Group 1: Convertible Bond Market - The convertible bond market valuation is at a historical extreme level, with a pricing deviation indicator of 12.83% as of January 16, 2026, placing it in the 99.9th percentile since 2018 and 2021 [5][6] - The short-term drivers for the elevated valuation include a strong performance in the equity market, which has led to rising convertible bond prices and premium rates, and an influx of funds driven by demand for rights assets [5] - The current valuation is considered high, increasing systemic vulnerability, and investors are advised to be cautious and avoid high-priced and high-premium varieties, focusing instead on the sustainability of the underlying stock fundamentals [5][6] Group 2: Electric Power Equipment Industry - The electric power equipment sector is projected to focus on AIDC (Artificial Intelligence Data Center) and electricity shortages as core investment themes for 2026 [7][8] - The sector has outperformed the market, with a cumulative increase of 33.6% compared to a 17.7% rise in the CSI 300 index as of December 31, 2025 [8] - Investment recommendations include companies like Zhongheng Electric, Kehua Data, and Keda, which are expected to benefit from the growing demand for HVDC (High Voltage Direct Current) solutions and the global electricity construction backdrop [8] Group 3: Real Estate Market - The real estate market is experiencing a decline, with new home sales down 12.6% year-on-year, and related development investment indicators showing accelerated declines [9] - Predictions for 2026 include a 10% decrease in new construction area to 530 million square meters and a 10.9% drop in real estate development investment to 7.57 trillion yuan [9] - The report maintains an "overweight" rating for the sector, emphasizing the importance of policy support and the potential for recovery in specific urban markets, particularly first-tier and select second-tier cities [9] Group 4: Textile and Apparel Industry - Chow Tai Fook reported a 17.8% year-on-year increase in retail value for FY2026 Q3, indicating strong same-store sales growth [11][13] - The company is focusing on optimizing product design and channel operations, which is expected to enhance consumer engagement [13] - Profit forecasts for FY2026 to FY2028 project net profits of 7.575 billion, 8.559 billion, and 9.646 billion HKD respectively, with a PE ratio of 18 times for FY2026, maintaining a "buy" rating [13]

Core Viewpoint - The report from Guosheng Securities highlights AIDC and power shortages as the main investment themes leading up to 2026, driven by increasing demand for HVDC solutions due to major internet companies' investments [1] Group 1: AIDC and HVDC Market Trends - The UPS market is steadily growing, with HVDC high-voltage direct current solutions identified as a definitive industry trend, and SST technology expected to accelerate the implementation of 800V HVDC systems [2] - By 2028, the power demand for data centers in the U.S. and globally is projected to reach 81GW and 125GW, respectively [2] - Nvidia plans to promote an 800V HVDC architecture starting in 2027 to support higher power density IT racks, utilizing solid-state transformers (SST) as a future distribution solution [2][3] Group 2: Power Supply and Demand Dynamics - The U.S. is facing a power shortage, with data center electricity demand expected to surge from 200 TWh to 640 TWh by 2035, equivalent to Germany's annual electricity consumption [4] - In Texas, there are numerous applications for data center electricity demand, but the grid can only accommodate about 1GW, indicating a significant gap in supply [4] - The aging U.S. transmission lines, many over 40 years old, require urgent upgrades and renovations to meet increasing demand [4] Group 3: Gas Turbine and Transformer Opportunities - The three major gas turbine manufacturers have orders extending to 2028, with a focus on components such as turbine blades and combustion chambers, indicating strong demand for these suppliers [5] - The global upgrade of electrical grids and the rising AI electricity demand are driving continuous demand for transformers, with China holding 60% of global transformer production capacity [5] Group 4: Diesel Generator Market - Diesel generators are becoming essential for data centers to maintain power continuity during outages, with a shift towards a seller's market for diesel generation as new infrastructure develops [6] - Domestic manufacturers are poised to seize opportunities as overseas diesel generator companies adopt a more conservative expansion strategy [6]

Core Insights - A new energy company, founded in January 2025, achieved a valuation of $15 billion by December, despite having zero revenue and a loss of $350 million, primarily supported by the Project Matador microgrid [1] - Project Matador, located in Texas, aims to create the world's largest off-grid energy hub, integrating nuclear, natural gas, and solar energy to form a self-sufficient HyperGrid™ with a capacity of 11GW [3][4] Market Dynamics - The energy demand in the U.S. AIDC sector is undergoing structural changes, yet Chinese energy storage companies have not fully capitalized on this shift [6] - The U.S. market remains largely untapped by Chinese equipment manufacturers, with most local companies like Tesla and Fluence dominating the energy storage space [6][7] Microgrid Adoption - Microgrids are becoming the first choice for AIDC projects in the U.S. due to the lengthy approval process for connecting to the public grid, which can take 5-7 years [10][11] - The rising electricity prices and the political implications of data centers competing for power have led many companies to bypass public grids and establish self-sufficient microgrids [12][13] Energy Supply Solutions - Three main energy supply solutions have emerged for AIDC projects: 1. Gas turbine + storage for rapid deployment [17] 2. Nuclear/gas base + solar storage for long-term projects [19][21] 3. Over-provisioned solar + long-duration storage for off-grid operations [26][28] Opportunities for Chinese Companies - The shift in the U.S. AIDC market towards self-built microgrids presents new opportunities for Chinese energy storage companies to engage directly in power supply design and system stability [38][39] - Chinese firms have proven experience in large-scale system integration and long-duration storage, which are currently in high demand in the U.S. market [41][42] - The microgrid model allows for a more focused entry point for Chinese companies into the U.S. market, as it does not require deep involvement in the broader electricity market [43][45]

