Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][17]. Core Viewpoints - The domestic data center industry is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment expected to benefit first. The market size of China's data center industry is projected to exceed 318 billion yuan in 2025, representing a year-on-year growth of approximately 14.7%. By 2030, it may reach 1.2 trillion yuan, with a compound annual growth rate (CAGR) of about 25%-28% [5][15]. - The load scale of data centers is expected to be around 7.05 GW in 2025, increasing to 9.37 GW by 2030, with a CAGR of approximately 5.85%. The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure in 2026, and Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027 [5][15]. - The industry is experiencing an unexpected expansion, with infrastructure technology upgrades creating investment opportunities in IDC-compatible DC power supply equipment [5][15]. Summary by Sections Investment Viewpoints - The report suggests focusing on the IDC sector, recommending companies such as Kehua Data and Jinpan Technology, as well as Sifang Co. and Liangxin Co. for their potential in the HVDC/SST industry. It also highlights the importance of high-voltage circuit breakers and suggests monitoring companies like Zhongheng Electric, Magmeter, and Oulu Tong in the power supply sector [6][16]. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with notable mentions: - Kehua Data (002335.SZ): EPS forecast of 1.86 yuan for 2026, currently unrated [18]. - Liangxin Co. (002706.SZ): Rated "Buy" with an EPS forecast of 0.44 yuan for 2026 [19]. - Magmeter (002851.SZ): Rated "Buy" with an EPS forecast of 2.07 yuan for 2026 [19]. - Sunshine Power (300274.SZ): Rated "Buy" with an EPS forecast of 7.74 yuan for 2026 [19]. - Jinpan Technology (688676.SH): Rated "Buy" with an EPS forecast of 2.20 yuan for 2026 [19]. Market Performance - The power equipment sector saw a 5.02% increase last week, ranking 12th among 28 sub-industries, outperforming the Shanghai Composite Index by 1.21 percentage points [46].

关于自愿披露公司新产品成功投产的公告 证券代码：688676 证券简称：金盘科技 公告编号：2026-009 海南金盘智能科技股份有限公司 非晶带材为公司非晶合金变压器产品的关键原材料。近年来，非晶合金变压 器下游市场需求快速增长，非晶带材市场需求旺盛，但国内仅有少数上市公司可 稳定大批量供应非晶带材，非晶带材市场价格维持高位。 公司自主生产非晶带材，一方面，可为公司非晶合金变压器产品提供稳定的 原材料供应保障；另一方面，可大幅降低非晶合金变压器产品的单位成本，具有 显著的成本优势，大幅提升公司非晶合金变压器产品的毛利率和市场竞争力。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、新产品成功投产情况 近日，海南金盘智能科技股份有限公司（以下简称"公司"）于2025年12 月向不特定对象发行可转换公司债券募集资金投资项目"高效节能液浸式变压器 及非晶合金铁芯智能制造项目"之"非晶合金铁芯数字化工厂项目"的新产品非 晶带材部分产线一次投产成功。经检测，该项目生产的非晶带材产品性能及技术 指标参数全部符合国家标准相关要求。 ...

Group 1 - The core viewpoint of the article is that Jinpan Technology (688676.SH) has successfully launched the production line for its new product, amorphous strip, as part of its digital factory project for amorphous alloy cores [1] - The company raised funds through the issuance of convertible bonds to invest in the "High-efficiency Energy-saving Immersion Transformer and Amorphous Alloy Core Intelligent Manufacturing Project" [1] - The performance and technical parameters of the amorphous strip products produced by the project meet all relevant national standards [1]

（文章来源：每日经济新闻） 每经AI快讯，1月12日，海南自贸区板块短线拉升，中稀有色涨停，金盘科技、康芝药业、海南发展、 京粮控股、海马汽车等跟涨。 ...

