Core Insights - The rise of Artificial Intelligence Data Centers (AIDC) has transformed electricity from a marginal cost to a core resource, driving companies to seek dual financing platforms in the capital market [1][4] - Companies like Jinpan Technology and Deye Co., Ltd. are moving towards internationalization through IPOs in Hong Kong, reflecting a shift in capital strategy from "selling computing power" to "controlling energy" [2][3] - The demand for high-efficiency power distribution and solid-state transformers (SST) is increasing, with Jinpan Technology reporting a 603.68% year-on-year growth in data center orders for 2024 [3][5] Industry Dynamics - The AIDC industry is undergoing a systemic reconstruction, moving from a focus on "computing power chips" to "full-link infrastructure," with significant advancements in high-voltage direct current (HVDC) technology [5][9] - The Chinese power consumption is projected to exceed 10 trillion kilowatt-hours by 2025, indicating a doubling in ten years, which is more than twice that of the United States [5][6] - The liquid cooling revolution is becoming a critical component in data centers, with significant cost increases for cooling solutions, highlighting the rising demand for efficient thermal management [6][8] Capital Market Trends - The collective move of companies to list in Hong Kong is not merely for financing but aims to establish a strategic loop for global supply chain anchoring and liquidity premium [4][8] - The integration of AI infrastructure with industrial applications is emphasized in recent government policies, indicating a shift towards a more collaborative and efficient AI ecosystem [7][8] - The capital expenditure of major North American AI companies is expected to rise significantly, with projections showing an increase from $24.1 billion in Q2 2023 to $76 billion by Q3 2025 [8][9] Future Outlook - The AIDC industry is anticipated to experience significant changes by 2026, with expectations of breakthroughs in computing power, models, and applications [9] - Companies that can effectively address "energy anxiety" will gain a competitive edge in redefining industry dynamics [9]

Core Insights - The rise of Artificial Intelligence Data Centers (AIDC) is transforming the energy landscape, making electricity a critical resource for computing power limits [1][2] - AIDC companies are rapidly crossing capital boundaries, initiating a new era of dual financing platforms, referred to as "A+H" [3] - The shift from "selling computing power" to "controlling energy" reflects a deep transformation in industry logic, with companies racing to secure funding before global energy shortages become a consensus [4] Company Developments - Jinpan Technology, a leading supplier of AIDC power equipment, reported a staggering 603.68% year-on-year increase in data center orders for 2024 [7] - The company is expanding its R&D into high-voltage direct current (HVDC) and solid-state transformers (SST), with expected revenue of approximately 5.194 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.25% [7] - DeYe Co., a leader in household energy storage inverters, is set to submit its IPO application to the Hong Kong Stock Exchange in January 2026, focusing on SST and smart cloud platforms [7] - Unisplendour is leveraging its high market share in networking to address communication latency issues in AI clusters [7] Market Trends - The collective move to the Hong Kong market is not merely a financing action but a strategic effort to anchor global supply chains and enhance liquidity premiums [8] - The AIDC industry is undergoing a systemic reconstruction, transitioning from a focus on computing chips to comprehensive infrastructure [11] - The demand for efficient power supply systems is increasing, with traditional AC power being replaced by more efficient 800V HVDC systems [12] Policy and Future Outlook - Recent government policies indicate a shift from "computing power infrastructure" to "industrial deep integration," emphasizing the need for enhanced AI computing supply [18] - The focus on "artificial intelligence+" actions highlights the importance of iterative technological breakthroughs driven by application demands [19] - The anticipated growth in capital expenditures from North American AI giants and Chinese internet companies signals a robust demand for AIDC infrastructure [20]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：昊 日前，德业股份正式递表港交所，冲刺"A+H"两地上市。根据计划，德业股份此次赴港募资，将主要用于提升未来五年的研发能力、扩建生产基地与仓库以 扩充产能、加强全球化营销与服务网络布局，同时补充营运资金。 德业股份主营产品为户用储能等光伏逆变器，近年来业绩保持增长。值得注意的是，公司7成营收来自海外，占比明显超过锦浪科技、固德威等同行。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 由于大量收入来自南非、巴基斯坦、乌克兰等地，德业股份应收账款及其周转天数持续走高，回款不断恶化。 相较于可比公司，德业股份毛利率最高，而研发支出占比却最低，如何长期保持"高毛利、低研发"状态，未来还能否继续维持这一优势，市场对此存在疑 虑。 此外，在IPO和定增融资后，德业股份现金、存款和理财等达140亿，同时公司有息负债60亿，其中几乎全部为短期借款，不缺钱却赴港融资补充营运资金 以及大存大贷的现象也值得关注。 7成营收来自海外占比远超同行 应收账款一年内大增200% 德业股份主业是光伏逆变器、储能电 ...

