Group 1: Report Overview - Reported company: Power Source [16] - Industry: Power equipment [2] - Research date: September 26, 2025 [1][16] Group 2: Core Views - The company has established a market value management monitoring and early - warning mechanism to deal with abnormal stock price fluctuations, including strengthening communication with shareholders and institutional investors, holding investor briefings, voluntary information disclosure, and taking measures such as share repurchase and cash dividends [23]. - The company has implemented a new strategy focusing on data communication, new energy, and green mobility sectors. It aims to improve performance by expanding sales channels, optimizing product structure, and strengthening cost control [23][25][27]. - The company is closely following the AI trend, increasing R & D and investment in high - efficiency, high - power power supply solutions, and has products with application experience in AI computing centers and data centers [25]. Group 3: Summary by Directory 01. Research Basic Situation - Research object: Power Source [16] - Industry: Power equipment [16] - Reception time: 2025 - 09 - 26 [16] - Company reception staff: Chairman Yang Bing, Director and General Manager He Xin, Financial Controller and Board Secretary Hu Yiyuan, Independent Director Xu Guoyi [16] 02. Detailed Research Institutions - All investors can participate in the briefing through online interaction [19] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - Responses to stock price issues: The company has no undisclosed major information. Stock prices are affected by multiple factors such as the macro - environment and market sentiment. The company will monitor and take measures to stabilize market value [23][25][28]. - Responses to performance issues: The company has implemented a new strategy to focus on key sectors and improve performance through various means. It is currently operating normally and does not meet the financial indicators for ST [23][24][25]. - Responses to AI - related issues: The company is paying attention to the AI trend, increasing R & D investment, and has product application experience in relevant fields [25]. - Responses to management - related issues: The company's management restructuring aims to strengthen corporate governance. It will continue to focus on data communication and has no plans for new asset injection currently [29]

Market Overview - A-shares experienced a volume contraction and correction on September 26, influenced by profit-taking and cautious sentiment ahead of the holiday, with technology sectors like semiconductors, CPO, and AI leading the decline [1][2] - The Shanghai Composite Index fell by 0.65% to 3828.11 points, while the ChiNext Index dropped 2.6% to 3151.53 points, and the Shenzhen Component Index decreased by 1.76% [2] Trading Activity - Daily trading volume decreased to 2.17 trillion yuan, with 3414 stocks declining and only 1805 stocks rising [3] - Notable declines included Luxshare Precision (-6.53%), Zhongji Xuchuang (-4.81%), and CATL (-3.17%), while Seirus saw an increase of 5.77% [3][4] Sector Performance - Major sectors such as computers, electronics, media, communication, machinery, and pharmaceuticals experienced significant adjustments [5] - The computer sector saw a decline of 3.26%, electronics dropped 2.75%, and communication fell 2.55% [6] Investment Sentiment - Market sentiment is cautious, with investors shifting from high-volatility tech stocks to defensive sectors due to heightened risk aversion ahead of the holiday [7][10] - Analysts suggest that the current market correction is a healthy consolidation, setting the stage for potential opportunities in October [1][9] Future Outlook - The upcoming week is expected to see continued cautious sentiment as the National Day holiday approaches, with historical trends indicating a preference for risk aversion [9][10] - Investment strategies may focus on a mix of defensive and growth-oriented stocks, particularly in technology and undervalued blue-chip sectors [8][10]

Market Overview - The other power equipment sector experienced a decline of 3.14% on September 26, with Zhongheng Electric leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Youyou Green Energy: closed at 227.00, up 5.33% with a trading volume of 23,800 and a turnover of 547 million [1] - Jinshi Technology: closed at 17.44, up 3.26% with a trading volume of 269,600 and a turnover of 473 million [1] - Major decliners included: - Zhongheng Electric: closed at 29.57, down 9.98% with a trading volume of 770,200 and a turnover of 234.3 million [2] - Maigemit: closed at 75.04, down 7.85% with a trading volume of 343,700 and a turnover of 2.644 billion [2] Capital Flow - The other power equipment sector saw a net outflow of 3.467 billion from institutional investors, while retail investors contributed a net inflow of 2.211 billion [2][3] - Specific stock capital flows included: - Shengjing Co.: net inflow from institutional investors of 49.42 million, with a retail net outflow of 54.94 million [3] - China Power: net inflow from institutional investors of 28.63 million, with a retail net outflow of 7.31 million [3]

