齐鲁晚报·齐鲁壹点 郭纪轩 通讯员 王禹 春潮涌动千帆竞，奋楫争先启新程。春节假期余温未散，孔孟之乡浸润着奋进的气息，运河之都激荡着 实干的热潮，全市吹响了复工复产的争先号角。国网济宁供电公司锚定济宁市委、市政府"一个万亿、 五个倍增"宏伟目标，以"起步即冲刺、开局即决战"的奋进姿态，将电力保障作为服务发展的核心抓 手，以超前布局的坚强电网、精准高效的供电服务、全时在线的可靠保供，为济宁新能源、高端装备等 优势产业集群提速运转注入澎湃电力动能，全力护航全市冲刺首季"开门红"、迈向工业万亿级目标， 为"十五五"发展开好局、起好步提供强劲电力支撑。 电擎智造升级 激活新质生产力发展活力 邹城经济开发区珞石机器人产业园内，刚刚亮相省级春晚、火爆全网的柔性协作机器人正高速运转，完 成出厂前运动性能调试后，即将打包发往全国各地生产一线。凭借技术领先与品牌"破圈"，企业节后订 单激增，生产线24小时满负荷运行，用电量同比增幅达40%。 国网济宁供电公司创新推行"专属用电管家"服务，组织工作人员对园区供电线路、车间用电系统开展隐 患排查，动态监测负荷变化、优化供电策略，确保电力精准匹配机器人研发、生产全流程需求，让每一 度 ...

崧盛股份公告，公司与西安亿麦同创咨询服务合伙企业（有限合伙）、西安一麦瑞电源技术有限公司签 署《合资协议》，拟共同投资设立深圳市崧盛亿麦数字能源技术有限公司。合资公司注册资本为3000万 元，崧盛股份以货币形式出资1530万元，持股51%；西安亿麦同创出资441万元，持股14.70%；西安一 麦瑞以技术、设备及货币形式出资1029万元，持股34.30%。合资公司将专注于服务器电源、AI电源等 数字能源产品的研发、生产与销售。 ...

Group 1: Global AIDC and CAPEX Trends - The global demand for intelligent computing (AIDC) is experiencing significant growth, with major cloud companies increasing their capital expenditures (CAPEX). The top three global cloud providers are expected to cumulatively spend nearly $300 billion in CAPEX for the fiscal year 2025. Domestic companies in China are also accelerating their CAPEX, with Tencent's forecast raised from 300 billion yuan to 350 billion yuan for the fiscal years 2025-2027, and Alibaba's forecast increased to 460 billion yuan for the same period [1][2] Group 2: High Voltage Direct Current (HVDC) Technology - High Voltage Direct Current (HVDC) is emerging as a superior solution for powering next-generation data centers. The shift towards high-density and high-energy consumption data centers is driving the upgrade of power distribution systems. The expected market size for global HVDC is projected to reach 2.45 billion yuan, 14.49 billion yuan, and 30.26 billion yuan for the years 2025-2027 respectively [2][3] Group 3: Photovoltaic Industry Developments - The photovoltaic (PV) industry is transitioning towards high-quality development, with domestic PV installations reaching a record high in 2025. The cumulative new PV installations in China from January to November 2025 amounted to 274.89 GW, a year-on-year increase of 33.2%. However, global installation growth is expected to slow down after 2026, with projections indicating a decrease of 6 GW in global installations from 655 GW in 2025 to 649 GW in 2026 [3][4] Group 4: Industry Price Trends and Supply Chain Adjustments - The PV industry is witnessing a price turning point, with new technologies still commanding a premium. After a period of price fluctuations, the prices of PV products began to stabilize in late 2025. The price of BC components is currently at 0.76 yuan/W, showing a premium over TOPCon technology. The upstream segment is expected to benefit first, with significant profit recovery potential in the mid and downstream segments [4][5] Group 5: Investment Recommendations - The focus is on recommending investments in the AIDC sector, particularly in HVDC, SST, and energy storage solutions. Key recommended companies include Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others. In the PV sector, recommendations include supply-side improvements and new BC technologies, with key companies such as Flat Glass and Quartz Shares highlighted [5][6]

Bloom Energy, The Clean Energy Choice For AI Data Centers, Tops Outlook; Amazon Announces AI Spending| Investor's Business DailyMARKET OUTLOOK: [Investing Pro Says 'Optimism Pays' In Today's Economy]---Renewable energy and power supplier Bloom Energy (BE) topped fourth-quarter earnings and revenue after the stock market close Thursday, with revenue jumping 36% compared to a year ago. The company also outlined better-than-expected 2026 guidance. Bloom Energy stock dropped significantly Wednesday and Thursday ...

