Core Viewpoint - Shenghong Co., Ltd. (300693) has clarified that it is not currently involved in space photovoltaic energy storage technology and has no plans for solid-state transformer products, which may influence investor sentiment in the short term [1]. Group 1: Company Response - The company has stated that its current business focus does not include the frontier field of space photovoltaic energy storage technology [1]. - Shenghong Co. has confirmed that it does not have any solid-state transformer products or development plans, indicating that such technology is not part of its existing product line [1]. Group 2: Stock Performance - As of February 10, 2026, Shenghong's stock price closed at 38.18 yuan, reflecting a 2.92% decline over the past five days, underperforming compared to the Shanghai Composite Index, which rose by 1.49%, and the electric equipment sector, which saw a decrease of 0.72% [2]. - On the same day, there was a net outflow of 6.4756 million yuan from major investors, with a turnover rate of 1.57%, indicating moderate market activity [2]. - The technical analysis shows that the stock price is near the lower band of the 20-day Bollinger Bands (support level at 36.41 yuan), necessitating attention to whether it can stabilize in the short term [2]. Group 3: Institutional Perspectives - According to a report by Everbright Securities on February 8, 2026, the demand for AIDC power sources is driven by domestic computing power construction, with Shenghong being highlighted as a focus due to its involvement in HVDC and SST technologies [3]. - Guohai Securities also noted on the same day that the domestic energy storage market remains robust, with a procurement volume of 36.3 GWh in January 2026, suggesting potential for Shenghong's business expansion in the energy storage sector [3]. - Analysts are focusing on the company's long-term growth potential, although these insights are based on industry trends rather than recent company announcements [3].

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]

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Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]

2026 年 AIDC 年度策略：智算风起，启航未来 20260205 预计到 2026 年下半年，服务器电源 PSU 功率将提升至 8 千瓦甚至 12 千瓦，带动碳化硅和氮化镓用量增加。塞达卡（SAD CAR）方案也将在 2026 年实现渗透率提升，通过 HVDC 高压直流架构降低线路损耗、提 高能源效率。 液冷技术已成为数据中心必不可少的解决方案，目前基本上能够实现 100%的全液冷方案，全液冷设计可使散热效率提高约 40%。单机柜液 冷成本约为 8 万至 10 万美元，其中 CDU 和冷板占据主要成本，Ruby 有望在今年下半年实现规模化应用。 北美数据中心储能需求快速增长，预计到 2028 年将达到 30-40 吉瓦时， 到 2030 年有望达到 100 吉瓦时。阳光、阿塔斯等公司已接到北美数据 中心储能项目订单，这将进一步提振储能行业的发展。 摘要 数据中心行业正处于快速发展前期，受益于下游大模型训练与推理需求 提升，GPU 快速迭代推动机柜功率密度增加，人工智能数据中心耗电量 快速增长。北美四大云厂商 2025 年资本开支同比增长约 86%，国内头 部企业同比增长超 80%，表明对数据中心建设的积 ...

需求端：资本开支持续增长。1）海外：2025年四季度海外主要云厂商资本开支持续增长，总和达 1138.62亿美元，同比增长59.42%，环比增长14.30%。2）国内：2025年第三季度阿里、腾讯资本开支均 显放缓。2025年第三季度，阿里资本开支315亿元，同比增80.10%但环比降18.55%。公司在2025年三季 度业绩会上重申三年3800亿元投资框架，不排除进一步增投。腾讯资本开支130亿元，同比降24.05%、 环比降32.05%，下调全年指引，开支低于年初预期。2025Q4微软和甲骨文资本开支分别为170.79亿美 元和90.80亿美元，环比增长约2%和55%。 供应链：英伟达、台积电营收保持增长。1）英伟达：2025年第三季度，英伟达总营收570.06亿美元， 其中数据中心产品营业收入达512.15亿美元，创历史峰值，环比增长24.62%、同比增长66.44%，占总营 收比重超89%。2）台积电：2025年12月营收为3350.03亿新台币，同比增长20.4%、环比下滑2.5%，创 历年同期新高。2025年全年台积电营收3.8万亿新台币，同比增长31.6%。3）价格：2025年12月CPU价 格 ...

