1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since October, Sino - US trade friction has intensified. The market performance in April can be used as a reference. The equity market has strong support from market - stabilizing funds, and the convertible bond market has different performances in terms of valuation, rating, and industry [1][5]. - In the future, although there are significant macro - fluctuations, the expectation of market - stabilizing forces remains strong. A rapid adjustment may provide trading opportunities. A dumbbell strategy can be adopted for medium - rated convertible bonds, and sectors with "counter - cyclical" adjustment functions and the semiconductor self - controllable direction are worthy of attention [5]. 3. Summary According to the Table of Contents 3.1 Tariff Disturbance Resurfaces: What Can We Learn from History? - In October, Sino - US trade friction has intensified. On October 13, the equity market showed a slight decline, and the convertible bond market had a more obvious decline in valuation. The net redemption of convertible bond ETFs continued. Structurally, medium - and low - rated convertible bonds and export - oriented industries had more significant callbacks, while sectors such as banks and non - ferrous metals rose against the market [9]. - The market performance from April to June can be used as a reference. During the period of market - stabilizing funds, the valuation of convertible bonds was relatively stable, and medium - rated and export - oriented sectors had relatively large callbacks. After the panic, leveraged funds still had high expectations for the future, but the convertible bond market faced pressure from institutional position - reducing [17][25][30]. 3.2 Market Review: Convertible Bonds Slightly Declined Weekly, and Valuation Slightly Compressed 3.2.1 Weekly Market Quotes - Last week, major stock indices had different performances. The Shanghai Composite Index rose 0.37%, while the Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index declined. The CSI Convertible Bond Index rose 0.03%. The convertible bond market was also differentiated, with some sectors rising and others falling [31]. - There are 423 issued and non - expired convertible bonds, with a balance of 5909.41 billion yuan. Fueneng Convertible Bonds will be issued on October 13, with a scale of 38.02 billion yuan [31]. 3.2.2 Valuation Performance - The weighted average closing price of convertible bonds rose 0.04%. The closing prices of different types of convertible bonds all increased. The proportion of convertible bonds in the 120 - 130 yuan range increased significantly. The median price rose 0.12%. The convertible bond market's 100 - yuan par - value fitted conversion premium rate decreased by 0.05 pct. High - rated and large - scale convertible bonds had more significant premium rate compression [39]. 3.3 Terms and Supply: Luokai and Enjie Convertible Bonds Announced Early Redemption, with a Total Pending Issuance Scale of Approximately 8 Billion 3.3.1 Terms - As of October 10, Luokai and Enjie Convertible Bonds announced early redemption; Mengsheng and Hengbang Convertible Bonds are expected to meet the early redemption conditions. No convertible bonds announced not to redeem early [2][60]. - Last week, no convertible bonds proposed downward revisions in the board of directors. Huitong Convertible Bonds announced the downward revision result; 2 convertible bonds announced not to revise downward; 6 convertible bonds are expected to trigger downward revisions [2]. 3.3.2 Primary Market - No convertible bonds were issued last week. Fueneng Convertible Bonds will be issued this week, with a scale of 38.02 billion yuan [3]. - No new board of directors' proposals were added last week. Five new companies passed the general meeting of shareholders. As of October 10, 2 companies obtained the issuance approval, with a proposed issuance scale of 26.77 billion yuan, and 8 companies passed the issuance review committee, with a total scale of 53.05 billion yuan. The total pending issuance scale is approximately 8 billion yuan [3][66][76].

Core Viewpoint - The report from China Merchants Securities highlights the transition from traditional UPS systems to HVDC solutions in data centers due to increasing ICT equipment power density, which reveals the limitations of traditional UPS in efficiency, heat dissipation, and space utilization [1] Group 1: ICT Power Density Upgrade - The upgrade in ICT power density is driving the shift from traditional UPS to HVDC systems for primary power supply in data centers [1] - Data center power supply is structured in multiple levels, with primary power typically provided by UPS or HVDC systems, while secondary and tertiary power supplies cater to IT loads and chip-level requirements [1] - Traditional AC UPS systems are becoming inadequate in terms of load capacity, space efficiency, and economic viability, leading to HVDC becoming the mainstream technology for large and super-large data centers [1] Group 2: Development of 800V HVDC Solutions - Companies like NVIDIA are accelerating the development of 800V HVDC ecosystems by collaborating with power solution providers and upstream power device suppliers [2] - The overseas HVDC systems are more advanced than domestic solutions, incorporating components like BBU, supercapacitors, PDU, and Power Shelf, which enhance system performance and reliability [2] - Domestic HVDC solutions primarily rely on traditional architectures with lower voltage levels and lack the integration capabilities seen in overseas systems, particularly for AI load adaptation [2] Group 3: Opportunities for Chinese Companies - The large-scale adoption of HVDC may reshape the competitive landscape for traditional external power supply manufacturers, creating opportunities for Chinese companies to engage in OEM or collaborative product development [3] - Chinese firms possess advantages in power electronics technology, rapid response capabilities, and skilled engineering teams, positioning them well to enter overseas markets and achieve significant returns [3]

