Summary of Key Points from Conference Call Records Industry Insights Smart Grid and Energy Storage - The Ministry of Commerce announced that consumers purchasing new cars during the 9-day Spring Festival holiday can apply for vehicle trade-in subsidies as per policy requirements [1] - The National Energy Administration is actively promoting the development of new energy storage and emerging industries, with a forward-looking layout for hydrogen energy and nuclear fusion energy [2][3] Electric Power Market - The implementation opinion on improving the national unified electricity market system proposes that by 2030, a basic national unified electricity market system will be established, with market-based trading accounting for approximately 70% of total electricity consumption [4] - According to customs data, China's transformer export value is expected to reach a record 64.6 billion yuan by 2025, a nearly 36% increase from the previous year, with the average export price per transformer rising to 205,000 yuan, an increase of about one-third [4] Liquid Cooling Technology - The leading liquid cooling server company, Vertiv, reported better-than-expected results in its Q4 FY2025 earnings, driving its stock price up by 24%, reaching a new historical high [4] Data Center and Energy Consumption - A surge in data center construction in the U.S. has led to an electricity shortage, with over 29 GW of natural gas power generation capacity under construction, more than doubling in one year [5] Fiber Glass and Electronic Materials - International composite and fiberglass leaders have raised prices for electronic cloth multiple times, with ordinary electronic cloth experiencing four price increases from October 2025 to February 2026 [6][8] Semiconductor Materials - The prices of key materials for the global semiconductor industry, such as sputtering targets, are expected to increase by 20%-30% in Q1 2026 [10] Space Photovoltaics - A supply-demand matching meeting for space photovoltaics was held, with companies discussing technology development, material applications, and manufacturing processes [11][12] Company-Specific Developments - Yike Technology announced a price increase for all cloud products and services starting March 1, 2026, due to rising costs in core hardware procurement and infrastructure [4] - Lumentum has secured several hundred million dollars in CPO-related orders, with expected revenue of approximately $50 million from CPO in Q4 2026, anticipating a significant surge in the first half of 2027 [5] Market Trends - The Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.86%, and the ChiNext Index climbed by 1.32%, with a total trading volume exceeding 2.1 trillion yuan, an increase of over 100 billion from the previous day [4] - The price of praseodymium-neodymium oxide has continued to rise, reaching 800,000 yuan per ton, with a week-on-week increase of 9.9% and a month-on-month increase of 28.8% [15] Geopolitical and Economic Factors - The ongoing geopolitical tensions have led to heightened shipping rates, with the Middle East-China VLCC freight rates remaining above $120,000 [13]

Core Viewpoint - The recent share reduction by the controlling shareholder and its concerted parties has led to significant stock price fluctuations for Lokai Co., Ltd. (603829), while the company's involvement in smart grid and energy storage concepts has attracted market attention [1]. Recent Events - On February 9, 2026, the company announced that the controlling shareholder and its concerted parties reduced their holdings by a total of 5.5879 million shares, accounting for 3.00% of the total share capital. After the reduction, their combined holding ratio decreased to 44.03%, which may have a short-term impact on market sentiment [2]. Stock Performance - The stock price has shown significant volatility. On February 9, 2026, the stock hit the daily limit, closing at 26.06 yuan with a 10.00% increase and a trading volume of 116 million yuan. On February 11, it corrected to 24.91 yuan, a decrease of 4.63%. On February 12, it slightly rebounded to 25.00 yuan, with a change of 0.36% and a trading volume of 152 million yuan, resulting in a turnover rate of 3.25%. The price fluctuation range reached 10.05%, indicating active short-term trading. Technically, the stock is currently between the Bollinger line resistance at 26.93 yuan and support at 23.36 yuan, with the MACD indicator recently turning positive, suggesting continued volatility in the short term [3]. Capital Situation - On February 12, there was a net inflow of 2.4749 million yuan from main funds, but there has been a noticeable overall net outflow trend over the past five days, indicating weak control by main funds [4]. Company Status - The company has recently attracted market attention due to its involvement in smart grid, energy storage, and photovoltaic concepts, such as the operation of its self-developed energy storage projects and photovoltaic grid-connected cabinet products. However, the contribution of these related businesses to performance remains to be observed [5].

