Core Viewpoint - The company held an online performance briefing on September 19, 2025, where it discussed its financial results and future strategies with investors [1] Financial Performance - The company's incubation business revenue reached 194 million yuan, a year-on-year increase of 67.43% [1] - Other products, including vehicle power supplies and inductors, accounted for 7.84% of total revenue in the first half of 2025 [1] - Overall revenue grew by 20.16% year-on-year, despite significant increases in costs, including a 30.20% rise in R&D expenses and a 43.53% increase in sales expenses [1] Business Development - The company is focusing on the data center transformer market, expanding its product range from phase-shifting transformers to epoxy-encapsulated dry transformers and oil-immersed transformers [1] - The company has begun to expand its sales regions from domestic markets to overseas markets, including Japan [1] R&D and Product Development - The company is developing a 35KV/10MVA solid-state transformer prototype, with plans to send samples for testing in Q4 2025 [2] - The company aims to create more reliable and energy-efficient products and solutions for the data center business [2] Manufacturing and Capacity - The U.S. factory is gradually coming online, with a planned annual production capacity of 21,000 distribution transformers [2] - The Mexican facility has completed main construction and is set to produce new energy transformers with an annual capacity of 6,000 units [2] - The domestic facility in Jizhou, Jiangxi, has been completed and is operating at a good capacity utilization rate [2] Market Outlook - The company acknowledges a decline in gross margin due to falling product prices and rising raw material costs, but it reported a 3.28% increase in gross margin from Q1 to Q2 2025 [2] - The company plans to invest more resources in expanding its power supply business in Panama and believes that the growing global electricity demand presents opportunities for the power equipment manufacturing industry [2]

Core Insights - The leading companies in the power equipment sector of the Shenzhen Stock Exchange are driving the realization of China's "dual carbon" goals through innovation in wind power, photovoltaics, and energy storage [1][2][3] - Capital markets are providing diverse financing tools to support these companies, enabling them to accelerate technological research and development and integrate resources across the industry chain [1][4][6] Group 1: Company Innovations - Companies like Guoxuan High-Tech have established a comprehensive R&D system covering the entire battery lifecycle, focusing on solid-state batteries, sodium-ion batteries, and lithium manganese phosphate [2][3] - Siyuan Electric is actively expanding its product offerings in the new power system, including network-type products and new environmentally friendly high-voltage switchgear [3][4] Group 2: Capital Market Support - The capital market has enabled companies to efficiently raise funds for enhancing production capacity and R&D investments, positioning them as global leaders in new energy equipment [4][5] - Mergers and acquisitions, along with employee stock ownership plans, are key strategies for companies to bind talent with long-term goals and stimulate innovation [5][6]

Group 1 - The "Fuwan Lake Energy Power Equipment Industrial Park" promotion conference was held in Gaoming District, aiming to attract investment and promote the innovative development of the new power system industry [1] - The industrial park covers an area of approximately 18,800 acres, with over 3,000 acres available for immediate development and a potential expansion of over 5,000 acres in the future [2] - Gaoming District has gathered over 100 enterprises in the power industry, including major companies like Anheng Intelligent and Foshan Lighting, and has recently introduced projects such as Beikong Independent Energy Storage [2][3] Group 2 - The collaboration between Foshan and Wenzhou is highlighted, as both regions focus on developing the new power system industry and have a strong private economy [3] - The district has attracted over 7 billion yuan in project investments, successfully bringing in companies like Aowen Electric and Chenrui Intelligent [3] - The industrial park's upstream advantages include a complete industrial chain for raw materials, while the downstream applications present vast market opportunities [4] Group 3 - Gaoming District is actively implementing a three-year action plan to build a new power system equipment industrial cluster, with the Fuwan Lake Energy Power Equipment Industrial Park as the core [5] - The demand for power equipment in Gaoming is projected to exceed 300 scenarios, providing a solid foundation for the development of the new power system equipment industry [5] - An accelerator for the industrial park was launched to support technology reserves and application scenarios for energy power enterprises, promoting the transformation of scientific and technological achievements [6]

