Group 1 - The financing balance on the Shanghai Stock Exchange reached 1,152.873 billion yuan, a decrease of 4.56 billion yuan from the previous trading day [1] - The financing balance on the Shenzhen Stock Exchange was 1,103.973 billion yuan, down by 5.156 billion yuan from the previous trading day [1] - The total financing balance for both exchanges combined was 2,256.846 billion yuan, a reduction of 9.716 billion yuan from the previous trading day [1] Group 2 - The A-share market closed down by 1.25%, ending at 3,765.88 points [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets increased to 25.8 trillion yuan, a week-on-week growth of 186.1 billion yuan [1] - The top ten stocks with net financing purchases included Jianghuai Automobile (384 million yuan) and Ningbo Huaxiang (374 million yuan) [1] Group 3 - Leveraged funds favored convertible bond targets, sodium-ion batteries, solid-state batteries, ultra-clear video, and unicorn-related sectors [2] - The top ten stocks with net financing sales included Cambrian (negative 1.626 billion yuan) and Victory Technology (negative 715 million yuan) [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a record high revenue in a single quarter, with 1H25 revenue reaching 2.694 billion yuan, a year-on-year increase of 13.96%. The net profit attributable to the parent company was 358 million yuan, up 3.19% year-on-year [1]. - The demand for aluminum electrolytic capacitors and supercapacitors is expected to rise significantly due to the high voltage requirements in AI servers, leading to increased revenue and profit forecasts for the company [3][4]. - The company is focusing on expanding production capacity for supercapacitors, which are anticipated to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation [3][4]. Financial Performance Summary - In 1H25, the company's aluminum electrolytic capacitor revenue was 2.229 billion yuan, with a gross margin of 26.75%, driven by strong demand in the photovoltaic and UPS power supply sectors [2]. - Supercapacitor revenue reached 162 million yuan in 1H25, marking a year-on-year increase of 48.93%, although the gross margin decreased to 16.86% due to expansion into new application areas [3]. - The company has revised its profit forecast for 2025-2027, expecting net profits of 800 million, 1.1 billion, and 1.5 billion yuan respectively, with year-on-year growth rates of 17%, 45%, and 38% [4][5]. Financial Projections - The projected revenue for 2025 is 5.382 billion yuan, with a net profit of 763 million yuan, reflecting a 16.5% increase from the previous year [5]. - The company's earnings per share (EPS) is expected to rise from 0.84 yuan in 2023 to 1.79 yuan by 2027 [5][21]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.3 in 2023 to 10.0 by 2027, indicating an improving valuation over time [5][21].

Core Insights - The company achieved a record high revenue in a single quarter, with 1H25 revenue reaching 2.694 billion yuan (YoY +13.96%) and net profit attributable to shareholders at 358 million yuan (YoY +3.19%) [1] - In 2Q25, the company reported revenue of 1.536 billion yuan (YoY +17.02%, QoQ +32.69%) and net profit attributable to shareholders of 206 million yuan (YoY -1.92%, QoQ +35.82%) [1] - The company's gross margin for 1H25 was 24.93% (YoY -0.01 percentage points) and net margin was 13.42% (YoY -1.46 percentage points) [1] Aluminum Electrolytic Capacitors - Revenue from aluminum electrolytic capacitors reached 2.229 billion yuan in 1H25 (YoY +16.70%) with a gross margin of 26.75% (YoY +0.19%) [2] - Growth was driven by increased demand in the photovoltaic sector due to a shift to market-based pricing and sustained demand in UPS and communication power supply sectors [2] - New product developments include MLPC for AI servers and solid-liquid hybrid capacitors for the automotive sector, with expectations for increased demand for high-voltage capacitors [2] Supercapacitors - Supercapacitor revenue was 162 million yuan in 1H25 (YoY +48.93%) with a gross margin of 16.86% (YoY -3.71%) [3] - The decline in gross margin is attributed to the company's efforts to explore new application areas for supercapacitors [3] - Supercapacitors are expected to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation during power fluctuations [3] Investment Outlook - The company has raised its profit forecast, expecting net profits attributable to shareholders of 800 million yuan, 1.1 billion yuan, and 1.5 billion yuan for 2025-2027, with growth rates of 17%, 45%, and 38% respectively [4] - Current stock price corresponds to PE ratios of 36, 26, and 19 times for the respective years [4]