Core Viewpoint - Deye Co., Ltd. (德业股份), a leading provider of household energy storage inverters, has officially submitted its application for an H-share listing on the Hong Kong Stock Exchange, aiming for an "A+H" dual listing [1] Group 1: Company Overview - Deye Co., Ltd. focuses on energy storage inverters, photovoltaic inverters, and energy storage battery pack products, and it achieved A-share listing in 2021 [1] - According to Frost & Sullivan, Deye Co., Ltd. is the largest household energy storage inverter provider globally based on sales value projected for 2024 [1] Group 2: Industry Context - The photovoltaic industry is currently facing a severe supply-demand imbalance, leading to significant net losses for companies in the main supply chain, such as silicon materials, silicon wafers, battery cells, and modules [1] - In contrast, inverter manufacturers, including Deye Co., Ltd. and Sungrow Power Supply Co., Ltd., are reporting strong performance amid the industry's challenges [1] Group 3: Financial Performance - For the first three quarters of 2025, Deye Co., Ltd. achieved approximately 8.846 billion yuan in revenue, representing a year-on-year increase of 10.36% [1] - The company reported a net profit attributable to shareholders of approximately 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [1] - As of January 29, the company's stock price was 86.36 yuan per share, with a total market capitalization of approximately 78.49 billion yuan [1]

Group 1 - The core point of the news is that Deyang Co., Ltd. experienced a decline of 5.08% in its stock price, reaching 85.90 yuan per share, with a trading volume of 770 million yuan and a turnover rate of 0.96%, resulting in a total market capitalization of 78.073 billion yuan [1] - Deyang Co., Ltd. is located in Ningbo, Zhejiang Province, and was established on August 4, 2000. It was listed on April 20, 2021. The company's main business includes the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1] - The revenue composition of Deyang Co., Ltd. is as follows: inverters account for 47.77%, energy storage battery packs 25.69%, heat exchangers 15.68%, dehumidifiers 7.36%, and other products 3.16% [1] Group 2 - From the perspective of major fund holdings, Guodu Securities has one fund heavily invested in Deyang Co., Ltd. Guodu Jucheng (011389) held 4,000 shares in the fourth quarter, accounting for 3.07% of the fund's net value, making it the ninth-largest holding [2] - Guodu Jucheng (011389) was established on March 25, 2021, with a latest scale of 11.2343 million. Year-to-date, it has achieved a return of 18.25%, ranking 504 out of 8,866 in its category, and a one-year return of 35.73%, ranking 3,742 out of 8,126 [2] Group 3 - The fund managers of Guodu Jucheng (011389) are Zhang Xiaolei and Gong Yongjin. Zhang Xiaolei has a cumulative tenure of 7 years and 46 days, with a total fund asset size of 21.2084 million yuan, achieving a best fund return of 80.09% during his tenure [3] - Gong Yongjin has a cumulative tenure of 1 year and 302 days, with a total fund asset size of 11.235 million yuan, achieving a best fund return of 30.62% during his tenure [3]

（来源：储能与电力市场） 储能与电力市场获悉，1月28日，德业股份（股票代码：605117）发布关于向香港联交所递交H股发行并上市的 申请并刊发申请资料的公告。 公告显示，德业股份于2026年1月27日向香港联合交易所有限公司递交了发行H股股票并在香港联交所主板挂牌 上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。资料显示： 以2024年销售金额计，德业股份成为全球第一大户用储能逆变器提供商。 2023年及2024年以及截至2024年及2025年9月30日止九个月，德业股份实现收入分别为74.8亿元、112.06亿元、 80.16亿元、88.46亿元。毛利率分别为39.2%、38.6%、40.0%、38.5%，平均毛利率39.075%。 其中储能逆变器收入分别为35.01亿元、43.87亿元、32.23亿元、36.95亿元，出货量分贝为408.7千台/组、540.6千 台/组、406.2千台/组、607.6千台/组； 储能电池包收入8.84亿元、24.51亿元、15.35亿元、24.31亿元，出货量分别为127.6千台/组、464.8千台/组、273.1 千台/组、539.7千台/组。 申请 ...

