（一）可转换公司债券发行情况 深圳欧陆通电子股份有限公司 关于不提前赎回"欧通转债"的公告 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。 特别提示： 1、自 2025 年 12 月 22 日至 2026 年 1 月 13 日，深圳欧陆通电子股份有限公 司（以下简称"公司"或"欧陆通"）股票已满足任意连续三十个交易日中至少 十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%），已触发"欧 通转债"有条件赎回条款。 2、公司于 2026 年 1 月 13 日召开第三届董事会 2026 年第一次会议，审议通 过了《关于不提前赎回"欧通转债"的议案》，董事会决定本次不行使"欧通转 债"的提前赎回权利，不提前赎回"欧通转债"，且自 2026 年 1 月 14 日至 2026 年 4 月 13 日，如再次触发"欧通转债"上述有条件赎回条款时，公司均不行使 提前赎回权利。自 2026 年 4 月 13 日后首个交易日重新计算，若"欧通转债"再 次触发上述有条件赎回条款，届时董事会将另行召开会议决定是否行使"欧通转 债"的提前赎回权利。 一、可转换公司债券基 ...

证券代码：300870 证券简称：欧陆通 公告编号：2026-004 债券代码：123241 债券简称：欧通转债 一、董事会会议召开情况 深圳欧陆通电子股份有限公司（以下简称"公司"）第三届董事会 2026 年 第一次会议于 2026 年 1 月 13 日（星期二）以通讯表决方式召开。本次董事会会 议通知已于 2026 年 1 月 9 日以电子邮件、微信或电话等方式通知全体董事和高 级管理人员。本次会议应出席董事 9 人，实际出席董事 9 人。本次会议由董事长 王合球先生召集和主持，公司全体高级管理人员列席了本次会议。会议的内容以 及召集、召开的方式、程序均符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 会议审议并通过以下议案： 1、审议通过了《关于不提前赎回"欧通转债"的议案》 根据《公司向不特定对象发行可转换公司债券募集说明书》中可转换公司债 券有条件赎回条款的相关约定，自 2025 年 12 月 22 日至 2026 年 1 月 13 日，公 司股票已满足任意连续三十个交易日中至少十五个交易日的收盘价格不低于当 期转股价格（43.55 元/股）的 130%（含 130%，即 56.62 元 ...

Summary of AIDC Conference Call Industry Overview - The conference call focuses on the AIDC (Artificial Intelligence Data Center) industry, particularly the transition towards 800 VDC (voltage direct current) systems and the adoption of solid-state circuit breakers (SSCB) [1][3][4]. Key Points and Arguments - **Transition to 800 VDC**: The domestic 800 VDC pilot projects are being implemented, marking a significant shift towards direct current and high voltage systems, which will drive the evolution of UPS (Uninterruptible Power Supply) to HVDC and SST (Solid-State Transformer) [1][3]. - **Solid-State Circuit Breakers (SSCB)**: The application of SSCBs in 800 V systems is accelerating, with companies like Eaton, ABB, and domestic firms such as Liangxin, Taiyong Changzheng, and Chint Electric actively investing in this technology [1][5]. - **Market Acceptance**: There is an increasing acceptance of direct current power supply solutions in the market. Companies like ByteDance are testing DC UPS and 800 V HVDC systems, indicating a growing willingness to adopt these technologies [1][6]. - **Investment Potential**: Companies such as Zhongheng Electric, Keda, and Oulutong are identified as having significant investment potential due to their strategic positions and partnerships with major players like Alibaba and ByteDance [1][7]. - **Impact of Overseas Markets**: The North American market shows a significant influence on high voltage direct current systems, with companies benefiting from the new cycle of internet infrastructure investment [1][8]. - **Future Demand for SSCBs**: The demand for SSCBs is expected to grow significantly, with projections indicating a market space of 2 billion yuan by 2027 if the penetration rate of 800 V HVDC reaches 20% [2][13]. Additional Important Insights - **Economic Benefits of SSCBs**: The adoption of SSCBs in data centers is expected to yield substantial economic benefits, including reduced maintenance costs and increased electrical lifespan [12][13]. - **Application Scenarios**: SSCBs are particularly suited for high-frequency operations and compact requirements in data centers, with applications in various scenarios such as multi-ecological access and high-voltage DC relay upgrades [14][15]. - **Market Forecast**: The global market for SSCBs is projected to reach 30 billion yuan by 2027, with a significant portion of this market driven by overseas demand due to higher penetration rates and pricing [13]. This summary encapsulates the key discussions and insights from the AIDC conference call, highlighting the industry's transition towards high voltage direct current systems and the growing role of solid-state circuit breakers.

