Group 1 - The power equipment sector experienced a significant rise in early trading on December 9, with European mainland stocks increasing by over 10% [1] - Companies such as KOTAI Power, Newray Energy, Magpower, Zhongheng Electric, and Aikaisibo also saw gains alongside the leading stock [1]

Group 1 - The power equipment sector experienced a rise in early trading, with European Continental rising over 10% [1] - Other companies such as KOTAI Power, Newray Energy, Magpower, Zhongheng Electric, and Aikoseibo also saw increases [1]

Core Insights - The switch power supply is a crucial component in power supply systems, widely used in various electronic devices, converting power voltage into stable voltage required by devices, with advantages such as miniaturization, lightweight, and high conversion efficiency [1][12] - The market for switch power supplies in China is projected to grow from 114.98 billion yuan in 2015 to 253.2 billion yuan by 2025, with a compound annual growth rate (CAGR) of 8.55% [1][14] - The demand for high-performance power supplies is driven by the construction of 5G networks, the proliferation of the Internet of Things (IoT), and the expansion of data centers, particularly in servers, edge devices, and smart terminals [1][13] Industry Overview - Switch power supplies, also known as switched-mode power supplies (SMPS), are high-frequency power conversion devices that convert voltage from AC or DC sources to the required DC voltage for devices [4][9] - The industry has a well-established supply chain, with upstream suppliers controlling the manufacturing technology of power supply IC chips, midstream manufacturers providing various power products, and downstream applications spanning multiple sectors including industrial automation, medical devices, and consumer electronics [11][12] Market Dynamics - The application of switch power supplies is concentrated in the industrial sector (53.94%) and consumer electronics (33.05%), indicating a high industry concentration [15] - The rapid development of new energy industries such as photovoltaics and wind power has significantly increased the demand for related power supply equipment [1][13] Competitive Landscape - The switch power supply industry in China features both international and domestic players, with global leaders like TDK-Lambda and Mean Well dominating the high-end market, while domestic companies like Oulutong and Maoshuo Power are rapidly emerging through technological innovation and cost advantages [16][17] Development Trends - The industry is expected to see advancements in high frequency, modularization, low noise, and enhanced stability, driven by new semiconductor materials and innovative circuit designs [18][19][20][21]

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

（文章来源：证券日报） 证券日报网讯 12月5日，中恒电气在互动平台回答投资者提问时表示，股东人数情况可参考公司定期报 告。 ...

Core Insights - The company, Zhongheng Electric, is providing HVDC power distribution systems and prefabricated Panama power modules for data centers, indicating a focus on innovative energy solutions [2] Financial Performance - The company's revenue from data center power business is projected to increase by 111.05% year-on-year in 2024 [2] - For the first half of 2025, the revenue from the same business is expected to grow by 60.60% year-on-year [2]

Core Insights - The application of high-voltage direct current (HVDC) distribution technology is expected to significantly reduce energy consumption and improve power density in data centers, positioning HVDC as the future direction for AIDC power supply [1][3] - The global SST market is projected to exceed 100 billion by 2030, with SST expected to become the mainstream solution for AIDC external power supplies by 2029-2030 [1][3] Group 1: Domestic Market Insights - Domestic data center external DC power applications have advanced earlier, with two main technology routes: 240/336V modular HVDC power and Panama power, the latter showing high integration and efficiency up to 97.5% [2] - The domestic HVDC market is expected to exceed 80 billion by 2030, with a compound annual growth rate (CAGR) of approximately 122% from 2025 to 2030 [2] Group 2: International Market Dynamics - The core driver for overseas AIDC high-voltage direct current is the requirement for 800V DC power supply for the next-generation NV Rubin GPU, with significant penetration expected by 2027 [3] - The overseas HVDC market is projected to exceed 140 billion by 2030, with a CAGR of about 170% from 2025 to 2030 [3] Group 3: Technological Advancements - SST technology eliminates the need for frequency transformers, leading to significant improvements in size and efficiency, with domestic progress outpacing global developments [3][4] - International Tier 1 companies are actively seeking partnerships with domestic firms to develop HVDC power and SST solutions, indicating strong growth potential in the North American market [4] Group 4: Investment Recommendations - Key recommendations for comprehensive external power suppliers (SST + HVDC) include companies like Sungrow Power Supply and Jinpan Technology, while specific HVDC power recommendations include Zhongheng Electric and Keda Technology [5] - SST-focused recommendations include companies like Sifang Co. and China West Electric, with attention to core component manufacturers [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 单位：股 ■ 三、其他说明 截至本公告披露日，公司控股股东中恒投资所质押的股份不存在平仓风险或被强制过户风险，不会导致 公司的实际控制权发生变更，亦不涉及负担重大资产重组等业绩补偿义务，对公司生产经营、公司治理 等不产生实质性影响。 公司将持续关注股东股份质押情况及相关风险，并按照规定及时履行信息披露义务。 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： 一、本次股东股份解除质押的基本情况 ■ 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况如下： 1、解除证券质押登记通知； 2、中国证券登记结算有限责任公司证券质押及司法冻结明细表。 特此公告。 杭州中恒电气股份有限公司 董事会 2025年11月27日 四、备查文件 ...

（编辑 姚尧） 证券日报网讯 11月26日晚间，中恒电气发布公告称，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，获悉其所持有的公司部分股份已解除质押，本次解除 质押股份数量为18，000，000股。 ...

南财智讯11月26日电，中恒电气公告，杭州中恒科技投资有限公司作为公司控股股东，于近日解除质押 18,000,000股股份，占其所持股份比例的8.98%，占公司总股本比例的3.19%。本次质押起始日为2023年 10月19日，质押解除日期为2025年11月19日，质权人为中信银行股份有限公司杭州分行。截至公告披露 日，中恒投资累计质押股份数量为29,000,000股，占其所持股份比例的14.47%。 ...