Core Insights - VPT, Inc. has launched the VSCPL1210SG, the first point of load DC–DC converter in its VSC Series, designed for space-grade applications, delivering up to 10 A output current with peak efficiency of 95% [1][4] Product Overview - The VSC Series targets smaller satellites in low Earth orbits (LEO) and NASA Class D missions, balancing cost and performance [2] - The VSCPL1210SG operates with an input range of 4.5 to 13.2 V and adjustable output from 0.8 to 5.0 V, functioning reliably across a temperature range of –55 °C to +105 °C without power derating [3] - The product features proprietary packaging for dual-side heatsinking and low outgassing, supporting streamlined reflow soldering for easier board-level integration [3] Future Developments - VPT plans to introduce two additional point of load converters later in the year: the VSCPL0510SG with a 10 A output and the VSCPL1220SG with a 20 A output [4] Manufacturing and Compliance - The VSCPL1210SG is manufactured in a facility certified to ISO9001, J-STD-001, and IPC-A-610 standards, and is available for order now [5] Company Background - VPT, Inc. is part of the HEICO Electronic Technologies Group, providing innovative DC-DC power converters and EMI filters for various applications including avionics and space [6] - HEICO Corporation operates in niche segments of aviation, defense, space, and electronics industries [7]

Core Insights - Nancy Pelosi is recognized as a highly successful stock trader in Congress, with significant investments in technology stocks, raising concerns about potential insider trading due to her official role [2][3] Group 1: Stock Trades and Investments - Pelosi's recent stock trade report revealed an increase in her investments in artificial intelligence (AI), with total transactions valued at approximately $69 million executed by her husband, Paul Pelosi [3][7] - Major sales included significant stakes in Apple, Nvidia, and Walt Disney, indicating a reduction in exposure to established tech and media holdings [4][5] - The sale of Apple shares was seen as a profit-taking move, while the decision to sell Nvidia was unexpected given its importance in AI workloads [5] Group 2: Option Exercises - Pelosi exercised options in major technology companies, including 50 call options for Amazon and Alphabet, each with a strike price of $150, resulting in transactions valued between $500,001 and $1,000,000 [6] - Additional option exercises included Vistra, which supplies power to AI data centers, and Tempus AI, which focuses on AI applications in precision medicine [7]

Core Viewpoint - The company, Liyuan Haina Technology Co., Ltd., has become a key supplier of high-speed pulse power supplies for AI computing server PCB supply chains, leveraging its advanced technology and energy-efficient products [1][2]. Group 1: Company Overview - Liyuan Haina is recognized as a "key small giant" enterprise and a national high-tech enterprise, with a strong focus on innovation and product development in the industrial power supply sector [1][2]. - The company has established a comprehensive governance structure to ensure standardized operations and promote modernization of its governance capabilities [2]. Group 2: Financial Performance - From 2022 to the first half of 2025, Liyuan Haina achieved revenues of 492 million yuan, 591 million yuan, 744 million yuan, and 403 million yuan, with net profits of 124 million yuan, 153 million yuan, 155 million yuan, and 144 million yuan respectively [2]. - The net profit for the first half of 2025 reached 144 million yuan, which is 92.90% of the total net profit for 2024, indicating a significant improvement in profitability [2]. Group 3: Product and Market Position - The company has a market share exceeding 80% in the domestic lithium battery and high-precision electronic copper foil markets, serving major clients such as Defu Technology and Nord Shares [3]. - Liyuan Haina's high-speed pulse power supply has successfully broken the European brand monopoly, becoming a crucial power source for high-end PCB manufacturing [3]. Group 4: Research and Development - The company has invested a total of 111 million yuan in R&D from 2023 to the first half of 2025, resulting in 74 patents and significant technological advancements [4]. - Continuous R&D efforts have led to innovations in high-purity silicon carbide applications and digital power technology, enhancing product efficiency and stability [4]. Group 5: Future Plans - Liyuan Haina aims to accelerate its growth by listing on the Shenzhen Stock Exchange's Growth Enterprise Market, planning to raise 1.181 billion yuan for projects focused on industrial power supply production and R&D center upgrades [5].