Core Viewpoint - The development of UHVDC (Ultra High Voltage Direct Current) technology is becoming a significant aspect of China's international presence, with companies like Borui Electric leading the way in overseas projects [1][2]. Group 1: UHVDC Technology and Projects - UHVDC technology is crucial for large-capacity, long-distance power transmission and interconnection of power grids, widely applied in major domestic and international projects [2]. - China has completed 23 UHVDC projects domestically, with Borui Electric supplying core equipment for 19 of them, including the world's highest voltage level project, Changji-Guquan ±1100kV UHVDC project [3]. - Borui Electric has established a strong reputation internationally, attracting many countries to choose Chinese manufacturers for UHVDC projects, as seen in the Brazil Belo Monte Phase II ±800kV UHVDC project [3][4]. Group 2: International Expansion and Innovations - Many countries are opting for Chinese manufacturers for the renovation of existing UHVDC projects, such as Borui Electric's first overseas UHVDC converter valve renovation project at Brazil's Itaipu Hydropower Station [4]. - Borui Electric and other companies from Changzhou are promoting "Changzhou manufacturing" globally, further solidifying Changzhou's position in the UHV transmission and transformation equipment manufacturing sector [4]. Group 3: Flexible DC Technology - The increasing share of renewable energy in the power grid poses challenges for stability, leading to the emergence of flexible DC transmission technology [5]. - By 2025, it is projected that wind and solar power installations in China will reach approximately 1.65 billion kilowatts, accounting for 46% of total power installations, necessitating UHVDC for long-distance transmission [5]. - The world's first UHV flexible DC project, Gansu to Zhejiang ±800kV, began construction in July 2024, with Borui Electric participating in the world's largest flexible DC back-to-back project in Dongguan [6]. Group 4: Future Developments and Innovations - Borui Electric is accelerating the development of grid-forming energy storage systems, intelligent pumped storage, and flexible low-frequency transmission technologies to support the new power system [6]. - The company has successfully developed grid-forming energy storage and other technologies, which are essential for the rapid development of new power systems [6].

Core Viewpoint - The development of ultra-high voltage direct current (UHVDC) transmission technology is becoming a significant aspect of China's international presence, with companies like Borui Electric leading the way in overseas projects [1][2]. Group 1: Company Overview - Borui Electric is a key player in China's UHVDC technology, providing core equipment for 19 out of 23 completed UHVDC projects in the country [3]. - The company has supplied the highest voltage level UHVDC converter valves for the Changji-Guquan ±1100kV project, which is considered the "heart" of the UHVDC system [3]. - Borui Electric is also involved in the first overseas UHVDC converter valve renovation project at the Itaipu Hydropower Station in Brazil, showcasing its innovative solutions [4]. Group 2: Industry Trends - The UHVDC technology is crucial for large-capacity, long-distance power transmission and is widely applied in major engineering projects both domestically and internationally [2]. - As of 2025, it is projected that wind and solar power will account for approximately 46% of China's total installed power capacity, necessitating the use of UHVDC for long-distance transmission [4]. - The flexible direct current (VSC) technology is emerging as a solution to integrate renewable energy sources into the grid, with Borui Electric participating in significant projects like the world's largest flexible DC back-to-back project in the Guangdong-Hong Kong-Macao Greater Bay Area [5]. Group 3: Future Developments - The application of UHVDC technology is accelerating, with the first UHV flexible direct current project starting construction in July 2024 [5]. - Borui Electric is advancing the development of grid-forming energy storage systems and other innovative technologies to support the new power system [7].

46只个股今日获机构买入型评级，6股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布46条买入型评级记录，共涉及46只个股。万科A、燕京 啤酒等关注度最高，均有1次机构买入型评级记录。 行业来看，医药生物行业最受青睐，博雅生物、鱼跃医疗等11只个股上榜机构买入评级榜。电力设备、 电子等行业也较受机构关注，分别有6只、6只个股上榜。 机构今日买入型评级记录 | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 688050 | 爱博医疗 | 华创证券 | 推荐 | 推荐 | 100.00 | 76.53 | | 300573 | 兴齐眼药 | 东方证券 | 增持 | 增持 | 80.19 | 73.00 | | 603416 | 信捷电气 | 国泰海通 | 增持 | 增持 | 75.15 | 66.38 | | 600612 | 老凤祥 | 华创证券 | 强推 | 强推 | 69.61 | 53.26 | | 603260 | 合盛硅业 | 华创证券 | ...

