8月27日，科士达涨3.91%，成交额18.30亿元。两融数据显示，当日科士达获融资买入额1.11亿元，融 资偿还2.23亿元，融资净买入-1.12亿元。截至8月27日，科士达融资融券余额合计3.95亿元。 融资方面，科士达当日融资买入1.11亿元。当前融资余额3.93亿元，占流通市值的1.91%，融资余额超 过近一年60%分位水平，处于较高位。 融券方面，科士达8月27日融券偿还5300.00股，融券卖出1600.00股，按当日收盘价计算，卖出金额5.65 万元；融券余量4.04万股，融券余额142.73万元，超过近一年60%分位水平，处于较高位。 资料显示，深圳科士达科技股份有限公司位于广东省深圳市南山区高新北区科技中二路软件园1栋4楼 401,402室，成立日期1993年3月17日，上市日期2010年12月7日，公司主营业务涉及UPS以及配套的阀 控式密封铅酸蓄电池的研发、生产、销售和配套服务。主营业务收入构成为：数据中心行业61.44%， 新能源行业37.60%，其他(补充)0.96%。 截至7月31日，科士达股东户数6.80万，较上期增加3.03%；人均流通股8310股，较上期减少2.94%。 20 ...

1）兆易创新 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。 调研纪要：兆易创新在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模拟芯片基数 低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半年利基型DRAM营收 显著增长，合约价格上涨，第三季度继续上涨。公司毛利率整体平稳，未来Flash温和涨价，DRAM毛利率提升，整体毛利率保持稳定。NOR Flash需求端电子产品代码量上升，供应端晶圆制造产能紧张，供给短缺将持续较长时间。看好定制化存储技术在产品性能的优势，未来更多行业 和客户选择该方案，具备先发优势和技术迭代。MCU增长点在工业控制、光储充、白电等高门槛国产化替代方向，新产品收入贡献提升。DDR4 8Gb收入贡献全年有望达DRAM收入三分之一，LPDDR4小容量产品全年收入占比可能提升到两位数。公司研发投入大，市场空间弹性大，目标是 实现与标准接口利基存储可比的营收规模。具备先发优势和与战略供应商 ...

根据市场公开信息及8月25日披露的机构调研信息，知名私募彤源投资近期对1家上市公司进行了调研， 相关名单如下： 1）良信股份 （上海彤源投资发展有限公司参与公司分析师会议） 调研纪要：良信股份数据中心业务分为互联网企业、运营商、单体项目三大板块，市场占有率集中在 HVDC、UPS。下半年新能源业务增速可能放缓，将在数字能源、基础设施领域持续发力。海外大客户 对产品有技术升级需求，原有供应商存在产能瓶颈，良信与海外大客户合作配合度较好。海外业务上半 年毛利率与去年同期相比略有小幅下降。新能源BU中光伏、储能、风能占据较大份额，还有新能源汽 车、充电桩、箱式变电站等增速较快的业务模块，以及核电、氢能领域的布局。 机构简介： 公司注册资本3000万元，是从事证券投资、资产管理、投资咨询、企业管理咨询的专业投资管理公司， 是一家结合境内外多家金融、投资公司经验，立足于中国进行综合投资的企业。 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。 ...