Summary of Honor Electronic (300870.SZ) Conference Call Company Overview - **Company**: Honor Electronic (300870.SZ) - **Industry**: Server Power Supply (PSU) Market Key Points R&D Partnership and Sales Outlook - Honor has established an R&D partnership with a US-based Cloud Service Provider (CSP) for next-generation server power supplies, with potential sales contributions expected in 2027 after production tests in 2026 [1] - The company aims for a 10% wallet share in the first-batch order, which is considered optimistic due to its smaller historical sales in GPU/CPU server power supplies compared to incumbents [1] Product Compatibility and Market Position - Most of Honor's products are compatible with mainstream AI accelerators from both global and domestic GPU brands, as well as domestic ASIC makers [1] - The highest power supply currently available in the domestic market is 5.5kW, with most projects deployed in China and some in Southeast Asia [1][5] Capacity Expansion Plans - Honor plans to add approximately Rmb1 billion in capacity in Suzhou, China by the end of 2026 [6] - A factory in Vietnam is also operational, supporting 15-20% of total production [6] - Capacity addition is relatively straightforward, taking about two quarters from equipment purchase to production readiness [6] Pricing and Margins - Current Average Selling Prices (ASP) are Rmb0.7-0.8/W for 5.5kW PSUs and Rmb0.3-0.4/W for 3-4kW PSUs [7] - Gross Profit Margin (GPM) for high-power PSUs (≥2kW) was approximately 28% in the first three quarters of 2025, while low-power PSUs had a GPM of only 10-20% due to intense competition [7] New Product Development - Honor is developing PSUs in the range of 8-19kW, although there is no immediate demand from customers [8] - The company is also preparing for the industry transition towards 800V DC architecture by developing PSUs that support 800V/400V DC input [8] Competitive Landscape - The global server power supply market is seeing an influx of new entrants, but mass production capabilities, especially for high-power products, remain a significant challenge for these new players [6][1] Domestic Market Presence - Honor is a key PSU supplier in the domestic server market, directly supplying major Chinese Original Design Manufacturers (ODMs) such as Inspur and Foxconn [2][5] Strategic Engagements - The company is in early-stage discussions with multiple overseas CSPs and ODMs to expand its customer base [1] Additional Insights - The partnership with the US CSP aims to diversify supplier risk and leverage Honor's product quality, R&D responsiveness, and service capabilities [1] - The company has been supplying adapters to the US CSP for its residential AIoT products since 2023, indicating a growing relationship [1] This summary encapsulates the critical insights from the conference call regarding Honor Electronic's strategic initiatives, market positioning, and future outlook in the server power supply industry.

Summary of Shenzhen Kstar Science & Tech (002518.SZ) Conference Call Company Overview - **Company**: Shenzhen Kstar Science & Tech (002518.SZ) - **Industry**: Electric power conversion technology, focusing on data centers and energy storage systems (ESS) Key Financial Highlights - **FY25 Net Income**: Expected in the range of Rmb600 million to Rmb660 million, representing a year-over-year increase of 52% to 67%, with a midpoint growth of 60% [5] - **Recurring Net Income**: Projected between Rmb550 million and Rmb620 million, indicating a 60% to 80% year-over-year increase, with a midpoint growth of 70% [5] - **4Q25 Net Income**: Estimated between Rmb154 million and Rmb214 million, showing a significant year-over-year increase of 313% to 473% [5] - **Sales Growth**: Anticipated total sales CAGR of 27% from 2025 to 2030, driven by overseas high-power electrical sales [1][9] Revenue and Earnings Forecast - **Revenue Forecast**: - 2025E: Rmb5,332 million - 2026E: Rmb7,527 million - 2027E: Rmb9,761 million - 2028E: Rmb11,861 million - 2029E: Rmb14,334 million - 2030E: Rmb17,384 million [6] - **Net Income Forecast**: - 2025E: Rmb632 million - 2026E: Rmb1,046 million - 2027E: Rmb1,451 million - 2028E: Rmb1,865 million - 2029E: Rmb2,356 million - 2030E: Rmb2,940 million [6] Strategic Initiatives - **Overseas Expansion**: Kstar is focusing on increasing its overseas sales, particularly in high-power electricals, which are expected to rise from Rmb100 million in 2025E to Rmb800 million in 2026E [1] - **Product Development**: The company is actively developing next-generation products, including 800V DC systems, to capitalize on the architecture upgrade cycle expected from 2026 [1][11] - **ODM Model**: The overseas ODM model is projected to command a pricing premium of 25% to 50% compared to domestic orders, enhancing profitability [1] Margin and Return Expectations - **Gross Profit Margin (GPM)**: Expected to expand to 33% by 2028E, supported by a higher mix of overseas sales [1] - **Operating Profit Margin (OPM)**: Anticipated to reach 18% by 2028E [1] - **Return on Equity (ROE)**: Projected average ROE of 25% from 2026 to 2030 [1] Investment Thesis - **Growth Drivers**: - Expansion into overseas markets, particularly North America - Increased domestic data center revenue due to higher capital expenditures from state-owned and private enterprises - Recovery in overseas ESS business driven by normalized channel inventories and demand [19] - **Valuation**: The 12-month price target is set at Rmb67.6, based on a P/E ratio of 26x for 2028E, indicating a potential upside of 26% from the current price [2][7] Risks - **Key Risks**: - Lower-than-expected growth in US ODM orders - Delays in new product launches, particularly the 800V DC products - Slower growth in overseas ESS and associated margins [20] Conclusion - **Recommendation**: Maintain a Buy rating on Kstar, given its strong growth prospects, attractive valuation, and ongoing transition into a key ODM partner for global data center electrical players [2][19]

Core Viewpoint - The company, Xinle Energy, has confirmed that its data center business is managed by its subsidiary, Shenzhen Leino, which is competitive in the communication module power supply sector and has products that are on par with international leading manufacturers [1] Group 1 - Shenzhen Leino's technology level in the communication module power supply field is comparable to that of top international power supply manufacturers, with some products being at a leading level [1] - In the data center sector, Shenzhen Leino's secondary power supply products are at the same starting line as international competitors, with some products already leading in technology [1]