Core Viewpoint - Recently, Southern Power Grid Digital Research Institute Co., Ltd. has increased its registered capital from approximately 2.7 billion RMB to about 3.18 billion RMB, marking an increase of around 18% [1]. Company Information - Southern Power Grid Digital Research Institute Co., Ltd. was established in March 2017 and is represented by Liu Yuquan. Its business scope includes digital technology services, standardized services, engineering and technical research and experimental development, and software development [1]. - The company is jointly held by Southern Power Grid Digital Grid Group Co., Ltd., China Yangtze Power Co., Ltd., and Southern Power Grid Energy Innovation Equity Investment Fund (Guangzhou) Partnership (Limited Partnership) [1]. Capital Change - The registered capital change occurred on January 16, 2026, with the new registered capital being 3,179.65 million RMB [2]. - The previous registered capital was 2,702.70 million RMB, indicating a significant increase [2]. Shareholder Structure - Major shareholders include: - Southern Power Grid Digital Grid Group Co., Ltd. with a 62.9% stake, holding 2 billion shares [3]. - China Yangtze Power Co., Ltd. with a 3.44% stake, holding approximately 109.46 million shares [3]. - Southern Power Grid Energy Innovation Equity Investment Fund (Guangzhou) Partnership (Limited Partnership) with a 2.65% stake, holding about 84.32 million shares [3].

Core Viewpoint - Recently, Nanfang Digital (301638) has undergone a business change, increasing its registered capital from approximately 2.7 billion RMB to about 3.18 billion RMB, representing an increase of around 18% [1] Company Overview - Nanfang Digital Grid Research Institute Co., Ltd. was established in March 2017, with Liu Yuquan as the legal representative [1] - The company's business scope includes digital technology services, standardized services, engineering and technical research and experimental development, and software development [1] Shareholder Information - The company is jointly held by Nanfang Digital Grid Group Co., Ltd., China Yangtze Power Co., Ltd., and Nanfang Energy Innovation Equity Investment Fund (Guangzhou) Partnership (Limited Partnership) [1]

Group 1 - The core viewpoint of the news is that Nanfang Electric Power Digital Grid Research Institute Co., Ltd. has shown significant growth in revenue and net profit, indicating a strong performance in the digital grid sector [2] - As of January 21, Nanfang Digital's stock price decreased by 2.53%, with a trading volume of 901 million yuan, and a net financing buy of -18.44 million yuan [1] - The company has a total financing and margin balance of 353 million yuan, which accounts for 6.73% of its market capitalization [1] Group 2 - The company was established on March 31, 2017, and is located in Guangzhou, Guangdong Province, with its main business segments including digital grid, enterprise digitalization, and digital infrastructure [2] - The revenue composition shows that digital grid IoT sensing devices contribute 30.37%, while digital grid intelligent operation systems contribute 18.11% to the total revenue [2] - For the period from January to September 2025, the company achieved a revenue of 2.779 billion yuan, representing a year-on-year growth of 31.88%, and a net profit of 158 million yuan, with a remarkable increase of 464.76% [2]

