Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][17]. Core Viewpoints - The domestic data center industry is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment expected to benefit first. The market size of China's data center industry is projected to exceed 318 billion yuan in 2025, representing a year-on-year growth of approximately 14.7%. By 2030, it may reach 1.2 trillion yuan, with a compound annual growth rate (CAGR) of about 25%-28% [5][15]. - The load scale of data centers is expected to be around 7.05 GW in 2025, increasing to 9.37 GW by 2030, with a CAGR of approximately 5.85%. The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure in 2026, and Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027 [5][15]. - The industry is experiencing an unexpected expansion, with infrastructure technology upgrades creating investment opportunities in IDC-compatible DC power supply equipment [5][15]. Summary by Sections Investment Viewpoints - The report suggests focusing on the IDC sector, recommending companies such as Kehua Data and Jinpan Technology, as well as Sifang Co. and Liangxin Co. for their potential in the HVDC/SST industry. It also highlights the importance of high-voltage circuit breakers and suggests monitoring companies like Zhongheng Electric, Magmeter, and Oulu Tong in the power supply sector [6][16]. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with notable mentions: - Kehua Data (002335.SZ): EPS forecast of 1.86 yuan for 2026, currently unrated [18]. - Liangxin Co. (002706.SZ): Rated "Buy" with an EPS forecast of 0.44 yuan for 2026 [19]. - Magmeter (002851.SZ): Rated "Buy" with an EPS forecast of 2.07 yuan for 2026 [19]. - Sunshine Power (300274.SZ): Rated "Buy" with an EPS forecast of 7.74 yuan for 2026 [19]. - Jinpan Technology (688676.SH): Rated "Buy" with an EPS forecast of 2.20 yuan for 2026 [19]. Market Performance - The power equipment sector saw a 5.02% increase last week, ranking 12th among 28 sub-industries, outperforming the Shanghai Composite Index by 1.21 percentage points [46].

（文章来源：证券日报） 证券日报网讯 1月9日，欧陆通发布公告称，公司使用闲置募集资金34400万元、自有资金4000万元滚动 购买兴业银行、宁波银行、中信银行保本型结构性存款及大额存单，截至2026年1月9日尚未到期余额未 超授权上限。 ...

深圳欧陆通电子股份有限公司（以下简称"公司"）于2025年4月18日召开 第三届董事会2025年第二次会议，审议通过了《关于使用闲置募集资金和自有资 金进行现金管理的议案》，同意公司（含子公司，下同）使用不超过人民币4亿 元（含本数）的部分闲置募集资金（含超募资金）和不超过人民币3亿元（含本 数）的自有资金进行现金管理，有效期自2025年8月26日至2026年8月25日，在前 述额度和期限范围内，资金可循环滚动使用。具体内容详见公司在巨潮资讯网上 披露的《关于使用闲置募集资金和自有资金进行现金管理的公告》（公告编号： 2025-021）。 根据上述授权，公司已使用部分暂时闲置募集资金及自有资金进行现金管理， 现将有关情况公告如下： 证券代码：300870 证券简称：欧陆通 公告编号：2026-003 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于使用闲置募集资金及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。 序 号 公 司 名 称 机构 产品名称 产品类型 金额 （万 元） 起息 日期 终止 日期 ...

Group 1 - The core viewpoint of the news is that 欧陆通 (Oulutong) experienced a stock price increase of 5.05%, reaching 257.50 CNY per share, with a trading volume of 1.228 billion CNY and a turnover rate of 4.49%, resulting in a total market capitalization of 28.288 billion CNY [1] - 欧陆通 is based in Shenzhen, Guangdong Province, and was established on May 29, 1996. The company was listed on August 24, 2020, and its main business involves the research, development, production, and sales of switch power supply products [1] - The main revenue composition of 欧陆通 is 99.57% from the manufacturing of computers, communications, and other electronic devices, with the remaining 0.43% categorized as other [1] Group 2 - From the perspective of fund holdings, 新沃基金 (Xinwo Fund) has a significant position in 欧陆通, with its 新沃内需增长混合A (Xinwo Domestic Demand Growth Mixed A) fund holding 2,500 shares, accounting for 4.93% of the fund's net value, making it the tenth largest holding [2] - The 新沃内需增长混合A fund was established on September 9, 2021, with a latest scale of 8.5055 million CNY. Year-to-date, it has achieved a return of 8.34%, ranking 482 out of 8,827 in its category, and a one-year return of 35.35%, ranking 3,510 out of 8,084 [2] - The fund manager, 刘屾 (Liu Shen), has been in the position for 4 years and 28 days, with the total asset scale of the fund being 10.9269 million CNY. The best and worst fund returns during his tenure are -48.58% and -49.61%, respectively [2]

