昨天的文章中，我们讲到美国的电力问题和固态变压器（SST），也许是赶巧了，今天市 场上电力和SST的表现都还不错。这篇文章，我们来看下SST目前的进展以及国内外相关 的厂商布局。 AI数据中心的下半场：电力和节能 SST进展及基础情况 在国内，四方股份、中国西电、金盘科技等传统电力设备厂商，以及部分AI服务器电源企业和光储 新能源企业，也开始布局SST技术。这些企业结合自身技术优势，逐步向数据中心和新能源领域扩 展，探索SST技术的商业化应用。四方股份依托中科院背景，技术产品优势明显，目前已开始与海外 大厂尝试对接，民企业务加速出海。科华数据在液冷及服务器电源领域与英伟达及其他ASIC大厂密 切合作，其SST产品已在国内成功完成挂网测试，进入英伟达SST供应链只是时间问题。 金盘科技 金盘科技在2025年上半年表现稳健，机电业务保持稳定增长。国内特高压领域进展显著，江东南、 粤港澳等特高压直流项目已陆续开工，预计更多项目将在近期启动。这将推动特高压设备进入新一 轮招标高峰，金盘科技作为行业龙头有望显著受益。 在海外市场，金盘科技表现亮眼，上半年境外收入同比增长64%，成功中标马来西亚数据中心变电 站项目，进一 ...

兴业证券认为，1）在新能源汽车保有量和单车带电量快速提升的背景下，国内充电运营市场呈现较高 景气度，推荐充电运营龙头特锐德（300001），建议关注万马股份（002276）；2）国内新增充电桩稳 定增加，推荐盈利能力持续向上和份额持续扩大的充电模块龙头通合科技（300491），建议关注充电桩 赛道绿能慧充（600212）、盛弘股份（300693）、科林电气（603050）；3）美国新增公共桩开始加 速，建议关注充电桩出海龙头道通科技、炬华科技（300360）。 央视财经报道，从国家电网了解到，假期前7天，国内高速公路新能源车充电量超6185万千瓦时，创出 历史新高。在福建莆田湄洲岛，今年国庆中秋假期前7天登岛游客达到15万人次，据当地电力部门的统 计，截至10月7日，湄洲岛景区周边充电桩日均充电量达7400千瓦时，同比增长30%，是平日的4.6倍。 数据显示，中秋假期当天全国高速公路充电站搜索数同比增长超12.5%，10月1日到7日同比增长超 25%。 东方证券指出，1）充电桩市场将由追求速度与规模，加快转向高质量发展新阶段。2）大功率趋势下， 核心器件与整桩设备迎来升级。大功率意味着高电压和大电流的结合，对 ...

东吴证券晨会纪要 东吴证券晨会纪要 2025-10-09 证券研究报告 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250928：9 月以来基建实物工作量边际回暖 预计货币政策或延续 9 月 26 日二次操作 14 天期逆回购的"滴灌呵护" 基调，适时呵护资金面以平抑季节性因素的影响 海外周报 20250928：国庆假期海外市场前瞻 固收周报 20250928：新能源转债配置空间再思考 建议持续关注平衡性风光储转债标的配置窗口。 固收点评 20250928：二级资本债周度数据跟踪（20250922-20250926） 一级市场发行情况：本周（20250922-20250926）银行间市场及交易所市 场无新发行二级资本债。二级市场成交情况：本周（20250922-20250926） 二级资本债周成交量合计约 2299 亿元，较上周增加 521 亿元。 固收点评 20250927：绿色债券周度数据跟踪（20250922-20250926） 一级市场发行情况：本周（20250922-20250926）银行间市场及交易所市 场共新发行绿色债券 23 只，合计发行规模约 309.74 ...

