Core Viewpoint - The company has stated that its equipment can support the testing of solid-state and semi-solid-state batteries, but the impact on revenue from battery testing and formation equipment is minimal due to the early stage of technological breakthroughs and practical applications in these battery types [1] Group 1 - The company's equipment is capable of supporting the detection of solid-state and semi-solid-state batteries [1] - The current technological advancements and practical applications of solid-state and semi-solid-state batteries are still in the early stages [1] - The revenue impact from battery testing and formation equipment related to these battery technologies is very small [1]

Core Viewpoint - The company focuses on liquid cooling technology primarily applied in energy storage systems and charging pile fields, enhancing equipment operational stability through efficient thermal management solutions [1] Group 1: Application in Energy Storage - The liquid cooling technology is compatible with both AC and DC systems, optimizing the energy efficiency of large-scale energy storage power stations [1] Group 2: Application in Charging - In the charging sector, liquid cooling technology facilitates rapid energy replenishment in high-power ultra-fast charging scenarios [1] Group 3: Current Market Position - The company has not yet ventured into temperature control solutions for data centers [1]

Core Viewpoint - The company has indicated that its equipment can support the testing of solid-state and semi-solid-state batteries, but the technological breakthroughs and practical applications of these batteries are still in the early stages, which minimally impacts the revenue scale from the company's battery testing and formation equipment [1] Group 1 - The company's equipment is capable of supporting the detection of both solid-state and semi-solid-state batteries [1] - The current technological advancements and practical applications of semi-solid and solid-state batteries are at an early stage [1] - The impact on the company's revenue from battery testing and formation equipment is currently very small due to the early stage of these technologies [1]

天眼查商业履历信息显示，深圳市盛弘电气股份有限公司，成立于2007年，位于深圳市，是一家以从事 电气机械和器材制造业为主的企业。企业注册资本31108.541万人民币，实缴资本31108.541万人民币。 公司法定代表人为方兴。 通过天眼查大数据分析，深圳市盛弘电气股份有限公司共对外投资了19家企业，参与招投标项目904 次，知识产权方面有商标信息26条，专利信息295条，此外企业还拥有行政许可14个。 金融界消息 截至2025年7月29日收盘，盛弘股份（300693）报收于33.08元，上涨4.45%，换手率 9.89%，成交量26.45万手，成交金额8.57亿元。 资金流向方面，今日主力资金净流入1650.94万元，占比成交额1.93%。其中，超大单净流入2488.10万 元、占成交额2.9%，大单净流出837.15万元、占成交额0.98%，中单净流出流出3324.34万元、占成交额 3.88%，小单净流入1673.40万元、占成交额1.95%。 盛弘股份最新一期业绩显示，截至2025一季报，公司营业总收入6.04亿元、同比增长0.87%，归属净利 润7289.22万元，同比增长9.87%，扣非净利润68 ...

Investment Rating - The report suggests a positive investment outlook for the SST (Solid State Transformer) solution, highlighting its comprehensive advantages in the data center sector [4][70]. Core Insights - The global AI market is projected to grow from 1,187.9 billion RMB in 2023 to 11,455.4 billion RMB by 2030, with a CAGR exceeding 35% [5][14]. - The SST solution is particularly suitable for microgrid DC power scenarios, enabling direct conversion from grid power to 800V DC supply, addressing various challenges in data center power supply [5][47]. - The report emphasizes the importance of high-frequency transformers and power electronic devices in the SST solution, recommending key companies in these sectors for investment [5][70]. Summary by Sections 1. Industry Status and Challenges - The demand for full DC systems is increasing due to the rising proportion of DC devices in data centers, necessitating a compatible full DC power supply architecture [21]. - Traditional 54V power supply systems are reaching their limits, prompting the need for higher voltage levels, such as the 800V HVDC architecture proposed by leading companies [28]. - The area occupied by power distribution systems is increasing as power density in data centers rises, with projections indicating that power distribution systems may occupy equal space to IT equipment in high-density setups [30] [31]. 2. Advantages of SST Solution - The SST solution offers modularity and high efficiency, with the ability to directly convert high voltage AC to low voltage DC, significantly reducing space requirements and improving energy efficiency [44][63]. - SST technology utilizes advanced semiconductor devices and high-frequency transformers, allowing for active control of power quality and rapid fault detection [55][57]. - The SST solution has already been implemented in benchmark data center projects, demonstrating its potential for widespread adoption in the industry [65]. 3. Investment Recommendations - The report recommends focusing on companies involved in high-frequency transformers, power electronic devices, and advanced magnetic materials, as they are expected to benefit from the growth of the SST market [70].

