Core Viewpoint - The report from Tianfeng Securities highlights that Xiongtao Co., Ltd. is a veteran in the power supply industry, with its computing center and data center UPS power supply business contributing significantly to its profits. [1] Revenue Contribution - In the first half of 2025, revenue from the computing center and data center UPS power supply business is expected to account for 47% of the company's total revenue, contributing 75% of its profits. [1] Market Trends - The demand for AI computing power is rapidly increasing, leading data centers to evolve towards large-scale, high-density, and high-power configurations. [1] Product Advantages - Lithium battery products offer advantages such as long lifespan, high energy density, and environmental benefits. Compared to lead-acid batteries, lithium batteries have a significant cost advantage over their entire lifecycle, potentially saving over 40% in total ownership costs within 10 years. [1] Strategic Positioning - The company is deeply engaged in the UPS business for computing centers and data centers, with a diversified product line including lithium, lead-acid, and hydrogen energy solutions. [1] Investment Outlook - Given the company's strong positioning in the UPS business, it is expected to benefit from investments in AI data centers, leading to an initial coverage rating of "Buy." [1]

9月13日，2025年服贸会专题论坛之一——"国际智能制造与电源产业发展论坛"在京召开，论坛以"绿色能源，点亮世界，全球服务，互惠共享"为主题，中 外与会嘉宾围绕智能制造与电力能源、新能源领域，共商全球语境下的绿色能源发展与合作。同时，论坛上举行三大签约仪式，为智能制造与绿色能源领域 的协作融合注入新动能。 中国工业互联网研究院网络研究所与北京电源行业协会就"全国工业装备供应链+工业互联网标识电源行业平台建设"项目达成合作，将面向电源行业龙头企 业构建自主数字供应链平台，通过工业互联网标识解析体系提升企业运营效率，助力市场开拓与品牌建设，加速推动电源行业数字化转型。 世界紧急救援组织与电源行业协会签署了"'一带一路'紧急救援采购项目"战略合作协议。双方将以"资源统筹、高效响应、风险共担"为原则，整合政府、企 业、国际组织等多方力量，构建采购、储备、调拨、补给全链条协同保障体系，为"一带一路"沿线国家和地区突发公共事件提供快速物资支援。 三大签约项目的落地，标志着智能制造与绿色能源领域在技术创新、产业协同和国际合作方面取得重要进展，将为构建新型能源体系、推动产业高质量发展 提供有力支撑。 北京商报记者 郭秀娟 ...

Market Overview - The three major indices experienced significant gains on September 11, 2025, with the Shanghai Composite Index rising by 1.65% to close at 3875.31 points, the Shenzhen Component Index increasing by 3.36% to 12979.89 points, and the ChiNext Index surging by 5.15% to 3053.75 points. The total trading volume in both markets reached 243.74 billion yuan, an increase of approximately 45.95 billion yuan compared to the previous trading day [1][2]. Sector Performance - The communication, electronics, and computer sectors saw notable increases, with the communication sector rising by 7.4%, electronics by 6.0%, and computers by 3.7%. Conversely, the textile and apparel, oil and petrochemicals, and social services sectors lagged behind [3][5]. Concept Themes - Key concept themes that performed well included Co-Packaged Optics (CPO) with a rise of 6.6%, Copper Cable High-Speed Connection at 5.9%, and AI PCs at 5.2%. In contrast, sectors such as dairy, football concepts, and horse racing concepts experienced declines [6]. Industry Insights - The AI industry chain maintained high prosperity in the first half of 2025, driven by strong global market collaboration and domestic demand. Key developments included increased investments in computing infrastructure by overseas cloud vendors and accelerated AI deployment by domestic operators and data center companies. This trend is expected to continue, with significant growth in demand for hardware such as high-speed optical modules and AI servers [7].

