Core Viewpoint - The company is a global leader in power piston component systems, with a strong performance foundation and significant growth potential in various sectors, including automotive and data centers [1][2]. Group 1: Company Overview - The company specializes in internal combustion engine components such as cylinder liners, pistons, piston rings, and bearings, serving major clients like Caterpillar and Cummins [1]. - In the first half of 2025, the company's revenue from PCU, electronic control actuators, and brake drums reached 1.28 billion, 150 million, and 290 million respectively, accounting for 66.1%, 7.9%, and 14.7% of total revenue [1]. - The company expects a net profit attributable to shareholders of 368-428 million in 2025, representing a year-on-year growth of 80.5% to 110.0% [1]. Group 2: Market Trends and Growth Drivers - The demand for large-diameter products is surging due to the booming AI capital expenditure cycle, with the company benefiting from data center construction [2]. - The company’s subsidiary, Zhongyuan Jikean, is a core supplier of large-diameter cylinder liners, achieving revenue of 330 million in the first half of 2025 with a net profit margin of 14% [2]. - The company plans to acquire 59% of Zhongyuan Jikean, which will enhance its consolidated earnings [2]. Group 3: Product Development and Expansion - The company is experiencing significant growth in its automotive increment business, particularly in brake drums, which saw a growth rate of 56.3% in the first half of 2025 [3]. - The company is expanding its production capacity for brake drums and has initiated a third-phase expansion project to meet customer demand [3]. - The company’s electronic control actuators have entered mainstream manufacturers' systems, with a growing market share, and it is extending its product line into air suspension and robotic joint modules [3]. Group 4: Financial Projections - The company is projected to achieve revenues of 3.92 billion, 4.69 billion, and 5.75 billion from 2025 to 2027, with net profits of 410 million, 570 million, and 680 million respectively [3].

Summary of Conference Call Notes Company and Industry Involved - The notes focus on the AIDC (Artificial Intelligence Data Center) sector and the power supply industry, specifically mentioning companies like 富特科技 (Futec Technology), 维缔 (Weidi), 英维克 (Invid), and others. Core Points and Arguments 1. The entire sector experienced a significant increase today, primarily due to Weidi's explosive order data and the 2026 performance guidance exceeding expectations [1] 2. The outlook for 2026 indicates that AIDC is entering a phase of order fulfillment and performance realization, with sustained investor interest [1] 3. Major companies have collectively indicated a high year-on-year increase in capital expenditure (capex) for 2026 [1] 4. The NVGTC conference in March clarified the liquid cooling architecture for power supplies [1] 5. During the Spring Festival, AI applications from ByteDance, Alibaba, and Tencent gained significant traction [1] 6. The leading third-party vehicle power supply company is actively adjusting raw material prices, and with the anticipated high-margin growth from Renault and Stellantis in 2026, overall profitability is expected to remain stable with an increase [1] 7. The projected profit for the main business in 2026 is estimated at 400 million [1] 8. AIDC is expanding its domestic CRPS and overseas 800V HVDC, with smooth product development and channel expansion; post-New Year, there is potential for marginal changes in AI power supply layout [1] 9. The current stock price shows minimal option market value, indicating significant elasticity [1] Additional Important Content 1. The recent capital increase announcement has been approved, which will expand the Thailand base, indicating strong market value drivers [2] 2. The short-term marginal changes in AI power supply are expected to contribute to a market value increase target of 5 billion to 10 billion for 2026, with a potential price increase of 60% to 120% [2] 3. Key recommendations include: - Liquid cooling: Focus on leading company Invid, with attention to overseas potential stocks like Tongfei and domestic temperature control leader Shenling [2] - Power supply: Key recommendations include solution leader MaiMi, UPS leader Keda, and HVDC leader Zhongheng [2] - Transformer SST: Companies like Jinpan, Igor, Siyuan, and Jingquan are highlighted [2]

