11月21日，新风光跌4.21%，成交额9743.99万元。两融数据显示，当日新风光获融资买入额1898.68万 元，融资偿还986.45万元，融资净买入912.23万元。截至11月21日，新风光融资融券余额合计3.54亿 元。 融资方面，新风光当日融资买入1898.68万元。当前融资余额3.54亿元，占流通市值的6.32%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，新风光11月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 分红方面，新风光A股上市后累计派现3.07亿元。近三年，累计派现2.09亿元。 资料显示，新风光电子科技股份有限公司位于山东省汶上县经济开发区金成路中段路北，成立日期2004 年8月10日，上市日期2021年4月13日，公司主营业务涉及大功率电力电子节能控制技术及相关产品研 发、生产、销售和服务。主营业务收入构成为：电能质量监测与治理类48.09%，电机驱动与控制类 27.37%，储能系统14.05%，煤矿智能控制装备4.13%，其他4.01%，高端变流器类 ...

华富天鑫灵活配置混合A（003152）基金经理为王羿伟。 截至发稿，王羿伟累计任职时间4年25天，现任基金资产总规模4.96亿元，任职期间最佳基金回报 84.3%， 任职期间最差基金回报-32.32%。 11月21日，新风光跌5.03%，截至发稿，报39.26元/股，成交5678.92万元，换手率1.00%，总市值55.51 亿元。新风光股价已经连续5天下跌，区间累计跌幅5.14%。 资料显示，新风光电子科技股份有限公司位于山东省汶上县经济开发区金成路中段路北，成立日期2004 年8月10日，上市日期2021年4月13日，公司主营业务涉及大功率电力电子节能控制技术及相关产品研 发、生产、销售和服务。主营业务收入构成为：电能质量监测与治理类48.09%，电机驱动与控制类 27.37%，储能系统14.05%，煤矿智能控制装备4.13%，其他4.01%，高端变流器类1.67%，其他(补 充)0.68%。 从基金十大重仓股角度 数据显示，华富基金旗下1只基金重仓新风光。华富天鑫灵活配置混合A（003152）三季度持有股数6.96 万股，占基金净值比例为6.25%，位居第三大重仓股。根据测算，今日浮亏损失约14.48万 ...

Core Viewpoint - The modular multilevel converter (MMC) market is rapidly growing due to the increasing demand for efficient, flexible, and reliable power conversion technologies, driven by the transition to renewable energy and advanced transmission systems [3][4]. Market Overview - The MMC market is becoming a significant segment within the global power electronics industry, characterized by its modular architecture and high scalability, which allows for superior voltage and current control while minimizing harmonic distortion [3][4]. - The global MMC market is projected to reach approximately $2.33 billion by 2024, with a compound annual growth rate (CAGR) of 7.12% in the coming years [10]. Current Development Status - The MMC technology has matured from experimental applications to widespread use in high-voltage direct current (HVDC) transmission, flexible AC transmission systems, and medium-voltage industrial drives [4]. - Major manufacturers are focusing on enhancing converter efficiency, modular scalability, and fault-tolerant control capabilities to meet the growing demands for grid reliability and flexibility [4][8]. Future Trends - The integration of MMC with renewable energy sources, such as wind and solar, is increasing to efficiently manage variable energy inputs into the grid [5]. - The rise of smart grids and digitalization is driving the deployment of MMC for advanced grid management and real-time monitoring, improving grid stability and operational efficiency [5]. Advantages - MMC systems benefit from advanced modular architecture, offering superior scalability, high efficiency, and low harmonic distortion compared to traditional converter technologies [7]. - They provide excellent flexibility in voltage and power control, enabling stable operation under various grid conditions [7]. Disadvantages - Despite its technological advantages, MMC faces challenges such as high initial costs, complex control systems, and demanding maintenance requirements [8]. - The modular design increases the number of components, complicating fault detection and extending system integration time [8]. Opportunities - The global shift towards renewable energy, electrification, and smart grids presents strong growth opportunities for MMC [9]. - Continuous advancements in semiconductor materials, cooling systems, and control algorithms are expected to drive innovation and reduce costs, expanding market access [9]. Threats - The MMC market faces competitive pressure from alternative power conversion technologies that may offer lower costs or simpler designs for specific applications [9]. - Supply chain disruptions in semiconductor components and economic uncertainties in infrastructure investments could hinder market growth [9]. Regional Insights - North America is experiencing steady growth due to modernization of aging grid infrastructure and expansion of renewable energy projects [19]. - Europe leads in technological innovation and deployment, supported by strong regulatory frameworks and offshore wind expansion [19]. - The Asia-Pacific region is the fastest-growing area, driven by industrialization, urbanization, and significant investments in HVDC systems to enhance grid reliability and integrate renewable energy [21].