Group 1: "Dianhong" IoT Operating System - "Dianhong" IoT operating system is the first domestic power IoT operating system developed based on the national open-source system, featuring five technical characteristics: elastic scalability, unified model, unified bus, industrial safety, and agile networking [2] - The system enables plug-and-play capabilities for different types and brands of power equipment, facilitating massive data interconnectivity and supporting the large-scale access and operation maintenance of IoT devices in the new power system [2] - The company is actively building the "Dianhong" ecosystem through an open technology platform and cooperation mechanism to expand its market share in smart hardware and software systems within the power grid sector [2] Group 2: "Fuxi" Chip Applications - "Fuxi" chip is primarily used in power-specific chips and modules, focusing on applications in distribution network protection, production monitoring, and cybersecurity [3] - The chip is currently applied in medium and low-voltage smart products such as distribution automation terminals and low-voltage smart switches, with plans to enhance its development in smart terminals and low-voltage communication [3] - "Fuxi" chips are mainly sold to upstream and downstream ecosystem partners in the power energy industry [3] Group 3: Client Base and Market Expansion - The company's products are mainly utilized in the power energy sector, having established partnerships with major state-owned enterprises and industry leaders such as Southern Power Grid, State Grid, and China Huaneng [3] - In non-electric sectors, the company has provided efficient digital services to clients in transportation, water supply, gas, and public security, leveraging its technical adaptability and experience in digital transformation [3] - The company possesses strong core technical support capabilities and a clear market expansion strategy, indicating broad prospects for new business development [3] Group 4: AI and Digitalization in Energy - The company's digital grid business integrates new information technologies across all aspects of the power sector, enhancing the intelligence level of the physical grid and supporting the construction of a new power system that is intelligent, safe, reliable, green, and efficient [4] - Smart scenarios utilize a variety of technologies, including micro-sensors and distributed data processing, to create a powerful software platform capable of cloud resource storage and big data analysis [4] - Safety and reliability are enhanced through digital twin technology, which allows for real-time assessment and predictive maintenance of equipment, significantly improving supply reliability [4] - Green initiatives focus on improving the perception and communication capabilities of renewable energy, enhancing the accuracy of power generation predictions, and optimizing resource allocation through intelligent scheduling [4]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Nanfang Electric Power Digital Grid Research Institute Co., Ltd. on January 20, with a focus on its stock performance and financing activities [1][2] Group 2 - On January 20, Nanfang Digital's stock price fell by 1.04%, with a trading volume of 1.229 billion yuan. The financing buy-in amount for the day was 108 million yuan, while the financing repayment was 79.4755 million yuan, resulting in a net financing buy-in of 28.2602 million yuan. The total financing and securities balance reached 371 million yuan [1] - The current financing balance of 371 million yuan accounts for 6.90% of the circulating market value [1] - As of November 18, the company had 201,700 shareholders, an increase of 1,440,400% compared to the previous period, with an average of 1,165 circulating shares per shareholder [2] - For the period from January to September 2025, Nanfang Digital achieved an operating income of 2.779 billion yuan, representing a year-on-year growth of 31.88%. The net profit attributable to the parent company was 158 million yuan, showing a significant year-on-year increase of 464.76% [2]

Market Overview - The IT services sector experienced a decline of 1.27% on January 19, with Yanshan Technology leading the drop [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] Top Performers in IT Services - Langxin Technology (300682) saw a closing price of 19.26, with a significant increase of 7.36% and a trading volume of 816,700 shares, amounting to 1.563 billion yuan [1] - Huina Technology (300609) closed at 45.56, up 6.00%, with a trading volume of 174,700 shares, totaling 805 million yuan [1] - Jiechuang Intelligent (301248) closed at 49.49, up 5.91%, with a trading volume of 156,700 shares, amounting to 764 million yuan [1] Underperformers in IT Services - Ruosheng Technology (002195) experienced a significant drop of 9.93%, closing at 9.62, with a trading volume of 16.73 million shares, totaling 1.6345 billion yuan [2] - ST Saiwei (300044) closed at 5.40, down 8.16%, with a trading volume of 883,400 shares, amounting to 497 million yuan [2] - Huasheng Tiancai (600410) saw a decline of 7.55%, closing at 20.33, with a trading volume of 2.6993 million shares, totaling 5.515 billion yuan [2] Capital Flow in IT Services - The IT services sector experienced a net outflow of 4.973 billion yuan from institutional investors, while retail investors saw a net inflow of 3.896 billion yuan [2] - The sector also recorded a net inflow of 1.077 billion yuan from speculative funds [2] Individual Stock Capital Flow - Zimi Co. (000938) had a net inflow of 428 million yuan from institutional investors, but a net outflow of 1.91 billion yuan from speculative funds [3] - Langxin Technology (300682) reported a net inflow of 111 million yuan from institutional investors, with outflows from both speculative and retail investors [3] - Nanjing Digital (301638) saw a net inflow of 53.01 million yuan from institutional investors, while experiencing outflows from speculative and retail investors [3]

南方电网数字电网研究院股份有限公司 关于完成工商备案登记并换发营业执照的公告 | 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。 | 南方电网数字电网研究院股份有限公司（以下简称"公 司"）于 2025 年 12 月 9 日召开南方电网数字电网研究院股 份有限公司 2025 年第十二次董事会会议，审议通过了《关于 南方电网数字电网研究院股份有限公司变更注册资本的议 案》《关于修订南方电网数字电网研究院股份有限公司章程 的议案》。具体内容详见公司于 2025 年 12 月 10 日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于变更公司注册资 本、公司类型及修订公司章程并办理工商变更登记的公告》。 近日，公司完成了相关工商变更登记和《公司章程》备 案手续，并取得了广州市市场监督管理局换发的《营业执照》， 现将有关情况公告如下： 一、《营业执照》的基本信息 名称：南方电网数字电网研究院股份有限公司 统一社会信用代码：91440000MA4WCUGX22 证券代码：301638 证券简称：南网数字 公告编号：2026-001 ...

