（文章来源：每日经济新闻） 每经AI快讯，茂硕电源（002660.SZ）2月25日在投资者互动平台表示，公司持续围绕"专注电源、聚焦 主业"的发展战略，不断加强技术创新和产品研发力度，满足市场需求。公司目前没有应用于数据中心 及人形机器人的电源产品。 ...

Core Viewpoint - The company emphasizes its development strategy focused on "specializing in power supply and concentrating on core business" while continuously enhancing technological innovation and product research and development to meet market demands [1] Group 1 - The company is committed to strengthening its technology innovation and product R&D efforts [1] - Currently, the company does not have power supply products applicable to data centers and humanoid robots [1]

过去两个月，AI这轮投资的"增量"开始从芯片、服务器，外溢到更难补的环节：电力。超大规模云厂商 上修资本开支与研发预算，训练与推理两端的算力部署更激进，直接推高了数据中心用电的远期斜率。 与此同时，市场的担心也在变：不是"需不需要电"，而是"供给链能不能按时把电送到机房"。 高盛全球投资研究部分析师 Brian Singer 在23日的报告中写道："我们将2030年全球数据中心用电需求 相对2023年的增幅从175%上调到220%。"这次上调的重点落在美国：新增用电中约六成来自美国，数 据中心容量预测也被明显抬高。 更麻烦的是，需求上修并不等于路径清晰。电网侧的并网、输配电和设备交付周期都在拉长，于是"表 后电"（behind-the-meter）这种更像过渡方案的选择被推到前台——以天然气为主，先让机房跑起来， 后续再接回电网。高盛也把美国电力需求增速预期抬到2030年前年化3.2%，其中数据中心贡献了2个百 分点。 在投资上，高盛的态度并不保守：尽管数据中心电力供应链相关股票已明显跑赢，报告仍然维持看多， 背后抓的是一个更大的叙事——为了避免电力、水、网络、供应链的"可靠性事故"，基础设施进入一轮 更长的 ...

Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. reported a significant increase in revenue and net profit for the year 2025, driven by industry recovery and optimized customer structure [2] Group 1: Financial Performance - The company achieved a total operating revenue of 4.4 billion yuan in 2025, representing a year-on-year growth of 21.92% [2] - The net profit attributable to the parent company was 82.24 million yuan, marking a year-on-year increase of 23.99% [2] Group 2: Industry and Market Dynamics - The growth in performance is attributed to the recovery of the semiconductor industry, driven by demand from AI, high-performance computing, and data centers [2] - Yongxi Electronics experienced increased revenue from both overseas major clients and domestic SoC clients, contributing to the overall revenue growth [2] Group 3: Customer Structure and Future Outlook - The company has deepened cooperation with AIoT major clients and leading overseas design clients, establishing a stable customer base primarily consisting of leading design companies in various segments [2] - There is an expectation for an ongoing increase in the proportion of revenue from major clients and overseas markets, further optimizing the customer structure [2]

每经AI快讯，2月25日，金盘科技(688676.SH)公告称，2025年实现营业总收入72.99亿元，同比增长 5.78%；归属于母公司所有者的净利润6.59亿元，同比增长14.89%。公司在AIDC及IDC等数据中心领域 销售收入大幅增长，成为业绩增长的强劲引擎。同时，公司财务状况良好，总资产和净资产均有所增 长。 ...

盛合晶微是一家集成电路晶圆级先进封测企业。本次IPO，该公司计划募集资金48亿元。其中，40亿元用于三维多芯片集成封装项目、8亿元用于超高密 度互联三维多芯片集成封装项目的建设。 2.5D集成大陆市占率第一 持续布局3D集成等领域 上交所上市审核委员会今日（2月24日）审议通过了盛合晶微科创板IPO申请。该公司上市申请于2025年10月30日获受理，经历两轮问询后，成为2026春 节后第一家过会企业。 此外，盛合晶微在招股书中披露了业绩预测，该公司预计2026年1-3月实现营业收入16.6亿元-18亿元，同比增加9.91%-19.91%，归母净利润为1.35亿元-1.5 亿元，同比增加6.93%-18.81%。 2.5D/3D封装高增长态势延续，国内外龙头密集扩产布局 从行业方面来看，近年来，智能手机等移动终端向小型化、集成化、高性能方向更新迭代，带动单机芯片数量和芯片性能要求的提升，是全球先进封装行 业发展的最重要驱动因素之一。与此同时，人工智能、数据中心等高性能运算产业正逐步成为先进封装行业的关键增长点和盈利点。 其中，芯粒多芯片集成封装是先进封装行业主要增长点转变的最充分受益者。Yole数据显示，全球芯 ...

