Group 1: Event Overview - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held in Ningbo, Zhejiang Province from May 22 to 25 [1] - The Zhejiang Pavilion, covering 300 square meters, showcased over 20 leading enterprises from Zhejiang, highlighting the region's manufacturing capabilities [1] Group 2: Innovative Products - A silver robotic dog named Lingrui P1 was featured, designed for high load capacity (30 kg) and long endurance, suitable for dangerous environments like fire scenes and substations [2] - The BoLing Brain-Machine Technology Co., Ltd. presented the Cyber Lingke HC2 hand rehabilitation exoskeleton system, utilizing brain-machine interface technology for rehabilitation [3] Group 3: Global Expansion and Trade - Wanxiang Yiersan Co., Ltd. introduced two products, the Ultra fast-charging battery and a 48V power system, with a focus on global resource sharing and local production in Europe [4] - Ningbo Zhongji Huitong Group, a foreign trade service provider, reported serving over 10,000 enterprises with an export volume exceeding $1.8 billion in 2024 [5] - Zhejiang's trade with Central and Eastern European countries reached 182.7 billion yuan in 2024, with imports from these countries increasing by 64% since 2021 [5]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 行业动态 2025-05-18 洞悉光的观察 / 聆听光的声音 / 了解光的态度 No.2 餐饮行业有望复苏，关注供应链相关标的——餐饮 链板块跟踪报告 李嘉祺,叶倩瑜,董博文 行业动态 2025-05-21 根据章鱼小数据，25Q1餐饮市场热度相较24年全年呈现缓慢复 苏，门店数量有所增加。25Q1一线城市餐饮热度环比提升，政 策刺激有望带动需求改善，门店端竞争淘汰加剧。相对刚需且 客单价不高的品类依旧保持较高的开店率，平价餐饮趋势依旧 明显。考虑提振内需政策加码，餐饮消费及供应链需求后续有 望修复,龙头公司积极拥抱渠道变革、优化经营效率,建议关 注上游供应链相关 ...

5月22日，数据中心、电源、氮化镓等多个相关板块集体大涨。中恒电气、万控智造、中超控股、海特高新等纷纷涨停，希荻微、开勒股份、派瑞股份、欣 锐科技、麦格米特、欧陆通、动力源等集体走强。 一、行情 | 股票名称 | 最新价 ◆ | 涨跌幅 ◆ | 涨停时间 ◆ | | --- | --- | --- | --- | | 中恒电气 | 17.28 | +9.99% | 09:30:12 | | 002364.SZ | | | | | 万控智造 603070.SS | 14.56 | +9.97% | 09:46:23 | | 开勒股份 | 68.10 | +10.97% | | | 301070.SZ | | | | 二、事件：两家拥抱英伟达的美股公司双双大涨+数据中心基础设施领域迎来重大技术飞跃 1）当地时间5月21日，纳微半导体公司宣布与英伟达合作开发下一代800V高压直流(HVDC)架构，为包括RubinUltra在内的GPU提供支持的"Kyber"机架级系 统供电，纳微的技术将一定程度上大幅提升能效并降低铜材使用量。纳微的氮化镓和碳化硅技术将在这一合作中发挥关键作用。 美股盘后，纳微股价一度暴涨200%。 ...

Group 1 - The A-share power equipment sector opened high, with Zhongheng Electric rising over 7% [1] - Tonghe Technology increased by more than 3% [1] - Other companies such as Maigemeite and Oulutong also experienced gains [1]

