Core Viewpoint - The stock of Jinpan Technology (688676) experienced a decline on February 13, 2026, closing at 95.84 yuan, down 3.29%, reflecting the overall market trend with the Shanghai Composite Index down 1.26% and the ChiNext Index down 1.57% [1] Group 1: Performance and Financials - The company's fundamentals have not shown any significant negative developments recently [2] - For the first three quarters of 2025, the company reported a revenue growth of 8.25% year-on-year and a net profit attributable to shareholders growth of 20.27% year-on-year [2] - Revenue from the data center business surged by 337.47%, with overseas revenue accounting for over 30% of total revenue [2] Group 2: Stock Performance and Market Sentiment - The recent stock price adjustment was primarily influenced by overall market sentiment, with the A-share market's three major indices declining [3] - The electric equipment sector saw an overall decline of 2.03%, while the grid equipment sector fell by 1.71% [3] - Some investors may have opted to take profits after a phase of stock price increase, with the stock rising by a cumulative 3.28% from February 9 to 13, and a single-day increase of over 9% on February 12 [3]

● 拟聘任的审计机构名称：安永会计师事务所 海南金盘智能科技股份有限公司（以下简称"公司"）于 2026 年 2 月 13 日 召开第三届董事会第三十三次会议，审议通过了《关于聘请 H 股股票发行并上 市审计机构的议案》，公司拟聘请安永会计师事务所为公司首次公开发行境外上 市股份（H 股）并申请在香港联合交易所有限公司主板上市（以下简称"本次发 行上市"）的审计机构，该议案尚需提交公司股东会审议，并自股东会审议通过 之日起生效。现将具体情况公告如下： 一、拟聘请会计师事务所的基本信息 1、基本信息 安永会计师事务所（以下简称"安永香港"）为一家根据香港法律设立的合 伙制事务所，由其合伙人全资拥有。为众多香港上市公司提供审计、税务和咨询 等专业服务，包括银行、保险、证券等金融机构。安永香港自成立之日起即为安 永全球网络的成员，与安永华明会计师事务所（特殊普通合伙）一样是独立的法 律实体。 | 证券代码：688676 | 证券简称：金盘科技 | | | 公告编号：2026-016 | | --- | --- | --- | --- | --- | | 债券代码：118063 | 债券简称：金 | 05 | 转债 ...

Core Viewpoint - The company has announced the appointment of Ernst & Young as the auditing firm for its initial public offering of H-shares and application for listing on the main board of the Hong Kong Stock Exchange [1] Group 1 - The third meeting of the company's third board of directors approved the proposal to hire Ernst & Young on February 13, 2026 [1] - Ernst & Young Hong Kong is a partnership firm that provides professional services to numerous companies listed in Hong Kong and is required to purchase professional liability insurance [1] - The proposal has been reviewed and approved by the board's audit committee and is subject to shareholder approval, becoming effective upon approval [1]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," aiming to establish a unified electricity market by 2030, with market transactions accounting for about 70% of total electricity consumption [4][40] - The report highlights the performance of the power equipment sector, which has seen a year-to-date increase of 9.76%, outperforming the CSI 300 index by 7.82 percentage points [11][14] - The report emphasizes the importance of new operational entities like virtual power plants and smart microgrids in participating flexibly in the electricity market [45] Summary by Sections Market Review - As of February 12, 2026, the power equipment sector rose by 4.97% over the past two weeks, ranking third among 31 sectors [11] - The wind power equipment sector decreased by 3.07%, while the photovoltaic equipment sector increased by 3.93% [18][20] Valuation and Industry Data - As of February 12, 2026, the price-to-earnings (PE) ratio for the power equipment sector is 36.66 times, with sub-sectors like the battery sector at 33.19 times and the photovoltaic sector at 34.99 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to their historical averages [25] Industry News - The report discusses the significant growth in renewable energy installations, with a total installed capacity of 2.34 billion kilowatts by the end of 2025, accounting for 60% of the national power generation capacity [40] - It also notes the government's focus on upgrading traditional industries and promoting new energy sectors, including hydrogen energy [40] Company Announcements - The report includes recent announcements from companies in the sector, such as government subsidies received by various firms, indicating ongoing support for the industry [43]

