Group 1 - The State Intellectual Property Office of China has granted a patent titled "Bidirectional Rail Traction System and Its Short-Circuit Control Method" to Zhangzhou Kehua Electric Technology Co., Ltd. and Kehua Data Co., Ltd. The patent authorization announcement number is CN120680942B, with an application date of August 2025 [1] - Zhangzhou Kehua Electric Technology Co., Ltd. was established in 2021 and is primarily engaged in research and experimental development. The company has a registered capital of 110.49 million RMB and has participated in 11 bidding projects, holds 387 patent records, and possesses 5 administrative licenses [1] - Kehua Data Co., Ltd. was founded in 1999 and focuses on the manufacturing of electrical machinery and equipment. The company has a registered capital of 515.41 million RMB, has invested in 47 enterprises, participated in 3,868 bidding projects, holds 130 trademark records, 1,400 patent records, and possesses 36 administrative licenses [1]

Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][17]. Core Viewpoints - The domestic data center industry is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment expected to benefit first. The market size of China's data center industry is projected to exceed 318 billion yuan in 2025, representing a year-on-year growth of approximately 14.7%. By 2030, it may reach 1.2 trillion yuan, with a compound annual growth rate (CAGR) of about 25%-28% [5][15]. - The load scale of data centers is expected to be around 7.05 GW in 2025, increasing to 9.37 GW by 2030, with a CAGR of approximately 5.85%. The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure in 2026, and Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027 [5][15]. - The industry is experiencing an unexpected expansion, with infrastructure technology upgrades creating investment opportunities in IDC-compatible DC power supply equipment [5][15]. Summary by Sections Investment Viewpoints - The report suggests focusing on the IDC sector, recommending companies such as Kehua Data and Jinpan Technology, as well as Sifang Co. and Liangxin Co. for their potential in the HVDC/SST industry. It also highlights the importance of high-voltage circuit breakers and suggests monitoring companies like Zhongheng Electric, Magmeter, and Oulu Tong in the power supply sector [6][16]. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with notable mentions: - Kehua Data (002335.SZ): EPS forecast of 1.86 yuan for 2026, currently unrated [18]. - Liangxin Co. (002706.SZ): Rated "Buy" with an EPS forecast of 0.44 yuan for 2026 [19]. - Magmeter (002851.SZ): Rated "Buy" with an EPS forecast of 2.07 yuan for 2026 [19]. - Sunshine Power (300274.SZ): Rated "Buy" with an EPS forecast of 7.74 yuan for 2026 [19]. - Jinpan Technology (688676.SH): Rated "Buy" with an EPS forecast of 2.20 yuan for 2026 [19]. Market Performance - The power equipment sector saw a 5.02% increase last week, ranking 12th among 28 sub-industries, outperforming the Shanghai Composite Index by 1.21 percentage points [46].

Core Viewpoint - Recently, Kehua Data established Kehua Shuneng (Ningxia) Technology Co., Ltd., focusing on renewable energy solutions, particularly in solar and wind power [1] Company Summary - Kehua Shuneng (Ningxia) Technology Co., Ltd. has a registered capital of 10 million yuan [1] - The legal representative of the company is Tian Mancheng [1] - The company is wholly owned by Xiamen Kehua Shuneng Technology Co., Ltd., a subsidiary of Kehua Data [1] Industry Summary - The company's business scope includes manufacturing photovoltaic equipment and components, providing wind power technology services, solar power technology services, and battery manufacturing [1]

Core Viewpoint - The company emphasizes its commitment to innovation and development in the power electronics sector, focusing on three main areas: "Intelligent Computing Centers," "Smart Electric Power," and "Clean Energy" [1] Group 1 - The company is dedicated to continuous innovation and market expansion in the power electronics technology field [1] - The company aims to enhance operational efficiency and deliver better results to investors [1] - The company encourages communication and engagement with investors through dedicated channels [1]

Market Overview - The other power equipment sector increased by 3.0% on January 7, with Yingjie Electric leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Yingjie Electric (300820) closed at 54.02, up 9.07% with a trading volume of 112,800 shares and a transaction value of 590 million [1] - Maigemit (002851) closed at 99.58, up 7.92% with a trading volume of 305,300 shares and a transaction value of 2.991 billion [1] - New Power (300593) closed at 32.89, up 5.89% with a trading volume of 641,500 shares and a transaction value of 2.038 billion [1] - Other notable stocks include Zhongheng Electric (002364) up 5.82%, Kehua Data (002335) up 5.17%, and Oulu Tong (300870) up 4.84% [1] Capital Flow - The other power equipment sector saw a net inflow of 1.157 billion in main funds, while retail investors experienced a net outflow of 972 million [2] - The main funds showed significant inflows in stocks like Kehua Data (002335) with 264 million, Maigemit (002851) with 243 million, and Shanghai Electric (601727) with 209 million [3] - Conversely, retail investors showed outflows in stocks such as Kehua Data (002335) with 224 million and Maigemit (002851) with 102 million [3]

