Group 1 - The Spring Festival travel rush in 2026 will start on February 2 and end on March 13 [2] - The AWE Asia 2026 will be held in Singapore from February 2 to 4 [3] - Fenglong Co. and Jiamei Packaging will resume trading on February 2 after completing their verification work [4] - Minexplosion Optoelectronics will resume trading on February 2, planning to acquire a PCB drilling needle target [5] - Yisiwei will issue shares on February 2 with a price of 55.95 yuan and a P/E ratio of 90.39 times, focusing on automotive manufacturing machine vision equipment [5] Group 2 - The China Securities Regulatory Commission is improving the strategic investor system for listed companies, expanding the types of strategic investors and clarifying minimum shareholding requirements [7] - Public fund information disclosure rules are undergoing significant revisions, requiring the disclosure of long-term performance over the past 7 and 10 years [8] - The manufacturing PMI for January is 49.3%, a decrease of 0.8 percentage points from the previous month, indicating ongoing optimization in the manufacturing industry structure [8] - The draft of the Cybercrime Prevention Law has been released for public consultation, aiming to clarify real-name system requirements to curb online crime [8] - Gold futures prices on the New York Mercantile Exchange fell below $4,800 per ounce, marking a drop of over 10%, the largest single-day decline since the 1980s [8] Group 3 - The capacity price mechanism for electricity has been established, which is expected to accelerate the development of new energy storage [13] - The new policy will promote the development of the storage sector, addressing bottlenecks in the current power system [13] - Domestic new energy storage's flexible adjustment capabilities are increasingly prominent, enhancing the stability and safety of the power system [13] - Yangguang Power's storage shipments are expected to grow by 70% year-on-year by Q3 2025, with overseas shipments increasing from 63% to 83% [13] Group 4 - The global demand for transformers is surging, with orders for some factories extending to 2027 due to the rapid growth of AI computing power [15] - The supply gap for power transformers in North America has reached 30%, with imports expected to account for 80% of the supply [15] - The average export price of transformers from China has risen from $12,000 per unit in 2020 to $20,800 by 2025, indicating a potential increase in both volume and price [15] Group 5 - Yuanbao has launched a 1 billion yuan cash red envelope campaign, intensifying competition in the AI application market [17] - Major AI assistant apps from Tencent and ByteDance are leading the free app rankings, indicating strong market competition [17] - Companies like Runjian Co. and iFLYTEK are advancing their AI models and services, aiming for significant growth in user scale and commercialization [18] Group 6 - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, a year-on-year increase of 89.5% to 128.2% [20] - New Yiseng anticipates a net profit of 9.4 billion to 9.9 billion yuan for 2025, representing a growth of 231.2% to 248.9% [20] - Runze Technology forecasts a net profit of 5 billion to 5.3 billion yuan for 2025, a year-on-year increase of 179.3% to 196.0% [20] - Jerey Co. signed a gas turbine generator sales contract worth $182 million (approximately 1.265 billion yuan) for data center power supply [21]

