Investment Rating - The industry rating is "Recommended" [4] Core Insights - The domestic computing power industry is experiencing a pivotal shift from technology following to innovation leadership, driven by the acceleration of AI and digital transformation [13][18] - The performance of domestic chips continues to break through, and the open-source ecosystem is improving, indicating that the domestic computing power industry has entered a new stage of high-quality development [13][18] - The total computing power scale in China is expected to grow by 16.5% year-on-year in 2024, with over 8.8 million standard racks in use [24] Summary by Sections Section 1: Domestic Computing Power - Price Fluctuations and Demand Growth - Domestic computing power card prices are on the rise, driven by increased demand and supply shortages [19][20] - AI technology advancements are leading to a comprehensive price increase in cloud infrastructure, with significant implications for the industry structure [21][22] - Alibaba plans to invest at least 380 billion RMB in AI and cloud computing infrastructure over the next three years, marking a substantial commitment to the sector [27][28] Section 2: Domestic Computing Power - Breaking Through and Leading New Development Trends - Various cities are actively promoting the construction of computing power centers, such as Zhengzhou, Gui'an, and Shenzhen, to meet digitalization demands [36][37] - The upgrade of domestic large models has led to a surge in demand for computing power leasing, with many companies accelerating procurement [41] - Shenzhen has issued nearly 200 million RMB in "training coupons" to support AI and intelligent robotics companies, enhancing the computing power infrastructure [47][48] Section 3: Investment Recommendations - Beneficiary stocks include: 1. AIDC: Runjian Co., Guanghuan New Network, Aofei Data, Runze Technology [17] 2. Computing Power Leasing: Hainan Huatie, Hongjing Technology, Hongxin Electronics [17] 3. Cloud Computing: Youkede, Capital Online, Shunwang Technology, Deepin Technology [17] 4. Computing Power Chips: Haiguang Information, Cambricon, Chipone, Huawei [17] 5. AI Power: Zhongheng Electric, Magmi Tech, Oulu Tong, KOTAI Power [17]

Core Insights - The battery swapping concept saw a rise of 0.52% on April 2, with a net inflow of 206 million yuan from major funds, indicating positive investor sentiment in this sector [1] - Out of 45 stocks in this concept, 28 stocks increased while 17 stocks decreased, reflecting a generally favorable market condition [1] Company Summaries - **Beiqi Blue Valley (600733)**: Latest price at 8.77 yuan, with a rise of 0.69% and a net inflow of 108 million yuan, accounting for 6.3% of the total net inflow [2] - **Zhongheng Electric (002364)**: Latest price at 15.49 yuan, with a significant increase of 4.52% and a net inflow of 100 million yuan, representing 12.68% of the total net inflow [2] - **Tongyu Communication (002792)**: Latest price at 14.79 yuan, with a rise of 4.89% and a net inflow of 45.385 million yuan, making up 11.41% of the total net inflow [2] - **Tuobang Co., Ltd. (002139)**: Latest price at 15.09 yuan, with an increase of 2.31% and a net inflow of 44.045 million yuan, which is 9.15% of the total net inflow [2] - **Aima Technology (603529)**: Latest price at 46.97 yuan, with a rise of 1.45% and a net inflow of 27.336 million yuan, accounting for 14.52% of the total net inflow [2] - **Qianli Technology (601777)**: Latest price at 8.57 yuan, with an increase of 2.27% and a net inflow of 20.908 million yuan, representing 5.4% of the total net inflow [2] - **Shandong Weida (002026)**: Latest price at 11.7 yuan, with a rise of 4.46% and a net inflow of 18.459 million yuan, which is 5.0% of the total net inflow [2] - **Bohui Precision (688097)**: Latest price at 30.15 yuan, with an increase of 1.82% and a net inflow of 13.670 million yuan, accounting for 10.13% of the total net inflow [2] - **Guodian Nari (600406)**: Latest price at 21.9 yuan, with a slight decrease of 0.95% and a net inflow of 12.139 million yuan, representing 2.84% of the total net inflow [2] - **Jinguang Co., Ltd. (300510)**: Latest price at 4.39 yuan, with an increase of 1.62% and a net inflow of 6.782 million yuan, which is 4.57% of the total net inflow [2]

