Core Viewpoint - The Shenzhen Stock Exchange will hold its 22nd listing review committee meeting on September 26, 2025, to review the IPO application of Southern Power Grid Digital Grid Research Institute Co., Ltd. (referred to as "Southern Digital") [1] Fundraising Projects - Southern Digital plans to raise a total of 255,446.06 million yuan for various projects, including: - Construction of a spatiotemporal intelligent digital twin platform with an investment of 33,954.93 million yuan [2] - Development of a new generation intelligent IoT perception and collaborative control system with an investment of 41,064.26 million yuan [2] - Establishment of an advanced power artificial intelligence platform and smart production marketing application with an investment of 25,997.90 million yuan [2] - Creation of a new generation of domestic intelligent management systems with an investment of 50,724.52 million yuan [2] - Development of an energy industry data element circulation trading and service platform with an investment of 25,664.45 million yuan [2] - Construction of an advanced digital energy technology R&D base and technology delivery center in Shenzhen with an investment of 78,040.00 million yuan [2] Shareholding Structure - As of the signing date of the prospectus, Southern Power Grid Digital Grid Group Co., Ltd. holds 200,000.00 million shares, accounting for 74.00% of the total share capital, making it the controlling shareholder [2] - China Southern Power Grid Co., Ltd. indirectly controls 85.00% of the company through its subsidiaries, including Digital Group and various regional power grids [2] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council [2] Sponsorship - The sponsor for Southern Digital's IPO is China Merchants Securities Co., Ltd., with representatives Zhao Haiming and Chen Chunxin [3]

比亚迪储能及新型电池事业部电力科学研究院院长曹虎发布新一代储能产品"浩瀚"，其单元容量达14.5 兆瓦时，体积容量密度提升51.4%，系统体积利用率高达52.1%，为行业最高。比亚迪以"大道至简"理 念推动储能系统极致简化，为储能电站建设提供更省地、省心、高效与经济性的解决方案。 深圳中广核工程设计有限公司光热技术专家周现荣和浙江可胜技术股份有限公司首席科学家技术助理许 睿飏联合分享全球最大单塔350MW光热技术的创新实践。项目采用三塔一机分布式储热方案，突破超 大规模镜场控制与熔盐储能技术，实现度电成本降至0.55元/度。双方通过产业链协同创新，预计2035 年度电成本进一步降低，加速光热成为平价稳定的绿色基荷电源。 前沿技术集中展示 在现场，多家龙头企业依次发布最新技术成果与解决方案，涵盖智能组网、新型储能、光热创新、超充 网络等多个关键领域。 华为公司副总裁、华为数字能源全球营销服务体系总裁周建军分享了全场景构网技术及全球实践，通过 自研两类基础硬件、双架构及智能算法，解决高比例新能源接入电网的稳定性世界难题。该技术已在沙 特红海全球最大的100%新能源微网、中国四川雅砻江水光互补电站等全球项目中成功验 ...

Group 1: Event Overview - The 2025 International Digital Energy Exhibition opened in Shenzhen, focusing on global energy digital transformation, featuring over 2,000 companies from more than 50 countries and showcasing over 300 cutting-edge technologies across a 50,000 square meter platform [1][2] Group 2: Shenzhen's Innovations - Shenzhen has achieved full electrification of public buses and has established a charging network denser than traditional gas stations, leading the world in clean energy consumption efficiency through its Virtual Power Plant 3.0 platform [2][3] - The city aims to provide a replicable model for energy transition in high-density urban areas, showcasing its innovative capabilities in the digital energy sector [2] Group 3: Technological Showcases - Leading companies presented their latest innovations, including Huawei's all-scenario networking technology and BYD's new energy storage product with a capacity of 14.5 MWh, which boasts a 51.4% increase in volume capacity density [3][4] - The exhibition featured a significant focus on solar thermal technology, with a project achieving a cost of 0.55 yuan per kWh through innovative distributed thermal storage solutions [4] Group 4: Industry Collaboration - Major companies like China Power Construction and China Energy Engineering showcased innovations in smart construction and power grid technologies, enhancing efficiency and reducing environmental impact [7][8] - Shenzhen Gas presented its high-end smart energy equipment, demonstrating leadership in gas-electricity complementary technology [7] Group 5: International Engagement - The exhibition emphasized international collaboration, featuring an international business matching area and forums to facilitate global partnerships and knowledge sharing [9][10] - Reports from international organizations highlighted China's transition from a technology follower to a rule-maker in the global energy governance system [9] Group 6: Future Directions - The event launched initiatives for digital energy project matchmaking and technology releases, showcasing the innovative vitality of China's digital energy sector [10] - The exhibition serves as a platform for ongoing discussions on digital energy ecosystem construction, energy internet innovation, and AI empowerment in the energy sector [10]

