Core Viewpoint - The distribution network is becoming the core of the power system, driven by the national strategy for carbon peak and carbon neutrality, with a significant increase in demand for smart distribution equipment, projected to reach a market size of 86.724 billion yuan in 2024, a year-on-year growth of 24.28% [1][12]. Overview - The distribution network plays a crucial role in receiving and redistributing electricity to various sectors, impacting power supply reliability and quality, and is a vital public infrastructure for economic and social development [2][3]. Market Policy - The development of smart distribution equipment is supported by various national policies aimed at enhancing the safety and efficiency of the power system, including guidelines for rural power grid upgrades and promoting intelligent manufacturing [5][7]. Industry Chain - The upstream of the smart distribution equipment industry includes suppliers of electrical components, metal parts, and electronic components, while the downstream focuses on the power market, particularly in upgrading distribution networks and supporting new energy integration [8]. Current Development - The smart distribution equipment market is rapidly growing due to increasing user demands for power supply quality and reliability, with a projected market size of 86.724 billion yuan in 2024, reflecting a 24.28% increase year-on-year [12][1]. Competitive Landscape - The industry is categorized into three types of participants: large enterprises with significant capital and diversified operations, medium-sized enterprises with focused business areas, and small enterprises with limited market competitiveness [14][16]. Representative Companies - XJ Electric Co., Ltd. is a leading player in the power equipment industry, focusing on high-end technology and products across various sectors, with projected revenues of 17.09 billion yuan in 2024 [16]. - Pinggao Group Co., Ltd. specializes in high and ultra-high voltage equipment, with expected revenues of 12.4 billion yuan in 2024, primarily from its high voltage segment [18]. Development Trends - The trend towards smart distribution network upgrades is expected to accelerate, driven by increased investment in smart grid construction and user demands for improved power supply quality, with a focus on energy efficiency and environmental sustainability [20].

Core Viewpoint - Shima Power has shown a net financing inflow of 13.78 million yuan in the last week, indicating investor interest and activity in the stock [1] Financing and Investment Data - Shima Power's total financing buy amount last week was 82.17 million yuan, while the repayment amount was 68.39 million yuan [1] - Over the past 5 days, the main capital inflow was 22.30 million yuan, with a price increase of 2.47% [1] - In the last 10 days, the main capital inflow reached 41.99 million yuan, with a price increase of 2.49% [1] Company Overview - Jiangsu Shima Power Co., Ltd. was established in 1996 and is located in Nantong City, primarily engaged in the rubber and plastic products industry [1] - The company has a registered capital of 4.32 billion yuan and a paid-in capital of 3.50 billion yuan [1] - The legal representative of the company is Ma Bin [1] Business Activities - Shima Power has made investments in 2 external companies and participated in 409 bidding projects [1] - The company holds 38 trademark registrations and 860 patent registrations, along with 11 administrative licenses [1]

Core Viewpoint - Kolin Electric has shown a net financing inflow of 13.35 million RMB in the last week, ranking 480th in the market, indicating a moderate interest from investors despite recent outflows [1] Financing and Investment Summary - The total financing amount for Kolin Electric last week was 41.69 million RMB, while the repayment amount was 28.34 million RMB [1] - Over the past 5 days, the main capital outflow was 12.62 million RMB, with a decline of 5.53% in this period [1] - Over the past 10 days, the main capital outflow reached 19.04 million RMB, with a decline of 5.43% [1] Company Profile - Established in 2000, Kolin Electric is located in Shijiazhuang and primarily engages in the manufacturing of electrical machinery and equipment [1] - The company has a registered capital of 4.03 billion RMB and a paid-in capital of 133.34 million RMB [1] - The legal representative of the company is Chen Weiqiang [1] Business Activities - Kolin Electric has made investments in 17 companies and participated in 1,860 bidding projects [1] - The company holds 43 trademark registrations and 364 patents, along with 120 administrative licenses [1] Industry Segments - Kolin Electric operates in several concept sectors including power grid equipment, Hebei region, Shanghai Stock Connect, margin trading, energy storage, Xiong'an New Area, charging piles, Tesla, solar energy, and smart grid [1]

