Core Insights - The Malaysian Prime Minister stated that the upgrade of the national grid will facilitate the development of artificial intelligence and battery storage systems [1] Group 1 - The national grid upgrade is expected to enhance technological advancements in artificial intelligence [1] - The improvements in the grid will also support the growth of battery storage systems [1]

Overview - The demand for insulated piercing connectors is increasing due to significant investments in power infrastructure, including urban and rural grid upgrades and smart grid construction, leading to a projected market size of 1.659 billion yuan in 2024, a year-on-year growth of 7.32% [1][11]. Market Policy - The Chinese government has issued several policies to support the development of the power equipment industry, including guidelines for rural grid enhancement, smart power equipment upgrades, and high-quality development of distribution networks, creating a favorable policy environment for the insulated piercing connector industry [4][6]. Industry Chain - The insulated piercing connector industry consists of upstream suppliers of metals like copper and aluminum, insulation materials, and production equipment; the midstream involves manufacturing; and the downstream market primarily serves the power sector, including urban and rural grid construction and connections within power plants and substations [7]. Development Status - The continuous growth in electricity consumption and ongoing investments in power infrastructure are driving the expansion of the insulated piercing connector market, with a projected market size of 1.659 billion yuan in 2024, reflecting a 7.32% increase from the previous year [11][9]. Competitive Landscape - The insulated piercing connector industry features a mix of foreign and domestic players, with companies like Tyco Electronics leading in technology and high-end market share, while domestic firms such as Xi'an Oukam Electric and Jiangsu Jiameng Electric Equipment leverage brand strength and sales networks to compete effectively [13][15]. Representative Companies - Zuo Yi Electric Equipment Co., Ltd. is a high-tech enterprise involved in the design and production of insulated piercing connectors, achieving significant milestones in product development and quality standards [15]. - Zhejiang Keyi Electric Co., Ltd. specializes in the research and production of insulated piercing connectors, boasting advanced automated assembly lines and a production capacity of 30 million connectors annually [17]. Development Trends - Future trends in the insulated piercing connector industry include the application of new materials such as nanotechnology and composite materials to enhance insulation performance and mechanical strength, as well as the integration of smart monitoring features to improve reliability and safety in power systems [19].

该标准核心技术源于省计量院史信荣教授团队的"高性能超宽带电磁干扰测量关键技术研究及应用"项目 成果。该成果曾获2023年度广东省科技进步奖二等奖。基于该核心技术制定的标准，将在多个重点产业 领域发挥重要作用，全面赋能低空经济、芯片研发、轨道交通及智能电网等重点产业，不仅为国际无线 电技术发展贡献中国力量与中国标准，更为我国5G/B5G技术产业高质量发展提供基础支撑与技术保 障。初步评估，该标准实施后，每年有望节约运维成本上亿元。 【深圳商报讯】（驻穗记者姚嘉莉）记者6月15日从广东省市场监管局获悉，由广东省计量科学研究院 牵头，联合中国计量科学研究院、广东工业大学及西安恒达微波开发技术有限公司等单位共同申报的国 家标准《超宽带喇叭测量天线》（计划号：20251772-T-469）近日正式获批立项。该标准是我国首创的 射频微波参数精密测量领域的基础性国家标准。 超宽带喇叭测量天线是射频微波参数精密测量领域的重要标准器具，具有频带宽、效率高及波束指向性 强等优点，其关键核心技术过去长期受西方国家垄断并制约，严重影响了我国相关产业发展。制定该标 准，旨在解决天线的阻抗失配、高次模谐振等传统固有设计缺陷问题。同时，标 ...

研 究 专 题 新股研究 2025 年 06 月 15 日 信通电子：电力通信智能运维细分龙头 ——注册制新股纵览 20250615 投资提示： 相关研究 - 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 股 发 行 ⚫ AHP 得分：剔除流动性溢价后，信通电子 1.82 分，位于总分的 24.5%分位。信通 电子于 2025 年 6 月 12 日招股，将在主板上市。剔除、考虑流动性溢价因素后， 我们测算信通电子 AHP 得分分别为 1.82/2.09 分，分别位于非科创体系 AHP 模型 总分的 24.5%/37.6%分位，分别处于中游偏下、中游偏上水平。以 90%入围率计， 中性预期 ...

