Market Overview - The other power equipment sector experienced a decline of 3.14% on September 26, with Zhongheng Electric leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Youyou Green Energy: closed at 227.00, up 5.33% with a trading volume of 23,800 and a turnover of 547 million [1] - Jinshi Technology: closed at 17.44, up 3.26% with a trading volume of 269,600 and a turnover of 473 million [1] - Major decliners included: - Zhongheng Electric: closed at 29.57, down 9.98% with a trading volume of 770,200 and a turnover of 234.3 million [2] - Maigemit: closed at 75.04, down 7.85% with a trading volume of 343,700 and a turnover of 2.644 billion [2] Capital Flow - The other power equipment sector saw a net outflow of 3.467 billion from institutional investors, while retail investors contributed a net inflow of 2.211 billion [2][3] - Specific stock capital flows included: - Shengjing Co.: net inflow from institutional investors of 49.42 million, with a retail net outflow of 54.94 million [3] - China Power: net inflow from institutional investors of 28.63 million, with a retail net outflow of 7.31 million [3]

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.65% to 3828 points, the Shenzhen Component Index down 1.76%, and the ChiNext Index down 2.6% [1] - The total trading volume for the day was 2.17 trillion yuan, a decrease of 225.7 billion yuan compared to the previous trading day, with over 3400 stocks declining across the market [1] Sector Performance - The gaming sector experienced a significant drop, with Jibite hitting the daily limit down [1] - The Nvidia concept stocks fell, with Magmi Tech down nearly 8% [1] - CPO and optical communication modules also saw declines, with Hangdian Co. hitting the daily limit down [1] - Other sectors that faced notable declines included laser radar, consumer electronics, and copper cable high-speed connections [1] - Conversely, the wind power equipment sector rose, with Weili Transmission and Mingyang Smart Energy hitting the daily limit up [1] - The chemical fiber sector saw gains, with Shunhua Co. hitting the daily limit up [1] - The pesticide and veterinary drug sector was active, with Lanfeng Biochemical hitting the daily limit up [1] - Other sectors with notable increases included fertilizers, plant-based meat, and green electricity [1] Index Performance - The Shanghai Composite Index closed at 3828.11, down 25.20 points or 0.65% [1] - The Shenzhen Component Index closed at 13209.00, down 236.90 points or 1.76% [1] - The ChiNext Index closed at 3151.53, down 84.23 points or 2.60% [1] - The CSI 300 Index closed at 4550.05, down 43.44 points or 0.95% [1] - The CSI 500 Index closed at 7240.91, down 100.41 points or 1.37% [1] - The CSI 1000 Index closed at 7397.59, down 108.92 points or 1.45% [1]

Group 1 - The core point of the news is that Magpower's stock price dropped by 5.17% to 77.22 CNY per share, with a trading volume of 804 million CNY and a turnover rate of 2.24%, resulting in a total market capitalization of 42.293 billion CNY [1] - Magpower, established on July 29, 2003, and listed on March 6, 2017, specializes in the research, production, and sales of smart home appliance control products, industrial power supplies, and industrial automation products [1] - The revenue composition of Magpower includes: smart home appliance control products (45.92%), power products (24.77%), new energy and rail transit components (10.87%), industrial automation (8.32%), smart equipment (5.09%), precision connections (4.37%), and others (0.66%) [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Huaxia Fund has a significant position in Magpower, specifically the Huaxia Strategy Mixed Fund (002031), which increased its holdings by 53,200 shares in the second quarter, totaling 420,000 shares, accounting for 4.24% of the fund's net value [2] - The Huaxia Strategy Mixed Fund (002031) was established on October 23, 2008, with a latest scale of 497 million CNY, and has achieved a year-to-date return of 5.47%, ranking 6621 out of 8171 in its category [2] - The fund manager of Huaxia Strategy Mixed Fund is Chen Weiyan, who has been in the position for 9 years and 315 days, with the best fund return during his tenure being 44.15% and the worst being -32.92% [3]

Summary of Key Points from Conference Call Industry Overview - The lithium battery industry is entering a new cycle with improvements in supply and demand, as well as technological iterations. The potential replacement of liquid batteries by solid-state batteries is noteworthy, particularly in the equipment and materials sectors. Identifying companies with strong profitability in these incremental segments is crucial [1][2][3]. Core Insights and Arguments Solid-State Battery Technology - Solid-state battery technology, focusing on sulfide electrolytes, presents numerous innovation opportunities in both anode and cathode materials. Companies like Panasonic and SK On are actively investing in this area, indicating significant market potential. Panasonic aims to launch solid-state battery products by 2027, while SK On plans commercialization by 2029 [2][4]. - The investment framework emphasizes identifying incremental segments, positive feedback from downstream, and maintaining strong profitability in the materials sector. Current positive changes in material profitability, especially among companies excelling in traditional materials, are expected to perform even better with solid-state advancements [2][4]. AIDC Power Supply - In the AIDC (Artificial Intelligence Data Center) sector, the importance of solid-state transformers is increasing, with simultaneous growth in domestic and international demand for high-efficiency transformers. Power density enhancement is a key driving factor, with companies like Megmeet and Luton gaining attention for their server internal power solutions [3][5]. - The trend towards higher power density is crucial for upgrading supply and distribution systems, particularly in data center applications [5]. Anti-Involution in the Photovoltaic Sector - The photovoltaic industry faces challenges related to anti-involution, with the National Standardization Committee releasing energy efficiency limits for polysilicon products. This is expected to drive price recovery in the sector, with potential positive outcomes anticipated in October as policies are implemented [2][6][10]. - The current market position is relatively low, suggesting cautious optimism for future price recovery and profitability enhancement across various segments, including solar energy and energy storage [6]. Humanoid Robotics Sector - The humanoid robotics sector has shown recent activity, with companies like Feige completing financing rounds and Yushu Technology potentially preparing for an IPO. Key companies to watch include Keda Li and Fulin Precision, which have solid business foundations and clear product layouts in the industry [7][8]. Additional Important Insights - The partnership between Zhongheng Electric and Silver Lake is noteworthy, aiming to enhance global market positioning and provide power solutions. This collaboration is expected to facilitate the large-scale application of 800V HVDC solid-state transformers [9]. - The electric grid equipment sector is currently undervalued, with recommended companies including Pinggao Electric, China West Electric, and Guodian NARI, among others. These companies are seen as having good cost-performance ratios [11]. - Recent developments in solid-state battery technology, humanoid robotics, and photovoltaic anti-involution measures are guiding future investment strategies, emphasizing the need for targeted investments in these sectors [12].

