Core Viewpoint - The company has achieved significant growth in its overseas data center business, with overseas revenue now slightly exceeding domestic revenue [1] Group 1: Overseas Business Development - The company's overseas data center business has reached a scalable level, with a focus on the ODM model [1] - The company has established stable partnerships with several top global power manufacturers [1] - Key markets include North America, Europe, and Southeast Asia, with notable breakthroughs in AI data center projects in Southeast Asia [1] Group 2: Technological and Operational Advantages - The company leverages integrated power module technology to enhance operational efficiency [1] - A production base in Vietnam ensures efficient order fulfillment [1] - The establishment of branches in multiple locations across Europe strengthens local service capabilities [1]

（记者 曾健辉） 每经AI快讯，科士达发布公告称，2026年2月4日-5日，科士达接受永赢基金等投资者调研，公司副总经 理、董事会秘书范涛先生，证券事务代表张莉芝女士，证券事务专员金玉琳女士参与接待，并回答了投 资者提出的问题。 每经头条（nbdtoutiao）——仅老年独居者就数千万，谁能帮他们从容老去？意定监护在国内诞生已14 年，距全面落地还差"最后一公里" ...

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2026-004 款 HVDC、兆瓦级 UPS、一体化电力模块、SST 等高端产品线；此 外，公司将进一步拓展 ODM 客户合作范围，持续提升海外市场 份额，把握全球 AI 算力基础设施建设带来的战略机遇。 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | 其他 | （投资者网上说明会） | | 参与单位名称 | 永赢基金、华福证券、国海证券、华泰证券、国寿资产、智联 | | | 投资、高益私募、夷吾资产等 | | 时间 2026 | 年 2 月 4 日-5 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书：范涛先生 | | | 证券事务代表：张莉芝女士 | | 员姓名 | | | | 证券事务专员：金玉琳女士 | | | 首先，对公司情况进行了简单介绍，然后开始投资者交流环节。 | | | 投资者提问：公司数据中心海外市场发展情况及展 ...

Group 1 - The photovoltaic sector experienced a decline on February 5, with several companies hitting the daily limit down, including Huadian Technology, Shuangliang Energy, Jincheng Co., Yujing Co., Junda Co., Igor, Haitan Co., and Keda, all of which faced a limit down [1] - Other companies such as Dike Co., Jiejia Weichuang, Laplace, Optoelectronics, and Aotwei saw their stock prices drop by over 10% [1]

Group 1 - The core viewpoint of the article is that the company's power products are primarily utilized in sectors that require stable power supply, such as data centers, communications, industrial, commercial, financial, medical, and transportation [1]. Group 2 - The company responded to an investor inquiry regarding the application of its power products in satellite navigation and commercial aerospace, indicating that these are not the main focus areas for their current product usage [1].

Market Overview - The other power equipment sector experienced a decline of 0.43% on February 4, with Kehua Data leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Xizi Clean Energy (002534) saw a closing price of 18.70, with an increase of 4.59% and a trading volume of 277,800 shares, amounting to a transaction value of 514 million [1] - China Power (600482) closed at 27.77, up 1.28%, with a trading volume of 344,100 shares and a transaction value of 953 million [1] - Dongfang Electric (600875) closed at 25.99, up 1.09%, with a trading volume of 430,500 shares and a transaction value of 1.119 billion [1] - Kehua Data (002335) experienced a significant drop of 4.79%, closing at 58.86, with a trading volume of 295,600 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 877 million from institutional investors, while retail investors had a net inflow of 589 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Dongfang Electric (600875) had a net inflow of 21.27 million from institutional investors, but a net outflow of 17.43 million from retail investors [3] - Keda Technology (300820) experienced a net inflow of 38.32 million from institutional investors, while retail investors saw a net outflow of 51.47 million [3] - The capital flow data suggests varying levels of confidence among different investor types within the sector [3]

证券代码：002518 证券简称：科士达 公告编号：2026-006 深圳科士达科技股份有限公司 关于子公司增资扩股引入员工持股平台的进展公告 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、交易概述 深圳科士达科技股份有限公司（以下简称"公司"）于2026年1 月19日召开了第七届董事会第二次会议，审议通过了《关于子公司增 资扩股引入员工持股平台暨关联交易的议案》，公司之全资子公司江 西长新金阳光电源有限公司（以下简称"江西金阳光"） 通过增资 扩股形式引入员工持股平台深圳市众诚科达投资合伙企业(有限合伙) （以下简称"众诚科达"）作为新股东。本次增资完成后，江西金阳 光的注册资本由人民币17,700万元增加至18,200万元，由公司持股 97.25%，众诚科达持股2.75%。具体内容详见公司于2026年1月20日在 巨潮资讯网上披露的《关于子公司增资扩股引入员工持股平台暨关联 交易的公告》（公告编号：2026-005）。 二、交易进展 截止目前，江西金阳光已收到众诚科达缴付的500万元增资款， 并于近日完成工商备案变更登记，取得宜丰县行政审批局核发的新 ...