证券研究报告 行业研究 / 行业点评 2026 年 02 月 09 日 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心供配电设备行业跟踪：甲骨文资本 开支环比高增，DRAM 价格小幅回落》 2026-02-03 《锂电行业跟踪：碳酸锂价格下跌，储能电芯 均价持续上涨》2026-02-03 《光储行业跟踪：电网侧独立新型储能容量电 价机制建立，光伏组件价格持续上涨》 2026-02-03 《电新行业 2025Q4 公募基金持仓分析》 2026-01-28 《数据中心供配电设备行业跟踪：韩国半导体 出口同比大幅增长，DRAM 价格持续上涨》 2026-01-27 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 行业及产业 海外主要云厂商资本开支持续增长， DRAM 价格小幅回落 ——数据中心供配电设备行业跟踪 强于大市 投资要点： 数据中心已成为电力设备行业核心增量应用场景，其发展趋 ...

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2026-004 款 HVDC、兆瓦级 UPS、一体化电力模块、SST 等高端产品线；此 外，公司将进一步拓展 ODM 客户合作范围，持续提升海外市场 份额，把握全球 AI 算力基础设施建设带来的战略机遇。 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | 其他 | （投资者网上说明会） | | 参与单位名称 | 永赢基金、华福证券、国海证券、华泰证券、国寿资产、智联 | | | 投资、高益私募、夷吾资产等 | | 时间 2026 | 年 2 月 4 日-5 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书：范涛先生 | | | 证券事务代表：张莉芝女士 | | 员姓名 | | | | 证券事务专员：金玉琳女士 | | | 首先，对公司情况进行了简单介绍，然后开始投资者交流环节。 | | | 投资者提问：公司数据中心海外市场发展情况及展 ...

证券研究报告 | 2026年02月05日 AIDC与电力设备2026年度投资策略 国内需求确定性夯实，出海与AIDC发展空间可期 行业研究 · 行业投资策略 电力设备新能源 · 电力设备 投资评级：优于大市 | 证券分析师：王蔚祺 | 证券分析师：王晓声 | 证券分析师：袁阳 | | --- | --- | --- | | 010-88005313 | 010-88005231 | 0755-22940078 | | wangweiqi2@guosen.com.cn | wangxiaosheng@guosen.com.cn | yuanyang2@guosen.com.cn | | S0980520080003 | S0980523050002 | S0980524030002 | 请务必阅读正文之后的免责声明及其项下所有内容 摘要 u "十四五"电力设备行业复盘：网内外需求景气共振，龙头企业出海加速 "十四五"以来，在新能源装机放量带动下，电源投资高速增长；电网投资保持稳健增长，但增速显著低于电源投资。在电源和电网投资带动下，"十四五"国内电力设备需求呈现网内外景 气共振态势。网内市场方面，变压器、组合电 ...

证券研究报告 行业研究 / 行业点评 2026 年 02 月 03 日 行业及产业 甲骨文资本开支环比高增，DRAM 价格 小幅回落 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电新行业 2025Q4 公募基金持仓分析》 2026-01-28 《数据中心供配电设备行业跟踪：韩国半导体 出口同比大幅增长，DRAM 价格持续上涨》 2026-01-27 《锂电行业跟踪：2025 年 12 月国内电池产销 延续高速增长，储能电池均价大幅上涨》 2026-01-27 《光储行业跟踪：12 月光伏组件出口同比高 增，储能价格持续上涨》2026-01-27 《数据中心供配电设备行业跟踪：台积电 2025Q4 营收同比增长，DRAM 价格持续上涨》 2026-01-21 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——数据中心供配电设备行业跟踪 强于大市 投资要点： 数据中心已成为电力设备行业核 ...