Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Group 1 - The State Intellectual Property Office of China has granted a patent to Kehua Data Co., Ltd. for a "liquid cooling system control method and liquid cooling system," with the authorization announcement number CN117915634B and an application date of January 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 3,874 bidding projects, holds 130 trademark registrations, and has 1,399 patents, along with 36 administrative licenses [1] Group 2 - Xiamen Huairuisheng Intelligent Technology Co., Ltd., founded in 2013 and also based in Xiamen, focuses on software and information technology services, with a registered capital of 100 million RMB [1] - The company has invested in 1 enterprise, participated in 20 bidding projects, holds 84 patents, and possesses 20 administrative licenses [1]

Core Insights - The fundamental driver of AI power supply solutions is the continuous improvement in single-chip and single-cabinet power levels, with companies like NVIDIA leading the charge in upgrading their AI chips [1] - The power of AI data centers in North America is projected to reach 71GW by 2028, driven by advancements in multi-chip designs such as NVL72 from NVIDIA and Superpod from Google [1] Group 1: Power Supply Evolution - The main directions for AIDC power supply iteration are high power, high voltage, and direct current, with NVIDIA's white paper outlining a clear path from AC to 800V DC solutions [2] - The OCP organization has established ±400V power supply standards, aiming for MW-level cabinet power through direct current supply [2] Group 2: Technological Changes and Growth - The evolution of power supply solutions has led to the development of integrated devices like HVDC Sidecar and SST hosts, which can perform multiple functions such as voltage reduction and power quality improvement [3] - Key challenges in R&D include power conversion modules and high-frequency isolation transformers, with third-generation wide bandgap semiconductors like SiC and GaN being crucial for achieving high voltage and efficiency [3] Group 3: Investment Opportunities - Four key areas for investment consideration include AIDC power hosts (PSU, HVDC, SST), with companies like Sungrow Power (300274.SZ) and Megmeet (002851.SZ) being notable mentions [4] - Energy storage solutions at the station level are highlighted, with companies such as Sungrow Power and Fluence Energy (FLNC.US) being potential investment targets [4] - Core incremental components like solid-state circuit breakers and electronic fuses are also identified, with companies like Liyang Technology (002706.SZ) and Vicor Corporation (VICR.US) being recommended [4] - Third-generation semiconductors like GaN and SiC are emphasized as critical components for future developments [4]

Summary of Key Points from the Conference Call Transcript Industry Overview - **Industry**: China Data Center Equipment - **Key Focus**: Power and cooling upgrades, particularly related to NVIDIA's Vera Rubin platform launch in 2026 [2][3] Core Insights and Arguments - **NVIDIA's Rubin Platform**: - The Rubin platform is set to double the rack power compared to the previous Blackwell platform, moving from 80% to 100% liquid cooling [2] - Rubin is currently in full production [2] - **VR200 NVL72 Specifications**: - Delivers approximately 3.5x to 5x the training/inference AI computing power compared to GB300 NVL72, significantly increasing rack-level power demand [3] - Upgrades power shelves to a 3*3U 110 kW configuration, compared to the GB300's 8*1U 33 kW shelves [3] - Introduces a 3+1 redundancy design for power shelves [3] - **Future Developments**: - Anticipation of transitioning to the next-generation Kyber rack design, which will support 800V HVDC to meet rising power requirements driven by AI compute scaling [3] - Potential launch of Rubin Ultra in 2027 could further unleash HVDC demand [3] Investment Opportunities - **Stock Picks**: - **Kstar and Kehua**: Expected to benefit from stronger UPS demand and potential upgrades to HVDC and SST [4] - Kstar is anticipated to have strong order intake from US hyperscalers due to strategic partnerships [4] - Kehua's domestic GPU ramp-up and H200 shipment could enhance order intake from domestic hyperscalers [4] Risks and Valuation - **Downside Risks for Data Center Equipment Sector**: - Slower-than-expected AI data center capacity growth [6] - Slower penetration of high-power density products [6] - Challenges in gaining market share in the overseas AIDC equipment supply chain [6] - **Kehua's Price Target and Risks**: - Price target based on DCF methodology; downside risks include slower IDC capacity expansion and lower overseas shipment expectations [7] - Upside risks include faster IDC capacity expansion and stronger relationships with hyperscalers [7] - **Kstar's Price Target and Risks**: - Similar DCF methodology for price target; downside risks include slower IDC capacity expansion and new entrants in the market [8] - Upside risks include faster IDC capacity expansion and higher overseas shipments [8] Additional Important Information - **Analyst Team**: The report was prepared by UBS Securities Asia Limited, with analysts Yishu Yan, Anna Yuan, and Ken Liu involved [5] - **Valuation Methodology**: The report emphasizes the use of DCF methodology for price targets and highlights the importance of understanding risks before making investment decisions [7][8] This summary encapsulates the critical insights and data from the conference call, focusing on the developments in the China data center equipment industry, particularly regarding NVIDIA's advancements and the implications for investment opportunities in Kstar and Kehua.

