Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

Core Viewpoint - Huawei's "Intelligent Assisted Driving Safety Initiative" emphasizes the need for transparency in marketing, user-centric approaches, and collaborative standard-setting in the automotive industry [1][5]. Group 1: Initiative Details - The initiative includes four key principles: technology-driven, transparent marketing, user-centric focus, and collaborative standard development [1]. - Huawei plans to establish a "Smart Assisted Driving Safety Training Camp" to educate users on the boundaries and proper usage of intelligent assisted driving systems [5]. Group 2: Industry Collaboration - The initiative is supported by executives from various automotive companies, including GAC, SAIC, and Audi, indicating a broad industry collaboration [5]. - The Ministry of Industry and Information Technology has emphasized the importance of accurate representation of assisted driving capabilities and safety measures [5]. Group 3: Market Dynamics - The development of intelligent driving technology continues to progress, with Huawei's ADS 4 expected to be mass-produced in the second half of the year [5]. - Zeekr's 9X, equipped with L3-level intelligent driving, is also set to debut and begin deliveries later this year [5]. Group 4: Future of Autonomous Driving - The rapid application of autonomous driving in passenger vehicles is expected to extend to logistics, delivery, and robotaxi services, fostering the growth of related industries [9]. - Challenges remain in ensuring safety in complex scenarios and meeting user expectations for reliability [9].

□ 本报记者胡春春 当前，2025年一季报进入披露高峰期。据不完全统计，截至目前，约有近百家江苏上市公司，或在一季 报、或在与投资者交流过程中，明确表示订单充足、订单增长。从整体观察看，今年以来，新兴产业订 单增量较大，传统行业努力稳住营收，海外市场拓展成绩陆续落地，呈现出大单"亮眼"、海外订单占比 增加、高端制造占据盈利点C位等特点，尤其是许多企业海外订单营收占比超过了50%。 政策利好，手握大额订单 扬杰科技董秘范锋斌介绍，目前公司处于满产满销状态，越南二期项目也已启动，预计在2025年底实现 量产。未来公司有望凭借海外渠道和品牌优势加速海外市场渗透，全球化战略将进一步提升公司在国际 市场的综合实力。 无锡的德科立是光电子器件行业比较有代表性的江苏企业。光电子器件企业的发展，离不开国际市场锤 炼与竞争。和扬杰科技一样，德科立也非常重视海外市场的布局。去年，该公司实现营业总收入8.41亿 元，同比增长2.79%；归属净利润1亿元，同比增长9.07%，其中海外市场收入占比逾30%。德科立相关 负责人表示，随着泰国制造基地的投产运营，未来3—5年内，公司海外需求有望攀升，收益弹性或将远 超国内。 光通信行业龙头 ...

Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power systems [7]. Core Insights - The overall industry strategy emphasizes focusing on companies with strong Q1 reports and the acceleration of new globalization [3][4]. - The new energy vehicle supply chain has entered a new cycle, with companies like Weilan Lithium and Huayou Cobalt benefiting from strong Q1 performance [3]. - The overseas energy storage market shows robust order demand, with CATL holding a significant market share [5]. - The AI and new energy sectors are witnessing breakthroughs in new markets, with companies like XPeng and Zhejiang Rongtai benefiting from advancements in robotics [6]. Summary by Sections Industry Strategy - Focus on companies with good Q1 reports, particularly in high-barrier segments like lithium batteries, wind power, and energy storage [3]. - Companies with localized production overseas, such as EVE Energy, are expected to benefit from tariff changes [4]. New Energy Vehicle Supply Chain - Companies like Weilan Lithium and Huayou Cobalt reported significant profit increases in Q1 2025, with Weilan Lithium achieving a net profit of 142 million yuan, up 100.56% year-on-year [3]. - The new globalization trend is evident, with nine Chinese lithium battery companies establishing production in Malaysia [4]. Energy Storage Market - In Q1 2025, China's overseas energy storage orders exceeded 82 GWh, with CATL accounting for over half of these orders [5]. - Companies like Shangneng Electric reported a 16.78% increase in revenue and a 71.56% increase in net profit in Q1 2025, benefiting from the growth in the overseas energy storage market [5]. AI and New Energy Sectors - XPeng's humanoid robot IRON is set to be deployed in factories and stores, showcasing the integration of AI and robotics in the new energy sector [6]. - Companies like Guoda Special Materials and Daikin Heavy Industries reported substantial profit increases in Q1 2025, with Guoda's net profit rising by 1488.76% [6].

Core Viewpoint - The article discusses the growing interest of Chinese lithium battery companies in Malaysia as a strategic location for expansion, highlighting the unique advantages of the country in the context of the evolving Southeast Asian electric vehicle market [2][6][10]. Group 1: Strategic Importance of Malaysia - Malaysia is becoming a popular choice for Chinese lithium battery companies due to its low geopolitical risks, as it maintains a balance between China and the US without territorial disputes or internal conflict risks [8]. - The Malaysian government has implemented favorable foreign investment policies, including the National Industry 4.0 Policy, National Automotive Policy (NAP 2020), and Low Carbon Mobility Blueprint (LCMB 2021-2030), which support the upgrade and green transformation of industries [9]. - With over 60 ports and proximity to the Strait of Malacca, Malaysia offers lower shipping costs and easier access to global markets for local products [10]. Group 2: Market Potential in Southeast Asia - Southeast Asia is rich in key mineral resources for lithium battery production, such as nickel and cobalt, with Indonesia being a significant player attracting investments from companies like Huayou Cobalt and Greeenmei [6]. - The electric two-wheeler market in Southeast Asia is projected to grow at a CAGR of 13.09% from 2025 to 2029, with expectations to account for 30% of the global two-wheeler market by 2030 [7]. - Chinese companies like EVE Energy, Zhuhai Guanyu, and others are establishing production capacities in Malaysia, focusing on cylindrical batteries for the two-wheeler market, with a combined annual production capacity exceeding 1 billion units [7].