Core Viewpoint - The report highlights significant adjustments in the portfolio of funds managed by Cui Chenlong, focusing on increased investments in solid-state battery technology and robotics, while reducing holdings in companies like China Unicom and Chipone Technology. Despite these strategic shifts, the performance of the funds has not been outstanding, with some showing negative returns [1][5]. Group 1: Fund Adjustments - Cui Chenlong's funds have notably increased their positions in solid-state battery companies such as Shenghong Co. and Jinpan Technology, with share increases of 25.82% and 48.09% respectively compared to the end of the first quarter [1][2]. - Other funds managed by Cui also reflect similar trends, with increased holdings in Shenghong Co. and Jinpan Technology, while reducing stakes in China Unicom, Chipone Technology, and Shandong Gold [3][4]. Group 2: Performance and Market Sentiment - The overall performance of Cui Chenlong's funds has been lackluster, with several funds experiencing net redemptions due to poor performance, including a significant redemption of approximately 18.3 million shares in the previously high-performing Qianhai Kaiyuan Public Utilities fund [5][6]. - The Qianhai Kaiyuan Public Utilities fund recorded a net value growth rate of 4.25% in the second quarter, making it the best-performing fund among those managed by Cui, although it still ranked poorly among similar funds [5][6]. Group 3: Future Outlook - Looking ahead, Cui Chenlong expresses optimism about investment opportunities in emerging sectors such as robotics and artificial intelligence, anticipating significant applications by 2025 [5]. - The report indicates a continued focus on the energy sector, with an emphasis on long-term investment opportunities despite short-term market fluctuations in certain segments [5][6].

Summary of Shenghong Co., Ltd. Conference Call Company Overview - Shenghong Co., Ltd. benefits from the construction of AI data centers, with its APF and SVG products improving power quality, aligning with the demand for high reliability in data centers [2][6][11] - The company has diversified its business to mitigate risks from different industry cycles, with rapid growth in energy storage microgrids and charging piles offsetting slower growth in its main business [2][7][8] - Shenghong's main business segments include industrial power supply, new energy power quality, electric vehicle charging piles, and battery formation testing, with respective revenue contributions of 20%, 28%, 40%, and 10% [15] Key Points and Arguments - **AI Data Center Market**: The AI data center market is driven by the resumption of H20 chip supplies from Nvidia, leading to increased procurement by Chinese manufacturers and potential capital expenditure increases from major internet companies like ByteDance and Tencent [2][10][19] - **Product Leadership**: Shenghong's APF products hold a significant market share in the data center sector, with a leading technology position and expected growth in the HVDC 800V product line starting in 2026 [2][11][14] - **Financial Performance**: The company anticipates a revenue of approximately 1 billion yuan in energy storage by 2025, with a year-on-year growth expected to turn positive [3][12][16] - **Valuation**: Shenghong's current valuation is considered low, with a projected profit of 500 to 550 million yuan for 2025, suggesting a good buying opportunity for investors [9][14] Industry Dynamics - **Capital Expenditure Trends**: Major domestic internet companies are expected to increase their capital expenditures significantly, with a combined forecast of approximately 363 billion yuan for 2025, a 56% year-on-year increase [19][20] - **Data Center Market Growth**: The data center market is projected to grow at a compound annual growth rate (CAGR) of 33% from 2024 to 2028, with significant increases in new market space [21][22] - **Energy Storage Market**: The energy storage business is focusing on domestic and international markets, with expected revenue growth driven by policy changes in the U.S. and Europe [12][36][39] Additional Insights - **Technological Advancements**: The adoption of silicon carbide technology is expected to enhance the efficiency and reliability of next-generation power quality management products, with a projected market share increase from 2% to 15% by 2027 [25][27] - **Charging Infrastructure**: The charging pile market is projected to grow significantly, with a focus on high-voltage direct current (HVDC) technology and liquid cooling systems, which are becoming industry trends [41][42][45] - **Regulatory Environment**: Recent U.S. policies, such as the Inflation Reduction Act, are expected to stimulate growth in the energy storage sector by extending subsidy timelines and easing restrictions on foreign companies [36][37] This summary encapsulates the key insights from the conference call, highlighting Shenghong's strategic positioning, market dynamics, and financial outlook.

