Group 1 - The company, Antai Technology (000969.SZ), does not directly engage in transformer production but manufactures amorphous and nanocrystalline strip materials that possess high magnetic induction and low loss characteristics, making them suitable for transformers and solid-state transformers in emerging applications [1] - These soft magnetic materials are key to enhancing efficiency, miniaturization, and cost reduction in high-frequency power electronic equipment [1] - The chairman mentioned at the Amorphous Alliance Conference that national policies for transformer energy efficiency are being implemented, and there is strong demand and technological drive for amorphous and nanocrystalline materials due to the rapid development of new fields such as renewable energy, rail transportation, and data centers, particularly in high-frequency applications like artificial intelligence and solid-state transformers [3]

格隆汇11月13日丨安泰科技(000969.SZ)在互动平台表示，公司生产的非晶、纳米晶带材是兼具高磁 感、低损耗特性的软磁材料，可以应用于变压器、固态变压器等高频电能变换电力电子装备等新兴应用 场景，是促进其高效化、小型轻量化和低成本化的关键材料。但公司目前没有涉及变压器及固态变压器 企业。 ...

格隆汇11月13日丨安泰科技(000969.SZ)在互动平台表示，公司目前没有直接涉及变压器生产，但公司 生产的非晶、纳米晶带材是兼具高磁感、低损耗特性的软磁材料，可以应用于变压器、固态变压器等高 频电能变换电力电子装备等新兴应用场景，是促进其高效化、小型轻量化和低成本化的关键材料。 ...

Core Viewpoint - The company primarily produces energy-efficient transformers using amorphous and silicon steel, which are mainly applied in the infrastructure of the State Grid, new energy substations, and data centers [1] Group 1 - The company does not produce or sell solid-state transformers [1] - The company acknowledged a decline in gross margin and is likely exploring measures to improve it [1]

Group 1: Public Utilities and Environmental Protection - The report emphasizes the dual trends of high cleanliness on the generation side and high electrification on the consumption side as key developments in the power system, with the grid serving as a crucial bridge between the two [5][6] - The review of the ultra-high voltage (UHV) construction during the 14th Five-Year Plan indicates that progress has been below expectations, highlighting the need to address terminal demand to achieve goals [6][7] - The outlook for the distribution network by 2030 suggests that recent policy reforms will lead to more diverse distribution network forms, enhancing renewable energy consumption and advancing distribution network development [8][9] Group 2: Metal New Materials - Antai Technology - Antai Technology's business structure is based on a "2+3+4" system, focusing on core industries and emerging sectors, with steady growth in traditional business and significant potential in new areas like special powders and nuclear fusion [10][11] - The company reported a revenue of 7.573 billion yuan in 2024, a decrease of 7.50% year-on-year, but a net profit increase of 49.26% to 372 million yuan, indicating a positive trend in operational efficiency [11][12] - The emerging business sectors are expected to see rapid growth, particularly in special powders, amorphous materials, and controllable nuclear fusion, driven by high industry demand [12][14]