（编辑 姚尧） 证券日报网讯 11月25日晚间，白云电器发布公告称，2025年11月25日，公司通过上海证券交易所交易 系统以集中竞价交易方式首次回购股份86，500股，占公司总股本540，527，955股的比例为0.0160%。 ...

格隆汇11月24日丨泰永长征(002927.SZ)在互动平台表示，公司产品可适用于数据中心配电系统。目前 固态断路器仍处于细分行业试点、示范项目阶段，销售订单总量占比小。 ...

Core Viewpoint - The company is focusing on developing intelligent and high-voltage direct current (HVDC) circuit breaker products to meet the demands of new energy generation, energy storage, electric vehicle charging, and data center applications. Group 1: Intelligent Development - The company has achieved digital upgrades of its existing products and plans to integrate IoT and AI algorithms to enhance capabilities from precise sensing and proactive warning to autonomous decision-making [1] - This development aims to provide a comprehensive digital operation and maintenance solution covering the entire lifecycle of equipment, transitioning from "passive protection" to "active intelligent control" [1] Group 2: High-Voltage Direct Current Focus - Traditional circuit breakers are inadequate for the rapid, arc-free, and reliable interruption required in direct current systems [1] - The company is committed to developing high-reliability and high-response direct current circuit breaker products to adapt to the application scenarios of new energy generation, energy storage, electric vehicle charging, and data centers [1] - This initiative represents a shift from AC dominance to a fusion of AC and DC systems [1]

Group 1: Technology and Innovation - Solid State Transformer (SST) has significant potential in flexible interconnection and new energy integration, facing challenges in materials, devices, circuits, control, and systems [2] - The company is focusing on "intelligent" and "high-voltage direct current" trends for circuit breakers, integrating IoT and algorithms for enhanced digital operation and proactive decision-making [2] - Solid-state circuit breakers (SSCB) are being developed to meet the rigid demand for core protection devices in the context of the "dual carbon" strategy and the large-scale integration of renewable energy sources [3] Group 2: Financial Performance - The company's gross margin has experienced fluctuations due to rising raw material prices, intense industry competition, and changes in customer and product sales structures, yet remains at the industry average [2] Group 3: Product Advantages - Solid-state circuit breakers offer advantages over traditional breakers, including microsecond-level fast interruption capabilities, no arc generation, and reduced risk of damage to power systems, enhancing safety and reliability [3] - The intelligent 1U circuit breaker integrates load protection, communication self-recognition, and metering functions, reducing height from 3U to 1U to meet space requirements in communication base station cabinets [3]

Core Viewpoint - The company has completed partial UL certification for circuit breakers and isolators by 2025 and has begun sales in the North American market, indicating a strategic move to enhance its competitiveness in overseas markets [1] Group 1 - The company has achieved UL certification for some of its products, specifically circuit breakers and isolators [1] - Sales in the North American market have commenced, reflecting the company's commitment to expanding its international presence [1] - Future plans include further expanding overseas UL standard scenario assessments to improve competitiveness in international markets [1]

Core Viewpoint - Taiyong Changzheng announced the significance of Static Transfer Switches (STS) in ensuring continuous power supply for critical loads, emphasizing their rapid switching capabilities and high reliability [1] Group 1: Product Overview - Static Transfer Switches (STS) are based on power electronics technology and can switch between two independent power sources extremely quickly, typically within milliseconds or even microseconds [1] - The core value of STS lies in "ultra-fast switching" and "high reliability," making them essential for applications where power interruption is not permissible [1] Group 2: Industry Applications - STS is primarily used in industries that require continuous power supply, such as telecommunications, rail transportation, comprehensive medical services, and process industries [1]

Core Viewpoint - Taiyong Changzheng announced on November 17 that both silicon-based devices and silicon carbide devices have applications, depending on the specifications of different current products. The company believes that the core competitiveness of solid-state circuit breakers lies in their product design and algorithms [1] Group 1 - The company highlighted the applicability of silicon-based and silicon carbide devices based on varying current specifications [1] - The core competitive advantage of solid-state circuit breakers is attributed to product design and algorithm capabilities [1]

Core Insights - The announcement from Taiyong Changzheng on November 17 highlights the fundamental differences between solid-state circuit breakers and solid-state relays, despite both utilizing semiconductor switching technology for circuit control [1] Group 1: Product Comparison - Solid-state relays function primarily as fast execution switches controlled by electrical signals, focusing on the reliability and lifespan of load circuit operations [1] - Solid-state circuit breakers serve as intelligent protection devices with real-time monitoring and fault diagnosis capabilities, designed to automatically detect and interrupt overloads and short circuits within microseconds, emphasizing system-level safety and fault current limiting [1] - Solid-state circuit breakers can also fulfill the functions of solid-state relays due to their high electrical lifespan characteristics [1]

Core Viewpoint - The company reported fluctuations in gross margin due to rising raw material prices, intense industry competition, and changes in market customer structure and product sales structure, but the gross margin remains at the industry average [1] Group 1: Financial Performance - The company's gross margin has experienced certain fluctuations and declines, influenced by multiple factors [1] - Despite the fluctuations, the gross margin is still at the industry average level [1] Group 2: Strategic Response - To adapt to the operational pressures from external environmental changes, the company is focusing on cost reduction and efficiency enhancement through various methods such as technological innovation, engineering process optimization, and workflow improvements [1]

洛凯股份公告称，截至2025年11月14日，"洛凯转债"累计转股22,576,338股，公司股份总数增至 182,576,338股。因可转债转股，公司第一大股东洛辉投资及其一致行动人洛腾投资、洛盛投资合计持股 比例由48.95%被动稀释至47.98%，触及1%的整数倍，不涉及持股数量变化，也未触及要约收购，不会 导致第一大股东及实际控制人变动。"洛凯转债"处于转股期，后续权益变动公司将依规披露。 ...