（文/观察者网 张志峰） 当AI大模型进入周度迭代周期，算力需求呈指数级爆发，AIDC（人工智能数据中心）正从"算力底 座"升级为数字经济核心基建。 政策驱动、需求牵引、技术革新三重力量共振下，国内AIDC建设迎来规模化爆发期，而智能配电作为 保障算力稳定运行的核心环节，正在成为国产厂商与施耐德、ABB等传统国际品牌展开竞争的重要战 场。 国内AIDC行业的爆发并非偶然，而是政策、需求、技术三大因素协同作用的必然结果，其中智能配电 环节的国产化替代需求尤为突出。 随着"东数西算"工程持续深化，京津冀、长三角等八大算力枢纽节点加速落地，带动数据中心集群化建 设。 同时，工信部等部门印发的《数据中心绿色低碳发展专项行动计划》明确提出，2025年新建大型AIDC 的PUE（能源使用效率）需控制在1.25以下，超大型AIDC PUE控制在1.2以下。这一刚性约束倒逼数据 中心供配电系统向高效化、节能化升级，为国内智能配电企业提供了政策窗口期。 AI大模型的快速迭代成为AIDC行业增长的核心引擎。 GPT系列、Gemini等大模型的训练的过程需要海量算力支撑，直接推动AIDC单机柜功率从传统的20- 50kW跃升至10 ...

截至9月30日，良信股份股东户数3.94万，较上期增加21.36%；人均流通股23245股，较上期减少 17.60%。2025年1月-9月，良信股份实现营业收入35.07亿元，同比增长12.23%；归母净利润3.04亿元， 同比减少2.08%。 分红方面，良信股份A股上市后累计派现19.86亿元。近三年，累计派现7.44亿元。 2月25日，良信股份跌0.34%，成交额4.40亿元。两融数据显示，当日良信股份获融资买入额4471.51万 元，融资偿还5177.85万元，融资净买入-706.35万元。截至2月25日，良信股份融资融券余额合计3.09亿 元。 融资方面，良信股份当日融资买入4471.51万元。当前融资余额3.09亿元，占流通市值的2.36%，融资余 额超过近一年60%分位水平，处于较高位。 融券方面，良信股份2月25日融券偿还2.84万股，融券卖出900.00股，按当日收盘价计算，卖出金额1.05 万元；融券余量1.99万股，融券余额23.20万元，低于近一年10%分位水平，处于低位。 资料显示，上海良信电器股份有限公司位于上海市浦东新区申江南路2000号，成立日期1999年1月7日， 上市日期20 ...

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。 二、对公司的影响 1、公司本次使用部分自有闲置资金购买银行理财产品是根据公司实际情况，在确保公司日常所需资金 不受影响的前提下进行的，购买的理财产品为保本型理财产品，期限较短，公司已经履行了必要的审批 程序，有利于提高资金使用效率，不会影响公司营运的正常进行 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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，近日公司与招商银行股份有限公司（以下简称招商银行）签署了购买理财产品的协议， 具体如下： 股票代码：002706 股票简称：良信股份 公告编号：2026-004 一、公司 ...

股票代码：002706 股票简称：良信股份 公告编号：2026-004 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，近日公司与招商银行股份有限公司（以下简称招商银行）签署 了购买理财产品的协议，具体如下： 一、公司于 2026 年 ...

从良信股份十大流通股东角度 数据显示，国泰基金旗下1只基金位居良信股份十大流通股东。国泰估值优势混合(LOF)A（160212）三 季度增持107.69万股，持有股数2250.98万股，占流通股的比例为2.46%。根据测算，今日浮盈赚取约 1283.06万元。 2月24日，良信股份涨5.17%，截至发稿，报11.60元/股，成交2.22亿元，换手率2.12%，总市值130.28亿 元。 资料显示，上海良信电器股份有限公司位于上海市浦东新区申江南路2000号，成立日期1999年1月7日， 上市日期2014年1月21日，公司主营业务涉及低压电器产品的研发、生产与销售。主营业务收入构成 为：配电电器63.82%，终端电器20.57%，控制电器12.55%，智能电工2.42%，其他(补充)0.65%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓良信股份。国泰估值优势混合(LOF)A（160212）四季度减持 24.65万股，持有股数2226.33万股，占基金净值比例为8.91%，位居第四大重仓股。根据测算，今日浮 盈赚取约1269.01万元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布 ...

