格隆汇12月18日丨新雷能(300593.SZ)在投资者互动平台表示，ADI是公司海外数据中心领域的合作伙 伴，公司与ADI联合开发主要是二次电源的系列产品，包括母线变化器、比例变化器和800V/±400高压 模块，目前已有二次电源产品进入小批量阶段，明年也陆续有其他二次电源产品进入小批量阶段。 ...

Group 1 - The company, Xinle Energy (300593.SZ), stated on the investor interaction platform that there is currently no collaboration with San Ci Power and ADI [1] - The company's three types of power products include Power Block and VPD, with Power Block currently in the internal testing phase [1] - There is existing demand for the VPD product from domestic customers [1]

每经AI快讯，有投资者在投资者互动平台提问：请问贵司与ADI的合作主要涉及哪些方面？ 新雷能（300593.SZ）12月18日在投资者互动平台表示，ADI是公司海外数据中心领域的合作伙伴，公 司与ADI联合开发主要是二次电源的系列产品，包括母线变化器、比例变化器和800V/±400高压模块， 目前已有二次电源产品进入小批量阶段，明年也陆续有其他二次电源产品进入小批量阶段。 （文章来源：每日经济新闻） ...

Group 1 - The company and ADI currently do not have any collaboration on the three-phase power supply [1] - The company's three-phase power supply products include Power Block and VPD, with Power Block in internal testing phase [1] - There is existing demand for the VPD product from domestic customers [1]

Market Performance - The other power equipment sector increased by 2.97% on December 17, with Oulutong leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Individual Stock Performance - Oulutong (300870) closed at 219.16, rising by 9.52% with a trading volume of 90,700 shares [1] - Keda (002518) closed at 48.48, up 8.34% with a trading volume of 128,400 shares [1] - Magmeter (002851) closed at 82.79, increasing by 8.22% with a trading volume of 275,800 shares [1] - New Ray Energy (300593) closed at 27.86, up 7.98% with a trading volume of 502,500 shares [1] - Xizi Clean Energy (002534) closed at 16.99, rising by 4.23% with a trading volume of 166,300 shares [1] Capital Flow Analysis - The other power equipment sector saw a net inflow of 434 million yuan from institutional investors, while retail investors experienced a net outflow of 152 million yuan [2] - The main stocks with significant capital inflow included Magmeter (300851) with a net inflow of 261 million yuan [3] - Keda (002518) had a net inflow of 47.2 million yuan from institutional investors, while retail investors saw a net outflow of 63.2 million yuan [3]

Core Insights - The report identifies the main investment themes for the defense and aerospace industry in 2025 as internal equipment, military trade, and military-civilian integration, with a focus on the second growth curve as a key selection criterion for stocks [2][5][36] - For 2026, military-civilian integration and military trade are expected to remain the primary investment lines, supported by stable growth in defense spending and policy guidance [2][5] Industry Overview - The report outlines a deep review of the defense industry, highlighting that the internal equipment market, military trade, and military-civilian integration emerged as the three main investment directions in 2025 [5][21] - The investment framework has evolved from focusing solely on internal equipment to incorporating military trade and military-civilian integration, reflecting a more comprehensive understanding of the market dynamics [5][21] Policy Analysis and Internal Equipment Outlook - The report emphasizes that the integration of mechanization, information technology, and intelligence will drive future growth in internal equipment, with specific focus areas including information support forces, cyber warfare units, military aerospace, and rocket forces [6][41][46] - Recent U.S. defense policy changes, which reduced the number of key technology areas from 14 to 6, align closely with China's focus on new quality and new domain developments [6][41] Investment Strategy for 2026 - The report recommends a bottom-up approach to stock selection, emphasizing the importance of identifying stocks that excel in the second growth curve, particularly in military trade and military-civilian integration [7][36] - Specific companies are highlighted as key investment targets, including 中航沈飞 (AVIC), 广东宏大 (Guangdong Hongda), and 西部超导 (West Superconductor), which are positioned to benefit from trends in military trade and civilian applications [22][33][36] Key Investment Areas - The report identifies several promising sectors within the defense industry, including special chips, quartz electronic fabrics, aerospace electronics, high-performance power supplies, and military aviation engines, each with unique growth drivers [22][33][36] - The military trade sector is expected to see a shift towards high-end equipment exports, with 中航沈飞 (AVIC) and 广东宏大 (Guangdong Hongda) as core players [22][36] Conclusion - The report concludes that the second growth curve represents a critical opportunity for investors, with military trade and military-civilian integration likely to be the main growth drivers in the coming years [36][41]