Core Insights - The report identifies AIDC (Artificial Intelligence Data Center) and power shortages as the main investment themes for 2026, with the power equipment sector significantly outperforming the market in 2025, rising by 33.6% compared to a 17.7% increase in the CSI 300 index [1][10]. - The demand for power in data centers is expected to surge, with projections indicating that by 2035, the electricity demand from U.S. data centers will increase from 200 TWh to 640 TWh, equivalent to Germany's total annual electricity consumption [2][49]. Group 1: AIDC and HVDC Opportunities - The UPS market is steadily growing, and the HVDC (High Voltage Direct Current) solutions are seen as a definitive industry trend, with SST (Solid State Transformer) compatible with 800V HVDC expected to accelerate implementation [1][20]. - BCG consulting forecasts that by 2028, the power demand for data centers will reach 81GW in the U.S. and 125GW globally, driven by the increasing AI computing needs [29][32]. Group 2: U.S. Power Shortages and Market Dynamics - The U.S. is facing a critical power shortage, with many transmission lines over 40 years old, necessitating urgent upgrades and renovations to the grid [2][48]. - The report highlights that the demand for gas turbines and transformers is expected to rise due to the urgent need for power infrastructure improvements in the U.S. [3][50]. Group 3: Investment Recommendations - The report recommends focusing on companies like Zhongheng Electric and Kehua Data in the HVDC space, as well as Jinpan Technology and Igor in the transformer sector, due to the anticipated growth in global power infrastructure [3][58]. - The gas turbine market is also highlighted, with major manufacturers' orders extending to 2028, indicating strong demand for components such as turbine blades and combustion chambers [3][52]. Group 4: Diesel Generator Market - The diesel generator market for data centers is transitioning to a seller's market, with domestic manufacturers poised to replace foreign brands due to supply constraints and increasing demand [56][57]. - The global market for data center diesel generators is projected to grow from $6 billion in 2023 to $12 billion by 2030, driven by the rapid expansion of data centers and AI infrastructure [56][57].

公司拟设立控股子公司，加速AIDC 业务布局 2026 年1 月21 日，公司发布公告，拟以现金7,000 万元与持股投资平台Ⅰ、持股投资平台Ⅱ共同投资设 立控股子公司深圳市艾格数字能源科技有限公司。本次交易完成后，公司持有艾格数字能源70%股权。 艾格数字能源纳入公司合并报表范围。本次公司拟与关联方共同对外投资设立子公司是基于公司战略发 展规划，紧抓AIDC 供电架构直流化的行业机遇，加速数据中心直流供电业务布局，进一步优化资产、 提升公司综合竞争实力的需要。对外投资资金来源为自有资金。 HVDC 与充电模块在拓扑结构、模块化并联设计上高度相似充电模块与HVDC 核心都是要实现AC-DC 及DC-DC 两级变换，且均属于高压大功率开关电源的范畴。二者都需要从工频/三相市电取电，通过前 级PFC 电路实现功率因数校正，转换为稳定的高压直流电，再通过后级DC-DC 转换成负载所需要的直 流电压。区别在于充电模块的终端负载是动力电池，常设计成300V-1000V 宽电压范围输出；HVDC 的 终端负载是服务器等直流用电设备，以恒压输出为主。且二者均需通过高频化设计来解决高压大功率开 关电源在有限物理空间内的功率密 ...

