第九届董事会第三次会议决议公告 证券代码：002364 证券简称：中恒电气 公告编号：2025-46 杭州中恒电气股份有限公司 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"）第九届董事会第三次会议 于2025年9月15日在杭州市滨江区东信大道69号公司十九楼会议室以现场会议加 通讯表决的方式召开，经全体董事同意豁免会议通知期。本次会议应出席董事7 人，实际出席董事7人，其中董事包晓茹、仇向东、叶肖剑、曾平良、姜宁以通 讯方式出席会议。本次会议由公司董事长包晓茹主持，公司高级管理人员列席了 会议。本次会议召集和召开程序符合法律法规和《公司章程》的规定，会议审议 了以下议案： 一、 以5票同意、0票反对、0票弃权、2票回避，审议通过了《关于全资子 公司与关联方共同投资暨关联交易的议案》。 具体内容详见公司2025年9月16日披露于《证券时报》、《中国证券报》、 《上海证券报》和巨潮资讯网的《关于全资子公司与关联方共同投资暨关联交易 的公告》。 特此公告。 杭州中恒电气股份有限公司 董事会 2025年9月16日 公司境外 ...

中恒电气公告，公司全资子公司Enervell Power Pte. Ltd.、SuperX AI Solution Limited、朱一鲲先生、胥 飞飞先生以及自然人ONG CAI PING, JOVAIL签订合资协议，拟共同对SuperX Digital Power Pte. Ltd.进 行投资，总投资金额为200万新加坡元。其中，Enervell、Super X、朱一鲲先生、胥飞飞先生、Jovail将 分别以40万新加坡元、80万新加坡元、20万新加坡元、20万新加坡元、40万新加坡元向合资公司进行投 资，对应分别持有合资公司20%、40%、10%、10%、20%的股权。 ...

Market Overview - On September 15, the other power equipment sector rose by 1.21%, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the other power equipment sector showed significant price movements: - Hailan Sichuang (688411) closed at 198.29, up 8.65% with a trading volume of 72,600 shares and a turnover of 1.496 billion [1] - Zhongheng Electric (002364) closed at 30.86, up 7.34% with a trading volume of 845,400 shares and a turnover of 2.539 billion [1] - Rongfa Nuclear Power (002366) closed at 8.08, up 5.21% with a trading volume of 2,317,900 shares and a turnover of 1.831 billion [1] - Other notable performers include ST Huaxi (002630) and Maigemi Te (002851), with increases of 4.35% and 4.25% respectively [1] Fund Flow Analysis - The other power equipment sector experienced a net outflow of 9.9061 million from institutional investors, while retail investors saw a net outflow of 14.7 million [2] - Conversely, speculative funds recorded a net inflow of 157 million [2] Individual Stock Fund Flow - Maigemi Te (002851) had a net inflow of 1.60 million from institutional investors but a net outflow of 44.4606 million from speculative funds [3] - Zhongheng Electric (002364) saw a net inflow of 15.9 million from institutional investors, with a net outflow of 1.54 billion from retail investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 12.4 million from institutional investors but faced significant outflows from both speculative and retail investors [3]

Group 1 - The company, Zhongheng Electric (002364.SZ), has confirmed that its power supply products are applicable in offshore wind power scenarios [2] - The revenue from this business segment currently accounts for a small proportion of the company's overall revenue [2]

Group 1 - The core point of the article is that Zhongheng Electric (002364.SZ) has confirmed that Tencent is one of its clients in the data center power supply business [1] Group 2 - Zhongheng Electric is actively engaging with major technology companies, indicating a strong position in the data center power supply market [1] - The collaboration with Tencent may enhance Zhongheng Electric's market visibility and credibility within the industry [1] - This relationship could potentially lead to further business opportunities and partnerships in the future [1]

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

Core Viewpoint - Zhongheng Electric experienced a stock price increase of 5.12% on September 8, reaching 26.48 CNY per share, with a trading volume of 1.989 billion CNY and a turnover rate of 13.73%, resulting in a total market capitalization of 14.923 billion CNY [1] Company Overview - Zhongheng Electric, established on July 11, 2001, and listed on March 5, 2010, is located in Hangzhou, Zhejiang Province. The company specializes in the research, production, sales, and service of high-frequency switch power supply systems [1] - The main business revenue composition includes: Data Center Power Supply (45.66%), Power Operation Power Supply System (19.60%), Communication Power Supply System (19.22%), Software Development, Sales, and Services (11.47%), Other (2.87%), and Power Management Services and Engineering Revenue (1.17%) [1] Shareholder Information - Debon Fund's Debon Xinxing Value A (001412) is among the top ten circulating shareholders of Zhongheng Electric. In the second quarter, it reduced its holdings by 2.0615 million shares, retaining 2 million shares, which accounts for 0.36% of circulating shares. The estimated floating profit today is approximately 2.58 million CNY [2] - Debon Xinxing Value A has a current scale of 105 million CNY, with a year-to-date return of 88.09%, ranking 81 out of 8248 in its category, and a one-year return of 235.1%, ranking 4 out of 8051 [2] Fund Manager Performance - The fund manager of Debon Xinxing Value A is Lei Tao, who has been in the position for 3 years and 256 days, with a total asset scale of 3.689 billion CNY. The best fund return during his tenure is 195.74%, while the worst is -32.75% [3] - Another fund manager, Lu Yang, has been in the position for 1 year and 320 days, managing assets totaling 1.198 billion CNY, with the same best return of 195.74% and a worst return of 9.11% during his tenure [3] Fund Holdings - Debon Fund's Debon Fuxin A (001229) is also a significant holder of Zhongheng Electric, having reduced its holdings by 86,900 shares in the second quarter, now holding 163,100 shares, which constitutes 3.64% of the fund's net value. The estimated floating profit today is about 210,400 CNY [4] - Debon Fuxin A was established on April 27, 2015, with a current scale of 59.5706 million CNY, achieving a year-to-date return of 27.78%, ranking 2501 out of 8248, and a one-year return of 73.54%, ranking 969 out of 8051 [4]