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The UK government has restarted subsidies for new energy vehicles and is supporting the construction of charging infrastructure, with a total investment plan of £63 million (approximately 600 million RMB) announced on July 13 [4]. - The GGII data indicates that in the first half of 2025, China's energy storage system and battery shipments are expected to continue to achieve high year-on-year growth, with emerging markets likely becoming significant export destinations for the energy storage industry [2][5]. Summary by Sections New Energy Vehicles - In the first half of 2025, cumulative sales of new energy vehicles in the UK reached 332,000 units, a year-on-year increase of 33%. The cumulative sales in nine European countries reached 1.3544 million units, up 26% year-on-year [4]. - The UK government announced a subsidy policy worth £650 million (approximately 6.2 billion RMB) to support the purchase of vehicles priced below £37,000 (approximately 355,000 RMB), effective from July 16, 2025, until the 2028-2029 fiscal year [4]. Energy Storage - According to GGII data, the shipment volume of energy storage systems is expected to reach 110 GWh in the first half of 2025, nearly matching the total for the entire year of 2024, with a year-on-year increase expected [5][7]. - The shipment volume of energy storage batteries in the first half of 2025 is projected to be 265 GWh, a year-on-year increase of 128%, with an expected total shipment of over 500 GWh for the entire year, reflecting a growth rate of nearly 50% [7][11]. Market Opportunities - Emerging markets are anticipated to become important export destinations for Chinese energy storage companies, with significant growth in energy storage installations expected in regions such as the Middle East, Southeast Asia, and Latin America [15][16]. - GGII forecasts that energy storage installations in Australia will reach 7 GWh in 2025, a year-on-year increase of 192%, while combined installations in the Middle East, Southeast Asia, South Asia, Latin America, and Africa are expected to reach 37 GWh, a year-on-year increase of 256% [16]. Investment Recommendations - Recommended companies in the battery segment include CATL and Yiwei Lithium Energy; in the materials and equipment segment, recommended companies include Keda Li, Zhongwei Co., Rongbai Technology, and Dangsheng Technology; in the charging pile segment, Shenghong Co. is recommended [3].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

证券代码：300693 证券简称：盛弘股份 公告编号：2025-059 深圳市盛弘电气股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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。 深圳市盛弘电气股份有限公司（以下简称"公司"或"盛弘股份"）于 2024 年 10 月 24 日召开了第四届董事会第四次会议，审议通过了《关于使用闲置自有资金进 行现金管理的议案》。公司及全资子公司在确保不影响正常生产经营的情况下，拟使 用 50,000 万元闲置自有资金进行现金管理，使用期限为自董事会审议通过之日起 12 个月，在上述额度内，资金可滚动使用。具体内容详见公司于 2024 年 10 月 26 日在 巨潮资讯网（www.cninfo.com.cn）披露的《关于使用闲置自有资金进行现金管理的 公告》（公告编号：2024-089）。 根据董事会授权，公司及全资子公司深圳市盛弘新能源设备有限公司（以下简称 "盛弘新能源"）于近日使用闲置自有资金购买了结构性存款、一般性存款。现将具 体情况公告如下： 公司与上述银行无关联关系。 二、主要风险提示及控制措施 1、投资风 ...