Core Viewpoint - The company has experienced a continuous decline in the number of shareholders and a decrease in stock price, indicating potential challenges in investor confidence and market performance [2] Shareholder Information - As of October 10, the number of shareholders for the company is 58,000, a decrease of 4,000 from the previous period (September 30), representing a decline of 6.45% [2] - This marks the third consecutive period of decline in the number of shareholders [2] Stock Performance - The latest stock price of the company is 63.98 yuan, down 3.67%, with a cumulative decline of 10.52% since the concentration of shares began [2] - The stock has experienced four consecutive days of decline [2] Financing Data - As of October 13, the margin trading balance for the stock is 1.986 billion yuan, with a financing balance of 1.984 billion yuan [2] - Since the concentration of shares began, the financing balance has decreased by 282 million yuan, a decline of 12.43% [2] Financial Performance - In the first half of the year, the company achieved operating revenue of 3.733 billion yuan, a year-on-year increase of 0.06% [2] - The net profit for the same period was 244 million yuan, reflecting a year-on-year growth of 7.94% [2] - The basic earnings per share are 0.5100 yuan, with a weighted average return on equity of 5.08% [2]

Core Insights - The other power equipment sector experienced a slight increase of 0.01% on October 13, with Aikesaibo leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Sector Performance - Aikesaibo (688719) saw a significant rise of 13.73%, closing at 48.20 with a trading volume of 87,300 shares and a transaction value of 396 million [1] - Other notable gainers included: - Zhongheng Electric (002364) up 5.02% to 28.05 with a transaction value of 1.536 billion [1] - Xizi Clean Energy (002534) up 3.82% to 18.22 with a transaction value of 679 million [1] - Conversely, the sector also had some decliners, such as: - Magmi Tech (002851) down 5.80% to 70.48 with a transaction value of 1.666 billion [2] - KOTAI Power (300153) down 4.15% to 35.07 with a transaction value of 634 million [2] Capital Flow - The other power equipment sector saw a net outflow of 731 million from institutional investors, while retail investors contributed a net inflow of 675 million [2][3] - Key stocks with significant capital flow include: - Haibo Innovation (688411) with a net inflow of 116 million from institutional investors [3] - Dongfang Electric (600875) with a net inflow of 1.12 million from institutional investors [3] - Retail investors showed varied interest, with notable inflows into stocks like Jinshi Technology (002951) [3]

Core Points - The company plans to use up to 300 million yuan of temporarily idle self-owned funds for cash management to improve fund utilization efficiency and increase shareholder returns while ensuring normal operations and effective risk control [1][3] - The investment will focus on low-risk, high-security, and liquid products, including but not limited to structured deposits and principal-protected financial products, with a maximum investment period of 12 months [1][3] - The board of directors has authorized the chairman to make investment decisions and sign relevant contracts, with the finance center responsible for implementation [1][3] Investment Details - Investment Purpose: Enhance fund utilization efficiency and increase shareholder returns without affecting normal operations and controlling risks [1] - Investment Amount: Up to 300 million yuan [1] - Investment Products: Low-risk, high-security, and liquid products, including structured deposits and principal-protected financial products [1] - Investment Period: Maximum of 12 months [1] - Decision Validity: Effective for 12 months from the date of board approval [1] Risk Management - The company will adhere to prudent investment principles, selecting low-risk investment products and avoiding other securities investments [2] - Regular analysis and tracking of investment products will be conducted, maintaining close contact with financial institutions [2] - The audit department will supervise the use and custody of financial management funds, with periodic audits and verifications [2] - The board's audit committee and independent directors have the authority to supervise and inspect fund usage [2] Operational Impact and Review Process - The cash management will be implemented without affecting normal production and operations, aligning with the interests of all shareholders [3] - The board has agreed to use up to 300 million yuan of temporarily idle self-owned funds for cash management, focusing on low-risk financial products [3] - The maximum duration for individual financial products is 12 months, with funds being able to roll over within the approved limit [3]

