中恒电气（002364） 证券研究报告 通信电源龙头，受益 AIDC 算力提升 专注电源 29 载，受益 AIDC 算力提升。公司成立于 1996 年，主要从事高 频开关电源系统的研发、生产、销售和服务。主要业务包含电力电子制造 和电力数字化两大板块，电源系统业务为公司营收主线，未来有望受益智 算中心算力提升。 通信电源：数据中心电源受益算力高增，5G 扩张带动站点能源 1）全球及中国算力规模呈高速增长态势。2020 到 2023 年，全球算力规 模已提升至 1369EFLOPS，CAGR 达 46.5%。智能算力规模持续快速扩张， 2024 年，中国智能算力的增幅已经远超同期通用算力增幅，预计 2025 年， 中国智能算力占比将达到 35%。伴随算力规模攀升，数据中心用电量增速 显著。2024 到 2030 年全国数据中心用电量年均增速预计约 20%，显著高 于全社会用电量增速。 2）HVDC 凭借多维优势驱动渗透率加速提升。目前数据中心和智算中心 的通用供配电解决方案为 UPS 供电系统。相较于传统 UPS 供电系统， HVDC 在能效、供电可靠性等方面展现出显著优势。公司为数据中心 HVDC 绿色供电技 ...

Mergers and Acquisitions - *ST Shengxun plans to acquire 51% equity of Zhejiang Zhongchen Urban Emergency Service Management Co., Ltd. for 28.05 million yuan to strengthen its capabilities in the fire emergency sector and support its integrated safety and emergency layout [1] - Yishijing Precision intends to purchase 51% equity of Tongyihe for no more than 163 million yuan, with the cash payment approved during the board meeting on June 13 [2] - Haikou Group disclosed progress on its major asset restructuring, aiming to acquire control of Hainan Travel Investment Duty-Free Goods Co., Ltd. The company faces challenges due to intense competition in the domestic duty-free market and slowing consumer demand [3] Shareholding Changes - Jinfei Kaida's controlling shareholder has cumulatively increased its stake by 1.94%, acquiring 11.656 million shares for a total amount of 54.9819 million yuan from December 12, 2024, to June 12, 2025 [4] - Kailer Co., Ltd.'s board secretary plans to increase shareholding by no less than 1 million yuan within six months from the announcement date [5] - Huayi Technology's subsidiary plans to reduce its stake by no more than 0.83%, equivalent to 121.68 million shares, within three months following the announcement [6] Risk Matters - Fangda Special Steel received a warning letter from the Jiangxi Securities Regulatory Bureau for not prudently recognizing revenue in 2024, leading to inaccuracies in its financial reports [7] - Huayang New Materials clarified that it does not possess rare earth permanent magnet attributes, despite significant stock price increases and media reports suggesting otherwise [8] - Beikong Technology stated that its rare earth permanent magnet materials business only has small-scale production capabilities, contributing less than 1% to its revenue, with limited short-term impact on performance [9][10]

天眼查App显示，近日，清大汇智（江西）控股有限公司成立，法定代表人为钟爱军，注册资本3000万 人民币，汇智产融（广东）有限公司、清大控股（深圳）有限公司持股。 序号股东名称持股比例1汇智产融（广东）有限公司90%2清大控股（深圳）有限公司10% 企业名称清大汇智（江西）控股有限公司法定代表人钟爱军注册资本3000万人民币国标行业金融业>其 他金融业>其他未列明金融业地址江西省赣州市赣州经济技术开发区江奥科技园A1栋6楼企业类型有限 责任公司(自然人投资或控股)营业期限2025-6-12至无固定期限登记机关赣州经济技术开发区市场监督管 理局 来源：金融界 经营范围含许可项目：在线数据处理与交易处理业务（经营类电子商务），房地产开发经营（依法须经 批准的项目，经相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部 门批准文件或许可证件为准） 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广，企 业总部管理，技术进出口，进出口代理，园区管理服务，数字技术服务，消防技术服务，新材料技术研 发，网络技术服务，生物农药技术研发，在线能源计量技术研发，新兴能源技术研发，物联网技术研 发 ...

