AI供电系统由不间断供电系统(UPS)向全直流系统演变，输出电压等级不断提升，SST方案配套提速； 服务器电源功率密度提升下产品量价齐升，催生超级电容需求。竞争格局上，HVDC环节VRT及台达电 占优，CSP厂商与NV方案平行推进；机架电源，台系厂商整体占据优势地位，麦格米特等进入英伟达 供应链；二三级电源，英飞凌、MPS、Vicor等在DC/DC电源芯片上技术领先。该行看好服务器电源国 产品牌份额提升，产能短缺与方案迭代下国内超级电容、SST等新产品和供电系统配套出海带来的投资 机会。同时，AIDC与新能源也带动了海外电网系统升级需求，该行判断未来海外亦有望复刻中国"十四 五"的电力系统升级改造周期，有望沿着三环节展开：1)储能、2)基荷电源设备、3)电网设备。 电网内需：三月迎"两会"窗口期，政策与项目共振，关注GIS龙头。 中信证券主要观点如下： 太空光伏：算力加持下单星功率不断提升，太阳翼为最大"通胀"环节。 该行预计卫星领域光伏电池片市场空间远期有望接近万亿元；预计2026-2035年，年卫星发射数量将从 5000颗增长至10万颗，带动太空光伏电池总需求量由0.1GW增至5-10GW；其中，砷化镓电 ...

| | | 2月25日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 田中精机 | 短期涨幅巨大,股价短期存在回落风险 | | | 川金诺 | 生产所需主要原材料硫元素价格近期持续处于高位 | | 项目投资 | 松盛股份 | 拟成立合资公司开展服务器电源、AI电源等数字能源产品业务 | | 合同中标 | 北京科锐 | 中标2.88亿元南方电网项目 | | 业绩 | 传音控股 | 2025年归母净利润25.84亿元,同比下降53.43% | | 股权转让 | 爱博医疗 | 拟6.83亿元收购德美医疗68.31%股权 | | 回购 | 温氏股份 | 拟8亿元-12亿元回购股份 | | 增减持 | 格力电器 | 珠海明骏拟减持不超过2%股份 | | 其他 | 日照港 | 集发公司拟发行规模不超30亿元(含30亿元)的公司债券 | | | 百邦科技 | 子公司续签《苹果独立维修提供商协议》 昼間隆に | 【热点】 田中精机(300461.SZ)：短期涨幅巨大，股价短期存在回落风险 川金诺(300505.SZ)：生产所需主要原材料硫元素价格近期持续处于高位， ...

【项目投资】崧盛股份(301002.SZ)：拟成立合资公司开展服务器电源、AI电源等数字能源产品业 务【中标合同】 *ST松发(603268.SH)：恒力造船签约3艘超大型原油运输船建造合同 | | | 2月25日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 田中精机 | 短期涨幅巨大,股价短期存在回落风险 | | | 川金诺 | 生产所需主要原材料硫元素价格近期持续处于高位 | | 项目投资 | 松盛股份 | 拟成立合资公司开展服务器电源、AI电源等数字能源产品业务 | | 合同中标 | 北京科锐 | 中标2.88亿元南方电网项目 | | 业绩 | 传音控股 | 2025年归母净利润25.84亿元,同比下降53.43% | | 股权转让 | 爱博医疗 | 拟6.83亿元收购德美医疗68.31%股权 | | 回购 | 温氏股份 | 拟8亿元-12亿元回购股份 | | 增减持 | 格力电器 | 珠海明骏拟减持不超过2%股份 | | 其他 | 日照港 | 集发公司拟发行规模不超30亿元(含30亿元)的公司债券 | | | 百邦科技 | 子公司续签《苹 ...

截至2026年2月25日收盘，崧盛股份（301002）报收于45.5元，较前一交易日上涨7.9%，最新总市值为 61.4亿元。该股当日开盘43.04元，最高45.87元，最低41.98元，成交额达5.71亿元，换手率为15.07%。 崧盛股份于2026年2月25日发布《关于投资设立合资公司的公告》。公告显示，公司于当日召开董事 会，审议通过与西安亿麦同创、西安一麦瑞共同投资设立合资公司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3,000万元，崧盛股份以货币出资1,530万元，持股51.00%；西安亿麦同创以货 币出资441万元，持股14.70%；西安一麦瑞以技术、设备及货币出资1,029万元，持股34.30%。合资公司 主营服务器电源、AI电源等数字能源产品的研发、生产与销售，纳入公司合并报表范围。本次交易不 构成重大资产重组，无需提交股东大会审议。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《第四届董事会第四次会议决议公告》 《关于投资设立合资公司的公告》 最新公告列表 ...