Group 1: Company Strategy and Growth Prospects - The company aims to continuously expand sales scale and enhance market share as its primary development goal, believing that a richer product range and a stronger platform will ensure long-term growth [2][15]. - The company expects significant growth in high-power AI data center power products, new energy vehicle components, light storage and charging components, and smart home products, all of which have leading technical solutions and substantial market potential [3][21]. - The company anticipates that as its revenue scale increases, its cost control capabilities, industry competitiveness, bargaining power, manufacturing platform advantages, and technical synergy efficiency will significantly improve, driving gradual enhancement in profitability [16][24]. Group 2: Financial Performance and Challenges - In Q4 2024 and Q1 2025, the company maintained a revenue growth of over 20% year-on-year, but net profit declined due to rising period expenses, asset impairment, increased income tax expenses, decreased non-recurring gains, and declining gross margins [3][32]. - The decline in net profit was primarily influenced by non-recurring gains and gross margin reductions, with the company’s core operating performance reflected more accurately in its net profit after deducting non-recurring items [3][32]. - The company’s gross margin was affected by the rapid growth of its new energy vehicle business, which has lower margins, and by competitive pricing strategies in its home appliance business to gain market share [3][32]. Group 3: Research and Development Investments - The company has not yet capitalized its R&D expenses, which include personnel costs, equipment, materials, testing fees, and depreciation [3][32]. - The company is committed to increasing R&D investments to support the development of technologies and products in the AI data center power sector, driven by surging demand for computing power and technological innovation [5][30]. - The company believes that only by solidifying its platform foundation and maintaining continuous technological innovation can it respond swiftly to industry demands and secure a competitive edge in the market [5][30]. Group 4: Market Position and Competitive Landscape - The company has launched several products, including the 800V/570kW Side Rack, which is designed for next-generation AI computing and supports green and sustainable development in data centers [6][23]. - The company is actively engaging with major industry clients both domestically and internationally, achieving positive progress in product recognition and customer cooperation needs [5][28]. - The company maintains confidence in its future development and encourages investors to rely on official announcements and investor relations activity records rather than market rumors [5][30].

❑ 资金：周二沪深两市总成交额为 11697 亿元，南下资金净流入 63.3 亿港元。 重要推荐 证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 21 日 浙商早知道 2025 年 05 月 21 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周二上证指数上涨 0.4%，沪深 300 上涨 0.5%，科创 50 上涨 0.2%，中证 1000 上涨 0.8%，创业板指上涨 0.8%，恒生指数上涨 1.49%。 ❑ 行业：周二表现最好的行业分别是美容护理（+2.5%)、综合（+2.1%)、传媒（+2.0%)、家用电器（+1.7%)、医药 生物（+1.6%)，表现最差的行业分别是国防军工（-0.5%)、煤炭（-0.3%)、钢铁（-0.1%)、房地产（-0.1%)、建筑 材料（+0.1%)。 ❑ 【浙商食饮 杨骥/杜宛泽】劲仔食品（003000）公司更新：新渠道助力成长，潜力品类空间较大— ...

Core Viewpoint - The company aims to maintain its technological advantage in the competitive renewable energy sector through multi-dimensional strategies including R&D, collaboration, and customer-oriented solutions [1][2]. Group 1: Technological Advantage - The company focuses on core areas to enhance technology iteration, developing high-precision, low-energy consumption power supply equipment [1]. - It aims to optimize power supply performance in key semiconductor processes and explore breakthroughs in third-generation semiconductor manufacturing [1]. - The company is committed to creating customized solutions based on customer needs and establishing a rapid response mechanism for special processes [1]. Group 2: Cost Control and Efficiency - In 2024, the company implemented various measures for cost control, including using standard parts to reduce costs from the design phase [2]. - It has established long-term relationships with suppliers to ensure reasonable procurement costs and optimized manufacturing processes to control costs effectively [2]. - Future plans include further optimizing the cost structure through supply chain collaboration and smart manufacturing upgrades [2]. Group 3: Business Strategy and Growth - The company prioritizes semiconductor and electronic materials as key growth areas, with significant potential for revenue generation [2][6]. - The semiconductor business is expected to grow, with 2024 revenue from this sector reaching 3.5 billion, accounting for 19.69% of total revenue [4]. - The company has set a long-term revenue target of 5 billion within 3-4 years, despite current challenges in the photovoltaic sector [4]. Group 4: Market Opportunities - The company is exploring the hydrogen production sector, which has significant growth potential due to increasing global demand for clean energy [13]. - It is also expanding its presence in traditional industries such as steel metallurgy and glass fiber manufacturing, which may lead to substantial revenue growth [13]. - The company is actively pursuing international market opportunities, with positive sales performance in overseas photovoltaic orders [16]. Group 5: Financial Health and Future Outlook - The company's asset-liability ratio stands at 48.44%, indicating a stable financial position within the industry [12]. - The company is focused on managing accounts receivable and project acceptance to mitigate risks associated with the photovoltaic sector's downturn [18]. - The overall financial risk is considered manageable, with ongoing efforts to enhance revenue recognition and project execution [18].