Group 1: Company Overview and Development - The company was established in 2017, originally named Dingxin Information Technology Co., Ltd., and rebranded in 2019 as Southern Power Grid Digital Grid Research Institute Co., Ltd. [2] - The company has integrated multiple digital-related businesses within Southern Power Grid and has established several subsidiaries, implementing a corporate middle platform strategy and prioritizing artificial intelligence [2] - Major digital technology platforms, including the Southern Grid Cloud Platform and Big Data Platform, have been constructed and upgraded since 2022 to accelerate the development of a new power system [2] Group 2: AI and Technology Development - The "Dawatt" AI model achieves 100% full-stack domestic control of software and hardware, providing specialized services in power knowledge retrieval, defect detection, power scheduling, and grid planning [3] - The Fuxi series chips are dedicated control chips for the power industry, utilizing a fully domestic instruction set and achieving a power consumption of less than 1.71W [3] - Current applications of the Fuxi chip include distribution automation terminals and low-voltage intelligent switches, with plans to expand into smart terminals and low-voltage communication [3] Group 3: Investment Projects and Expected Outcomes - Six major investment projects are expected to be completed within three years, focusing on digital twin platforms, intelligent IoT systems, and advanced AI applications [4] - The projects aim to enhance market scale, product capabilities, and establish a cloud service platform capable of processing real-time data from millions of energy devices [4][5] Group 4: Competitive Strategies and Talent Management - The company aims to lead in digital transformation by aligning core technologies with industry trends, focusing on digital twin and autonomous controllability [5] - A comprehensive talent recruitment mechanism is in place, collaborating with universities and research institutions to attract high-level talent, particularly in chip and AI model fields [5][6] - Employee training programs are regularly conducted to enhance professional skills, and a competitive compensation system is established to motivate R&D personnel [6]

Group 1 - The A-share market's smart grid concept stocks continue to perform strongly, with Wan Sheng Intelligent approaching a 20% limit up, and Can Energy Power rising over 13% [1] - The investment in China's power grid during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, with annual investments around 1 trillion yuan during the 15th Five-Year Plan [1] - The investment forecast for State Grid and Southern Grid in 2026 is expected to reach 700 billion yuan and 189 billion yuan, respectively, with year-on-year growth of 7.6% and 8.0% [1] Group 2 - European data centers are accelerating construction, revealing power supply and demand contradictions, which further stimulate the demand for offshore wind and power interconnection [1] - The continuous high growth in the demand for European grid renovation is beneficial for main grid transformers and switches [1] Group 3 - The stock performance of various companies in the smart grid sector shows significant increases, with Wan Sheng Intelligent up by 19.44%, Can Energy Power by 13.45%, and He Shun Electric by 12.49% [2] - The total market capitalization of Wan Sheng Intelligent is 7.876 billion yuan, while Can Energy Power stands at 2.447 billion yuan [2] - The year-to-date performance of these stocks indicates strong growth, with Wan Sheng Intelligent at 46.38% and Can Energy Power at 35.06% [2]

Group 1 - The core viewpoint of the news is that Nanfang Electric Power Digital Grid Research Institute Co., Ltd. has shown significant growth in revenue and net profit, indicating a strong performance in the digital infrastructure and services sector [2] - As of January 15, the stock price of Nanfang Digital fell by 2.04% to 21.59 CNY per share, with a total market capitalization of 68.649 billion CNY [1] - The company has experienced a year-to-date stock price increase of 14.78%, with a 6.35% rise over the last five trading days and an 11.17% increase over the last twenty days [1] Group 2 - The company's main business segments include digital grid, enterprise digitalization, and digital infrastructure, with the largest revenue contribution coming from digital grid IoT sensing devices at 30.37% [2] - For the period from January to September 2025, Nanfang Digital achieved a revenue of 2.779 billion CNY, representing a year-on-year growth of 31.88%, and a net profit of 158 million CNY, which is a remarkable increase of 464.76% [2] - The company is categorized under the computer-IT services industry and is associated with concepts such as digital twin, operating systems, and AI models [2]