Industry Overview - Guangzhou government has issued a plan for the large-scale application of Vehicle-to-Grid (V2G) technology from 2025 to 2027, aiming for over 1,000 V2G charging stations and vehicles by the end of 2025, with V2G discharge volumes reaching 1.5 million kWh in 2025, 2 million kWh in 2026, and 2.5 million kWh in 2027 [1][2] - V2G technology allows electric vehicles to act as energy storage devices, absorbing energy when grid load is low and releasing it when the load is high, thus generating profit from price differences [2] Company Insights - Teruid: The company is a leader in the charging station and operation sector, with a leading position in V2G technology deployment and the highest market share in V2G equipment nationwide [3] - Tonghe Technology: The company is a domestic leader in charging modules, with a wide range of V2G power levels covered [4] Market Projections - Longcheng Securities projects that the number of new energy vehicles in China will reach 40 million, 100 million, and 350 million by 2025, 2030, and 2050 respectively, with vehicle-mounted energy storage capacity expected to reach 2.6 billion, 6.5 billion, and 22.8 billion kWh [2] - The number of new V2G charging stations is projected to be 11.4 million, 80 million, and 250 million by 2025, 2030, and 2050 respectively [2] - The global V2G market value is expected to grow from $3.78 billion in 2023 to $45.09 billion by 2033 [2]

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7][18]. Core Insights - The demand for overseas computing power has exceeded expectations, leading to a significant acceleration in the domestic ecosystem [5][6]. - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a clear breakout point [15][16]. - Major cloud service providers are expected to invest heavily in liquid cooling technology due to the advanced process of the new generation of chips [5][15]. - The domestic AI industry chain is becoming increasingly competitive, with significant fundraising efforts by leading companies to enhance their capabilities [6][16]. Summary by Sections Investment Viewpoints - The report highlights strong AI beta resonance across various companies, from established overseas firms to domestic players [17]. - The power generation sector is identified as a logical area for growth, with specific recommendations for companies such as KOTAI Power and AIDC leasing firm Hongjing Technology [7][17]. Industry Dynamics - The report notes that the global capital expenditure for data center infrastructure is projected to reach $3-4 trillion over the next five years [15]. - Oracle's latest financial report anticipates a 77% surge in cloud infrastructure revenue, indicating robust market demand [5][15]. - The report also discusses the recent approval of large-scale fundraising by domestic AI companies, which is expected to enhance their competitive edge [6][16]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies in the power equipment sector, including: - KOTAI Power (Buy) - Yingweike (Buy) - Macromit (Buy) - Shunling Environment (Buy) - Hewei Electric (Buy) [10][20][19].

Group 1: Company Overview and Investor Relations - The company participated in the 2025 online collective reception day for listed companies in Hebei, held on September 15, 2025, from 15:00 to 17:00 [2] - Key personnel present included the Chairman and General Manager, Mr. Ma Xiaofeng, and other executives [2] Group 2: Business Focus and Product Development - The company aims to expand its HVDC product series and develop core industry clients [3] - HVDC products include high-voltage direct current power supply modules and monitoring systems, with voltage levels of 240V, 336V, and 800V, and a maximum power output of 1MW [3] - The company offers various power levels for charging modules, including 20kW, 30kW, 40kW, and 60kW, with both air-cooled and liquid-cooled options [3] Group 3: Market Strategy and Performance - The company emphasizes value management through accurate information disclosure and consistent cash dividends to shareholders [3] - The company is actively expanding its overseas market presence, focusing on Europe, America, and Southeast Asia, while adhering to international standards [4] - The company reported a revenue of 58,587.48 thousand yuan for the first half of 2025, reflecting a year-on-year growth of 27.53% [6] Group 4: Competitive Position and Product Innovation - The company utilizes proprietary technology to enhance product power density and reduce material consumption [4] - Continuous investment in R&D and supply chain management is planned to improve product competitiveness and market share [4] Group 5: Impact of External Factors - The impact of U.S. trade policy changes on the company is minimal, as revenue from the U.S. market constitutes a low percentage of overall income [5]

北京植德律师事务所 关于石家庄通合电子科技股份有限公司 2025 年第二次临时股东大会 法律意见书 植德京(会)字[2025]0125 号 二〇二五年九月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12 th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于石家庄通合电子科技股份有限公司 2025 年第二次临时股东大会 法律意见书 植德京（会）字[2025]0125 号 致：石家庄通合电子科技股份有限公司 北京植德律师事务所（以下简称"本所"）接受石家庄通合电子科技股份 有限公司（以下简称"公司"）的委托，指派律师出席并见证公司 2025 年第二 次临时股东大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法 ...

