内容概要：铁路连接器是用来连结已编组完成的铁路列车或轨道车辆，使其可以经其物理作用力下同时 同步连动，进而确保整节轨道列车的运行顺畅。轨道交通作为基建的重要组成，近年来，为加快建设现 代化铁路基础设施体系，国家推出多项政策推动行业发展。2025年全国铁路完成固定资产投资9015亿 元、同比增长6%。投资加码有力推动铁路新线的建设。2025年，铁路"十四五"实现圆满收官，全国铁 路营业里程达16.5万公里，其中高铁超5万公里，占全国铁路的30.55%。中国已经建成世界规模最大、 先进发达的高速铁路网。铁路连接器行业作为轨道交通装备制造业的重要组成部分，近年来随着我国铁 路网络的扩展和电气化程度的提升，铁路连接器市场需求持续增长，市场规模提升。2025年中国铁路连 接器市场需求量约为236.9万套，同比增长3.99%；市场规模约为44.9亿元，同比增长4.66%。 铁路连接器（Coupler），是一种使用于铁道或轨道车辆上的一项重要装置，是铁路车辆系统的元件之 一。用来连结已编组完成的铁路列车或轨道车辆，确保机关车或固定列车组中的动力车开动时可以带动 无动力之铁路客车厢或是铁路货车厢，使其可以经其物理作用力下同时 ...

2月25日，永贵电器涨0.49%，成交额1.61亿元。两融数据显示，当日永贵电器获融资买入额1765.56万 元，融资偿还2541.49万元，融资净买入-775.93万元。截至2月25日，永贵电器融资融券余额合计3.35亿 元。 融资方面，永贵电器当日融资买入1765.56万元。当前融资余额3.35亿元，占流通市值的4.62%，融资余 额低于近一年40%分位水平，处于较低位。 机构持仓方面，截止2025年9月30日，永贵电器十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股562.57万股，相比上期增加308.36万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，浙江永贵电器股份有限公司位于浙江省天台县白鹤镇东园路5号(西工业区)，成立日期1990 年3月19日，上市日期2012年9月20日，公司主营业务涉及轨道交通连接器产品的研发、生产和销售。主 营业务收入构成为：车载与能源信息50. ...

Summary of Conference Call Notes Company and Industry Involved - The focus is on Yonggui Electric (永贵电器) within the context of the charging pile industry and AI server market [1][2][3] Core Points and Arguments - **UQD Connector Achievement**: The company has secured a designated point with Weidi for the UQD connector, with annual shipments to Weidi projected at 30-40 million units [2][3] - **Liquid Cooling Technology**: The liquid cooling UQD connectors have been sent for NV sampling, indicating progress in product development [2][3] - **Market Penetration**: The company’s liquid cooling connectors are already in mass production for applications in rail transit, military, and mining sectors, showcasing its high-end manufacturing capabilities [2][3] - **AI Server Market Demand**: There is a rising demand for liquid cooling solutions due to increased power consumption in AI servers, highlighting a critical market need [2][3] - **Market Size Estimation**: For overseas markets, a single AI server (with 72+36 cores) requires 108 pairs of connectors, with metal connectors priced at $100 each in Europe and the US. This translates to a server value of $10,000, leading to an estimated market space of approximately 30 billion [3] - **Future Profit Projections**: The company aims for a 20% market share in the long term, with a projected net profit margin of 15%, potentially adding 900 million in profits [3] Other Important but Possibly Overlooked Content - **High-End Manufacturing Experience**: The company leverages its experience in high-end manufacturing to quickly penetrate the AI server market, which may not be immediately apparent but is crucial for understanding its competitive advantage [2][3]

Group 1 - The core viewpoint of the news is the implementation of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council, which outlines the goals and tasks for the electricity market over the next 5 to 10 years [1] - The implementation opinions emphasize the need to improve cross-provincial and cross-regional electricity trading systems, promoting regular market transactions between State Grid and Southern Grid, and increasing the scale of cross-regional transmission and the proportion of clean energy delivery [1] - The opinions also encourage greater participation of private enterprises in the electricity market and aim to refine the electricity pricing mechanism primarily determined by supply and demand, prohibiting local governments from unlawfully implementing preferential pricing policies [1] Group 2 - The China Securities report indicates that during the "14th Five-Year Plan" period, the country faces a contradiction between increasing decarbonization pressure and slowing growth in new energy installations, necessitating policy support for further low-carbon transitions [1] - A national capacity pricing policy is set to be introduced in January 2026, which will encourage the construction of stable power sources and open up space for new energy installations, while providing high-yield investment options for power companies [1] - The report estimates that even with lower capacity price subsidies, the profitability of energy storage projects will improve, potentially driving demand for energy storage not only in northern regions but also in central and eastern provinces [1] Group 3 - The ChiNext New Energy Index covers various segments of the new energy and electric vehicle industries, including batteries and photovoltaics, and is the only new energy index on the ChiNext with a 20% daily price fluctuation limit [2] - The ChiNext New Energy ETF (159368) is characterized by high elasticity, with a maximum increase of 20%, and has the lowest fees, with a total management and custody fee of only 0.2% [2] - The ETF has a nearly 90% allocation to energy storage and solid-state batteries, aligning with current market trends [2]

（文章来源：证券日报） 证券日报网讯 2月5日，永贵电器在互动平台回答投资者提问时表示，公司近几年逐步加大数据中心相 关产品研发投入，并在积极推进数据中心相关配套产品快速研发及市场化转化，以迅速响应客户需求。 ...

