合同号: 【云信信 2025-2425 号】 本信托为法人及非法人组织财富管理信托。受托人管理信 托财产应恪尽职守,履行诚实、信用、谨慎、有效管理的 义务。依据信托文件规定管理信托财产所产生的风险,由 信托财产承担,即由委托人交付的资金以及由受托人对该 资金运用后形成的财产承担。受托人违背信托合同、处理 信托事务不当使信托财产受到损失,由受托人以固有财产 赔偿,不足赔偿时,由投资者自担。信托公司、信托业务 人员等相关机构和人员的过往业绩不代表该信托产品未 来运作的实际效果。 云南信托-良信股份 2025年奋斗者 3 号员工持股 单一资金信托 信托合同 受托人:云南国际信托有限公司 保管人:招商银行股份有限公司上海分行 信托登记系统产品编码:ZXD202601130000008986 / 云南国际信托有限公司 云南信托-良信股份2025年奋斗者3号员工持股单一资金信托 认购风险申明书 信托登记系统产品编码:ZXD202601130000008986 尊敬的委托人暨受益人: 感谢您对云南国际信托有限公司的信任并自愿加入云南信托-良信股份 2025年 奋斗者 3 号员工持股单一资金信托。为维护您的权益,特别提示您在 ...

公司于 2025 年 12 月 3 日召开第七届董事会第七次会议，并于 2025 年 12 月 19 日召开 2025 年第三次临时股东会，审议通过了《关于<2025 年奋斗者 3 号 员工持股计划（草案）>及其摘要的议案》《关于<2025 年奋斗者 3 号员工持股 计划管理办法>的议案》和《关于提请股东会授权董事会办理 2025 年奋斗者 3 号员工持股计划相关事宜的议案》。具体内容详见公司刊登在巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 近日，公司作为委托人与云南国际信托有限公司签订信托合同，具体内容详 见巨潮资讯网（http://www.cninfo.com.cn）披露的《云南信托-良信股份 2025 年奋斗者 3 号员工持股单一资金信托-信托合同》。 公司将持续关注本期员工持股计划的实施进展情况，并按照相关法律法规的 规定及时履行信息披露义务。敬请广大投资者关注相关公告并注意投资风险。 特此公告! 上海良信电器股份有限公司 证券代码：002706 证券简称：良信股份 公告编号：2026-003 上海良信电器股份有限公司 关于签订员工持股计划信托合同的公告 本公司及董 ...

证券日报网讯1月22日，良信股份（002706）在互动平台回答投资者提问时表示，公司深耕低压电器市 场，每年研发投入不低于6%，在固态断路器产品上，公司持续与国内头部高校进行联合开发，保持核 心技术竞争力，公司产品具有性能高、体积小、成本低的优势；在市场端公司紧抓数据中心以及智能配 电场景需求，持续与客户进行技术对接，拓展市场机会点。 ...

证券日报网讯1月22日，良信股份（002706）在互动平台回答投资者提问时表示，公司主营业务包括中 低压电器及智能配电、智慧能源解决方案等产品，在电网、新能源风电、光伏、储能以及智算中心等行 业具有广泛应用。在高压直流接触器产品方面，公司始终以"技术驱动+场景赋能"为核心，依托多年技 术积累，针对新能源汽车车载系统、直流充电桩、光储等应用场景开发匹配应用场景的产品。 ...

财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 针对上述提问，良信股份回应称："尊敬的投资者您好，公司主营业务包括中低压电器及智能配电、智 慧能源解决方案等产品，在电网、新能源风电、光伏、储能以及智算中心等行业具有广泛应用。在高压 直流接触器产品方面，公司始终以'技术驱动+场景赋能'为核心，依托多年技术积累，针对新能源汽车 车载系统、直流充电桩、光储等应用场景开发匹配应用场景的产品。感谢关注。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向良信股份提问："董秘，你好，请问贵司在电力配网方面有什么业务和产品？贵 司的高压直流有哪些前瞻性研发和部署？谢谢。" ...

