Core Viewpoint - Zhongheng Electric (SZ002364) reached its daily limit on February 12, 2026, with a price of 34.97 yuan, a 10% increase, and a total market capitalization of 19.708 billion yuan [1] Group 1: Company Performance - The company reported a year-on-year revenue growth of 32.05% and a net profit growth of 40.67% for Q3 2025, indicating strong performance in its main business [2] - The expected cash inflow of 200 million yuan from the disposal of Ningde Zhixiang shares, with a premium of 44%, is anticipated to positively impact the company's financial status [2] - The company's hedging business effectively mitigates risks from raw material price fluctuations, stabilizing operational performance [2] Group 2: Industry Context - The digital energy sector is experiencing rapid growth, supported by national policies promoting green energy and low-carbon development, aligning with the company's focus on green ICT infrastructure, low-carbon transportation, new power systems, and integrated energy services [2] - Other stocks in the power equipment sector also experienced varying degrees of increase, indicating a sector-wide momentum [2] Group 3: Market Activity - On February 5, the company was included in the "Dragon and Tiger List" with a trading volume of 1.282 billion yuan, reflecting active market interest despite net selling by institutions and foreign capital [2]

Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [4][15]. Core Insights - North American CSP companies are significantly increasing their capital expenditures, with Meta's Q4 2025 capex reaching $22.14 billion and projected to rise to $115-135 billion in 2026. Microsoft, Amazon, and Google are also increasing their capex, indicating a robust demand for AI training and inference [3][12][13]. - Domestic AI applications are entering a commercialization inflection point, with companies like Tencent and Alibaba launching significant promotional campaigns to stimulate user engagement and application usage [12][13]. - The AI industry is transitioning from a focus on computational power to a collaborative expansion involving infrastructure and application ecosystems, benefiting sectors such as servers, power equipment, data centers, and liquid cooling systems [14]. Summary by Sections Investment Views - The report suggests focusing on the IDC sector, highlighting companies like Kehua Data and Jinpan Technology due to their growth potential. It also recommends monitoring high-voltage circuit breakers and power supply sectors, with specific mentions of companies like Liangxin and Sunshine Power [4][14]. Industry Dynamics - The report notes that the domestic data center sector is beginning to expand and upgrade, with significant opportunities in direct current power supply equipment. The power equipment sector is expected to benefit from these trends [4][17]. - The report highlights that the State Grid's fixed asset investment grew by over 35% year-on-year in January, indicating strong infrastructure investment [18][19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including Kehua Data, Liangxin, and Sunshine Power, with specific EPS and PE ratios outlined for 2024 to 2026 [7][16].

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The data center industry has become the core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration for power equipment [5][2] - The report emphasizes the need to incorporate AI industry multidimensional indicators to accurately gauge the demand for power distribution equipment, given the capital expenditure scale and long investment return cycles in the data center sector [2][5] - Key indicators are constructed from three aspects: demand side (capital expenditure from leading cloud vendors), supply chain (GPU supply tracking), and AI application side (development of AI applications) [2][5] Summary by Sections Demand Side - Capital expenditure from overseas major cloud vendors reached $113.862 billion in Q4 2025, a year-on-year increase of 59.42% and a quarter-on-quarter increase of 14.30% [7] - Alibaba's capital expenditure in Q3 2025 was 31.5 billion yuan, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55% [10] - Tencent's capital expenditure in Q3 2025 was 13 billion yuan, a year-on-year decrease of 24.05% and a quarter-on-quarter decrease of 32.05% [10] Supply Chain - NVIDIA's total revenue in Q3 2025 was $57.006 billion, 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% [15] - TSMC's revenue in December 2025 was 335 billion NTD, a year-on-year increase of 20.4% [22] - The CPU price index in December 2025 was 101.21, showing a slight increase from 99.04 in November [27] AI Application Side - The token call volume from January 27 to February 2, 2026, was 9.81 trillion, reflecting a quarter-on-quarter growth of 26.91% [36] - The price of tokens for models scoring over 40 on the Artificial Analysis Intelligence Index decreased by over 50% in Q3 2025 [45] - The report highlights the steady growth in the number of AI models and the increasing application deployment, which directly impacts the capital expenditure cycle of data centers [29]

格隆汇2月5日丨中恒电气（维权）今日跌停，成交额12.82亿元，换手率7.57%，盘后龙虎榜数据显示， 深股通专用席位买入2416.44万元并卖出1.20亿元，1家机构专用席位净买入4293.55万元，有3家机构专 用席位净卖出1.11亿元。 ...

Group 1 - The stock of Zhongheng Electric experienced a limit down, with a trading volume of 1.282 billion yuan and a turnover rate of 7.57% [1] - After-hours trading data shows that the Shenzhen Stock Connect special seat bought 24.1644 million yuan and sold 120 million yuan [1] - One institutional special seat had a net purchase of 42.9355 million yuan, while three institutional special seats had a net sale of 111 million yuan [1]

