Company Performance - Magmeter's stock price has reached a new historical high, with the stock showing a continuous upward trend, having refreshed its historical record on 10 trading days in the past month [2] - As of 09:33, the stock is up 2.67%, priced at 116.89 yuan, with a trading volume of 2.8775 million shares and a transaction amount of 337 million yuan, resulting in a turnover rate of 0.63% [2] - The latest total market capitalization of the stock is 64.299 billion yuan, with a circulating market value of 53.520 billion yuan [2] Industry Overview - The power equipment industry, to which Magmeter belongs, has an overall increase of 1.07%, with 311 stocks rising, including Yifan Transmission, Zhongchao Holdings, and Jingsheng Mechanical & Electrical, which have increased by 11.77%, 10.04%, and 7.75% respectively [2] - Conversely, 80 stocks have declined, with ST Jingji, Youyou Green Energy, and Xinlian Electronics experiencing decreases of 5.00%, 3.64%, and 3.41% respectively [2] Financial Results - According to the company's third-quarter report, it achieved an operating income of 6.791 billion yuan in the first three quarters, representing a year-on-year growth of 15.05% [2] - The net profit for the same period was 213 million yuan, reflecting a year-on-year decline of 48.29% [2] - The basic earnings per share are 0.3911 yuan, with a weighted average return on equity of 3.46% [2] Margin Trading Data - As of January 21, the latest margin trading balance for the stock is 3.702 billion yuan, with a financing balance of 3.673 billion yuan, which has increased by 276 million yuan over the past 10 days, representing a growth of 8.13% [2]

截至1月9日，麦格米特股东户数5.50万，较上期减少16.67%；人均流通股8324股，较上期增加20.00%。 2025年1月-9月，麦格米特实现营业收入67.91亿元，同比增长15.05%；归母净利润2.13亿元，同比减少 48.29%。 分红方面，麦格米特A股上市后累计派现4.68亿元。近三年，累计派现1.61亿元。 融资方面，麦格米特当日融资买入5.29亿元。当前融资余额36.73亿元，占流通市值的5.90%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，麦格米特1月21日融券偿还3700.00股，融券卖出9.16万股，按当日收盘价计算，卖出金额 1042.87万元；融券余量25.79万股，融券余额2936.19万元，超过近一年90%分位水平，处于高位。 资料显示，深圳麦格米特电气股份有限公司位于广东省深圳市南山区学府路63号高新区联合总部大厦34 层，成立日期2003年7月29日，上市日期2017年3月6日，公司主营业务涉及智能家电电控产品、工业电 源和工业自动化产品的研发、生产、销售。主营业务收入构成为：智能家电电控产品45.92%，电源产 品24.77%，新能源及轨道交通部件10.8 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688411 | 海道思创 | 247.74 | -3.93% | 3.45万 | 8.72亿 | | 601727 | 上海电气 | 9.17 | -1.40% | 205.58万 | 18.85 Z | | 002630 | ST华西 | 2.57 | -1.15% | 17.53万 | 4514.15万 | | 002227 | 奥特迅 | 12.70 | -1.01% | + 4.37万 | 5531.55万 | | 002951 | 金时科技 | 13.73 | -0.94% | 2.93万 | 4036.50万 | | 002366 | 融发核电 | 8.09 | -0.86% | 52.33万 | 4.24亿 | | 600405 | 动力源 | 5.68 | -0.70% | 11.34万 | 6455.38万 | | 002255 | 海陆重工 | 13.05 | -0.68% | 32.32万 | 4.22亿 | | 30037 ...

玻璃基板概念21日盘中大幅走高，截至发稿，沃格光电、金瑞矿业、麦格米特等涨停；凯格精机涨近 9%，盘中创出新高。 根据半导体产业纵横报道，玻璃基板行业正经历从技术验证向早期量产的关键转折，2026年有望成为玻 璃基板小批量商业化出货的节点。Yole Group指出，2025年至2030年期间，半导体玻璃晶圆出货量的复 合年增长率将超过10%。 爱建证券指出，随着AI算力芯片向大尺寸、高集成度快速演进，传统封装基板的性能逐渐逼近物理极 限，难以满足新的技术需求。而玻璃基板作为薄玻璃片，相比传统有机基板，不仅有更低的信号损耗、 更高的尺寸稳定性与超低平坦度，还具备高密度通孔能力和更精细的线宽线距控制水平，同时能承受更 高温度。凭借这些优势，玻璃基板已成为台积电、英特尔等行业巨头布局CoWoS、HBM等先进封装技 术时的优选载体。在集成电路制造的半导体封装领域，尤其是面对高连接密度、高电气性能的应用场 景，玻璃基板正逐步替代传统有机基板，未来有望成为支撑下一代先进封装发展的核心材料。 ...

