Core Viewpoint - Zhongheng Electric announced on August 19 that its stock price had deviated significantly, with a cumulative increase of over 20% in closing prices over three trading days, indicating abnormal trading activity [1] Group 1: Company Operations - The company confirmed that its recent operational situation is normal and that there have been no significant changes in the internal and external operating environment [1] - The company is actively promoting the expansion of its overseas market [1] Group 2: Misinformation and Clarifications - The company addressed recent online rumors regarding collaborations with major overseas cloud providers such as Nvidia, Meta, and Google, stating that these claims are false [1] - As of now, the company has not signed any cooperation agreements or sales contracts with the aforementioned overseas cloud providers [1] Group 3: Investor Advisory - The company urged investors to make rational decisions and be aware of investment risks [1]

Core Viewpoint - Zhongheng Electric (002364.SZ) has issued a statement regarding recent rumors about partnerships with major overseas cloud service providers such as Nvidia, Meta, and Google, clarifying that these claims are false and that no cooperation agreements or sales contracts have been signed with these companies [1] Group 1 - The company is actively working on expanding its overseas market presence [1] - Investors are advised to make rational decisions and be aware of investment risks [1]

证券代码：002364 证券简称：中恒电气 公告编号：2025-41 杭州中恒电气股份有限公司（以下简称"公司"）（证券简称：中恒电气， 证券代码：002364）股票连续三个交易日内（2025年8月15日、2025年8月18日、 2025年8月19日）日收盘价格涨幅偏离值累计超过20%，根据深圳证券交易所相关 规定，属于股票交易异常波动情形。 二、公司关注、核实情况的说明 杭州中恒电气股份有限公司 针对股票交易异常波动的情况，公司对有关事项进行了核查，现将核查情况 说明如下: 1、公司前期披露的信息不存在需要更正、补充之处； 股票交易异常波动公告 2、公司关注到近期网上传播的关于公司与英伟达、Meta、谷歌等海外知名 云厂商就数据中心电源的代工、产品销售及价格等相关信息，均为不实传闻，截 至目前公司未与上述海外云厂商签署合作协议或销售合同。公司目前正在积极推 进海外市场的拓展工作，敬请投资者理性决策，注意投资风险； 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、股票交易异常波动的情况 1、经自查，公司不存在违反信息公平披露的情形。 2、经公司财务部核算， ...

当天机构净买入前三的股票分别是腾龙股份、大智慧、南风股份，净买入金额分别是3.44亿元、3.42亿 元、1.84亿元。 当天机构净卖出前三的股票分别是北纬科技、航天科技、中恒电气，净流出金额分别是1亿元、9848万 元、9671万元。 | | 龙虎榜 08.19 | | | --- | --- | --- | | 证券简称 | 目 涨跌幅 | 机构净买入 (万元) | | 腾龙股份 | 10.02% | 34355.42 | | 大智慧 | 8.59% | 34235.93 | | 南风股份 | 13.72% | 18404.93 | | 电子城 | 9.99% | 17946.77 | | 科泰电源 | 10.32% | 16935.77 | | 川润股份 | 10.01% | 16682.26 | | 华正新材 | 10.01% | 12285.38 | | 华胜天成 | 10.01% | 11863.71 | | 华宏科技 | 9.99% | 9477.28 | | 中科海讯 | 20.00% | 9399.34 | | 广东建科 | 19.99% | 8647.85 | | 横河精密 | 7.58% ...

Core Points - Zhongheng Electric experienced a trading halt today with a daily turnover rate of 25.59% and a transaction amount of 3.473 billion yuan, showing a price fluctuation of 6.62% [2] - The stock was flagged by the Shenzhen Stock Exchange due to a daily price deviation of 9.89%, with institutional investors net selling 96.71 million yuan and the Shenzhen Stock Connect net selling 57.50 million yuan [2] - The top five trading departments accounted for a total transaction of 891 million yuan, with a buying amount of 373 million yuan and a selling amount of 519 million yuan, resulting in a net sell of 146 million yuan [2] Trading Details - Among the trading departments, two institutional special seats were involved, with a total buying amount of 48.81 million yuan and a selling amount of 146 million yuan, leading to a net sell of 96.71 million yuan [2] - The Shenzhen Stock Connect was the largest buying and selling department, with a buying amount of 140 million yuan and a selling amount of 197 million yuan, resulting in a net sell of 57.50 million yuan [2] - The main capital flow showed a net inflow of 28.92 million yuan, with a large single net inflow of 106 million yuan and a large single net outflow of 766.94 million yuan over the day [2]