Core Viewpoint - The announcement by Lihexing regarding the operational scope change of its subsidiary, Lirong Electronics, signals a strategic shift towards high-tech sectors such as semiconductors, AI computing power, and new energy, enhancing its competitive position in these emerging markets [1][3][4] Group 1: Business Expansion - Lirong Electronics has expanded its operational scope to include sales of electronic components, integrated circuit chips, semiconductor devices, and manufacturing of electronic specialized equipment, indicating a focus on high-tech fields [3][4] - The company has been a qualified supplier for Huawei since 2013, deepening its collaboration with Huawei and its affiliates, which has led to a market share of over 10% in the smart terminal testing sector [3][4] Group 2: Strategic Partnerships - The partnership with Huawei has evolved from mobile smart terminals to include 5G base stations, new energy vehicles, and digital energy, showcasing the company's adaptability and growth potential in various cutting-edge fields [3][4] - Lihexing is a key manufacturer for Huawei's liquid-cooled ultra-fast charging equipment and is involved in critical manufacturing tasks for Huawei's fully automated charging robot project [3][4] Group 3: Market Opportunities - The adjustment in operational scope allows the company to respond more flexibly to market demands and integrate industry chain resources, thereby enhancing its competitiveness in smart manufacturing and high-end electronic equipment [4] - Analysts believe that Lihexing's deep ties with technology giants like Huawei position it well for a new round of business expansion and performance growth, particularly in semiconductor and energy electronics sectors [4]

Group 1 - The core viewpoint of the news is that Youyou Green Energy's stock has seen a significant increase of 5.23%, reaching a price of 206.54 CNY per share, with a trading volume of 202 million CNY and a turnover rate of 12.35%, resulting in a total market capitalization of 8.675 billion CNY [1] - Youyou Green Energy, established on August 20, 2015, is located in the Guangming District of Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of core components for direct current charging equipment for new energy vehicles, and is recognized as a national high-tech enterprise. The main business revenue composition is 96.15% from charging modules and 3.85% from other sources [1] Group 2 - Among the top ten circulating shareholders of Youyou Green Energy, a fund under Huatai-PineBridge Fund has entered the list, holding 53,300 shares, which accounts for 0.65% of the circulating shares. The estimated floating profit for today is approximately 546,900 CNY [2] - The Huatai-PineBridge Environmental Industry Fund (000696) was established on September 16, 2014, with a latest scale of 1.491 billion CNY. Year-to-date returns are 23.12%, ranking 2364 out of 4220 in its category, while the one-year return is 37.09%, ranking 2561 out of 3820. Since its inception, the fund has achieved a return of 90.65% [2]

9月24日，优优绿能涨0.20%，成交额1.69亿元。两融数据显示，当日优优绿能获融资买入额1438.50万 元，融资偿还1579.65万元，融资净买入-141.15万元。截至9月24日，优优绿能融资融券余额合计 9352.71万元。 截至6月30日，优优绿能股东户数1.35万，较上期减少3.26%；人均流通股602股，较上期增加3.37%。 2025年1月-6月，优优绿能实现营业收入7.23亿元，同比增长0.11%；归母净利润1.05亿元，同比减少 24.78%。 分红方面，优优绿能A股上市后累计派现5040.00万元。 机构持仓方面，截止2025年6月30日，优优绿能十大流通股东中，汇添富环保行业股票（000696）位居 第十大流通股东，持股5.33万股，为新进股东。 责任编辑：小浪快报 融资方面，优优绿能当日融资买入1438.50万元。当前融资余额9352.71万元，占流通市值的5.84%。 融券方面，优优绿能9月24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。 资料显示，深圳市优优绿能股份有限公司位于广东省深圳市光明区玉塘街 ...

Core Viewpoint - Yoyo Green Energy's stock price has shown significant growth this year, with a notable increase in trading activity and institutional interest, indicating a positive market sentiment towards the company and its operations in the renewable energy sector [2][3]. Company Performance - As of September 24, Yoyo Green Energy's stock price reached 199.95 CNY per share, with a market capitalization of 8.398 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 33.39%, with a 2.54% rise in the last five trading days and a 16.93% increase over the past 20 days [2]. - For the first half of 2025, Yoyo Green Energy reported a revenue of 723 million CNY, reflecting a year-on-year growth of 0.11%, while the net profit attributable to shareholders was 105 million CNY, down 24.78% compared to the previous year [2]. Trading Activity - On September 24, the net inflow of main funds was 3.6628 million CNY, with significant buying and selling activity from large orders [1]. - The company has appeared on the stock market's "Dragon and Tiger List" four times this year, with the most recent instance on September 8, where it recorded a net purchase of 13.773 million CNY [2]. Shareholder Information - As of June 30, 2025, Yoyo Green Energy had 13,500 shareholders, a decrease of 3.26% from the previous period, with an average of 602 circulating shares per shareholder, an increase of 3.37% [2]. - The company has distributed a total of 50.4 million CNY in dividends since its A-share listing [3]. Industry Position - Yoyo Green Energy operates in the electric equipment sector, specifically focusing on the research, production, and sales of core components for direct current charging equipment for new energy vehicles [2]. - The company is classified under the "Other Power Equipment" category within the Shenwan industry classification and is associated with concepts such as high dividends, new energy vehicles, and charging stations [2].

