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][1]. Key Points 1. **Long-term Outlook for AIDC**: After 25 years of development, it is anticipated that leading AIDC companies will see sustained order growth and performance in 2026, particularly in transformers and AI power supplies [1][1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is expected to worsen in 2026. As a critical link in overseas production capacity, Chinese companies are projected to be the main contributors to future capacity increases, with exports likely to accelerate [1][1]. 3. **AI Power Supply Development**: The core focus for 2026 is on the transition from "0 to 1" in high-voltage direct current (HVDC) systems, with expectations for significant advancements. Additionally, the SST (Solid State Transformer) is currently undergoing testing and sample delivery, while internal power supplies are expected to see a continuous flow of orders [1][1]. Company-Specific Insights 1. **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]. 2. **Igor**: Reports a 100% increase in North American orders in 2025, closely collaborating with T [2]. 3. **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. 4. **Sifang Co.**: SST is entering the final stages of collaboration with V [2]. 5. **Kostad**: Experiencing growth in North American UPS (Uninterruptible Power Supply) market, launching HVDC and advancing SST technology [2]. 6. **Magnum**: Securing large-scale orders and successfully delivering new product samples [2].

Group 1 - The company, Igor (002922), stated that the total number of shareholders is expected to reach 31,250 by December 20, 2025 [1]

Group 1 - The company reported that as of January 9, 2026, the total number of shareholders is 43,678 [2]

Market Overview - The other electronics sector experienced a decline of 1.8% on January 19, with Hanshuo Technology leading the drop [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - Notable gainers in the other electronics sector included: - Igor (002922) with a closing price of 41.94, up 7.24% and a trading volume of 294,500 shares, totaling 1.214 billion yuan [1] - Jingquanhua (002885) closed at 29.36, up 5.99% with a trading volume of 412,300 shares, totaling 1.188 billion yuan [1] - Weixiu Electronics (301328) closed at 55.09, up 5.82% with a trading volume of 34,900 shares [1] - Conversely, Hanshuo Technology (301275) saw a significant decline of 9.41%, closing at 68.85 with a trading volume of 80,300 shares, totaling 573 million yuan [2] - Other notable decliners included: - Shannon Chip (300475) down 8.12% to 164.70 with a trading volume of 440,500 shares, totaling 7.498 billion yuan [2] - Yunhan Xincheng (301563) down 4.76% to 176.10 with a trading volume of 26,700 shares [2] Capital Flow - The other electronics sector experienced a net outflow of 2.356 billion yuan from main funds, while retail funds saw a net inflow of 1.797 billion yuan [2] - Specific stocks with significant capital flow included: - Keli (002782) had a main fund net inflow of 80.071 million yuan, but retail funds saw a net outflow of 50.502 million yuan [3] - Clean Technology (002859) had a main fund net inflow of 44.252 million yuan, with retail funds also experiencing a net outflow [3] - Jingquanhua (002885) had a main fund net inflow of 39.368 million yuan, while retail funds saw a net outflow of 11.708 million yuan [3]

