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]

Meeting Details - The annual general meeting of shareholders was held on May 15, 2025, at 14:00 [2] - The meeting took place at the company's conference room located at 69 Dongxin Avenue, Binjiang District, Hangzhou [3] - The meeting was conducted through a combination of on-site voting and online voting [4] Attendance - A total of 511 shareholders attended the meeting, representing 245,987,347 shares, which is 43.7320% of the total voting shares [6] - Among them, 4 shareholders attended the meeting in person, representing 201,294,929 shares (35.7865% of total voting shares) [6] - 507 shareholders participated via online voting, representing 44,692,418 shares (7.9455% of total voting shares) [7] - Small shareholders accounted for 12,690,618 shares (2.2562% of total voting shares) [8] Proposals Reviewed and Voting Results 1. The 2024 Board of Directors' Work Report was approved with 245,661,454 votes in favor (99.8675%) [12] 2. The 2024 Supervisory Board's Work Report was approved with 245,736,554 votes in favor (99.8980%) [13] 3. The 2024 Annual Report and its summary were approved with 245,734,754 votes in favor (99.8973%) [14] 4. The 2024 Financial Settlement Report was approved with 245,728,754 votes in favor (99.8949%) [15] 5. The 2024 Profit Distribution Plan was approved with 245,669,454 votes in favor (99.8708%) [16] 6. The proposal to reappoint the accounting firm was approved with 245,720,154 votes in favor (99.8914%) [17] 7. The 2025 Director Compensation Plan was approved with 245,670,654 votes in favor (99.8713%) [18] 8. The 2025 Supervisor Compensation Plan was approved with 245,593,754 votes in favor (99.8400%) [19] 9. The proposal to apply for bank credit was approved with 245,643,154 votes in favor (99.8601%) [20] Legal Witness - The meeting was witnessed by lawyers from Zhejiang Tian Ce Law Firm, confirming that the meeting's procedures complied with legal and regulatory requirements [21]

浙江天册律师事务所 关 于 杭州中恒电气股份有限公司 2024 年度股东大会的 法律意见书 天册律师事务所 杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 电话：+ 86 571 8790 1110 传真：+ 86 571 8790 1500 www.tclawfirm.com 法律意见书 浙江天册律师事务所 关于杭州中恒电气股份有限公司 2024 年度股东大会的 法律意见书 编号：TCYJS2025H0762 号 致：杭州中恒电气股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会 规则》"）等法律、法规和规范性文件及《杭州中恒电气股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，浙江天册律师事务所（特殊普通合伙）（以 下简称"本所"）接受杭州中恒电气股份有限公司（以下简称"中恒电气"或"公 司"）的委托，指派律师参加中恒电气 2024 年度股东大会，并出具本法律意见书。 本法律意见书仅供中恒电气 2024 年度股东大会之目的使用。本所律师同意 将本法律意见书随中恒电气本次股东大会 ...

证券代码：002364 证券简称：中恒电气 公告编号：2025-21 杭州中恒电气股份有限公司 2024年度股东大会决议公告 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。 一、会议召开和出席情况 (一) 会议时间： 1、现场会议日期与时间：2025年5月15日（星期四）下午14:00； 2、网络投票日期与时间：2025年5月15日（星期四），其中通过深圳证券交 易所交易系统进行网络投票的具体时间为：2025年5月15日9:15-9:25，9:30— 11:30，13:00—15:00；通过深圳证券交易所互联网投票系统进行网络投票的具 体时间为：2025年5月15日9:15-15:00期间的任意时间。 (二) 现场会议召开地点：杭州市滨江区东信大道69号公司十九楼会议室。 (三) 会议召开方式：本次股东大会采取现场表决与网络投票相结合的方 式召开。 (四) 会议召集人：公司董事会 (五) 会议主持人：董事长包晓茹女士 （1）现场会议股东出席情况 通过现场投票的股东4人，代表股份201,294,929股，占公司有表决权股份总 数的35.7865％。 （2）网络投 ...

