Investment Rating - The report maintains an "Accumulate" rating for the industry, specifically in the power equipment sector [5]. Core Insights - The intelligent computing center industry is experiencing rapid expansion driven by a combination of policy support, local government initiatives, and surging market demand. The investment scale in China's intelligent computing center market reached 87.9 billion yuan in 2023, representing a year-on-year growth of over 90%. It is projected to reach 288.6 billion yuan by 2028 [1][20]. - Local governments and basic telecom operators are the primary participants in the construction of intelligent computing centers, accounting for over 50% of the projects in operation, under construction, or planned as of August 2024. Internet and cloud service providers contribute approximately 17.7% of the projects [20][21]. Summary by Sections 1. Demand Driven Growth in AIDC - The investment scale of intelligent computing centers is significantly increasing due to the resonance of policy support and the demand for large models. The rapid growth in data volume driven by large model applications is pushing the intelligent computing center into an expansion phase [16][17]. - Major telecom operators and internet companies are ramping up their investments in computing power. For instance, China Mobile plans to invest 37.3 billion yuan in computing power, which will constitute 25% of its capital expenditure in 2025 [2][27]. 2. Evolution of Data Center Power Supply Architecture - The current power supply systems in data centers primarily utilize UPS, but there is a gradual shift towards HVDC and Panama power systems. HVDC systems offer significant advantages in reliability, efficiency, and economic viability compared to traditional UPS systems [3][26]. - The Panama power system demonstrates clear advantages in investment costs and operational efficiency, achieving a conversion efficiency of 97% [3][26]. 3. Future Trends in Power Supply Architecture - The transition towards medium and high voltage power supply systems is becoming a trend, with a focus on high-density and energy-efficient solutions in the AIDC era [3][38]. - The report suggests that companies like Kehua Data and Kstar, as well as leaders in HVDC and Panama power systems like Zhongheng Electric, are well-positioned to benefit from the increasing capital expenditures by internet companies [4][38].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030, leading to a corresponding increase in demand for AIDC power equipment [5][13] - The domestic data center industry is expected to see substantial capital expenditure growth, with major cloud providers anticipated to ramp up investments, particularly in AI infrastructure [18][24] - The industry is characterized by a long power transmission chain, with established global players like Eaton and Schneider Electric dominating, while domestic companies are gaining competitive advantages in various segments [5][13] AIDC Power Equipment Summary - The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW from 2025 to 2030, with an average annual growth rate of 20% [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - Recent performance in the AIDC power equipment sector has shown significant gains, particularly in transformers and switchgear, with notable stock performances from companies like TBEA and XWDA [5][28] Grid Industry Summary - National power engineering investment reached 1,057 billion yuan in June 2025, a year-on-year increase of 22.5% [32] - The grid engineering investment for the same period was 871 billion yuan, reflecting a year-on-year growth of 4.1% [33] - The bidding results for the State Grid's transformer equipment showed a total bid amount of 211.89 billion yuan, a year-on-year increase of 38.1% [61] - The focus for the grid industry includes high voltage orders and the development of new business models such as virtual power plants and green electricity direct supply [5][55]

Core Viewpoint - Zhongheng Electric has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -5.29% [1] Company Overview - Zhongheng Electric Co., Ltd. was founded in 1996 and listed on the Shenzhen Stock Exchange in March 2010. The company focuses on building a zero-carbon intelligent society and operates in the digital energy sector [1]. Financial Performance - Morgan Stanley Fund's "Morgan Stanley Digital Economy Mixed A" has entered the top ten shareholders of Zhongheng Electric, marking a new investment in the second quarter of this year. The fund has achieved a return of 15.60% year-to-date, ranking 1404 out of 4491 in its category [1]. Fund Manager Profile - The fund manager of Morgan Stanley Digital Economy Mixed A is Lei Zhiyong, who holds a master's degree in computer software and theory from Peking University. He has held various positions in telecommunications and fund management since joining Morgan Stanley in October 2014 [4][5].

