2026-01-20 02:10Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][1]. Key Points 1. Long-term Outlook for AIDC: After 25 years of development, it is anticipated that leading AIDC companies will see sustained order growth and performance in 2026, particularly in transformers and AI power supplies [1][1]. 2. Transformer Demand: There is a clear trend of electricity shortages in North America, which is expected to worsen in 2026. As a critical link in overseas production capacity, Chinese companies are projected to be the main contributors to future capacity increases, with exports likely to accelerate [1][1]. 3. AI Power Supply Development: The core focus for 2026 is on the transition from "0 to 1" in high-voltage direct current (HVDC) systems, with expectations for significant advancements. Additionally, the SST (Solid State Transformer) is currently undergoing testing and sample delivery, while internal power supplies are expected to see a continuous flow of orders [1][1]. Company-Specific Insights 1. Siyuan Electric: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. 2. Igor: Reports a 100% increase in North American orders in 2025, closely collaborating with T [2]. 3. Jinpan Technology: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. 4. Sifang Co.: SST is entering the final stages of collaboration with V [2]. 5. Kostad: Experiencing growth in North American UPS (Uninterruptible Power Supply) market, launching HVDC and advancing SST technology [2]. 6. Magnum: Securing large-scale orders and successfully delivering new product samples [2].