Group 1 - The other power equipment sector increased by 1.63% on January 8, with Rongfa Nuclear Power leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Key stocks in the other power equipment sector showed significant price increases, with Rongfa Nuclear Power rising by 9.96% to a closing price of 8.83 [1] Group 2 - The main capital inflow in the other power equipment sector was 1.07 billion yuan, while retail investors experienced a net outflow of 720 million yuan [2] - The stock Rongfa Nuclear Power had a net inflow of 557 million yuan from main capital, representing 35.93% of its total trading volume [3] - Shanghai Electric also saw a net inflow of 314 million yuan from main capital, accounting for 6.72% of its trading volume [3]

Core Viewpoint - The company, 欧陆通 (300870.SZ), focuses on the research, development, production, and sales of switch power supply products, with a diverse range of applications across various industries [1] Group 1: Company Overview - The main products of the company include power adapters, data center power supplies, and other power supply solutions [1] - The company's products are widely used in sectors such as office electronics, network communications, security monitoring, smart home devices, new consumer electronics, data centers, power battery equipment, pure electric transportation tools, and formation capacitance equipment [1] - Currently, the company's products do not involve the commercial aerospace sector [1]

Market Overview - The other power equipment sector increased by 3.0% on January 7, with Yingjie Electric leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Yingjie Electric (300820) closed at 54.02, up 9.07% with a trading volume of 112,800 shares and a transaction value of 590 million [1] - Maigemit (002851) closed at 99.58, up 7.92% with a trading volume of 305,300 shares and a transaction value of 2.991 billion [1] - New Power (300593) closed at 32.89, up 5.89% with a trading volume of 641,500 shares and a transaction value of 2.038 billion [1] - Other notable stocks include Zhongheng Electric (002364) up 5.82%, Kehua Data (002335) up 5.17%, and Oulu Tong (300870) up 4.84% [1] Capital Flow - The other power equipment sector saw a net inflow of 1.157 billion in main funds, while retail investors experienced a net outflow of 972 million [2] - The main funds showed significant inflows in stocks like Kehua Data (002335) with 264 million, Maigemit (002851) with 243 million, and Shanghai Electric (601727) with 209 million [3] - Conversely, retail investors showed outflows in stocks such as Kehua Data (002335) with 224 million and Maigemit (002851) with 102 million [3]

（文章来源：证券日报） 证券日报网讯 1月6日，欧陆通发布公告称，自 2025 年 12 月 22 日至 2026 年 1 月 6 日，深圳欧陆通电 子股份有限公司（以下简称"公司"）股票已有 10 个交易日的收盘价不低于"欧通转债"当期转股价格 （43.55 元/股）的 130%（含 130%，即 56.62 元/股）。若在未来触发"欧通转债"的有条件赎回条款 （即"在转股期内，如果公司股票在任何连续三十个交易日中至少十五个交易日的收盘价格不低于当期 转股价格的 130%（含 130%）"），届时根据《公司向不特定对象发行可转换公司债券募集说明书》中 有条件赎回条款的相关约定，公司有权决定按照债券面值加当期应计利息的价格赎回全部或部分未转股 的可转换公司债券。 ...

特别提示： 1、"欧通转债"（债券代码：123241）转股期为 2025 年 1 月 13 日至 2030 年 7 月 4 日，最新转股价格为 43.55 元/股。 证券代码：300870 证券简称：欧陆通 公告编号：2026-001 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于 2025 年第四季度可转债转股结果暨股份变动公告 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。 2、2025 年第四季度，共有 1,391 张"欧通转债"完成转股（面值金额共计 13.91 万元人民币），合计转为 3,187 股"欧陆通"股票。 3、截至 2025 年第四季度末，"欧通转债"剩余 2,605,098 张，剩余票面总 金额为 26,050.98 万元人民币。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》等有关规定，深圳欧陆通电子股份有 限公司（以下简称"公司"）现将 2025 年第四季度可转换公司债券转股及公司 股份变动的情况公告如下： 一、可转换公司债券基本情况 （一） ...

证券代码：300870 证券简称：欧陆通 公告编号：2026-002 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于欧通转债可能满足赎回条件的提示性公告 自 2025 年 12 月 22 日至 2026 年 1 月 6 日，深圳欧陆通电子股份有限公司（以 下简称"公司"）股票已有 10 个交易日的收盘价不低于"欧通转债"当期转股 价格（43.55 元/股）的 130%（含 130%，即 56.62 元/股）。若在未来触发"欧 通转债"的有条件赎回条款（即"在转股期内，如果公司股票在任何连续三十个 交易日中至少十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%）"）， 届时根据《公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）中有条件赎回条款的相关约定，公司有权决定按照债券面值加当 期应计利息的价格赎回全部或部分未转股的可转换公司债券（以下简称"可转 债"）。 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： 敬请广大投资者详细了解可转债相关规定，并关注公司后续公告，注意投资 ...