scale catalysts in May, indicating a strong long-term demand for AI development [1][22] - The **IDC power equipment industry** is showing positive trends, with companies expanding into North America and Southeast Asia, supported by strong order growth [1][23]

Group 1 - The core viewpoint of the articles highlights that over twenty chairpersons of energy storage companies in the A-share market have annual salaries exceeding one million yuan, with nearly half of these companies experiencing year-on-year salary growth [1][2] - The top ten highest-paid chairpersons in the energy storage sector for 2024 include prominent figures such as Wang Chuanfu from BYD, Nan Cunhui from Chint Electric, and Zeng Yuqun from CATL, with salaries ranging from 765.50 million yuan to 225.83 million yuan [1][2] - Among the top ten chairpersons, 70% experienced a year-on-year salary increase, with the fastest-growing salaries seen in companies like Funeng Technology and Xinnengda, both exceeding a 50% increase [2] Group 2 - CATL reported a revenue of 362.01 billion yuan for 2024, a decrease of 9.70% year-on-year, while its net profit attributable to shareholders reached 50.75 billion yuan, marking a 15.01% increase, translating to a daily profit of 139 million yuan [2] - Zeng Yuqun, despite being among the top three highest-paid chairpersons, saw a decline in his salary to 5.743 million yuan, down 10.36% from 6.4065 million yuan in 2023 [2]