Core Viewpoint - The company has established a close partnership with Tencent Cloud in the data center sector, providing comprehensive lifecycle services tailored to Tencent Cloud's specific needs [1] Group 1: Partnership and Collaboration - The company has designed, built, and operated four customized data centers in Zhangjiakou, Guangzhou, and Qingyuan for Tencent Cloud, offering services from consulting and planning to operation management and value-added services [1] - The company collaborates with Tencent Cloud on an elastic resource pool model, integrating Tencent Cloud resources into data centers in Shanghai and Guangdong to enhance user convenience [1] Group 2: Product Application - The company's products, including UPS, high-voltage direct current, precision distribution, dynamic environment monitoring, MDC integration products, and TB container data centers, are utilized in multiple projects within Tencent's data centers [1] Group 3: Future Outlook - The company aims to continue collaborating with Tencent Cloud and other industry partners to create value, enhance product and service quality, and contribute to the innovative development across various industries [1]

Group 1 - The core point of the article is that Kehua Data (002335) has approximately 108,000 shareholders as of January 9, 2026 [1]

Investment Rating - The industry investment rating is positive, indicating an overweight outlook for the AIDC sector, suggesting it will outperform the overall market [8]. Core Insights - The AIDC industry is expected to experience significant breakthroughs in computing power, models, and applications in 2026, with domestic computing power transitioning from usable to highly effective [2]. - The demand from cloud vendors remains strong, with a notable increase in IDC orders expected to be fulfilled by mid-2026, indicating a robust growth trajectory for cloud computing infrastructure [2]. - The supply side faces challenges due to the scarcity of effective supply, as the government emphasizes orderly guidance and efficient construction of intelligent computing centers [2]. Summary by Sections Demand Side - Cloud vendors are expected to have high demand for IDC, with orders from Q1 2025 anticipated to be deployed by Q2-Q3 2026, necessitating significant capital investment [2]. - The new round of IDC bidding has commenced, with an accelerated delivery schedule expected [2]. Supply Side - The government is focusing on optimizing the layout of intelligent computing resources, which will create a balanced supply-demand situation in the long term [2]. - There is a noted expectation for supply of supporting equipment, such as UPS and HVDC systems, to meet the needs of AIDC construction [2]. Key Companies - Key players in the industry include leading IDC companies like Runze Technology and Dongyangguang, as well as emerging companies like Aofei Data and Guanghuan New Network [2]. - Companies providing essential supply and cooling solutions, such as Kehua Data and Zhongheng Electric, are also highlighted as important players [2].

