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]

Core Viewpoint - The establishment of the National Artificial Intelligence Application Pilot Base in the energy sector aims to bridge the gap between AI technology research and practical application in the power industry, fostering innovation and collaboration among various stakeholders [3][4]. Group 1: Pilot Base Overview - The pilot base will collaborate with 19 enterprises and research institutions, including China Huadian and Guangdong Yueshu, to develop over 10 typical industry application scenarios by 2027, targeting an annual growth of 25% in the AI application market [3]. - The base will provide diverse services such as testing certification, result transformation, product development, and ecological support to address the disconnect between research outcomes and practical applications in the AI power sector [3][4]. Group 2: Collaborative Ecosystem - The pilot base is described as an open and shared incubation platform, offering computational support, data sample sets, and a complete toolchain for enterprises, along with a digital twin simulation environment for realistic AI training and validation [4]. - The sustainable operation of the pilot base relies on a collaborative ecosystem involving government support, research institute management, technology provision from enterprises, and application scenarios from power companies, facilitating the flow of innovative elements like data and algorithms [4]. Group 3: Company Initiatives - The Southern Power Grid Company has built a strong foundation in energy digitalization and smart grid sectors, establishing energy big data centers across multiple provinces and fostering a diverse AI industry ecosystem [5]. - The company has developed a controllable AI model named "Dawatt," covering over 300 AI+ innovation application scenarios across various power sectors, positioning AI as a cornerstone for high-quality development [5].