Market Review - The Shanghai Composite Index closed at 4065.58 points, with a weekly decline of -1.27% [1] - The Shenzhen Component Index closed at 13906.73 points, with a weekly decline of -2.11% [1] - The ChiNext Index closed at 3236.46 points, with a weekly decline of -3.28% [1] - The CSI 300 Index closed at 4643.6 points, with a weekly decline of -1.33% [1] - The CSI Artificial Intelligence Index closed at 2321.75 points, with a weekly decline of -9.76%, consistent with the overall market trend [1] Technology Industry Insights - As of February 8, technology companies are intensively disclosing their 2025 annual performance forecasts, with positive operating conditions expected in sectors such as storage, PCB, PCB equipment, and optical modules [2] - Major PCB manufacturers are expected to achieve positive profit growth, with Shenghong Technology's net profit projected to increase by 260%-295% to between 4.16 billion and 4.56 billion yuan, driven by advancements in high-end markets and increased R&D investment [2] - Storage companies are also expected to see significant profit increases, with Baiwei Storage's net profit growth forecasted at 427%-520%, supported by stabilizing storage prices and improving operational performance starting in Q2 2025 [3] PCB Equipment Sector - Key PCB equipment companies are expected to achieve positive profit growth in 2025, with Dazhu CNC's net profit projected to increase by 161%-194%, driven by rising demand for high-layer boards and high-layer HDI boards due to investments in AI computing infrastructure [6] - Chip Microelectronics is expected to see a net profit of 280 million to 300 million yuan, with a year-on-year growth of 71%-84%, attributed to breakthroughs in high-end PCB and semiconductor fields [6] Investment Recommendations - Short-term pullbacks present opportunities for low-cost investments in sectors such as PCB, ODM, AIOT, and AIDC [7] - Recommended companies in the PCB sector include Shenghong Technology, Dongshan Precision, and Shougang Electric [7] - In the PCB equipment sector, recommended companies include Chip Microelectronics and Dazhu CNC [7] - In the storage sector, recommended companies include Zhaoyi Innovation and Baiwei Storage, benefiting from supply-demand dynamics driving price increases [7] - Companies in the semiconductor sector benefiting from trade barriers and domestic production acceleration include Xinyuan Technology and Aojie Technology [8]

Core Insights - The conference focused on the integration of AI and the energy sector, emphasizing the mutual empowerment between energy storage and AI technologies [1][4] - Xu Xiaozhuo highlighted the critical challenges faced by Artificial Intelligence Data Centers (AIDC) regarding energy supply and demand mismatches [4][5] Energy Storage and AI Integration - The concept of "dual empowerment" was introduced, where quality energy storage solutions enhance AI development, while AI technologies improve energy storage efficiency [4][6] - AIDC faces five major electricity pain points: significant load fluctuations, high reliability requirements, exorbitant electricity costs, massive energy consumption, and pressure for carbon reduction [4][5] Long-duration Energy Storage Solutions - Long-duration energy storage (8 hours or more) is identified as a key strategy for AIDC's green transition, enabling 24/7 green electricity supply and cost reduction [5][6] - The combination of green energy sources like solar power with long-duration energy storage can effectively address the energy supply challenges faced by AIDC [5][6] Technological Advancements in Energy Storage - The company has made significant advancements in long-duration energy storage technology, including the launch of the world's first 1000Ah lithium iron phosphate battery and an 8-hour energy storage system [5][6] - The deployment of these systems has been recognized globally, with the first batch set to be exported to Europe by October 2025 [5][6] AI Applications in Energy Storage - The company has implemented AI across four key areas: manufacturing, assistance, science, and service, enhancing operational efficiency and product quality [6][7] - In manufacturing, AI technologies have been integrated into over 40 digital solutions, improving production processes and quality control [7][8] Conclusion on AI and Energy Synergy - The synergy between energy storage and AI is seen as a pathway to high-quality development in both sectors, with energy storage providing stable, green, and low-cost energy for AI, while AI drives innovation and efficiency in energy storage [8]