Core Viewpoint - The 2025 International Digital Energy Expo, themed "Deep AI Energy Creates the Future," opened in Shenzhen, focusing on the collaborative development paths of clean energy, intelligent networks, flexible loads, and diversified storage [1] Group 1: Event Overview - The expo features seven major exhibition areas: green energy, future power grids, smart loads, new energy storage, AI empowerment, clean low-carbon technologies, and international enterprises [1] - A series of thematic forums, technical exchanges, and project matchmaking activities will be held during the event [1] Group 2: Industry Insights - The "2025 Shenzhen Digital Energy White Paper" was released at the opening ceremony, showcasing the latest products and technological achievements in areas such as full-scenario networking, energy storage, new batteries, and solar thermal power plants from companies like Huawei, BYD, China General Nuclear Power Group, and Kesen Technology [1]

Core Insights - The 2025 International Digital Energy Exhibition, themed "Deep AI Energy, Creating the Future," opened in Shenzhen, showcasing over 2,000 companies from more than 50 countries and featuring over 300 cutting-edge technologies [1][2] - The integration of digital technology and energy revolution is becoming a new engine for global economic growth, with China leading in digital investment in the power sector [1] - The exhibition includes a focus on AI applications in energy prediction and operational optimization, as well as innovations in carbon neutrality technologies [2][3] Group 1: Exhibition Overview - The exhibition covers an area of 50,000 square meters and features seven thematic exhibition areas, highlighting the deep integration of the digital energy industry chain, technology chain, and service chain [2] - A dual-track model of "technology sandbox + urban laboratory" is introduced, showcasing real-world energy internet cases and facilitating seamless integration between exhibition areas and urban settings [2] Group 2: Key Innovations and Presentations - BYD's new energy storage product "Haohan" has a unit capacity of 14.5 MWh, with a volume capacity density increase of 51.4% and a system volume utilization rate of 52.1%, the highest in the industry [2] - Huawei's global marketing services president presented a full-scenario networking technology that addresses the stability challenges of high renewable energy integration into the grid, validated in major global projects [1][2] Group 3: Forums and Networking - The exhibition features an international enterprise exhibition area and trade matching zone, hosting multiple international thematic forums to facilitate market expansion and resource connection for global energy companies [3] - The main forum on "Digital Transformation Driving High-Quality Energy Development" gathered global experts to discuss the integration of AI, big data, and the energy industry [3]

Group 1 - The 2025 International Digital Energy Exhibition opened in Shenzhen, focusing on global energy digital transformation, featuring over 2,000 companies from more than 50 countries and showcasing over 300 cutting-edge technologies [1] - Shenzhen has established a new energy infrastructure with more electric bus charging stations than traditional gas stations, creating the highest density urban charging network globally [2] - The virtual power plant 3.0 platform in Shenzhen has improved clean energy consumption efficiency to an industry-leading level, addressing the global challenge of integrating high proportions of renewable energy into the grid [2] Group 2 - Major companies showcased their latest technological achievements at the exhibition, including Huawei's all-scenario networking technology and BYD's new generation of energy storage products with a capacity of 14.5 MWh and a volume capacity density increase of 51.4% [3][4] - The exhibition featured seven themed areas, emphasizing the integration of the digital energy industry chain, technology chain, and service chain, with a focus on AI applications in energy prediction and operation optimization [5] - The event included multiple parallel forums addressing key issues in the digital energy sector, facilitating collaboration among industry experts, enterprises, and scholars [6][7] Group 3 - The exhibition emphasized international collaboration, attracting numerous foreign enterprises and establishing an international business matching area to promote technology introduction, product export, and project cooperation [8] - The event highlighted China's transformation from a "technology follower" to a "rule maker" in the global energy governance system, showcasing the innovative vitality and application depth of Chinese digital energy enterprises [8][9] - The exhibition serves as a platform for promoting digital energy technology innovation, industry collaboration, and ecological co-construction, contributing to global sustainable development [9]

Core Viewpoint - Meili Cloud's stock price has shown fluctuations with a year-to-date increase of 17.38%, but a recent decline of 9.37% over the past five trading days, indicating volatility in investor sentiment and market performance [1]. Financial Performance - For the first half of 2025, Meili Cloud reported operating revenue of 174 million yuan, a significant year-on-year decrease of 64.73%. However, the net profit attributable to shareholders increased by 660.77% to approximately 19.88 million yuan [2]. - The company has cumulatively distributed dividends of 59.48 million yuan since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of September 5, Meili Cloud's stock price was 13.44 yuan per share, with a market capitalization of 9.34 billion yuan. The trading volume was 250 million yuan, with a turnover rate of 2.71% [1]. - The stock has appeared on the "Dragon and Tiger List" five times this year, with the most recent net purchase on June 6 amounting to 69.12 million yuan [1]. Shareholder Information - As of June 30, 2025, Meili Cloud had 92,900 shareholders, a decrease of 1.02% from the previous period. The average number of circulating shares per shareholder increased by 1.03% to 7,487 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 1.87 million shares, a decrease of 5.77 million shares from the previous period [3]. Industry Classification - Meili Cloud is classified under the Shenwan industry as part of the IT services sector, with concepts including small-cap stocks, state-owned cloud services, big data, solar energy, and digital energy [2].