北京新雷能科技股份有限公司 关于公司2025年员工持股计划非交易过户完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 北京新雷能科技股份有限公司（以下简称"公司"）于2025年9 月29日召开第六届董事会第十四次会议，于2025年10月29日召开2025 年第二次临时股东会，审议通过了《关于<公司2025年员工持股计划 （草案）>及其摘要的议案》《关于<公司2025年员工持股计划管理办 法>的议案》《关于提请股东会授权董事会办理公司2025年员工持股 计划相关事宜的议案》等议案，具体内容详见公司在巨潮资讯网 （www.cninfo.com.cn）披露的相关公告。 根据《中华人民共和国公司法》《中华人民共和国证券法》《关 于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、 行政法规及规范性文件的相关规定，现将公司 2025 年员工持股计划 （以下简称"本员工持股计划"）的实施进展情况公告如下： 证券代码：300593 证券简称：新雷能 公告编号：2025-070 二、本员工持股 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [9]. Core Insights - The company has experienced short-term operational fluctuations due to the order rhythm in the special and communication industries. However, it is expected to return to mid-to-high-speed growth due to previous high R&D investments, new capacity releases, and a new round of equity incentives [2][5]. - The high-reliability special power supply market has significant growth potential, driven by trends in equipment electrification and emerging sectors like domestic large aircraft and commercial aerospace. As a leading domestic manufacturer, the company is poised to benefit [6][60]. - In the AIDC and communication sectors, the company is leveraging its deep expertise in high-performance power supplies to tap into the burgeoning AIDC power market, which is expected to yield substantial revenue growth [7]. Summary by Sections Company Overview - Established in 1997, the company focuses on high-efficiency, high-reliability, and high-power-density power products, particularly in aerospace, aerospace, and special high-grade power supply fields. It has developed a rich product portfolio and offers comprehensive solutions across multiple industries [5][18]. Market Trends - The high-reliability special power supply market is recovering steadily, with long-term positive trends. The demand for power supplies in domestic large aircraft and commercial aerospace is expected to expand significantly, with projected annual demand reaching 16.9 billion in the next 20 years [6][54]. - The AIDC and communication sectors are experiencing a boom driven by AI computing power, leading to increased demand for server power supplies. The global AI server power module market is projected to grow from $6.5 billion to $60.8 billion between 2025 and 2031 [7][28]. Financial Performance - The company has faced short-term revenue and profit fluctuations due to order volatility in the special and communication sectors. However, it has shown signs of improvement in the first three quarters of 2025, with revenue reaching 929 million, a year-on-year increase of 36% [27][29]. - The company's gross margin has fluctuated, with a projected gross margin of 40% for 2024 and 2025, reflecting the impact of product structure adjustments and increased R&D expenses [29][30]. R&D and Capacity Expansion - The company maintains a strong commitment to R&D, with a focus on developing core technologies and expanding its product offerings. It has accumulated 399 intellectual property rights, including 67 invention patents [35][36]. - New capacity projects across multiple locations are nearing completion, with significant contributions expected to revenue and production capacity by 2025 and 2026 [42][44]. Equity Incentives - The company has implemented multiple rounds of equity incentives to bind core employees, with the latest plan aiming for substantial revenue growth targets over the next three years [46][48].

Group 1 - Anbotong plans to issue H-shares and list on the Hong Kong Stock Exchange, with the board authorizing management to start preparations within 12 months [1] - Xiangsheng Medical proposes a cash dividend of 3 yuan per 10 shares for the first three quarters of 2025 [2] - Junshi Biosciences receives FDA approval for clinical trials of JS212, a dual-specific antibody-drug conjugate for treating advanced solid tumors [3] Group 2 - Zhonghuan Environmental plans to raise up to 300 million yuan by issuing shares to a specific entity, with funds allocated for working capital and bank loan repayment [4] - Guao Technology announces a change in actual control to Xu Yinghui, with stock resuming trading on December 15 [5] - Jiaze New Energy intends to invest approximately 3.557 billion yuan in a green hydrogen and methanol project in Heilongjiang [6] Group 3 - Shanghai Airport reports a 15.47% year-on-year increase in passenger throughput at Pudong International Airport for November [7] - Innovent Biologics achieves primary endpoint in a Phase IIb study of Obinutuzumab for systemic lupus erythematosus, with plans for a Phase III trial [8] - Saiyi Information leads a national major science and technology project on intelligent manufacturing systems and robotics [9] Group 4 - Yipin Hong's Qinxing Qingjie oral solution is approved as a national second-level protected traditional Chinese medicine [10] - Yipin Hong's stake in US-based Arthrosi Therapeutics is set to be acquired by Sobi for a total of up to 950 million USD [11] - Pudong Jinqiao announces the resignation of Chairman Wang Ying due to job transfer [12] Group 5 - Jiaze New Energy plans to invest in two wind power projects with a total estimated investment of approximately 2.366 billion yuan [13] - Jinpan Technology receives approval from the CSRC for issuing convertible bonds to unspecified investors [14] - Zoli Pharmaceutical intends to acquire a multi-trace element injection asset group for 356 million yuan [15] Group 6 - Jiuan Medical's US subsidiary receives pre-market notification from the FDA for multiple testing products [16][17] - Changfei Optical Fiber's subsidiary plans to participate in establishing an investment fund with a total subscription amount of 830 million yuan [18] - Chenfeng Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [19][20][21][22]

12月14日，截至20时，上市公司发布的股份减持公告汇总如下： 晨丰科技（603685）股东杭州宏沃计划在2026年1月7日至4月6日期间，通过集中竞价和大宗交易方式合 计减持不超过752万股，约占公司总股本的3%。 新雷能（300593）董事、副总经理刘志宇因资金需求，计划自2026年1月7日至2026年4月6日期间通过集 中竞价和大宗交易方式减持不超过40万股公司股份，占剔除回购专用账户后的总股本的0.07%。 凯普生物（300639）职工代表董事谢龙旭因个人资金需求，计划在2026年1月7日至2026年4月6日期间， 通过集中竞价方式减持不超过9.39万股公司股份，约占公司总股本的0.0150%。 百诚医药（301096）股东富诚海富资管—杭州银行—富诚海富通百诚医药员工参与创业板战略配售资管 计划，计划在未来三个月内通过大宗交易或集中竞价方式减持不超过55万股，约占公司总股本的 0.5077%。 万丰股份（603172）股东舟山瑞好通过大宗交易方式减持公司股份233万股，占公司总股本的1.75%。 圣诺生物（688117）股东川发投资通过集中竞价及大宗交易方式累计减持公司股份403万股，占公司总 股本 ...