Core Viewpoint - The company emphasizes its commitment to improving production and operations while addressing investor concerns about stock price fluctuations and the development of liquid cooling products [1] Group 1: Liquid Cooling Products - The company has launched a full lifecycle service for liquid cooling data centers, including a series of self-developed liquid cooling products [1] - The company has completed liquid cooling data center renovations for leading internet companies, establishing industry benchmark services [1] - In collaboration with Muxi Co., the company has introduced a high-density liquid cooling computing POD, with specific projects already implemented in intelligent computing scenarios [1] Group 2: Future Collaborations and Industry Development - The company plans to collaborate with more partners to build a liquid cooling intelligent computing center ecosystem [1] - The initiative aims to promote the green and low-carbon development of the intelligent computing center industry [1]

Core Insights - The rise of Artificial Intelligence Data Centers (AIDC) is transforming the energy landscape, making electricity a critical resource for computing power limits [1][2] - AIDC companies are rapidly crossing capital boundaries, initiating a new era of dual financing platforms, referred to as "A+H" [3] - The shift from "selling computing power" to "controlling energy" reflects a deep transformation in industry logic, with companies racing to secure funding before global energy shortages become a consensus [4] Company Developments - Jinpan Technology, a leading supplier of AIDC power equipment, reported a staggering 603.68% year-on-year increase in data center orders for 2024 [7] - The company is expanding its R&D into high-voltage direct current (HVDC) and solid-state transformers (SST), with expected revenue of approximately 5.194 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.25% [7] - DeYe Co., a leader in household energy storage inverters, is set to submit its IPO application to the Hong Kong Stock Exchange in January 2026, focusing on SST and smart cloud platforms [7] - Unisplendour is leveraging its high market share in networking to address communication latency issues in AI clusters [7] Market Trends - The collective move to the Hong Kong market is not merely a financing action but a strategic effort to anchor global supply chains and enhance liquidity premiums [8] - The AIDC industry is undergoing a systemic reconstruction, transitioning from a focus on computing chips to comprehensive infrastructure [11] - The demand for efficient power supply systems is increasing, with traditional AC power being replaced by more efficient 800V HVDC systems [12] Policy and Future Outlook - Recent government policies indicate a shift from "computing power infrastructure" to "industrial deep integration," emphasizing the need for enhanced AI computing supply [18] - The focus on "artificial intelligence+" actions highlights the importance of iterative technological breakthroughs driven by application demands [19] - The anticipated growth in capital expenditures from North American AI giants and Chinese internet companies signals a robust demand for AIDC infrastructure [20]