格隆汇2月25日丨特锐德(300001.SZ)在投资者互动平台上表示，变压器是变电站的核心关键设备之一， 而变电站则是一个集成了变压器、开关柜、保护控制等设备的完整电力解决方案，在数据中心等高要求 的应用场景中，客户需要的往往不仅是单一的变压器，而是一整套能够保障供电可靠性、节能高效且可 快速部署的变电站解决方案。 公司深度服务数据中心与 AI 算力基建，已为阿里、中国移动、中国电 信、中国联通等国内头部互联网与算力企业提供高压预制舱变电站及电力解决方案。海外业务方面，公 司的变电站等产品已推广至全球约60个国家和地区，服务当地电网、能源及工业客户，并成功中标沙特 国家电网等重大项目。 公司凭借技术、制造、集成与交付优势，持续拓展国内外优质客户，全力支撑 数字新基建与全球能源转型。 ...

格隆汇2月25日丨扬电科技(301012.SZ)在投资者互动平台表示，公司的产品定价采用成本加成利润的方 式，原材料价格上涨后，公司会相应提高产品售价。公司的干式变压器产品已经应用于数据中心的基础 建设。 ...

Core Viewpoint - SanDisk (SNDK.US) has faced a significant challenge from Citron Research, which has established a short position against the company, arguing that the market has mispriced its stock amid a super cycle in storage chips [1][2]. Group 1: Market Dynamics - Citron Research asserts that the market is pricing SanDisk similarly to Nvidia (NVDA.US), despite the latter having a competitive moat, while SanDisk's products are considered commodities [2]. - The demand and price surge for NAND flash memory is viewed as a typical cyclical phenomenon, nearing its peak, with historical precedents from 2008, 2012, and 2018 suggesting a similar outcome this time [2]. - Citron warns that the current supply shortage of NAND memory could quickly reverse, potentially disappearing after a single earnings call [2]. Group 2: Competitive Landscape - Samsung Electronics (SSNLF.US) is identified as a major threat to SanDisk, with Citron highlighting Samsung's strategy of prioritizing market share over profits for 30 years [2]. - Samsung is reportedly shifting tactics to directly compete in SanDisk's core market, indicating they will not sell products below a 50% gross margin and are moving their best chips into the high-end SSD market [2]. Group 3: Investor Sentiment - Concerns have been raised regarding the ongoing sell-off by Western Digital (WDC.US), a long-term investor and former parent company of SanDisk, which is divesting its remaining shares at prices 25% below current levels [3]. - Citron suggests that Western Digital's actions indicate a recognition that the cycle is nearing its peak, contrasting with the bullish sentiment being promoted to retail investors [3]. Group 4: Financial Performance - SanDisk recently reported a second-quarter earnings that exceeded Wall Street expectations, driven by strong demand for enterprise SSDs, and provided an optimistic outlook for the third quarter [4]. - The upcoming third-quarter earnings report, scheduled for May 15, is seen as a critical moment for assessing market confidence and the direction of the industry [4].

行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 重卡新视界系列之燃气发电机组：北美缺电持续 演绎，燃气机组迎"主电"新机遇 %% %% %% %% research.95579.com %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 短期来看，北美电力缺口持续扩大，燃气轮机作为主电源供不应求，导致难以缓解当下电力紧 缺局面，燃气发电机组凭借交付速度优势有望成为燃气轮机的主要替代；中长期来看，未来百 兆瓦级别的中小数据中心，燃气机组凭借中高速并联以及低冗余优势下或将成为更优选择。目 前海外卡特彼勒、颜巴赫等燃气机组供给有限，国内企业凭借产能优势可实现快速交付，同时 看好国内相关产业链在本轮机遇下充分受益，重点推荐潍柴动力、银轮股份。 分析师及联系人 [Table_Author] 高伊楠 张永乾 吴优 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 20 %% %% research.95579.com 2 [Table_Title 重卡新视界系列之燃气发电机组：北美缺电持 2] ...