Core Viewpoint - The recent surge in the convertible bond market, particularly the strong performance of new bonds, is attributed to changes in market supply-demand dynamics, shifts in capital allocation preferences, and the unique characteristics of the new bonds [1][6]. Group 1: Performance of New Bonds - The new convertible bonds launched in January 2026 have shown remarkable performance, with an average first-day increase of 57.3% and a turnover rate exceeding 200% on some days [1][2]. - All new bonds listed in January maintained prices above 150 yuan, with the "Lianrui Convertible Bond" being a standout, doubling in price within three trading days and closing at 226.512 yuan on January 30 [3][4]. - The average conversion premium for these new bonds is notably high, with "Lianrui Convertible Bond" at 115.52% and "Jin 05 Convertible Bond" at 103.15%, indicating strong market enthusiasm [3][4]. Group 2: Market Dynamics - The convertible bond market is experiencing a supply shortage, with an estimated 1,600 billion yuan of bonds expected to exit the market in 2026, leading to a supply-demand imbalance [6]. - The low interest rate environment has increased demand for yield-enhancing assets, further supporting the convertible bond market's high valuation [7]. - New bonds are characterized by a lack of strong redemption pressure and good liquidity, which, combined with their association with technology and innovation sectors, enhances their appeal [7][8]. Group 3: Investment Focus - Investors are advised to focus on convertible bonds with strong fundamental support, particularly those in the technology and high-end manufacturing sectors, which align with current market investment themes [5][8]. - The overall market sentiment remains optimistic, but there is a caution regarding the high valuations of new bonds, as potential corrections in the stock market could impact both stock and bond valuations [8][9]. - Future supply changes are anticipated, with a projected issuance of around 600 billion yuan in convertible bonds for 2026, which will be critical in assessing the sustainability of current valuation levels [9].

2026 年 02 月 01 日 行业研究●证券研究报告 电力设备及新能源 行业快报 容量电价机制升级，新型储能迎发展良机 事件点评 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 | 资料来源：聚源 | | | | | --- | --- | --- | --- | | 升幅% | 1M | 3M | 12M | | 相对收益 | 1.68 | -0.55 | 25.5 | | 绝对收益 | 3.33 | 0.86 | 48.8 | 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 电力设备及新能源：AIDC 供电三重挑战下， SST 率军突围-华金证券-电新-行业深度报告 2026.1.19 电力设备及新能源：商业航天崛起，关注轻量 化高效太空光伏技术-华金证券-电新-行业快报 2026.1.7 涪陵电力：电网运营+配电网节能业务双轮驱动 -华金证券-电新-涪陵电力-公司快报 2026.1.3 隆华科技：25Q3 业绩稳 ...

Core Viewpoint - China's transformer industry is expected to become the fourth major export product after "new energy vehicles, photovoltaics, and lithium batteries" [1][7] Group 1: Market Demand and Growth - In early 2026, multiple domestic transformer manufacturers are experiencing a surge in orders, particularly targeting the North American market [2] - In 2025, China's total transformer export value reached 64.6 billion yuan, marking a year-on-year growth of approximately 36% [2] - The high demand for transformers is anticipated to continue into 2026, with many factories operating at full capacity and some orders for U.S. data centers extending into 2027 [2] Group 2: Challenges in the U.S. Market - The U.S. is a critical hub for AIDC (Artificial Intelligence Data Center) development, facing a significant demand for stable power output [3] - There is a growing concern regarding the lengthy timeframes for U.S. power grid construction and expansion, which cannot keep pace with the rapid growth in chip processing capabilities [4] Group 3: Technological Developments and Business Expansion - The construction of independent power plants in the U.S. requires solar power generation and energy storage solutions, including transformers, to create independent power grids [5] - Jinpan Technology reported a staggering year-on-year revenue increase of 337.47% in the AIDC sector, with a contract worth 696 million yuan for power products [6] - The IPO of Jinpan Technology is aimed at expanding overseas production capacity and enhancing research in advanced technologies such as solid-state transformers and high-voltage direct current systems [6]

2026 年 2 月 1 日 电力设备新能源、环保 《关于完善发电侧容量电价机制的通知》出台 ——电新环保行业周报 20260201 电力设备新能源 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 分析师：邓怡亮 执业证书编号：S0930525070003 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 80% 2025/1/30 2025/6/1 2025/10/1 2026/1/31 电力设备(申万) 环保(申万) 沪深300 资料来源：iFinD 要 ...

