Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

1月28日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 1、央行27日发布2025年四季度金融机构贷款投向统计报告。报告数据显示，2025年四季度末，金融机构 人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增加16.27万亿元。同日，央行发布 2025年四季度金融机构贷款投向统计报告。数据显示，住户消费贷款及经营贷款保持增长。2025年四季度 末，本外币住户贷款余额83.28万亿元，同比增长0.5%，全年增加4412亿元。 2、新修订的《中华人民共和国药品管理法实施条例》公布，将于5月15日正式施行。据国家药监局相关负 责人介绍，这次修订是《条例》施行23年来的首次全面修订。据介绍，与23年前相比，我国药品研制、生 产、流通、使用各环节都发生巨大变化，法律法规制度也需要顺应变化，修订完善。 3、1月27日，国家外汇管理局海南省分局就《国家外汇管理局海南省分局关于在海南自由贸易港开展资本 项目结汇及NRA账户退汇两项便利化政策的通知》公开征求意见。《通知》提出，在海南自由贸易港进一 步便利资本项目结汇资金使用，非金融企业资本金、外债项下外汇收入及其结汇所得人民币资金 ...

Core Viewpoint - Megmeet has successfully completed a private placement, raising a total of 2.663 billion yuan through the issuance of 31.3259 million shares at a price of 85.01 yuan per share, with notable participation from prominent investors including private equity mogul Ge Weidong, who subscribed for 2.4 billion yuan worth of shares [2][5]. Group 1: Fundraising Details - The total amount raised in the private placement is 2.663 billion yuan, with a share price set at 85.01 yuan [2]. - Major institutional investors participating in the placement include E Fund, Penghua Fund, and UBS AG, among others [2][3]. - Ge Weidong's subscription amount is reported to be 2.4 billion yuan, indicating his significant interest in Megmeet [2][5]. Group 2: Allocation of Shares - E Fund received the largest allocation, amounting to 1.629 billion yuan for 19.1661 million shares [3]. - Other notable allocations include UBS AG, which received shares valued at approximately 151 million yuan [4]. - A total of 10 investors were confirmed as recipients of the shares in this issuance [3]. Group 3: Use of Proceeds - The funds raised will be utilized for expanding Megmeet's global R&D center, constructing an intelligent power and control testing center, and developing production bases in Thailand and Zhuzhou [5]. Group 4: Company Performance and Stock Price - Megmeet's stock price has seen a significant increase, rising over 200% since September 2024, with the latest closing price at 129.26 yuan, marking a new high [9][10]. - The company's market capitalization reached approximately 71.103 billion yuan as of the latest trading session [10].

银河证券研报指出，麦格米特作为目前少数具备高功率、高效率服务器电源技术与海外全流程生产供应能力的综合型电源供应商，现有AI服务器电源相关 产品和积累的先进技术平台，可广泛支持国内外的算力建设，未来有望从Power Shelf逐步升级为Power Rack电源供应商。 本次发行定价基准日为2026年1月12日，发行底价为70.3元/股，最终确定发行价格为85.01元/股，为发行底价的1.21倍。除葛卫东外，易方达基金、兴证全球 基金、鹏华基金等公募机构，以及UBS AG、中汇人寿保险等外资和险资机构也参与了申购报价。 葛卫东对麦格米特的关注由来已久。2025年三季度末，葛卫东亲属葛贵莲新进成为麦格米特第九大股东，截至2025年末，葛贵莲持有麦格米特606.76万股， 持股市值达5.47亿元。 1月26日，麦格米特发布《向特定对象发行股票发行情况报告书》，公布此次定增募资结果，知名投资人葛卫东现身申购名单，申购总金额达24亿元。 麦格米特是以电力电子及相关控制技术为基础的电气自动化公司，拥有功率变换硬件、数字化电源控制和自动化系统控制与通信软件三大核心技术平台，产 品覆盖智能家电电控、电源产品、新能源及轨道交通部 ...

Core Viewpoint - The news highlights that prominent private equity investor Ge Weidong participated in the private placement of Magpower, with a total subscription amount of 2.4 billion yuan, indicating strong investor interest in the company [2][5]. Group 1: Fundraising Details - Magpower announced the results of its private placement, raising a total of 2.663 billion yuan by issuing 31.3259 million shares at a price of 85.01 yuan per share [4]. - Notable institutional investors participating in the placement include E Fund, Penghua Fund, and UBS AG, among others [4][6]. - The largest allocation was to E Fund, which received 1.629 billion yuan, equating to 19.1661 million shares [6]. Group 2: Use of Proceeds - The funds raised will be utilized for expanding Magpower's global R&D center, constructing an intelligent power and control R&D testing center, and developing various projects including the second phase of the Changsha Intelligent Industry Center and the second phase of the Thailand production base [7]. Group 3: Stock Performance - Magpower's stock price has seen significant growth, with an increase of over 200% since June 3, 2025, and it reached a new high of 129.26 yuan per share on January 27, 2025, with a total market capitalization of 71.103 billion yuan [12][10]. - The stock has been on an upward trend since late September 2024, reflecting strong market confidence [10]. Group 4: Shareholder Composition - Ge Weidong's family members or partners, including Wang Ping and Ge Guilian, have also been reported as significant shareholders in Magpower, indicating a long-term interest in the company [8][9]. - Wang Ping has increased her holdings to become the fourth-largest shareholder, with 11.4889 million shares, representing 2.09% of the total shares [8].