Core Viewpoint - The article discusses the growing trend of convertible bond issuance in China, highlighting its role as a financial lever for companies to invest in new productive forces, particularly in technology innovation and capital empowerment [2][3]. Group 1: Convertible Bond Issuance - Several companies, including Jinpan Technology, Changgao Electric, Huichuangda Technology, and Jinan Shengquan Group, have announced plans to issue convertible bonds to raise funds for projects in data center power supply, smart manufacturing of power equipment, and new energy battery materials [5][6]. - Jinpan Technology plans to raise a total of 1.6715 billion yuan through a 6-year convertible bond for projects related to data center power modules and energy-efficient power equipment [5]. - Changgao Electric aims to raise approximately 750 million yuan for projects focused on enhancing its production capabilities in the electric power equipment sector [5]. - Huichuangda intends to raise up to 650 million yuan for projects related to power batteries and energy storage systems, as well as to supplement working capital [5]. - Shengquan Group plans to issue 2.5 billion yuan in convertible bonds, with 2 billion yuan allocated for green energy battery material projects [6]. Group 2: Market Trends and Opportunities - The issuance of convertible bonds indicates a significant capital flow towards emerging industries, particularly in the technology and manufacturing sectors [8][9]. - The data center market is experiencing rapid growth, with power supply modules becoming increasingly dominant, suggesting a substantial future market space [8]. - Shengquan Group's project aims to produce 10,000 tons of silicon-carbon anode materials and 15,000 tons of porous carbon, addressing the rising demand for high-energy-density batteries in electric vehicles and consumer electronics [9]. - Despite an overall contraction in the convertible bond market in 2025, bonds in the technology and manufacturing sectors are highly sought after, reflecting a focus on supporting technological innovation and green transformation [9]. Group 3: Financial and Governance Aspects - The current interest rate reduction cycle provides an opportune environment for companies to issue convertible bonds, as it lowers financing costs [11]. - Convertible bonds offer a dual benefit of fixed income and potential equity conversion, allowing companies to manage shareholder dilution more gradually compared to direct stock issuance [11]. - The issuance of convertible bonds is accompanied by increased external oversight, requiring companies to demonstrate effective use of raised funds and maintain transparency in governance [11][12]. - Companies are strategically aligning their convertible bond projects with their future development plans to enhance core competitiveness and profitability [12][13].

Summary of Conference Call on Power Equipment Industry Industry Overview - The power equipment industry is experiencing significant changes, particularly in high-voltage equipment demand domestically and supply shortages overseas. Domestic demand for high-voltage switches is high, while high-voltage transformer supply is sufficient. Conversely, overseas markets face a shortage of high-voltage transformers, with lower demand for high-voltage switches compared to domestic needs [1][3]. Key Insights and Arguments - **Market Demand and Supply Dynamics**: - Post-2022, global high-voltage power equipment supply decreased by approximately 15% due to the pandemic. However, in 2023, the acceleration of new energy construction has led to a surge in demand for supporting booster substations, which is 4-5 times that of traditional power stations. Overall demand is expected to grow by 20%-30% due to grid upgrade investment plans [1][10]. - Data centers are significantly increasing the demand for power equipment, requiring substations rated between 200-500 kV, with faster delivery times. A single GW data center typically requires 8-10 transformers, with North America's 40 GW installation capacity corresponding to 30%-40% of traditional demand [1][11]. - **Revenue Projections**: - By 2025, total revenue in the power equipment sector is projected to reach 2 trillion RMB, encompassing domestic grid markets, non-grid systems, and overseas markets. The investment in the transmission and transformation segment is expected to be 160 billion RMB, with 90 billion RMB allocated for equipment [1][12]. - **Investment Framework**: - The core investment framework for the power equipment sector includes six business categories: intelligence, high-voltage equipment, medium-voltage equipment, meters, materials, and low-voltage electrical appliances. Each category plays a distinct role within the power system [2]. Company-Specific Insights - **Siyuan Electric**: - Siyuan Electric is entering the high-voltage switch supplier system for 750 kV and above and is actively expanding its overseas market for high-voltage transformers. The company is expected to see significant growth in North American orders, projected to exceed 1.5 billion RMB by 2026 [3][19]. - The company aims to increase market share through enhanced switch offerings domestically and by capitalizing on the high demand for high-voltage transformers overseas [7][8]. Competitive Landscape - **Mid to Low-End Products**: - The market for mid to low-end products, such as distribution equipment and meters, is characterized by low barriers to entry and intense competition. However, in specialized scenarios like data centers and rail transit, mid-range components can achieve gross margins exceeding 35% due to higher safety and reliability requirements [5]. - **Solid-State Transformers**: - Solid-state transformers are emerging as a significant trend, offering advantages such as space-saving, reduced copper and energy consumption. They are seen as the ultimate solution for data centers due to their modular design and rapid load adjustment capabilities [20]. Risks and Challenges - **Market Risks**: - The solid-state transformer sector faces risks including challenges in overseas certification for domestic manufacturers, the need for technological breakthroughs due to the small capacity of current solid-state devices, and intense competition leading to price pressures [22]. Conclusion - The power equipment industry is poised for growth driven by new energy demands and technological advancements. Companies like Siyuan Electric are well-positioned to capitalize on these trends, particularly in high-voltage equipment and solid-state transformer markets. However, investors should remain cautious of the competitive landscape and potential risks associated with emerging technologies.