Core Viewpoint - Jun Cheng Technology stated that its main products are in the display field, focusing on customized development for various applications in the energy sector, including ultra-high voltage, IoT, smart grid, and virtual power plants [1] Group 1: Company Products and Applications - The company’s liquid crystal displays are widely used in smart meters, IoT meters, and concentrator meters within the State Grid [1] - The company is involved in collaborative development projects related to display components for ultra-high voltage and smart grid applications [1]

Group 1 - The four-legged robot conducted equipment inspections at the 500 kV Anfu Substation in Yichang City, Hubei Province on August 7 [1] - Operation and maintenance personnel checked the operational status of the rail robot at the same substation on August 7 [2] - Real-time monitoring of drone flight status was performed by operation and maintenance personnel in the main control room of the substation on August 7 [4] Group 2 - A photograph of the 500 kV Anfu Substation in Yichang City, Hubei Province was taken on August 7, 2025 [5]

Core Viewpoint - Hengwei Technology's stock price closed at 28.64 yuan, reflecting a decrease of 0.41 yuan from the previous trading day, indicating a downward trend in the company's market performance [1] Company Summary - Hengwei Technology operates in the internet services sector and is registered in Shanghai, with business activities spanning cloud computing and smart grid technologies [1] - As of July 31, the total number of shareholders reached 90,596, an increase of 18,500 from the end of June, suggesting growing investor interest [1] - The average number of shares held per shareholder decreased from 4,440 shares to 3,534 shares, with the average market value of holdings at 99,500 yuan [1] - The number of shares held through the Shanghai-Hong Kong Stock Connect remained unchanged at 1,071,400 shares [1] Market Activity - On the trading day, Hengwei Technology experienced a net outflow of main funds amounting to 83.82 million yuan, with a cumulative net outflow of 106 million yuan over the past five trading days, indicating potential liquidity concerns [1]

Group 1 - The company has a diverse application of its products, including in sectors such as new energy vehicles, photovoltaics, energy storage, wind power, industrial automation, intelligent robotics, 5G communications, data processing centers, power supply, lighting, and smart grids [2] - The company responded to an investor inquiry regarding the status of its capacitor business for data centers, indicating that it is part of a broader portfolio of applications [2] - The company did not specify the proportion of the capacitor business in relation to its overall business volume [2]

8月3日，随着国网金昌供电公司330 千伏东大滩变电站内330 千伏、110 千伏避雷器计数 器数字化表计改造调试等系列工作的完成，犹如为避雷器装上了"智慧大脑"，使其从传统设 备升级为智能监测终端，实现了关键数据的实时采集与远程传输，为电网安全运行增添了一 道坚实保障。 以往，避雷器在雷暴天气过后，该公司变电运维人员需顶着高温逐个检查其状态，抄录 泄漏电流、动作次数等数据，这种人工巡检模式不仅效率低下，还可能因数据抄录不及时而 错过设备异常的最佳处理时间，同时给运维人员带来了高温作业的风险。 而此次数字化表计改造后，情况发生了根本性转变。新装的智能监测终端能够实时采集 运行电压下的泄漏电流、动作次数等关键数据，如同为避雷器配备了敏锐的"感知器官"。这 些数据通过安全隔离装置加密后，可实时推送至后台系统，运维人员无需抵达设备区，在办 公室就能精准掌握设备健康状况。工作负责人在调试现场表示："以往需人工抄录的数据现 在一点即得，设备异常预警速度提升超 80%。" 在迎峰度夏期间，雷暴活动频繁导致避雷器动作次数激增，传统人工巡检模式面临的高 温与效率双重压力尤为突出。数字化表计的改造成功破解了这一季节性难题。监控 ...