Company Overview - Jialituo, established on August 26, 2003, is located in Jiangning Economic and Technological Development Zone, Nanjing, Jiangsu Province. The company specializes in precision environmental control for data center rooms, providing cooling, energy-saving equipment, and related technical services. The main revenue components are precision air conditioning (57.06%), integrated environmental products (34.43%), maintenance services (4.57%), and others (3.93%) [1]. Stock Performance - As of September 5, Jialituo's stock price increased by 2.03%, reaching 9.57 CNY per share, with a total market capitalization of 5.185 billion CNY. The stock has seen a year-to-date increase of 16.71%, but has declined by 5.06% over the last five trading days and 3.53% over the last 20 days. Over the past 60 days, the stock price has risen by 13.79% [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent occurrence on May 9 [1]. Financial Performance - For the first half of 2025, Jialituo reported a revenue of 321 million CNY, reflecting a year-on-year growth of 32.20%. However, the net profit attributable to shareholders was -17.77 million CNY, a significant decrease of 262.89% compared to the previous period [2]. - Since its A-share listing, Jialituo has distributed a total of 380 million CNY in dividends, with 125 million CNY distributed over the last three years [3]. Shareholder Information - As of June 30, Jialituo had 49,800 shareholders, a decrease of 1.83% from the previous period. The average number of circulating shares per shareholder increased by 1.86% to 10,889 shares [2]. Industry Classification - Jialituo is classified under the Shenwan industry category of mechanical equipment, specifically general equipment and refrigeration air conditioning equipment. The company is also associated with several concept sectors, including small-cap, specialized and innovative, digital energy, liquid cooling concepts, and Huawei concepts [1].

Core Viewpoint - The stock of Yingweike has shown significant volatility, with a year-to-date increase of 123.39% but a recent decline of 13.65% over the past five trading days [2]. Financial Performance - For the first half of 2025, Yingweike achieved a revenue of 2.573 billion yuan, representing a year-on-year growth of 50.25%, while the net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year [3]. Stock Market Activity - As of September 5, Yingweike's stock price was 69.08 yuan per share, with a market capitalization of 66.961 billion yuan. The trading volume was 1.966 billion yuan, with a turnover rate of 3.43% [1]. - The stock has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on September 2, where it recorded a net buy of -110 million yuan [2]. Shareholder Information - As of August 29, the number of shareholders for Yingweike increased by 140.76% to 152,400, while the average circulating shares per person decreased by 58.44% to 5,531 shares [3]. - The company has distributed a total of 581 million yuan in dividends since its A-share listing, with 345 million yuan distributed in the last three years [4]. Business Overview - Yingweike, established on August 15, 2005, specializes in the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning services for rail transit vehicles and traditional buses. The main revenue sources are: 52.50% from room temperature control products, 36.00% from cabinet temperature control products, and 0.93% from rail transit air conditioning services [2].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][36] Core Views - The company achieved a revenue of 7.17 billion yuan in the first half of 2025, representing a year-on-year growth of 16.5%, with a net profit of 440 million yuan, up 9.5% year-on-year [7][8] - The growth in revenue is attributed to the recovery in commercial vehicle sales and rapid expansion in the digital energy business, with a notable increase in the sales of new energy vehicle thermal management products [7][8] - The company has a robust order backlog, with new orders expected to contribute approximately 9.073 billion yuan in annual sales revenue once fully realized [30] Summary by Sections Financial Performance - In 2025H1, the company reported a revenue of 71.7 billion yuan, a 16.5% increase year-on-year, and a net profit of 4.4 billion yuan, reflecting a 9.5% growth [7][8] - The second quarter of 2025 saw revenues of 37.5 billion yuan, up 17.9% year-on-year, and a net profit of 2.3 billion yuan, an increase of 8.3% year-on-year [7][8] - The company's gross margin in Q2 2025 was 18.8%, down 2.2 percentage points year-on-year, while the net margin was 7.0%, a decrease of 0.3 percentage points year-on-year [2][17] Business Segments - The commercial vehicle and non-road business generated 2.43 billion yuan in revenue in 2025H1, a 3.9% increase year-on-year, while the digital energy business saw a revenue of 690 million yuan, up 58.9% [7][8] - The passenger vehicle segment reported a revenue of 3.83 billion yuan, reflecting a 20.5% year-on-year growth, with new energy vehicle thermal management products accounting for 42% of total revenue [7][8] International Expansion - The North American operations generated 790 million yuan in revenue in 2025H1, with a net profit of 30 million yuan, and the European segment is expected to turn profitable by year-end [2][17] - The company's Mexican factory achieved breakeven in Q4 2023, primarily producing thermal management products for North American customers [3][25] Growth Opportunities - The company is actively expanding into digital energy and robotics, with significant progress in product development and patent applications [4][33] - The digital energy business includes data center thermal management solutions, which are expected to become a new growth driver [28][30] Profitability Forecast - The company forecasts net profits of 1.089 billion yuan, 1.385 billion yuan, and 1.625 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share of 1.30 yuan, 1.66 yuan, and 1.95 yuan [36]