Core Viewpoint - The company expects a net profit loss of 42 million to 49.2 million yuan in 2025, primarily due to competition in traditional business, increased R&D expenses, and impairment provisions [1] Industry Policy and Environment - The power grid equipment sector is expected to exceed 2 trillion yuan by 2026, driven by accelerated investments from the State Grid and ultra-high voltage projects [2] - The company recently secured a 107 million yuan order from the State Grid and won a bid for a PetroChina energy storage project, with order execution progress potentially impacting future performance [2] - The optimization of the company's governance structure has also attracted market attention [2] Financial Situation - In early January 2026, the company's stock price experienced significant fluctuations due to sector enthusiasm and capital inflow, with short-term volatility related to market sentiment and technical factors [3] - Future tracking of main capital flows and overall sector capital injection is necessary [3] Future Development - Policies supporting smart grids and green energy transitions are likely to continue providing support for the industry, but the company needs to enhance its profitability to cope with valuation pressures [4]

机构观点 证券之星2月7日分析指出，骏成科技2025年三季报营收同比增长13.89%，但毛利率同比下滑至21.5%， 盈利质量承压。机构关注其应收账款占净利润比例较高(306.79%)及费用率上升风险，但肯定公司在汽 车电子化趋势下的长期成长潜力，建议关注2026年产能释放进度。 以上内容基于公开资料整理，不构成投资建议。 近期事件 骏成科技近期业务热点聚焦智能家电与汽车电子领域。据互动易平台历史信息回顾，公司车载液晶显示 屏已在部分热销新能源汽车车型中量产应用，并通过威奇尔等一级供应商交付至上汽、吉利等主机厂。 同时，公司在智能电网领域的电表类产品持续布局，但近7日内无新增重大公告或事件。 经济观察网近7个交易日，骏成科技（301106）股价小幅波动，累计跌幅1.20%。2月12日最新收盘价为 32.96元，较前一日下跌0.72%，成交额2249万元，换手率0.67%。资金面显示主力资金呈净流出态势，2 月12日主力净流出79.92万元，近5日累计净流出31.66万元。技术面上，股价当前接近20日布林线中轨 (32.998元)，压力位34.13元，支撑位31.72元，MACD指标显示短线动能减弱。 ...

Core Viewpoint - The company, Lihe Micro, announced a significant decline in its expected financial performance for 2025, primarily due to the impact of the smart grid market's procurement scale and pace on its electric grid segment [1] Financial Performance Summary - The projected revenue for 2025 is estimated to be between 340 million to 370 million yuan, representing a year-on-year decline of 32.58% to 38.05% [1] - The expected net profit attributable to the parent company is forecasted to be between 17 million to 22 million yuan, indicating a year-on-year decrease of 73.91% to 79.84% [1] - The non-recurring net profit is anticipated to be between 4.5 million to 6.5 million yuan, reflecting a substantial year-on-year drop of 91.39% to 94.04% [1] Market and Segment Analysis - The decline in performance is attributed to the electric grid segment's underperformance due to the smart grid market's procurement dynamics [1] - Despite the challenges in the electric grid sector, the company has increased its investment and focus on the non-electric grid Internet of Things (IoT) sector, which has seen revenue growth exceeding 30% [1]

Core Insights - The company has recently added the "Smart Grid" concept to its portfolio, indicating a strategic shift towards smart power measurement and control products and system integration services [2] - The third-quarter report for 2025 shows a year-on-year revenue growth of 11.49%, with main revenue reaching 248 million yuan and a net profit attributable to shareholders of 20.27 million yuan, reflecting a growth of 10.34% [3] - As of December 11, 2025, there has been a net inflow of 8.52 million yuan in principal funds, indicating a short-term market interest in the company [4] Recent Events - On December 26, 2025, the company was included in the "Smart Grid" concept based on its mid-year report showing involvement in smart power measurement and control products [2] - The company announced progress on investments in collaboration with private equity funds on January 23, 2026 [2] - A temporary shareholders' meeting was held on January 19, 2026, resulting in a resolution [2] Performance Overview - The third-quarter report for 2025 indicates a main revenue of 248 million yuan, with a year-on-year increase of 11.49% [3] - The net profit for the third quarter was reported at 20.27 million yuan, which is a 10.34% increase compared to the previous year [3] - The mid-year report for 2025 showed a net profit of 16.83 million yuan, reflecting a significant year-on-year growth of 30.77% [3] Fund Flow - As of December 11, 2025, the company experienced a net inflow of 8.52 million yuan in principal funds, suggesting increased market attention [4]

