25 February 2026 | 4:05PM CST Equity Research CHINA INDUSTRIAL TECH: DATA CENTER ELECTRICALS Asia investor feedback: Eyes on export visibility and execution; Fine-tuning estimates on commodities cost trends/pre-announced results; Buy Kstar We talked with 50+ investors from Hong Kong, Singapore, and Mainland China since our deep-dive reports in mid-January (Kstar, Megmeet, Kehua). While the sector backdrop remains robust, supported by strong 2026E capex guidance from US tech giants as well as order growth an ...

一、投资概述 深圳科士达科技股份有限公司（以下简称"公司"）与时石私募基金管理（嘉兴）有限公司、宁波汇鑫富 企业管理有限公司、广东申菱环境系统股份有限公司共同投资嘉兴沐桐股权投资合伙企业（有限合伙） （以下简称"合伙企业"或"基金"）。公司作为有限合伙人以自有资金出资5,000万元人民币，对该合伙 企业不产生重大影响。具体内容详见公司于2026年1月8日于巨潮资讯网上披露的《关于与专业投资机构 共同投资的公告》（公告编号：2026-001）。 二、进展情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002518 证券简称：科士达 公告编号：2026-008 深圳科士达科技股份有限公司 关于与专业投资机构共同投资的基金备案完成的公告 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。 根据基金相关规划，在运作过程中将根据实际情况引入新的合伙人加入，以夯实资金实力与项目资源获 取能力。截止目前，基金总规模从原20,010万元增加至25,010万元，新增的有限合伙人双登集团股份有 限公司与本公司无关联关系。公司作为有限合伙人，在基金中的5,000万元投 ...

证券代码：002518 证券简称：科士达 公告编号：2026-008 深圳科士达科技股份有限公司 关于与专业投资机构共同投资的基金备案完成的公告 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、投资概述 深圳科士达科技股份有限公司（以下简称"公司"）与时石私募 基金管理（嘉兴）有限公司、宁波汇鑫富企业管理有限公司、广东申 菱环境系统股份有限公司共同投资嘉兴沐桐股权投资合伙企业（有限 合伙）（以下简称"合伙企业"或"基金"）。公司作为有限合伙人 以自有资金出资 5,000 万元人民币，对该合伙企业不产生重大影响。 具体内容详见公司于 2026 年 1 月 8 日于巨潮资讯网上披露的《关于 与专业投资机构共同投资的公告》（公告编号：2026-001）。 二、进展情况 根据基金相关规划，在运作过程中将根据实际情况引入新的合伙 人加入，以夯实资金实力与项目资源获取能力。截止目前，基金总规 模从原 20,010 万元增加至 25,010 万元，新增的有限合伙人双登集团 股份有限公司与本公司无关联关系。公司作为有限合伙人，在基金中 的 5,000 万元投资金额未发生变 ...

科士达公告称，公司曾于2026年1月8日披露，作为有限合伙人以自有资金5000万元，与时石私募基金管 理有限公司等共同投资嘉兴沐桐股权投资合伙企业。目前，基金总规模从2.00亿元增至2.50亿元，新增 有限合伙人双登集团股份有限公司。公司5000万元投资金额未变且已缴付完毕。近日，该基金在中国 证券投资基金业协会完成备案，备案日期为2026年2月13日。 ...

内容概况：在2018至2019年间，受逆变器产品价格大幅下降及太阳能光伏新增装机增速放缓的双重影 响，中国逆变器市场规模呈现阶段性收缩态势，其中2019年市场规模降至100.69亿元，同比下降 20.47%。2020年以来，随着光伏产业技术持续进步、行业全面进入平价上网阶段，并在"双碳"战略的深 入推进下，光伏行业整体步入快速发展阶段，从而有力带动逆变器市场规模实现快速增长。与此同时， 光伏组件成本的持续下降也在一定程度上刺激了终端对逆变器的配套需求。数据显示，2025年中国逆变 器行业市场规模已提升至561.7亿元。展望未来，在能源结构绿色低碳转型持续推进的背景下，逆变器 市场规模有望保持持续增长趋势。 相关上市企业：阳光电源（300274）、锦浪科技（300763）、固德威（688390）、上能电气 （300827）、科士达（002518）、生益科技（600183）、风华高科（000636）、顺络电子（002138）、 宏发股份（600885）、宝胜股份（600973）等。 相关企业：华为技术有限公司、深圳古瑞瓦特能源股份有限公司、广州三晶电气股份有限公司、南京冠 隆电力科技有限公司、江苏宝丰新能源科技有 ...