Core Viewpoint - Jianghai Co., Ltd. has indicated that investors should pay attention to relevant announcements regarding the company's share repurchase progress [2] Group 1 - The company responded to investor inquiries on September 4 regarding its share repurchase activities [2]

Summary of Conference Call Records Industry Overview - The AI power supply equipment industry is experiencing significant technological changes, particularly in GPU power consumption, which has increased from 200W to 300W and may double in the future. The number of cards in cabinets is also rising, from 172 to potentially 288 cards, leading to increased cabinet power from 198kW to an expected 500kW or even megawatt levels by 2027-2028. This presents challenges for data center space architecture but also opportunities for leading domestic companies [2][6][10]. Key Points and Arguments - **Market Size and Pricing**: The price of power supplies is approximately 2 yuan per watt. A 200kW cabinet corresponds to a market space of about 40 billion yuan, with the overall market potentially reaching 100 billion yuan when including components like supercapacitors and BBO [4][5]. - **HVDC Technology**: As cabinet power exceeds 250kW, the need for higher energy efficiency will drive the adoption of HVDC paths, with penetration expected to rise from 10% to over 20% by 2026. Major overseas clients are choosing Delta and Veichi Technology, while domestic companies like Megmeet, Kehua, and Kstar are also actively positioning themselves [6][10]. - **Supercapacitors**: Supercapacitors are crucial in AI power supply devices, capable of handling millisecond-level fluctuations. For instance, the JD300 chip can experience a 90% fluctuation, equating to a 1.9kW variation for a 1kW load. Supercapacitors provide high-frequency, long-lifetime energy storage solutions, essential for system stability [7][9]. - **Investment Opportunities**: There are multiple investment opportunities in PSU, HVDC, and DC-DC segments. Companies like Megmeet and HVDC-related firms show strong certainty, while new players like Newray may achieve AC-DC conversion. Jianghai Co., Blok New Materials, and Sanhuan Group may also see new opportunities due to technological changes [12]. Additional Important Insights - **Technological Iteration**: The secondary power supply (ACDC) segment is expected to undergo technological iterations due to increased power density. The core components will change as integration levels rise and switching frequencies increase from 30kHz to 500kHz, presenting substantial investment opportunities [3]. - **Market Potential for Jianghai Co.**: Jianghai Co. has secured significant orders from major clients like Meta for supercapacitors, with each module priced around $5,000. The company is expected to capture a significant market share and gradually realize profits as downstream clients ramp up demand [10]. - **Impact of IFAX**: The anticipated increase in IFAX production in 2026 will lead to changes in the DC-DC segment, with a projected market space of 1.7 billion yuan for chip-level components. Companies like Boke, with integrated advantages, are expected to capture a large share of this market [11].

Group 1 - The company, Jianghai Co., Ltd. (002484.SZ), announced a share buyback program, repurchasing 1,098,400 shares, which represents 0.1291% of its total share capital [1] - The highest transaction price during the buyback was 18.34 CNY per share, while the lowest was 18.12 CNY per share [1] - The total amount spent on the share buyback was 19,998,282.00 CNY, excluding stamp duty and transaction commissions [1]

Core Viewpoint - Jianghai Co., Ltd. announced a share buyback program, repurchasing 1,098,400 shares, which represents 0.1291% of the total share capital [1] Summary by Category Share Buyback Details - The company repurchased shares through a dedicated securities account via centralized bidding [1] - The highest transaction price was 18.34 CNY per share, while the lowest was 18.12 CNY per share [1] - The total transaction amount reached 19,998,282.00 CNY, excluding stamp duty and transaction commissions [1]