Group 1 - Major stocks such as Dayuan Pump Industry opened lower by 5.50% while military stock Great Wall Military Industry opened down 0.44% [1] - Media stock Jishi Media opened down 0.23%, while commercial aerospace concept stock Guoji Precision Engineering opened up 2.18% [1] - IDC power concept stocks like Tongzhou Electronics reached a limit up after 6 consecutive days of gains, and Zhongheng Electric opened up 4.71% [1] Group 2 - Huawei supply chain company Huasheng Tiancai opened up 6.00% after 8 consecutive days of gains [1] - Liquid cooling server concept stock Feilong Co. opened up 1.90% after 9 consecutive days of gains, while Jintian Co. reached a limit up after 4 days of gains [1] - Furniture stock Aili Home opened up 0.53%, and brokerage stock Great Wall Securities opened up 3.39% [1]

Group 1 - The core viewpoint of the article highlights the significant performance and market activity of Zhongheng Electric (002364), with a notable stock price increase of 10.02% to 20.64 yuan as of August 15, 2025 [1] - The company reported a total operating revenue of 388 million yuan for Q1 2025, reflecting a year-on-year growth of 11.07% [1] - The net profit attributable to shareholders reached 20.29 million yuan, showing a substantial year-on-year increase of 84.32% [1] Group 2 - The company has a current ratio of 2.266 and a quick ratio of 1.681, indicating strong liquidity [1] - The debt-to-asset ratio stands at 33.90%, suggesting a moderate level of financial leverage [1] - Zhongheng Electric has made investments in 11 companies and participated in 1,566 bidding projects, showcasing its active engagement in the market [2]

Investment Rating - The report does not provide a specific investment rating for the company [5]. Core Insights - The company is a pioneer in HVDC solutions for data centers and is expected to benefit from the long-term opportunities presented by the AI computing wave [1][2]. - The global demand for AI data centers is projected to grow rapidly, with a CAGR of 20% from 2025 to 2030, leading to significant capital expenditures in the sector [2][48]. - The company has developed an 800V high-power rectifier module, which is expected to enhance its market position as the global AI data center HVDC market could reach 62 billion yuan by 2030 [3][48]. Summary by Sections Company Overview - Established in 1996, the company specializes in power supply solutions, serving major clients in telecommunications and power sectors [1][13]. - The company has two main business segments: power electronics manufacturing and energy internet, with a focus on data center power supplies, communication power, and electric vehicle charging solutions [23][24]. Market Trends - The demand for AI computing infrastructure is expected to drive the growth of data center power solutions, with significant capital investments anticipated in the coming years [2][48]. - The penetration rate of HVDC solutions is expected to increase as they offer advantages over traditional UPS systems, such as smaller footprint and higher efficiency [2][66]. Financial Projections - The company is projected to achieve a net profit of 1.59 billion yuan in 2025, with a year-on-year growth of 45.4%, and a PE ratio of 68 [3][4]. - Revenue is expected to grow from 1.96 billion yuan in 2024 to 3.93 billion yuan in 2027, reflecting a compound annual growth rate of approximately 29.1% [4]. Product Development - The company is actively developing its 800V product line, which is anticipated to be a key growth driver as the market for AI data center HVDC solutions expands [3][48]. - Solid-state transformers are highlighted as a potential solution for achieving higher voltage levels in HVDC applications, which could further enhance efficiency and reduce space requirements [66][74]. Competitive Landscape - The company has established strong partnerships with leading telecommunications and internet companies, positioning itself favorably within the competitive landscape [19][34]. - The report indicates that the company is well-positioned to benefit from the ongoing technological advancements and increasing demand for efficient power solutions in data centers [2][66].

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

二、股东股份累计质押情况 截至本公告披露日，公司控股股东中恒投资及其一致行动人所持质押股份情 证券代码：002364 证券简称：中恒电气 公告编号：2025-40 杭州中恒电气股份有限公司 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 名称 | 是否为控 股股东或 本次解除质押 第一大股 股份数量 | 占其所持 股份比例 | 占公司总股 本比例 | 质押起始日 | 质押解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 （股） | | | | | | | | 致行动人 | | | | | | | 杭州中 恒科技 | | | | | | 杭州联 合农村 | | | | | | | | 商业银 | | 投资有 | 是 13,400,000 | 6.69% | 2.3 ...