Core Viewpoint - KWH Data's stock price has shown a positive trend recently, with a notable increase in revenue and net profit year-on-year, indicating strong financial performance and investor interest [1][2]. Group 1: Stock Performance - On January 7, KWH Data's stock rose by 2.03%, reaching 59.44 CNY per share, with a trading volume of 5.09 billion CNY and a turnover rate of 1.91%, resulting in a total market capitalization of 306.36 billion CNY [1]. - Year-to-date, KWH Data's stock price has increased by 7.04%, with a 7.16% rise over the last five trading days and a 5.56% increase over the last 20 days, although it has decreased by 10.51% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, KWH Data reported a revenue of 5.706 billion CNY, reflecting a year-on-year growth of 5.79%, while the net profit attributable to shareholders was 344 million CNY, marking a significant increase of 44.71% [2]. - Cumulatively, since its A-share listing, KWH Data has distributed a total of 1.385 billion CNY in dividends, with 130 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of December 31, KWH Data had 107,000 shareholders, an increase of 2.88% from the previous period, with an average of 4,249 circulating shares per shareholder, down by 2.80% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest, holding 20.0319 million shares, an increase of 13.3589 million shares from the previous period [3].

证券代码：002335 证券简称：科华数据 公告编号：2026-001 科华数据股份有限公司 关于独立董事取得独立董事培训证明的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的虚 假记载、误导性陈述或重大遗漏承担责任。 特此公告。 科华数据股份有限公司 董 事 会 2026 年 1 月 7 日 1 科华数据股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开公 司 2025 年第一次临时股东大会，审议通过了《关于董事会换届选举独立董事的议 案》，同意选举肖虹女士、杨光松先生、史欣媛女士为公司第十届董事会独立董事， 任期为三年，自公司 2025 年第一次临时股东大会决议通过之日起算。 截至公司 2025 年第一次临时股东大会通知发出之日，杨光松先生尚未取得独 立董事培训证明。根据深圳证券交易所的相关规定，杨光松先生已书面承诺参加最 近一期独立董事培训并取得深圳证券交易所认可的独立董事培训证明。 近日，公司董事会收到杨光松先生的通知，获悉其已按照相关规定参加了深圳 证券交易所举办的上市公司独立董事培训，并取得了由深圳证券交易所创业企业培 训中心颁发的《上市公司独立董事培 ...

Group 1 - The core viewpoint of the news is that Kehua Data Co., Ltd. has obtained a patent for a method related to self-organizing network configuration, indicating its innovation in technology [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 made investments in 47 enterprises and participated in 3,857 bidding projects, showcasing its active involvement in the market [1] Group 2 - Xiamen Kecan Information Technology Co., Ltd. was founded in 2008 and is also based in Xiamen, focusing on software and information technology services, with a registered capital of 2 million RMB [1] - The company has participated in 3 bidding projects and holds 148 patents, indicating its engagement in innovation and development [1] - Xiamen Kecan Information Technology Co., Ltd. has 6 administrative licenses, reflecting its compliance and operational capabilities [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "A Discharge Balancing Control Method and Battery System" to Zhangzhou Kehua Electric Technology Co., Ltd. and Kehua Data Co., Ltd., with the announcement number CN116865382B and application date of June 2023 [1] - Zhangzhou Kehua Electric Technology Co., Ltd. was established in 2021, located in Zhangzhou City, focusing on research and experimental development, with a registered capital of 110.49 million RMB. The company has participated in 11 bidding projects and holds 389 patent records, along with 5 administrative licenses [1] - Kehua Data Co., Ltd. was founded in 1999, located in Xiamen City, primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 515.41 million RMB. The company has invested in 47 enterprises, participated in 3,856 bidding projects, holds 130 trademark records, 1,404 patent records, and possesses 36 administrative licenses [1]

Group 1 - Keda Data Co., Ltd. has obtained a patent for a "soft start method, device, and rectifier circuit compatible with single three-phase" with authorization announcement number CN120511966B, applied on July 2025 [1] - Keda 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 3,856 bidding projects, holds 130 trademark information, and has 1,404 patent information, along with 36 administrative licenses [1] Group 2 - Xiamen Metro Construction Co., Ltd. was established in 2023, located in Xiamen, primarily engaged in civil engineering and construction, with a registered capital of 100 million RMB [1] - The company has invested in 1 enterprise, participated in 106 bidding projects, and holds 13 patent information [1]