（编辑 袁冠琳） 证券日报网讯 欣锐科技11月19日在互动平台回答投资者提问时表示，公司一直以来都致力于电力电子 技术的研究与开发。在车载电源及新能源相关领域，公司持续推动"品牌向上"战略落地，以技术创新为 驱动，围绕高压快充、轻量化、高可靠性等核心需求，不断拓展优质客户资源，巩固并提升在车载电源 领域的市场地位。氢能与燃料电池领域，公司已是高压"电控"DCF系列产品的主流配套商。公司始终锚 定电力电子赛道，聚焦核心业务的技术迭代与产品创新，加速新场景、新市场与新产品的布局。以追求 卓越的产品创新理念，为行业客户提供专业价值服务。更多信息请关注公司定期报告及法定披露信息。 ...

Investment Rating - The report maintains a positive investment rating for the industry, suggesting a focus on specific companies that are expected to benefit from the advancements in HVDC technology and related solutions [5]. Core Insights - The report highlights that NVIDIA has introduced an 800VDC solution to address the increasing power density in data centers, which is expected to significantly reduce power loss [2][20]. - The transition from traditional UPS systems to HVDC and solid-state transformer (SST) technologies is seen as a critical evolution in the power supply landscape, with efficiencies exceeding 98% for these new systems [30][34]. - The demand for HVDC technology is accelerating, with major companies like Tencent and Alibaba actively pursuing projects that incorporate these advancements [52][54]. Summary by Sections 1. Power and Efficiency as Core Issues - NVIDIA is leading a new industry direction with its advancements in GPU technology, which has seen a dramatic increase in computational power and energy requirements [11][15]. - The architecture of 800VDC is identified as a key solution to meet the rising demands of AI infrastructure, enhancing efficiency and reducing costs [18][19]. 2. HVDC as the Future Industry Evolution Direction - NVIDIA's white paper promotes the adoption of mid-voltage rectifiers and SSTs as future power supply solutions, moving the industry towards more efficient high-voltage direct current (HVDC) systems [20][21]. - The report outlines various transitional power supply solutions, including the white space retrofit and hybrid power systems, leading to the ultimate 800VDC distribution solution [20][21]. 3. HVDC Supply and Demand Assessment - The report notes that both domestic and international leading companies are pushing for the commercialization of HVDC technology, with significant projects planned for 2025 and beyond [52][54]. - Domestic companies like Delta and Eaton are making rapid progress in HVDC technology, with notable advancements in solid-state transformer solutions [54][55]. 4. Investment Recommendations - The report suggests focusing on terminal manufacturers such as Zhongheng Electric, Kehua Data, and Sunshine Power, which are expected to benefit first from these technological advancements [74]. - It also highlights the importance of transformer technology, recommending companies like Jingquanhua and Igor for potential investment opportunities [74].

Core Viewpoint - The company is actively advancing its network energy business by solidifying its channel base and implementing industry-specific operations and major client strategies, focusing on key sectors such as telecommunications, IDC, finance, and power [1] Group 1 - The company has achieved breakthroughs in centralized procurement projects with major telecommunications operators [1] - The company has expanded its data center business in overseas markets, indicating initial success in industry-specific operations [1] - The company plans to continue enhancing its product iteration and comprehensive solution capabilities to improve core competitiveness [1]

每经AI快讯，麦格米特（SZ 002851，收盘价：72.45元）11月14日晚间发布公告称，公司第六届2025年 第四次董事会临时会议于2025年11月14日在深圳市南山区学府路63号高新区联合总部大厦34层公司会议 室以现场表决和通讯表决相结合的方式召开。会议审议了《关于聘任公司董事会秘书的议案》等文件。 2025年1至6月份，麦格米特的营业收入构成为：电力电子产品占比95.63%，精密连接占比4.37%。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 曾健辉） 截至发稿，麦格米特市值为399亿元。 ...

Core Viewpoint - Rujing Technology (SZ 301525) announced its participation in the 2025 Shanghai-listed companies' Q3 performance briefing on November 13, 2025, where the chairman and general manager Lei Huaigang addressed investor inquiries [1] Company Summary - For the fiscal year 2024, Rujing Technology's revenue composition is entirely from power electronics, accounting for 100.0% of total revenue [1] - As of the report, Rujing Technology has a market capitalization of 8.2 billion yuan [1]

Core Viewpoint - The company aims to become a global leader in smart energy solutions, focusing on integrating technology and innovation in the fields of smart computing, smart energy, and clean energy [2] Group 1: Company Mission and Vision - The company is committed to the mission of "driving a low-carbon digital future with smart energy" [2] - The core technology of the company is based on power electronics [2] Group 2: Market Development and Innovation - The company is actively expanding its market presence while continuously innovating in technology and business development [2] - The company emphasizes creating value for investors through its ongoing efforts in innovation and market expansion [2]

（文章来源：证券日报） 证券日报网讯优优绿能11月10日在互动平台回答投资者提问时表示，公司在电力电子领域拥有二十余年 的技术积累，在高频大功率技术方面具备优势。目前公司研发人员占比超50%，在功率和功率密度、转 换效率、防护性能、宽电压范围等产品的核心性能上持续迭代优化，稳居行业第一梯队。公司将积极关 注市场变化，快速调整以适配行业需求。 ...