Major Announcements - SMIC's application for issuing shares to purchase assets has been accepted by the Shanghai Stock Exchange [2] - Gree Electric's largest shareholder plans to reduce its stake by no more than 2% [35] - Haiguang Information expects a net profit increase of 22.56% to 42.32% in Q1 2026 [18] Company Developments - SMIC plans to issue shares to acquire 49% of the equity in Zhongke North Integrated Circuit Manufacturing [2] - Bona Film Group reports normal operations with no significant changes in the internal and external business environment [2] - ST Xinhua Jin is under investigation by the CSRC for information disclosure violations [3] - Shandong Haihua plans to invest 48.37 billion yuan in a soda ash facility upgrade for energy efficiency [4] - ST Yanshi warns of potential delisting risks due to significant stock price fluctuations and unresolved audit issues [5] - Saifutian's subsidiary has resumed production, stabilizing the supply of photovoltaic battery products [6] - Jin'an Guoji's subsidiary has been recognized as a high-tech enterprise, benefiting from tax incentives [7] - Chuanjinno reports market rumors regarding U.S. national security priorities affecting its operations [8] - Lingyi Zhi Manufacturing plans to invest in a fund focused on advanced equipment manufacturing [9] - Songsheng Co. is establishing a joint venture for digital energy products [10] - Longbai Group's subsidiary has partially resumed production after safety inspections [10] - Tongyuan Petroleum reports no significant changes in its business environment despite stock price fluctuations [11] Financial Performance - Haiguang Information's 2025 revenue reached 14.376 billion yuan, a 56.91% increase, with a net profit of 2.542 billion yuan, up 31.66% [18] - Sainuo Medical's 2025 revenue was 525 million yuan, a 14.53% increase, with a net profit of 47.286 million yuan, up 3057.05% [19] - Koweil's 2025 revenue was 514 million yuan, a 7.39% increase, with a net profit of 64.8996 million yuan, up 32.32% [20] - United Imaging's 2025 revenue reached 13.821 billion yuan, a 34.18% increase, with a net profit of 1.888 billion yuan, up 49.6% [21] - Nanya New Materials reported a 2025 net profit of 241 million yuan, a 378.65% increase [22] - Yanzhou Coal's Australian subsidiary reported a 2025 after-tax profit of 440 million AUD [23] - Lante Optical's 2025 net profit was 388 million yuan, a 76.09% increase [24] - Huafeng Measurement's 2025 net profit was 538 million yuan, a 61.22% increase [26] - Hancable's 2025 net profit was 592 million yuan, a 9.59% decrease [27] - Transsion Holdings reported a 2025 net profit of 2.584 billion yuan, a 53.43% decrease [27] - Aiko Optoelectronics reported a 2025 net profit of 64.0919 million yuan, a 307.63% increase [28] - Huachuang Technology's 2025 net profit was 42.678 million yuan, an 89.45% increase [29] - Honghua Digital's 2025 net profit was 529 million yuan, a 27.63% increase [29] - Zhujiang Beer reported a 2025 net profit of 903 million yuan, an 11.42% increase [30] - Xindong Lian Ke's 2025 net profit was 302 million yuan, a 36.1% increase [31] - Qingda Environmental's 2025 net profit was 181 million yuan, a 94.62% increase [33] - Shenkong Co.'s 2025 net profit was 101 million yuan, a 146.54% increase [34] - Chip Micro's 2025 net profit was 290 million yuan, an 80.42% increase [34]

公告称，本次公司与西安亿麦同创及西安一麦瑞共同投资成立合资公司开展服务器电源、AI电源等数 字能源产品业务，有助于充分发挥公司产业链及供应链优势，结合合资方股东技术及产品开发优势，通 过优势互补，提升双方市场竞争力，助力合资公司业务发展。 崧盛股份（301002）(301002.SZ)公告，公司于2026年2月25日与西安亿麦同创咨询服务合伙企业(有限合 伙)("西安亿麦同创")、西安一麦瑞电源技术有限公司("西安一麦瑞")签署《合资协议》，拟以共同投资 方式设立合资公司深圳市崧盛亿麦数字能源技术有限公司(最终以工商登记机关核准为准)，合资公司注 册资本为3000万元，其中，公司以货币形式出资1530万元，占注册资本比例为51.00%。 ...