目前，北京地区降雨仍在持续，国网北京电力提示广大市民及时拔下家用电器电源插头，避免雷电伤人或损伤电 器，不要边充电边使用手机。室外人员应及时到安全场所暂避，请远离高压线、输电铁塔及变压器等电力设施。 电动汽车客户尽量避免冒雨为电动车充电，如必须使用，应使用防雨器具遮盖充电口、充电枪等设备。 若发现电杆倾斜、导线断落等情况，请立即远离并拨打95598供电服务热线，由专业人员进行紧急处置。市民如需 购电，可通过"网上国网"APP、国网北京电力微信公众号、支付宝及各银行网银、手机客户端等线上渠道购电。 编辑 张树婧 校对 卢茜 6月14日，国网北京朝阳供电公司奥运中心区供电服务中心工作人员开展雨天设备安全检查工作。王兆东 摄 新京报讯（记者吴婷婷 通讯员 朱春晔 李艳娜 向丽）6月14日，北京迎来雷雨天气，国网北京市电力公司启动汛情 预警应急响应，截至14日17时，北京电网整体运行平稳。 国网北京电力299支主配网抢修队伍携带80辆应急发电车、358台发电机等防汛物资和装备在全市分散备勤。当日6 时至14时，该公司应用"电网一张图"停电研判功能实时感知电网运行状态，高效辅助完成电网研判1.3万余次，及 时应对降雨天 ...

Company Operating Conditions - The company's revenue and profit have declined year-on-year since its listing, with 2024 revenue at 98.44 million yuan, a decrease of 18.03% year-on-year, marking the first time revenue fell below 100 million yuan since listing [2] - The newly added technical services and other business revenue in 2023 was 6.74 million yuan, down 85.07% year-on-year; sales from the two networks decreased from 51.21 million yuan to 39.94 million yuan, with the proportion dropping from 42.64% to 40.58% [2] - Revenue from Southern Power Grid significantly decreased from 28.23 million yuan to 5.13 million yuan [2] - The net profit after deducting non-recurring gains and losses was 6.34 million yuan, down 35.73% year-on-year, with non-recurring gains and losses amounting to 5.23 million yuan [2] - In Q1 2025, the company reported revenue of 8.90 million yuan, a decline of 57.79% year-on-year, with both net profits before and after deductions turning from profit to loss [2] Accounts Receivable - The company is required to provide a detailed breakdown of revenue, gross margin, major clients, and changes by business type during the reporting period, along with explanations for revenue and gross margin changes [3] Inventory - The company must clarify the business model, product types, major clients and suppliers, key contract terms, revenue recognition methods, gross margins, post-period payment situations, Q1 2025 revenue, and orders on hand for technical services and other businesses, explaining the reasons for the significant decline in this newly added business in 2023 and its sustainability [3] Construction Projects and Fundraising Projects - The company needs to explain the reasons for the significant decline in sales to the power grid, especially Southern Power Grid, and provide information on Q1 2025 revenue from power grid clients and orders on hand, as well as the reasons and rationale for the quarterly loss [3] External Investments - The company is required to assess whether its main business faces contraction risks, the sustainability of the performance decline trend, and the measures it plans to take in response [3] Qualification Certificates - The company must confirm the authenticity, accuracy, and completeness of non-recurring gains and losses, and whether there are any circumstances that could be seen as avoiding delisting risk warnings [3]

会议预告 第十八届高工锂电产业峰会 ——产业链格局重整 全场景应用共振 2025高工新能源新材料产业大会 —— AI+新材料 引领能源变革 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 会议时间： 2025年7月8日-9日 会议地点： 中国成都邛崃 锂电池产业链两端龙头正在同一新赛道上加速。宁德时代与赣锋锂业，正分别将重注押向 " 虚拟 电厂 " ，这标志着其商业模式正酝酿一场深刻变革 —— 从 供应商、 制造商向能源平台服务商转 型。 宁德时代正将其战略重心向电力系统深度延伸。该公司最新宣布，其零碳能源事业部将与香港大学 携手，共同推进 " 源网荷储一体化 " 及虚拟电厂的示范应用。近期也有交流纪要指出，虚拟电厂 与固态电池并列为宁德时代今年的研发投入核心。 这一布局与宁德时代最新的 " 零碳科技企业 " 定位高度契合。董事长曾毓群在港股上市时曾言， 公司正全力研究包括虚拟电厂在内的零碳电网技术。 愿景的背后，是迫切的现实需求。宁德时代不仅需要管理其遍布于 动力、储能电池、自建风光伏 电站、乃 至零碳工厂中的海量分布式 电源 资产，更寻求商业模式的根本性突破。 首先，绿 电直连的顶层设计将平抑 ...

