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].

证券代码：301120 证券简称：新特电气 公告编号：2025-047 关于出售全资子公司股权进展暨完成工商变更登记的公告 特此公告。 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。 新华都特种电气股份有限公司董事会 一、具体情况概述 2025 年 7 月 22 日 新华都特种电气股份有限公司（以下简称"公司"或"转让方"）于 2025 年 5 月 9 日召开第五届董事会第十二次会议，于 2025 年 5 月 28 日召开 2025 年第 二次临时股东大会，审议通过了《关于公司拟出售全资子公司股权的议案》，同 意公司将其持有的河北新华都变频变压器有限公司（以下简称"河北新华都"或 "目标公司"）100%股权转让给三河高瓴科技有限公司（以下简称"高瓴科技"或"受 让方"）。本次交易，受让方应向转让方支付受让目标公司 100%股权的价款为 29,762,905 元，并偿还目标公司对转让方的往来款 2,237,095 元，即受让方应合 计向转让方支付 32,000,000 元。具体内容详见公司于 2025 年 5 月 13 日刊登在巨 潮资讯网（www.cninfo ...

Core Viewpoint - New Special Electric (301120.SZ) announced a share reduction plan by its controlling shareholders, which will not affect the company's governance structure or control [1] Group 1: Share Reduction Plan - The controlling shareholders plan to reduce their holdings by up to 11,132,400 shares, representing 3% of the total share capital excluding repurchased shares [1] - The reduction will occur through centralized bidding or block trading, with a maximum of 3,710,800 shares (1%) via centralized bidding and 7,421,600 shares (2%) via block trading [1] Group 2: Financial Performance - In 2022, New Special Electric's revenue was 452 million yuan, with a net profit attributable to shareholders of 97.54 million yuan [2] - The company experienced a decline in net profit for two consecutive years, with a projected negative net profit of 48.51 million yuan in 2024 [3] - For the first quarter of 2025, the company reported a revenue of 88.17 million yuan, a year-on-year increase of 19.98%, and a net profit of 9.14 million yuan, a year-on-year increase of 112.87% [3] Group 3: Fundraising and Use of Proceeds - New Special Electric raised a total of 850.16 million yuan, with a net amount of 754.69 million yuan, exceeding the original plan by 238.34 million yuan [2] - The funds are intended for the construction of a special transformer production base, R&D center, and to supplement working capital [2] Group 4: Stock Issuance and Dividend - The company announced a stock split of 10 shares for every 5 shares held and a pre-tax dividend of 0.8 yuan per share, effective from May 30, 2023 [4]

Group 1 - Ruihu Mould achieved a net profit of 227 million yuan in the first half of 2025, a year-on-year increase of 40.33% [1] - The company reported an operating income of 1.662 billion yuan, representing a year-on-year growth of 48.3% [1] - The main business focuses on automotive manufacturing equipment and lightweight automotive components [1] Group 2 - Dongfang Fortune announced that shareholder Shen Yougen's inquiry transfer price is set at 21.66 yuan per share [1] - The transfer will not occur through centralized bidding or block trading, and the shares cannot be transferred within six months [1] - The company specializes in securities, financial e-commerce services, and financial data services [1] Group 3 - Yunnan Copper plans to purchase 40% of Liangshan Mining for 2.324 billion yuan through a share issuance [3] - The transaction involves issuing shares to the controlling shareholder and indirect controlling shareholder to raise matching funds [3] - The company is engaged in copper exploration, mining, smelting, and processing of precious and rare metals [3] Group 4 - Changchuan Technology reported a net profit of 427 million yuan in the first half of 2025, a year-on-year increase of 98.73% [15] - The company achieved an operating income of 2.167 billion yuan, reflecting a year-on-year growth of 41.8% [15] - The main business is focused on the research, production, and sales of integrated circuit equipment [15] Group 5 - ST Lingda reported a net loss of 105 million yuan in the first half of 2025, an improvement from a net loss of 168 million yuan in the same period last year [17] - The company achieved an operating income of 59.93 million yuan, a year-on-year increase of 72.39% [17] - The main business involves high-efficiency photovoltaic solar cells and photovoltaic power generation [17] Group 6 - Anning Co. plans to acquire 100% equity of three companies for 6.508 billion yuan through phased cash payments [14] - The acquisition aims to enhance resource reserves, business scale, market share, and profitability [14] - The company primarily engages in the mining, washing, and sales of vanadium-titanium magnetite [14] Group 7 - Huylv Ecological is planning a major asset restructuring, with stock suspension effective from July 22, 2025 [13] - The restructuring involves issuing shares and cash to acquire 49% equity of Wuhan Junheng Technology [13] - The company specializes in landscape engineering construction and design [13] Group 8 - ST Xifa is planning to acquire the remaining 50% equity of Lhasa Beer for cash, which will lead to full control of the company [26] - The transaction is in the planning stage and is expected to constitute a major asset restructuring [26] - The company is involved in the production and sales of beer [26]

新特电气（301120）公告，公司控股股东、实际控制人及其一致行动人谭勇、宗丽丽、李淑芹及宗宝峰 计划在公告披露日起十五个交易日后的三个月内，通过集中竞价或大宗交易方式减持公司股份不超过 1113.24万股，占公司总股本的3%。其中，集中竞价减持不超过371.08万股，占总股本的1%；大宗交易 减持不超过742.16万股，占总股本的2%。此次减持因股东自身资金需求，减持价格将视市场价格确 定，且不低于发行价。 ...