Summary of Conference Call for Zhongheng Electric Industry and Company Overview - The conference call focuses on Zhongheng Electric, a company specializing in HVDC (High Voltage Direct Current) technology and power electronics, particularly in the context of data centers and cloud computing [2][3][5]. Key Points and Arguments HVDC Technology and Market Position - Zhongheng Electric has a significant advantage in the HVDC sector, especially in replacing UPS systems, with promising prospects for its 800V products due to increasing power supply requirements [2][5]. - The penetration rate of the 240V HVDC products has increased significantly, with major clients like Alibaba, Tencent, and ByteDance validating the technology [2][5]. - The company is expected to achieve revenues of 200 million in 2025, maintaining a PE ratio of around 40 times, driven by strong market expectations for HRDC (High Reliability Direct Current) growth [2][9]. Cloud Capital Expenditure (CAPEX) Recovery - The anticipated recovery of cloud CAPEX is favorable for Zhongheng, with Alibaba's capital expenditure expected to exceed 100 billion this year, leading to significant orders for B30 and B40 products [2][8]. - The company is positioned to benefit from large-scale procurement as major clients restore their KPIs, with expectations of high order and revenue growth in the data center business [11][12]. Software and Digitalization - Zhongheng Electric has been developing its software capabilities since 2015, focusing on digitalization and cloud platform solutions, which, while not rapidly growing, enhance the company's overall software capabilities [3][6]. Competitive Landscape and Innovation - The company has a strong patent portfolio and is a key player in establishing HVDC standards in China, providing it with a competitive edge [3][15][21]. - Zhongheng's product range covers various sectors, including energy storage and smart grid solutions, leveraging its expertise in power electronics and digital energy platforms [15][16]. Financial Performance and Projections - The company reported a doubling of order revenue in Q1, although Q2 may show some pressure due to high non-financial income in the previous year [10]. - The overall revenue growth is projected to exceed 30-35% over the next few years, with expectations of reaching 500 million by the third year [27]. Customer Base and Market Trends - The demand for data centers is expanding, particularly among internet companies, with Zhongheng being a core beneficiary due to its partnerships with major clients like Alibaba, Tencent, and ByteDance [19]. - The company is also well-positioned to meet the increasing demand from telecom operators and financial institutions for data center solutions [19]. Management and Corporate Structure - The company has a stable ownership structure, with significant shares held by the controlling shareholder and their spouse, while new management focuses on expanding overseas markets [14]. - The establishment of a subsidiary in Singapore is crucial for expanding into Southeast Asia and global markets [14][22]. Challenges and Risks - Despite the positive outlook, there are concerns regarding potential price reductions in large-scale procurement, which could impact margins [12]. - The company faces geopolitical risks and tariff disruptions in overseas markets, although its domestic production mitigates these impacts [22][23]. Additional Important Insights - Zhongheng Electric's strong relationships with major clients and its ability to provide customized solutions enhance its market position and customer loyalty [21]. - The company is actively expanding its presence in the digital grid sector, providing software services for power grid companies and generation groups [24]. - The communication power supply segment remains a core product area, with ongoing demand from both domestic and international markets, particularly in the context of 5G infrastructure [25][26].

杭州中恒电气股份有限公司 证券代码：002364 证券简称：中恒电气 公告编号：2025-39 | 杭州中 恒科技 | 200,389,724 | 35.56% | 60,400,000 | 30.14% | 10.72% | 0 | 0 | 0 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资有 | | | | | | | | | | | 限公司 | | | | | | | | | | | 朱国锭 | 25,696,305 | 4.56% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | 包晓茹 | 7,210,700 | 1.28% | 0 | 0 | 0 | 0 | 0 | 5,408,025 | 75% | | 合计 | | | 233,296,729 41.40% 60,400,000 25.89% 10.72% | | | 0 | 0 | 5,408,025 | 3.13% | 三、其他说明 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 ...

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].