Core Viewpoint - The transformer sector in the A-share market has become active, with notable stock price increases for companies like Sanbian Technology, Jinpan Technology, and Igor, driven by rising domestic and international demand for transformers, particularly in data centers and energy storage [2][3][12]. Market Activity - Sanbian Technology's stock price has seen consecutive limit-ups on January 13, 14, and 15, with a total increase of 59.5% in just half a month, raising its market capitalization from 3.9 billion to 6.221 billion [3][12]. - Jinpan Technology, a leading player in the dry-type transformer industry, has seen its market capitalization reach 44.571 billion after a nearly 10% increase over two days [4][12]. - Igor's stock price reached a historical high of 38.48 yuan per share after a significant increase, with its main products including new energy transformers and industrial control transformers [4][12]. Performance Overview - Jinpan Technology reported a revenue of 5.194 billion with a year-on-year growth of 8.25% and a net profit of 486 million, up 20.27% for the first three quarters of 2025 [4][13]. - TBEA achieved a revenue of 72.918 billion, a 0.84% increase, and a net profit of 5.484 billion, up 27.55% [4][13]. - Jiangsu Huachen, also in the transformer business, reported a revenue of 1.443 billion, a 37.46% increase, and a net profit of 72.2038 million, up 15.41% [4][13]. - In contrast, Sanbian Technology's revenue fell by 16.91% to 1.239 billion, with a net profit decline of 56.71% to 40.155 million [5][13]. - Igor's revenue increased by 17.32% to 3.808 billion, but its net profit decreased by 12.71% to 178 million [5][13]. Market Demand and Trends - The transformer market is experiencing a boom due to increased demand from both domestic and international markets, particularly driven by the upgrade of traditional power grids in Europe and the U.S. and the growth of renewable energy [6][14]. - The global transformer market is expected to see significant structural changes, with demand in the renewable energy sector growing at a rate exceeding the industry average [7][15]. - The demand for transformers in wind and solar power stations is particularly strong, with projections indicating that nearly 40% of new capacity from 2025 to 2030 will be directly related to renewable energy [7][15]. Future Opportunities - The rise of AI and data centers is creating new opportunities for the transformer market, with high-performance transformers becoming essential for energy conversion [8][16]. - The global data center transformer market is projected to grow from 9.2 billion in 2023 to 16.8 billion by 2032, with a compound annual growth rate of 6.92% [8][16]. - Companies are focusing on the application of transformers in data centers and AI computing power, with Igor expanding its product offerings in this area [9][17].

Core Insights - The fundamental driver of AI power supply solutions is the continuous improvement in single-chip and single-cabinet power levels, with companies like NVIDIA leading the charge in upgrading their AI chips [1] - The power of AI data centers in North America is projected to reach 71GW by 2028, driven by advancements in multi-chip designs such as NVL72 from NVIDIA and Superpod from Google [1] Group 1: Power Supply Evolution - The main directions for AIDC power supply iteration are high power, high voltage, and direct current, with NVIDIA's white paper outlining a clear path from AC to 800V DC solutions [2] - The OCP organization has established ±400V power supply standards, aiming for MW-level cabinet power through direct current supply [2] Group 2: Technological Changes and Growth - The evolution of power supply solutions has led to the development of integrated devices like HVDC Sidecar and SST hosts, which can perform multiple functions such as voltage reduction and power quality improvement [3] - Key challenges in R&D include power conversion modules and high-frequency isolation transformers, with third-generation wide bandgap semiconductors like SiC and GaN being crucial for achieving high voltage and efficiency [3] Group 3: Investment Opportunities - Four key areas for investment consideration include AIDC power hosts (PSU, HVDC, SST), with companies like Sungrow Power (300274.SZ) and Megmeet (002851.SZ) being notable mentions [4] - Energy storage solutions at the station level are highlighted, with companies such as Sungrow Power and Fluence Energy (FLNC.US) being potential investment targets [4] - Core incremental components like solid-state circuit breakers and electronic fuses are also identified, with companies like Liyang Technology (002706.SZ) and Vicor Corporation (VICR.US) being recommended [4] - Third-generation semiconductors like GaN and SiC are emphasized as critical components for future developments [4]

永赢科技智选混合发起A（022364）基金经理为任桀。 截至发稿，任桀累计任职时间1年78天，现任基金资产总规模128.78亿元，任职期间最佳基金回报 274.53%， 任职期间最差基金回报-0.76%。 1月15日，伊戈尔涨5.07%，截至发稿，报40.43元/股，成交8.58亿元，换手率5.97%，总市值171.10亿 元。 资料显示，伊戈尔电气股份有限公司位于江西省吉安市吉州区君华大道212号，成立日期1999年10月15 日，上市日期2017年12月29日，公司主营业务涉及消费及工业领域用电源及电源组件产品的研发、生产 及销售。主营业务收入构成为：能源产品74.43%，照明产品17.73%，其他产品7.84%。 从伊戈尔十大流通股东角度 数据显示，永赢基金旗下1只基金位居伊戈尔十大流通股东。永赢科技智选混合发起A（022364）三季 度新进十大流通股东，持有股数265.95万股，占流通股的比例为0.71%。根据测算，今日浮盈赚取约 518.6万元。 永赢科技智选混合发起A（022364）成立日期2024年10月30日，最新规模22.78亿。今年以来亏损 2.26%，同类排名8787/8840；近一年收 ...