9月22日至26日，深圳欧陆通电子股份有限公司（债券代码：123241，债券简称：欧通转债）通过线上 会议或券商策略会的形式，接受了景林资产、东方财富证券等15家机构的调研。公司副总经理、董事会 秘书蔡丽琳，投资者关系经理许业凯、杨帅参与接待。以下为本次投资者关系活动的主要内容。 其他电源业务上半年营收3.23亿元，同比增长0.41%。全球电动工具市场需求疲软，公司通过开拓新领 域产品布局和导入新客户，保持了收入平稳。该业务毛利率为18.58%，同比减少1.20个百分点，主要因 部分新产品导入初期毛利率较低。 2025年上半年业绩稳健增长 2025年上半年，全球经济面临多重挑战，增长动能趋缓。在此背景下，欧陆通锚定战略目标，深耕开关 电源领域，保持稳健发展。 报告期内，公司实现营业收入21.20亿元，同比增长32.59%。其中，第二季度营收12.32亿元，同比增长 36.39%，环比增长38.71%，创单季度营收新高。数据中心电源业务的高速增长，尤其是高功率服务器 电源收入的显著提升，成为营收增长的主要动力。 毛利率方面，上半年公司毛利率为20.31%，同比减少0.64个百分点。尽管公司优化了客户及产品结构， ...

Group 1 - The core point of the news is that KOTAI Power's stock price dropped by 5.08% to 40.15 CNY per share, with a trading volume of 1.117 billion CNY and a turnover rate of 8.53%, resulting in a total market capitalization of 12.848 billion CNY [1] - KOTAI Power, established on June 19, 2002, and listed on December 29, 2010, specializes in the development, design, production, and sales of intelligent environmental power supply equipment, providing technical consulting, training, installation, and maintenance services [1] - The main revenue sources for KOTAI Power include: 88.96% from low-noise diesel generator sets, 6.68% from installation and labor services, 2.67% from other renewable energy sales, 1.62% from equipment and factory leasing, and 0.06% from other sources [1] Group 2 - From the perspective of KOTAI Power's top ten circulating shareholders, a fund under GF Fund ranks among the top shareholders, with GF Multi-Emerging Stocks (003745) newly entering the top ten in the second quarter, holding 1.7785 million shares, accounting for 0.56% of circulating shares [2] - The fund GF Multi-Emerging Stocks (003745) was established on April 24, 2017, with a latest scale of 1.832 billion CNY, achieving a year-to-date return of 39.99% and a one-year return of 70.98% [2] - The fund manager of GF Multi-Emerging Stocks is Zhou Zhishuo, who has been in the position for 5 years and 10 days, managing assets totaling 19.1 billion CNY, with the best fund return during his tenure being 47.06% [3] Group 3 - GF Multi-Emerging Stocks (003745) holds 1.7785 million shares of KOTAI Power, which accounts for 3.29% of the fund's net value, making it the sixth-largest holding, with an estimated floating loss of approximately 3.8238 million CNY [4]

Group 1 - The A-share market experienced mixed performance, with the ChiNext index rising over 1% and the Shanghai Composite Index stabilizing above the 3850-point mark [1][2] - The liquidity environment remains loose, with continuous inflow of funds into the equity market, supported by the gradual shift of household savings towards capital markets and increased foreign investment in A-shares [1][2] - The market is currently in a phase of rebalancing and expectation reconstruction, with a divergence between economic recovery and bullish sentiment [2] Group 2 - The market is expected to maintain a steady upward trend in the short term, with a focus on policy, capital flow, and external market changes [1] - The upcoming National Day holiday is anticipated to lead to a seasonal decline in market activity, but the orderly implementation of policies this year is expected to support performance post-holiday [2]