股票代码：002706 股票简称：良信股份 公告编号：2026-002 上海良信电器股份有限公司 关于使用自有资金购买金融机构理财产品的进展公告 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。 上海良信电器股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开了第 七届董事会第三次会议及第七届监事会第三次会议，会议审议通过了《关于使用自 有资金购买金融机构理财产品的议案》，同意公司（含子公司，下同）在不影响正常 经营及发展的情况下，可使用不超过 5 亿元的闲置自有资金进行现金管理，计划投 资于保本型或低风险型理财产品，使用期限为自公司董事会审议通过之日起 12 个 月内，在前述使用期限及额度范围内，资金可以滚动使用。本次事项在董事会审议 权限范围之内，无需提交股东大会进行审议。具体内容详见 2025 年 3 月 29 日刊登 于巨潮资讯网《关于使用部分闲置自有资金进行现金管理的公告》，公告编号： 2025-019。 根据上述决议，近日公司与兴业银行股份有限公司（以下简称兴业银行）签署 了购买理财产品的协议，具体如下： 一、公司于 2026 年 ...

Investment Rating - The report provides a neutral investment rating for the industry [59]. Core Insights - Solid State Circuit Breakers (SSCB) represent a significant technological advancement in circuit protection, transitioning from traditional electromechanical structures to power electronic devices, which better meet the demands of DC systems for high-speed, frequent operations, and compact designs [4][21]. - The necessity for SSCBs in AI Data Centers (AIDC) is emphasized, as they are critical components in the 800V DC ecosystem, enhancing the system's capacity to handle high power density loads and ensuring safety and rapid fault protection [5][30]. - The report identifies key players in the SSCB market, including companies like ABB, Eaton, and domestic firms such as Liangxin, Chint, and Taiyong Changzheng, highlighting their innovations and contributions to the industry [32][36][39][41][43]. Summary by Sections 1. What is a Solid State Circuit Breaker? - SSCBs utilize power semiconductor devices like IGBT, MOSFET, and SiC MOSFET to achieve current interruption, addressing challenges faced by traditional mechanical circuit breakers in DC systems [4][21]. - The advantages of SSCBs include extremely fast interruption speeds, no arcing or contact wear, excellent adaptability to DC systems, and high electrical longevity and reliability [16][21]. 2. Why AIDC Needs Solid State Circuit Breakers? - The evolution of data center power supply architecture is moving towards DC systems, which reduce energy conversion losses and improve efficiency [24][26]. - The report outlines the transition from traditional AC systems to a centralized DC supply model, which enhances power density and reliability [26][30]. 3. Related Companies - **ABB**: A leading provider of electrical solutions, ABB's SACE Infinitus solid state circuit breaker offers rapid fault interruption and significant power loss reduction [36]. - **Eaton**: Known for its power management solutions, Eaton's Polaris solid state circuit breaker features fast fault interruption and is designed for data centers and renewable energy applications [39]. - **Liangxin**: A domestic leader in low-voltage electrical products, Liangxin is focusing on smart distribution and has developed solid state circuit breakers for high power density applications [41]. - **Chint**: A major player in the low-voltage electrical industry, Chint is expanding its product line to include solid state circuit breakers to meet the growing demand in renewable energy and data centers [43]. - **Taiyong Changzheng**: This company has been an early adopter of SSCB technology, offering products that enhance the reliability and safety of DC power systems [49].

Investment Rating - The report maintains a "Recommended" rating for several key companies in the power equipment and new energy sectors, including Ningde Times, Kodali, and others [5][6]. Core Insights - The power equipment and new energy sector saw a weekly increase of 0.79%, outperforming the Shanghai Composite Index, with the energy storage index showing the highest growth at 1.81% [1]. - The National Energy Administration projects a total electricity consumption of 10,368.2 billion kWh by 2025, representing a year-on-year growth of 5.0% [4][56]. - TCL Zhonghuan's strategic investment in a new energy company aims to enhance vertical integration in the photovoltaic industry, reducing costs and improving efficiency [3][37]. Summary by Sections 1. New Energy Vehicles - Hive Energy showcased three core technological breakthroughs at its sixth Battery Day, focusing on semi-solid technology, Dragon Scale 3.0 technology, and ion oscillation fast charging technology, all aimed at enhancing safety and performance [2][13][21]. 2. New Energy Generation - TCL Zhonghuan's acquisition of a new energy company is expected to optimize resources and enhance business synergy, facilitating a shift from low-level competition to value co-creation in the photovoltaic sector [3][37]. 3. Power Equipment and Industrial Control - The National Grid's "14th Five-Year Plan" anticipates a fixed asset investment of 4 trillion yuan, a 40% increase from the previous plan, to support the development of a new power system [4][56]. - The report highlights significant growth in electricity consumption across various sectors, with the service industry and residential electricity usage contributing 50% to the overall growth [4][56]. 4. Commercial Aerospace - Trina Solar set a new world record with a 886W per 3.1 m² perovskite/silicon tandem module, reinforcing its leadership in high-efficiency energy technology [5]. 5. Weekly Sector Performance - The energy storage index led the sector with a 1.81% increase, while the nuclear power index experienced the largest decline at 6.39% [1].