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, focusing on governance, financial performance, and strategic initiatives for growth in the pharmaceutical automation sector. Group 1: Meeting Procedures and Governance - The meeting will take place on June 25, 2025, at 14:00 in Shanghai, combining on-site and online voting methods [6][12]. - Attendees must register and present identification to confirm their eligibility to participate [2][3]. - The meeting will include a series of agenda items, including the presentation of reports and voting on various proposals [6][7]. Group 2: Financial Performance - The company reported a net profit of 32,520,676.27 yuan for the year, a decrease of 45.80% compared to the previous year [11][24]. - The total assets of the company reached 146,601.12 million yuan, reflecting growth due to market expansion efforts [24]. - The company has decided not to distribute cash dividends for 2024, with retained earnings of 233,162,211.41 yuan to be reinvested for future growth [10][11]. Group 3: Industry Context and Company Strategy - The pharmaceutical automation industry is experiencing rapid growth driven by technological advancements and increasing healthcare demands [12][13]. - The company is positioned as a provider of comprehensive solutions in the pharmaceutical automation sector, focusing on product design, development, and after-sales service [13][14]. - Strategic initiatives include expanding into international markets, enhancing partnerships with leading retail pharmacies, and developing smart pharmacy solutions [14][25]. Group 4: Future Plans and Innovations - The company aims to enhance its R&D capabilities and expand its market presence, particularly in overseas markets [30][31]. - Plans include leveraging AI technology to improve healthcare services and developing innovative products tailored to market needs [31]. - The company is committed to maintaining strong investor relations and ensuring transparent communication regarding its strategic direction and financial performance [29][31].

企业名称山东冠宏建材销售有限公司法定代表人韩祥梅注册资本2000万人民币国标行业批发和零售业> 批发业>其他批发业地址山东省东营市开发区东四路58号1幢1307企业类型有限责任公司（非自然人投 资或控股的法人独资）营业期限2025-6-12至无固定期限登记机关东营经济技术开发区市场监督管理局 来源：金融界 天眼查App显示，近日，山东冠宏建材销售有限公司成立，法定代表人为韩祥梅，注册资本2000万人民 币，由潍坊市寒亭区财金投资有限公司全资持股。 序号股东名称持股比例1潍坊市寒亭区财金投资有限公司100% 经营范围含建筑材料销售；五金产品批发；五金产品零售；建筑用钢筋产品销售；金属材料销售；新型 金属功能材料销售；金属结构销售；阀门和旋塞销售；石灰和石膏销售；有色金属合金销售；非金属矿 及制品销售；电线、电缆经营；灯具销售；照明器具销售；塑料制品销售；电力设施器材销售；消防器 材销售；办公用品销售；仪器仪表销售；电工仪器仪表销售；智能仪器仪表销售；机械设备销售；机械 电气设备销售；金属制品销售；办公设备销售；建筑装饰材料销售；轻质建筑材料销售；劳动保护用品 销售；建筑陶瓷制品销售；工艺美术品及礼仪用品销售（象 ...

Group 1 - In May, Guangdong Province had the highest number of newly registered business entities, totaling 270,167, a decrease of 52,000 from the previous month [2] - The top ten provinces for new business registrations included Hubei, Henan, Zhejiang, Shandong, Jiangsu, Hunan, Hebei, Fujian, and Sichuan [2][3] - Overall, the top ten provinces accounted for over 60% of the national new business registrations [3] Group 2 - Hubei Province recorded the fastest year-on-year growth in new business registrations at 8.33%, although this was a significant drop from the previous month's 26.10% [5] - Only six provinces experienced positive year-on-year growth in May, with the top ten growth rankings including Hubei, Hunan, Liaoning, Beijing, Shaanxi, Fujian, Shandong, Guangdong, Guangxi, and Zhejiang [5] Group 3 - The retail sector had the highest number of new business registrations in May, with 191,800 new entities, representing a year-on-year growth of 17.19% [7] - Other sectors with significant new registrations included wholesale, business services, technology promotion and application services, software and information technology services, construction and decoration, cultural arts, agriculture, professional technical services, and real estate [7] - The technology promotion and application services sector saw the fastest growth at 25.83% year-on-year [7] Group 4 - In May, the capital market financing demand decreased, with a total of 260 financing events and a total financing scale of 20.578 billion [9] - The manufacturing sector had the highest financing scale at 11.752 billion, accounting for 57.11% of the total [9] - The electricity, gas, and water production and supply sector received 3.217 billion, making up 15.63% of the total financing [9] Group 5 - In terms of regional financing, economically developed southeastern coastal provinces led in financing scale [10] - Jiangsu had 44 financing events with a total scale of 3.693 billion, while Shanghai achieved a financing scale of 3.042 billion [11] - The financing rounds showed that public offerings accounted for 24.22% of the total financing, with D-round financing at 21.59% and A-round financing at 14.26% [11]

