控股股东深圳市格诺利信息咨询有限公司、南京王越科王创业投资合伙企业 及其一致行动人泰州通聚信息技术咨询合伙企业保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 1、本次权益变动主要系公司可转换公司债券转股使公司总股本增加致使控 股股东及其一致行动人合计权益被动稀释，以及公司控股股东南京王越科王创业 投资合伙企业（有限合伙）（以下简称"王越科王"）减持公司股份，导致控股 股东及其一致行动人合计权益由 54.80%降低至 53.89%，权益变动触及 1%的整数 倍。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及一致行动人发 生变化，不会影响公司的治理结构和持续经营。 深圳欧陆通电子股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日 披露了《关于控股股东减持股份预披露的公告》（公告编号：2025-092），控股 股东王越科王，计划在 2026 年 1 月 21 日至 2026 年 4 月 20 日内以大宗交易方式 减持本公司股份合计不超过 2,100,000 股（占公司总股 ...

Summary of Key Points Core Viewpoint - The trading activity of Oulutong on January 22 involved 37 transactions with a total volume of 570,900 shares and a total transaction value of 108 million yuan, with a discount of 16.52% compared to the closing price of the day [2][3]. Trading Activity - On January 22, the average transaction price was 188.50 yuan, and the total transaction amount was 1.08 million yuan [2]. - Institutional proprietary seats participated in 36 of the transactions, with a total transaction amount of 1.06 million yuan and a net purchase of 1.06 million yuan [2][3]. - In the last three months, Oulutong has seen a total of 64 block trades, amounting to 296 million yuan [3]. Stock Performance - The closing price of Oulutong on the day of the report was 225.80 yuan, reflecting a decrease of 0.48% [3]. - The stock's turnover rate for the day was 3.73%, with a total trading volume of 919 million yuan and a net outflow of 4.65 million yuan in major funds [3]. - Over the past five days, the stock has declined by 4.39%, with a total net outflow of 141 million yuan [3]. Margin Trading Data - The latest margin financing balance for Oulutong is 1.022 billion yuan, which has increased by 78.84 million yuan over the past five days, representing an increase of 8.36% [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月22日，欧陆通收跌0.48%，收盘价为225.80元，发生37笔大宗交易，合计成交量57.09万股，成交金 额1.08亿元。 第1笔成交价格为188.50元，成交2.50万股，成交金额471.25万元，溢价率为-16.52%，买方营业部为机 构专用，卖方营业部为国金证券股份有限公司深圳湾一号证券营业部。 第2笔成交价格为188.50元，成交1.50万股，成交金额282.75万元，溢价率为-16.52%，买方营业部为机 构专用，卖方营业部为国金证券股份有限公司深圳湾一号证券营业部。 第3笔成交价格为188.50元，成交1.70万股，成交金额320.45万元，溢价率为-16.52%，买方营业部为机 构专用，卖方营业部为国金证券股份有限公司深圳湾一号证券营业部。 第4笔成交价格为188.50元，成交1.07万股，成交金额201.70万元，溢价率为-16.52%，买方营业部为机 构专用，卖方营业部为国金证券股份有限公司深圳湾一号证券营业部。 第5笔成交价格为188.50元，成交1.07万股，成交金额201.70万元，溢价率为-16.52%， ...

Core Viewpoint - On January 21, 2023, a total of 27 block trades occurred for Oulutong, with a total trading volume of 1 million shares and a transaction amount of 188 million yuan, reflecting a discount of 17.14% compared to the closing price of the day [2][3]. Trading Summary - The average transaction price for the block trades was 188.00 yuan, which is 17.14% lower than the closing price of 226.89 yuan on the same day [2]. - Institutional proprietary seats participated in 14 of the trades, with a total transaction amount of 145 million yuan and a net purchase of 145 million yuan [2]. - The stock closed at 226.89 yuan, up 4.31% for the day, with a turnover rate of 4.19% and a total transaction amount of 1.031 billion yuan [2]. - The stock experienced a cumulative decline of 3.86% over the past five days, with a total net outflow of 145 million yuan during the same period [2]. Margin Financing Data - The latest margin financing balance for Oulutong is 1.039 billion yuan, which has increased by 54.09 million yuan, representing a growth of 5.49% over the past five days [2].

Summary of Key Points Core Viewpoint - On January 21, a block trade of 1 million shares of Oulutong was executed at a price of 188 yuan, representing a discount of 17.14% compared to the market closing price of 226.89 yuan, with a total transaction value of 188 million yuan, accounting for 15.42% of the total trading volume for that day [1]. Group 1: Transaction Details - The transaction involved a total of 1 million shares at a price of 188 yuan per share, resulting in a total transaction amount of 188 million yuan [1]. - The block trade accounted for 15.42% of the total trading volume on that day [1]. - The transaction price represented a discount of 17.14% from the market closing price of 226.89 yuan [1]. Group 2: Trading Volume and Participants - Multiple transactions were recorded on January 21, with various volumes and amounts, including: - 1.70 million shares for 319.60 million yuan [2]. - 2.20 million shares for 413.60 million yuan [2]. - 7.00 million shares for 1,316.00 million yuan [2]. - The trades involved several brokerage firms, including China Merchants Securities and Guotai Junan Securities [2].