Core Viewpoint - Renowned investor Ge Weidong is focusing on opportunities in the AI industry, as evidenced by his significant investment in Magmi Tech's recent private placement, amounting to 2.4 billion yuan [2][4]. Company Summary - Magmi Tech has announced a private placement with a base price of 70.3 yuan per share, and the final issuance price set at 85.01 yuan per share, which is 1.21 times the base price [4]. - The company is recognized as a key player in the AI sector, particularly as a supplier of power solutions for AI servers, having established a partnership with NVIDIA [7]. - As of the end of 2025, Ge Weidong's relative, Ge Guilian, held shares in Magmi Tech valued at over 547 million yuan, indicating a strong interest in the company [10]. Industry Summary - Multiple leading private equity firms are showing keen interest in the AI sector, with expectations that technology will remain a significant investment theme in the A-share market through 2026 [2][16]. - Analysts predict that AI-related technologies will continue to evolve, creating substantial investment opportunities across various industries [16][17]. - The AI sector is expected to see a consensus on opportunities in areas with tight supply and insufficient market recognition, particularly in storage and advanced manufacturing equipment [16].

股票简称：麦格米特 股票代码：002851 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 2026 年 1 月 深圳麦格米特电气股份有限公司向特定对象发行股票 发行情况报告书 深圳麦格米特电气股份有限公司 向特定对象发行股票 发行情况报告书 发行人及全体董事、审计委员会委员、高级管理人员声明 本公司全体董事、审计委员会委员及高级管理人员承诺本发行情况报告书 不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担 相应的法律责任。 公司全体董事签字： 童永胜 张志 王雪芬 沈华玉 楚攀 毛栋材 公司全体审计委员会委员签字： 除董事以外的高级管理人员签字： 1 沈华玉 楚攀 王雪芬 王涛 沈楚春 深圳麦格米特电气股份有限公司 年 月 日 | 发行人及全体董事、审计委员会委员、高级管理人员声明…………………………1 | | --- | | 目 求 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

国金证券股份有限公司 关于深圳麦格米特电气股份有限公司 向特定对象发行股票 发行过程和认购对象合规性的报告 （二）发行价格 本次发行的定价基准日为发行期首日，即 2026 年 1 月 12 日。本次向特定对 象发行股票发行价格不低于定价基准日前 20 个交易日公司股票交易均价（定价 1 基准日前 20 个交易日股票交易均价=定价基准日前 20 个交易日股票交易总额/ 定价基准日前 20 个交易日股票交易总量）的 80%，即不低于 70.30 元/股，本次 发行底价为 70.30 元/股。 发行人和保荐人（主承销商）根据投资者申购报价情况，并严格按照《深圳 麦格米特电气股份有限公司向特定对象发行股票认购邀请书》（以下简称"《认 购邀请书》"）中确定的发行价格、发行对象及分配股数的确定程序和规则，确 定本次发行价格为 85.01 元/股，不低于定价基准日前 20 个交易日股票交易均价 的 80%。发行价格为发行底价的 1.21 倍。 本次发行的发行价格的确定符合中国证监会、深交所的相关规定，符合发行 人股东大会审议通过的本次发行的发行方案。 （三）发行数量 经中国证券监督管理委员会（以下简称"中国证监会"）《关于 ...

北京市嘉源律师事务所 关于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 发行过程和发行对象合规性的 见证法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN·武汉 WUHAN·长沙 CHANGSHA 致：深圳麦格米特电气股份有限公司 北京市嘉源律师事务所 关于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 发行过程和发行对象合规性的 见证法律意见书 编号：嘉源（2026）-04-035 敬启者： 根据深圳麦格米特电气股份有限公司（以下简称"公司"、"麦格米特"或"发 行人"）与北京市嘉源律师事务所签订的《专项法律顾问协议》，本所担任发行人 2025年度向特定对象发行股票（以下简称"本次发行"）的专项法律顾问，对本 次发行过程及认购对象的合规性进行核查并出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管理办 法 ...

披露的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002851 证券简称：麦格米特 公告编号：2026-006 深圳麦格米特电气股份有限公司 关于向特定对象发行股票发行情况报告书 董 事 会 2026 年 1 月 27 日 1 深圳麦格米特电气股份有限公司（以下简称"公司"）向特定对象发行股票 （以下简称"本次发行"）发行承销总结相关文件已经深圳证券交易所备案通过， 公司将依据相关规定尽快办理本次发行新增股份的登记托管事宜。 特此公告。 深圳麦格米特电气股份有限公司 《深圳麦格米特电气股份有限公司向特定对象发行股票发行情况报告书》等 相关文件已于同日在巨潮资讯网（www.cninfo.com.cn）上披露，敬请广大投资者 查阅。 ...