2024年全球数据中心用电量达415TWh，约占全球总用电量的1.5%，但耗电量较为集中。美国、欧洲及 中国的数据中心用电量合计约占全球总量的85%。其中，美国自2015-2024年期间，数据中心电力消耗 以每年约12%的速度增长，增量约250TWh。2024年美国数据中心的用电量约为180TWh，占全球数据中 心总用电量近45%，并且占据美国全口径总用电量的4%。根据IEA预测，基准情况下2030年数据中心电 力消耗将增长至约945TWh，比2024年翻倍以上，年均增长率约15%，占2030年全球电力消耗的近3%。 其中，美国是最大市场，在基准情况中，2030年消耗将增至约420TWh（比2024年增长130%），占全球 增长的40%。 金元证券近日发布电子/行业深度报告：当前，单个GPU的最大额定功耗可达1000瓦。GPT-4训练时间约 95天（2280小时），采用84%的负载因子计算，其训练能耗需求约为38.2GWh，折合训练期间内日均能 耗约0.40吉瓦时（40万度电），如果以一个家庭单日电力消耗约为10度，GPT-4日均能耗约等于4万个家 庭单日用电量。 以下为研究报告摘要： 摘要 随着近些年AI模 ...

Core Viewpoint - Yangjie Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 49.71%, indicating volatility in the market despite overall growth [1][2]. Financial Performance - For the period from January to September 2025, Yangjie Technology reported a revenue of 5.348 billion yuan, representing a year-on-year growth of 20.89%, and a net profit attributable to shareholders of 974 million yuan, reflecting a growth of 45.51% [2]. - The company has distributed a total of 1.717 billion yuan in dividends since its A-share listing, with 1.180 billion yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders for Yangjie Technology increased to 59,000, with an average of 9,188 circulating shares per person, a decrease of 1.69% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 390,600 shares, and E Fund's ChiNext ETF, which reduced its holdings by 1,035,500 shares [3]. Market Activity - As of December 2, 2025, Yangjie Technology's stock price was 63.93 yuan per share, with a market capitalization of 34.736 billion yuan and a trading volume of 262 million yuan [1]. - The stock has seen a slight decline of 0.02% over the last five trading days and a 6.04% drop over the last 20 days [1].

Core Insights - The article analyzes the changes in private equity fund holdings based on the top ten shareholders and circulating shareholders data, revealing significant shifts in stock positions among various sectors in Q3 2025 [1][2]. Private Equity Fund Holdings by Sector - In Q3 2025, the sectors with the highest number of stocks entering the top ten list by private equity managers were pharmaceuticals (18 stocks), basic chemicals (16 stocks), and electronics (15 stocks) [3]. - Compared to Q2 2025, there was an increase in stocks from the computer, pharmaceutical, and food and beverage sectors entering the top ten list, while the electronics, coal, and real estate sectors saw the most withdrawals [3]. Top 20 Stocks with Increased Holdings - The stocks with the highest increase in private equity fund holdings, measured by the proportion of total shares, predominantly came from the basic chemicals, pharmaceuticals, and electronics sectors [7]. - Notable stocks with the largest increase in private equity holdings included: - Darui Electronics (46.21% return) [8] - Zhongwei Co. (51.76% return) [8] - Guotou Power (−8.70% return) [8] - Yangjie Technology (34.64% return) [8] - Daqin Railway (−8.85% return) [8]. Top 20 Stocks with Decreased Holdings - The stocks with the largest decrease in private equity fund holdings were also concentrated in the pharmaceuticals, electronics, and basic chemicals sectors [9]. - Key stocks with the most significant reductions in private equity holdings included: - Lexin Technology (48.43% return) [9] - Dongcheng Pharmaceutical (5.63% return) [9] - Longbai Group (20.05% return) [9] - Zhenlei Technology (40.25% return) [9] - Shengxiang Biology (4.71% return) [9]. Individual Fund Manager Activities - Fund managers such as Ying Shui, Feng Liu, Ren Qiao, and others made notable adjustments to their portfolios in Q3 2025, increasing holdings in various stocks while reducing others [10][12][14][17][19][21]. - For instance, Feng Liu increased holdings in Zhongwei Co., Ruifeng New Materials, and Dongfulong while decreasing positions in Dongcheng Pharmaceutical and Longbai Group [12]. Summary of Fund Manager Adjustments - Ying Shui increased holdings in Xianle Health and reduced positions in Shengxiang Biology and Fangbang Co. [10]. - Feng Liu raised stakes in Zhongwei Co. and Ruifeng New Materials while cutting back on Dongcheng Pharmaceutical [12]. - Ren Qiao increased holdings in Jin Yu Medical and reduced positions in Xin Jing Dian and Xiao Fang Pharmaceutical [14]. - Other managers like Guo Feng Xinghua and Chongyang also adjusted their portfolios, increasing stakes in stocks like Guotou Power and Daqin Railway [17].