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 近年来，中国锂电产业链企业已有不少选择将马来西亚作为出海战略地。电池企业包括，亿纬锂能、珠海冠宇、蔚蓝锂芯、海四达；材料企业则包括 新宙邦、星源材质、恩捷股份、科达利、尚太科技。 而回顾锂电产业出海潮，东南亚一贯受到锂电产业重视，且通常被作为整体探讨。 一方面，东南亚具备丰富的矿产资源。镍、钴两大锂电池生产关键矿产资源丰富，马来西亚邻国印尼，更是作为矿产大户，吸引了华友钴业、格林美 前去建厂，进行本土化生产。 另一方面，东南亚整体具备电动化市场空间，并且表现出以两轮车为主的特点。多数 东南亚国家 的 公共交通体系不算发达，公路覆盖比例较低， 两轮车的灵活性与低成本能解决更多东南亚民众的出行痛点。并且印尼、越南、泰国、菲律宾 ...

股票代码：002245 股票简称：蔚蓝锂芯 编号：2025-030 江苏蔚蓝锂芯集团股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏蔚蓝锂芯集团股份有限公司（以下简称"公司"）于 2024 年 7 月 19 日召开第六届董事会第十六次会议、第六届监事会第十四次会议，2024 年 8 月 8 日召开 2024 年第二次临时股东大会，审议通过了《关于使用部分闲置募集资金 进行现金管理的议案》，同意公司（含子公司）在不影响募集资金投资项目建设 和正常生产经营的前提下，使用不超过人民币 8 亿元的闲置募集资金进行现金管 理，投资安全性高、流动性好的保本型投资产品，在上述额度内可循环使用，并 授权公司管理层负责办理相关事宜。上述具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）及《证券时报》披露的 2024-045 号《关于使用 部分闲置募集资金进行现金管理的公告》。 根据上述决议授权，公司就近日使用募集资金进行现金管理事宜公告如下： 一、部分理财产品到期赎回情况 2024 ...

招商基金基金经理翟相栋旗下基金一季度业绩亮眼，他自去年底起就开始大比例配置AI应用领域相关 标的，例如港股互联网、计算机、智驾及整车、机器人、AI终端等，今年一季度他逐步减少了对医 药、消费等方向配置，继续增配了企业服务、公有/私有云等方向的优质公司。 【深圳商报讯】（记者詹钰叶）公募基金2025年一季报收官，基金经理今年一季度持仓变动也随之披 露。一季报显示，多位明星基金经理重点布局了多个科技赛道的股票。 兴业证券策略团队指出，主动偏股型基金今年一季度仓位小幅上升至85.47%，其中普通股票型、偏股 混合型、灵活配置型仓位分别上升0.42%、0.26%与0.27%；科创板配置比例进一步提升至15.17%，而主 板与创业板仓位分别下降0.58%与1.6%。可见，今年一季度基金经理加仓科技赛道是主流趋势。 睿远基金明星基金经理傅鹏博和朱璘在季报中透露，今年一季度调整了前十大重仓股，布局了受益于国 内人工智能、汽车电子快速发展的PCB概念股，对组合的贡献较为突出，同时加大了恒生科技板块的个 股配置；此外，医药板块方面，其加仓了将人工智能和传统医学结合提升治疗效果、提高患者触达的公 司。睿远基金知名基金经理饶刚和侯 ...

◆ 电池 ◆ 蔚蓝锂芯一季度净利润同比增101% 01 近蔚蓝锂芯(002245.SZ)公告称，2025年第一季度营业收入为17.28亿元，同比增长20.90%； 归属于上市公司股东的净利润为1.42亿元，同比增长100.56%。 上海市与丰田汽车公司签署战略合作协议 02 4月22日，上海市与丰田汽车公司签署合作协议。协议的签署标志着由丰田汽车独资设立的雷克萨 斯纯电动汽车及电池的研发生产公司在上海市金山区正式落地。 ◆ 材料 ◆ 6000吨高纯硫化锂项目落地山东 01 日前，潍坊市生态环境局发布《2025年4月份建设项目环境影响评价文件受理公示名单 （三）》。公示的项目包括了年产26000吨高性能硫化锌、6000吨高纯硫化锂固态电池储能材料 项目（年产26000吨高性能硫化锌）等。项目分为两期，一期、二期建设期各24个月。一期计划 于2025年5月份开工建设，预计2027年4月工程竣工；二期计划于2027年5月份开工建设，预计 2029年4月工程竣工。 ◆ 设备 ◆ 01 逸飞激光子公司签1.54亿元大单 逸飞激光公告称，公司控股子公司无锡新聚力科技有限公司与国内某锂电头部企业签订了 《购销合同》，总金额 ...