Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].

Core Insights - The demand for Backup Battery Units (BBU) is expected to rise significantly due to the transition from traditional Internet Data Centers (IDC) to Artificial Intelligence Data Centers (AIDC), with a projected need for over 600 million high-rate cylindrical batteries by 2030 [1][2] Industry Overview - The BBU supply chain consists of battery manufacturers, equipment companies, and server enterprises, with Japanese and Korean companies dominating over 80% of the market share [2] - Domestic companies such as Weilan Lithium Chip, Yiwei Lithium Energy, and Xinneng An are beginning to supply samples, while Taiwanese firms like Delta and New Power are key players in the equipment sector [2][5] - NVIDIA holds a significant market share in the server segment, integrating BBU solutions into its GB200 and GB300 models [2] Market Dynamics - The profitability of BBU batteries is notably higher than that of standard batteries, prompting many Chinese companies to focus on this sector, with several launching new products aimed at high-rate applications by 2025 [5] - Domestic companies like Weilan Lithium Chip have initiated small-scale supplies to major clients, while Yiwei Lithium Energy and Xinneng An have begun production of their full-tab batteries [5] - As demand for BBU batteries increases, Chinese battery manufacturers are positioned to rapidly capture market share [5]

Core Viewpoint - The China Securities Index for Home Appliances has shown a slight increase of 0.3% recently, with a current value of 11,215.49 points, while the index has experienced a 1.25% increase over the past month, a 3.37% decrease over the past three months, and a 0.80% decline year-to-date [1] Group 1: Index Performance - The China Securities Index for Home Appliances opened high and fluctuated, with a trading volume of 19.674 billion yuan [1] - The index is categorized into various industry levels, including 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2: Index Composition - The top ten weighted companies in the index are Gree Electric Appliances (16.07%), Midea Group (15.58%), Haier Smart Home (12.57%), Sanhua Intelligent Control (8.23%), Sichuan Changhong (5.1%), Roborock Technology (4.44%), Megmeet (2.8%), Hisense Visual Technology (2.46%), Bull Group (1.92%), and Hisense Home Appliances (1.74%) [1] - The market share of the index's holdings is 65.47% from the Shenzhen Stock Exchange and 34.53% from the Shanghai Stock Exchange [1] Group 3: Sample Adjustments - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the index samples [2] Group 4: Related Funds - Public funds tracking the home appliance index include: Harvest CSI Home Appliance Index C, Fortune CSI Home Appliance Linked A, Guotai CSI Home Appliance ETF Linked A, and several others [2]

Core Viewpoint - The article highlights the importance of Chinese listed companies engaging with international investors as a significant step in the opening of China's capital market, showcasing the investment value of companies in the Shenzhen Stock Exchange during an event in Singapore [1][2]. Group 1: International Engagement - The event in Singapore, organized by the Shenzhen Stock Exchange, featured companies like Mindray Medical, Inovance Technology, and others, emphasizing the achievements in China's new productive forces and the investment potential of these companies [1]. - International investors expressed a strong belief in the strategic significance and vast development opportunities of investing in the Chinese market, particularly in the context of increasing geopolitical uncertainties and tariff disputes [2]. Group 2: Globalization Progress - Shenzhen-listed companies are actively expanding their global presence by establishing sales offices and distribution channels, enhancing their roles in global competition [4]. - Companies like Megmeet, Teradyne, and Inovance Technology shared their successful experiences in overseas market expansion through localized operations and technological innovations, which have improved their global supply chain resilience [4]. Group 3: ESG and Carbon Reduction - A-share companies have made significant contributions to global carbon reduction through green technology innovations and sustainable development initiatives, showcasing strong competitiveness [6]. - Companies such as Mindray Medical and Inovance Technology have gained international recognition for their leading ESG management and carbon reduction technologies, with foreign investors particularly interested in their innovations in the renewable energy and environmental protection sectors [7][8]. Group 4: R&D Investment and Technological Barriers - High R&D investment has been a core driver for Chinese companies to overcome global competition barriers, with Shenzhen-listed companies projected to invest over 760 billion yuan in R&D in 2024 [10]. - The total number of effective patents held by Shenzhen-listed companies exceeds 10,000, with notable achievements in patent applications and technology breakthroughs, positioning them favorably in the global market [10]. - Investors are keen on the high R&D investments of Shenzhen companies, believing that continuous investment and exploration of AI applications will help these companies transition from "technology followers" to "standard setters" in emerging fields [10].

证券代码：002851 证券简称：麦格米特 公告编号：2025-048 深圳麦格米特电气股份有限公司 关于 2022 年股票期权激励计划注销部分股票期权的公告 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。 2025 年 5 月 29 日，深圳麦格米特电气股份有限公司（以下简称"公司"或 "麦格米特"）召开第五届董事会第十八次会议和第五届监事会第十七次会议， 审议通过了《关于 2022 年股票期权激励计划注销部分股票期权的议案》。现将 有关事项说明如下： 一、公司 2022 年股票期权激励计划已履行的决策程序和信息披露情况 （一）2022 年 5 月 23 日，公司第四届董事会第十七次会议审议通过了《关 于<公司 2022 年股票期权激励计划（草案）>及其摘要的议案》、《关于<公司 2022 年股票期权激励计划实施考核管理办法>的议案》、《关于提请股东大会授权董事 会办理公司 2022 年股票期权激励计划相关事宜的议案》。 同日，公司召开第四届监事会第十五次会议，对本次激励计划的激励对象名 单进行核查，并审议通过《关于<公司 2022 年股票期权激励计划（草案 ...