Group 1 - The core point of the article highlights the significant stock price increases of several companies, including沃格光电, 金瑞矿业, and 麦格米特, which have reached their daily limit up [1][2] - 通富微电 previously experienced a limit up, indicating strong market interest and potential investor confidence [1][2] - Other companies such as 帝尔激光, 光力科技, 五方光电, and 赛微电子 also showed notable price increases, suggesting a positive trend in the sector [1][2]

Investment Rating - The report maintains an "Outperform" rating for the AI industry [1] Core Insights - The capital expenditure (Capex) guidance from major overseas companies is optimistic, with a continuous upward trend in computing power expected through 2026. The total Capex for Microsoft, Google, Amazon, and Meta is projected to reach $406.5 billion in 2025 and $596.4 billion in 2026, representing year-on-year growth of 46% and 47% respectively [3][5][22] - The demand for AI-related infrastructure is driving significant upgrades in interconnects, cooling, and power supply sectors, indicating a long-term growth cycle distinct from previous technology cycles [3][4] Summary by Sections 1. Overseas Major Companies' Capex Guidance - Major companies like Microsoft, Google, Amazon, and Meta are expected to increase their Capex significantly, with projections of $186.4 billion, $139.5 billion, $162.5 billion, and $108 billion respectively for 2026 [6][7][14][18][21] - The overall Capex for these four companies is expected to account for 62% of the global AI-related Capex, which is projected to reach $960 billion by 2026 [22][23] 2. Interconnect Sector: Optical Modules and PCBs - The interconnect sector is experiencing a fundamental shift in demand due to AI server cluster construction, leading to simultaneous upgrades in computing boards, switches, and optical modules, which will increase both demand and pricing [3][4] - The deployment of 800G technology is expected to accelerate, with 1.6T technology entering the introduction phase [3] 3. Cooling Sector: Liquid Cooling Demand - The power density of AI GPU racks is projected to rise from 130 kW in 2024 to over 1 MW by 2029, making liquid cooling technology essential [3][4] 4. Power Supply Sector: AIDC Power Distribution Evolution - The evolution of AIDC power distribution methods is crucial, with a focus on HVDC and SST technologies to enhance system efficiency and reduce energy losses [3][4] 5. Investment Recommendations - The report suggests focusing on specific companies within various sectors: - Computing power: Haiguang Information - Interconnects - Optical modules: LightSpeed Technology, Huagong Technology - Interconnects - PCBs: Shenghong Technology, Shennan Circuits, and others - Cooling: Invec - Power supply: Magpow [3][4]