Group 1 - The company reported a revenue of 430 million yuan for the first half of 2025, representing a year-on-year growth of 7.92% [1] - The net profit attributable to shareholders was -17.22 million yuan, compared to a profit of 32.56 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses was -22.92 million yuan, down from 23.36 million yuan in the previous year [1] - The net cash flow from operating activities was -51.58 million yuan, worsening from -38.45 million yuan year-on-year [1] Group 2 - The company raised a total of 1.44 billion yuan from its initial public offering, with a net amount of 1.32 billion yuan, exceeding the original plan by 937.69 million yuan [2] - The funds raised will be used for various projects, including the industrialization of precision special power supplies and the upgrade of the R&D center [2] - The total issuance costs for the IPO amounted to 125.29 million yuan, with underwriting fees of 106.01 million yuan [2] Group 3 - The company announced a cash dividend of 0.51134 yuan per share and a bonus issue of 0.4 shares for every share held, with the record date set for June 20, 2024 [2] - The ex-dividend date is June 21, 2024, and the new shares will be listed on the same day [2]

Group 1 - The stock price of Keda Technology Co., Ltd. (科士达) closed at 41.95 yuan on October 10, 2025, down 1.29% with a turnover rate of 2.43% and a trading volume of 137,100 shares, amounting to a transaction value of 579 million yuan [1] - On October 10, 2025, the net outflow of main funds was 18.95 million yuan, while retail investors saw a net inflow of 22.58 million yuan [3] - The company's board of directors confirmed that there were no objections to the list of incentive targets for the 2025 stock option incentive plan, and the qualifications of the subjects were deemed legal and valid [1][3] Group 2 - The incentive target list was publicly disclosed on September 24, 2025, and was available for internal review until October 3, 2025, with no objections received during the public notice period [1] - The remuneration and assessment committee verified the qualifications of the incentive targets, ensuring compliance with relevant laws and regulations, and confirmed that no inappropriate candidates were included [1]

Core Points - The number of shareholders for Kehua Data as of September 30 decreased to 62,000, a reduction of 6,000 from the previous period, representing a decline of 8.82% [2] - This marks the second consecutive period of decline in the number of shareholders for the company [2] Financial Performance - For the first half of the year, Kehua Data reported total revenue of 3.733 billion yuan, reflecting a year-on-year growth of 0.06% [2] - The net profit for the same period was 244 million yuan, showing a year-on-year increase of 7.94% [2] - The basic earnings per share were reported at 0.5100 yuan, with a weighted average return on equity of 5.08% [2] Stock Performance - As of the latest closing, Kehua Data's stock price was 71.16 yuan, down 0.48%, with a cumulative decline of 3.43% since the concentration of shares began [2] - The stock experienced three days of increase and five days of decrease during the reporting period [2]

Market Overview - The Shanghai Composite Index rose by 1.32%, reaching a new high for the year, while the median stock performance was relatively weak with a median change of 0.47% [1] - A total of 88 stocks hit the daily limit up, an increase of 36 from the previous day, while 18 stocks hit the limit down, an increase of 17 [2] Key Sectors - The sectors with the most limit-up stocks included non-ferrous metals, specialized equipment, and power equipment [3] - The notable limit-up sectors today were: - Non-ferrous metals: 11 stocks, driven by economic recovery expectations and supply-demand improvements [3] - Specialized equipment: 8 stocks, benefiting from policy support and demand recovery [3] - Power equipment: 5 stocks, supported by policy backing and growth in new energy demand [3] Conceptual Highlights - The most prominent concepts among limit-up stocks were nuclear fusion, domestic chips, and gold [4] - Limit-up stocks in the nuclear fusion sector numbered 10, driven by technological breakthroughs and expectations for energy alternatives [4] - Domestic chip stocks also numbered 10, propelled by self-sufficiency demands and increased policy support [4] - Gold stocks reached 10, influenced by rising international risk aversion and expectations of interest rate cuts by the Federal Reserve [4] Individual Stock Performance - 15 stocks reached historical highs, including Tongfu Microelectronics, Hezhong Intelligent, and others [5] - 26 stocks reached near one-year highs, including Jiangxi Copper, YD Technology, and others [6] Main Capital Inflows - The top five stocks by net capital inflow included Northern Rare Earth, Shanghai Electric, and others, with Northern Rare Earth seeing a net inflow of 2.658 billion yuan [8][9] - The top five stocks by net inflow as a percentage of market value included Changfu Co., Lingge Technology, and others, with Changfu Co. at 10.18% [10] Limit-Up Stock Rankings - The stocks with the highest limit-up capital included Tongfu Microelectronics, Shanghai Electric, and others [10] - The stocks with the most consecutive limit-ups included Tianji Co., Shanzi Gaoke, and others [11]

证券日报网讯英杰电气（300820）10月9日在互动平台回答投资者提问时表示，公司的电源研发项目众 多，研发产品都需经过严格的性能测试、可靠性验证及市场适配验证，为确保信息的准确性与严谨性， 避免对投资者决策产生误导，针对公司具体电源研发项目的进展，目前暂不便披露细节情况。 ...