Core Insights - The article discusses the evolution of power supply architectures in data centers, highlighting the shift towards more efficient technologies such as 800V HVDC and SST, with expectations for significant adoption by 2028 and 2030 respectively [2][4][11]. Group 1: Power Supply Architecture Evolution - The current power supply in data centers is primarily centralized (Powershelf), but with the rise of AI workloads, a transition to Sidecar power supply mode is anticipated around 2026-2027, with single cabinet power reaching 250-1500 kW [2][4]. - By 2030, the market is expected to gradually adopt SST power supply architecture, which is projected to achieve a full-link efficiency of 91.2%, surpassing the current UPS architecture efficiency of 85.8% [6][11]. Group 2: 800V HVDC Technology - 800V HVDC is gaining attention for its efficiency and space-saving benefits, potentially increasing end-to-end efficiency to 95-98% compared to traditional UPS systems, while reducing copper usage by 45% and floor space by 40% [11][12]. - Despite its advantages, 800V HVDC faces challenges such as higher initial costs (20-30% more than traditional UPS) and unclear market standards, necessitating industry-wide collaboration for its advancement [11][12]. Group 3: New UPS Technologies - A new type of simplified UPS has been introduced, eliminating the traditional AC/DC rectification stage, which allows for 0ms switching and improved IT performance [15][16]. - This new UPS operates in three modes: normal operation, energy storage during power outages, and combined power supply when load exceeds UPS limits [15][16]. Group 4: Power Supply Technology Upgrades - Upgrades in power supply technology focus on new materials, topologies, and functionalities, with significant advancements in power devices such as SiC MOSFETs replacing Si IGBTs [18][22]. - The integration of passive components like capacitors and inductors is seen as a bottleneck for future integrated power solutions, with expectations for higher integration levels in the coming years [22][24]. Group 5: Addressing GPU Load Fluctuations - The article highlights the challenges posed by GPU load fluctuations in data centers, which can cause significant power quality issues [24][26]. - Solutions for mitigating these fluctuations include using supercapacitors on the DC side and enhancing power supply unit (PSU) designs to accommodate larger capacitors for better load smoothing [26][30]. Group 6: FIVR Technology - FIVR (Fully Integrated Voltage Regulator) is emerging as a promising technology for DC-DC terminal power supply, offering significant improvements in size, thickness, and dynamic response compared to traditional power supplies [33][34]. - This technology integrates power supply directly into the chip, reducing component count and achieving faster response times, although it imposes stringent requirements on inductor size and performance [33][34].

Core Insights - The company positions itself to serve B-end customers by providing a range of core components and system-level products for energy storage and charging [1] - The company's solar storage business has been steadily progressing, with ongoing projects advancing smoothly and significant breakthroughs in acquiring new customers in portable and home energy storage sectors [1] - The company plans to continue expanding its customer base while maintaining its focus on serving B-end clients, with future project updates to be disclosed as per regulatory requirements [1]

Core Viewpoint - The company, Magmi Tech (002851), is actively engaged in various sectors, providing power electronic components and system solutions across multiple industries, while continuously optimizing its business strategy to align with industry trends [1] Group 1: Business and Product Overview - The company's main business and product categories include smart home appliance control products, power products, new energy and rail transportation components, industrial automation, intelligent equipment, and precision connections [1] - The company offers ODM/JDM services for power electronic components and system solutions to major domestic and international clients [1] Group 2: Industry Engagement - The company is committed to following future industry developments and adjusting its business layout and strategy accordingly [1] - The company currently has products related to digital welding power sources that are compatible with industrial welding robots [1]

Group 1 - The company places significant emphasis on expanding its overseas market presence, with Japan and South Korea being key focus areas [1] - The company's business segments, including office automation equipment power supplies, energy storage charging products, and components for new energy vehicles, are experiencing strong market demand in Japan and South Korea [1] - The relevant business units are continuously expanding their operations in these markets [1]

Group 1 - The company has established itself as a leading ODM service provider for smart bathroom solutions in China, with a growing customer base among domestic and international brands and e-commerce platforms [2] - The penetration rate of smart toilets in the domestic market is increasing year by year, contributing to significant growth in the company's smart bathroom business, which outperformed the industry average in the first half of 2025 [2] - The company has developed a comprehensive advantage in the entire smart toilet industry chain through years of research and market application, positioning itself as a deep service provider for "one-stop, full-process solutions" in smart bathrooms [2]

证券日报网讯麦格米特9月16日在互动平台回答投资者提问时表示，公司信息披露范围为合并报表范围 内主体公司有关情况，思科是公司重要客户之一，关于公司客户的经营情况可通过其他渠道查询。 （文章来源：证券日报） ...