Investment Rating - The investment rating for Xinhua Intelligent Control Asia has been downgraded to Neutral due to market expectations already reflecting long-term prospects [2] Core Insights - The report highlights three major themes in the Chinese industrial sector: AI robots, AIDC power solutions, and space solar power [1] - The global humanoid robot shipment is expected to reach approximately 15,000 units by 2025, representing only 3% of the annual industrial robot shipments [3] - Significant growth is anticipated in the AIDC power sector, particularly for Chinese power solution providers, as they address urgent bottlenecks in AI infrastructure [2] Summary by Sections Humanoid Robots - The humanoid robot market is still in its early stages, with major shipments coming from Chinese companies. Future growth is expected to be exponential, with delivery targets increasing to thousands or even tens of thousands of units [3] - Current technology capabilities in humanoid robots have reached 80%-90% in terms of control, with rapid product iterations occurring every 6 to 8 months [3] AIDC Power Solutions - The report emphasizes the potential for Chinese power solution providers in the AIDC sector, particularly those capable of scaling delivery and supporting the transition to 800V DC systems [1][2] - Companies like Siyi Electric are expected to see a 40% increase in overseas orders, driven by product quality and global grid upgrades [8] Tesla Optimus Robot - Tesla's Optimus robot is still in early development, with potential sales not expected until late 2027. Current stock prices may reflect these expectations, and further evidence of effective AI models is needed for price support [4][5] Gas Turbine Blade Suppliers - INL, a gas turbine blade supplier, is positioned to benefit from power shortages and OEM capacity constraints, with a projected revenue CAGR of 25% by 2030 [6][7] Market Opportunities in Space Solar Power - The report discusses potential opportunities in space solar power, particularly with Tesla and SpaceX's plans to increase solar capacity significantly, which could benefit Chinese photovoltaic companies [13] Other Companies - KOSTA, a leading UPS supplier, is expected to see a 60% increase in net profit by 2025, driven by significant orders from the U.S. AI data center supply chain [9][10] - MKM is transitioning into the global AI server power market but faces execution challenges and is rated Neutral due to high valuation and recent losses [11][12]

Core Viewpoint - The company's gross margin is influenced by various factors including competition intensity, raw material price fluctuations, and exchange rate volatility [1] Market Competition - In the domestic market, competition among peer companies is intense, with a high concentration of firms leading to fierce competition in information acquisition and resource matching [1] - Major clients often adopt a bidding approach, making price competition a significant battleground [1] Raw Material and Exchange Rate Impact - Short-term increases in raw material prices will impact the company's gross margin [1] - The company's exports are primarily priced in USD, making exchange rate fluctuations a factor affecting gross margin [1] Overseas Market Dynamics - The overseas market is broad, with certain information barriers between companies, and strong customer cooperation, especially in newly entered markets, allows for reasonable pricing advantages [1] - The company can partially pass on raw material price increases to customers, helping to balance cost fluctuations, resulting in relatively stable gross margins for overseas business [1] Overall Gross Margin Outlook - The changes in gross margin need to be viewed comprehensively, but overall, there is no significant impact expected in the short to medium term [1]

Core Insights - The company, Keda, is implementing different development strategies for its data center business, focusing on self-owned brands domestically and ODM (Original Design Manufacturer) overseas [1] Group 1: Domestic Strategy - The company is intensifying efforts to expand its domestic business by deepening cooperation with major internet clients such as ByteDance, Alibaba, JD.com, Kuaishou, GDS, and Century Internet [1] - The focus is on enhancing partnerships with leading enterprises to strengthen market presence in China [1] Group 2: International Strategy - The company is establishing a channel structure centered around core agents, operators, and EPC (Engineering, Procurement, and Construction) contractors in the overseas market [1] - There is an ongoing effort to expand cooperation with major overseas ODM clients and to broaden the geographical scope of these partnerships [1] - The company aims to solidify its market share in traditional strongholds like Europe and Southeast Asia while accelerating business development in emerging markets such as North America and Australia [1]