Core Insights - The World Economic Forum announced a new batch of "Lighthouse Factories," with 12 factories selected, 6 of which are from China [1] - Two companies from Changzhou, China, were included in the list: Eaton Electric Equipment Co., Ltd. and Mettler-Toledo International Inc., bringing the total number of Changzhou's world-class "Lighthouse Factories" to three [1] Group 1: Eaton Electric Equipment Co., Ltd. - The Changzhou factory of Eaton Electric began full-chain digital operations in 2022, integrating 10 new Industry 4.0 solutions [1] - Production efficiency increased by 26%, delivery time was reduced by 33%, and production capacity improved by 55% [1] - The factory achieved full-process digital management from order generation to after-sales service, aiming for a "near-zero carbon factory" goal through scientific carbon reduction [1] Group 2: Mettler-Toledo International Inc. - The Changzhou factory of Mettler-Toledo is a leading manufacturer of precision instruments and weighing equipment, serving critical industries such as pharmaceuticals, food, chemicals, semiconductors, and lithium batteries [1] - The factory has deployed 49 cutting-edge Industry 4.0 application cases, resulting in an on-time delivery rate of 98.4% and a delivery cycle reduction of 22% [1] - Mettler-Toledo's products are utilized in over 100 countries and regions worldwide [1]

Core Points - Heshun Electric experienced a 5.04% increase in stock price, reaching 9.80 CNY per share, with a trading volume of 78.99 million CNY and a turnover rate of 3.25%, resulting in a total market capitalization of 2.527 billion CNY [1] Company Overview - Heshun Electric, established on December 22, 1998, and listed on November 12, 2010, is located in Suzhou Industrial Park, Jiangsu Province. The company specializes in the manufacturing and sales of power equipment and power electronic devices [1] - The revenue composition of Heshun Electric includes: - Power equipment: 64.29% - Anti-theft energy metering devices: 11.45% - Photovoltaic power generation: 8.54% - Others: 5.67% - Installation and construction: 5.33% - Storage and charging devices: 4.71% [1] Shareholder Information - Jin Yuan Shun An Fund has a significant stake in Heshun Electric, with its fund, Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685), increasing its holdings by 603,600 shares in Q2, totaling 1.27 million shares, which represents 0.5% of the circulating shares. The estimated floating profit today is approximately 596,900 CNY [2] - The Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund was established on November 14, 2017, with a current size of 1.35 billion CNY. Year-to-date returns are 31.62%, ranking 2,446 out of 8,174 in its category; the one-year return is 64.43%, ranking 1,935 out of 7,982; and since inception, the return is 514.7% [2]

Core Viewpoint - The establishment of Hubei Muyang Carbon Technology Service Co., Ltd. indicates a growing focus on emerging energy technologies and carbon management solutions in the industry [1] Company Summary - Hubei Muyang Carbon Technology Service Co., Ltd. has been recently founded with a registered capital of 200,000 RMB [1] - The legal representative of the company is Zhang Liang [1] Business Scope - The company’s business scope includes: - Research and development of emerging energy technologies - Manufacturing of transformers, rectifiers, and inductors - Leasing of photovoltaic power generation equipment - Sales of photovoltaic equipment and components - Manufacturing and sales of power distribution switch control equipment - Manufacturing and sales of power electronic components - Information system integration services - Development and consulting in carbon reduction, conversion, capture, and storage technologies - Management services and rapid charging station establishment - Manufacturing and sales of micro-special motors and components - Sales of solar thermal utilization products and equipment [1]

Core Points - The company held its first extraordinary general meeting of shareholders in 2025 on September 15, where all resolutions were passed without any objections [3][4] - The total share capital of the company is 1,142,246,700 shares, with a significant portion of voting rights being waived by certain shareholders [2] - The meeting was conducted in compliance with relevant laws and regulations, and the presence of directors, supervisors, and other executives was confirmed [3][4] Shareholder Voting and Resolutions - The company has a total of 681,390,575 effective voting shares after accounting for shares with waived voting rights and repurchased shares [2] - Resolutions passed during the meeting included the purchase of directors and supervisors liability insurance, the cancellation of the supervisory board, and amendments to the company's articles of association [4] - The voting results showed that ordinary resolutions received more than half of the votes from attending shareholders, while special resolutions received over two-thirds [4] Legal Compliance - The meeting was witnessed by lawyers from Guohao Law Firm, who confirmed that the meeting's procedures and voting results were in accordance with legal requirements [4]