Group 1 - The core viewpoint of the news is that the A-share market indices rebounded strongly, driven by news related to the national unified electricity market system, which is expected to benefit the power grid construction and related sectors [1] - The implementation of the national unified electricity market system aims to outline the goals for the next 5-10 years, directly benefiting sectors such as power grid construction, electricity trading, energy storage, and renewable energy generation [1] - The report from brokerages indicates that the completion of the "14th Five-Year Plan" for the power system and the positive start of the "15th Five-Year Plan" have boosted industry expectations, with significant investment plans from the State Grid [1] Group 2 - The Electric Grid Equipment ETF (159326) is highlighted as the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with over 78% of its holdings in electric grid equipment, making it the purest electric grid index in the market [2] - The index components are primarily distributed across sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment, with a high representation of smart grid and ultra-high voltage equipment [2]

Core Insights - The carrier communication equipment market is experiencing continuous growth, driven by the development of the new energy industry, smart grid construction, and the proliferation of IoT technology [1][7] - The market size of China's carrier communication equipment industry is projected to reach 39.666 billion yuan by 2025, representing an 8% year-on-year increase [1][7] - Government support for the construction and development of power communication networks is creating a favorable policy environment, further expanding market demand [1][7] Industry Overview - Carrier communication equipment refers to devices used in frequency division multiplexing systems for signal modulation, transmission, and reception, operating within a frequency range of 300 to 3400 Hz [3] - The equipment is categorized into analog and digital types, with digital communication becoming the mainstream due to advancements in technology [4] Industry Chain - The upstream of the carrier communication equipment industry includes raw material and component suppliers, while the midstream involves manufacturing, and the downstream encompasses various application fields such as power, transportation, and petrochemicals [5] - The filter is a crucial component in carrier communication equipment, enhancing signal stability and clarity, with the filter industry in China projected to grow from 10.7 billion yuan in 2020 to 15.9 billion yuan by 2025, at a compound annual growth rate of 8.2% [5][6] Market Dynamics - The investment in China's power engineering construction is expected to reach 1.78 trillion yuan in 2024, a 13.2% increase year-on-year, indicating a rising demand for carrier communication equipment due to accelerated grid construction [6][7] Competitive Landscape - The carrier communication equipment industry is competitive, with several companies demonstrating strong capabilities in technology development and market expansion, including Neusoft Carrier, Dingsheng Communication, and Liyuan Information Technology [9] - Neusoft Carrier has developed advanced power line carrier communication technology, achieving significant market penetration across various provinces [9][10] Future Trends - Future growth in the carrier communication equipment industry will be driven by technological innovation and product upgrades, with emerging applications in smart homes and industrial control [11] - The industry is expected to enhance its international presence and competitiveness, contributing to global development [11]

Group 1 - The global AI computing power infrastructure is entering a period of explosive growth, leading to increased demand for high-power and stable power supply, which highlights the importance of computing power infrastructure [1] - The electric equipment sector is gaining attention, with Shennma Electric (603530) being mentioned as a key player in the ultra-high voltage and smart grid sectors, making it a relevant company in the industry chain [1] - The potential widening supply-demand gap in electric equipment related to computing power infrastructure positions Shennma Electric as a hot stock due to its involvement in both high and low voltage equipment [1] Group 2 - On February 6, 2026, Shennma Electric's stock price increased by 2.14%, closing at 47.63 yuan per share, with a trading volume of 32.34 million yuan and a net outflow of 1.36 million yuan from main funds [2] - Year-to-date, Shennma Electric's stock has risen by 15.94%, with a 4.77% increase over the last five trading days [2]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Sieyuan Electric Co., Ltd. 思 源 電 氣 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊 的本公司文件作出投資決定。該文件的文本將於發售期內向公眾人士分發。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件 中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修 ...