Summary of Jinbei Electric's Conference Call Company Overview - **Company**: Jinbei Electric - **Industry**: Electric Equipment Manufacturing Key Financial Performance - **Revenue**: 93.48 billion CNY, up 50% year-on-year [2][3] - **Net Profit**: 3.37 billion CNY, up 9.78% year-on-year [2][3] - **Net Profit Attributable to Shareholders**: 2.96 billion CNY, up 7.46% year-on-year [2][3] - **Return on Equity (ROE)**: Increased by 0.27 percentage points to 7.26% [2][3][12] Cash Flow and Inventory - **Operating Cash Flow**: Net outflow of 11.83 billion CNY, primarily due to increased inventory and longer collection cycles from direct sales [2][4][11] - **Inventory Increase**: Driven by rising copper prices and strategic stocking of high-demand products [4] Business Structure and Performance - **Business Structure Adjustment**: Significant improvement in performance with clean energy, smart grid, and smart equipment contributing 46.74 billion CNY, up 31% year-on-year, accounting for 50% of total revenue [2][6] - **Battery Wire Revenue**: 37.46 billion CNY, up 28% year-on-year, with net profit of 1.96 billion CNY, up 70% [2][6] Growth Drivers - **Battery Wire Segment Growth**: Driven by over 200% increase in sales of flat wires for ultra-high voltage transformers, 68% increase in sales of new energy vehicles, and strong performance in industrial motor applications [2][7] - **Cable Industry Performance**: Revenue of 55.42 billion CNY, up 12% year-on-year, despite declining margins due to real estate downturn and increased competition [2][8] Capacity Expansion - **Capacity Construction**: Ongoing projects include the signing of the Xiangtan Phase III project with a planned capacity of 30,000 tons/year for automotive flat wires [5][9] - **Production Trials**: The Hengyang base's smart equipment cable project began trial production in Q2, with further capacity expected to be released in the second half of the year [5][9] Export and International Market - **Export Growth**: Direct retail exports increased by 38%, with significant contributions from the battery wire segment and a breakthrough in cable exports [10] - **Czech Project**: Successfully completed registration, aiming for trial production by the end of this year or early next year [10][16] Market Trends and Challenges - **Gross Margin**: Slight decline to 10.32% due to copper price fluctuations and pressure on cable profitability [10] - **Debt Ratio**: Slight increase to 59%, remaining below the 60% threshold, indicating manageable debt levels [11] Future Outlook - **Sales and Margin Projections**: Anticipated 15%-16% growth in electronic wire sales, with stable margins expected if copper prices do not fluctuate significantly [14] - **Investment in Power Grid**: Optimistic outlook for future investments in the power grid, particularly in large projects [19] Conclusion Jinbei Electric has demonstrated strong financial performance and resilience in a challenging environment, with significant growth in key segments and ongoing capacity expansion. The company is strategically positioning itself to reduce reliance on traditional markets while enhancing its presence in emerging sectors.

Core Insights - Hangzhou Kelin Electric Co., Ltd. has shown significant financing activity, with a net financing inflow of 58.865 million RMB last week, ranking 156th in the market [1] - The company operates in various sectors including power grid equipment, storage chips, and blockchain technology, indicating a diversified business model [1] Financing Activity - Last week, the total financing amount was 129 million RMB, while repayments amounted to approximately 69.9996 million RMB [1] - Over the past 5 days, the main capital inflow was 37.6169 million RMB, with a price increase of 5.37% [1] - In the last 10 days, the main capital inflow was 21.876 million RMB, with a price increase of 2.48% [1] Company Profile - Hangzhou Kelin Electric was established in 2002 and is located in Hangzhou, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The company has a registered capital of 153.3896 million RMB and a paid-in capital of 41.925 million RMB [1] - The legal representative of the company is Xie Dong [1] Investment and Intellectual Property - The company has made investments in 4 enterprises and participated in 229 bidding projects [1] - It holds 15 trademark registrations and 288 patents, along with 13 administrative licenses [1]