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].

（编辑 楚丽君） 证券日报网讯 1月27日，科华数据在互动平台回答投资者提问时表示，近年来随着AI发展对算力的巨大 需求，全球算力基建加速，公司凭借近40年电力电子技术积淀与十余年数据中心运营经验陆续与头部互 联网企业、运营商、金融行业、政企等客户开展合作，面对当前AI智算应用场景，公司发布了全球首 款200kW高密UPS模块、云动力电力模组、S3锂电、液冷POD等在内的核心产品，在直流供电领域公司 打造了覆盖240V至800V的全系列高压直流电源解决方案，精准适配了新一代AI算力对高效、高密、高 可靠供电的算力需求。同时公司充分发挥高质量高可靠的产品技术实力等优势，与头部互联网企业等核 心客户开展深度联合研发，共同推进多项前沿产品研发项目，通过技术共研、场景共创、生态共融等模 式，加速算力基础设施与核心技术的深度融合与行业应用落地。未来公司将持续坚持"数据+数能"双星 驱动的战略布局，紧扣绿色能源蓬勃发展、AI算力需求爆发的时代风口，坚守"以智慧电能驱动低碳数 字未来"的初心使命，深耕产品技术，做强研发根基；拓展海外市场，做大市场版图；推动精益智造， 严把质量管理；坚持以客户为中心，做好全链服务。 ...

Market Overview - The other power equipment sector experienced a decline of 0.15% on January 26, with Xinle Energy leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Yishite (300376) with a closing price of 7.65, up 6.40% and a trading volume of 870,500 shares, totaling 656 million yuan [1] - Maigemit (002851) closed at 126.50, up 4.87% with a trading volume of 235,700 shares, totaling 2.964 billion yuan [1] - Kehua Data (002335) closed at 64.40, up 3.60% with a trading volume of 379,000 shares, totaling 243.6 million yuan [1] - Conversely, significant decliners included: - New Funneng (300593) closed at 30.27, down 5.67% with a trading volume of 260,700 shares, totaling 804 million yuan [2] - Haibo Sichuang (688411) closed at 230.92, down 5.61% with a trading volume of 44,000 shares, totaling 1.032 billion yuan [2] - Yingjie Electric (300820) closed at 55.30, down 4.57% with a trading volume of 60,600 shares, totaling 34 million yuan [2] Capital Flow - The other power equipment sector saw a net outflow of 768 million yuan from institutional investors, while retail investors experienced a net inflow of 362 million yuan [2] - The capital flow for specific stocks showed: - Kehua Data (002335) had a net inflow of 237 million yuan from institutional investors, but a net outflow of 126 million yuan from retail investors [3] - Maigemit (002851) had a net inflow of 133 million yuan from institutional investors, with a net outflow of 25 million yuan from retail investors [3] - Yishite (300376) saw a net inflow of 31.97 million yuan from institutional investors, while retail investors had a net outflow of 34.71 million yuan [3]

Core Viewpoint - The A-share market saw a rise in Tencent Cloud-related stocks following Tencent's announcement of a cash activity worth 1 billion yuan for the upcoming Spring Festival, aiming to replicate the success of the WeChat red envelope initiative [1] Group 1: Stock Performance - Ruijie Networks (301165) increased by 12.41%, with a total market capitalization of 68.4 billion yuan and a year-to-date decline of 3.18% [2] - Century Hengtong (301428) rose by 6.97%, with a market cap of 3.892 billion yuan and a year-to-date increase of 17.62% [2] - Hongjing Technology (301396) saw a rise of 5.82%, with a market cap of 12.8 billion yuan and a year-to-date increase of 25.64% [2] - Kehua Data (002335) increased by 3.30%, with a market cap of 33.1 billion yuan and a year-to-date increase of 15.63% [2] - Deepin Technology (300454) rose by 3.10%, with a market cap of 72.5 billion yuan and a year-to-date increase of 49.73% [2]

Group 1 - The core viewpoint of the news highlights the strong performance of certain Tencent Cloud concept stocks in the A-share market, driven by Tencent's announcement of a cash activity related to AI applications during its annual meeting [1] Group 2 - Stock performance details indicate that Ruijie Network saw a rise of 12.41%, with a total market value of 68.4 billion, and a year-to-date decline of 3.18% [2] - Century Hengtong increased by 6.97%, with a market capitalization of 3.892 billion, and a year-to-date increase of 17.62% [2] - Hongjing Technology rose by 5.82%, with a market value of 12.8 billion, and a year-to-date increase of 25.64% [2] - Keda Data and Deepin Technology both experienced increases of 3.30% and 3.10%, with market values of 33.1 billion and 72.5 billion respectively, and year-to-date increases of 15.63% and 49.73% [2] - Other stocks such as Donghua Software, Yunsai Zhili, Zhe Shu Culture, and Fanwei Network also showed positive performance, with varying increases and market capitalizations [2]

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Group 1 - The State Intellectual Property Office of China has granted a patent to Kehua Data Co., Ltd. for a "fault detection module, method, and electrical equipment for air circuit breakers," with the authorization announcement number CN119780696B and an application date of December 2024 [1] - Kehua Data Co., Ltd., established in 1999 and located in Xiamen, primarily engages in the manufacturing of electrical machinery and equipment, with a registered capital of 515.414041 million RMB [1] - The company has invested in 47 enterprises, participated in 3,889 bidding projects, holds 130 trademark registrations, and has 1,401 patent filings, along with 37 administrative licenses [1] Group 2 - State Grid Energy Research Institute Co., Ltd., founded in 2009 and based in Beijing, focuses on research and experimental development, with a registered capital of 300 million RMB [1] - The institute has invested in 2 enterprises, participated in 857 bidding projects, holds 754 patent filings, and possesses 6 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to Kehua Data Co., Ltd. for a technology related to "control methods, devices, liquid cooling systems, and data centers for dry coolers" with the authorization announcement number CN118466717B, applied for on May 2024 [1] - Kehua Data Co., Ltd. was established in 1999 and is located in Xiamen, primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 515.414041 million RMB [1] - The company has invested in 47 enterprises, participated in 3,888 bidding projects, holds 130 trademark registrations, and has 1,400 patents, along with 37 administrative licenses [1] Group 2 - Xiamen Huaruisheng Intelligent Technology Co., Ltd. was founded in 2013 and is also based in Xiamen, focusing on software and information technology services, with a registered capital of 100 million RMB [1] - This company has invested in 1 enterprise, participated in 20 bidding projects, holds 84 patents, and has 20 administrative licenses [1]

Group 1 - The core point of the article is that Kehua Data has approximately 108,000 shareholders as of January 9, 2026 [2]

Core Viewpoint - Kehua Data (002335) is actively participating in the "Digital New Infrastructure" of the power industry, leveraging over 30 years of core technology in power electronics and more than a decade of experience in data center construction and operation [1] Group 1: Company Overview - The company focuses on three main business segments: data centers, smart electricity, and renewable energy [1] - It aims to provide high-end power supply and micro-module data center solutions tailored to the needs of power customers [1] Group 2: Industry Engagement - Kehua Data is committed to integrating innovative technologies with its extensive service experience in data centers to support the digital transformation of the power sector [1] - The company is dedicated to creating a solid foundation for the intelligent construction of the power industry, thereby generating sustainable value [1]