Core Insights - The report from the China Charging Alliance indicates a significant increase in electric vehicle charging infrastructure in the first eight months of 2025, with a total of 4.53 million new charging points, representing an 88.5% year-on-year growth [1] - Public charging facilities saw an increase of 737,000 units, a 37.2% rise compared to the previous year, while private charging facilities grew by 3.79 million units, marking a 103.3% increase [1] Industry Trends - The charging pile market is shifting from a focus on speed and scale to a new phase of high-quality development [1] - There is a trend towards high-power charging solutions, necessitating upgrades in core components and overall charging equipment. High power implies a combination of high voltage and large current, which significantly raises the technical requirements for charging piles and their core components [1] - The industry is moving towards high-quality development, with recent policies directing focus towards the construction of high-power charging facilities. Under policy-driven initiatives, the promotion of high-power supercharging is expected to accelerate [1]

Group 1 - The core viewpoint of the report indicates that Tonghe Technology is expected to rank among the top four in market share in the domestic charging module sector by 2024, positioning itself in the first tier [1] - The data center HVDC power module is anticipated to provide a new growth curve for the company [1] - The company is expanding into other downstream fields, including smart grids and aerospace, with products such as power supplies for electricity, communication, fire safety, distribution networks, and uninterruptible power supplies [1] Group 2 - The company plans to accelerate capital expenditure and expansion, with a convertible bond issuance proposal in August 2025 to raise no more than 520 million yuan for investment in research and production of power distribution systems and modules for data centers [1] - The amount of construction in progress for the company has significantly accelerated in the first half of 2025 [1] - Given the expected rapid growth in net profit attributable to the parent company in 2026 and 2027, along with sustained high demand for special power supplies, a PE of 43x is assigned for 2026, corresponding to a target stock price of 43.7 yuan, with an initial coverage rating of "Buy" [1]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 43.7 CNY based on a 2026 PE of 43x [5][62]. Core Insights - The company is positioned in the top four in the domestic market share for charging modules as of 2024, indicating a strong competitive position [1][30]. - The data center HVDC power modules are expected to provide a new growth curve for the company, leveraging technology similarities with existing products [3][48]. - The company plans to accelerate capital expenditures, with a convertible bond issuance aimed at raising up to 520 million CNY for investment in data center power supply systems and module R&D [3][53]. Summary by Sections Industry Overview - The charging module industry has seen significant consolidation, with the number of major suppliers decreasing from over 30 in 2015 to around 10 by 2023 [2][31]. - The demand for charging modules is driven by the growth in electric vehicle sales, despite a significant drop in prices from approximately 0.8 CNY/watt in 2015 to about 0.13 CNY/watt by the end of 2019 [2][31]. Product Development and Market Position - The company has rapidly iterated its products to meet market demands, introducing high-power and cost-effective charging modules [2][27]. - The company is expanding into other downstream sectors, including smart grids and aerospace, with a focus on domestic production of specialized power supplies [2][36]. Financial Projections - Revenue projections for 2025-2027 are 1.33 billion, 1.69 billion, and 2.19 billion CNY, representing growth rates of 10%, 27%, and 30% respectively [4][59]. - The forecasted net profit attributable to the parent company for the same period is 80 million, 180 million, and 260 million CNY, with year-on-year growth rates of 233%, 123%, and 48% [4][59]. Valuation and Comparison - The company is compared favorably against peers, with a projected 2026 PE of 43x, which is higher than competitors like Youyou Green Energy and Shenghong Shares [4][62]. - The report highlights the potential for significant profit growth driven by the data center HVDC power modules and the ongoing demand for specialized power supplies [4][62].