证券代码：002335 证券简称：科华数据 公告编号：2026-002 科华数据股份有限公司 关于设立募集资金专户并签署募集资金三方监管协议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的 虚假记载、误导性陈述或重大遗漏承担责任。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意科华数据股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1681 号），科华 数据股份有限公司（以下简称"科华数据"或"公司"）于 2023 年 8 月 23 日向 不特定对象发行了 14,920,680 张可转换公司债券，发行价格为每张 100 元，募 集资金总额 149,206.80 万元，扣除各项发行费用后，实际募集资金净额为 148,066.32 万元，上述款项已于 2023 年 8 月 29 日全部到账。容诚会计师事务所 （特殊普通合伙）对公司本次募集资金到位情况进行了审验，并于 2023 年 8 月 30 日出具了容诚验字[2023]361Z0043 号《验资报告》。 二、募集资金监管协议的签订及专户开立、存储情况 结合公司自身业务和战略发展规划，为进 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.29 CNY [5][9]. Core Insights - The company is expected to turn from profit to loss in 2025, primarily due to significant goodwill impairment related to acquisitions such as Zhongjin Yunwang. Although the IDC and cloud computing businesses are under short-term pressure, the accelerated deployment of cabinets is anticipated to improve performance in 2026 [2][9]. - The company forecasts a revenue of 71.7 to 72.2 billion CNY for 2025, representing a year-on-year decline of 0.84% to 1.52%. The net profit attributable to shareholders is projected to be a loss of 7.7 to 8.2 billion CNY, compared to a profit of 346 million CNY in the previous year [9]. Financial Summary - Total revenue is projected to decline from 7,855 million CNY in 2023 to 7,208 million CNY in 2025, with a slight recovery to 7,384 million CNY in 2026 and 7,996 million CNY in 2027 [4][10]. - The net profit attributable to shareholders is expected to drop from 388 million CNY in 2023 to a loss of 749 million CNY in 2025, before recovering to 328 million CNY in 2026 and 450 million CNY in 2027 [4][10]. - The company’s net asset return rate is forecasted to decline to -6.3% in 2025, with a recovery to 2.7% in 2026 and 3.5% in 2027 [4][10]. Business Performance - The company has faced challenges in its IDC business due to increased competition and customer retention issues, leading to a higher difficulty in customer acquisition. The company has also seen a significant increase in cabinet deployment, with over 26,000 new cabinets added in 2025, reaching a total of over 82,000 cabinets by the end of the year [9]. - The cloud computing segment is expected to see a revenue decrease of approximately 106 million CNY in 2025 due to the expiration of specific operational assets and adjustments in customer structure [9]. Market Position - The company is positioned within the telecommunications and information technology industry, with a focus on IDC and cloud computing services. The competitive landscape remains challenging, but the company is actively expanding its cabinet deployment to meet future demand driven by AI and computing power needs [9].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the AI and cloud computing industry, highlighting the synergy between domestic and international AI developments and the resulting demand for cloud services [1][2]. Core Insights and Arguments - NVIDIA invested $2 billion in CoreWeave at a price of $87.20 per share, expanding their complementary partnership to support CoreWeave's plan to build an AI factory exceeding 5GW by 2030 [1]. - The AI application era is expected to significantly increase inference demand, allowing cloud providers to optimize computing resource allocation through technological capabilities and economies of scale [1]. - AI demand is driving a comprehensive price increase across the entire computing power supply chain, with AWS raising prices on certain cloud services by 15%, breaking a 20-year trend of only price reductions [1]. - China's advancements in AI are continuously driving demand for cloud computing services [1]. Notable Developments - Alibaba's Qwen3-Max-Thinking flagship inference model was officially launched, significantly enhancing native agent capabilities and improving inference performance and efficiency while greatly reducing hallucinations [1]. - Jieyue Star recently completed over 5 billion yuan in Series B+ financing aimed at foundational model research, indicating that domestic large model development and inference will further boost demand for computing power and cloud services [2]. Related Companies - The call mentions several companies related to cloud services and IDC, including: - YunSai ZhiLian - UCloud - Wangsu Technology - Capital Online - Shunwang Technology - Meili Cloud - Guanghuan New Network - Qingyun Technology - Tongniu Information - Dataport - Kehua Data - Runze Technology - Aofei Data - Chengdi Xiangjiang - Parallel Technology [3]. - Alibaba-related companies mentioned include Guangyun Technology and Shiji Information [3].

Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

（编辑 楚丽君） 证券日报网讯 1月27日，科华数据在互动平台回答投资者提问时表示，近年来随着AI发展对算力的巨大 需求，全球算力基建加速，公司凭借近40年电力电子技术积淀与十余年数据中心运营经验陆续与头部互 联网企业、运营商、金融行业、政企等客户开展合作，面对当前AI智算应用场景，公司发布了全球首 款200kW高密UPS模块、云动力电力模组、S3锂电、液冷POD等在内的核心产品，在直流供电领域公司 打造了覆盖240V至800V的全系列高压直流电源解决方案，精准适配了新一代AI算力对高效、高密、高 可靠供电的算力需求。同时公司充分发挥高质量高可靠的产品技术实力等优势，与头部互联网企业等核 心客户开展深度联合研发，共同推进多项前沿产品研发项目，通过技术共研、场景共创、生态共融等模 式，加速算力基础设施与核心技术的深度融合与行业应用落地。未来公司将持续坚持"数据+数能"双星 驱动的战略布局，紧扣绿色能源蓬勃发展、AI算力需求爆发的时代风口，坚守"以智慧电能驱动低碳数 字未来"的初心使命，深耕产品技术，做强研发根基；拓展海外市场，做大市场版图；推动精益智造， 严把质量管理；坚持以客户为中心，做好全链服务。 ...

证券之星消息，1月27日其他电源设备板块较上一交易日上涨3.51%，新雷能领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。其他电源设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300593 | 新富能 | 31.41 | 3.77% | 28.05万 | | 8.59亿 | | 300870 | 欧陆通 | 227.93 | 3.21% | 5.11万 | | 11.35 Z | | 002851 | 麦格米特 | 129.26 | 2.18% | 20.73万 | | 26.26亿 | | 002518 | 科士达 | 57.42 | 1.66% | 12.19万 | | 6.87亿 | | 002335 | 科华数据 | 65.25 | 1.32% | 39.06万 | | 25.32 乙 | | 002364 | 中恒电气 | 31.35 | 0.19% | 33.66万 | | 10.40 ...