本次活动精心安排上市公司实例分享、市场宏观环境研判、上市公司融资服务方案介绍等多环节， 是一次近距离、全方位的企业服务交流。后续，银河证券将针对参会企业需求，通过有效整合企业、券 商、媒体等活动关联资源，为企业及股东客户提供一站式、全链条延展服务。 2025年，"中国银河证券·星耀企业家办公室"将持续整合公司企业服务资源，通过企业家办公室活 动平台，助力拓展企业家及家庭核心圈层，不断扩大企业服务边际效应。银河证券将始终秉持"金融报 国 客户至上"的服务理念，深刻把握金融工作"功能性"，积极投身并融入区域产业和经济发展。未来， 中国银河证券将继续同各方紧密携手，服务于国家战略，实现高质量发展。（CIS） 杨超提到，我国将面临新一轮科技革命和国际竞争挑战与机遇，政策重心进一步从"稳市场"向"强 机制"过渡。他还对2025年中国A股市场的趋势、风格和结构进行了分析。 荣子光重点介绍了当前相关部门对并购重组的最新政策，并以案例讲解的形式剖析了多类并购重组 的不同路径和风险点。这一贴合资本市场当前热点趋势的发言受到了参加上市公司的好评。 唐志伟介绍了人工智能的最新趋势，以及中国证券报在如何利用人工智能提升信披效率和质量 ...

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that despite a recent market pullback with a decline of 1.4% in the computer sector, there is strong confidence in the ongoing development of domestic AI, suggesting that opportunities still exist [4] - The financial results from Century Internet validate the robust growth of the AI industry, with new orders of 252.5MW in Q4 2024 and a projected total capacity delivery of 400-450MW in 2025, representing a year-on-year growth of 161%-194% [4] - The report emphasizes the need to closely track developments in the AI industry, particularly in large model changes and application advancements, as numerous industry changes are expected domestically and internationally [4] - There is a focus on edge AI, which is anticipated to develop significantly with the emergence of multimodal large models, leading to new hardware terminals [4] - The report highlights the upcoming Nvidia GTC conference and the increasing importance of high-voltage direct current (HVDC) applications in AI data centers, suggesting a positive outlook for related power supply companies [4] - Investment strategies should focus on industry trends and select companies with high potential, while also considering the volatility of the sector [4] Summary by Sections Market Performance - The computer sector experienced a market pullback with a decline of 1.4%, ranking last among the Shenwan industry sectors [4] AI Industry Developments - The report notes a consensus in the market regarding the development of domestic AI, with significant capital expenditures expected from companies like Century Internet [4] - The report suggests that the market has shifted from "transaction expectations" to "transaction realities" regarding AI implementation [4] Investment Recommendations - The report recommends focusing on companies with clear application directions in edge AI and 2B applications, as well as those involved in domestic computing power [4]

Summary of Hezhong Electric's Conference Call Company Overview - **Company**: Hezhong Electric - **Industry**: AIDC (Automatic Identification and Data Capture) Key Points and Arguments Business Growth and Performance - Hezhong Electric has made significant progress in the AIDC sector, particularly in the renewable energy field, with notable advancements in HVDC (High Voltage Direct Current) development [3][5][12] - The company expects a growth rate of **30% to 40%** in its wind power business, with a steady recovery in gross margins [3][5] - The solar storage business is anticipated to double its growth due to recognition from top state-owned enterprises and new technology applications [3][5] - The large transmission business is expected to benefit from military procurement demand, with a potential **1 billion** level order from Chengfei Group, leading to a **20% to 30%** compound growth rate [3][4][5] Management and Governance Changes - The appointment of the CTO as president has led to comprehensive reforms in the business units, significantly boosting sales incentives across wind power, solar, storage, and large transmission sectors [3][6] - These governance changes have improved operational efficiency and market competitiveness, reflected in the strong performance in Q4 [6] Market Position and Competitive Advantage - Hezhong Electric is viewed as a preferred stock in the AIDC sector due to its enhanced comprehensive capabilities and ability to switch valuations amid high market demand [3][5] - The company is positioned to maintain its competitive edge in the wind power sector as market price competition eases [8] - In the solar storage sector, the company is leveraging bidding successes and new technology recognition for accelerated growth [8] Future Development Directions - Hezhong Electric aims to achieve a qualitative transformation in its comprehensive capabilities, similar to CATL in the lithium battery industry, maintaining strong growth post-cycle [7] - The company is expected to complete valuation switches and maintain high growth expectations beyond 2026 [7] - The focus on overseas market expansion through HVDC technology upgrades is anticipated to significantly enhance revenue and profit [8][14] Product and Technology Positioning - The AIDC product market positioning is gaining attention, with Hezhong Electric leveraging its high-power inverter technology to lead in both domestic and international markets [11] - The company has established a strong foothold in the HVDC sector, with ongoing collaborations that may facilitate breakthroughs in the U.S. market [12] Financial Projections - Hezhong Electric's traditional main business is projected to achieve revenues of **650 million to 700 million** in 2025, with a corresponding market valuation of approximately **13 billion** [15] - The HVDC business is expected to generate significant incremental revenue, with a projected market space of **7 billion** if the company captures a **50%** market share [15] Additional Important Insights - The company’s governance and management structure improvements have already shown results in Q4 performance, indicating a strong operational turnaround [10] - Hezhong Electric's strategic partnerships, particularly with companies like Vidi China, enhance its competitive positioning and product development capabilities [11][14] - The overall market for power electronics in the solar and wind sectors is expected to see substantial growth, driven by increased recognition and support for these industries [10]