Summary of Conference Call Records Company and Industry Overview 1. DiKe Co., Ltd. (帝科股份) - **Industry Position**: DiKe Co., Ltd. is recognized for its strong R&D capabilities, particularly in high-temperature paste materials for TOPCon technology, maintaining a leading position in the market [1] - **Market Share**: The company has improved its market share in low-temperature paste from third to first place, being the first to introduce the silver-coated solution [1] - **High Copper Paste**: The adoption of high copper paste is expected to increase, with significant advantages in high-temperature processes. The company and its partner, SOT, have a leading share in domestic battery cell production using high copper paste solutions [1] - **Profit Projections**: Estimated penetration rates for high copper paste are projected to be 8% in 2026 and 50% in 2027. The company anticipates a profit of 1 billion yuan in 2025, with a potential profit of 1 to 1.5 billion yuan from the paste segment in 2027 [1] - **Overseas Expansion**: The company has established partnerships in South Korea and Taiwan, achieving nearly 100% market share in North America for high/low-temperature paste. Future prospects in North America and space photovoltaic business are seen as certain and scarce [1] 2. Yongzhen Co., Ltd. (永臻股份) - **Market Leadership**: Yongzhen is a leading company in the frame sector, with significant overseas production capacity, including 180,000 tons in Vietnam and 40,000 tons in the U.S. [2] - **Profitability**: The Vietnam facility primarily supplies clients in India and the U.S., with unit profits exceeding 3,000 yuan per ton. The company is considering small capacity acquisitions and technological upgrades in Vietnam [2] - **U.S. Operations**: The company holds a 24.9% stake in AF SOLARTECH, a U.S. frame enterprise, which is expected to contribute approximately 300 million yuan annually due to high processing fees resulting from tariffs on aluminum products [2] - **Profit Outlook**: Current overseas capacity is projected to support stable profits of 500-600 million yuan. The company is expected to significantly reduce losses domestically, with potential total profits of 1 to 1.5 billion yuan in North America [2] 3. Juhe Materials (聚和材料) - **Market Trends**: Juhe Materials is expected to benefit significantly from the widespread adoption of high copper paste. The company’s semiconductor material assets are considered scarce and crucial for addressing domestic supply chain issues [2] 4. Yamaton (亚玛顿) - **Supplier Role**: Yamaton is currently a primary supplier for T clients, with a new base in the Middle East expected to yield significant returns in the future [2] Industry Insights 1. Overseas Energy Storage - **Market Demand**: The demand for energy storage solutions is long-term and urgent, with a focus on companies like Airo Energy, Sunshine Power, and others [3] 2. Electrical Equipment - **Market Focus**: The electrical systems in Europe and the U.S. are in a supercycle, with recommendations to focus on overseas markets, highlighting companies such as Siyuan Electric and others [3] 3. AI Power - **Investment Timing**: 2026 is anticipated to be a year of realization for AI power investments, with recommendations for companies like GemiTech and others [3]

Summary of Conference Call Records Industry Overview - The focus is on the AIDC (Artificial Intelligence Data Center) sector, particularly regarding power supply equipment and energy solutions. The industry is experiencing significant growth driven by high demand for data center infrastructure and energy solutions [1][2]. Key Company Insights - **Financial Performance**: The company reported a 203% year-over-year increase in Q4 2025 revenue, with new orders up 252% and backlog orders increasing by 109%, reaching $15 billion. This indicates a robust growth cycle in overseas computing infrastructure [1]. - **Acquisitions**: The company announced a $4.75 billion acquisition of Intersect Power, a leading U.S. battery storage system developer and operator, which previously set a record for the largest energy storage order globally with a 15.3 GWh Tesla Megapack order [1]. - **Investment Demand**: The "seedance" project is expected to generate over 6 GW of investment demand within three years, alongside the initiation of an 800V HVDC pilot project [1]. Core Arguments and Rationale - **Electricity Shortage Logic**: The underlying reason for the electricity shortage is strong downstream demand, which benefits power grid and supply equipment sectors, including gas turbines, SOFC, and diesel generators [2]. - **Direct Correlation**: Power supply, distribution, and liquid cooling solutions are directly linked to downstream computing power demand, indicating that the AIDC sector's growth is driving demand for upstream suppliers [2]. - **Performance Indicators**: The performance of companies like Weidi, which exceeded expectations in both revenue and order volume, further illustrates the symbiotic relationship between downstream demand and upstream supply [2]. Additional Recommendations - **Top Picks**: The report recommends focusing on companies such as: - **Rubin**: Ranked first in PSU power supply testing. - **Sungrow**: Expected to secure orders from Amazon and Google for energy storage solutions. - **Kostad**: Collaborating with Eaton for UPS solutions in the North American market. - **Liangxin**: Entering the Weidi supply chain with UL certification and developing solid-state circuit breakers [3]. Other Notable Mentions - Companies to watch include: - **Oulutong**: Collaborating with Google on PSU development. - **InnoSky**: Focusing on cabinet DCDC power supplies. - **Zhongheng Electric**: Manufacturing HVDC for Schneider with a strong historical market share. - **Kehua Data**: Along with others like Siyuan Electric, TBEA, Jinpan Technology, and Igor [4][5]. Industry Trends - The AIDC power revolution is officially underway, with a focus on four key areas: power supply units, energy storage, power semiconductors, and core components, indicating a comprehensive transformation in the industry [6].