Core Viewpoint - The recent conference on "New Regulations for CCC Certification of Mobile Power Supplies and Lithium Batteries" highlighted the industry's need to address deep structural contradictions in supply chain management, cost optimization, and quality safety balance, especially with a looming safety crisis expected in 2025 [3]. Group 1: Industry Overview - The conference was organized by the China Chemical and Physical Power Industry Association and gathered over 200 representatives from the mobile power supply and lithium battery industry in the Greater Bay Area [1]. - The Shenzhen Market Supervision Administration is actively guiding production enterprises and certification bodies to fulfill their responsibilities, emphasizing the importance of compliance in the industry [3]. Group 2: Regulatory Changes - The new regulations require stricter CCC certification execution and regular unannounced factory inspections, aiming to shift the industry focus from "scale expansion" to "quality improvement" [3]. - The Ministry of Industry and Information Technology is developing stricter national standards, including the "Safety Technical Specifications for Mobile Power Supplies," to enhance safety and control in lithium battery production [3]. Group 3: Conference Insights - Experts provided systematic interpretations of the core changes in the "Implementation Specifications for Certification of Mobile Power Supplies, Lithium-ion Batteries, and Battery Packs," clarifying compliance pathways for enterprises [3]. - The conference served as a timely platform for policy interpretation and exchange among industry chain enterprises, receiving broad recognition and positive responses from attendees [3].

Group 1 - The company,航锦科技, confirmed its partnership with 中电华星, a top global power brand, providing customized power solutions and technical support [1] - The company's self-developed products are widely used in high-reliability sectors, including railways and power industries [1]

Group 1 - The company is focused on its core business strategy of "focusing on power supply and concentrating on its main business" [2] - The company is actively engaged in the development of two main business areas: consumer electronics power supply and LED driver power supply [2] - Currently, the company supplies some power products for robotic vacuum cleaners but does not have products applied to humanoid robots [2]

Core Viewpoint - The company, Jingquanhua, primarily focuses on magnetic components and power products, with applications in various sectors including renewable energy, electric vehicles, and consumer electronics [2]. Company Overview - Jingquanhua's main products include magnetic components and power-related products [2]. - The company is involved in multiple applications such as light storage renewable energy, electric vehicles, charging piles, computing centers, industrial control, and consumer fields [2]. Industry Involvement - The company has a presence in the consumer electronics sector, although the extent of its involvement was not specified in detail [2].

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the power supply market, particularly in data centers, with a significant emphasis on high voltage direct current (HVDC) technology and its advantages over traditional systems [1][3][5]. Core Insights and Arguments - **Importance of Power Supply in Data Centers**: Power supply reliability and performance are critical in data centers, with ongoing technological advancements aimed at optimizing efficiency and reducing losses [3][5]. - **Market Growth Projections**: The domestic HVDC market penetration is currently around 20%, expected to double from 2023 to 2028, with a projected global market size exceeding $10 billion by 2026 [1][6]. - **Key Players**: Major global players in the HVDC market include Vidi and Delta, holding over 50% market share, while domestic companies like Zhonghong Electric are also significant contributors [7]. - **Trends in Server Power Supply**: The trend is towards higher power density and efficiency, with third-generation semiconductors like silicon carbide and gallium nitride replacing traditional silicon components [9]. - **Market Size for Wireless Power Supply**: By 2026, the domestic wireless power supply market is expected to reach between 5 billion to 6 billion RMB, while the overseas market could exceed 40 billion RMB [10]. Additional Important Content - **Technological Innovations**: Future developments include 800V HVDC products and solid-state transformers (SST), which are anticipated to enhance performance in data centers [1][3]. - **BBU and Supercapacitor Applications**: Battery Backup Units (BBUs) and supercapacitors are crucial for addressing high energy demands in data centers, with BBU demand projected to reach 700-800 million units by 2025 [11]. - **Domestic Supplier Outlook**: Domestic suppliers are expected to expand their international presence, particularly in the smart automotive sector, leveraging technological advancements in HVDC and server power supplies [8]. - **Performance of Leading Domestic Companies**: Key domestic players like Macomit and Oulutong are experiencing rapid growth, with Oulutong achieving nearly 800 million RMB in revenue last year, reflecting over 500% year-on-year growth [12].

Group 1 - The company, Aohai Technology, stated on August 15 that liquid cooling is a suitable heat dissipation technology for power supply products [1] - The company will select heat dissipation technology solutions based on the specific needs of different products [1] - Currently, the relevant technology is primarily used in the high-power power supply sector [1]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the focus on uncovering investment value from significant events, analyzing industry chain companies, and interpreting key policy points [1] - The product aims to provide users with quick information on market impacts, presenting the value of information through a professional lens and simple language [1] Group 2 - The company mentioned is a leading supplier in the server power module industry, ranking first in national sales and among the top three globally [1] - It is recognized as a qualified supplier for the rocket institute and has strategically invested in a century-old German company [1] - The company's subsidiary is noted as one of the leading enterprises in the power supply industry [1]