Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

Financial Performance - In 2024, the company's operating revenue reached 1.273 billion CNY, a year-on-year increase of 16.54% [5] - The net profit attributable to shareholders for 2024 was 35 million CNY, reflecting an 8.45% increase compared to the previous year [5] - In Q1 2025, the operating revenue was 363 million CNY, up 36.82% year-on-year, with a net profit of 13.86 million CNY, marking a 55.94% increase [3][7] Business Operations - The company delivered approximately 1.02 billion CNY worth of equipment to the communication and data center sectors in 2024 [1] - The company has over 1.2 billion CNY in orders on hand as of December 31, 2024, with delivery timelines meeting contractual agreements [10] - The company is focusing on optimizing production processes and expanding production capacity to enhance efficiency [1][4] Accounts Receivable Management - The impairment loss for 2024 was 14.87 million CNY, primarily due to a decrease in accounts receivable collections [2] - Accounts receivable accounted for 60.79% of the total at the end of 2024, indicating a relatively low risk of bad debts [2] Market Outlook - The global data center IT load is projected to grow from approximately 49 GW in 2023 to 96 GW by 2026, with 90% of this growth driven by AI computing demand [9] - The company anticipates significant growth opportunities in the data center and high-end manufacturing sectors, leveraging its expertise in backup power solutions [8][9] Strategic Initiatives - The company plans to enhance its market share in high-tech manufacturing, including the semiconductor industry [5] - It aims to strengthen its overseas market presence, particularly in Asia and Australia, while exploring opportunities in Europe [6][9] - The company is committed to improving product quality and service to ensure sustainable growth and long-term returns for investors [6][10]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

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、误导性陈述或者重大遗漏。 证券代码：300153 证券简称：科泰电源 公告编号：2025-025 上海科泰电源股份有限公司 关于2024年年度股东大会增加临时提案暨 股东大会补充通知的公告 上海科泰电源股份有限公司（以下简称"公司"）第六届董事会 第九次会议审议通过了《关于召开 2024 年年度股东大会的议案》，决 定于 2025 年 5 月 19 日召开公司 2024 年年度股东大会，具体内容详 见公司于 2025 年 4 月 21 日披露的《关于召开 2024 年年度股东大会 的通知公告》（公告编号：2025-019）。 2025 年 4 月 25 日，公司召开第六届董事会第十次会议，审议通 过了《关于修订<关联交易决策制度>的议案》和《关于增加经营范围 及修订<公司章程>的议案》，上述议案尚需提交股东大会审议，具体 内容详见公司在中国证监会指定信息披露网站巨潮资讯网上披露的 相关公告文件。 同日，公司董事会收到股东科泰控股有限公司书面提交的《关于 提请上海科泰电源股份有限公司 2024 年年度股东大会增加临时提案 的函》，提议将《 ...

上海科泰电源股份有限公司 第六届监事会第十次会议决议公告 本公司及监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、误导性陈述或者重大遗漏。 上海科泰电源股份有限公司（以下称"公司"）于 2025 年 4 月 25 日在公司六楼大会议室以现场会议方式召开了第六届监事会第十 次会议，会议通知于 2025 年 4 月 24 日以电子邮件形式送达了全体监 事，并提请对本次会议提前通知时限进行豁免，会议应参加监事 3 人， 实际参加监事 3 人。本次监事会的召集和召开符合《中华人民共和国 公司法》和《公司章程》的规定。会议由公司监事会主席杨少慰先生 主持，经全体监事表决，形成决议如下： 一、审议通过《关于 2025 年第一季度报告的议案》 根据中国证监会、深圳证券交易所关于季度报告信息披露的要 求，公司编制完成了《2025 年第一季度报告》。 此项议案 3 票同意，0 票反对，0 票弃权获得通过。 经审核，监事会认为董事会编制和审核《2025 年第一季度报告》 的程序符合法律、行政法规和中国证券监督管理委员会的规定，报告 内容真实、准确、完整地反映了上市公司的实际情况，不存在任何虚 假记载、误导性陈述 ...

证券代码：300153 证券简称：科泰电源 公告编号：2025-021 上海科泰电源股份有限公司 第六届董事会第十次会议决议公告 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、误导性陈述或者重大遗漏。 上海科泰电源股份有限公司（以下称"公司"）第六届董事会第 十次会议于 2025 年 4 月 25 日以现场会议与网络会议相结合的方式召 开，会议通知于 2025 年 4 月 24 日以电子邮件形式送达了全体董事， 并提请对本次会议提前通知时限进行豁免，会议应参加董事 8 人，实 际参加董事 8 人，其中独立董事 3 人。本次董事会的召集和召开符合 《中华人民共和国公司法》和《公司章程》的规定。会议由公司董事 长谢松峰先生主持，经全体董事表决，形成决议如下： 一、审议通过《关于 2025 年第一季度报告的议案》 根据中国证监会、深圳证券交易所关于季度报告信息披露的要 求，公司编制完成了《2025 年第一季度报告》。 本议案已提前经公司董事会审计委员会审议通过。 此项议案 8 票同意，0 票反对，0 票弃权获得通过。 本议案具体内容详见公司于同日在中国证监会指定信息披露网 站巨潮资讯网上 ...

上海科泰电源股份有限公司章程 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第四章 股东和股东大会 第五章 董事会 第六章 总裁及其他高级管理人员 第七章 监事会 第八章 财务会计制度、利润分配和审计 第九章 通知 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 1 / 43 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 董事 第二节 董事会 第十二章 附则 2 / 43 第一节 监事 第二节 监事会 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第二节 解散和清算 第十一章 修改章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《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》"）和其他有关规定，制订本章程。 第二条 上海科泰电源股份有限公司系依照《公司法》和其他有关规定成立 的股份有 ...

上海科泰电源股份有限公司 关联交易决策制度 （2025 年 4 月） 1 关联交易决策制度 第一章 总则 第一条 为保证上海科泰电源股份有限公司（以下简称"公司"）与关联方之 间的关联交易符合公平、公正、公开的原则，确保公司的关联交易行为不损害公司 和非关联股东的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券 法》《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）等有 关法律、法规、规范性文件及《上海科泰电源股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，制定本制度。 第二条 公司与关联方之间的关联交易行为除遵守有关法律、法规、规范性文 件和《公司章程》的规定外，还需遵守本制度的规定。 第二章 关联方和关联关系 第三条 公司关联方包括关联法人和关联自然人。 第四条 具有以下情形之一的法人，为公司的关联法人： （一）直接或者间接控制公司的法人或者其他组织； （二）由前项所述法人直接或者间接控制的除公司及其控股子公司以外的法人 或者其他组织； （三）由本制度第五条所列公司的关联自然人直接或者间接控制的，或者担任 董事（独立董事除外）、高级管理人员的，除公司及其控股子公司以外的 ...