Group 1 - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in H3C, fund R&D equipment purchases, and repay bank loans [1] - The acquisition is expected to enhance the net profit attributable to the parent company's shareholders, thereby strengthening the company's operational capabilities [1] - The company has decided to terminate plans for issuing H-shares and listing on the Hong Kong Stock Exchange [1] Group 2 - Kaiying Network's subsidiary signed a settlement agreement with Legend IP, which is expected to positively impact the current period's profit by approximately 200 million yuan [1] - The agreement includes the termination of legal actions and payment of settlement fees, improving asset liquidity and resolving long-term litigation uncertainties [1] Group 3 - Zhongwei Semiconductor plans to establish an IPM production line project in Ziyang, Sichuan, using 121 million yuan of leftover IPO funds for working capital and 100 million yuan for the new project [1] - The company will set up a wholly-owned subsidiary in Sichuan to implement the IPM production line project [1] Group 4 - New锐股份 intends to acquire 70% of PCB tool company HuiLian Electronics for no more than 700 million yuan to gain control and address competition issues [2] - HuiLian Electronics is recognized as a national-level specialized "little giant" in the PCB tool sector, indicating strong market competitiveness [2] Group 5 - Jinhaitong plans to invest no more than 400 million yuan in the Shanghai Lanbo Semiconductor Equipment Manufacturing Center project, which will include a production and R&D center of up to 55,000 square meters [3] - The project aims to establish a comprehensive production operation center for semiconductor equipment [3] Group 6 - Lanshi Heavy Industry's deputy general manager Wang Bingzheng is under investigation for suspected violations of discipline and law, but the company's operations remain unaffected [4] - The company has made arrangements for the responsibilities related to Wang's position [4] Group 7 - Top Group expects a net profit decline of 3% to 13% in 2025, with projected revenues between 28.75 billion and 30.35 billion yuan, reflecting an increase of 8.08% to 14.10% year-on-year [5] - The profit decline is attributed to raw material price fluctuations and intensified market competition affecting gross margins [5][6] Group 8 - Tianji shares are under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, but normal operations are ongoing [7] Group 9 - Pingzhi Information plans to raise no more than 1 billion yuan through a private placement for the construction of a domestic intelligent computing center and to supplement working capital [8] Group 10 - Dongfang Guoxin's Inner Mongolia Intelligent Computing Center project has been partially completed and delivered, but its revenue contribution is currently small [9] - Future revenue will depend on the project's delivery progress and client onboarding pace, indicating some uncertainty [9]

1 TrendForce AI 2024 14% 2026 40% 2026 150 1050 26-28 CAGR 30% 3 CDU UQD Manifold NV/Google AI 1 AI HVDC SST 2 ; 3 4 AIDC 5 BBU/ / 河证券|CGS 免责声明 本报告由中国银河证券股份有限公司（以下简称银河证券）向其客户提供。银河证券无需因接收人收到本报告而视其为客户。 若您并非银河证券客户中的专业投资者,为保证服务质量、控制投资风险、应首先联系银河证券机构销售部门或客户经理,完成投 资者适当性匹配,并充分了解该项服务的性质、特点、使用的注意事项以及若不当使用可能带来的风险或损失。 本报告所载的全部内容只提供给客户做参考之用,并不构成对客户的投资咨询建议,并非作为买卖、认购证券或其它金融工具 的邀请或保证。客户不应单纯依靠本报告而取代自我独立判断。银河证券认为本报告资料来源是可靠的,所载内容及观点客观公正, 但不担保其淮确性或完整性。本报告所载内容反映的是银河证券在最初发表本报告日期当日的判断，银河证券可发出其它与本报告 所载内容不一致或有不同结论的报告,但银河证券没有义务和责任去及 ...