Group 1 - The number of existing nail-related enterprises in China is 1.5535 million, with the majority (37.25%) established within the last 1-3 years [2] - The registration of nail-related enterprises has shown an overall growth trend over the past decade, with 396,700 new registrations expected in 2024 and 151,900 registered so far this year [2] Group 2 - The East China region has the highest number of existing nail-related enterprises, accounting for 35.61% of the total [3] - The Central China and South China regions follow, with 14.00% and 12.99% respectively [3] Group 3 - Most nail-related enterprises fall under the categories of residential services, repair, and other services, making up 73.67% of the total [4] - Enterprises classified under wholesale and retail account for 18.39% [4]

天眼查App显示，近日，青岛晟舶领航船舶科技有限公司成立，法定代表人为樊凡，注册资本5000万人 民币，青岛奥海特船舶有限公司、山东奥腾达船舶有限公司持股。 序号股东名称持股比例1青岛奥海特船舶有限公司75%2山东奥腾达船舶有限公司25% 来源：金融界 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；货物进出口；船舶销 售；船舶租赁；船舶拖带服务；设备监理服务；水上运输设备销售；水上运输设备零配件制造；水上运 输设备零配件销售；娱乐船和运动船制造；娱乐船和运动船销售；海洋工程关键配套系统开发；海洋工 程装备制造；海洋工程装备销售；运输设备租赁服务；海洋工程平台装备制造；商务代理代办服务；产 业用纺织制成品制造；安全、消防用金属制品制造。（除依法须经批准的项目外，凭营业执照依法自主 开展经营活动）许可项目：船舶设计；船舶制造；金属船舶制造；船舶修理；船舶改装；船舶拆除；船 舶检验服务；船员、引航员培训；水路普通货物运输。（依法须经批准的项目，经相关部门批准后方可 开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 企业名称青岛晟舶领航船舶科技有限公司法定代表人樊凡注册资本5000 ...

锡业股份：拟1亿–2亿元回购公司股份 6月13日，蜂助手（301382）发布公告称，公司拟以自筹资金2.06亿元收购广州小当智慧科技有限公司 持有的广东丰当科技有限公司30%的股权。收购完成后，蜂助手将持有丰当科技100%的股权。此次收 购旨在整合产业链资源，推动公司募投项目落地。 6月13日，锡业股份（000960）发布公告称，公司拟使用自有资金或自筹资金回购公司股份，用于注销 并减少注册资本，回购价格不超过21.19元/股（含），回购资金总额不低于1亿元（含）且不超过2亿元 （含）。 资料显示，锡业股份成立于1998年11月，主营业务是锡、铜、锌、铟等金属矿的勘探、开采、选矿和冶 炼。 所属行业：有色金属–小金属–其他小金属 蜂助手：拟收购控股子公司丰当科技剩余30%股权 资料显示，蜂助手成立于2012年1月，主营业务是互联网数字化虚拟商品综合服务。 所属行业：通信–通信服务–通信应用增值服务 *ST工智：收到深交所股票终止上市决定 6月13日，*ST工智（000584）发布公告称，公司收到深圳证券交易所关于股票终止上市的决定。公司 股票6月20日复牌并进入退市整理期，退市整理期的交易期限为15个交易日， ...

金融界2025年6月13日消息，国家知识产权局信息显示，深圳市铂科新材料股份有限公司、惠州铂科实 业有限公司、惠州铂科磁材有限公司、成都市铂科新材料技术有限责任公司、河源市铂科新材料有限公 司取得一项名为"一种贴片式电感器的制作方法"的专利，授权公告号CN115206669B，申请日期为2022 年08月。 天眼查资料显示，深圳市铂科新材料股份有限公司，成立于2009年，位于深圳市，是一家以从事仪器仪 表制造业为主的企业。企业注册资本28024.3115万人民币。通过天眼查大数据分析，深圳市铂科新材料 股份有限公司共对外投资了6家企业，参与招投标项目4次，财产线索方面有商标信息24条，专利信息 209条，此外企业还拥有行政许可12个。 惠州铂科实业有限公司，成立于2008年，位于惠州市，是一家以从事通用设备制造业为主的企业。企业 注册资本8000万人民币。通过天眼查大数据分析，惠州铂科实业有限公司参与招投标项目14次，专利信 息108条，此外企业还拥有行政许可100个。 来源：金融界 成都市铂科新材料技术有限责任公司，成立于2020年，位于成都市，是一家以从事软件和信息技术服务 业为主的企业。企业注册资本50 ...