Core Insights - The new energy storage industry is crucial for China's power system and achieving carbon neutrality goals, with a significant growth forecast from 3.28GW in 2020 to 230GW by 2030, making China the global leader with 40% of the market share [1][2][18]. Industry Development Status and Value Chain Distribution - The new energy storage industry is a key technology for China's energy transition, with a cumulative installed capacity growth from 8.7GW in 2023 to 31.39GW, representing a year-on-year increase of over 260% [1]. - The industry value chain includes upstream raw materials and equipment supply, midstream system integration, and downstream applications such as power generation and commercial storage [2][4]. - Profit margins vary across the value chain, with upstream components like air compressors and heat exchangers showing 20%-40% margins, while downstream applications maintain margins above 22% [4]. Policy Environment in Xiamen - Xiamen's government has prioritized the new energy storage industry as a core driver for economic growth, aiming to create a 100 billion yuan new energy industry cluster by 2026 [6][9]. - The "Xiamen New Energy Storage Industry High-Quality Development Action Plan (2024-2026)" outlines specific goals, including a core industry scale exceeding 50 billion yuan and the development of 26 application scenarios [25][26]. Current Status of Xiamen's New Energy Storage Industry - Xiamen's new energy storage industry has seen a significant increase in registered companies, with 229 active firms as of November 2025, reflecting a growing focus on energy transition [19]. - The city's new energy industry output has doubled from 379 billion yuan in 2020 to 948 billion yuan in 2024, with a projected value exceeding 1100 billion yuan by 2025 [18]. Research and Development Investments - Leading companies in Xiamen, such as Hai Chen Energy, are investing heavily in R&D, with Hai Chen's investment reaching 530 million yuan in 2024, focusing on advanced storage technologies [22]. Future Development Outlook - Xiamen aims to establish itself as an international hub for new energy storage innovation, with plans to develop a comprehensive ecosystem that includes technology breakthroughs and market expansion [25][26].

Summary of Conference Call Records Industry Overview - **Industry Focus**: Cloud services and related technology resources in China - **Key Trends**: Expansion of demand and price increases across the cloud technology resource industry chain, driven by major promotions during the Spring Festival and rising costs in upstream materials [2][4] Core Insights - **Cloud Services Demand**: Significant growth in demand for reasoning resources, with expectations of price increases in CPU, IDC, and computing rental segments [1][3] - **CPU Market Dynamics**: Continuous price increases in CPUs due to rising upstream material costs, with high-end CPU demand accelerating, particularly for AGX development. Domestic CPU market share is increasing due to accelerated domestic substitution, with Haiguang Information highlighted as a key player [5][6] - **Domestic Computing Market**: AI development is driving the localization of computing power, with first-tier manufacturers like Huawei and Cambricon securing substantial orders. Second-tier manufacturers also have opportunities, with Haiguang Information and Cambricon noted as leading companies [6] - **Storage Industry Changes**: Increased storage consumption due to AI model training, with server memory costs rising. Storage prices are expected to rise significantly from the second half of 2025, remaining tight until 2027. Longxin and Changcun are highlighted as investment opportunities post-IPO [7][8] - **Norflash Market Growth**: Increased capacity for Norflash products in AI and general servers, benefiting companies like Zhaoyi Innovation and Puran [9] Additional Insights - **ITC Sector Opportunities**: The ITC sector is expected to see a historical high in bidding volumes in 2026, with major companies like Alibaba and Tencent initiating large-scale tenders. Recommended companies include Runze and Aofei, which have strong fundamentals and growth potential [11][12] - **Liquid Cooling Market**: The domestic liquid cooling market is anticipated to grow significantly in 2026, driven by the introduction of domestic super-node products. Yingweike is recommended for its technological and brand advantages [13] - **Semiconductor Equipment Opportunities**: The semiconductor equipment sector is benefiting from rising storage prices and domestic substitution needs, with companies like North Huachuang and Zhongwei recommended for their strong order prospects [14] - **Mechanical Equipment Demand**: Increased demand for mechanical equipment related to ITC construction, with recommendations for companies like KOTAI Power and Yuchai Power [15] - **Power Supply Developments**: The domestic power supply market is evolving with a focus on UPS and HVDC systems, with companies like Huawei and Keda Data holding significant market shares [16][17] - **Data Center Components**: Growth opportunities for data center components, particularly low-voltage circuit breakers, are expected as market demand rises, especially with the shift to 800V DC platforms [18]