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

Investment Rating - The investment rating for the computer industry is "Positive" (首次) [1] Core Insights - The report highlights that the computer sector has shown a significant increase of 6.7% this week, ranking third among the Shenwan industries, driven by the announcement of several computing power leasing orders and the emergence of Manus [3][4] - Manus is compared to last year's Kimi moment, marking a pivotal point in recognizing the capabilities of "task-oriented AI" in the 2.0 era, which is expected to enhance user experience and operational efficiency [4] - The report emphasizes the importance of the trend towards virtualization and cloud deployment, suggesting that companies like 深信服 could benefit from the increasing demand for virtualization products as businesses adopt AI agents [5] Summary by Sections Market Performance - The computer sector has experienced a notable increase of 6.7% this week, indicating strong market interest and institutional focus on software segments [3] Manus and AI Trends - Manus represents a significant shift in the understanding of AI applications, showcasing the capabilities of task-oriented AI, which can execute long tasks and operate asynchronously in cloud environments [4] - The report suggests that the emergence of Manus could lead to a broader recognition of the potential of AI applications in various industries [4] Investment Opportunities - The report recommends focusing on companies that are likely to benefit from the ongoing trends in AI and virtualization, including those involved in computing power and AI applications [6] - Specific companies to watch include 浪潮信息, 华勤技术, and 移远通信, which are positioned to capitalize on the growth in AI and cloud services [6]

Investment Rating - The report maintains a positive investment rating for the electric power equipment and new energy industry [2]. Core Insights - The emergence of DeepSeek is accelerating the arrival of the AI era, significantly reshaping energy demand and driving the development of distributed clean energy systems [5][9]. - The demand for intelligent computing is boosting the AIDC (Artificial Intelligence Data Center) sector, with a focus on power distribution systems as a core component [23][46]. - The human-shaped robot industry is entering a phase of industrialization, with significant potential in core component markets such as sensors and motors [48][54]. Summary by Sections Section 1: DeepSeek and Restructured Demand - DeepSeek's efficiency improvements and open-source ecosystem are facilitating the AI era, leading to increased demand for distributed energy [9][10]. - The AI-driven demand for computing power is expected to stimulate electricity demand, with a notable increase in the need for power supply systems [14][33]. - The human-shaped robot industry is on the verge of industrialization, with a focus on reducing costs and enhancing capabilities through AI [58]. Section 2: High-Quality Innovation and Supply - The report emphasizes the importance of technological innovation in overcoming the challenges of overcapacity in the new energy sector, with DeepSeek's advancements accelerating applications in various stages of production [11][17]. Section 3: Smart Energy Internet Development - The integration of AI is pivotal in creating a smart energy internet, which is expected to enhance the efficiency and sustainability of energy systems [17][19]. - The report highlights the need for new energy systems to adapt to the increasing demand for distributed energy solutions, driven by AI advancements [21][39]. Section 4: Investment Recommendations - Key investment areas include AIDC power supply manufacturers, UPS and HVDC companies, and core component suppliers for human-shaped robots [46].