Core Insights - The solar energy sector experienced a slight increase of 1.56% as of the market close on May 12, with several companies showing significant gains [1] Group 1: Company Performance - Jinbo Co., Dongni Electronics, Chunxing Precision, and Xingshuai Er all saw their stock prices rise by over 10% [1] - Other notable performers include Wangzi New Materials, Baoxin Technology, Zhongheng Electric, Lierda, and Lens Technology, which increased by over 9% [1] - Aiko Solar's stock rose by 8.09% [1] Group 2: Fund Flow - The solar energy sector saw a net inflow of 2.225 billion yuan in main funds on May 12 [3] - The breakdown of fund flow indicates that large orders contributed 1.642 billion yuan, while medium and small orders saw outflows of 1.495 billion yuan and 0.533 billion yuan, respectively [4] Group 3: Top Fund Inflows - The top three companies receiving net inflows were BYD with 557 million yuan, Sunshine Power with 331 million yuan, and Zhongheng Electric with 284 million yuan [4][7] - Other companies in the top ten for net inflows include TCL Technology, Lens Technology, Longi Green Energy, Chunxing Precision, Gree Electric, Xingshuai Er, and Tongwei Co., with inflows ranging from 87.1 million to 224 million yuan [7]

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

Market Overview - On May 7, the Shanghai Composite Index rose by 0.80%, with the total margin trading balance reaching 1,808.746 billion yuan, an increase of 7.402 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 919.064 billion yuan, up by 3.047 billion yuan; in the Shenzhen market, it was 884.493 billion yuan, up by 4.291 billion yuan; and in the Beijing Stock Exchange, it was 5.189 billion yuan, up by 0.065 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 16 sectors saw an increase in margin trading balances, with the non-bank financial sector leading with an increase of 1.761 billion yuan, followed by the computer and defense industries with increases of 1.507 billion yuan and 1.263 billion yuan, respectively [1] Stock Performance - A total of 1,896 stocks experienced an increase in margin trading balances, accounting for 51.66% of the total, with 363 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Zhongheng Electric, which had a latest balance of 100.3126 million yuan, reflecting an increase of 87.28% from the previous trading day, and its stock price rose by 1.69% [1] - Other notable stocks with significant increases in margin trading balances included Rishidongfang and Huiwei Intelligent, with increases of 69.89% and 58.51%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increases in margin trading balances, the average increase in stock prices was 5.42%, with notable gainers including Tongyi Aerospace, Daye Co., and Huiwei Intelligent, which saw increases of 25.11%, 20.01%, and 14.01%, respectively [2] - Conversely, the stocks with the largest declines included Chunguang Intelligent, Aima Technology, and Daimai Co., with declines of 5.59%, 3.87%, and 2.93%, respectively [2] Margin Trading Balance Declines - In contrast to the stocks with increased margin trading balances, 1,774 stocks saw a decrease, with 226 stocks experiencing declines of over 5% [4] - The stock with the largest decline in margin trading balance was Xiexin Nengke, with a latest balance of 45.24795 million yuan, reflecting a decrease of 37.65% from the previous trading day [5] - Other stocks with significant declines included Oukang Pharmaceutical and Hengxing Technology, with decreases of 29.99% and 27.74%, respectively [5]

Core Viewpoint - The company, Hangzhou Zhongheng Electric Co., Ltd., has initiated a share repurchase plan to enhance company value and protect shareholder interests, with a total repurchase amount between RMB 25 million and RMB 50 million, and a maximum repurchase price of RMB 23 per share [1]. Group 1: Share Repurchase Progress - As of April 30, 2025, the company has repurchased a total of 1,076,700 shares, representing 0.19% of the total share capital, with a total transaction amount of RMB 14,912,669, excluding transaction fees [2]. - The highest transaction price during the repurchase was RMB 14.15 per share, while the lowest was RMB 13.34 per share [2]. Group 2: Compliance and Regulations - The company's share repurchase activities comply with relevant regulations, including the "Regulations on the Repurchase of Shares by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies" [3]. - The company has not repurchased shares during periods that could significantly impact the trading price of its securities [4]. Group 3: Future Actions - The company will continue to implement the share repurchase plan in accordance with legal regulations and the approved repurchase scheme, while ensuring timely disclosure of progress to investors [5].

证券代码：002364 证券简称：中恒电气 公告编号：2025-20 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托时 间均符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号 ——回购股份》等有关规定。 1、公司未在下列期间回购股份： 杭州中恒电气股份有限公司 关于回购公司股份的进展公告 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。 杭州中恒电气股份有限公司（以下简称"公司"）于2025年4月11日召开第八届 董事会第十二次会议，审议通过了《关于回购公司股份方案的议案》，同意公司以 自有资金通过集中竞价交易方式回购部分公司发行的人民币普通股（A股），用于维 护公司价值及股东权益。本次回购的资金总额不低于人民币2,500万元且不超过人 民币5,000万元，回购价格不超过人民币23元/股，实施期限为自公司董事会审议通 过回购方案之日起3个月之内。具体内容详见公司2025年4月12日披露的《关于回购 公司股份方案的公告暨回购报告书》（公告编号：2025-05）。 一、回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券 ...