国金基金成立于2011年，截至目前，资产管理规模(全部公募基金)674.49亿元，排名77/210；资产管理规模(非货币公募基金)413.92亿元，排名 84/210；管理公募基金数59只，排名96/210；旗下公募基金经理15人，排名87/210。旗下最近一年表现最佳的公募基金产品为国金中证1000指数增 强A，最新单位净值为1.26，近一年增长83.46%。 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。 证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，国金基金近期对2家上市公司进行了调研，相关名单如下： 1）兆易创新 调研纪要：兆易创新在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模拟芯片基数 低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半年利基型DRAM营收 显著增长，合约价格上涨，第三季度继续上涨。公司毛利率整体平稳，未来Flash温和涨价，DRAM毛利率提升，整体毛利率保持 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's data center business is performing well, with a positive outlook for the HVDC and liquid cooling technologies. The product matrix includes UPS, precision air conditioning, micro-modules, power modules, and battery systems, serving key industries such as finance, communication, and healthcare [5]. - The storage business is gradually recovering, with a focus on expanding into new markets, particularly in Europe, the Asia-Pacific, and Africa. The European market is showing signs of recovery after a competitive phase [7]. - Revenue forecasts for 2025-2027 are projected at 48.21 billion, 65.20 billion, and 82.15 billion yuan, respectively, with corresponding EPS of 0.96, 1.39, and 1.87 yuan. The current stock price corresponds to PE ratios of 33.7, 23.2, and 17.3 times for the respective years [8]. Summary by Sections Data Center Business - The company has a strong presence in data center infrastructure, with domestic and overseas revenues evenly split. The data center revenue growth has improved in Q1 2025 and is expected to maintain high levels throughout the year [5]. Storage Business - The storage business is recovering, particularly in Europe, and the company is actively exploring new market channels in emerging regions such as the Middle East and Southeast Asia [7]. Financial Projections - The company anticipates a revenue increase from 4.82 billion yuan in 2025 to 8.22 billion yuan in 2027, with a significant recovery in net profit from 559 million yuan in 2025 to 1.09 billion yuan in 2027 [11].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Greater China Technology Hardware - **Region**: Asia Pacific - **Industry View**: In-Line [4][6] Core Insights - **Voltronics**: - Plans to extend EV charging facilities expertise to offer HVDC (800V) power solutions for data centers [6] - Anticipates strong demand for HVDC power architecture to support AI computing, particularly for NVDA Rubin Ultra platform starting in 2H27 [6] - Power Supply Units (PSUs) will be upgraded to 18-30kW with three-phase AC input and outputs of +800V DC (NVDA) and ±400V DC (non-NVDA) [6] - **TECO**: - Collaborating with Hon Hai to provide new power solutions for data centers, aiming to expand into the US and Middle East markets [6] - Expects an 8-10% price increase for power products due to tariffs, with ~50% of the tariff costs passed to customers [6] - Emphasizes the need for US production of certain power products, including busways and junction boxes [6] - **Delta Electronics**: - Expected to benefit from upgrades in power solutions and data center infrastructure development [6] Market Demand and Trends - **UPS Demand**: - Significant demand for large-scale, online UPS systems exceeding 20kW, with leading vendors like Schneider and Eaton experiencing two-year order backlogs [6] - This backlog suggests potential business overflow to outsourcing partners and tier-two vendors [6] - **Cost Structure**: - Data center white space (IT equipment) constitutes ~60% of total construction costs, while power facilities in gray space account for an additional 25-30% [6] - Proven delivery capabilities and multiple production bases globally (US, China, Southeast Asia) could lead to a 30% savings in time to market for data center infrastructure projects [6] Risks and Considerations - **Upside Risks**: - Faster-than-expected global economic growth and falling raw material prices could improve margins [9] - **Downside Risks**: - Global economic slowdown, ongoing component supply tightness, rising raw material prices, and potential margin contraction due to higher operating expenses or faster average selling price (ASP) erosion [9] Valuation Methodology - **Delta Electronics Inc.**: - Base case valuation using residual income methodology with key assumptions including a cost of equity of 8%, medium-term growth rate of 14%, and terminal growth rate of 3% [7] Additional Insights - **Production and Tariffs**: - TECO's strategy includes producing certain power products in the US to mitigate tariff impacts [6] - **Investment Banking Relationships**: - Morgan Stanley has investment banking relationships with several companies in the technology hardware sector, which may influence research objectivity [4][16][18] This summary encapsulates the critical insights and data from the conference call, highlighting the strategic directions of key players in the Greater China Technology Hardware industry and the associated market dynamics.

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the AI Data Center (AIDC) industry, particularly the trends and developments in power supply systems and related technologies [1][3][4]. Core Insights and Arguments - **NVIDIA Supply Chain**: The continuous rise in NVIDIA's supply chain is noted, with domestic power supply products like optical modules, PCBs, and copper foils performing strongly. Companies like Defu and Zhongyi Copper Foil are benefiting from industry inflation [1][3]. - **Power Density Increase**: The power density in data centers is expected to increase significantly, with projections indicating that the number of GPUs per rack will rise from 36 to 576 between 2024 and 2029, reaching peak power levels of 1,000 kW [1][4]. - **Transition to HVDC**: The transition from UPS to High Voltage Direct Current (HVDC) systems is highlighted, with domestic companies like Tencent and Alibaba moving towards HVDC technology. This shift is expected to enhance efficiency and reliability in power supply systems [1][6][7]. - **Emerging Companies**: Companies such as Megmeet and Oulu Tong are expected to enter the NVIDIA supply chain, while Jianghai Co. is noted for its potential in the supercapacitor field [1][5]. - **Market Expansion**: Sunshine Power's entry into the AIDC market is anticipated to expand market space and lead to a reevaluation of supply chains, indicating optimism for the AIDC sector and advanced power supply technologies [1][9]. Additional Important Content - **Technological Changes**: Significant technological advancements are occurring in three main areas: external power supply systems transitioning to HVDC, internal server power supply moving to DCDC conversion, and onboard power supply reducing voltage levels for electronic circuits [7][8]. - **IDC Service Trends**: The overall service rate for IDC is steadily increasing, with new high-power cabinets expected to launch in 2025. Companies like Kehua Data and Zhongheng Electric are actively pursuing tenders from major players like ByteDance and Alibaba [2][16]. - **Market Dynamics**: The global harmonic governance market is valued at over 5 billion RMB, with significant growth potential in the overseas market, which is four times larger than the domestic market [23]. - **Diesel Generator Demand**: Diesel generators are becoming standard in new data center constructions due to increased power supply quality requirements, with specifications for performance and capacity rising significantly [24][25]. Conclusion - The AIDC industry is experiencing rapid growth driven by technological advancements and increasing demand for efficient power supply systems. Companies that adapt to these changes and enter emerging markets are likely to see significant opportunities for growth and investment.

