Core Viewpoint - The company, Magpowr (002851), emphasizes the importance of servo systems in industrial automation for precise control, highlighting its advancements in the mid-to-low-end servo market while acknowledging the need for improvements in high-end applications [1] Group 1: Company Developments - The company has made breakthroughs in the mid-to-low-end servo market, particularly in sectors such as 3C electronics, machine tools, robotics, and lithium battery packaging [1] - Future focus will be on enhancing core technologies in servo systems, including material processes and control algorithms, to reduce the gap with international brands [1] Group 2: Industry Insights - Servo systems are critical for adjusting motor speed and position, widely used in automation equipment [1] - There is significant room for improvement in domestic servo systems regarding response speed, dynamic precision, and anti-interference capabilities, especially in high-end fields like semiconductor manufacturing and precision machine tools [1]

（编辑 袁冠琳） 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，瞻芯电子是公司供应商之一，也是 公司对外股权投资企业（非公司控股），公司已在多产品中应用第三代半导体部件，但公司主营业务暂 不涉及半导体研发的业务范围。 ...

Market Overview - On September 16, the other power equipment sector declined by 0.35%, with Magpowr leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Key stocks in the other power equipment sector showed varied performance, with Keda's stock price increasing by 7.22% to 39.37, and Magpowr's stock price decreasing by 3.97% to 83.41 [1][2] - The trading volume and turnover for Keda reached 419,700 shares and 1.627 billion yuan, respectively [1] Capital Flow - The other power equipment sector experienced a net outflow of 966.5 million yuan from institutional investors, while retail investors saw a net inflow of 464 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Keda and Xizi Clean Energy, while significant outflows were noted in stocks like Green Energy Charging [3]

Core Viewpoint - The company has confirmed that Zhanxin Electronics is one of its suppliers and a non-controlling equity investment entity, while it has applied third-generation semiconductor components in multiple products, but its main business does not involve semiconductor research and development [1] Group 1 - Zhanxin Electronics is a supplier to the company [1] - The company has made equity investments in Zhanxin Electronics, but it does not hold a controlling stake [1] - The company utilizes third-generation semiconductor components in various products [1] Group 2 - The company's main business activities do not include semiconductor research and development [1]

Core Viewpoint - The company, Magmi Tech (002851.SZ), is actively engaged in various sectors, providing power electronic components and system solutions across multiple industries, while continuously optimizing its business strategy to meet future 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 systems to major domestic and international clients [1] Group 2: Industry Engagement - The company is committed to following industry development trends and adjusting its business layout and strategy accordingly [1] - The company currently has products related to digital welding power supplies that are compatible with industrial welding robots [1]

Group 1 - The company is focusing on expanding its overseas market, with South Korea and Japan being key areas for development [2] - The company has identified good market demand and customer needs for its office automation equipment power supplies, energy storage charging products, and new energy vehicle components in the South Korean and Japanese markets [2] - The company is actively working on expanding its related business in these markets [2]

Market Overview - On September 15, the other power equipment sector rose by 1.21%, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the other power equipment sector showed significant price movements: - Hailan Sichuang (688411) closed at 198.29, up 8.65% with a trading volume of 72,600 shares and a turnover of 1.496 billion [1] - Zhongheng Electric (002364) closed at 30.86, up 7.34% with a trading volume of 845,400 shares and a turnover of 2.539 billion [1] - Rongfa Nuclear Power (002366) closed at 8.08, up 5.21% with a trading volume of 2,317,900 shares and a turnover of 1.831 billion [1] - Other notable performers include ST Huaxi (002630) and Maigemi Te (002851), with increases of 4.35% and 4.25% respectively [1] Fund Flow Analysis - The other power equipment sector experienced a net outflow of 9.9061 million from institutional investors, while retail investors saw a net outflow of 14.7 million [2] - Conversely, speculative funds recorded a net inflow of 157 million [2] Individual Stock Fund Flow - Maigemi Te (002851) had a net inflow of 1.60 million from institutional investors but a net outflow of 44.4606 million from speculative funds [3] - Zhongheng Electric (002364) saw a net inflow of 15.9 million from institutional investors, with a net outflow of 1.54 billion from retail investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 12.4 million from institutional investors but faced significant outflows from both speculative and retail investors [3]

