Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].

（编辑 袁冠琳） 证券日报网讯 12月3日，炬华科技在互动平台回答投资者提问时表示，公司主要业务有智慧计量与采集 系统（AMI）、智能水表及智慧水务系统平台综合解决方案、智慧用能综合检测物联网云平台系统、电 动汽车智能充电设备、智能充电云服务系统。 ...

（文章来源：证券日报） 证券日报网讯 12月3日，炬华科技在互动平台回答投资者提问时表示，公司将不断加强管理，努力开拓 业务、提升产品质量、提高服务能力，降本增效，力争提升公司经营业绩。 ...

Core Viewpoint - Juhua Technology (300360) is expanding its overseas orders in 2024, focusing on smart metering products and systems, with a strategic emphasis on differentiated market development [1] Group 1: Overseas Market Expansion - The company has established a wholly-owned subsidiary in the Czech Republic to develop the EU market, covering countries such as the Czech Republic, Germany, and Hungary [1] - Juhua Technology is actively responding to the "Belt and Road" initiative, enhancing market development and technical services in countries along the route, including regions in Africa, Central Asia, and Southeast Asia [1] - The company aims to continuously improve its product brand influence and market share through these initiatives [1]

Core Viewpoint - Juhua Technology (300360) reported that as of November 20, 2025, the total number of shareholders is 34,403 [1] Summary by Category - Company Information - Juhua Technology has a total of 34,403 shareholders as of the specified date [1]

Group 1 - The company, Juhua Technology (300360), is currently involved in ongoing power grid bidding processes and encourages investors to pay attention to public information [1]

Core Viewpoint - Juhua Technology's stock has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 8.613 billion yuan as of November 20 [1] Company Overview - Juhua Technology, established on April 6, 2006, and listed on January 21, 2014, is located in Hangzhou, Zhejiang Province. The company specializes in smart metering and collection systems, smart power terminals, IoT smart water meters, and other IoT products and comprehensive energy service solutions [2] - The revenue composition of Juhua Technology includes: smart metering and collection systems (80.26%), IoT communication, sensors, and accessories (9.11%), smart power terminals and systems (5.11%), smart flow meters and systems (3.38%), smart power distribution products and systems (1.26%), and others (0.89%) [2] - The company belongs to the Shenwan industry category of electric power equipment, specifically grid equipment and electrical instruments, and is associated with concepts such as small-cap stocks, virtual power plants, ultra-high voltage, smart grids, and power IoT [2] Financial Performance - For the period from January to September 2025, Juhua Technology reported operating revenue of 1.25 billion yuan, a year-on-year decrease of 19.14%, and a net profit attributable to shareholders of 480 million yuan, down 11.45% year-on-year [2] - Since its A-share listing, Juhua Technology has distributed a total of 1.157 billion yuan in dividends, with 664 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Juhua Technology had 29,500 shareholders, an increase of 1.20% from the previous period, with an average of 16,941 circulating shares per shareholder, a decrease of 1.18% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 7.5674 million shares (a decrease of 7.8031 million shares from the previous period), and new entrant Huaxia CSI 1000 ETF, holding 1.9561 million shares [3]

Core Viewpoint - The company, Juhua Technology, is actively involved in the water metering industry, providing a range of smart water meter solutions and systems [1] Group 1: Company Involvement - Juhua Technology offers various types of wired remote water meters, large-caliber remote water meters, prepaid water meters, smart IoT water meters, and collection devices [1] - The company also provides comprehensive solutions for smart water management systems [1] Group 2: Industry Applications - The company is participating in relevant water service application tenders, indicating its active role in the water industry [1]

Group 1 - The core point of the news is that Juhua Technology's stock price dropped by 5.12% to 17.96 CNY per share, with a trading volume of 4.91 billion CNY and a turnover rate of 5.39%, resulting in a total market capitalization of 9.235 billion CNY [1] - Juhua Technology, established on April 6, 2006, and listed on January 21, 2014, is based in Hangzhou, Zhejiang Province. The company's main business includes smart metering and collection systems, smart power terminals and systems, IoT smart water meters, smart power distribution products and systems, smart charging equipment, IoT sensors and accessories, and comprehensive energy service solutions [1] - The revenue composition of Juhua Technology is as follows: smart metering and collection systems account for 80.26%, IoT communications, sensors, and accessories 9.11%, smart power terminals and systems 5.11%, smart flow meters and systems 3.38%, smart power distribution products and systems 1.26%, and others 0.89% [1] Group 2 - From the perspective of major fund holdings, Juhua Technology is heavily held by one fund under Xinyuan Fund, specifically the Xinyuan Specialized and Innovative Mixed A Fund (015071), which held 436,200 shares in the third quarter, accounting for 6.1% of the fund's net value, making it the third-largest holding [2] - The Xinyuan Specialized and Innovative Mixed A Fund (015071) was established on June 17, 2022, with a latest scale of 96.9646 million CNY. Year-to-date, it has achieved a return of 35.99%, ranking 2370 out of 8140 in its category; over the past year, it has returned 29.65%, ranking 2264 out of 8056; since inception, it has incurred a loss of 29.42% [2]

证券日报网讯炬华科技11月12日在互动平台回答投资者提问时表示，截至2025年11月10日公司股东总户 数29，529户。 （文章来源：证券日报） ...