经济观察网2026年1月30日，永贵电器（300351）发布2025年度业绩预告，预计2025年净利润5660.83万 元至7547.78万元，同比下降40%至55%；扣除非经常性损益后的净利润5178.69万元至6904.91万元，同 比下降40%至55%。 ...

格隆汇1月30日丨永贵电器(300351.SZ)公告，预计2025年度净利润为5660.83万元–7547.78万元，同比下 降40%-55%。本报告期内，公司业绩出现下滑，主要受以下因素影响：1.新能源汽车业务因客户降价压 力等原因导致毛利率下降明显；2.公司2025年发行可转换公司债券，相应计提的财务利息支出增加；3. 海外项目扩张处于投入期，阶段性影响整体盈利等。 ...

南财智讯1月30日电，永贵电器发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为5660.83万元—7547.78万元，同比预减40.00%—55.00%；预计2025年全年归属于上市公司股东的扣除 非经常性损益的净利润为5178.69万元—6904.91万元，同比预减40.00%—55.00%。本报告期内，公司业 绩出现下滑，主要受以下因素影响：1.新能源汽车业务因客户降价压力等原因导致毛利率下降明显；2. 公司2025年发行可转换公司债券，相应计提的财务利息支出增加；3.海外项目扩张处于投入期，阶段性 影响整体盈利等。 ...

| 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2026-004 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 浙江永贵电器股份有限公司 （一）业绩预告期间 本次业绩预告相关数据未经会计师事务所审计。公司就业绩预告有关重大事 项与会计师事务所进行了预沟通，公司与会计师事务所在业绩预告方面不存在重 大分歧。 2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况 扭亏为盈 同向上升 同向下降 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东 的净利润 | 盈利：5,660.83万元–7,547.78 万元 | 盈利：12,579.63万元 | | | 比上年同期下降：40% - 55% | | | 扣除非经常性损益 后的净利润 | 盈利：5,178.69万元–6,904.91 万元 | 盈利：11,508.19万元 | | | 比上年同期下降：40% - 55 % | | 二、与会计师事务所沟通情况 2025 年度业绩预告 本公司及董事会全体成员保证信 ...

Core Viewpoint - The Chinese electric vehicle (EV) high-voltage component industry has transitioned from policy-driven to market-driven growth, with increasing consumer acceptance of pure electric and hybrid models, leading to a significant expansion in production and sales, and a surge in demand for high-voltage components [1][10]. Industry Overview - The high-voltage system in EVs is crucial for energy storage, conversion, transmission, and usage, operating at hundreds of volts, which distinguishes EVs from traditional fuel vehicles [2]. - High-voltage components are essential for the efficient operation of EVs, enabling energy management and enhancing overall performance [4]. Market Size and Growth - By 2025, the market size of China's high-voltage component industry is projected to reach 311.66 billion yuan, representing a year-on-year growth of 26.5%, capturing 49.32% of the global market share [1][10]. - In the first nine months of 2025, China's production and sales of new energy vehicles reached 11.24 million and 11.23 million units, respectively, with a year-on-year growth of 35.2% and 34.9% [8]. Industry Barriers - The high-voltage component industry faces significant technical barriers, requiring precise design, programming skills, and a deep understanding of system logic to ensure performance, reliability, and safety [5][6]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive parts industry, including high-voltage components, creating a favorable environment for growth [6]. Industry Chain - The upstream of the high-voltage component industry includes suppliers of raw materials like copper, aluminum, and rare earths, while the downstream consists of EV manufacturers and the aftermarket, which is seeing increased demand as early EVs enter replacement cycles [7][8]. Competitive Landscape - The industry is characterized by a fragmented market with numerous players focusing on specific segments. Key companies include Xinrui Technology, Zhonghang Optoelectronics, BYD Semiconductor, and Futec Technology [10][11]. Development Trends - The industry is expected to see a shift towards higher voltage and efficiency, with wide bandgap semiconductor materials playing a crucial role in enhancing energy conversion efficiency [14]. - There will be a trend towards system integration and modularization, aiming for lightweight designs and cost control [14]. - Collaboration within the supply chain will deepen, with a focus on localizing key materials and components to build a self-sufficient supply chain [15].