关于选举产生第五届董事会职工代表董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《公司法》《上市公司章程指引》《深圳证券交易所创业板股票上市规 则》等法律、法规、规范性文件及《公司章程》的有关规定，石家庄通合电子科 技股份有限公司（以下简称"公司"）于2025年9月15日召开了职工代表大会，经 与会职工代表审议，会议同意选举张逾良先生（简历详见附件）为公司第五届董 事会职工代表董事。张逾良先生由第五届董事会非职工代表董事变更为第五届董 事会职工代表董事，任期至公司第五届董事会任期届满之日止。 张逾良先生符合相关法律、法规及《公司章程》有关董事任职的资格和条件。 本次选举完成后，公司董事会中兼任高级管理人员职务的董事以及由职工代表担 任的董事总计不超过公司董事总数的二分之一。 特此公告 石家庄通合电子科技股份有限公司 证券代码：300491 证券简称：通合科技 公告编号：2025-060 石家庄通合电子科技股份有限公司 董 事 会 二零二五年九月十五日 1 附件：第五届董事会职工代表董事简历 张逾良先生，中国国籍，无境外永久居留权，1985年生， ...

证券代码：300491 证券简称：通合科技 公告编号：2025-059 石家庄通合电子科技股份有限公司 2025年第二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内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、会议召集人：董事会 2、会议主持人：董事长马晓峰先生 3、会议召开时间： （1）现场会议时间：2025 年 9 月 15 日（星期一）14:30 （2）网络投票时间：2025 年 9 月 15 日（星期一） 其中，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 9 月 15 日 9:15—9:25，9:30—11:30 和 13:00—15:00； 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 9 月 15 日 9:15 至 15:00 期间的任意时间。 4、现场会议地点：河北省石家庄市高新区漓江道 350 号石家庄通合电子科 技股份有限公司中试实验楼 5 楼会议室。 5、会议召开方式：本次股东大会采用现场投票与网 ...

Group 1 - The National Development and Reform Commission will hold a press conference on the achievements of fiscal reform and development during the "14th Five-Year Plan" period [1][2] - The 2025 China Cultural Tourism Industry Expo will take place from September 12 to 14, with a theme of "Deepening Cultural and Tourism Integration for a Better Life" and an exhibition area of 100,000 square meters [3] - A total of 7 companies will have their restricted shares unlocked today, with a total unlock volume of 4.6478 million shares, amounting to a market value of 308 million yuan [4] Group 2 - 15 companies have disclosed their stock repurchase progress, including one company proposing a repurchase of up to 35 million yuan and two companies announcing their first repurchase plans [5] - A total of 188.3 billion yuan in 7-day reverse repos will mature today, with an operation interest rate of 1.40% [6] - Upcoming data releases include the preliminary one-year inflation expectations for the US in September and the CPI for Germany in August [7]

Group 1 - A total of 7 companies had their restricted shares unlocked on September 12, with a combined unlock volume of 4.6478 million shares [1] - The total market value of the unlocked shares is approximately 308 million yuan, based on the latest closing prices [1] - The companies with the highest unlock volumes are Leisai Intelligent, Yongjie New Materials, and Tonghe Technology, with unlock shares of 2.768 million, 789,600, and 531,000 respectively [1] Group 2 - In terms of market value from the unlocked shares, Leisai Intelligent, Xinyi Sheng, and Yongjie New Materials lead with unlock values of 136 million yuan, 97.8091 million yuan, and 32.4695 million yuan respectively [1]

Group 1 - On September 12, a total of 7 companies had their restricted shares unlocked, with a total unlock volume of 4.6478 million shares, equating to a market value of 308 million yuan based on the latest closing price [1] - The companies with the highest unlock volumes were Leisai Intelligent, Yongjie New Materials, and Tonghe Technology, with unlock shares of 2.768 million, 789,600, and 531,000 respectively [1] - In terms of unlock market value, Leisai Intelligent, Xinyi Sheng, and Yongjie New Materials led with market values of 136 million yuan, 97.8091 million yuan, and 32.4695 million yuan respectively [1] Group 2 - The companies with the highest proportion of unlocked shares relative to total share capital were Leisai Intelligent, Yongjie New Materials, and Tonghe Technology, with unlock ratios of 0.88%, 0.4%, and 0.3% respectively [1]

2025年半年报集体业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，石家庄通合电子科技股份有限公司（以 下简称"公司"）将参加由河北省上市公司协会、河北资本市场之家与深圳市全 景网络有限公司联合举办的"2025年河北辖区上市公司投资者网上集体接待日暨 2025年半年报集体业绩说明会"，现将相关事项公告如下： 证券代码：300491 证券简称：通合科技 公告编号：2025-058 石家庄通合电子科技股份有限公司 关于参加2025年河北辖区上市公司投资者网上集体接待日暨 本次活动将采用网络远程方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参 与本次互动交流，活动时间为2025年9月15日（星期一）15:00-17:00。 届时公司董事长、总经理马晓峰先生，董事、副总经理、董事会秘书冯智勇 先生，副总经理、财务总监刘卿女士将在线就公司治理、发展战略、经营状况、 融资计划、股权激励、可持续发展等投资者关心的问题，与投资者进行沟通与交 流 ...