申菱环境（301018）公告，公司持股5%以上股东陵水新众承创业投资合伙企业(有限合伙)计划在2025年 7月17日至2025年10月16日期间，以集中竞价和大宗交易方式减持公司股份不超过696.6万股，占公司总 股本的2.62%。另一持股5%以上股东广东申菱投资有限公司计划在相同时间段内，以大宗交易方式减持 公司股份不超过101.55万股，占公司总股本的0.38%。减持原因系股东自身资金安排，减持价格将不低 于首次公开发行股票的发行价格。 ...

证券代码：301018 证券简称：申菱环境 公告编号：2025-026 广东申菱环境系统股份有限公司 关于持股 5%以上股东股份减持计划的预披露公告 公司持股5%以上股东陵水新众承创业投资合伙企业（有限合伙）、广东申菱 投资有限公司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、 误导性陈述或重大遗漏。 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。 特别提示： 1、广东申菱环境系统股份有限公司（以下简称"公司"）持股 5%以上股东 陵水新众承创业投资合伙企业（有限合伙）（以下简称"众承投资"）持有公司 股份 23,220,000 股（占公司总股本比例为 8.73%）。众承投资计划在本减持计 划公告之日起十五个交易日后的三个月内（即 2025 年 7 月 17 日至 2025 年 10 月 16 日）以集中竞价、大宗交易的方式减持公司股份不超过 6,966,000 股（不 超过公司总股本比例的 2.62%）。 2、公司持股 5%以上股东广东申菱投资有限公司（以下简称"申菱投资"） 持有公司股份 36,000,000 股（占公司总股本比例为 13.53%）。申菱投资计划在 本减持计 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Core Insights - The report highlights a significant increase in capital expenditure for artificial intelligence in China, projected to reach 600-700 billion RMB by 2025, driven by government policies and investments from major telecom and internet companies [8][2]. - The International Energy Agency (IEA) forecasts global data center capital expenditure to rise from 500 billion USD in 2024 to 800 billion USD by 2030, indicating a robust growth trajectory for the sector [8][2]. Group 1: AI Capital Expenditure and Market Growth - From 2024 to 2030, the compound annual growth rate (CAGR) for copper and power equipment in China is expected to reach 18% [2]. - The power demand from data centers and chip manufacturing is projected to grow by 75% from 2023 to 2028, reaching approximately 8.70 terawatt-hours, which will account for 2.8% of global power demand by 2028 [2]. - By 2030, China's data centers are expected to consume 277 terawatt-hours of electricity, representing 2.2% of total power demand [2][9]. Group 2: Key Recommendations and Stock Picks - Recommended stocks include Zijin Mining (copper and gold), Huaming Equipment, and Sanyuan Electric (power equipment) [3][11]. - The report anticipates a 57% CAGR for liquid cooling systems in data centers from 2024 to 2030, as liquid cooling is significantly more efficient than air cooling [15]. - The market for diesel generators is expected to grow by 50% in 2025, with a market size of 11 billion RMB [17]. Group 3: AI Applications and Market Projections - Humanoid robots are projected to see global sales reach 1 million units by 2030, with a CAGR of 171% from 2024 to 2030 [18]. - The autonomous driving market, particularly for LiDAR technology, is expected to grow to 80 billion RMB by 2030, with a CAGR of 52% from 2024 to 2030 [20]. - The smart home market in China is projected to grow at an 11% CAGR from 2024 to 2030, driven by advancements in IoT and AI technologies [22].

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This week, companies like Credo and Wistron reported better-than-expected Q1 results, while major players in the copper cable and AI application sectors, such as Amphenol and Palantir, continue to see stock price increases [5][14]. - The domestic AI sector is experiencing a rebound, driven by strong performance metrics, such as the monthly payment amount for Keling AI exceeding 100 million RMB for two consecutive months [5][14]. - The report suggests that the current AI market cycle will see continued valuation recovery in overseas chains, while domestic chains have a straightforward logic with strong upward expectations. Specific recommendations include focusing on Weichai Heavy Machinery, Kehua Data, Tonghe Technology, and others in the HVDC and server power supply segments [6][17]. Summary by Sections Investment Viewpoints - The report emphasizes that both overseas and domestic AI sectors are poised for significant growth, with specific recommendations for companies like Weichai Heavy Machinery and Kehua Data, which are expected to benefit from increasing market penetration and power enhancements [6][17]. Industry Dynamics - The report highlights recent advancements in AI, including the launch of the Qwen3-Embedding series by Alibaba, which has shown exceptional performance in text representation and ranking tasks [5][14]. - It also notes the ongoing developments in the education sector with the introduction of EduBench, a comprehensive evaluation benchmark for educational scenarios [20]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several key companies, including: - Weichai Heavy Machinery (32.09 RMB, EPS: 0.56 in 2024, PE: 30.99) [19] - Kehua Data (43.5 RMB, EPS: 0.68 in 2024, PE: 42.35) [19] - Yingweike (26.72 RMB, EPS: 0.61 in 2024, PE: 66.43) - Buy rating [19] - Maigemi Te (47.21 RMB, EPS: 1.08 in 2024, PE: 43.71) - Buy rating [19] - Tonghe Technology (18.77 RMB, EPS: 0.13 in 2024, PE: 144.38) - Increase rating [19] - Oulutong (112.04 RMB, EPS: 2.65 in 2024, PE: 40.32) [19] - Shenling Environment (35.54 RMB, EPS: 0.43 in 2024, PE: 82.65) - Buy rating [19]

