证 券 研 究 报 告 AI电源两大重要方向：ACDC模块及电源管理芯片！ ——AIDC电源系列研究之2 证券分析师： 杨海晏 A0230518070003 杨紫璇 A0230524070005 联系人：杨紫璇 A0230524070005 2025.12.31 投资要点 证券研究报告 www.swsresearch.com 2 ◼ 2025年全球/中国服务器电源市场有望达316/91亿元。服务器电源产品的价值量随着功率的提升而提升。 ◼ 方向1——ACDC电源模块：大陆电源厂商加速崛起。在服务器电源领域，市场份额主要由台达、光宝等 企业占据。全球服务器电源生产企业集中在中国台湾省，前十企业中国台湾占据五家，市场占比60%左 右；中国大陆电源厂商麦格米特挤进前十，占比6%。 ◼ 方向2——DCDC电源管理芯片：多相电源是多相控制器与DrMOS的组合，可为高性能计算提供供电方 案。通过多相控制器和智能功率级模块的组合使用，将多个降压电路的输出并联使用，从而输出数百安 培到数千安培的电流，适用于超大功率供电的需求。以英伟达GPU为例，预计V100到B300单卡DrMOS 价值量增长约4倍！我们预计未来3年国内AI ...

格隆汇12月31日丨南都电源(300068.SZ)在投资者互动平台表示，华拓二期项目仍在建设中。 ...

金猴数字化智能制鞋工厂只是威海高新区产业升级浪潮中一个缩影，同样深度发展智能化的还有威海君奥电气有限公司。企业自主研发工艺管理系统，同 步导入ERP系统，实现仓储环节数字化精准管理。 丛晓伟表示，高效的主控系统将智能机器人与MES系统深度联动，针对性破解了车间订单排产、任务跟踪、数据汇总等长期存在的痛点难题，真正实现 生产全流程可追溯、产品质量全周期有保障的智能化生产模式。 齐鲁晚报.齐鲁壹点记者田佳玉通讯员谢菁 帮脚刷处理剂机器人涂刷均匀无外溢、帮脚胶水机器人高速均匀刷胶……12月5日，在金猴集团威海鞋业有限公司数字化车间，高速运转的全自动生产线 上，11台机械臂围绕鞋坯灵活作业。而过去，这些环节高度依赖工人的手感和经验。 去年年末，金猴数字化智能制鞋工厂顺利完成试产。"我们联合意大利研发的胶粘类制鞋流水线，引入了国际顶尖的机械手、圆盘注射等智能设备，工作 人员只需在电脑中预设参数，机械臂即可精准完成帮脚打粗、涂胶等关键工序。"金猴集团鞋业公司设备部部长丛晓伟介绍，智能设备模拟人工操作手 法，不仅将单双鞋成型时间从20分钟压缩至4分钟，更实现人工成本降低30%以上、生产效率提升30%的成效。 "管理人员在办 ...

Core Viewpoint - The company has been providing power supply services to various domestic research institutions, with products covering the aerospace sector, but this segment represents a small portion of the company's overall business and has limited impact on its performance [1] Group 1: Business Overview - The aerospace-related business falls under the company's "research institutions" sub-sector category, with annual order volume being extremely small [1] - The company is focused on expanding its power supply applications in the fields of new energy, new materials, and high-end equipment, currently covering over 40 sub-industries [1]

Core Insights - In December, 39 out of 360 industry/theme ETFs reached new highs, primarily in the communication, non-ferrous metals, and military (aerospace) sectors, indicating strong market consensus on these areas [2][11] - Established sectors like communication and non-ferrous metals are seen as core investment themes, while emerging sectors such as commercial aerospace are gaining traction amid market volatility [1][3] Group 1: Performance of ETFs - The communication ETFs saw an average increase of 10% since October, with an annual average increase of 91.5% [2][12] - Non-ferrous metal ETFs experienced an average increase of 20.1% since October, with an annual average increase of 95.2% [2][12] - Military and aerospace ETFs had an average increase of 18.7% since October, with satellite ETFs rising by an average of 34.5% [2][12] Group 2: Emerging Investment Themes - Commercial aerospace is viewed as an active investment choice during market fluctuations, similar to previous low-altitude themes, driven by narratives around US-China space infrastructure competition [3][4] - The commercial aerospace sector, while promising, does not match the scale of humanoid robotics or low-altitude economies, indicating a more modest growth potential [4][14] Group 3: Under-the-Radar Sectors - Sectors like chemicals and engineering machinery are quietly rising and have reached new annual highs, reflecting China's manufacturing competitiveness and pricing power [5][15] - These sectors are characterized by low media attention and fragmented industry discussions, making them susceptible to being overlooked despite their potential for profit margin improvement [5][15] Group 4: Anti-Inflation Trends - Sectors related to anti-inflation, such as new energy and steel, are showing signs of recovery, with market sensitivity to supply dynamics increasing [6][16] - Recent supply chain disruptions in the new energy sector have led to positive stock price reactions, indicating market expectations for tangible supply reductions [6][16] Group 5: Investment Strategy - The current market strategy emphasizes structural opportunities in a volatile market, focusing on sectors with low heat and concentration but increasing attention and potential for long-term ROE improvement, such as chemicals, engineering machinery, and new energy [7][17] - The strategy also includes monitoring the trend of RMB appreciation, with sectors like brokerage and insurance being positioned as both offensive and defensive choices [7][17]