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the **data center industry** and the evolution of power supply solutions, particularly focusing on **UPS (Uninterruptible Power Supply)** and **HVDC (High Voltage Direct Current)** systems. Key Points and Arguments Current Trends in Data Centers - Data centers are increasingly moving towards larger power capacities, transitioning from several megawatts to tens or even hundreds of megawatts, which necessitates improvements in efficiency and size of power supply equipment [2][3] - The current dominant solution remains UPS due to its reliability, despite the potential benefits of direct current systems [1] Efficiency Improvements - The introduction of **Silicon Carbide (SiC)** technology in UPS systems can enhance efficiency to **97.5%**, although inherent structural limitations exist that cap efficiency gains [1] - Transitioning to HVDC systems is expected to lower both **CAPEX (Capital Expenditure)** and **OPEX (Operational Expenditure)**, making it a viable alternative to UPS [3] Market Developments - Companies like **Alibaba**, **Tencent**, and **ByteDance** are beginning to adopt HVDC systems to improve energy efficiency in their data centers [4] - The technology behind HVDC is closely related to that of **DC charging stations**, indicating a shared foundation in electrical engineering [4] Cost Comparisons - A comparison of system construction costs shows a decreasing trend from **$3 million** for UPS to **$2 million** for HVDC, and further down to **$1.3 million** for Panama power solutions [6] Technical Challenges - The adoption of HVDC faces challenges such as the need for high voltage management experience and concerns regarding reliability due to its status as a newer technology [9] - The current voltage levels of HVDC systems are comparable to traditional AC systems, which limits power density improvements [5] Future Projections - The market for power supply solutions in data centers is projected to reach **$100 billion** by 2030, with HVDC systems expected to gain market share as their unit prices increase [19] - The demand for server power supplies is anticipated to grow, with projections estimating a market size of **$150 billion** by 2030 [27] Competitive Landscape - **Delta Electronics** is identified as a leading player in the server power supply market, with significant market share alongside competitors like **Lite-On** and **MeiG** [22] - Domestic companies such as **Mikrotron** and **Zhongheng** are positioned to benefit from the shift towards HVDC systems in China [39] Emerging Technologies - The introduction of **solid-state transformers (SST)** is highlighted as a potential future solution for data centers, offering advantages in efficiency and space utilization [14][17] - The integration of **supercapacitors** is expected to become standard in future data center designs, providing stability during power fluctuations [29] Recommendations - Companies to watch include **Liangxin**, **Jianghai**, and **Weilan Lixin**, which are positioned to benefit from the growth in HVDC and supercapacitor markets [44] Additional Important Content - The discussion emphasizes the importance of adapting to the evolving needs of data centers, particularly in terms of power supply efficiency and reliability [25] - The role of GPU advancements in driving changes in power supply architecture is noted, indicating a close relationship between hardware developments and power supply innovations [38]

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The demand for AIDC power equipment is expected to grow significantly due to the increasing capital expenditure by major cloud service providers, with a projected annual growth rate of 20% from 2025 to 2030 [5][13] - The market space for various AIDC power equipment segments, including dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers, is estimated to reach significant values by 2030 [12][13] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in the data center sector, with a potential overall value chain transfer to Chinese enterprises [5] AIDC Power Equipment Summary - Recent capital expenditures by North America's four major cloud service providers reached $95 billion in Q2, a year-on-year increase of 66% [5] - The projected global AI computing load from 2025 to 2030 is expected to be 9.7, 15.9, 20.2, 22.3, 23.4, and 24.6 GW respectively, with corresponding AIDC power equipment demand estimated at 29, 48, 60, 67, 70, and 74 GW [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85, 341, 41, 380, and 239 billion yuan respectively by 2030 [12][13] - Recent performance in the AIDC power equipment sector shows significant increases, with high-voltage direct current (HVDC) rising by 19.7%, server power supplies by 11.3%, and lead-acid batteries by 8.5% [5] - Key companies in the AIDC power equipment sector include Jinpan Technology, Mingyang Electric, Hezhong Electric, and others [5] Grid Industry Summary - In June 2025, the total investment in national power engineering reached 105.7 billion yuan, a year-on-year increase of 22.5% [31] - The total investment in national grid engineering for the first half of 2025 was 291.1 billion yuan, reflecting a year-on-year increase of 14.6% [32] - The recent bidding for the State Grid's fourth batch of substation equipment amounted to approximately 12.77 billion yuan, with a cumulative estimated bidding amount for the year reaching 66.84 billion yuan, a year-on-year increase of 20.5% [58] - The grid equipment sector has also seen significant stock performance, with cable components and other equipment rising by 6.8% recently [5] - Key focus areas for the grid industry include high-voltage orders, virtual power plants, and international expansion opportunities [5]