Core Viewpoint - The Chinese data center industry is expected to enter a phase of explosive growth by 2025, with the market size projected to exceed 318 billion yuan, representing a year-on-year increase of approximately 14.7% [1][2]. Industry Summary - The market size of the Chinese data center industry is forecasted to reach 1.2 trillion yuan by 2030, with a compound annual growth rate (CAGR) of about 25%-28% [2]. - The load capacity is expected to be around 7.05 GW in 2025 and reach 9.37 GW by 2030, with a CAGR of approximately 5.85% [2]. - The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure by 2026, Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027, and Tencent increasing its investment in AI and cloud construction [2]. Investment Insights - The domestic data center sector is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment likely to benefit first [2]. - The recent initiation of AIDC tenders in China suggests a focus on the IDC sector, with recommendations to pay attention to companies like Kehua Data (002335) [3]. - The HVDC/SST industry shows significant potential for development, with high market space and further value enhancement expected, recommending attention to Jinpan Technology and Sifang Co., Ltd. (601126) [3]. - High-voltage circuit breakers are critical for power distribution and transformation, with a recommendation to focus on Liangxin Co., Ltd. (002706) [3]. - Continuous attention is advised for the power supply sector within AIDC, including companies like Zhongheng Electric (002364), Magpower (002851), and Oulu Tong (300870) [3]. - In the energy storage sector, companies such as Sungrow Power Supply (300274) and Tongfei Co., Ltd. (300990) are recommended for investment [3].

Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][17]. Core Viewpoints - The domestic data center industry is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment expected to benefit first. The market size of China's data center industry is projected to exceed 318 billion yuan in 2025, representing a year-on-year growth of approximately 14.7%. By 2030, it may reach 1.2 trillion yuan, with a compound annual growth rate (CAGR) of about 25%-28% [5][15]. - The load scale of data centers is expected to be around 7.05 GW in 2025, increasing to 9.37 GW by 2030, with a CAGR of approximately 5.85%. The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure in 2026, and Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027 [5][15]. - The industry is experiencing an unexpected expansion, with infrastructure technology upgrades creating investment opportunities in IDC-compatible DC power supply equipment [5][15]. Summary by Sections Investment Viewpoints - The report suggests focusing on the IDC sector, recommending companies such as Kehua Data and Jinpan Technology, as well as Sifang Co. and Liangxin Co. for their potential in the HVDC/SST industry. It also highlights the importance of high-voltage circuit breakers and suggests monitoring companies like Zhongheng Electric, Magmeter, and Oulu Tong in the power supply sector [6][16]. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with notable mentions: - Kehua Data (002335.SZ): EPS forecast of 1.86 yuan for 2026, currently unrated [18]. - Liangxin Co. (002706.SZ): Rated "Buy" with an EPS forecast of 0.44 yuan for 2026 [19]. - Magmeter (002851.SZ): Rated "Buy" with an EPS forecast of 2.07 yuan for 2026 [19]. - Sunshine Power (300274.SZ): Rated "Buy" with an EPS forecast of 7.74 yuan for 2026 [19]. - Jinpan Technology (688676.SH): Rated "Buy" with an EPS forecast of 2.20 yuan for 2026 [19]. Market Performance - The power equipment sector saw a 5.02% increase last week, ranking 12th among 28 sub-industries, outperforming the Shanghai Composite Index by 1.21 percentage points [46].