Core Viewpoint - DeYe Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange and released its first prospectus for the Hong Kong market, focusing on its energy storage business as a primary fundraising purpose [1][13]. Fundraising Purpose - The fundraising will target four core areas: enhancing R&D capabilities over the next five years, expanding production bases and warehouses to increase capacity, strengthening global marketing and service networks, and supplementing working capital for operational flexibility [2][14]. - R&D investments will focus on the energy storage industry, including upgrades to residential energy storage systems, development of commercial and industrial large-scale storage systems, research and commercialization of solid-state transformers, and advancement of smart cloud platforms [2][14]. - The planned production capacity at the Malaysian facility is approximately 3GW of inverters and 200,000 energy storage battery packs annually, aimed at improving service efficiency and delivery flexibility [2][14]. Business Focus - DeYe Co., Ltd. is a provider of solar storage products, concentrating on energy storage inverters, photovoltaic inverters, and energy storage battery packs, covering both residential and commercial applications [2][14]. - The core business includes energy storage inverters with power ratings ranging from 3KW to 125KW, applicable in various scenarios [2][14]. Financial Performance - The company has shown steady revenue growth, with projected revenues of approximately RMB 74.80 billion, RMB 112.06 billion, and RMB 88.46 billion for the fiscal years ending September 30, 2023, 2024, and 2025, respectively [5][17]. - Corresponding profits for the same periods are estimated at RMB 17.91 billion, RMB 29.60 billion, and RMB 23.46 billion, with gross margins of 39.2%, 38.6%, and 38.5% [5][17]. - R&D expenditures have increased, reaching RMB 4.364 billion, RMB 5.489 billion, and RMB 3.54 billion for the same periods, representing 5.8%, 4.9%, 4.4%, and 4.2% of revenue [5][17]. Customer and Supplier Dynamics - The concentration of customers has decreased significantly, with the top five customers' revenue share dropping from 53.2% to 31.5% from 2023 to the first three quarters of 2025, and the largest single customer’s share reducing from 19.4% to 10.5% [7][19]. - This diversification indicates a reduced dependency on a few customers, enhancing the company's resilience and risk management capabilities [7][20]. - The procurement structure has also improved, with the share of purchases from the top five suppliers decreasing from 38.1% to 33.3% over the same period, indicating a more diversified supply chain [9][22]. Strategic Evolution - DeYe Co., Ltd. has transitioned from being a supplier of equipment to an integrated solution provider, developing a comprehensive business system that covers products, scenarios, and ecosystems [11][23]. - The company aims to enhance its capabilities in high-value areas such as AIDC and commercial energy storage by focusing on advanced technologies like solid-state transformers and smart cloud platforms [11][23]. - This evolution signifies the company's shift towards becoming a key enabler in building a smart energy ecosystem and enhancing the lifecycle value of energy storage assets [11][23].

温馨提示： 投稿/合作/找圈，请联系 行家说Cindy ： 15989092696 （微信同号） 1月27日，德业股份正式向港交所递交上市申请，并公开了港股的第一份招股书。 ▋ 储能业务为募资主要用途 根据招股书披露，本次募集资金的具体总额虽未明确公开，但规划用途已清晰指向四个核心领域，主要用于提升未来五年的研发能力、扩建生产基地与仓库 以扩充产能、加强全球化营销与服务网络布局，同时补充营运资金以保持运营灵活性。 其中，研发投入将重点聚焦储能产业，具体方向包括住宅储能系统的升级迭代、商用工业及大型储能系统的开发、固态变压器的研发与商业化，以及智能云 平台等创新项目的推进。而产能拓展中则重点提及了马来西亚生产基地规划年产能约3GW逆变器及20万套储能电池包。 据其介绍，产能扩展项目预期将提升服务效率、增强交付弹性、进一步优化成本结构、拉近与核心国际客户的距离、缩短产品交付周期，并使我们能灵活应 对各国贸易政策，强化服务全球客户的能力。 ▋ 聚焦光储，业务覆盖户储到工商储 据了解，德业股份是一家光储产品提供商，聚焦于储能逆变器、光伏逆变器、储能电池包产品，构建覆盖户用、工商业场景的产品矩阵。储能逆变器 是德业 股 ...

Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].

（编辑 郭之宸） 招股书显示，德业股份是一家光储产品提供商，致力于提供全面的光伏和储能产品，为用户带来清洁、可持续的绿色能 源。公司的核心增长领域为新能源业务，聚焦于储能逆变器、光伏逆变器、储能电池包等产品，同时，公司在除湿机、太阳能 空调、热交换器等环境电器业务领域长久深耕，多元化的产品组合带来了业务的增长与韧性。 本报讯 （记者邬霁霞）1月27日晚间，宁波德业科技股份有限公司（以下简称"德业股份"）发布公告，公司已于1月27日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请资料。 ...