Core Viewpoint - The current market trend indicates a bullish sentiment, with expectations for the Shanghai Composite Index to break previous highs and continue its upward momentum due to global monetary easing and capital inflows into A-shares [1][3]. Group 1: Market Trends - The Shanghai Composite Index has experienced a seven-day rally, with predictions of surpassing the previous high of 4034 points [1]. - Major global indices, including U.S. stocks, have reached new highs ahead of Christmas, indicating a strong market performance [1]. - The offshore RMB has successfully broken the 7 mark, and lithium carbonate futures have exceeded 120,000 [1]. Group 2: Economic Factors - The optimism in the market is attributed to the cyclical nature of economic trends, particularly under the influence of the Federal Reserve's monetary policy [1]. - The end of the Fed's balance sheet reduction and the purchase of U.S. Treasury bonds signify true monetary easing, which is expected to weaken the dollar and strengthen A-shares [1]. - The narrowing interest rate differential between China and the U.S. provides more room for interest rate cuts in China [1]. Group 3: Investment Opportunities - A-shares and H-shares are anticipated to catch up in valuation compared to U.S. and European markets by 2026 [3]. - The technical conditions for A-shares are favorable, with the Shanghai Composite Index stabilizing above the 60-day moving average [3]. - Key investment themes for 2026 include technology, cyclical assets influenced by Fed policies, and defensive sectors driven by domestic demand [4]. Group 4: Sector Focus - The technology sector, particularly related to AI, is expected to be a major focus, as AI is seen as a core component of the current technological revolution [3]. - The cyclical sector is linked to the Fed's monetary policy; easing will lead to rising asset prices and new highs in commodity prices [4]. - Defensive sectors, including new consumption, healthcare, and infrastructure, are expected to benefit from policy incentives [4]. Group 5: Commodity Insights - Copper is highlighted as a critical commodity due to its connection with AI and infrastructure development, particularly in the context of the U.S. "Big and Beautiful" plan [6]. - There is a projected supply-demand gap for copper, driven by increased demand for power supply solutions necessary for AI development [6]. - The potential for aluminum to replace copper in certain applications is debated, but copper's superior properties make it irreplaceable in many cases [6].

1 聚焦能源、信息行业，专注变压器、电源等产品 公司聚焦能源、信息行业，应用电力电子技术，专注于变压器、电源等产品的研发、 生产及销售。公司自 1999 年设立以来，一直扎根于电源行业，在 20 余年的发展中，依靠 强大的技术研发及客户服务能力，紧贴全球前沿 技术发展趋势，前瞻性产品迭代。公司产 品由成立初期应用于家电、音响、照明的环形变压器，顺应各时期全球 发展热点，陆续推 出电子变压器、LED 照明电源、新能源用变压器等产品，围绕优质客户，不断促进公司业 务 及产品发展。目前，公司产品可广泛应用于光伏发电、工业控制、数据中心及照明领 域。 受益于全球光储装机量增长和海外电力设备升级迭代，公司业绩高速增长。2020-2024 年，公司营业总收入分别 从 14.06 亿元增长至 46.39 亿元，四年 CAGR 达到 35%；归母净 利润从 0.51 亿元增长至 2.93 亿元，四年 CAGR 达到 54%；扣非归母净利润从 0.37 亿元增 长至 2.49 亿元，四年 CAGR 达到 61%。受部分产品销售价格下降、大 宗原材料价格上涨等 因素影响，2025Q1-Q3，公司实现营业总收入 38.08 亿元， ...

格隆汇12月18日丨南都电源(300068.SZ)公布，停牌期间，公司控股股东杭州南都电源有限公司、上海 南都集团有限公司、上海益都实业有限公司与交易对方就筹划控制权变更事项进行了充分探讨，但由于 涉及事项较多，经交易各方就核心条款经多次协商和谈判后，仍未达成共识。经慎重考虑并友好协商， 为切实维护公司全体股东及公司利益，本着审慎的原则，决定终止本次控制权变更事项。公司目前各项 经营情况正常，终止筹划本次控制权变更事项不会对公司经营业绩和财务状况产生重大不利影响，公司 将继续围绕公司发展战略，坚持可持续发展，提升公司盈利能力，为公司和股东创造价值。根据深圳证 券交易所的相关规定，经公司向深圳证券交易所申请，公司股票（股票简称：南都电源，股票代码： 300068）自2025年12月19日（星期五）上午开市起复牌。 ...

Group 1 - The company, Xinri Electric Vehicle Co., Ltd., is involved in a contract dispute with Nandu Power Supply, with the case being sent back for retrial [1] - The amount in dispute is approximately 565 million RMB [1] - The court has refunded the appeal fees paid by both parties, with Xinri Electric Vehicle receiving 2.3734 million RMB and Nandu Power Supply receiving 542,200 RMB [1]

证券日报网讯12月17日，京泉华（002885）在互动平台回答投资者提问时表示，公司主要产品为磁性元 器件及电源类产品，主要应用于光储新能源、新能源汽车、充电桩、算力中心、工业控制及消费领域 等，公司与多家行业知名企业建立了良好的合作关系，具体合作情况请以公司在指定信息披露媒体发布 的相关公告为准。 ...