Group 1 - The company announced a share buyback program from April 9, 2025, to February 2, 2026, with a total of 959,036 shares repurchased, accounting for 0.21% of the total share capital [1] - The total amount spent on the buyback was 30.0084 million yuan, with the repurchase price ranging from 30.31 yuan to 32.68 yuan per share [1] - The funds for the buyback were sourced from the company's own capital and will not have a significant impact on the company's operations [1] Group 2 - The repurchased shares will be used for employee stock ownership plans or equity incentives, and if not fully transferred within three years, they will be legally canceled [1] - During the buyback period, senior management personnel, including Shen Li, Li Jitao, and Zhang Lei, increased their shareholdings due to the vesting of incentive plan shares [1]

Core Viewpoint - China's transformer industry is expected to become the fourth major export product after "new energy vehicles, photovoltaics, and lithium batteries" [1][7] Group 1: Market Demand and Growth - In early 2026, multiple domestic transformer manufacturers are experiencing a surge in orders, particularly targeting the North American market [2] - In 2025, China's total transformer export value reached 64.6 billion yuan, marking a year-on-year growth of approximately 36% [2] - The high demand for transformers is anticipated to continue into 2026, with many factories operating at full capacity and some orders for U.S. data centers extending into 2027 [2] Group 2: Challenges in the U.S. Market - The U.S. is a critical hub for AIDC (Artificial Intelligence Data Center) development, facing a significant demand for stable power output [3] - There is a growing concern regarding the lengthy timeframes for U.S. power grid construction and expansion, which cannot keep pace with the rapid growth in chip processing capabilities [4] Group 3: Technological Developments and Business Expansion - The construction of independent power plants in the U.S. requires solar power generation and energy storage solutions, including transformers, to create independent power grids [5] - Jinpan Technology reported a staggering year-on-year revenue increase of 337.47% in the AIDC sector, with a contract worth 696 million yuan for power products [6] - The IPO of Jinpan Technology is aimed at expanding overseas production capacity and enhancing research in advanced technologies such as solid-state transformers and high-voltage direct current systems [6]

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]

Core Viewpoint - Jinpan Technology's stock price has shown fluctuations, with a recent decline of 2.02% and a year-to-date increase of 6.60%, indicating volatility in the market [1]. Company Overview - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, is located in Haikou, Hainan Province. The company specializes in the research, production, and sales of power distribution and control equipment used in renewable energy, high-end equipment, and energy-saving environmental protection sectors [1]. - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other sources, and 0.19% from digital overall solutions [1]. Financial Performance - For the period from January to September 2025, Jinpan Technology achieved an operating income of 5.194 billion yuan, representing a year-on-year growth of 8.25%. The net profit attributable to the parent company was 486 million yuan, reflecting a year-on-year increase of 20.27% [2]. - Since its A-share listing, Jinpan Technology has distributed a total of 713 million yuan in dividends, with 543 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinpan Technology was 14,900, a decrease of 19.18% from the previous period. The average circulating shares per person increased by 23.87% to 30,893 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 11.6391 million shares, a decrease of 1.0884 million shares from the previous period. New shareholder Qianhai Kaiyuan Public Utilities Stock holds 8.184 million shares [3].

Group 1 - Company Hainan Jinpan Intelligent Technology Co., Ltd. won a procurement project from China Energy Construction Storage Technology (Wuhan) Co., Ltd. with a bid amount of 27.72 million yuan [1][2] - The company is listed as Jinpan Technology (688676.SH) [2] - In 2024, the company's operating revenue is projected to be 6.901 billion yuan, with a growth rate of 3.50% [2][3] Group 2 - The net profit attributable to the parent company for 2024 is expected to be 574 million yuan, reflecting a growth rate of 13.82% [2] - For the first half of 2025, the company's operating revenue reached 3.154 billion yuan, with a growth rate of 8.16% [3] - The net profit attributable to the parent company for the first half of 2025 is 265 million yuan, with a growth rate of 19.10% [3] Group 3 - The company operates in the industrial sector, primarily focusing on transformer equipment [2][3] - The main product composition for 2024 includes transformer series (58.36%), complete sets (28.48%), energy storage series (7.58%), installation engineering (1.97%), digital overall solutions (1.79%), photovoltaic power station business (0.98%), and other businesses (0.84%) [2][3]

Core Viewpoint - Jinpan Technology plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange, with the board authorizing management to initiate preparatory work for the H-share listing within a 12-month period [2] Group 1 - The company has announced its intention to proceed with an H-share listing on the Hong Kong Stock Exchange [2] - The board of directors has granted management the authority to start the preparatory work for the H-share listing [2] - Specific details regarding the H-share listing are yet to be determined, and the company will consult with relevant intermediaries for the process [2]

Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

Group 1 - The company, Hainan Jinpan Intelligent Technology Co., Ltd., plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and global expansion [1][2] - The board of directors has authorized the management to initiate the preparatory work for the H-share listing, with a timeframe of 12 months from the board's approval [1][2] - The specific details of the H-share listing are yet to be determined, and the proposal will require approval from various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2] Group 2 - The company will hold its first extraordinary general meeting of 2026 on February 12, 2026, at 14:45 [4][5] - The meeting will utilize the Shanghai Stock Exchange's online voting system, allowing shareholders to vote both in person and online [5][8] - Shareholders must register in advance to attend the meeting, with specific registration methods outlined for both corporate and individual shareholders [12][15]

Group 1 - The company has announced the initiation of preparations for its H-share listing in Hong Kong to enhance its international strategy and global expansion efforts, aiming to improve overseas financing capabilities and overall competitiveness [1] - The board of directors has authorized the management to start the preparatory work for the H-share listing, with a timeframe of 12 months from the date of approval [1] - The company specializes in the research, production, and sales of various transformer series, energy storage products, and has established business relationships with international firms such as General Electric and Siemens [1] Group 2 - In the first three quarters of 2025, the company reported revenue of 5.194 billion yuan, an increase of 8.25% year-on-year, and a net profit attributable to shareholders of 486 million yuan, up 20.27% year-on-year [1] - The company achieved significant growth in the AIDC and IDC sectors, with sales revenue reaching 974 million yuan, a remarkable increase of 337.47% year-on-year [2] - The company's stock price has seen a substantial rise, increasing by 156.91% from August 1, 2025, to January 27, 2026, compared to a 40.01% increase in its sector [2] Group 3 - As of January 27, the company's stock price closed at 97.37 yuan per share, with a total market capitalization of 44.77 billion yuan [3]