Group 1 - The company has launched a series of HVDC products for data centers, including high-voltage direct current power supply modules, supporting monitoring systems, and complete systems [1] - The primary application of these products is in the direct current power supply and distribution field for data centers [1] - The company remains optimistic about future industry development and plans to continuously enrich its product series while actively developing core customers in the industry [1]

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

Group 1 - The core point of the article is that Tonghe Technology (300491) reported a total of 22,750 common stock shareholders as of January 9, 2026 [1]

Market Performance - The other power equipment sector increased by 1.69% compared to the previous trading day, with Youyou Green Energy leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers - Youyou Green Energy (301590) closed at 230.78, up 15.38% with a trading volume of 23,200 lots and a transaction value of 507 million [1] - MagiMet (002851) closed at 113.85, up 10.00% with a trading volume of 244,500 lots and a transaction value of 2.697 billion [1] - Tonghe Technology (300491) closed at 29.53, up 5.24% with a trading volume of 183,500 lots and a transaction value of 534 million [1] Other Notable Performers - Keda (002518) closed at 59.49, up 5.01% with a trading volume of 215,100 lots and a transaction value of 1.258 billion [1] - Oulu Tong (300870) closed at 226.89, up 4.31% with a trading volume of 46,000 lots and a transaction value of 1.031 billion [1] - Zhongheng Electric (002364) closed at 31.09, up 4.05% with a trading volume of 352,300 lots and a transaction value of 1.08 billion [1] Market Capital Flow - The other power equipment sector saw a net inflow of 780 million from main funds, while retail funds experienced a net outflow of 407 million [2] - The main funds' net inflow for Dongfang Electric (600875) was 432 million, while it saw a net outflow of 375 million from retail funds [3] - MagiMet (002851) had a main fund net inflow of 430 million, with a significant retail fund outflow of 271 million [3]

Group 1 - The company, Tonghe Technology, reported that as of December 31, 2025, the total number of common stock shareholders is expected to be 22,343 [2]

Market Overview - The other power equipment sector increased by 1.72% on January 5, with China Power leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - China Power (600482) closed at 21.81, up 5.36% with a trading volume of 508,100 shares and a transaction value of 1.095 billion [1] - Other notable performers include: - Euro Continental (300870) at 230.10, up 4.12%, with a transaction value of 1.274 billion [1] - Tonghe Technology (300491) at 26.14, up 4.02%, with a transaction value of 206 million [1] - Keti Data (002335) at 57.56, up 3.66%, with a transaction value of 1.859 billion [1] Capital Flow - The other power equipment sector experienced a net outflow of 435 million from institutional investors, while retail investors saw a net inflow of 383 million [2] - The capital flow for specific stocks includes: - China Power (600482) had a net inflow of 26.41 million from retail investors but a net outflow of 58.67 million from institutional investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 55.70 million from institutional investors but a net outflow of 42.01 million from retail investors [3]

证券代码：300491 证券简称：通合科技 公告编号：2025-080 1、统一社会信用代码：91130100700964396T 2、名称：石家庄通合电子科技股份有限公司 6、法定代表人：马晓峰 7、住所：石家庄高新区漓江道350号 8、经营范围：一般项目：配电开关控制设备研发；电机及其控制系统研发； 电力行业高效节能技术研发；技术服务、技术开发、技术咨询、技术交流、技术 转让、技术推广；物联网技术研发；输配电及控制设备制造；智能输配电及控制 设备销售；配电开关控制设备制造；配电开关控制设备销售；充电桩销售；机动 车充电销售；充电控制设备租赁；集中式快速充电站；电动汽车充电基础设施运 营；新能源汽车电附件销售；新能源汽车换电设施销售；机械电气设备制造；电 气设备销售；电力设施器材制造；电力设施器材销售；高铁设备、配件制造；高 铁设备、配件销售；电气信号设备装置制造；电气信号设备装置销售；先进电力 电子装置销售；电力电子元器件销售；照明器具制造；照明器具销售；通信设备 3、注册资本：壹亿柒仟伍佰陆拾柒万叁仟壹佰肆拾玖元整 4、类型：股份有限公司（上市、自然人投资或控股） 5、成立日期：1998年12月21日 ...

Market Overview - The other power equipment sector experienced a decline of 0.57% compared to the previous trading day, with Haibosi leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Xinfeng Energy (300593) with a closing price of 31.15, up 3.83%, and a trading volume of 622,600 shares, totaling 1.893 billion yuan [1] - ST Yishite (300376) closed at 6.45, up 3.20%, with a trading volume of 346,900 shares, totaling 224 million yuan [1] - Oulu Tong (300870) closed at 232.90, up 2.68%, with a trading volume of 166,400 shares, totaling 1.540 billion yuan [1] - Decliners included: - Haidao Feitan (688411) closed at 259.79, down 5.03%, with a trading volume of 31,500 shares, totaling 818 million yuan [2] - Xizi Clean Energy (002534) closed at 17.23, down 3.20%, with a trading volume of 140,600 shares, totaling 245 million yuan [2] - ST Huaxi (002630) closed at 2.58, down 3.01%, with a trading volume of 251,200 shares, totaling 65.3 million yuan [2] Capital Flow - The other power equipment sector saw a net outflow of 800.3 million yuan from institutional investors, while retail investors experienced a net inflow of 490 million yuan [2] - The capital flow for specific stocks showed: - Oulu Tong (300870) had a net inflow of 13.5 million yuan from institutional investors, but a net outflow of 139 million yuan from retail investors [3] - Xinfeng Energy (300593) had a net inflow of 54.67 million yuan from institutional investors, with a net outflow of 112 million yuan from retail investors [3] - Keda (002518) had a net inflow of 23.04 million yuan from institutional investors, but a net outflow of 26.74 million yuan from retail investors [3]

Core Viewpoint - The company confirmed its subsidiary, Hohwei Power, is focused on customized aerospace special power supply applications, primarily producing power modules and component power supplies [1] Group 1 - The company received an inquiry from investors regarding its involvement in customized power supply applications in the aerospace sector [1] - The company has plans to expand its capacity in the aerospace field, as indicated by its focus on specialized power supply solutions [1]

Core Viewpoint - Tonghe Technology (300491) focuses on customized aerospace special power supply through its subsidiary, Howey Power, which primarily offers power modules and component power supplies [1] Company Summary - Tonghe Technology's subsidiary, Howey Power, specializes in the aerospace sector, indicating a strategic focus on high-demand, niche markets [1] - The current product offerings include power modules and component power supplies, highlighting the company's commitment to providing tailored solutions in the aerospace industry [1]