Core Viewpoint - The recent increase in terminated share transfer agreements among listed companies highlights a dual nature in the market, where some companies continue to pursue strategic investments while others face regulatory scrutiny and market conditions that hinder transactions [2][5][6]. Group 1: Market Dynamics - In May, 13 listed companies announced the termination of share transfer agreements, a significant increase compared to previous months, which typically saw only three to five cases [5]. - The reasons for termination often include incomplete procedures and market conditions where previously set transfer prices are now below current market values [5][6]. - Despite the rise in terminations, there are still ongoing agreements aimed at introducing strategic investors or changing actual controllers, indicating that the market remains active [7][8]. Group 2: Regulatory Environment - The tightening of regulations following the introduction of new reduction rules has led to increased scrutiny of share transfer agreements, with calls for clearer prohibitions on certain behaviors to prevent gray operations [3][9]. - The market is seeing a trend where parties involved in agreements are extending lock-up periods to enhance compliance and reduce the risk of speculative trading [10][11]. Group 3: Strategic Implications - Protocol transfers serve as an effective tool for major shareholders to meet liquidity needs while avoiding direct impacts on stock prices from secondary market sales [6][8]. - The presence of financial investors as transferees is becoming more challenging, but agreements aimed at strategic partnerships continue to progress normally [8]. - The market's dual characteristics suggest a need for balance between resource allocation functions and risk prevention in the context of share transfers [3][10].

证券代码：301018 证券简称：申菱环境 公告编号：2025-025 广东申菱环境系统股份有限公司 3、本次实施的利润分配方案与公司 2024 年度股东大会审议通过的分配方案 一致。 4、本次实施利润分配方案距离股东大会审议通过之日未超过两个月。 二、本次实施的权益分派方案 本公司 2024 年度权益分派方案为：以公司现有总股本 266,052,564 股为基 数，向全体股东每 10 股派 1.60 元人民币现金（含税）。扣税后，QFII、RQFII 以及持有首发前限售股的个人和证券投资基金每 10 股派 1.44 元；持有首发后限 售股、首发后可出借限售股、股权激励限售股及无限售流通股的个人股息红利税 关于 2024 年度权益分派实施公告 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。 广东申菱环境系统股份有限公司（以下简称"公司""本公司"）2024年度 权益分派方案已获2025年5月19日召开的2024年度股东大会审议通过，现将权益 分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 1、权益分派方案的具体内容：拟以 2024 年度权益分派实施 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东申菱环境系统股份有限公司 2024 年度股东大会的 法律意见书 国枫律股字[2025]A0234 号 致：广东申菱环境系统股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股东会规则》（以下称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下称"《证券法律业 务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下称"《证券 法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《广东申菱环境 系统股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与 召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本 法律意见书。 ...

证券代码：301018 证券简称：申菱环境 公告编号：2025-024 广东申菱环境系统股份有限公司 关于 2024 年度股东大会决议的公告 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 3、本次股东大会采取现场投票与网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议召开时间：2025年5月19日（星期一）下午15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为2025年5月19日9:15-9:25，9:30-11:30和 13:00-15:00。 通过深交所互联网投票系统投票的具体时间为：2025年5月19日9:15至15:00 期间的任意时间。 2、现场会议召开地点：佛山市顺德区陈村镇机械装备园兴隆十路8号公司会 议室。 3、会议召开方式：采取现场投票和网络投票相结合的方式。 4、会议召集人：公司第四届董事会。 5、会议主持人：公司董事长崔颖琦先生。 1、会议出席的总 ...

申菱环境（301018）公告，公司控股股东、实际控制人崔颖琦及其一致行动人申菱投资与张宇签署《股 份转让协议之终止协议》，终止协议转让公司5.0028%股份。截至公告披露日，股份未办理过户手续， 双方权益未发生变化。本次终止不会导致公司控制权变更，不会对公司治理结构及日常生产经营造成影 响，不会对公司经营业绩及财务状况产生不利影响。 ...