Group 1 - The company, Keda, reported that as of February 10, the number of its shareholders is approximately 43,000 [2]

Summary of Conference Call Records Industry Overview - The focus is on the AIDC (Artificial Intelligence Data Center) sector, particularly regarding power supply equipment and energy solutions. The industry is experiencing significant growth driven by high demand for data center infrastructure and energy solutions [1][2]. Key Company Insights - **Financial Performance**: The company reported a 203% year-over-year increase in Q4 2025 revenue, with new orders up 252% and backlog orders increasing by 109%, reaching $15 billion. This indicates a robust growth cycle in overseas computing infrastructure [1]. - **Acquisitions**: The company announced a $4.75 billion acquisition of Intersect Power, a leading U.S. battery storage system developer and operator, which previously set a record for the largest energy storage order globally with a 15.3 GWh Tesla Megapack order [1]. - **Investment Demand**: The "seedance" project is expected to generate over 6 GW of investment demand within three years, alongside the initiation of an 800V HVDC pilot project [1]. Core Arguments and Rationale - **Electricity Shortage Logic**: The underlying reason for the electricity shortage is strong downstream demand, which benefits power grid and supply equipment sectors, including gas turbines, SOFC, and diesel generators [2]. - **Direct Correlation**: Power supply, distribution, and liquid cooling solutions are directly linked to downstream computing power demand, indicating that the AIDC sector's growth is driving demand for upstream suppliers [2]. - **Performance Indicators**: The performance of companies like Weidi, which exceeded expectations in both revenue and order volume, further illustrates the symbiotic relationship between downstream demand and upstream supply [2]. Additional Recommendations - **Top Picks**: The report recommends focusing on companies such as: - **Rubin**: Ranked first in PSU power supply testing. - **Sungrow**: Expected to secure orders from Amazon and Google for energy storage solutions. - **Kostad**: Collaborating with Eaton for UPS solutions in the North American market. - **Liangxin**: Entering the Weidi supply chain with UL certification and developing solid-state circuit breakers [3]. Other Notable Mentions - Companies to watch include: - **Oulutong**: Collaborating with Google on PSU development. - **InnoSky**: Focusing on cabinet DCDC power supplies. - **Zhongheng Electric**: Manufacturing HVDC for Schneider with a strong historical market share. - **Kehua Data**: Along with others like Siyuan Electric, TBEA, Jinpan Technology, and Igor [4][5]. Industry Trends - The AIDC power revolution is officially underway, with a focus on four key areas: power supply units, energy storage, power semiconductors, and core components, indicating a comprehensive transformation in the industry [6].

Core Viewpoint - The battery sector is experiencing a significant surge driven by both domestic and international demand, with a clear improvement in business models and profitability expectations [3][4]. Group 1: Domestic Demand - The domestic demand certainty is attributed to the clarification of business models, with the 136 document establishing the market position for independent energy storage, leading to a "guaranteed + flexible" profit model that reduces investment risks and accelerates installation growth [4][6]. - The domestic energy storage projects are entering an accelerated construction phase, with an expected annual new installed capacity of 64.5 GW and a total capacity of 196.4 GWh, showing a significant year-end rush for installations [6]. Group 2: International Demand - In Europe, the large-scale energy storage market is entering a phase of explosive growth, with a projected 60% increase in power capacity and a staggering 280% increase in capacity scale for 2024 [6]. - The North American market faces a power supply shortage due to the non-linear growth of AI power demand and aging grid infrastructure, with projections indicating an average peak gap of over 20 GW from 2027 to 2030 [6]. Group 3: Investment Opportunities - The battery ETF Huatai (159796) is highlighted for its significant exposure to the energy storage sector, with a 19% allocation, and a 46% allocation to solid-state batteries, positioning it well to benefit from the ongoing technological advancements and market demand [7][9]. - The ETF's management fee is noted to be the lowest in its category at 0.15% per year, enhancing its attractiveness for investors looking to capitalize on the battery sector's growth [12].

Group 1 - The A-share market saw a collective surge in liquid cooling concept stocks, with Fangsheng Co. rising by 17%, Shenling Environment increasing by over 13%, and Langjin Technology and Yimikang both up by over 12% [1] - Other notable performers included Chuanrun Co., Bojie Co., and Dayuan Pump Industry, which all hit the daily limit of 10%, while Keda, Yingweik, Kexin Innovation, and Debang Technology rose by over 7% [1] Group 2 - The table lists several stocks with their respective price changes and market capitalizations, highlighting that Youkede-W had a price increase of 20.01% with a total market value of 20.6 billion, and a year-to-date increase of 60.38% [2] - Wansheng Co. experienced a 17.01% rise, with a market cap of 2.801 billion and a year-to-date increase of 10.23% [2] - Shenmeng Environment saw a 13.84% increase, with a market cap of 22.9 billion and a year-to-date increase of 35.74% [2]

（文章来源：证券日报） 证券日报网讯 2月11日，科士达在互动平台回答投资者提问时表示，截至2026年1月30日，公司股东人 数约4.2万户。 ...