Core Viewpoint - China's High Voltage Direct Current Transmission System (HVDCS) has become a core technology for building a new energy system, leveraging its advantages in long-distance and high-power transmission. The market for HVDC is projected to reach 89.2 billion yuan in 2024 and exceed 300 billion yuan by 2028, driven by the expansion of wind and solar power installations and the explosive demand for AI computing power [1][7]. Industry Overview - HVDCS utilizes direct current for high-power, long-distance electricity transmission, converting three-phase alternating current to direct current and back again, enabling efficient and stable energy transfer [2]. - The industry has developed a complete upstream and downstream industrial system, focusing on raw materials, equipment manufacturing, and system integration, with major investments from state-owned enterprises [4]. Market Size and Growth - The HVDC market in China reached 89.2 billion yuan in 2024, a 42.3% increase year-on-year, and is expected to surpass 300 billion yuan by 2028 [7]. - The demand for 800V HVDC technology is anticipated to surge, particularly in the context of AI data centers, with the market projected to grow from 2 billion yuan in 2028 to 6.4 billion yuan by 2030, reflecting a compound annual growth rate of 47% [1][8]. Industry Chain - The HVDCS industry chain includes upstream raw materials, midstream equipment manufacturing, and downstream operation by major power grid companies, facilitating large-scale applications in long-distance transmission and renewable energy integration [4]. Competitive Landscape - The industry is characterized by a concentration of market share among state-owned enterprises like China Xidian and TBEA, while private companies and foreign firms compete in niche areas [10]. - China Hengtian Electric holds a 28% market share, benefiting from partnerships with leading internet companies in the AI data center sector [10]. Development Trends - The industry is expected to see technological advancements, with a shift towards 800V high-voltage platforms and silicon carbide devices, enhancing system efficiency and reliability [11]. - The application scenarios for HVDC are diversifying, including cross-border energy interconnections and industrial microgrids, creating a multi-billion market for related services [12]. - Chinese HVDC companies are transitioning to a global operational model, focusing on technology, standards, and capital, with exports expected to rise to 40% by 2030 [13][14].

Group 1 - The two-wheeler concept sector rose by 5.52%, ranking fifth among concept sectors, with 60 stocks increasing in value [1] - Notable stocks in the sector include Huayang Racing and Tianhong Lithium, both reaching a 30% limit up, while Boshijie increased by 20% and Zhongheng Electric hit the limit up [1] - Major gainers also included Yiwei Lithium Energy and XWANDA, which rose by 16.59% and 16.16% respectively [1] Group 2 - The two-wheeler concept sector saw a net inflow of 2.696 billion yuan, with 33 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow [1] - XWANDA led the net inflow with 880 million yuan, followed by Yiwei Lithium Energy, Guoxuan High-Tech, and Nandu Power with net inflows of 440 million yuan, 437 million yuan, and 370 million yuan respectively [1] - In terms of net inflow ratios, Zhongheng Electric, Nandu Power, and Xingyun Co. ranked highest with 22.40%, 11.51%, and 11.37% respectively [2]

Market Performance - The other power equipment sector increased by 4.22% on September 5, with Haidao Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Highlights - Haidao Sichuang (688411) closed at 180.20, with a rise of 14.92% and a trading volume of 71,200 shares, amounting to 1.218 billion yuan [1] - Xizi Clean Energy (002534) saw a 10.01% increase, closing at 14.07 with a trading volume of 287,500 shares [1] - Zhongheng Electric (002364) and Kehua Data (002335) both rose by 10.00%, closing at 25.19 and 55.00 respectively [1] Capital Flow - The other power equipment sector experienced a net inflow of 1.119 billion yuan from main funds, while retail investors saw a net outflow of 888.7 million yuan [2] - The main funds showed significant net inflows in stocks like Kehua Data (1.92 million yuan) and Zhongheng Electric (1.72 million yuan) [3] Individual Stock Performance - Kehua Data (002335) had a main fund net inflow of 1.92 million yuan, but retail investors had a net outflow of 94.98 million yuan [3] - Zhongheng Electric (002364) also saw a main fund net inflow of 1.72 million yuan, with retail investors experiencing a net outflow of 74.10 million yuan [3] - Haidao Sichuang (688411) had a main fund net inflow of 7.09 million yuan, while retail investors faced a net outflow of 35.87 million yuan [3]