因公司实施 2024 年年度权益分派，自 2025 年 5 月 30 日起公司回购股份价 格上限由不超过 20 元/股调整为不超过 19.74 元/股。具体内容详见 2025 年 5 月 23 日公司在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）上披露的 《南通江海电容器股份有限公司关于 2024 年年度权益分派实施后调整回购股份 价格上限的公告》（公告编号：2025-032） 根据《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》等相关规定，公司应在回购期间每个月的前三个交易日内披 露截至上月末的回购进展情况。截至 2025 年 8 月 31 日，公司通过回购专用证券 账户以集中竞价方式回购公司股份 1,098,400 股，占公司总股本的 0.1291%。最 高 成 交 价 为 18.34 元 / 股 ， 最 低 为 18.12 元 / 股 ， 总 成 交 金 额 为 人 民 币 19,998,282.00 元（不含印花税、交易佣金等交易费用）。本次回购股份资金来 源为公司自有资金，回购价格未超过回购方案中的回购价格上限，本次回购符合 相关法律、法规的 ...

Market Overview - On September 3, the component sector rose by 0.16% compared to the previous trading day, with Shengyi Electronics leading the gains [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Top Gainers in the Component Sector - Shengyi Electronics (688183) closed at 82.18, up 5.09% with a trading volume of 223,100 shares and a transaction value of 1.803 billion [1] - Fangzheng Technology (600601) closed at 9.12, up 3.52% with a trading volume of 4.2105 million shares and a transaction value of 3.720 billion [1] - Jianghai Shares (002484) closed at 34.08, up 3.34% with a trading volume of 840,700 shares and a transaction value of 2.843 billion [1] - Other notable gainers include ShenNan Circuit (002916), Shengyi Technology (600183), and Shunluo Electronics (002138) with respective gains of 3.20%, 3.01%, and 2.44% [1] Top Losers in the Component Sector - Xunjiexing (688655) closed at 22.47, down 7.15% with a trading volume of 58,500 shares and a transaction value of 135 million [2] - Jin'an Guoji (002636) closed at 12.40, down 5.42% with a trading volume of 322,600 shares and a transaction value of 408 million [2] - Benchuan Intelligent (300964) closed at 44.44, down 4.74% with a trading volume of 29,500 shares and a transaction value of 134 million [2] - Other significant decliners include Wanyuantong (920060) and Zhongjing Electronics (002579) with declines of 4.48% and 4.47% respectively [2] Capital Flow Analysis - The component sector experienced a net outflow of 961 million from institutional investors and 216 million from retail investors, while retail investors saw a net inflow of 1.177 billion [2][3] - Notable net inflows from retail investors were observed in stocks like Sihui Fushi (300852) with 21.59 million and Jianghai Shares (002484) with 72.02 million [3] - Conversely, significant net outflows from institutional investors were noted in stocks such as Fangzheng Technology (600601) and ShenNan Circuit (002916) [3]

Market Overview - The Shanghai Composite Index fell by 0.45% to close at 3858.13 points, with a high of 3885.31 points [1] - The Shenzhen Component Index decreased by 2.14% to 12553.84 points, reaching a maximum of 12857.16 points [1] - The ChiNext Index dropped by 2.85% to 2872.22 points, peaking at 2979.73 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 22811.21 billion yuan, with a financing balance of 22650.35 billion yuan and a securities lending balance of 160.85 billion yuan [2] - The margin trading and securities lending balance decreased by 85.37 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 11692.6 billion yuan, down by 25.08 billion yuan, while the Shenzhen market's balance was 11118.61 billion yuan, down by 60.29 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - Xinyi Technology (51.06 billion yuan) [3] - Zhongji Xuchuang (50.48 billion yuan) [3] - Shenghong Technology (50.25 billion yuan) [3] Fund Issuance - Two new funds were issued yesterday: - China Merchants Balanced Optimal Mixed A [4] - China Merchants Balanced Optimal Mixed C [4] Top Net Buying Stocks on the Dragon and Tiger List - The top ten net buying stocks on the Dragon and Tiger list were: - Julun Intelligent (437.29 million yuan) [6] - Changchun High-tech (274.93 million yuan) [6] - Gongxiao Daji (258.11 million yuan) [6] - Jianghai Shares (252.47 million yuan) [6] - Baiyin Youse (129.70 million yuan) [6]