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]

Core Viewpoint - Tonghe Technology (300491.SZ) expects a net profit attributable to shareholders of 36 million to 52 million yuan for 2025, representing a year-on-year growth of 50.37% to 117.20% [1] Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between 30 million and 45 million yuan, indicating a year-on-year increase of 57.53% to 136.29% [1] Strategic Focus - The company aims to achieve comprehensive revenue growth in three key areas: new energy, smart grid, and aerospace, with the aerospace sector showing particularly significant growth [1] Market Dynamics - The overall gross profit margin of the company's products has decreased year-on-year due to intensified industry competition [1] Internal Development - The company is enhancing its internal capabilities by focusing on talent development, market expansion, and efficiency improvement, which has led to an increase in related expenses year-on-year [1]

Core Viewpoint - The company expects a net profit of 36 million to 52 million yuan for the fiscal year 2025, representing a year-on-year growth of 50.37% to 117.20% [1] Group 1: Financial Performance - The projected net profit for 2025 is between 36 million and 52 million yuan [1] - This represents a significant increase compared to the previous year, with growth rates ranging from 50.37% to 117.20% [1] Group 2: Strategic Focus - The company is focusing on its development strategy and operational goals [1] - It leverages its technological research and marketing advantages to drive revenue growth [1] Group 3: Revenue Growth Areas - Revenue growth is expected across three major sectors: new energy, smart grid, and aerospace [1] - The aerospace sector is anticipated to show particularly significant growth [1]

Financial Projections - The company expects a net profit of between 36 million and 52 million CNY for the year 2025, representing a growth of 50.37% to 117.20% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 30 million and 45 million CNY, indicating a growth of 57.53% to 136.29% year-over-year[4] - The company anticipates that non-recurring gains and losses will impact net profit by approximately 6.2 million CNY, primarily from government subsidies[8] - The company’s revenue and net profit are expected to grow rapidly in 2025[7] Revenue and Growth Sectors - The company has achieved revenue growth across three key sectors: new energy, smart grid, and aerospace, with aerospace showing particularly significant growth[6] Profitability and Competition - The overall gross profit margin has decreased year-over-year due to intensified industry competition[6] Internal Strategies - The company is focusing on talent development, market expansion, and efficiency improvement to strengthen its internal growth drivers[6] Financial Reporting - The financial data presented is preliminary and has not been audited by an accounting firm, with no discrepancies reported between the company and the auditors[5] - The company will provide detailed financial data in the 2025 annual report, urging investors to make cautious decisions and be aware of investment risks[9] - The performance forecast period is from January 1, 2025, to December 31, 2025[3]

Group 1 - The company has launched a series of HVDC products for data centers, including high-voltage direct current power supply modules, supporting monitoring systems, and complete systems [1] - The primary application of these products is in the direct current power supply and distribution field for data centers [1] - The company remains optimistic about future industry development and plans to continuously enrich its product series while actively developing core customers in the industry [1]

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

Group 1 - The core point of the article is that Tonghe Technology (300491) reported a total of 22,750 common stock shareholders as of January 9, 2026 [1]

Market Performance - The other power equipment sector increased by 1.69% compared to the previous trading day, with Youyou Green Energy leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers - Youyou Green Energy (301590) closed at 230.78, up 15.38% with a trading volume of 23,200 lots and a transaction value of 507 million [1] - MagiMet (002851) closed at 113.85, up 10.00% with a trading volume of 244,500 lots and a transaction value of 2.697 billion [1] - Tonghe Technology (300491) closed at 29.53, up 5.24% with a trading volume of 183,500 lots and a transaction value of 534 million [1] Other Notable Performers - Keda (002518) closed at 59.49, up 5.01% with a trading volume of 215,100 lots and a transaction value of 1.258 billion [1] - Oulu Tong (300870) closed at 226.89, up 4.31% with a trading volume of 46,000 lots and a transaction value of 1.031 billion [1] - Zhongheng Electric (002364) closed at 31.09, up 4.05% with a trading volume of 352,300 lots and a transaction value of 1.08 billion [1] Market Capital Flow - The other power equipment sector saw a net inflow of 780 million from main funds, while retail funds experienced a net outflow of 407 million [2] - The main funds' net inflow for Dongfang Electric (600875) was 432 million, while it saw a net outflow of 375 million from retail funds [3] - MagiMet (002851) had a main fund net inflow of 430 million, with a significant retail fund outflow of 271 million [3]

Group 1 - The company, Tonghe Technology, reported that as of December 31, 2025, the total number of common stock shareholders is expected to be 22,343 [2]

Market Overview - The other power equipment sector increased by 1.72% on January 5, with China Power leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - China Power (600482) closed at 21.81, up 5.36% with a trading volume of 508,100 shares and a transaction value of 1.095 billion [1] - Other notable performers include: - Euro Continental (300870) at 230.10, up 4.12%, with a transaction value of 1.274 billion [1] - Tonghe Technology (300491) at 26.14, up 4.02%, with a transaction value of 206 million [1] - Keti Data (002335) at 57.56, up 3.66%, with a transaction value of 1.859 billion [1] Capital Flow - The other power equipment sector experienced a net outflow of 435 million from institutional investors, while retail investors saw a net inflow of 383 million [2] - The capital flow for specific stocks includes: - China Power (600482) had a net inflow of 26.41 million from retail investors but a net outflow of 58.67 million from institutional investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 55.70 million from institutional investors but a net outflow of 42.01 million from retail investors [3]