Core Insights - The rise of Artificial Intelligence Data Centers (AIDC) has transformed electricity from a marginal cost to a core resource, driving companies to seek dual financing platforms in the capital market [1][4] - Companies like Jinpan Technology and Deye Co., Ltd. are moving towards internationalization through IPOs in Hong Kong, reflecting a shift in capital strategy from "selling computing power" to "controlling energy" [2][3] - The demand for high-efficiency power distribution and solid-state transformers (SST) is increasing, with Jinpan Technology reporting a 603.68% year-on-year growth in data center orders for 2024 [3][5] Industry Dynamics - The AIDC industry is undergoing a systemic reconstruction, moving from a focus on "computing power chips" to "full-link infrastructure," with significant advancements in high-voltage direct current (HVDC) technology [5][9] - The Chinese power consumption is projected to exceed 10 trillion kilowatt-hours by 2025, indicating a doubling in ten years, which is more than twice that of the United States [5][6] - The liquid cooling revolution is becoming a critical component in data centers, with significant cost increases for cooling solutions, highlighting the rising demand for efficient thermal management [6][8] Capital Market Trends - The collective move of companies to list in Hong Kong is not merely for financing but aims to establish a strategic loop for global supply chain anchoring and liquidity premium [4][8] - The integration of AI infrastructure with industrial applications is emphasized in recent government policies, indicating a shift towards a more collaborative and efficient AI ecosystem [7][8] - The capital expenditure of major North American AI companies is expected to rise significantly, with projections showing an increase from $24.1 billion in Q2 2023 to $76 billion by Q3 2025 [8][9] Future Outlook - The AIDC industry is anticipated to experience significant changes by 2026, with expectations of breakthroughs in computing power, models, and applications [9] - Companies that can effectively address "energy anxiety" will gain a competitive edge in redefining industry dynamics [9]

Core Insights - The rise of Artificial Intelligence Data Centers (AIDC) is transforming the energy landscape, making electricity a critical resource for computing power limits [1][2] - AIDC companies are rapidly crossing capital boundaries, initiating a new era of dual financing platforms, referred to as "A+H" [3] - The shift from "selling computing power" to "controlling energy" reflects a deep transformation in industry logic, with companies racing to secure funding before global energy shortages become a consensus [4] Company Developments - Jinpan Technology, a leading supplier of AIDC power equipment, reported a staggering 603.68% year-on-year increase in data center orders for 2024 [7] - The company is expanding its R&D into high-voltage direct current (HVDC) and solid-state transformers (SST), with expected revenue of approximately 5.194 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.25% [7] - DeYe Co., a leader in household energy storage inverters, is set to submit its IPO application to the Hong Kong Stock Exchange in January 2026, focusing on SST and smart cloud platforms [7] - Unisplendour is leveraging its high market share in networking to address communication latency issues in AI clusters [7] Market Trends - The collective move to the Hong Kong market is not merely a financing action but a strategic effort to anchor global supply chains and enhance liquidity premiums [8] - The AIDC industry is undergoing a systemic reconstruction, transitioning from a focus on computing chips to comprehensive infrastructure [11] - The demand for efficient power supply systems is increasing, with traditional AC power being replaced by more efficient 800V HVDC systems [12] Policy and Future Outlook - Recent government policies indicate a shift from "computing power infrastructure" to "industrial deep integration," emphasizing the need for enhanced AI computing supply [18] - The focus on "artificial intelligence+" actions highlights the importance of iterative technological breakthroughs driven by application demands [19] - The anticipated growth in capital expenditures from North American AI giants and Chinese internet companies signals a robust demand for AIDC infrastructure [20]

