Core Viewpoint - Zhongheng Electric (002364.SZ) primarily acts as an application party for power devices such as gallium nitride, and currently does not engage in the direct shipment of related devices [1] Company Summary - Zhongheng Electric focuses on the application of gallium nitride and other power devices [1] - The company does not involve itself in the direct sales of these related devices [1]

证券研究报告 公司研究 / 公司深度 2025 年 12 月 23 日 受益 HVDC 渗透率提升，出海带动业绩 高增 电力设备 | 报告原因： | | --- | | 买入（首次评级） | | 市场数据： | 2025 | 年 | 月 | 22 | 日 | | | 12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 24.65 | | | | 一年内最高/最低（元） | | | | | | 32.85/8.15 | | | | 市净率 | | | | | | 5.7 | | | | 股息率（分红/股价） | | | | | | 0.40 | | | | 流通 A 股市值（百万元） | | | | | | 13,757 | | | | 上证指数/深证成指 | | | | | | | 3,917/13,333 | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | | | 基础数据： | | 2025 | 年 | 09 | 月 30 | 日 | | --- | --- | ...

今年以来中恒电气已经20次登上龙虎榜，最近一次登上龙虎榜为11月10日，当日龙虎榜净买入-2198.36 万元；买入总计1.51亿元 ，占总成交额比9.76%；卖出总计1.73亿元 ，占总成交额比11.17%。 资料显示，杭州中恒电气股份有限公司位于浙江省杭州市高新区之江科技工业园东信大道69号，成立日 期2001年7月11日，上市日期2010年3月5日，公司主营业务涉及高频开关电源系统的研发、生产、销售 和服务,主要产品为通信电源系统、电力操作电源系统。主营业务收入构成为：数据中心电源45.66%， 电力操作电源系统19.60%，通信电源系统19.22%，软件开发、销售及服务11.47%，其他2.87%，电力管 理服务及工程收入(服务收入)1.17%。 12月23日，中恒电气（维权）盘中上涨2.15%，截至13:25，报25.18元/股，成交4.52亿元，换手率 3.26%，总市值141.91亿元。 资金流向方面，主力资金净流入3468.42万元，特大单买入3128.14万元，占比6.92%，卖出1124.15万 元，占比2.49%；大单买入9415.11万元，占比20.84%，卖出7950.69万元，占比 ...

内容概况：中国冗余电源系统行业在AI算力与"新基建"双轮驱动下需求旺盛，2024年，中国冗余电源系 统行业市场规模约为308亿元，同比增长8.83%，这一增速既反映了数据中心、通信网络、工业互联网 等关键基础设施对供电高可靠性的刚性需求，也体现了AI服务器等高功率密度负载对供电架构升级的 直接拉动。当前，行业竞争焦点已从传统的通用型产品，转向适配高效算力集群的高压直流 （HVDC）、液冷电源等定制化、智能化解决方案，未来产业有望在技术融合与绿色化方面实现系统性 突破。 相关上市企业：欧陆通（300870）、麦格米特（002851）、科士达（002518）、中恒电气（002364）、 科泰电源（300153） 相关企业：无锡新洁能股份有限公司、嘉兴斯达半导体股份有限公司、比亚迪半导体股份有限公司、扬 州扬杰电子科技股份有限公司、中芯国际集成电路制造有限公司、上海韦尔半导体股份有限公司、汉威 科技集团股份有限公司、中航电测仪器股份有限公司、广东风华高新科技股份有限公司、深圳顺络电子 股份有限公司、立讯精密工业股份有限公司、中航光电科技股份有限公司 关键词：冗余电源系统、冗余电源系统市场规模、冗余电源系统行业现状、 ...

证券日报网讯 12月15日晚间，中恒电气发布公告称，公司第九届董事会第五次会议审议通过《关于开 展期货套期保值业务的议案》《关于拟处置参股公司股权的议案》。 （文章来源：证券日报） ...

