Summary of Conference Call Notes Industry Overview - The AIDC (Artificial Intelligence Data Center) power supply system is transitioning to 800V HVDC, with solid-state transformers (SST) expected to become the final solution in the next 3-5 years [1][4] - Domestic companies like Shenghong Co. and Jinpan Technology are anticipated to leverage their technological advantages and existing overseas channels to penetrate the global supply chain [1][4] - The global capital expenditure growth is projected to exceed 50% in 2025, driving the adoption of HVDC over traditional UPS systems and SST over traditional HVDC+BRT [1][7] Key Trends and Developments - The application of green electricity in AIGC has significant potential, which may enhance its market space and impact power quality [1][6] - The UPS market is characterized by regional strengths and a fragmented competitive landscape, with the top three manufacturers holding about 40% market share, while the top three HVDC manufacturers currently dominate with approximately 90% market share, expected to decline to 60-70% [1][16][17] - The increasing power density in server power supplies is a clear trend, with domestic manufacturers like Oton and Meritec beginning to enter overseas supply chains [2][5][19] Market Dynamics - Domestic manufacturers have not yet fully penetrated the downstream market in onboard power supplies but are actively participating in the first-level UPS and second-level floating power supply segments [3] - The overseas market has been slow to adopt HVDC technology due to the stability of UPS systems and a lack of significant power increases in the industry [10] - However, the integration of renewable energy and the increase in cabinet power to over 200 kW are accelerating the introduction of HVDC technology in overseas markets [10][11] Technological Innovations - Delta's 800V HVDC solution utilizes a combination of HVDC modules, supercapacitors, and BPU to achieve direct current reduction within IT racks, facilitating the transition from 800V to a 50V system for data center servers [12][13] - SST is expected to see product rollout in 3-5 years, with decreasing semiconductor costs making it more competitive with traditional transformers [14] - The acceptance of SST technology is anticipated to be higher than current market perceptions due to its integration of traditional transformers with SSD and HVDC [14] Competitive Landscape - The competition in the UPS market is fragmented, while the HVDC market is more concentrated, with a significant share held by major internet companies [16][17] - The potential for HVDC technology in overseas markets is increasing, particularly as power requirements rise and existing supply systems approach their limits [11][18] Future Outlook - The market for second-level server power supplies is expected to continue growing, driven by increasing GPU and server power demands [18][19] - The development of power quality equipment is crucial for addressing harmonics and reactive power issues in data centers, with leading companies like Shenghong Co. expected to maintain their market share [20] - Chinese manufacturers are well-positioned to expand overseas, with a focus on first-level power supply innovations like 800V HVDC and SST [21][22]

Core Insights - Keda Technology Co., Ltd. experienced a stock price increase of 5.54%, reaching 36.39 CNY per share, with a trading volume of 363 million CNY and a turnover rate of 1.81%, resulting in a total market capitalization of 21.187 billion CNY [1] Company Overview - Keda Technology, established on March 17, 1993, and listed on December 7, 2010, is located in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, production, sales, and supporting services of UPS and valve-regulated sealed lead-acid batteries [1] - The revenue composition of Keda Technology includes: Smart Power and Data Centers 60.04%, Solar Storage and Charging Products and Systems 37.16%, Supporting Products 1.40%, Other (Supplementary) 0.96%, and New Energy Revenue 0.44% [1] Fund Holdings - Guorong Fund has a significant holding in Keda Technology, with its Guorong Rongyin A (006009) fund holding 80,200 shares, accounting for 2.1% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is approximately 153,200 CNY [2] - Guorong Rongyin A was established on June 7, 2018, with a latest scale of 7.7789 million CNY. Year-to-date, it has incurred a loss of 4.5%, ranking 8129 out of 8175 in its category; over the past year, it has achieved a return of 20.32%, ranking 5901 out of 7982; since inception, it has experienced a loss of 58.04% [2] Fund Manager Performance - The fund managers of Guorong Rongyin A are Zhou Desheng and Jia Yuxuan. As of the latest update, Zhou Desheng has a tenure of 5 years and 186 days, managing assets totaling 1.226 billion CNY, with the best fund return during his tenure being 52.02% and the worst being -46.21% [3] - Jia Yuxuan has a tenure of 3 years and 313 days, managing assets of 539 million CNY, with the best fund return during her tenure being 5.37% and the worst being -55.4% [3]