智通财经APP讯，崧盛股份(301002.SZ)公告，公司于2026年2月25日与西安亿麦同创咨询服务合伙企业 (有限合伙)("西安亿麦同创")、西安一麦瑞电源技术有限公司("西安一麦瑞")签署《合资协议》，拟以共 同投资方式设立合资公司深圳市崧盛亿麦数字能源技术有限公司(最终以工商登记机关核准为准)，合资 公司注册资本为3000万元，其中，公司以货币形式出资1530万元，占注册资本比例为51.00%。 公告称，本次公司与西安亿麦同创及西安一麦瑞共同投资成立合资公司开展服务器电源、AI电源等数 字能源产品业务，有助于充分发挥公司产业链及供应链优势，结合合资方股东技术及产品开发优势，通 过优势互补，提升双方市场竞争力，助力合资公司业务发展。 ...

公司作为国内领先的LED驱动电源制造商，围绕公司电源筑基战略，结合国家先进制造发展战略，持续 拓展公司电源产品品类，布局新质生产力领域电源产品。本次公司与西安亿麦同创及西安一麦瑞共同投 资成立合资公司开展服务器电源、AI电源等数字能源产品业务，有助于充分发挥公司产业链及供应链 优势，结合合资方股东技术及产品开发优势，通过优势互补，提升双方市场竞争力，助力合资公司业务 发展。 格隆汇2月25日丨崧盛股份(301002.SZ)公布，公司于2026年2月25日与西安亿麦同创咨询服务合伙企业 （有限合伙）（简称"西安亿麦同创"）、西安一麦瑞电源技术有限公司（简称"西安一麦瑞"）签署《合 资协议》，拟以共同投资方式设立合资公司深圳市崧盛亿麦数字能源技术有限公司（最终以工商登记机 关核准为准）（简称"合资公司"），合资公司注册资本为人民币3,000万元，其中，公司以货币形式出 资1,530万元人民币，占注册资本比例为51.00%；西安亿麦同创以货币形式出资441万元人民币，占注册 资本比例为14.70%；西安一麦瑞以技术、设备及货币形式出资1,029万元人民币，占注册资本比例为 34.30%，相关非货币财产出资以评估价值 ...

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。 ...

Summary of Weigao's Conference Call Company Overview - Weigao's server power supply business accounts for over 50% of its revenue, with industrial control, automotive electronics, and display electronics contributing 15%, 10%, and 20-25% respectively [2][3] Key Points and Arguments - **Market Position**: Weigao has established stable partnerships with clients such as Delta and Eurotech, maintaining a high market share in AC to DC products. The Thai factory's capacity release is expected to meet overseas demand, with continued growth anticipated in the digital infrastructure business through 2026 [2][5] - **D to D Technology Development**: The company is focusing on D to D (DC to DC) technology, collaborating with Morata to maintain its leading position in the supercapacitor field, which will be applied to server power supplies. Weigao is also involved in R&D projects with major companies like Alibaba and Huawei to ensure competitive advantages in the D to D sector [2][6] - **Production Capacity**: The Thai factory is the first to resume stable production post-pandemic, continuously expanding capacity to meet customer demand. It is projected to contribute profits of 25-30 million yuan in the second half of 2025, with further profitability expected by the end of 2026 [2][4][20] - **Response to Raw Material Price Increases**: Weigao is actively communicating with clients to transfer price increases due to rising costs of copper, gold, and tin. Some price adjustments have already received client support, helping to alleviate cost pressures and maintain profitability [2][9] - **Growth Projections**: For 2026, Weigao expects significant growth driven by the release of capacity from the Jiangxi Phase II factory, with anticipated revenues of 2-2.5 billion yuan and 3 billion yuan in 2027 [4][19] Additional Important Information - **Production Capacity Details**: Weigao's domestic annual production capacity is 2 million square meters, generating an annual output value of 1.2-1.5 billion yuan. The Thai factory has an annual capacity of 1.2 million square meters, with similar output value. The Jiangxi Phase II project aims to add 1.2 million square meters of capacity, with 600,000 square meters expected to be operational by 2026 [4][17][18] - **Profit Contribution from Thai Products**: In the first half of 2025, Thai products were slightly profitable, contributing 25-30 million yuan in profits in the second half, with total revenue around 400 million yuan. Full production by the end of 2026 is expected to enhance profitability further [20] - **Client Base for Secondary Power Supply**: Major clients for Weigao's secondary power supply business include Morata, New Energy, Jin Zhengyang, Delta, Changcheng, and Eurotech, all of which have ongoing projects [21]