中信建投证券股份有限公司 关于对广东申菱环境系统股份有限公司 持续督导的培训报告 深圳证券交易所： 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为广 东申菱环境系统股份有限公司（以下简称"申菱环境"或"公司"）向特定对象 发行股票的保荐人及持续督导机构，根据《证券发行上市保荐业务管理办法》《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 13 号——保荐业务》等相关法律法规的要求，于 2026 年 1 月 9 日对申菱环境的 董事、高级管理人员、中层以上管理人员及公司控股股东和实际控制人等相关人 员进行了专门培训，本次培训的具体情况如下： 一、培训时间 本次培训时间为 2026 年 1 月 9 日。 二、培训地点 本次培训通过现场及线上方式进行。 三、培训内容 年 月 日 2 在本次培训中，保荐人主要解读了新《公司法》下审计委员会的工作要求， 结合法规及相关案例对上市公司财务及信息披露、证券交易等常见违规行为进行 了解析，并督促公司及相关个人进一步了解在合规方面承担的责任和义务，增强 合规意识。 本次持续督导培训的工作过程中，公司及参会人员给予了积极配合，保障了 ...

Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]

Group 1 - 15 stocks received buy ratings from institutions today, with South China Precision and Shenling Environment being newly covered by institutions [1] - Among the stocks rated, Siyi Electric and Shenghong Technology received the highest attention, each with 2 buy ratings [1] - The average increase for stocks with buy ratings was 0.71%, outperforming the Shanghai Composite Index, with notable gainers including Jianghuai Automobile, Longxin General, and South China Precision [1] Group 2 - Seven stocks among those rated have released annual performance forecasts, with Shenghong Technology expecting a net profit growth of 277.68%, followed by WuXi AppTec and Longxin General with expected growths of 102.65% and 53.84% respectively [1] - The automotive industry is the most favored, with four stocks including Jianghuai Automobile and BYD listed among the buy-rated stocks, while the pharmaceutical and machinery sectors also received attention with two stocks each [1]

Group 1 - The core viewpoint of the article highlights that Shenling Environment is focusing on high-growth sectors and actively expanding its production capacity and international presence [1] - The company plans to build a new intelligent liquid cooling equipment production line to enhance its production capacity, ensuring timely and high-quality delivery of current and future orders [1] - Overseas business is identified as a significant growth point for the data service sector, with recent successful deliveries of innovative high-efficiency products in Singapore and Malaysia [1] Group 2 - The company emphasizes technological innovation, prefabrication, and local service support to increase customer cooperation and loyalty [1] - The business is increasingly focusing on the digital and computing power, as well as electricity and energy application fields, in line with industry development trends [1] - Based on industry conditions and new order rhythms, the company has been initiated with a "Buy" rating [1]

Core Viewpoint - The report highlights the continuous growth and optimization of the supply-demand structure in the Chinese electric vehicle (EV) industry, supported by favorable policies and strong market demand [2][3]. Industry Performance - In December, China's monthly production and sales of new energy vehicles reached 1.718 million and 1.71 million units, respectively, marking year-on-year increases of 12.3% and 7.2% [2][3]. - For the entire year of 2025, cumulative production and sales are projected to reach 16.626 million and 16.49 million units, reflecting year-on-year growth of 29% and 28.2% [2][3]. - New energy vehicle sales are expected to account for 47.9% of total new car sales in the market [2][3]. Supply and Demand Dynamics - The supply side is characterized by the continuous introduction of new products from battery and main engine manufacturers, with positive feedback from demand [2][3]. - The industry has experienced significant price declines, leading to reduced capital expenditures, while the supply-demand balance is improving [2][3]. - The industry is actively optimizing capacity and supply, aiming to stabilize prices and ensure profitability for enterprises [2][3]. Price Trends - The report indicates that the prices within the industry are at a bottom level and are beginning to stabilize and recover [2][3]. - Strong demand and tight supply for certain materials, such as lithium carbonate and lithium iron phosphate, are leading to price increases [2][3]. Investment Strategy - The report maintains a "recommended" rating for the new energy vehicle industry, emphasizing the selection of companies that are expected to deliver excess returns [3]. - Focus areas for investment include robotics, solid-state batteries, battery materials, and liquid cooling technologies [3][4]. Industry Dynamics - Recent price movements in the supply chain include lithium carbonate prices rising to 157,900 CNY/ton, an increase of 12.7% from the previous week [6]. - The Ministry of Industry and Information Technology plans to accelerate breakthroughs in solid-state battery technology by 2026 [7].

Core Insights - The report highlights the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand feedback, leading to a recovery in prices across the industry chain [3][4] - The report maintains a "recommended" rating for the NEV industry, emphasizing the potential for excess returns in sectors such as solid-state batteries, autonomous driving, and battery materials [4] - The lithium price has seen significant increases, with carbonate lithium and hydroxide lithium prices rising by 12.7% and 12.8% respectively, indicating a bullish trend in the industry [5][34] Market Tracking - In December, China's NEV production and sales reached 1.718 million and 1.71 million units respectively, marking year-on-year increases of 12.3% and 7.2% [3][49] - The NEV market accounted for 47.9% of total new car sales in 2025, reflecting a 7 percentage point increase from the previous year [3][49] - The report notes that the NEV index, lithium battery index, and charging pile index have shown positive growth, with respective weekly increases of 1.29%, 1.50%, and 3.16% [5][22] Lithium Battery Industry Price Tracking - The report details that lithium carbonate prices have increased to 157,900 CNY/ton, while lithium hydroxide prices reached 148,900 CNY/ton, both reflecting significant weekly increases [34][37] - The price of phosphoric iron lithium has risen to 52,400 CNY/ton, up 11.3% from the previous week, indicating strong demand in this segment [34][37] - The report also notes stable prices for aluminum-plastic films and separators, with no significant changes observed [37] Industry Dynamics - The report mentions that the Ministry of Industry and Information Technology aims to accelerate breakthroughs in solid-state battery technology and autonomous driving by 2026 [6][67] - Key developments include the launch of L3-level autonomous driving trials by BAIC New Energy and a partnership between Yuanrong Qixing and an international OEM for L3-level technology [6][67] - The report emphasizes the importance of enhancing the self-controllable capabilities of the supply chain and accelerating the development of key technologies in the NEV sector [67] Key Company Announcements - Haopeng Technology forecasts a revenue of 5.7 to 6 billion CNY for 2025, with a net profit increase of 113.69% to 141.09% [71] - The company plans to invest approximately 1.2 billion CNY in solid-state battery production, aiming to capitalize on the growth opportunities in the sector [72] - The report highlights a significant procurement agreement between Rongbai Technology and CATL for the supply of phosphoric iron lithium materials, valued at over 120 billion CNY [72]