Core Viewpoint - The company, GDS Holdings Limited (万国数据), is experiencing a positive market response following its announcement of selling shares in DayOne for $385 million, which will allow it to recover approximately 95% of its investment principal, yielding a return on investment of nearly 6.5 times [1] Group 1: Financial Performance - GDS Holdings' stock price increased by over 3% in early trading, currently up 2.77% at HKD 40.08, with a trading volume of HKD 42.307 million [1] - The sale of DayOne shares is expected to enhance the company's liquidity for further investments in domestic AIDC (Artificial Intelligence Data Center) projects [1] Group 2: Strategic Advantages - The company has a core advantage in establishing high-standard AI infrastructure in first-tier cities and surrounding areas, with a significant portion of new orders related to AI [1] - GDS Holdings has issued the first public REITs for data centers in China, showcasing its leading capital operation efficiency in the industry [1]

建银国际发布研报称，万国数据的核心优势在于：在一线城市及周边区域布局高标准人工智能基础设 施，新增订单人工智能相关占比高，且发行国内首单数据中心公募REITs，资本运作效率行业领先。 消息面上，万国数据此前表示，将出售旗下DayOne 3.85亿美元股份，股份购回将使万国数据得以回收 其在DayOne的投资本金的约95%，投资回报率接近6.5倍。回笼资金将用于国内AIDC投资，广发证券认 为，该举措意味着国内算力基础设施投资前沿依然乐观。 智通财经APP获悉，万国数据-SW(09698)早盘涨超3%，截至发稿，涨2.77%，报40.08港元，成交额 4230.7万港元。 ...

Summary of Key Points from Conference Call Records Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is primarily driven by the rapid development of global intelligent computing centers, with a projected total scale of 780,000 P FLOPS by July 2025 [3][4] - The energy consumption of data centers is expected to significantly increase, with projections indicating a consumption of 405.1 billion kWh from 2024 to 2030 [3][4] - The AIDC industry faces three main challenges: power supply stability, cost control, and carbon emission management [5][8] Core Insights and Arguments - The power supply system for intelligent computing centers is struggling with stability, cost, and carbon emissions, necessitating new solutions such as solid-state transformers (SST) [5][6] - The SST is highlighted as a potential ultimate solution due to its high efficiency (up to 98.5%), high power capacity (over 1 MW per cabinet), and reduced footprint, making it suitable for future intelligent computing center layouts [6][9] - The market for SST is projected to reach 13.27 billion RMB by 2030, with a compound annual growth rate (CAGR) exceeding 64% from 2024 to 2030 [3][9][16] Market Performance and Future Outlook - The current performance of the power equipment sector is strong, with optimistic capital expenditure forecasts from major state grids [2] - The AIDC sector is expected to see substantial growth opportunities driven by technological advancements and increased demand for AI [2][3] Challenges and Responses - Data centers are facing significant challenges including power supply stability, high operational costs (with electricity costs accounting for over 50% of total costs), and stringent carbon emission regulations [5][8] - Proposed measures to address these challenges include diversifying energy supply, implementing distributed energy and microgrid models, and adopting new architectures like high-voltage direct current solid-state transformers [8] Notable Companies and Developments - Four-way Co. is recognized for its early entry into the SST market, showing steady growth and significant overseas market potential [17][18] - Jinpan Technology has made advancements in SST, with expectations for substantial growth in overseas AIGC-related orders by 2026 [19] - New Wind Power is focusing on solid-state transformers as a strategic priority, with plans to launch prototypes in 2026 [20] Investment Opportunities - The data center cooling systems present various investment opportunities, particularly in innovative cooling methods and energy recovery systems [12] - Companies like Taiyong Changzheng and Shenghong Electronics are noted for their potential growth in the SST and power quality management sectors [21] Conclusion - The AIDC industry is at a pivotal point, with significant growth potential driven by technological advancements and increasing energy demands. The adoption of solid-state transformers is expected to play a crucial role in addressing the challenges faced by data centers and enhancing overall efficiency [6][9][16]

Core Viewpoint - JinkoSolar (601778) is currently not directly investing in AIDC projects but is focusing on green energy microgrid solutions related to AIDC, collaborating with Tencent and Alibaba Cloud on data center projects [1] Group 1: Financial Health - The company has a good cash flow and ample cash reserves [1] - Future plans include actively responding to industry changes and optimizing resource allocation [1] Group 2: Strategic Focus - JinkoSolar aims to create new competitive advantages by exploring investment and acquisition opportunities in the upstream and downstream of the new energy power industry and emerging business areas like AIDC [1] - The company plans to enhance its profitability and overall valuation through these strategic initiatives [1] Group 3: Disclosure Commitment - Any specific plans related to these strategies will be disclosed in accordance with relevant requirements [1]

Core Viewpoint - Jinko Technology (601778.SH) is currently not directly investing in AIDC projects but is focusing on green energy microgrid solutions related to AIDC, collaborating with Tencent and Alibaba Cloud on data center projects [1] Financial Health - The company has a healthy cash flow and ample cash reserves, indicating strong financial stability [1] Strategic Direction - Jinko Technology plans to actively respond to industry changes, optimize resource allocation, and create new competitive advantages [1] - The company is looking for investment and acquisition opportunities in emerging business areas, particularly in the upstream and downstream of the new energy power industry and AIDC [1] - The goal is to expand into new development areas to enhance profitability and overall valuation [1]