2026-01-20 02:15Summary 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][2]. Key Points 1. Order and Performance Catalysts: After 25 years of strategic positioning, leading companies in the AIDC (Artificial Intelligence Data Center) sector are expected to see sustained order growth and performance improvements in 2026, particularly in transformers and AI power supplies [1]. 2. Transformer Demand: There is a clear trend of electricity shortages in North America, which is anticipated to worsen in 2026. Transformers are identified as a critical component in addressing this shortage, with Chinese companies expected to become key players in increasing overseas production capacity and accelerating exports [1][2]. 3. AI Power Supply Developments: The core focus for AI power supplies in 2026 is on achieving significant milestones, particularly in high-voltage direct current (HVDC) systems, which are expected to transition from concept to implementation. Additionally, ongoing testing and sample submissions for solid-state transformers (SST) are noted [1]. 4. Company-Specific Updates: - 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]. - Igor: Reports a 100% increase in North American orders in 2025, with close collaboration with T [2]. - Jinpan Technology: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. - Sifang Co.: SST and V are entering the final stages of integration [2]. - Kostad: Noted an increase in UPS (Uninterruptible Power Supply) demand in North America, with new HVDC products and SST technology being developed [2]. - Magmi Tech: Reports successful scaling of orders and smooth sample submissions for new products [2]. Additional Important Insights - The emphasis on the AI power sector reflects a broader trend towards integrating AI technologies in energy solutions, indicating potential long-term growth opportunities in this industry [1][2]. - The strategic positioning of Chinese companies in the global market for transformers and AI power supplies suggests a shift in manufacturing capabilities and export dynamics, which could impact competitive landscapes [1].