Core Insights - The main focus of the news is on the significant inflow of capital into specific stocks, indicating strong investor interest and potential growth in these companies. Group 1: Stock Performance and Capital Inflow - Aerospace Electronic (航天电子) saw a capital inflow of 1.374 billion yuan with a price increase of 7.15% [1][2] - New Yisheng (新易盛) experienced a capital inflow of 1.359 billion yuan and a price rise of 3.86% [1][2] - China Great Wall (中国长城) had a capital inflow of 1.229 billion yuan, with a notable increase of 10% in its stock price [1][2] - Zhongke Shuguang (中科曙光) attracted 1.195 billion yuan in capital, reflecting a 5.16% increase [1][2] - SMIC (中芯国际) received 1.042 billion yuan with a stock price increase of 3.98% [1][2] - CATL (宁德时代) had a capital inflow of 930 million yuan, with a modest increase of 0.72% [1][2] - Haiguang Information (海光信息) saw a significant capital inflow of 904 million yuan and a price increase of 12.4% [1][3] - Huatian Technology (华天科技) attracted 856 million yuan with a stock price increase of 10.01% [1][3] - Tongfu Microelectronics (通富微电) had a capital inflow of 788 million yuan and a price increase of 10% [1][3] - Changdian Technology (长电科技) received 647 million yuan with a 5.19% increase in stock price [1][3] - Shengxin Lithium Energy (盛新锂能) saw a capital inflow of 608 million yuan and a price increase of 9.99% [1][3] Group 2: Additional Stocks and Their Performance - Unigroup Guowei (紫光国微) had a capital inflow of 563 million yuan with a price increase of 5.31% [3] - Hikvision (海康威视) attracted 495 million yuan with a stock price increase of 5.27% [3] - Loongson Technology (龙芯中科) saw a significant capital inflow of 462 million yuan and a remarkable price increase of 20% [3] - Intercontinental Oil and Gas (洲际油气) had a capital inflow of 441 million yuan with a price increase of 9.97% [3] - Lanke Technology (澜起科技) received 434 million yuan with a stock price increase of 7.71% [3] - Ganfeng Lithium (赣锋锂业) attracted 397 million yuan with a modest price increase of 2.59% [3] - Zhongtung High-tech (中钨高新) saw a capital inflow of 397 million yuan and a price increase of 9.45% [3] - Magpow (麦格米特) had a capital inflow of 379 million yuan with a price increase of 10% [3] - ZTE Corporation (中兴通讯) attracted 377 million yuan with a stock price increase of 2.15% [3]

玻璃基板概念震荡走高，沃格光电、金瑞矿业、麦格米特涨停，通富微电此前涨停，帝尔激光、光力科 技、五方光电、赛微电子等涨幅居前。 ...

麦格米特1月20日披露，截至2026年1月10日公司股东户数为55000户，较上期（2025年12月31日）减少 11000户，环比降幅为16.67%。 证券时报·数据宝统计，截至发稿，麦格米特最新股价为103.15元，下跌3.15%，本期筹码集中以来股价 累计上涨14.52%。具体到各交易日，7次上涨，5次下跌。 融资融券数据显示，该股最新（1月19日）两融余额为34.68亿元，其中，融资余额为34.50亿元，本期筹 码集中以来融资余额合计增加1.42亿元，增幅为4.29%。 公司发布的三季报数据显示，前三季公司共实现营业收入67.91亿元，同比增长15.05%，实现净利润 2.13亿元，同比下降48.29%，基本每股收益为0.3911元，加权平均净资产收益率3.46%。（数据宝） （文章来源：证券时报网） ...

Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][2]. Key Points 1. **Order and Performance Catalysts**: After 25 years of strategic positioning, leading companies in the AIDC (Artificial Intelligence Data Center) sector are expected to see sustained order growth and performance improvements in 2026, particularly in transformers and AI power supplies [1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is anticipated to worsen in 2026. Transformers are identified as a critical component in addressing this shortage, with Chinese companies expected to become key players in increasing overseas production capacity and accelerating exports [1][2]. 3. **AI Power Supply Developments**: The core focus for AI power supplies in 2026 is on achieving significant milestones, particularly in high-voltage direct current (HVDC) systems, which are expected to transition from concept to implementation. Additionally, ongoing testing and sample submissions for solid-state transformers (SST) are noted [1]. 4. **Company-Specific Updates**: - **Siyuan Electric**: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. - **Igor**: Reports a 100% increase in North American orders in 2025, with close collaboration with T [2]. - **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. - **Sifang Co.**: SST and V are entering the final stages of integration [2]. - **Kostad**: Noted an increase in UPS (Uninterruptible Power Supply) demand in North America, with new HVDC products and SST technology being developed [2]. - **Magmi Tech**: Reports successful scaling of orders and smooth sample submissions for new products [2]. Additional Important Insights - The emphasis on the AI power sector reflects a broader trend towards integrating AI technologies in energy solutions, indicating potential long-term growth opportunities in this industry [1][2]. - The strategic positioning of Chinese companies in the global market for transformers and AI power supplies suggests a shift in manufacturing capabilities and export dynamics, which could impact competitive landscapes [1].