Core Viewpoint - The company, Haocreat Ruitong, is addressing market concerns regarding customer concentration, R&D expenses, period expenses, and product quality in response to the latest IPO inquiry. Group 1: Customer Concentration - Haocreat Ruitong's main clients are State Grid and Southern Power Grid, with revenue from these clients accounting for nearly 90% during the reporting period, indicating high customer concentration [1] - The company acknowledges the potential impact of procurement fluctuations from these major clients but believes that demand for its products will continue to grow, maintaining a stable customer base [1] - The company plans to actively explore new customer resources and strengthen its efforts in sectors beyond the power grid [1] Group 2: Product Quality - The company has experienced occasional product quality issues due to supplier defects and operational errors, but has implemented corrective measures such as product exchanges and internal training [2] - Following the resolution of quality issues, the company has maintained good relationships with clients and has resumed normal order fulfillment [2] - The company notes that being penalized for quality issues is common in the industry and does not significantly impact its overall operations [2] Group 3: Financial Metrics - Haocreat Ruitong's sales, management, and R&D expense ratios are lower than the industry average, attributed to higher revenue growth and differences in organizational structure and market focus [2] - The company anticipates that its expenses will grow in line with its expanding operations and market development efforts post-IPO [2] Group 4: Regulatory Compliance - The company faced penalties due to a subsidiary's unauthorized land use for construction, but the violation was deemed minor and did not result in significant harm to investors or public interests [3] - The subsidiary has paid fines and completed required rectifications, indicating compliance with regulatory standards [3] Group 5: Future Outlook - In the context of carbon neutrality goals, the company aims to leverage national strategies in smart grids and new power systems, positioning itself as a leader in the smart distribution equipment sector [4] - The company plans to enhance its R&D, production capabilities, and sales channels while fostering innovation to improve its competitive edge and market position [4] - The goal is to become a leading enterprise in China's smart distribution field, focusing on green development and technological advancements [4]

Core Viewpoint - The successful energization of the 10 kV bus at the 35 kV Xianggu Substation marks the completion of the construction of the 330 kV Yushu Second Circuit Project, facilitating subsequent engineering work and ensuring power supply stability in the region [1][2] Group 1: Project Overview - The 330 kV Yushu Second Circuit Project is a vital initiative aimed at addressing the long-term electricity needs of the Yushu region, significantly improving the reliability of the local power grid [2] - The project will enhance the power supply capacity and reliability of the southern Qinghai power grid, ultimately benefiting the local population by improving electricity usage [2] Group 2: Execution and Scale - The "Battle for Power Supply" was completed in 18 days, marking it as the largest and most complex concentrated construction and maintenance operation in the history of Qinghai's power grid [2] - The operation involved coordination across 14 substations and 21 power lines, with 69 power supply guarantee points established [2] - Over 2,500 personnel participated in the operation, completing 18,144 switching operations and 801 equipment inspections [2] Group 3: Current Status and Future Goals - Since the project's initiation in August 2023, it has achieved 100% foundation pouring, 99.56% tower assembly, and 94.9% wire installation, now entering the acceptance and maintenance phase [2] - A total of 805 construction workers will continue to ensure the project meets its target of being operational by the end of June [2]

Core Viewpoint - LinYuan Energy's subsidiary has won a significant contract for a grid-side energy storage project in Mauritius, indicating growth potential and international expansion for the company [1] Summary by Relevant Sections Project Details - LinYuan Energy's wholly-owned subsidiary, LinYuan Power Services, formed a consortium with China Water Resources and Electric Power Foreign Engineering Co., Ltd. to win the bid for the Mauritian government’s public tender for a grid-side energy storage project [1] - The total bid amount is approximately 83.41 million Mauritian Rupees and 2.32 million USD, totaling around 2.5 million USD (excluding tax) [1] Financial Impact - The estimated total bid amount converts to approximately 179.43 million RMB based on the latest USD exchange rate [1] - This project represents 2.66% of the company's audited operating revenue for the fiscal year 2024, suggesting a modest but positive contribution to revenue [1] - The project is expected to have a positive impact on the company's operational performance and results starting from 2025 and beyond [1]