Core Viewpoint - The article highlights the journey of Li Zhiyuan, the founder of Jinpan Technology, as he prepares for the company's third IPO, showcasing his strategic vision and the company's growth in the power equipment sector [2][9][10]. Company Background - Jinpan Technology, founded in 1993 by Li Zhiyuan in Haikou, initially focused on manufacturing dry-type transformers, which are essential for stable power transmission [4]. - The company expanded its operations to include a full range of power distribution equipment and has established production bases in multiple cities, becoming a key player in the domestic power equipment industry [5]. Business Development - In 2021, Jinpan Technology successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone as the first company from Hainan to do so [6]. - The company has transitioned from traditional manufacturing to smart manufacturing, focusing on digitalization and energy storage solutions to meet the growing demand for renewable energy [6][8]. Financial Performance - In 2024, Jinpan Technology reported a revenue of 6.901 billion yuan, a year-on-year increase of 3.5%, and a net profit of 574 million yuan, up 13.82% [12]. - The company's overseas sales reached 1.981 billion yuan, a significant increase of 68.26%, compensating for a slowdown in domestic sales [12]. Strategic Initiatives - Jinpan Technology is preparing for its third IPO in Hong Kong, which is expected to enhance its international presence and attract more overseas investment [9][15]. - The company emphasizes the importance of digital transformation and innovation, with a focus on artificial intelligence and new energy technologies [15][20]. Market Position - Jinpan Technology has established a strong market presence, with its products sold in 87 countries across six continents, and holds a leading market share in several segments, including dry-type transformers and data center power equipment [12][19]. - The company faces competition from established players in the domestic market but aims to leverage its global layout and digital manufacturing capabilities to maintain its competitive edge [20][21]. Future Outlook - The company is well-positioned to capitalize on the growing demand for clean energy and digital infrastructure, with expectations of significant growth in the energy storage and data center sectors [18][20]. - Jinpan Technology's commitment to long-term strategies and continuous R&D investment is expected to strengthen its market position and drive future growth [20][22].

Group 1 - Meta will pay Corning $6 billion by 2030 for fiber optic cables used in AI data centers, highlighting the surge in demand for fiber optics due to overseas AI data center construction [1] - The demand for fiber optic cables is strong in overseas markets, particularly in Southeast Asia, while domestic demand is currently less significant [2] - The average weighted price for fiber optic cable in a recent tender by China Mobile was 53.85 yuan per core kilometer, a decrease of 26.2% from the previous tender, with an implied fiber price of approximately 18.85 yuan per core kilometer, down 35.4% from the previous year [2] Group 2 - The traditional fiber optic supply may shrink due to manufacturers shifting production capacity towards AI-related multimode and specialty fibers, potentially leading to price increases for traditional fiber cables by 2026 [3] - The specialty fiber business is expected to experience explosive growth driven by the AI computing wave, benefiting companies with a comprehensive layout in the fiber optic cable industry [3] - The global digital economy and intelligent computing demand are driving the entire industry chain towards efficiency, sustainability, and intelligence, with companies like Jinpan Technology expanding their product offerings in the AIDC sector [5] Group 3 - Industrial Fulian reported strong customer demand for AI computing, with cloud service providers expected to increase capital expenditures, leading to a projected 40% annual growth in total capital spending, surpassing $600 billion by 2026 [6]

Core Viewpoint - Jinpan Technology's stock price has shown fluctuations, with a recent decline of 2.02% and a year-to-date increase of 6.60%, indicating volatility in the market [1]. Company Overview - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, is located in Haikou, Hainan Province. The company specializes in the research, production, and sales of power distribution and control equipment used in renewable energy, high-end equipment, and energy-saving environmental protection sectors [1]. - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other sources, and 0.19% from digital overall solutions [1]. Financial Performance - For the period from January to September 2025, Jinpan Technology achieved an operating income of 5.194 billion yuan, representing a year-on-year growth of 8.25%. The net profit attributable to the parent company was 486 million yuan, reflecting a year-on-year increase of 20.27% [2]. - Since its A-share listing, Jinpan Technology has distributed a total of 713 million yuan in dividends, with 543 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinpan Technology was 14,900, a decrease of 19.18% from the previous period. The average circulating shares per person increased by 23.87% to 30,893 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 11.6391 million shares, a decrease of 1.0884 million shares from the previous period. New shareholder Qianhai Kaiyuan Public Utilities Stock holds 8.184 million shares [3].