股票简称：金盘科技 股票代码：688676 海南金盘智能科技股份有限公司 Hainan Jinpan Smart Technology Co., Ltd. （海南省海口市南海大道168-39号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （浙江省杭州市五星路 201 号） 二〇二六年一月 海南金盘智能科技股份有限公司 向不特定对象发行可转换公司债券上市公告书 第一节 重要声明与提示 海南金盘智能科技股份有限公司（以下简称"金盘科技"、"发行人"、"公 司"或"本公司"）全体董事、高级管理人员保证本上市公告书的真实性、准确 性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并承担 个别及连带的法律责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司向不特定对象发行可转换公司债券 （以下简称"可转债"）上市及有关事项的意见，均不表明对本公司的任何保证。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅刊登于上海证券交易所指定网站（http://www.sse.com.cn）的《海南金盘智 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 电力设备 光伏产品取消出口退税，江苏超 800MW 海上风电项目获核准 光伏：两部门宣布取消光伏等产品增值税出口退税，硅料电池组件价格上涨。近 日财政部、税务总局发布关于调整光伏等产品出口退税政策的公告：自 2026 年 4 月 1 日起，取消光伏等产品增值税出口退税。自 2026 年 4 月 1 日起至 2026 年 12 月 31 日，将电池产品的增值税出口退税率由 9%下调至 6%；2027 年 1 月 1 日 起，取消电池产品增值税出口退税。适时降低或取消光伏产品的出口退税，有助于 推动国外市场价格理性回归，降低我国面临的贸易摩擦的风险。据安泰科统计，本 周多晶硅 n 型复投料成交价格区间为 5.0-6.3 万元/吨，成交均价为 5.92 万元/吨， 周环比上涨 9.83%。n 型颗粒硅成交价格区间为 5.0-6.4 万元/吨，成交均价为 5.58 万元/吨，环比涨幅为 10.5%。据 Infolink，本周 N 型电池片价格如下：183N、 210RN 与 210N 均价再度上调，本周上升至每瓦 0.39 元人民 ...

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, indicating an expectation of returns exceeding the market benchmark by over 5% [6]. Core Insights - The AI industry is experiencing significant advancements with the upcoming release of DeepSeek's V4 model, which focuses on enhancing programming capabilities [2]. - Major AI companies in China, such as Zhipu and MiniMax, have recently gone public, with Zhipu's stock rising over 36% and MiniMax's stock increasing over 109% on their debut, leading to a market capitalization exceeding 100 billion HKD [2]. - The report emphasizes that the new model iterations and the accelerated application promotion by major internet companies will create favorable investment opportunities in AI applications and the computing power supply chain [3]. Summary by Sections AI Model Development - The programming capability is highlighted as a key area of improvement for AI models, with significant investments from leading companies like Anthropic and OpenAI to enhance their coding abilities [9]. - DeepSeek's V4 model is reported to surpass existing models in programming tasks, indicating a potential shift in market leadership [9]. - The introduction of innovative architectures, such as mHC by DeepSeek, aims to address stability issues in large model training, supporting future model iterations and application growth [9]. AI Application Market - Major internet companies are intensifying their competition for AI application entry points, with notable product launches aimed at enhancing user engagement and functionality [9]. - The report notes that the recent public listings of major AI model companies will positively impact the overall industry development [9]. Investment Targets - In the AI application sector, recommended investment targets include companies like TaxFriend (603171, Buy) and iFLYTEK (002230, Buy) among others [3]. - In the AI computing power sector, companies such as Haiguang Information (688041, Buy) and Runze Technology (300442, Buy) are highlighted as potential investment opportunities [3].

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].