证券代码：301120 证券简称：新特电气 公告编号：2025-046 新华都特种电气股份有限公司 关于公司控股股东、实际控制人及其一致行动人减持股份 的预披露公告 公司控股股东、实际控制人及其一致行动人谭勇先生、宗丽丽女士、李 淑芹女士和宗宝峰先生保证信息披露的内容真实、准确和完整，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： 新华都特种电气股份有限公司（以下简称"公司"或"本公司"）控股股东、 实际控制人及其一致行动人谭勇先生、宗丽丽女士、李淑芹女士和宗宝峰先生 合计持有公司股份 213,325,725 股，占公司总股本剔除回购专用证券账户的股本 的比例为 57.49%，计划自本公告披露之日起十五个交易日后的三个月内，以集 中竞价或大宗交易方式减持公司股份数量不超过 11,132,400 股，占公司总股本 剔除回购专用证券账户的股本的比例为 3%，其中，以集中竞价方式减持不超过 3,710,800 股，占公司总股本剔除回购专用证券账户的股本的比例为 1%；以大 宗交易方式减持不超过 7,421,600 ...

New Stock Issuance - Shanda Electric (Stock Code: 301609) issued at a price of 14.66[1] - Jiyuan Group (Stock Code: 732262) issued at a price of 10.88[1] Market Alerts - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - The last trading day for Tuisan Jinguang (Stock Code: 600190) is July 14, 2025, with 4 trading days remaining[1] - The last trading day for Tuisan Jinjing (Stock Code: 900952) is also July 14, 2025, with 4 trading days remaining[1] Abnormal Fluctuations - *ST Zitian (Stock Code: 300280) reported severe abnormal fluctuations on July 10, 2025[1] - *ST Yushun (Stock Code: 002289) reported abnormal fluctuations on July 11, 2025[1] Other Notable Announcements - Longyuan Green Energy (Stock Code: 603185) announced on July 11, 2025[1] - Kedi Pharmaceutical (Stock Code: 000590) announced on July 14, 2025[1]

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]

Summary of Key Points Core Viewpoint - The financing balance of the ChiNext market has increased, indicating a positive trend in investor sentiment and market activity, with notable increases in specific stocks [1][2]. Financing Balance Overview - The latest financing balance for ChiNext stocks is 364.31 billion yuan, an increase of 1.88 billion yuan from the previous period, with 47 stocks seeing a financing balance growth of over 10% [1]. - The total margin trading balance for ChiNext stocks reached 365.40 billion yuan, marking a continuous increase over four trading days [1]. Stocks with Significant Financing Balance Growth - Among the 502 stocks with increased financing balances, the largest increase was seen in Xinte Electric, with a financing balance of 129.64 million yuan, reflecting an 81.86% increase [3]. - Other notable stocks with significant financing balance growth include Feilihua and Tongda Hai, with increases of 53.73% and 45.28%, respectively [3]. Market Performance of Stocks - On the day of reporting, the average performance of stocks with over 10% financing balance growth was a decline of 0.88%, with 19 stocks rising, including Changxin Bochuang, Te Fa Service, and Dongtian Micro, which saw increases of 15.07%, 10.06%, and 7.60% respectively [1][2]. - Conversely, stocks with significant declines included Guibao Pet and Xinling Electric, with drops of 11.11% and 10.48% respectively [1]. Capital Flow Analysis - On July 10, 22 stocks with increased financing balances experienced net inflows of main funds, with Tai Chen Guang, Changxin Bochuang, and Shangneng Electric leading with net inflows of 321 million yuan, 179 million yuan, and 95.40 million yuan respectively [2]. - In contrast, 25 stocks saw net outflows, with Xinte Electric, Fengshang Culture, and Dongyue Silicon Material experiencing the largest outflows of 164 million yuan, 123 million yuan, and 80.04 million yuan respectively [2]. Stocks with Decreased Financing Balance - A total of 431 stocks experienced a decrease in financing balance, with 15 stocks seeing declines of over 10%. The largest decrease was recorded by Kaile Co., with a financing balance of 10.96 million yuan, down 17.69% [4]. - Other notable declines included Huayang Intelligent and Yuanxiang New Materials, with decreases of 17.33% and 14.76% respectively [4].

Market Overview - On July 10, the Shanghai Composite Index rose by 0.48%, with the total margin balance reaching 1,873.713 billion yuan, an increase of 4.917 billion yuan compared to the previous trading day [1] - The margin balance in the Shanghai market was 944.987 billion yuan, up by 2.854 billion yuan; in the Shenzhen market, it was 922.737 billion yuan, up by 1.994 billion yuan; and in the Beijing Stock Exchange, it was 5.989 billion yuan, up by 0.069 billion yuan [1] Industry Analysis - Among the industries classified by Shenwan, 22 industries saw an increase in margin balance, with the power equipment industry leading with an increase of 1.137 billion yuan, followed by the communication and non-ferrous metals industries, which increased by 749 million yuan and 648 million yuan, respectively [1] Stock Performance - A total of 1,956 stocks experienced an increase in margin balance, accounting for 53.15% of the total, with 343 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin balance was Guoyi Bidding, with a latest margin balance of 8.3071 million yuan, reflecting a 150.03% increase from the previous trading day, and its stock price rose by 30.00% [1] - Other notable stocks with significant margin balance increases included Jin'an Guoji and Xinte Electric, with increases of 110.19% and 81.86%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest margin balance increases, the average increase was 0.87%, with Guoyi Bidding, Kaida Catalysts, and Lei'ao Planning leading with increases of 30.00%, 9.09%, and 5.41%, respectively [2] - Conversely, the stocks with the largest declines in margin balance included Huawi Design, with a decrease of 39.71%, followed by Hanwei Technology and Zhixin Electronics, with decreases of 31.68% and 27.91%, respectively [4][5]