Market Overview - The A-share market experienced a volatile upward trend on February 12, with major indices closing in the green and large-cap stocks showing stable performance [1][2] - The market's trading volume increased significantly, with a total turnover of 2.16 trillion yuan, up by 159.7 billion yuan from the previous trading day [2] - The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Northbound 50 Index rose by 0.05%, 0.86%, 1.32%, and 0.50% respectively [1] Sector Performance - The semiconductor, power grid equipment, and liquid cooling server sectors showed active performance, while the film and television, liquor, and retail sectors experienced adjustments [2][3] - The semiconductor sector saw significant inflows, with a net inflow of 5.69 billion yuan, while the general equipment and power grid equipment sectors had net inflows of 4.38 billion yuan and 3.28 billion yuan respectively [2] - The power grid equipment sector rose by 2.09% after a brief adjustment, with several stocks hitting the daily limit [3] Investment Strategy - Analysts suggest that the market has stabilized, supported by policy and funding, and recommend a balanced asset allocation strategy [1][4] - Investors are encouraged to focus on sectors with clear improvement in economic conditions, such as technology growth areas (semiconductors, communication equipment, high-end manufacturing) while also considering potential opportunities in consumer, agriculture, and undervalued sectors [1][4][5] - The recommendation includes a focus on sectors with strong performance trends and favorable valuations, such as the lithium battery supply chain, communication equipment, and certain building materials and chemicals [5]

北京市金杜（深圳）律师事务所 关于海南金盘智能科技股份有限公司 2026 年第一次临时股东会的法律意见书 致：海南金盘智能科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受海南金盘智能科技股 份有限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证 券监督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华 人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、 规章、规范性文件和现行有效的《海南金盘智能科技股份有限公司章程》（以下 简称《公司章程》）的规定，指派律师出席了公司于 2026 年 2 月 12 日召开的 2026 年第一次临时股东会（以下简称本次股东会），并就本次股东会相关事项 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．经公司 2025 年第三次临时股东会审议通过的《公司章程》； 2．《海南金盘智能科技股份有限公司第三届董事会第三十二次会议决议》 ...

重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 2 月 12 日 （二） 股东会召开的地点：海南省海口市南海大道 168-39 号公司会议室 证券代码：688676 证券简称：金盘科技 公告编号：2026-015 债券代码：118063 债券简称：金 05 转债 海南金盘智能科技股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证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） 非累积投票议案 1、 议案名称：《关于修订公司<董事及高级管理人员薪酬考核管理办法>的议案》 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | 比例 | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | | | | | 比例 | | | | 比例（%） | 票数 | （%） | 票数 | （%） | | 普通股 | 243,179,356 | 99.2469 | 1,812,682 | 0.73 ...

Core Viewpoint - The article highlights the strong performance of stocks in the power equipment sector, particularly those benefiting from policy support and technological advancements, with a focus on battery, photovoltaic, and grid equipment industries [3][4]. Group 1: Fund Allocation Trends - Public funds have significantly increased their holdings in the power equipment sector, particularly in batteries, photovoltaics, and grid equipment, with 13 stocks seeing a rise in fund ownership by over 1 percentage point in Q4 [8]. - The most notable increase in fund holdings was observed in Tianhua New Energy (300390.SZ), where the number of funds increased from 5 to 109, and the holding ratio rose from 3.31% to 9% [10]. - Other key stocks in the battery sector that received increased attention include Penghui Energy (300438.SZ), which saw a 4 percentage point increase in fund holdings, and its stock price rose over 30% in Q4 [16]. Group 2: Performance of Key Stocks - Tianhua New Energy's stock price surged nearly 120% in Q4, driven by a significant investment from CATL, which acquired a 26 billion yuan stake, marking a deepening partnership with a core customer [10]. - Penghui Energy is expected to report a net profit of 170 million to 230 million yuan for the full year, a significant turnaround from a loss of 252 million yuan the previous year [12][13]. - Other notable stocks include Tianji Co. (002759.SZ), which is projected to turn profitable in 2025, and has seen a significant increase in fund interest [23][22]. Group 3: Sector Insights - The article emphasizes that the battery sector remains a focal point for institutional investment, with a notable shift towards upstream materials as prices for lithium carbonate and hexafluorophosphate have shown an upward trend [23]. - In the photovoltaic equipment sector, Maimai Co. (300751.SZ) has been highlighted for its significant fund inflow, with a holding ratio increase of 4 percentage points, benefiting from the growing interest in space photovoltaic technology [32]. - The grid equipment sector has also attracted attention, with Jinpan Technology and Sifang Co. being favored by institutional investors, although the increase in holdings was less pronounced compared to battery-related stocks [25].