Core Viewpoint - Zhongheng Electric experienced a significant drop, hitting the daily limit down at 29.76 yuan, with a decline of 9.77%, resulting in a total market capitalization of 16.817 billion yuan and a circulating market value of 16.654 billion yuan, with a total transaction amount of 0.792 billion yuan as of the report date [1] Group 1: Company Performance and Risks - The company is undergoing an operational adjustment period, with its main business showing growth but facing several adverse factors [2] - The actual controller has been sentenced for manipulating the securities market, negatively impacting the company's reputation [2] - The net cash flow from operating activities for Q3 2025 was -69.95 million yuan, a year-on-year decline of 136.78%, indicating significant cash flow pressure [2] - There has been a sharp increase in short-term borrowings, raising financial risk [2] - The employee stock ownership plan was terminated early, and some performance assessments were not met, adding to the company's challenges [2] - There are uncertainties regarding equity disposal transactions [2] Group 2: ESG and Market Sentiment - The company's ESG rating for Q1 2026 is BB, which has decreased from the previous period, raising investor concerns about its sustainability and attractiveness to ESG-focused institutional investors [2] - Allegations of stock price manipulation as of December 31, 2025, have damaged investor confidence and severely impacted the company's reputation and image [2] Group 3: Market and Technical Analysis - Zhongheng Electric is involved in sectors such as power equipment and charging piles, and poor overall performance in these sectors can negatively affect its stock price [2] - The company's operational issues have diminished its competitiveness and appeal within its sector, making it more susceptible to downward trends [2] - Recent events, including the stock price manipulation allegations and declining ESG rating, may have led to a negative shift in investor expectations, resulting in capital outflows [2] - Technical indicators such as MACD crossovers and BOLL channel breaches prior to the limit down may have accelerated the stock's decline, ultimately leading to the limit down [2]

Market Overview - The other power equipment sector experienced a decline of 0.43% on February 4, with Kehua Data leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Xizi Clean Energy (002534) saw a closing price of 18.70, with an increase of 4.59% and a trading volume of 277,800 shares, amounting to a transaction value of 514 million [1] - China Power (600482) closed at 27.77, up 1.28%, with a trading volume of 344,100 shares and a transaction value of 953 million [1] - Dongfang Electric (600875) closed at 25.99, up 1.09%, with a trading volume of 430,500 shares and a transaction value of 1.119 billion [1] - Kehua Data (002335) experienced a significant drop of 4.79%, closing at 58.86, with a trading volume of 295,600 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 877 million from institutional investors, while retail investors had a net inflow of 589 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Dongfang Electric (600875) had a net inflow of 21.27 million from institutional investors, but a net outflow of 17.43 million from retail investors [3] - Keda Technology (300820) experienced a net inflow of 38.32 million from institutional investors, while retail investors saw a net outflow of 51.47 million [3] - The capital flow data suggests varying levels of confidence among different investor types within the sector [3]

Market Performance - The other power equipment sector increased by 3.5% compared to the previous trading day, with Zhongheng Electric leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Zhongheng Electric (002364) closed at 32.74, up 10.01%, with a trading volume of 569,900 shares and a transaction value of 1.807 billion [1] - Jinshi Technology (002951) closed at 14.66, up 9.98%, with a trading volume of 83,200 shares and a transaction value of 120 million [1] - KOTAI Power (300153) closed at 34.98, up 8.23%, with a trading volume of 310,300 shares and a transaction value of 1.062 billion [1] - Other notable stocks include Yingjie Electric (300820) up 7.85% and China Power (600482) up 7.07% [1] Capital Flow - The other power equipment sector saw a net inflow of 720 million from main funds, while retail funds experienced a net outflow of 307 million [2] - The main funds' net inflow for Zhongheng Electric was 453 million, accounting for 25.08% of its trading volume [3] - KOTAI Power had a net inflow of 108 million from main funds, while retail funds saw a net outflow of 6443 million [3]

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting potential investment opportunities in specific sectors such as communication equipment, internet services, and consumer electronics [1][2][3]. Group 1: Stock Performance and Capital Inflows - Aerospace Development saw a capital inflow of 1.893 billion, with a price increase of 9.99% [2] - Huasheng Tiancheng experienced a capital inflow of 1.676 billion, with a price increase of 10.01% [2] - Kweichow Moutai had a capital inflow of 1.137 billion, with a price increase of 3.08% [2] - Hailanxin recorded a capital inflow of 1.063 billion, with a price increase of 14.64% [2] - Tongyu Communication had a capital inflow of 1.029 billion, with a price increase of 10% [2] - Yongding Co. saw a capital inflow of 810 million, with a price increase of 7.51% [2] - Yanshan Technology had a capital inflow of 809 million, with a price increase of 4.07% [2] - Xinyi Communication recorded a capital inflow of 734 million, with a price increase of 9.47% [2] - Zhejiang Wenhu Interconnect had a capital inflow of 719 million, with a price increase of 9.99% [2] - Hongbaoli saw a capital inflow of 679 million, with a price increase of 10.04% [2] - Julisi saw a capital inflow of 672 million, with a price increase of 10.03% [3] - Sanhua Intelligent Control had a capital inflow of 620 million, with a price increase of 2.56% [3] - China Shipbuilding recorded a capital inflow of 594 million, with a price increase of 4.38% [3] - Shenjian Co. saw a capital inflow of 568 million, with a price increase of 10.04% [3] - Tianfu Communication had a capital inflow of 566 million, with a price increase of 13.91% [3] - Sany Heavy Industry recorded a capital inflow of 492 million, with a price increase of 6.74% [3] - Goldwind Technology saw a capital inflow of 474 million, with a price increase of 5.11% [3] - Wangsu Science & Technology had a capital inflow of 459 million, with a price increase of 10.13% [3] - Xian Dao Intelligent recorded a capital inflow of 445 million, with a price increase of 7.41% [3] - Zhongheng Electric saw a capital inflow of 429 million, with a price increase of 10.01% [3]