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Summary of AIDC Liquid Cooling Conference Call Industry Overview - The discussion revolves around the AIDC (Artificial Intelligence Data Center) industry, focusing on liquid cooling technologies and their application in data centers [1][2][3]. Key Points and Arguments - **Importance of Cooling Systems**: Data center safety is paramount, necessitating backup cooling systems like chillers to handle extreme temperatures, even if primary systems can support high-temperature cooling liquids [1][2]. - **Temperature Specifications**: The optimal operating temperature for cooling liquids is often lower than the maximum stated. For instance, while 45 degrees Celsius is mentioned, actual operating conditions typically require lower temperatures to ensure safety and efficiency [2][3]. - **Market Dynamics**: The VeriWAVE platform is a new product with uncertain market acceptance, while the GB300 remains the mainstream option in the short term, operating at temperatures requiring significant supplemental cooling [1][3]. - **Regional Variations in Cooling Equipment**: In North America, the configuration of cooling equipment varies by climate. Northern regions can reduce chiller configurations, while southern areas require a higher percentage of chillers (80%-90%) to ensure reliability under extreme heat [6][7]. - **N+1 Redundancy Design**: For a 100 MW AIDC, an N+1 redundancy design necessitates a total power configuration of 110 MW to ensure system stability under peak conditions [7]. Additional Important Insights - **Profit Margins**: The gross margin for chillers in North America is approximately 45%-50%, while in the domestic market, it is around 30% due to pricing and non-standard factors [12]. - **Equipment Pricing**: Domestic equipment prices are about 75%-80% of overseas prices, influenced by tariffs and certification costs [11]. - **Future Trends in Liquid Cooling**: The development of liquid cooling technology in China will vary by region, with water-scarce areas favoring air cooling solutions, while water-rich regions will lean towards liquid cooling systems [13]. - **Challenges for Chinese Companies in North America**: Chinese companies face challenges such as low brand recognition and competition from established local brands, necessitating strategies to enhance brand awareness and local service networks [17]. - **Production Capacity and Delivery Times**: The production cycle for magnetic centrifugal compressors is about 2.5 to 3 months, and the company expects to reach a delivery target of around 2 billion RMB in 2026, with current capacity nearing 4 billion RMB [20][30]. Conclusion The AIDC industry is navigating complex challenges related to cooling technology, market dynamics, and regional variations. The emphasis on safety, efficiency, and adaptability in cooling solutions is critical for future growth and stability in data center operations.

关于实际控制人之一致行动人、持股 5%以上股东及 高级管理人员股份减持计划提前终止暨 证券代码：301018 证券简称：申菱环境 公告编号：2026-002 广东申菱环境系统股份有限公司 实施情况的公告 公司实际控制人之一致行动人广东申菱投资有限公司、持股5%以上股东谭炳 文先生、股东苏翠霞女士及公司高级管理人员陈军先生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。 广东申菱环境系统股份有限公司（以下简称"公司"）于 2025 年 11 月 3 日披露了《关于实际控制人之一致行动人、持股 5%以上股东及高级管理人员股 份减持计划的预披露公告》（公告编号：2025-044），公司实际控制人之一致行 动人、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"）计划 以大宗交易的方式减持公司股份不超过 3,200,000 股（不超过公司总股本比例的 1.20%）；公司持股 5%以上股东、董事谭炳文先生计划以集中竞价的方式减持公 司股份不超过 2,660,000 股（不超过公司总股本比例的 1.00%）；公 ...

Core Insights - The article emphasizes the critical role of electricity in the competition for artificial intelligence (AI) advancements, highlighting Elon Musk's assertion that future currency will be measured in wattage, and that China's electricity generation capacity will surpass that of the U.S. by 2026, reaching three times the U.S. output [1][5]. Electricity Generation Capacity - According to data, China's electricity generation capacity is projected to grow from 411 TWh in 1985 to 10,087 TWh by 2024, representing an increase of over 20 times [6]. - In contrast, the growth of electricity generation in the U.S. and the EU has been relatively stable, with India's projected generation in 2024 being approximately one-fifth of China's output [6]. Investment in Power Infrastructure - The State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period, marking a 40% increase from the previous plan, aimed at enhancing the new power system's industrial chain and supply chain [7]. - Analysts suggest that the power equipment industry will benefit from the global data center construction boom, with significant demand for transformers and switchgear, particularly in North America, where long-term investment in critical infrastructure has been insufficient [7]. Competitive Landscape - The article notes that Chinese power equipment companies are expected to maintain a competitive edge in the North American market due to their scale manufacturing capabilities and experience in overseas delivery, especially as demand for high-voltage and ultra-high-voltage transformers and digital grid equipment increases [7].