Core Viewpoint - The company,沃尔核材, is projected to lead the domestic market in revenue from its new energy business, specifically in DC charging guns, for the year 2024, supported by favorable government policies promoting high-power charging station construction [1] Group 1: Company Performance - The company's revenue from new energy business DC charging guns is expected to rank first among domestic peers in 2024 [1] - The company plans to continue investing in research and development and product iteration to maintain its leading market share [1] Group 2: Industry Impact - The government's strong push for the construction of high-power charging stations is anticipated to positively impact the company's new energy business, including charging guns [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：你好，公司是否有机会突破安费诺封锁，直接拿到欧 美大厂订单？ 沃尔核材（002130.SZ）7月30日在投资者互动平台表示，公司高速通信线的主要客户包括安费诺、豪利 士、莫仕、泰科等国际客户；以及立讯、英飞联等国内多家连接器企业。公司的高速通信线供应给下游 客户群体后配套给国际、国内各大服务器厂商终端使用。公司将持续加大研发创新力度，依托领先的技 术实力、卓越的产品品质和高效的客户需求响应能力，不断提升核心竞争力，赢得更多终端客户的信赖 与认可。 ...

Core Insights - The company is positioned to benefit from the national plan to build 100,000 high-power charging stations by 2027, which is expected to positively impact its revenue from new energy business, particularly DC charging guns [2] - The company reported that its revenue from new energy business DC charging guns is currently the highest in the domestic industry for the year 2024 [2] - The company plans to continue investing in research and development and product iteration to maintain its leading market share in the industry [2]

Core Viewpoint - The company has successfully developed and delivered 224G high-speed communication cables using two mainstream technical solutions: physical foaming technology and solid material technology, which have passed rigorous certification from leading global clients [1] Group 1: Technology Overview - The mainstream technical solutions for 224G high-speed communication cables are physical foaming technology and solid material technology [1] - Physical foaming involves mixing inert gases like nitrogen under pressure to create uniform, sealed micro-pores, requiring precise equipment and high operational skills [1] - The solid core structure is created using a specially designed extruder mold to form longitudinal through-holes, which can allow moisture to enter and affect dielectric constant stability, leading to signal attenuation [1] Group 2: Product Stability - Physical foaming provides better stability as the inert gas in sealed bubbles is less likely to flow, resulting in minimal deformation during bending and less moisture intrusion [1] - In contrast, the solid core structure can experience significant changes in dielectric constant due to air movement within the holes during bending, affecting transmission speed stability [1] Group 3: Future Developments - The company is currently conducting preliminary research on the next generation of 448G high-speed communication cables [1]

金融界7月30日消息，有投资者在互动平台向沃尔核材提问：你好，公司是否有机会突破安费诺封锁， 直接拿到欧美大厂订单？ 来源：金融界 公司回答表示：感谢您的关注！公司高速通信线的主要客户包括安费诺、豪利士、莫仕、泰科等国际客 户；以及立讯、英飞联等国内多家连接器企业。公司的高速通信线供应给下游客户群体后配套给国际、 国内各大服务器厂商终端使用。公司将持续加大研发创新力度，依托领先的技术实力、卓越的产品品质 和高效的客户需求响应能力，不断提升核心竞争力，赢得更多终端客户的信赖与认可。谢谢！ ...

Core Viewpoint - The company,沃尔核材, has confirmed the stable mass production of its high-speed communication cables, including the PCIe series and single-channel 224G high-speed communication cables, which are utilized in different parts of data centers [2]. Group 1: Product Development - The company's subsidiary, 乐庭智联, has extensive experience in the communication cable industry, having been involved for several decades [2]. - The company possesses strong competitive advantages in product design and development, quality stability, product variety, and large-scale production capabilities [2].