Group 1 - The report analyzes the changes in private equity fund holdings for the third quarter of 2025, highlighting the difficulty in obtaining direct data due to the lack of mandatory disclosures by private funds [1][9]. - The sectors with the highest number of stocks entering the top ten list by private equity managers in Q3 2025 are pharmaceuticals, basic chemicals, and electronics, with respective counts of 18, 16, and 15 [2][12]. - The report identifies the top 20 stocks with the highest increase in holding ratios by private equity managers, predominantly in the basic chemicals, pharmaceuticals, and electronics sectors [3][16]. Group 2 - The report provides a detailed analysis of the top 20 stocks with the largest increase in holding ratios, including stocks like Darui Electronics and Zhongwei Co., with respective increases of 2.41% and 2.29% [17]. - Conversely, the report lists the top 20 stocks with the largest decrease in holding ratios, with notable reductions in stocks such as Lexin Technology and Dongcheng Pharmaceutical, showing decreases of -2.20% and -2.12% respectively [19]. - The report also highlights specific private equity managers and their respective changes in stock holdings, such as Yingshui increasing its stake in Xianle Health and reducing its stake in Shengxiang Biology [20][24].

Core Viewpoint - Yangjie Technology's stock price has shown a significant increase of 49.27% year-to-date, despite a recent decline in the last five and twenty trading days [2] Group 1: Stock Performance - As of November 25, Yangjie Technology's stock price rose by 2.00% to 63.74 CNY per share, with a trading volume of 1.86 billion CNY and a market capitalization of 34.633 billion CNY [1] - The stock has experienced a decline of 2.10% in the last five trading days and 13.96% in the last twenty trading days, while showing a modest increase of 4.63% over the last sixty days [2] Group 2: Financial Performance - For the period from January to September 2025, Yangjie Technology reported a revenue of 5.348 billion CNY, reflecting a year-on-year growth of 20.89%, and a net profit attributable to shareholders of 974 million CNY, which is a 45.51% increase year-on-year [2] - The company has distributed a total of 1.717 billion CNY in dividends since its A-share listing, with 1.180 billion CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yangjie Technology increased to 59,000, with an average of 9,188 circulating shares per person, a decrease of 1.69% from the previous period [2] - The top three circulating shareholders include Hong Kong Central Clearing Limited, which holds 8.312 million shares, and E Fund's ChiNext ETF, which has reduced its holdings by 103,550 shares [3]

证券日报网讯扬杰科技（300373）11月18日在互动平台回答投资者提问时表示，截至11月10日收市，公 司股东总户数为59，000余户。 ...

（文章来源：证券日报） 证券日报网讯 11月17日晚间，扬杰科技发布公告称，经与会职工代表讨论和表决，一致同意选举徐小 兵先生为公司职工代表董事。 ...

Core Viewpoint - Yangjie Technology announced the abolition of its supervisory board, transferring the responsibilities to the audit committee of the board of directors [2] Group 1: Corporate Governance Changes - The company will no longer have a supervisory board or supervisors, with the powers previously held by the supervisory board now exercised by the audit committee of the board of directors [2] - Relevant regulations and internal rules related to the supervisory board will be abolished, and corresponding amendments will be made to the company's articles of association and other governance documents [2] - The terms of the outgoing supervisory board members, including Xu Ping, Hua Wei, and Zhao Zheng, were originally set from July 26, 2023, to July 25, 2026, but they will be relieved of their duties [2]

江苏泰和律师事务所 关于扬州扬杰电子科技股份有限公司 2025 年第四次临时股东大会的 法律意见书 法律意见书 法律意见书 江苏泰和律师事务所 关于扬州扬杰电子科技股份有限公司 2025 年第四次临时股东大会的 本次股东大会的召开采取现场投票和网络投票相结合的方式。其中，根据本 所律师见证，现场会议于 2025 年 11 月 17 日（星期一）下午 13:30 在江苏省扬 州市邗江区新甘泉路 68 号扬杰科技 5 号厂区办公楼三楼会议室召开，由公司董 事长梁勤女士主持，公司部分董事、监事、高级管理人员出席或列席了本次股东 法律意见书 大会；网络投票通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 11 月 17 日上午 9：15—9：25，9:30-11:30，下午 1:00-3:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 11 月 17 日上午 9：15 至当日 下午 3：00 期间的任意时间。 法律意见书 致：扬州扬杰电子科技股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》（以下简称"《股东会 ...

特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议的情形。 证券代码：300373 证券简称：扬杰科技 公告编号：2025-085 扬州扬杰电子科技股份有限公司 2025 年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议时间：2025 年 11 月 17 日（星期一）下午 13:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 11 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统进行网络投票的具体时间为 2025 年 11 月 17 日 9：15-15：00。 2、现场会议召开地点：江苏省扬州市邗江区新甘泉路 68 号扬杰科技 5 号厂 区办公楼三楼会议室。 3、会议召开方式：本次股东大会采取现场表决和网络投票相结合的方式召 开。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长梁勤女士。 会 ...