Group 1 - The core viewpoint of Huaxi Securities highlights strong demand in the new energy vehicle (NEV) sector, with significant growth in energy storage and power battery needs, as well as a robust demand for core components in humanoid robots and solar photovoltaic applications driven by low-orbit satellite deployment [1][2] - The report emphasizes the expected acceleration in humanoid robot mass production, driven by domestic and international collaborations, and a strong domestic demand for core components such as precision transmission parts and electronic skin [2] - The outlook for NEV sales remains positive, with expectations of stable growth driven by new policies and increasing electrification rates in commercial vehicles, alongside a high demand for power batteries [3] Group 2 - The deployment of low-orbit satellite constellations is anticipated to significantly boost the demand for solar wings, which are essential for satellite energy supply, as the global competition in this area intensifies [4] - The first 30MW pure hydrogen gas turbine project has achieved breakthroughs in pure hydrogen power generation, indicating broad application potential across various energy supply scenarios [5] - The H200 supply chain is expected to restart, with domestic AI models rapidly evolving, suggesting that suppliers closely tied to major players may benefit significantly from upcoming opportunities [6]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the expansion of storage demand driven by NVIDIA's new storage architecture, with continuous price increases in the semiconductor upstream [3] - The introduction of TSMC's 2nm mass production accelerates global resonance, opening up opportunities in fabs and equipment [3] - The AI terminal is initiating a new cycle of industrial chain upgrades in consumer electronics and components [3] Summary by Sections Industry Overview - The electronic industry is projected to outperform the overall market [1] - The report includes various related research reports that provide insights into the semiconductor and AI sectors [3] Technological Innovations - NVIDIA's Rubin platform showcases a collaborative design that significantly reduces training time and inference costs, marking a revolutionary change in architecture [4] - The Rubin NVL72 cabinet-level solution integrates 18 computing trays, achieving a total of 72 GPUs and 36 CPUs, with a CPU-GPU interconnect bandwidth of 1.8TB/s [5] - The system features high bandwidth, cable-free architecture, and deep interconnect capabilities, enhancing AI computing infrastructure [6] Beneficiary Companies - Beneficiary companies identified include: - Assembly: Industrial Fulian - Connectors: Luxshare Precision, Huizhu Technology, and Ruikeda - PCBs: Shenghong Technology, Huitian Technology, and Jingsheng Electronics - Cooling: Invec, Lingyi Zhi Zao, and others - Power Supply: Oulu Tong and Aohai Technology [7]

（文章来源：证券日报） 证券日报网讯 1月9日，欧陆通发布公告称，公司使用闲置募集资金34400万元、自有资金4000万元滚动 购买兴业银行、宁波银行、中信银行保本型结构性存款及大额存单，截至2026年1月9日尚未到期余额未 超授权上限。 ...

深圳欧陆通电子股份有限公司（以下简称"公司"）于2025年4月18日召开 第三届董事会2025年第二次会议，审议通过了《关于使用闲置募集资金和自有资 金进行现金管理的议案》，同意公司（含子公司，下同）使用不超过人民币4亿 元（含本数）的部分闲置募集资金（含超募资金）和不超过人民币3亿元（含本 数）的自有资金进行现金管理，有效期自2025年8月26日至2026年8月25日，在前 述额度和期限范围内，资金可循环滚动使用。具体内容详见公司在巨潮资讯网上 披露的《关于使用闲置募集资金和自有资金进行现金管理的公告》（公告编号： 2025-021）。 根据上述授权，公司已使用部分暂时闲置募集资金及自有资金进行现金管理， 现将有关情况公告如下： 证券代码：300870 证券简称：欧陆通 公告编号：2026-003 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于使用闲置募集资金及自有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的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 序 号 公 司 名 称 机构 产品名称 产品类型 金额 （万 元） 起息 日期 终止 日期 ...

Group 1 - The core viewpoint of the news is that 欧陆通 (Oulutong) experienced a stock price increase of 5.05%, reaching 257.50 CNY per share, with a trading volume of 1.228 billion CNY and a turnover rate of 4.49%, resulting in a total market capitalization of 28.288 billion CNY [1] - 欧陆通 is based in Shenzhen, Guangdong Province, and was established on May 29, 1996. The company was listed on August 24, 2020, and its main business involves the research, development, production, and sales of switch power supply products [1] - The main revenue composition of 欧陆通 is 99.57% from the manufacturing of computers, communications, and other electronic devices, with the remaining 0.43% categorized as other [1] Group 2 - From the perspective of fund holdings, 新沃基金 (Xinwo Fund) has a significant position in 欧陆通, with its 新沃内需增长混合A (Xinwo Domestic Demand Growth Mixed A) fund holding 2,500 shares, accounting for 4.93% of the fund's net value, making it the tenth largest holding [2] - The 新沃内需增长混合A fund was established on September 9, 2021, with a latest scale of 8.5055 million CNY. Year-to-date, it has achieved a return of 8.34%, ranking 482 out of 8,827 in its category, and a one-year return of 35.35%, ranking 3,510 out of 8,084 [2] - The fund manager, 刘屾 (Liu Shen), has been in the position for 4 years and 28 days, with the total asset scale of the fund being 10.9269 million CNY. The best and worst fund returns during his tenure are -48.58% and -49.61%, respectively [2]