Investment Rating - The report maintains an investment rating of "Outperform" for the AIDC industry, consistent with the previous rating [3]. Core Insights - Major domestic and international manufacturers are making significant capital expenditures in the AIDC sector, indicating substantial growth potential in the infrastructure industry [4]. - The AIDC infrastructure can be categorized into internal and external components, with overseas value being higher compared to domestic counterparts [5]. - The AIDC sector is experiencing exponential growth in computing power and a significant increase in power consumption compared to traditional IDC [6]. - The report highlights the increasing capital expenditures by major players such as ByteDance, Tencent, and Alibaba in China, as well as the four major US tech giants (Microsoft, Meta, Google, and Amazon) [19][22]. Summary by Sections AIDC Infrastructure Composition - AIDC is designed specifically to support and accelerate AI applications, featuring high-performance computing resources and large-scale storage solutions [11]. - The key differences between AIDC and traditional IDC include a significant increase in power density and computing power, with AIDC cabinets typically ranging from 20-100 kW [15]. Internal AIDC Components - High-power AI servers create investment opportunities in power supply, liquid cooling, supercapacitors, and BBU [25]. - The global market for AI server power supplies is expected to exceed $5 billion by 2026, driven by increased power density and efficiency [6][40]. - Supercapacitors are gaining importance in AIDC for their dual functions of peak shaving and backup power, with a projected market increase due to their integration into NVIDIA's GB300 [55][56]. - Liquid cooling technologies are becoming essential as cabinet power densities exceed 20 kW, with various liquid cooling methods emerging to meet high thermal demands [63]. External AIDC Components - The demand for UPS, HVDC, diesel generators, transformers, and switchgear is expected to grow significantly due to AIDC requirements [8]. - The UPS market is projected to reach 19.1 billion yuan by 2025, with leading companies like Kehua and Huawei holding significant market shares [9]. - The diesel generator market for AIDC is anticipated to reach 238 billion yuan, indicating a vast market potential for domestic manufacturers [9]. Major Players and Investment Plans - ByteDance plans to increase its capital expenditure to 160 billion yuan by 2025, focusing on AI computing procurement and data center construction [20]. - Tencent's capital expenditure is projected to reach 230 billion yuan in 2024, reflecting a 176% year-on-year increase [19]. - Alibaba aims to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, significantly increasing its previous decade's total investment [20]. - Major US tech companies are also ramping up their investments in AI data centers, with total investments expected to reach $218 billion by the end of 2024 [22][23].

Investment Ratings - Electric Equipment New Energy: Buy (Maintain) - Public Utilities: Buy (Maintain) - Environmental Protection: Buy (Maintain) [1] Core Views - The humanoid robot and AIDC sectors have experienced a pullback, primarily due to high market expectations leading to elevated valuations. Solid-state battery stocks, previously lagging, have seen a rebound. In the new energy sector, growth expectations for industrial control related to robots, AI power related to AIDC, and solid-state batteries present good investment opportunities this year [3]. - Humanoid Robots: The market previously valued this sector based on advancements in AI technology and Tesla's production expectations. The core support for valuations lies in the progress of embodied intelligence technology and its application in specific scenarios [3]. - AIDC: The development of DeepSeek has injected vitality into China's AI sector, with domestic capital expenditure on computing power reaching new heights. Future focus areas include the global arms race in computing power, enhancing data center efficiency, and new technologies in computing chips and algorithms [3]. - Solid-State Batteries: The market has underestimated the support provided by all-solid-state batteries for safety and endurance in humanoid robots and low-altitude economic demands. Attention should be paid to the mass production and cost reduction of solid electrolytes and lithium sulfide, as well as advancements in dry electrode processes [3]. - Electric Grid, Offshore Wind, and Lithium Batteries: Among various new energy chains, the electric grid and offshore wind have the most stable fundamentals. Current overall valuations are low, making them suitable for foundational allocation. Lithium batteries are expected to benefit from short-term export surges and the upcoming peak season, with optimistic data forecasts [3]. Summary by Sections Humanoid Robots - The humanoid robot industry has significant long-term potential, with key observation metrics being the pace of AI advancements. Unexpected progress in AI will bolster market confidence in future demand [7]. - "General humanoid robots" and robotic dogs have started to show cost-effectiveness in specific application scenarios such as elderly care and inspections [7]. - AI empowerment is expected to accelerate the development of traditional collaborative robots, enhancing their effectiveness in certain industrial applications [7]. Wind Power - In 2024, China's onshore wind power is expected to add approximately 75.8 GW, a year-on-year increase of 9.68%. Offshore wind power is projected to add about 4.0 GW, a year-on-year decrease of 40.85% [10]. Lithium Batteries - The average price of battery-grade lithium carbonate is reported at 75,200 CNY/ton. Demand from downstream material manufacturers for March is expected to be less optimistic, leading to an oversupply situation [16]. - The price of phosphoric iron lithium cathodes is expected to adjust due to rising processing fees, while the overall inventory is anticipated to increase [16]. - The market for anode materials is stable, with prices expected to rise as demand recovers, despite high raw material costs [16]. Solar Energy - The solar industry chain is experiencing price stabilization, with silicon material production remaining steady. The price of silicon wafers is expected to increase in March, alongside slight rebounds in battery and module prices [30]. - As of February 26, 2025, the profitability across various segments of the solar industry remains under pressure, with negative margins reported [32]. Public Utilities - As of February 28, 2025, the price of domestic thermal coal at Qinhuangdao Port is reported at 701 CNY/ton, a decrease of 28 CNY/ton from the previous week [44].