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].

Group 1 - The A-share market saw a collective rebound on February 12, with the electric grid equipment sector experiencing a strong surge, particularly the electric grid equipment ETF (159326), which rose by 3.81% and achieved a transaction volume of 984 million yuan [1] - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Index, with over 78% of its holdings in electric grid equipment, making it the purest electric grid index in the market. Its scale has rapidly grown to 17.113 billion yuan, the largest among electric grid-related ETFs [1] - High-level meetings emphasized the need for state-owned enterprises to actively expand effective investment in computing power and promote the synergy between "computing power + electricity," which is expected to drive upgrades in electricity infrastructure [1] Group 2 - The global investment in electric grids is expected to continue growing to address the increasing share of wind and solar power, with a significant rise in demand for grid equipment due to the rapid growth of the wind and photovoltaic industries [2] - In developed economies, over 20% of electric grid equipment is over 20 years old, indicating a pressing need for upgrades. Domestic electric grid equipment companies are likely to benefit from the increased investment in electric grids, while overseas export business is expected to remain stable [2] Group 3 - The electric grid equipment ETF (159326) has a high weighting of 90% in smart grid and 67% in ultra-high voltage, both of which are the highest in the market [3] - The green electricity ETF (562550) is the largest in its index, packaging leading companies in the electricity sector, including clean energy firms and traditional energy sources [3] - The public utility ETF (159301) is the largest public utility-themed ETF in the market, with a 90.8% weighting in the electricity sector, characterized by high dividends and stable growth attributes [3]

Group 1 - The core viewpoint is that the stock price of Longxin Co., Ltd. (002706.SZ) increased by 3.72% to 10.86 yuan, driven by factors such as capital inflow, sector recovery, fundamental expectations, and active technical indicators [1] Group 2 - The stock experienced a net capital inflow of 37.11 million yuan, indicating a certain level of capital momentum. The overall electric equipment sector rose by 0.29%, while the grid equipment sector increased by 0.42%, providing a positive environment for individual stocks [2] Group 3 - Despite the company's Q3 2025 report showing some pressure on quarterly performance, institutional research highlights its long-term potential in high-growth sectors such as renewable energy (wind, solar, storage) and digital energy (e.g., intelligent computing centers). The long-term partnership with Vertiv Technologies is expected to open growth opportunities in domestic and international data center markets. Additionally, the 2026 National Energy Work Conference's clear push for new energy storage development supports the industry [3] Group 4 - Technically, the stock price has been fluctuating near the 20-day moving average, with a significant increase in trading volume and a turnover rate of 2.11%, indicating active market trading. As the Spring Festival approaches, some capital is seeking opportunities in cyclical sectors, reflecting a tendency to "abandon high and seek low" [4]

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [4][15]. Core Insights - North American CSP companies are significantly increasing their capital expenditures, with Meta's Q4 2025 capex reaching $22.14 billion and projected to rise to $115-135 billion in 2026. Microsoft, Amazon, and Google are also increasing their capex, indicating a robust demand for AI training and inference [3][12][13]. - Domestic AI applications are entering a commercialization inflection point, with companies like Tencent and Alibaba launching significant promotional campaigns to stimulate user engagement and application usage [12][13]. - The AI industry is transitioning from a focus on computational power to a collaborative expansion involving infrastructure and application ecosystems, benefiting sectors such as servers, power equipment, data centers, and liquid cooling systems [14]. Summary by Sections Investment Views - The report suggests focusing on the IDC sector, highlighting companies like Kehua Data and Jinpan Technology due to their growth potential. It also recommends monitoring high-voltage circuit breakers and power supply sectors, with specific mentions of companies like Liangxin and Sunshine Power [4][14]. Industry Dynamics - The report notes that the domestic data center sector is beginning to expand and upgrade, with significant opportunities in direct current power supply equipment. The power equipment sector is expected to benefit from these trends [4][17]. - The report highlights that the State Grid's fixed asset investment grew by over 35% year-on-year in January, indicating strong infrastructure investment [18][19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including Kehua Data, Liangxin, and Sunshine Power, with specific EPS and PE ratios outlined for 2024 to 2026 [7][16].