Group 1 - The company has submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange [1] - The application materials have been published on the Hong Kong Stock Exchange website [1] - Related work is progressing in an orderly manner [1]

Core Viewpoint - The company is focused on customer demand, optimizing its marketing system, and enhancing market layout to drive steady performance growth in the first half of 2025 [1] Group 1: Marketing Strategy - The company has developed a broad marketing network with multiple sales channels to improve market coverage [1] - A multi-brand sales strategy is being continuously optimized to enhance market penetration [1] Group 2: Team Development - The company is expanding its marketing team by attracting high-end marketing talent and optimizing the compensation system to boost the initiative and enthusiasm of the sales team [1] Group 3: Market Strategy - The company conducts precise assessments of downstream market trends and timely expands production capacity to seize market opportunities [1] - A series of optimization measures in the marketing system have effectively driven the company's steady performance improvement [1]

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Insights - The report highlights that the electric vehicle (EV) battery sector is expected to see an optimization in its structure, leading to a potential recovery in profitability. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point in the oversupply of lithium batteries, and a decrease in lithium carbonate prices, which may lower battery costs and stimulate downstream demand [3][4] - The report emphasizes that 2025 is likely to be a significant year for grid investment, with the electric power equipment sector presenting favorable investment opportunities. The increasing electricity demand from emerging industries like AI is expected to drive the demand for power equipment [3][4] - In the energy storage sector, it is anticipated that energy storage will maintain a high growth trajectory in 2025, with large-scale energy storage expected to benefit from the gradual improvement of the electricity market and auxiliary service market [4] - The photovoltaic (PV) sector is experiencing sustained high demand in Europe, with inventory pressures expected to ease and domestic ground power station demand remaining strong. The report notes that new technologies such as TOPCON are entering large-scale production, which is expected to inject new momentum into the development of renewable energy [4][5] Summary by Sections New Energy Vehicles - The report indicates that the price of battery-grade lithium carbonate has increased by 16.5% week-on-week, reflecting a growing demand in the new energy vehicle market. In June 2025, new energy vehicle sales reached 1.329 million units, a year-on-year increase of 26.7% [9][13][15] Electric Power Equipment and Energy Storage - The report suggests that the electric power equipment sector is entering a growth cycle, driven by increased electricity demand from new industries and the need for grid upgrades due to rapid renewable energy development. Key companies to watch include Siyi Electric, Haixing Power, and Jindan Technology [3][4] - In energy storage, the report highlights investment opportunities in large-scale storage, commercial storage, and household storage, with specific companies recommended for each segment [4] Photovoltaic Industry - The report notes a 13.5% increase in the price of polysilicon, indicating a positive trend in the photovoltaic industry. The demand for solar installations is expected to accelerate due to cost reductions and new technology advancements [16][17] Industrial Control and Humanoid Robots - The report discusses the anticipated recovery in the industrial control sector, with a new cycle of equipment updates expected. The launch of the humanoid robot "UnitreeR1" by Yushu Technology is highlighted, showcasing advancements in the robotics industry [6][7]

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, leading to a corresponding increase in demand for AIDC power equipment [5][13] - The domestic data center industry is expected to see substantial capital expenditure growth, with major cloud providers anticipated to ramp up investments, particularly in AI infrastructure [18][24] - The industry is characterized by a long power transmission chain, with established global players like Eaton and Schneider Electric dominating, while domestic companies are gaining competitive advantages in various segments [5][13] AIDC Power Equipment Summary - The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW from 2025 to 2030, with an average annual growth rate of 20% [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - Recent performance in the AIDC power equipment sector has shown significant gains, particularly in transformers and switchgear, with notable stock performances from companies like TBEA and XWDA [5][28] Grid Industry Summary - National power engineering investment reached 1,057 billion yuan in June 2025, a year-on-year increase of 22.5% [32] - The grid engineering investment for the same period was 871 billion yuan, reflecting a year-on-year growth of 4.1% [33] - The bidding results for the State Grid's transformer equipment showed a total bid amount of 211.89 billion yuan, a year-on-year increase of 38.1% [61] - The focus for the grid industry includes high voltage orders and the development of new business models such as virtual power plants and green electricity direct supply [5][55]