Group 1: Major Announcements - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in New H3C and for other projects [2] - Zhongwei Semiconductor intends to establish an IPM production line project in Ziyang, Sichuan, using 1.21 billion yuan of leftover IPO funds [2] - Kaiying Network has signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [2] Group 2: Project Developments - Blue Ocean Huaten plans to invest 8 million yuan in Wanren Technology to support its daily operations and AI project development [4] - Yuedian Power A has successfully put into operation the expansion project of the Huizhou Power Plant, which includes two 1000MW units [7] - Longmag Technology intends to raise up to 760 million yuan for its second phase project in Vietnam and chip inductor manufacturing [8] Group 3: Financial Performance - Top Group expects a net profit of 2.6 billion to 2.9 billion yuan for 2025, a decrease of 3.35% to 13.35% year-on-year due to rising raw material costs and increased market competition [20] - Jingchen Technology reported a net profit of 871 million yuan for 2025, a 6% increase year-on-year, with record high sales of over 174 million chips [21] - Guodian Xintong's net profit for 2025 is projected at 678 million yuan, a decline of 16.91% year-on-year, primarily due to increased credit impairment losses and tax expenses [22] Group 4: Shareholder Actions - Jieshun Technology's actual controller plans to reduce holdings by up to 2.8% of the company's shares [27] - Lihexing's controlling shareholder and concerted actors plan to collectively reduce their holdings by up to 1% [27] - Kory Technology's shareholders plan to reduce their holdings by a total of up to 3.13% [29] Group 5: Stock Buybacks - Quzhou Dongfeng plans to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.48 yuan per share [30]

东方国信（300166）(300166.SZ)发布公告，公司股票于2026年2月9日、2026年2月10日、2026年2月11 日连续三个交易日收盘价格涨幅偏离值累计超过30%，根据《深圳证券交易所交易规则》的有关规定， 属于股票交易异常波动的情况。近期资本市场对"AIDC""算力租赁"等概念关注度较高，相关板块二级 市场表现较为活跃。截至目前，公司内蒙古智算中心项目已部分建成并交付客户使用，其余部分尚在建 设中。该业务当前收入占公司营业收入比重较小，对当期经营业绩不构成重大影响。未来收入贡献主要 取决于项目后续交付进度及客户上架节奏，存在不确定性。 ...

智通财经APP讯，东方国信(300166.SZ)发布公告，公司股票于2026年2月9日、2026年2月10日、2026年2 月11日连续三个交易日收盘价格涨幅偏离值累计超过30%，根据《深圳证券交易所交易规则》的有关规 定，属于股票交易异常波动的情况。近期资本市场对"AIDC""算力租赁"等概念关注度较高，相关板块 二级市场表现较为活跃。截至目前，公司内蒙古智算中心项目已部分建成并交付客户使用，其余部分尚 在建设中。该业务当前收入占公司营业收入比重较小，对当期经营业绩不构成重大影响。未来收入贡献 主要取决于项目后续交付进度及客户上架节奏，存在不确定性。 ...

Group 1 - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in H3C and for other projects [1] - Dawi Technology's Zhangbei data center project will not involve computing power leasing and is expected to have minimal revenue contribution in 2025 [2] - Kaixin Network's subsidiary signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [3] Group 2 - Newray plans to acquire a 70% stake in PCB tool company Huilian Electronics for no more than 700 million yuan, enhancing its market position [4] - Shangwei New Materials' embodied intelligent robot business is still in the product development stage and has not yet generated revenue [5] - Lanshi Heavy Industry's deputy general manager is under investigation for suspected violations, but the company's operations remain unaffected [6] Group 3 - Tianji Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, but its operations are normal [8] - Top Group expects a net profit decline of 3% to 13% in 2025, despite revenue growth of 8.08% to 14.10% [9] - Shoulu Hotel's subsidiary plans to invest 281 million yuan in a new hotel property project, expected to enhance its business scale and profitability [10] Group 4 - Pingzhi Information plans to raise no more than 1 billion yuan for the construction of a domestic intelligent computing center [11] - Dongfang Guoxin's Inner Mongolia intelligent computing center project has been partially completed, contributing a small revenue share [12] - Zhongwei Semiconductor intends to allocate 1 billion yuan of surplus fundraising for a new investment project [13] Group 5 - Guolin Technology plans to issue up to 16.5 million shares, which will increase its total share capital to 201 million shares [14] - Dabeinong reported a 22.71% year-on-year increase in pig sales in January [15] - Qiu Tai Technology sold 41.48 million mobile camera modules in January, a 19.5% year-on-year increase [19]