Group 1 - On January 15, 2025, Liangxin Co., Ltd. experienced a stock decline of 1.48% with a trading volume of 457 million yuan. The margin trading data indicated a financing buy amount of 38.64 million yuan and a financing repayment of 56.82 million yuan, resulting in a net financing buy of -18.18 million yuan. The total margin trading balance reached 333 million yuan as of January 15 [1] - The financing balance of Liangxin Co., Ltd. is 333 million yuan, accounting for 2.62% of the circulating market value, which is above the 70th percentile level over the past year, indicating a relatively high position [1] - On the same day, the company had a securities lending repayment of 100 shares and a securities lending sell of 600 shares, with a selling amount of 6,780 yuan. The securities lending balance was 42,380 yuan, which is below the 20th percentile level over the past year, indicating a low position [1] Group 2 - As of September 30, 2025, Liangxin Co., Ltd. had 39,400 shareholders, an increase of 21.36% compared to the previous period. The average circulating shares per person decreased by 17.60% to 23,245 shares [2] - For the period from January to September 2025, Liangxin Co., Ltd. achieved an operating income of 3.507 billion yuan, representing a year-on-year growth of 12.23%. However, the net profit attributable to the parent company was 304 million yuan, a decrease of 2.08% year-on-year [2] - Since its A-share listing, Liangxin Co., Ltd. has distributed a total of 1.986 billion yuan in dividends, with 744 million yuan distributed over the past three years [2] - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 37.56 million shares, an increase of 19.47 million shares compared to the previous period. Guotai Asset Valuation Advantage Mixed Fund (LOF) A ranked fourth among the top circulating shareholders, holding 22.51 million shares, an increase of 107,690 shares [2]

Core Insights - The fundamental driver of AI power supply solutions is the continuous improvement in single-chip and single-cabinet power levels, with companies like NVIDIA leading the charge in upgrading their AI chips [1] - The power of AI data centers in North America is projected to reach 71GW by 2028, driven by advancements in multi-chip designs such as NVL72 from NVIDIA and Superpod from Google [1] Group 1: Power Supply Evolution - The main directions for AIDC power supply iteration are high power, high voltage, and direct current, with NVIDIA's white paper outlining a clear path from AC to 800V DC solutions [2] - The OCP organization has established ±400V power supply standards, aiming for MW-level cabinet power through direct current supply [2] Group 2: Technological Changes and Growth - The evolution of power supply solutions has led to the development of integrated devices like HVDC Sidecar and SST hosts, which can perform multiple functions such as voltage reduction and power quality improvement [3] - Key challenges in R&D include power conversion modules and high-frequency isolation transformers, with third-generation wide bandgap semiconductors like SiC and GaN being crucial for achieving high voltage and efficiency [3] Group 3: Investment Opportunities - Four key areas for investment consideration include AIDC power hosts (PSU, HVDC, SST), with companies like Sungrow Power (300274.SZ) and Megmeet (002851.SZ) being notable mentions [4] - Energy storage solutions at the station level are highlighted, with companies such as Sungrow Power and Fluence Energy (FLNC.US) being potential investment targets [4] - Core incremental components like solid-state circuit breakers and electronic fuses are also identified, with companies like Liyang Technology (002706.SZ) and Vicor Corporation (VICR.US) being recommended [4] - Third-generation semiconductors like GaN and SiC are emphasized as critical components for future developments [4]