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。 2025 年 5 月 29 日，深圳麦格米特电气股份有限公司（以下简称"公司"或 "麦格米特"）召开第五届董事会第十八次会议和第五届监事会第十七次会议， 审议通过了《关于 2022 年股票期权激励计划首次授予部分第三个行权期及预留 授予部分第二个行权期行权条件成就的议案》。现将有关事项说明如下： 一、公司 2022 年股票期权激励计划已履行的决策程序和信息披露情况 证券代码：002851 证券简称：麦格米特 公告编号：2025-050 深圳麦格米特电气股份有限公司 关于 2022 年股票期权激励计划首次授予部分第三个行权期及 预留授予部分第二个行权期行权条件成就的公告 （三）2022 年 6 月 8 日，公司召开 2022 年第二次临时股东大会，会议审议 通过了《关于<公司 2022 年股票期权激励计划（草案）>及其摘要的议案》、《关 于<公司 2022 年股票期权激励计划实施考核管理办法>的议案》以及《关于提请 股东大会授权董事会办理公司 2022 年股票期权激励计划有关事项的议案》。公司 实施本激励计划获得股 ...

| 职务 | 获授的限制性股 | 占本激励计划拟 授出全部权益数 | 占本激励计划草案公 | | --- | --- | --- | --- | | | 票数量 万股） | 量的比例 | 布日股本总额的比例 | | 核心管理人员及核心技 术 业务）人员 共 253 | 308.9000 | 100.00% | 0.57% | | 人） | | | | | 合计 | 308.9000 | 100.00% | 0.57% | 注：1、上述任何一名激励对象通过全部有效的限制性股票激励计划获授的本公司股票 累计数均未超过本次激励计划草案公告时公司股本总额的 1%。公司全部有效的激励计划所 涉及的标的股票总数累计未超过本次激励计划草案公告时公司股本总额的 10%。 2、本次激励计划的激励对象不包括公司独立董事、监事及单独或合计持有公司 5%以上 股份的股东或实际控制人及其配偶、父母、子女。 3、在限制性股票授予前，激励对象离职或因个人原因自愿放弃获授权益的，由董事会 对授予数量做相应调整，将激励对象放弃的权益份额直接调减或在激励对象之间进行分配， 但调整后任何一名激励对象通过全部在有效期内的限制性股票激励计划获授的本公 ...

深圳麦格米特电气股份有限公司 2025 年限制性股票激励计划（草案） 证券简称：麦格米特 证券代码：002851 深圳麦格米特电气股份有限公司 2025 年限制性股票激励计划（草案） 二〇二五年五月 深圳麦格米特电气股份有限公司 2025 年限制性股票激励计划（草案） 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 1 深圳麦格米特电气股份有限公司 2025 年限制性股票激励计划（草案） 特别提示 一、《深圳麦格米特电气股份有限公司 2025 年限制性股票激励计划（草案）》 由深圳麦格米特电气股份有限公司（以下简称"麦格米特""公司"或"本公司"） 依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励 管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指南第 1 号——业务办理》和其他有关法律、行政法规、规范性文件，以及《公 司章程》等有关规定制订。 二、麦格米特 2025 年限制性股票激励计划（以下简称"本激励计划"）采取 的激励形式为限制性股票。股票来源全部为公司从二级市场回购的本公司 30 ...

| 总额 1%的说明 | | | --- | --- | | （5）股权激励计划的有效期，股票期权的授权日或授权日的确定方 | | | 式、可行权日、行权有效期和行权安排，限制性股票的授予日、限售 | 是 | | 期和解除限售锁定期安排等 | | | （6）限制性股票的授予价格、股票期权的行权价格及其确定方法。如 采用《股权激励管理办法》第二十三条、第二十九条规定的方法以外 | | | 的其他方法确定授予价格、行权价格的，应当对定价依据及定价方式 | 是 | | 作出说明，聘请独立财务顾问核查并对股权激励计划的可行性、是否 | | | 有利于上市公司的持续发展、相关定价依据和定价方法的合理性、是 | | | 否损害上市公司利益以及对股东利益的影响发表明确意见并披露 | | | （7）激励对象获授权益、行使权益的条件。拟分次授出或者行使权益 | | | 的，应当披露激励对象每次获授或者行使权益的条件；对设立条件所 | | | 涉及的指标定义、计算标准等的说明；约定授予权益、行使权益条件 | | | 未成就时，相关权益不得递延至下期；如激励对象包括董事和高管， | | | 应当披露激励对象行使权益的绩效考核指标； ...

证券代码：002851 证券简称：麦格米特 公告编号：2025-049 一、公司 2022 年股票期权激励计划已履行的决策程序和信息披露情况 （一）2022 年 5 月 23 日，公司第四届董事会第十七次会议审议通过了《关 于<公司 2022 年股票期权激励计划（草案）>及其摘要的议案》、《关于<公司 2022 年股票期权激励计划实施考核管理办法>的议案》、《关于提请股东大会授权董事 会办理公司 2022 年股票期权激励计划相关事宜的议案》。 同日，公司召开第四届监事会第十五次会议，对本次激励计划的激励对象名 单进行核查，并审议通过《关于<公司 2022 年股票期权激励计划（草案）>及其 摘要的议案》、《关于<公司 2022 年股票期权激励计划实施考核管理办法>的议案》 以及《关于核实<公司 2022 年股票期权激励计划首次授予部分激励对象名单>的 议案》。 （二）2022 年 5 月 24 日至 2022 年 6 月 2 日，通过在公司内部张榜对本次 激励计划首次授予部分激励对象的姓名及职务进行了内部公示。在公示期内，公 司监事会未收到与本激励计划激励对象有关的任何异议。公司于 2022 年 6 月 3 日 ...