Group 1 - Eaglerise Electric & Electronic Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan Securities as the sole sponsor [1] - The company is a global supplier of power equipment and solutions, focusing on market-driven demands and leveraging proprietary core technologies and R&D capabilities [1] - Eaglerise specializes in various fields including renewable energy, data centers, power distribution, industrial control, and lighting, primarily concentrating on transformer equipment products [1] Group 2 - The company also offers customized integrated solutions for different application scenarios to empower global customers [1]

Group 1 - Eaglerise Electric & Electronic Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor [1] - The company is a global supplier of power equipment and solutions, focusing on market-driven demands and leveraging proprietary core technologies and R&D capabilities [1] - Eaglerise specializes in various fields including renewable energy, data centers, power distribution, industrial control, and lighting, with a primary focus on transformer equipment products [1] Group 2 - The company also offers customized integrated solutions tailored to different application scenarios, aiming to empower global customers [1]

Group 1 - The core viewpoint of the news is that Eaglerise Electric & Electronic Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1] - Eaglerise is a global supplier of power equipment and solutions, focusing on market-driven demands and leveraging proprietary core technologies and R&D capabilities [1] - The company specializes in various fields including renewable energy, data centers, power distribution, industrial control, and lighting, with a primary focus on transformer equipment products [1] Group 2 - Eaglerise also offers customized integrated solutions for different application scenarios to empower global customers [1]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Eaglerise Electric & Electronic (CHINA) Co., Ltd. 伊 戈 爾 電 氣 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向伊戈爾電氣股份有限公司（「本公司」）、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表示 同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊前，不會向 香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公 司註冊處處長註冊的本公司招股章程作出投資決定。招股 ...

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Core Viewpoint - The article discusses the growing demand for transformers driven by the expansion of AI capabilities and the need for electrical grid upgrades, particularly in the US, China, and Europe [4]. Industry Summary - The global transformer demand is experiencing a surge, largely attributed to the current AI boom, which is seen as a critical factor for expansion in this sector [4]. - There is a significant issue of "overdue service" in the electrical grids of Europe and the US, with 60% of global transformer production capacity concentrated in China. This supply-demand dynamic creates favorable conditions for leading domestic companies to expand internationally [5]. - Reports indicate that transformer manufacturers are experiencing a "surge in orders," with many companies reporting full order books and leading firms accelerating their overseas production capacity [5]. Company Summary - Companies like TBEA (600089.SH) and Jinpan Technology (688676.SH) are noted for their comprehensive industry coverage and leading positions in specific segments, respectively. Igor (002922.SZ) stands out for its strategic advantage in global capacity, particularly in North America, and its manufacturing model that is closely tied to major clients [7]. - Igor has seen a significant increase in data center orders, with a reported growth of 400% [7].

Core Viewpoint - The electric grid equipment stocks experienced a rebound during trading, with notable performances from several companies, indicating a positive market sentiment in the sector [1] Group 1: Company Performance - Broadcom Electric achieved a four-day consecutive rise in stock price [1] - Hanlan Co. also recorded a four-day consecutive rise in stock price [1] - Zhongrong Electric hit the daily limit increase of 20% [1] Group 2: Market Movement - Companies such as China Western Power, Shenneng Power, Igor, and Haixing Electric followed the upward trend, reflecting a broader positive movement in the electric grid equipment sector [1]

Company Overview - Igor Electric Co., Ltd. is located at 212 Junhua Avenue, Jizhou District, Ji'an City, Jiangxi Province, and was established on October 15, 1999. The company went public on December 29, 2017. Its main business involves the research, production, and sales of power supply and power component products for both consumer and industrial sectors [1]. Business Composition - The revenue composition of Igor Electric is as follows: Energy products account for 74.43%, lighting products for 17.73%, and other products for 7.84% [1]. Stock Performance - On January 21, Igor's stock price increased by 5.43%, reaching 42.75 yuan per share, with a trading volume of 558 million yuan and a turnover rate of 3.68%. The total market capitalization is 18.092 billion yuan [1]. Major Shareholders - Among Igor's top ten circulating shareholders, Qianhai Kaiyuan Fund has one fund holding 3.635 million shares of Igor, which remains unchanged from the previous period, representing 0.97% of the circulating shares. The estimated floating profit today is approximately 7.997 million yuan [2]. Fund Performance - The Qianhai Kaiyuan New Economy Mixed A Fund (000689), managed by Cui Chenlong, has a total asset scale of 3.892 billion yuan. Year-to-date, it has achieved a return of 7.94%, ranking 1728 out of 8844 in its category. Over the past year, it has returned 42.81%, ranking 2562 out of 8091, and since inception, it has returned 216.94% [2]. Fund Manager Profile - Cui Chenlong has been the fund manager for 5 years and 187 days, with the fund's total asset scale at 14.536 billion yuan. The best fund return during his tenure is 216.27%, while the worst return is -20.88% [3].

Investment Rating - The report maintains a strong buy rating for several key companies in the power equipment sector, including Guodian Nanrui, Siyuan Electric, and TBEA, while recommending an increase in holdings for others like Sifang Co. and China XD Electric [2][3]. Core Insights - The State Grid's planned investment of 4 trillion yuan during the 14th Five-Year Plan period represents a 40% increase compared to the previous plan, with an expected compound annual growth rate (CAGR) of 7% [1][9]. - The focus of this investment will be on green transformation, ultra-high voltage, distribution networks, energy storage, and digitalization, which is expected to significantly support the performance of related companies [1][9]. - The report highlights the increasing pressure on power consumption and the need for a new power system, emphasizing ultra-high voltage and energy storage as critical solutions to address this challenge [1][13][21]. Industry Overview - The total number of listed companies in the power equipment sector is 308, with a total market capitalization of 7,728.9 billion yuan [3]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 63.1% increase over 12 months [5]. Key Company Analysis - Guodian Nanrui is recognized as a leader in secondary equipment with strong technology barriers and stable operations, expected to see significant growth in high-voltage and system stability businesses [26]. - Siyuan Electric has established a comprehensive product system and service network in overseas markets, with a notable increase in overseas revenue [26]. - China XD Electric benefits from increased capital expenditure in domestic main networks and ultra-high voltage projects, with a growing presence in international markets [27]. - TBEA is experiencing rapid growth in orders, particularly in the Middle East and Europe, and is expected to benefit from ongoing power construction projects [28]. - Other notable companies include XJ Electric, Pinggao Electric, and Igor, each with unique strengths and growth prospects in the evolving power equipment landscape [29][30][31].

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].