杭州中恒电气股份有限公司 第九届董事会第五次会议决议公告 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"）第九届董事会第五次会议于2025年12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。本次会议应出席董事7人，实 际出席董事7人，其中董事胥飞飞、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： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002364 证券简称：中恒电气 公告编号：2025-52 具体内容详见公司2025年12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《关于拟处置参股公司股权的提示性公告》。 特此公告。 杭州中恒电气股份有限公司 董事会 2025年12月16日 证券代码：002364 证券简称：中恒电气 公告编号：2025-53 董事会同意公司及下属子公司使用自有资金开展保 ...

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

业务具体安排 根据公告，中恒电气本次拟开展的期货套期保值业务在品种、规模、期限等方面作出明确规划：业务品 种聚焦与生产经营高度相关的大宗商品，包括铜、铝、铅、锡、钢材等；交易场所限定为境内外经监管 机构批准、具备相应经营资格的金融机构；资金来源为公司自有资金，不涉及募集资金。 在交易规模上，公司设定了双重上限：一是交易保证金余额不超过2000万元，二是任一交易日持有的最 高合约价值不超过2亿元。上述额度内资金可循环使用，授权期限自本次董事会审议通过后十二个月。 指标 具体内容 交易保证金余额上限 不超过人民币2000万元 任一交易日最高合约价值 不超过人民币 20000万元 授权期限 自董事会审议通过后十二个月 资金来源 公司自有资金 来源：新浪财经-鹰眼工作室 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）于2025年12月16日发布公告 称，为应对大宗原材料价格波动风险，公司计划开展期货套期保值业务，以有效管控生产成本。公告显 示，该业务最高合约价值不超过2亿元，交易保证金余额上限为2000万元，资金将循环使用。 业务背景与核心目的 公告指出，公司开展期货套期保值业务的核心目的是" ...

Group 1 - Muxi Co., Ltd. will list its common stock on the Sci-Tech Innovation Board on December 17, 2025 [1] - Xinghua New Materials signed a strategic cooperation agreement with Guoteng Company to collaborate in the quantum technology field [2] - TCL Technology's subsidiary plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 60.45 billion RMB [3] Group 2 - Jingjia Micro's subsidiary has completed key stages of its edge AI SoC chip, marking a significant project breakthrough [4] - Cambricon plans to use 2.778 billion RMB of its capital reserve to offset losses [5] - Bojun Technology's subsidiary intends to invest 600 million RMB in an automotive lightweight component production base in Chongqing [6] Group 3 - Longqi Technology plans to invest approximately 1.5 billion RMB to build an AI + smart terminal digital benchmark factory in Nanchang [7] - Taili Technology signed a strategic cooperation framework agreement with Jinan University to establish an advanced functional materials research institute with an investment of 100 million RMB [8][9] - Pengding Holdings plans to invest a total of 4.297 billion RMB in a production facility in Thailand by 2026 [10] Group 4 - China Metallurgical Group reported a new contract amount of 958.13 billion RMB from January to November 2025, a decrease of 8.6% year-on-year [16] - 吉祥航空 reported an 8.92% year-on-year increase in passenger turnover in November 2025 [17] - Hainan Airport's passenger throughput reached 2.0909 million in November 2025, a year-on-year increase of 8.16% [20] Group 5 - Xinhua Insurance reported a cumulative original insurance premium income of 188.85 billion RMB from January to November 2025, a year-on-year increase of 16% [21] - Huafeng Aluminum's controlling shareholder plans to reduce its stake by up to 2.17% [22] - Digital Vision plans to repurchase shares worth 80 million to 120 million RMB [23]

Core Viewpoint - The company Zhongheng Electric (002364.SZ) plans to divest its entire stake of 7.3346% in the associate company Ningde Zhixiang to focus on its main business and optimize its asset structure [1] Group 1 - The company aims to enhance decision-making efficiency and seize trading opportunities by authorizing its management to handle the transaction, provided the transaction amount is no less than 200 million RMB [1] - The authorized scope includes but is not limited to formulating and adjusting the transaction plan, signing relevant agreements, and handling asset transfer matters [1]