Core Viewpoint - The transformer sector in the A-share market has become active, driven by increased domestic and international demand, particularly from data centers and energy storage needs [1][8]. Market Activity - Transformer concept stocks have shown resilience, with Sanbian Technology (002112.SZ) hitting the limit up for three consecutive days, and Jinpan Technology (688676.SH) and Igor (002922.SZ) also experiencing significant gains [1][9]. - Sanbian Technology's stock price increased by 59.5% in just half a month, raising its market value from 3.9 billion to 6.221 billion [2][8]. - Jinpan Technology's market capitalization reached 44.571 billion after a nearly 10% increase over two days, while Igor's stock price hit a historical high of 38.48 yuan per share [2][9]. Company Performance - Jinpan Technology reported a revenue of 5.194 billion with a year-on-year growth of 8.25% and a net profit of 486 million, up 20.27% [3][9]. - TBEA (600089.SH) achieved a revenue of 72.918 billion, a 0.84% increase, and a net profit of 5.484 billion, up 27.55% [3][9]. - Jiangsu Huachen (603097.SH) reported a revenue of 1.443 billion, a 37.46% increase, and a net profit of 72.2038 million, up 15.41% [3][9]. - In contrast, Sanbian Technology's revenue fell by 16.91% to 1.239 billion, with a net profit decline of 56.71% to 40.155 million [10]. - Igor's revenue increased by 17.32% to 3.808 billion, but its net profit decreased by 12.71% to 178 million [10]. Market Conditions - The transformer market is experiencing a high level of activity due to increased demand, prompting Jiangsu Huachen to expand its production capacity [11]. - The demand for transformers is primarily driven by the upgrade of traditional power grids in Europe and the U.S. and the development of renewable energy [11][12]. - The global transformer market is expected to see significant growth, particularly in the renewable energy sector, with an estimated 40% of new capacity from 2025 to 2030 being directly related to renewable energy [12][13]. Future Outlook - The demand for high-performance transformers is expected to surge due to the explosive growth in AI computing power and data centers [6][14]. - The global data center transformer market is projected to grow from 9.2 billion in 2023 to 16.8 billion by 2032, with a compound annual growth rate of 6.92% [6][14]. - Companies are focusing on the application of transformers in data centers and AI computing as a key development direction [14].

证券代码：002922 证券简称：伊戈尔 公告编号：2026-004 伊戈尔电气股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 伊戈尔电气股份有限公司（以下简称"公司"）接到控股股东佛山市麦格斯 投资有限公司（以下简称"麦格斯"）的通知，获悉其持有公司的部分股份办理 了解除质押业务，具体事项如下： 一、基本情况 （一）本次解除质押情况 | 股东 名称 | 是否为控股 股东或第一 大股东及其 | 本次解除质 押数量（股） | 占其所持 股份比例 | 占公司 总股本 比例 | | 质押起始日 | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | | | | | | | | | | 麦格斯 | 是 | 700,000 | 0.57% | 0.17% | 年 2024 | 月 12 | 日 5 | 2026 年 1 月 | 中国银河证 券股份有限 | | | | | | | | | | 日 | ...

证券代码：002922 证券简称：伊戈尔 公告编号：2026-003 伊戈尔电气股份有限公司 关于为子公司提供担保的进展公告 3、债务人：佛山市顺德区伊戈尔电力科技有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保概述 伊戈尔电气股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第 六届董事会第二十三次会议和第六届监事会第二十次会议，于 2025 年 4 月 18 日 召开 2024 年年度股东大会，审议通过了《关于 2025 年公司及子公司担保额度预 计的议案》，同意 2025 年度公司对合并报表范围内子公司担保额度不超过 60 亿 元，子公司之间相互担保额度不超过 54.20 亿元，担保有效期自公司 2024 年年 度股东大会审议通过之日起至 2025 年年度股东大会结束之日止。其中，公司预 计为佛山市顺德区伊戈尔电力科技有限公司（以下简称"顺德伊戈尔"）提供 15 亿元的担保额度。具体内容详见公司于 2025 年 3 月 29 日披露在《证券时报》 《中国证券报》和巨潮资讯网的《关于 2025 年公司及子公司担保额度预 ...