Group 1 - The core viewpoint of the news is the performance and financial metrics of KOTAI Power, which saw an 8.07% increase in stock price, reaching 39.50 CNY per share, with a total market capitalization of 12.64 billion CNY [1] - KOTAI Power specializes in the development, design, production, and sales of intelligent environmental power supply equipment, with the majority of its revenue coming from low-noise diesel generator sets, accounting for 88.96% of total revenue [1] - The company was established on June 19, 2002, and went public on December 29, 2010, indicating a long-standing presence in the market [1] Group 2 - The fund "Zhongjia Core Intelligent Manufacturing Mixed A" (009242) holds KOTAI Power as its seventh-largest position, with a net value proportion of 4.62% after reducing its holdings by 3.08 thousand shares [2] - The fund has shown significant performance, with a year-to-date return of 55.83% and a one-year return of 91.08%, ranking 418 out of 8175 and 481 out of 7982 respectively [2] - The fund manager, Zhang Yiran, has been in charge for 4 years and has achieved a best return of 51.61% during his tenure [3]

Core Viewpoint - Company plans to use up to RMB 400 million of idle raised funds for cash management to improve fund utilization efficiency while ensuring that it does not affect the normal use of raised funds for investment projects [1][12][14] Summary by Sections 1. Basic Situation of Raised Funds - Company issued 14,920,680 convertible bonds at a price of RMB 100 each, raising a total of RMB 149,206.80 million, with a net amount of RMB 148,066.32 million after expenses [1][2] - As of August 28, 2025, a total of RMB 58,648.21 million has been invested in projects, with idle funds and interest income totaling RMB 90,464.80 million stored in a dedicated account [2] 2. Reasons for Idle Funds - The company is progressing with investment projects according to the plan, but due to the construction cycle, there are temporarily idle funds [2][12] 3. Cash Management Plan - The company intends to use idle funds for cash management to enhance efficiency without impacting project progress [3][4] - Investment products will be low-risk, high liquidity, and with a term not exceeding 12 months [5][6] 4. Investment Limits and Duration - The cash management will utilize up to RMB 400 million for a period of 12 months from the board's approval date, with any transaction amount not exceeding this limit [6][13] 5. Implementation Method - The board authorizes the chairman or designated personnel to make decisions related to cash management within the approved limits [7][13] 6. Information Disclosure - The company will disclose cash management details in accordance with relevant regulations [8] 7. Distribution of Cash Management Earnings - Earnings from cash management will be managed according to regulatory requirements [9] 8. Impact on Daily Operations - The cash management plan will not affect the normal operation of the company or the use of raised funds for investment projects, and it aims to improve fund efficiency and returns for shareholders [12][14]

Core Viewpoint - The company, Zhongyuan Tong (301516.SZ), is engaged in the research, production, and sales of various power supply products, including communication power supplies, industrial control power supplies, and new energy power supplies, with a focus on serving communication equipment manufacturers and ultimately telecommunications operators [2]. Group 1 - The company confirmed its main business involves communication power supplies, industrial control power supplies, new energy power supplies, and other power supply products [2]. - The direct customers of the company's communication power supplies are communication equipment manufacturers, while the end customers are telecommunications operators [2].

Market Performance - The other power equipment sector increased by 0.67% compared to the previous trading day, with Magpowr leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Magpowr (002851) closed at 75.71, up 5.65% with a trading volume of 432,000 shares [1] - Youyou Green Energy (301590) closed at 212.66, up 5.27% with a trading volume of 22,300 shares [1] - ST Yishite (300376) closed at 5.32, up 4.93% with a trading volume of 419,700 shares [1] - ST Huaxi (002630) closed at 3.44, up 4.88% with a trading volume of 702,700 shares [1] - Other notable stocks include Oulu Tong (300870) at 210.08, up 3.23%, and Kete Power (300153) at 36.55, up 2.09% [1] Capital Flow Analysis - The other power equipment sector saw a net inflow of 499 million yuan from main funds, while retail funds experienced a net outflow of 306 million yuan [2] - Main funds showed significant inflows into Magpowr (2.35 billion yuan) and Oulu Tong (2.16 billion yuan) [3] - Retail investors showed net outflows from several stocks, including Magpowr (-126 million yuan) and Oulu Tong (-168 million yuan) [3]