Core Viewpoint - The company held its first board meeting of the ninth session on July 17, 2025, where key leadership positions were elected and senior management appointments were made [1][2][3][4] Group 1: Board Elections - The board unanimously elected Ms. Bao Xiaoru as the chairperson of the ninth board for a term of three years [1] - Mr. Xu Feifei was elected as the vice chairperson of the ninth board, also for a term of three years [2] - The board established four specialized committees: Audit Committee, Nomination Committee, Compensation and Assessment Committee, and Strategy and Planning Committee, with designated chairs and members for each [2] Group 2: Senior Management Appointments - Mr. Xu Feifei was appointed as the general manager, with Mr. Qiu Xiangdong, Mr. Duan Jianping, and Mr. Fang Nengjie appointed as deputy general managers [3] - Mr. Duan Jianping was also appointed as the financial director [3] - Mr. Fang Nengjie was appointed as the board secretary, and Ms. Zhang Yaoyue was appointed as the securities affairs representative [3] - Mr. Li Weiming was appointed as the internal audit head [3][4]

Group 1 - The company received a notification from its controlling shareholder, Hangzhou Zhongheng Technology Investment Co., Ltd., regarding the release of part of its pledged shares [1] - A total of 8,550,000 shares, representing 4.27% of the controlling shareholder's holdings and 1.52% of the company's total shares, were released from pledge [1] - The pledge was initiated on August 7, 2024, and was released on July 16, 2025 [1] Group 2 - As of the announcement date, the controlling shareholder and its concerted parties had a total of 91,000,000 pledged shares, accounting for 39.01% of their holdings [3] - The total number of shares held by the controlling shareholder and its concerted parties is 233,296,729, which is 41.40% of the company's total shares [3] - There are no risks of forced liquidation or transfer of shares that would affect the company's actual control or involve significant asset restructuring obligations [3]

Core Viewpoint - The announcement details the completion of the board of directors' re-election and the appointment of senior management personnel at Hangzhou Zhongheng Electric Co., Ltd, marking a significant governance transition for the company [1][2]. Group 1: Board Composition - The ninth board of directors consists of 7 members, including 4 non-independent directors (1 employee director) and 3 independent directors [1][2]. - The non-independent directors include Bao Xiaoru (Chairwoman), Xu Feifei (Vice Chairman), and Qiu Xiangdong [1][2]. - The independent directors are Ye Xiaojian, Zeng Pingliang, and Jiang Ning, with their qualifications approved by the Shenzhen Stock Exchange [2]. Group 2: Board Committees - The specialized committees of the board include: - Audit Committee: Chaired by Ye Xiaojian, with members Zeng Pingliang and Jiang Ning - Nomination Committee: Chaired by Zeng Pingliang, with members Ye Xiaojian and Xu Feifei - Compensation and Assessment Committee: Chaired by Ye Xiaojian, with members Zeng Pingliang and Xu Feifei - Strategy and Planning Committee: Chaired by Bao Xiaoru, with members Qiu Xiangdong and Jiang Ning - The term for these committees is three years, aligning with the board's term [2]. Group 3: Senior Management Appointments - Xu Feifei is appointed as the General Manager, with Qiu Xiangdong, Duan Jianping, and Fang Nengjie serving as Deputy General Managers [2]. - Duan Jianping also holds the position of Chief Financial Officer [2]. Group 4: Other Key Appointments - Fang Nengjie is appointed as the Board Secretary, and Zhang Yaoyue is appointed as the Securities Affairs Representative [2]. - Li Weiming is appointed as the Internal Audit Head [4]. Group 5: Qualifications and Backgrounds - All appointed individuals have met the qualifications required by the Company Law and relevant regulations, with no reported legal or regulatory issues [3][6][7][10][11][12][13][14][15]. - Bao Xiaoru holds 7,210,700 shares, representing 1.28% of the company’s total shares [5].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州中恒电气股份有限公司（以下简称"公司"）于近日收到控股股东杭州 中恒科技投资有限公司（以下简称"中恒投资"）的通知，获悉其所持有的公司 部分股份已解除质押，具体事项如下： | 股东 | 是否为控 股股东或 第一大股 | 本次解除质押 股份数量 | 占其所持 | 占公司总股 | 质押起始日 | 质押解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一 | （股） | 股份比例 | 本比例 | | | | | | 致行动人 | | | | | | | | 杭州中 | | | | | | | 上海海 通证券 | | 恒科技 | 是 | 8,550,000 | 4.27% | 1.52% | 2024-08-07 | 2025-07-16 | 资产管 | | 投资有 | | | | | | | | | 限公司 | | | | | | | 理有限 | | | | | | | | | 公司 | | | 合计 | 8,550,0 ...