Summary of Conference Call Notes on Kstar and Kehua Industry Overview - The report focuses on the data center electricals industry, specifically analyzing two companies: Kstar and Kehua. - Kstar is positioned as a key ODM partner for global players, particularly in the US AI data center market, while Kehua faces challenges due to high domestic competition in China. Kstar Highlights - **Investment Recommendation**: Kstar is rated as a "Buy" with a 12-month target price of Rmb67.6, indicating a 26% upside potential [1][2]. - **Valuation**: Kstar is valued at 26x 2028E P/E, reflecting a strong long-term growth outlook with a projected earnings CAGR of 26% from 2028E to 2030E [2]. - **Sales Growth**: Kstar is expected to achieve a total sales CAGR of 27% from 2025E to 2030E, driven by overseas high-power electrical sales, which are projected to increase from Rmb100 million in 2025E to Rmb800 million in 2026E [7][19]. - **Pricing Power**: The overseas ODM model allows Kstar to command a pricing premium of 25-50% compared to domestic orders, contributing to an expected gross profit margin (GPM) of 33% and operating profit margin (OPM) of 18% by 2028E [7][21]. - **Product Pipeline**: Kstar is actively developing next-generation products, including 800V DC and SST systems, with launches planned for early 2026 [10][19]. - **Market Position**: Kstar is gaining market share in the domestic market, particularly with major clients like Alibaba and ByteDance, and is expected to become a significant UPS supplier by 2026 [19]. Kehua Highlights - **Investment Recommendation**: Kehua is rated as "Neutral" with a 12-month target price of Rmb50.5, indicating a 24% downside potential [1][3]. - **Valuation**: Kehua is valued at 30x 2026E P/E, with a lower earnings growth potential of 21% CAGR from 2026E to 2030E compared to Kstar [3]. - **Sales Growth**: Kehua is projected to have a total sales CAGR of 16% from 2025E to 2030E, primarily driven by domestic demand [27]. - **Customer Concentration**: Kehua's growth may be limited due to high customer concentration and intense competition in the domestic market, with a modest sales CAGR of 16% expected [7][39]. - **Overseas Expansion**: Kehua's overseas expansion is slower compared to Kstar, with only 12% of segment sales expected to come from international markets by 2025E [42]. - **Product Portfolio**: Kehua has a strong product portfolio and partnerships with Chinese hyperscalers, but faces challenges in maintaining margins due to competitive pricing pressures [42]. Financial Projections - **Kstar Financials**: - Total revenue is projected to grow from Rmb5,332 million in 2025E to Rmb17,384 million by 2030E [24]. - Expected ROE to improve to 25% by 2030E, up from 16% in 2021-2024 [21]. - **Kehua Financials**: - Total revenue is expected to grow from Rmb4,159 million in 2024 to Rmb7,259 million by 2030E [24]. - ROE is projected to reach 17% by 2030E, still lower than Kstar due to intense domestic competition [43]. Key Risks and Considerations - **Kstar Risks**: Dependence on successful product launches and maintaining competitive pricing in the US market [19]. - **Kehua Risks**: High customer concentration and limited overseas market penetration could hinder growth [42][43]. Conclusion - Kstar presents a more favorable investment opportunity with strong growth prospects and better positioning in the US market, while Kehua faces challenges that may limit its growth potential in the competitive domestic landscape.

1月14日，科华数据涨5.07%，截至发稿，报64.65元/股，成交13.33亿元，换手率4.66%，总市值333.22 亿元。 资料显示，科华数据股份有限公司位于福建省厦门火炬高新区火炬园马垄路457号，成立日期1999年3月 26日，上市日期2010年1月13日，公司主营业务涉及信息设备用UPS电源、工业动力用UPS电源的生产 与销售。主营业务收入构成为：新能源产品49.62%，数据中心产品21.01%，IDC服务收入16.43%，智慧 电能产品11.77%，其他(补充)1.17%。 招商稳健优选股票A（004784）基金经理为陈西中。 截至发稿，陈西中累计任职时间4年110天，现任基金资产总规模16.3亿元，任职期间最佳基金回报 92.51%， 任职期间最差基金回报29.83%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓科华数据。招商稳健优选股票A（004784）三季度持有股数20. ...

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the IDC/Intelligent Computing Center sector [2]. Core Insights - The report highlights a consensus among AI industry leaders that domestic technology companies are transitioning from followers to leaders in global AI technology [2]. - Significant breakthroughs are expected in 2026 across multiple dimensions, including computing power, models, and applications, with a notable improvement in the usability of domestic computing power [2]. - The IDC sector is anticipated to undergo major changes in 2026, driven by the demand from cloud vendors and the need for efficient computing resources [2]. - The report emphasizes the scarcity of effective supply in the market, with government policies shifting focus from broad construction to orderly guidance and efficient resource allocation [2]. - Key companies identified for investment include leading IDC firms and those in the supply chain for power distribution and temperature control [2]. Summary by Sections Demand Side - High demand from cloud vendors is expected, with a significant number of IDC orders anticipated to be deployed by mid-2026 [2]. - The necessity for cloud vendors to secure quality assets for sustainable computing power supply is highlighted [2]. Supply Side - The report notes a strong scarcity of "effective supply," with government initiatives aimed at optimizing the layout of intelligent computing resources [2]. - The need for supporting equipment such as UPS/HVDC and liquid cooling systems is emphasized due to the redundancy requirements in power supply [2]. Key Companies - Core players in the IDC sector include Runze Technology, Dongyangguang, and Baoxin Software, among others [3]. - Companies with flexible demand and strong client ties, such as Dawi Technology and Aofei Data, are also highlighted as potential investment opportunities [2].