Summary of Honor Electronic (300870.SZ) Conference Call Company Overview - **Company**: Honor Electronic (300870.SZ) - **Industry**: Server Power Supply (PSU) Market Key Points R&D Partnership and Sales Outlook - Honor has established an R&D partnership with a US-based Cloud Service Provider (CSP) for next-generation server power supplies, with potential sales contributions expected in 2027 after production tests in 2026 [1] - The company aims for a 10% wallet share in the first-batch order, which is considered optimistic due to its smaller historical sales in GPU/CPU server power supplies compared to incumbents [1] Product Compatibility and Market Position - Most of Honor's products are compatible with mainstream AI accelerators from both global and domestic GPU brands, as well as domestic ASIC makers [1] - The highest power supply currently available in the domestic market is 5.5kW, with most projects deployed in China and some in Southeast Asia [1][5] Capacity Expansion Plans - Honor plans to add approximately Rmb1 billion in capacity in Suzhou, China by the end of 2026 [6] - A factory in Vietnam is also operational, supporting 15-20% of total production [6] - Capacity addition is relatively straightforward, taking about two quarters from equipment purchase to production readiness [6] Pricing and Margins - Current Average Selling Prices (ASP) are Rmb0.7-0.8/W for 5.5kW PSUs and Rmb0.3-0.4/W for 3-4kW PSUs [7] - Gross Profit Margin (GPM) for high-power PSUs (≥2kW) was approximately 28% in the first three quarters of 2025, while low-power PSUs had a GPM of only 10-20% due to intense competition [7] New Product Development - Honor is developing PSUs in the range of 8-19kW, although there is no immediate demand from customers [8] - The company is also preparing for the industry transition towards 800V DC architecture by developing PSUs that support 800V/400V DC input [8] Competitive Landscape - The global server power supply market is seeing an influx of new entrants, but mass production capabilities, especially for high-power products, remain a significant challenge for these new players [6][1] Domestic Market Presence - Honor is a key PSU supplier in the domestic server market, directly supplying major Chinese Original Design Manufacturers (ODMs) such as Inspur and Foxconn [2][5] Strategic Engagements - The company is in early-stage discussions with multiple overseas CSPs and ODMs to expand its customer base [1] Additional Insights - The partnership with the US CSP aims to diversify supplier risk and leverage Honor's product quality, R&D responsiveness, and service capabilities [1] - The company has been supplying adapters to the US CSP for its residential AIoT products since 2023, indicating a growing relationship [1] This summary encapsulates the critical insights from the conference call regarding Honor Electronic's strategic initiatives, market positioning, and future outlook in the server power supply industry.

Market Overview - The other power equipment sector declined by 1.63% on January 20, with Oulutong leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Yoyo Green Energy (301590) saw a closing price of 200.01, with an increase of 4.25% and a trading volume of 12,200 hands, amounting to 244 million yuan [1] - China Power (600482) closed at 25.37, up 2.13%, with a trading volume of 352,300 hands, totaling 886 million yuan [1] - Other notable stocks include Easy Special (300376) at 7.32 (+1.67%), Keda (002518) at 56.65 (+1.56%), and Power Source (600405) at 5.72 (+0.53%) [1] Capital Flow - The other power equipment sector experienced a net outflow of 1.262 billion yuan from main funds, while retail funds saw a net inflow of 720 million yuan [2] - The main funds' net inflow for China Power was 40.75 million yuan, while retail funds had a net outflow of 62.80 million yuan [3] - Yoyo Green Energy had a net inflow of 18.43 million yuan from main funds, but a net outflow of 18.23 million yuan from retail funds [3]

Group 1 - The WiFi 6 concept sector experienced a decline of 1.79%, ranking among the top losers in the concept sector, with Cambridge Technology hitting the limit down [1][2] - Within the WiFi 6 sector, 43 stocks saw net outflows from main funds, with 11 stocks experiencing outflows exceeding 100 million yuan, led by Cambridge Technology with a net outflow of 811 million yuan [2][3] - The top gainers in the WiFi 6 sector included Wanlong Optoelectronics, Guokewi, and Unisplendour, which rose by 5.39%, 4.62%, and 2.77% respectively [1][4] Group 2 - The flexible DC transmission concept led the market with a gain of 5.14%, while the WiFi 6 concept was among the worst performers [2] - Major stocks with significant net outflows included Fenghuo Communication, Xinyi Communication, and Tongyu Communication, with net outflows of 674 million yuan, 668 million yuan, and 270 million yuan respectively [2][3] - The top stocks with net inflows included Unisplendour, Oulutong, and Guokewi, with inflows of 523 million yuan, 62.97 million yuan, and 47.50 million yuan respectively [4]

Market Performance - The other power equipment sector increased by 2.8% compared to the previous trading day, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Haibo Sichuang (688411) closed at 278.50, up 11.07% with a trading volume of 77,000 shares and a transaction value of 2.038 billion [1] - Maigemeite (002851) closed at 106.50, up 8.50% with a trading volume of 338,200 shares and a transaction value of 3.537 billion [1] - Yingjie Electric (300820) closed at 59.00, up 8.46% with a trading volume of 125,300 shares and a transaction value of 722 million [1] - Other notable stocks include Dongfang Electric (600875) up 5.91% and Xifeng Energy (300593) up 5.25% [1] Capital Flow Analysis - The other power equipment sector saw a net inflow of 385 million from institutional investors, while retail investors experienced a net outflow of 13.51 million [2] - The main stocks with significant capital inflow include Maigemeite with 254 million and Haibo Sichuang with 168 million [3] - Retail investors showed a net outflow in several stocks, including Maigemeite and Haibo Sichuang, indicating a shift in investor sentiment [3]

Group 1 - The company, 欧陆通, announced that it will accept investor research from January 12 to January 16, 2026, with participation from key executives including the Deputy General Manager and Board Secretary, 蔡丽琳, and Investor Relations Managers, 许业凯 and 杨帅 [1] Group 2 - The silver market has seen a significant increase, with prices rising over 80% in the last 50 days, indicating a level of speculation that surpasses that of gold, suggesting a potential peak in the precious metals bull market [1]