证券代码：300820 证券简称：英杰电气 四川英杰电气股份有限公司投资者关系活动记录表 丰富，四川大学、电子科技大学等院校每年输出大量电子、电 气等相关专业人才。公司本身作为国家高新技术企业、国家专 精特新"小巨人"企业，在行业内知名度高，能提供优厚薪酬、 良好职业发展空间，对人才吸引力强。与此同时，公司在深圳 等一线城市也设立有研发中心，公司贯彻研发人才在哪里，研 发中心就可以建在哪里的理念，将来还可能在更多的一、二线 城市建立研发中心，目前公司研发人才涵盖硬件开发、软件开 发、结构设计等多专业，形成了多元化研发团队。 3、与国际知名射频电源企业相比，在品牌影响力上，英 杰电气在国内发展迅速，但在国际市场知名度仍有较大差距。 技术指标方面，部分高端指标仍存在差距。不过，公司已在这 些领域实现了 0 到 1 的突破，推出并量产了部分型号，呈现出 快速追赶的势头。公司将持续加大研发投入，借助已有的技术 突破和丰富的行业经验，逐步实现全方位对标，进一步提升市 场竞争力。谢谢您的关注。 二、行业以后的发展前景怎样？ 答：您好，从当前情况看，我们认为公司未来发展具备诸 多机遇。在新能源领域，随着全球能源转型加速，光 ...

证券代码：300870 证券简称：欧陆通 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 投资者关系活动记录表 编号：（2025-04） | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访  业绩说明会 | | 投资者关系活动 | □新闻发布会 路演活动 | | 类别 | | | | □现场参观 | | | 其他 | | 参与单位名称 | 广大投资者 | | 时间 | 2025 年 5 月 19 日 | | 地点 | 进门财经（电脑端：https://s.comein.cn/4gtkcq7r，手机 | | | 端："进门"APP 或"进门平台"小程序） | | 上市公司接待人 员姓名 | 董事长、总经理王合球先生 | | | 副总经理、董事会秘书蔡丽琳女士 | | | 财务负责人张淑媛女士 | | | 独立董事李志伟先生 | | | 保荐机构代表人孙爱国先生 | | | 1、公司最近是否有新的订单 | | 投资者关系活动 | 尊敬的投资者您好，关于公司最新业务进展情况还请持 | | 主要内容介绍 | 续关注公司后续披露的定期报告，感谢您的关注 ...

电力电子及自动化 英杰电气（300820.SZ） 增持-A(首次) 光伏周期导致业绩承压，半导体业务稳步提升 2025 年 5 月 19 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报及 2025 年第一季度报告。2024 年，公司实现营业 收入 17.8 亿元，同比+0.59%；实现归母净利润 3.23 亿元，同比-25.19%；扣 非归母净利润 3.07 亿元，同比-27.87%。25Q1 公司实现营业收入 3.25 亿元， 同比-13.30%；归母净利润 0.50 亿元，同比-36.84%。 事件点评 市场数据：2025 年 5 月 16 日 收盘价（元）： 44.67 年内最高/最低（元）： 73.50/34.14 流通A股/总股本（亿）： 1.11/2.22 流通 A 股市值（亿）： 49.59 总市值（亿）： 99.00 利润承压，主要系研发和资产减值增加等所致。2024 年，收入端小幅增 长 0.59%，毛利率 38.50%/yoy+1.27pct，销售净利率 18.84%/yoy-5.53pct。其 中，研发费用 1.37 亿元/yoy+40.18%，研发费用 ...