Core Viewpoint - Magpower's stock price has seen a significant increase, with a 5.62% rise on September 15, reaching 88.00 CNY per share, and a cumulative increase of 16.27% over three consecutive days [1] Group 1: Company Overview - Magpower Electric Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 29, 2003, with its listing date on March 6, 2017 [1] - The company's main business includes the research, production, and sales of smart home appliance control products, industrial power supplies, and industrial automation products [1] - The revenue composition of the main business is as follows: smart home appliance control products 45.92%, power supply 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: Fund Holdings - According to data, one fund under Guotai Fund has a significant holding in Magpower, specifically the Guotai CSI Home Appliance ETF (159996), which reduced its holdings by 30.43 million shares in the second quarter, now holding 731,200 shares, accounting for 3.01% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 3.42 million CNY today and 8.53 million CNY during the three-day increase [2] - The Guotai CSI Home Appliance ETF was established on February 27, 2020, with a current scale of 1.22 billion CNY, and has achieved a year-to-date return of 12.41% [2]

Summary of Key Points from the Conference Call Industry Overview - **Sector Focus**: The conference call primarily discusses the **AI application** and **overseas expansion** across various sectors in China, particularly in **healthcare equipment & services**, **automobiles**, and **internet and education** sectors [2][3][8]. Core Insights - **AI Adoption**: There is a significant increase in AI adoption across both new and traditional economies, with companies in sectors like automotive and online gaming targeting international markets for growth [3][8]. - **Investor Interest**: In August, the sectors that gained the most wallet share were **healthcare equipment & services**, **food & beverages**, and **semiconductors**. Conversely, **capital goods** saw the largest decline in wallet share [5][10]. - **Company Visits**: The top companies attracting investor interest included **Li Auto**, **Full Truck Alliance**, **NAURA**, and **Haidilao**, with notable performance in Q2 2025 results [3][5]. Sector-Specific Highlights - **Healthcare Equipment & Services**: This sector showed the highest wallet share gains and had a negative crowding factor, indicating strong investor interest [5][15]. - **Automotive Sector**: Companies like **Leapmotor** are planning significant sales targets for 2026, aiming for 1 million domestic and 100-150 thousand overseas sales, supported by new model launches [34][35]. - **Shipping Industry**: **COSCO Shipping** reported muted demand in a traditionally peak season, with a focus on cost control and optimizing operations through AI [31]. Additional Insights - **Game Development**: Chinese game companies are increasingly collaborating with Japanese IPs to enhance their global presence, driven by lower development costs and a lack of world-famous IP [25][26]. - **E-commerce Trends**: There is a noted acceleration in domestic ad revenue for platforms like **Kuaishou** and **Bilibili**, driven by AI improvements and new ad verticals [28]. - **Competitive Landscape in Video GenAI**: The competition among video genAI models is intensifying, with **Kuaishou** recognized as a leader in model quality and monetization strategies [29][30]. Risks and Challenges - **Macroeconomic Risks**: The industrial sector faces risks from potential economic downturns, which could impact demand for industrial goods and overall growth [36]. - **Competition**: Intense competition from both domestic and foreign enterprises poses a risk to market share for companies across various sectors [36]. Conclusion The conference call highlighted the dynamic landscape of various sectors in China, particularly the growing influence of AI and the strategic moves by companies to expand their market presence both domestically and internationally. The insights provided a comprehensive view of investor sentiment, sector performance, and the challenges ahead.

股票代码：002851 股票简称：麦格米特 深圳麦格米特电气股份有限公司 Shenzhen Megmeet Electrical Co., Ltd. （住所：深圳市南山区高新区北区朗山路 13 号 清华紫光科技园 5 层 A、B、C501-503、D、E） 2025 年度向特定对象发行股票 募集说明书 （申报稿） 保荐人（主承销商） （注册地址：成都市青羊区东城根上街 95 号） 二〇二五年九月 深圳麦格米特电气股份有限公司 2025 年度向特定对象发行股票募集说明书 声 明 本公司全体董事、监事、高级管理人员承诺本募集说明书不存在任何虚假记 载、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书及其摘要中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明其 对本公司所发行证券的价值或者投资人的收益做出实质性判断或者保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，本公司经营与收益的变化，由本 公司自行负责，由此变化引致的投资风险，由投资者自行负责。 ...