Market Performance - A-shares showed strong performance on September 25, with major indices rising, particularly driven by the significant increase in the stock price of CATL, which led the ChiNext Index to rise over 2% at one point [1][3] - The overall market sentiment remains cautious, with a slight increase in trading volume to 2.39 trillion yuan [1][3] Sector Performance - There is a clear divergence among sectors, with technology stocks favored over consumer stocks [1][10] - The semiconductor, electronic devices, communication equipment, and consumer electronics sectors saw notable trading activity, with 23 stocks exceeding 10 billion yuan in trading volume [5] Individual Stock Highlights - CATL's stock price rose over 4% during the day, briefly surpassing Kweichow Moutai in market capitalization [5] - Other notable stocks include Luxshare Precision, which saw a slight decline of 2.08%, and Zhongji Xuchuang, which increased by 2.62% [6] Investment Sentiment - Investors are expected to adopt a cautious approach ahead of the National Day holiday, with many likely to reduce positions to avoid potential uncertainties [2][12] - The market is anticipated to maintain a localized trend in the coming days, with a focus on sectors like new energy and robotics [12][13] Future Outlook - Analysts suggest that the market may experience volatility as it approaches the holiday, with expectations of a narrow trading range between 3,750 and 3,900 points [12][13] - The long-term outlook remains positive, with structural trends favoring technology and high-end manufacturing sectors [12]

2025.09. 25 的上涨空间,深证成指创阶段新高,表现强于沪市,创业板指领涨三大指数,得益于科技成长 股的强劲表现。 涨跌停比 5 2H 9 个股涨少跌多,市场赚钱效应集中。CPO(光模 块)、液冷服务器、AI应用等方向全线走强,游 戏与传媒、部分新能源权重股以及有色金属涨 幅居前。贵金属、港口航运、油气开采及纺织服 饰、农林牧渔、家用电器、银行、酿酒(白酒)、 房地产等板块表现疲软。 资金情绪 两市成交额 2.3 万亿元 ▲ +1.9% A股市场成交额延续活跃态势,表明市场的整 体活跃度和参与热情较高。分市场看,深市成 交额显著放大,沪市小幅缩量,呈"深强沪弱" 特征,主要归因于领涨的AI产业链、固态电池、 人形机器人等科技成长板块多集中于深市,相 对低迷的传统板块在沪市权重较高。 主力资金净流出 机构调仓换股. 资金看好政策驱动和景气度高的科技及高端制造方向. 电源设备、计算机设备、小金属和 通信设备、充电桩、数字经济等成为吸金主力,对前期涨幅过大的板块进行获利了结。散户积极承接、部 分资金流入调整中个股,部分跟随主力布局科技成长板块。 散户情绪 75.85% 52.86% 3875家下跌 上 证 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 电源计算机领涨 A 股小幅整理 ——市场分析 证券研究报告-市场分析 发布日期：2025 年 09 月 25 日 投资要点： ◼ A 股市场综述 相关报告 《市场分析：电池半导体领涨 A 股震荡上行》 2025-09-24 《市场分析：金融基建行业领涨 A 股宽幅震 荡》 2025-09-23 11792 《市场分析：成长行业领涨 A 股小幅上行》 2025-09-22 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 周四（09 月 25 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低 开后震荡上行，盘中沪指在 3866 点附近遭遇阻力，午后股指维持震 荡，盘中电源设备、游戏、计算机设备以及有色金属等行业表现较 好；贵金属、珠宝首饰、航运港口以及燃气等行业表现较弱，沪指 全天基本呈现小幅震荡整理的运行特征。创业板市场周四震荡上 行，创业板成分指数全天表现强于主板市场。 ◼ 后市研 ...

（责任编辑：马欣） A股市场板块涨跌幅排行 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量(万手) = 总成交额(亿元) ▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 其他电源设备 | 2.56 | 2319.46 | 373.16 | 49.70 | 22 | 10 | | 2 | 游戏 | 2.46 | 1609.32 | 330.01 | 33.39 | 22 | 2 | | 3 | 互联网电商 | 1.54 | 474.21 | 65.40 | -3.66 | 8 | 10 | | 4 | 工业等置 | 1.31 | 4894.81 | 578.39 | 23.91 | 34 | 53 | | 5 | 影视院线 | 1.08 | 1145.10 | 112.17 | 3.40 | 13 | 6 | | 6 | 风电设备 | 0.96 | 1015.59 | 159.94 | 7.23 | 15 | 14 | | 7 | 金属新材料 | 0.58 | 686.00 | ...