Group 1 - The company, Zhongheng Electric (002364.SZ), has confirmed that its power supply products are applicable in offshore wind power scenarios [2] - The revenue from this business segment currently accounts for a small proportion of the company's overall revenue [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking opinions on the second batch of guidelines for the preparation of sustainable development reports by listed companies, indicating a structured approach to enhance ESG disclosures in the market [1][2]. Group 1: Guidelines and Regulations - The newly revised guidelines include three additional chapters on pollutant emissions, energy utilization, and water resource utilization, providing a comprehensive framework for companies to enhance their sustainable development reporting [1][2]. - The guidelines aim to strengthen companies' awareness of risks and opportunities while standardizing information disclosure practices without imposing additional mandatory disclosure requirements [2]. Group 2: ESG Performance and Market Impact - As of June 2023, 1,869 listed companies have disclosed sustainable development reports, achieving an overall disclosure rate of 34.72%, which is an increase of approximately 10 percentage points compared to the previous two years [3]. - The introduction of the guidelines has led to a significant rise in attention to issues such as climate change and fair treatment of small and medium enterprises among listed companies [3]. - Companies like Kweichow Moutai and CATL have seen improvements in their ESG ratings, reflecting increased recognition from international investors and enhancing their attractiveness for sustainable investment [3].

Core Viewpoint - The A-share market has experienced increased volatility recently, with several popular stocks appearing on the trading platform's "Dragon and Tiger List" [1][2][4]. Market Overview - The A-share market has shown significant fluctuations, with major indices like the Shanghai Composite Index and Shenzhen Component Index experiencing sharp declines followed by strong rebounds [3][4]. - For instance, the Shanghai Composite Index fell for three consecutive trading days starting September 2, then surged by 1.24% on September 5 [3]. Stock Performance - Several leading stocks have seen substantial price movements: - Shenghong Technology has risen nearly 400% since mid-April, with a notable drop of 8.81% on September 4, followed by a 20% limit-up on September 5 [5]. - New Yisheng, a leader in optical modules, has increased over 700% since mid-April, experiencing a 15.58% drop on September 4 and an 11% rise on September 5 [5]. - Tianfu Communication has also shown strong performance, with a 400% increase since mid-April, dropping 15.42% on September 4 and rebounding 7.57% on September 5 [6]. Institutional Activity - Institutional trading activity has been notable: - On September 5, Shenghong Technology saw a net buy of approximately 11.7 billion yuan from the Shenzhen Stock Connect [5]. - New Yisheng had a net buy of about 4.01 billion yuan on September 4, with significant trading from institutional seats [5]. - Tianfu Communication recorded a net buy of approximately 2.82 billion yuan on September 4, with institutions showing a net buying trend [6]. New Energy Sector - The new energy sector has shown strong performance: - Yangguang Power has seen trading volumes exceed 100 billion yuan over three days, with a 16.67% increase on September 5 [7]. - Yiyuan Lithium Energy also rose by 16.59% on September 5, with significant institutional buying activity [7].

Market Performance - The other power equipment sector increased by 4.22% on September 5, with Haidao Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Highlights - Haidao Sichuang (688411) closed at 180.20, with a rise of 14.92% and a trading volume of 71,200 shares, amounting to 1.218 billion yuan [1] - Xizi Clean Energy (002534) saw a 10.01% increase, closing at 14.07 with a trading volume of 287,500 shares [1] - Zhongheng Electric (002364) and Kehua Data (002335) both rose by 10.00%, closing at 25.19 and 55.00 respectively [1] Capital Flow - The other power equipment sector experienced a net inflow of 1.119 billion yuan from main funds, while retail investors saw a net outflow of 888.7 million yuan [2] - The main funds showed significant net inflows in stocks like Kehua Data (1.92 million yuan) and Zhongheng Electric (1.72 million yuan) [3] Individual Stock Performance - Kehua Data (002335) had a main fund net inflow of 1.92 million yuan, but retail investors had a net outflow of 94.98 million yuan [3] - Zhongheng Electric (002364) also saw a main fund net inflow of 1.72 million yuan, with retail investors experiencing a net outflow of 74.10 million yuan [3] - Haidao Sichuang (688411) had a main fund net inflow of 7.09 million yuan, while retail investors faced a net outflow of 35.87 million yuan [3]