朗新科技集团股份有限公司 朗新科技集团股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次股东会召开期间，未出现增加、变更、否决议案的情形。 本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、召集人：朗新科技集团股份有限公司（以下简称"公司"）董事会。 证券代码：300682 证券简称：朗新科技 公告编号：2026-006 2、表决方式：现场投票和网络投票相结合的方式。 3、会议召开时间：现场会议的时间为 2026 年 2 月 2 日下午 15:00-16:00 召开；网络投票具体时间为：通过深圳证券交易所交易系统进行网络投票的时间 为 2026 年 2 月 2 日上午 9:15-9:25，上午 9:30-11:30，下午 13:00-15:00；通过 深圳证券交易所互联网系统投票的开始时间为 2026 年 2 月 2 日 9:15-15:00。 4、现场会议召开地点：无锡市新吴区净慧东道 118 号朗新科技产业园公司 会议室 5、会议主持人：公司副董事长彭知平主持会议。 6 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on China's power grid equipment sector, with a bullish outlook on grid capital expenditure (CAPEX) growth, projected at an 11% compound annual growth rate (CAGR) for 2026-2030, up from a previous estimate of 9% [2][10][13]. Core Insights and Arguments - **CAPEX Growth Drivers**: - The State Grid's Rmb4 trillion investment plan under the 15th Five-Year Plan (FYP) indicates a 7% CAPEX CAGR [3][15]. - Historical data shows that actual grid investments during previous FYPs exceeded initial targets by 2-18%, suggesting potential for similar outcomes in the future [3][15]. - Structural factors such as electrification, energy security, and the integration of renewables are increasing the urgency for grid reinforcement [7][20]. - **Pricing Upside**: - Anticipated increases in transmission and distribution (T&D) tariffs starting in 2026 could enhance grid economics, with each Rmb0.01/kWh increase potentially generating Rmb634 billion in pre-tax profit over the 2026-2030 period, equating to 14% of total grid CAPEX during the 15th FYP [3][20]. - **Earnings Revisions**: - Earnings per share (EPS) estimates for 2025-2027 have been revised from -31% to +18%, reflecting stronger volume outlooks and improved pricing [4][32]. - NARI Technology is highlighted as a top pick, with expected earnings growth of 22% CAGR, driven by its alignment with State Grid's CAPEX growth [4][32]. Key Companies and Their Performance - **NARI Technology (600406.SS)**: - Price target raised from Rmb28.00 to Rmb42.00, with EPS revisions indicating a 7-16% increase for 2026-2027 [32][35]. - The smart grid and energy digitalization segments are expected to drive revenue growth [33]. - **Ningbo Sanxing Medical Electric (601567.SS)**: - Price target increased from Rmb30.00 to Rmb39.10, but EPS forecasts were trimmed by 25% due to weaker revenue and margins [41][44]. - The power equipment segment is expected to recover with a projected 20% YoY increase in average selling prices (ASP) in 2026 [44]. - **Willfar Information Technology (688100.SS)**: - Price target raised from Rmb45.00 to Rmb64.00, with EPS revisions up by 4% for 2026 and 11% for 2027, driven by grid investment acceleration [48]. Valuation Insights - Key power grid equipment stocks are trading at an average forward price-to-earnings (P/E) ratio of 23x, below the historical average of 24x and the peak of 40x [2][28]. - Domestic-focused stocks have underperformed export-driven peers by 191 percentage points since January 2025, indicating potential for re-rating as domestic CAPEX growth becomes more apparent [7][28]. Additional Important Points - The market currently underestimates the potential for domestic grid CAPEX growth, which could lead to significant earnings upgrades and valuation re-ratings across the sector [27][28]. - The report emphasizes the importance of investor positioning, which is currently skewed towards export-driven stocks, suggesting a potential rotation towards domestically focused names as CAPEX surprises materialize [7][28]. This summary encapsulates the key insights and projections regarding the power grid equipment sector in China, highlighting the expected growth in CAPEX, pricing dynamics, and the performance of specific companies within the industry.

Core Viewpoint - The Xinchuang industry index experienced a decline of 2% on January 30, with significant drops in several companies, indicating a negative trend in the sector [1] Company Performance - Deepin Technology saw a decline of over 8% [1] - Zhongke Xingtu, Hu Silicon Industry, Langxin Technology, and Lens Technology each fell by more than 4% [1]

1月26日，三一重卡与朗新科技在长沙智联重卡产业园正式签署战略合作协议。双方以共建重卡"全国车充一张网"为核心，携手打 造"车-桩-网-营"全链路能源生态，打破长途焦虑，共同开启新能源重卡补能新时代。 行业首创"全国车充一张网" 三一重卡作为新能源重卡行业领军者，市场保有量稳居第一，产品覆盖干线物流、港口矿山等多类场景；朗新科技旗下充电生态聚合平 台"新电途"，覆盖全国80%公共充电网络，连接超250万台充电设备。 双方将整合各自优势，搭建覆盖全国主干线的重卡专属补能网络，推动行业迈向"生态化、零碳化、智能化"进程。 打造"车-桩-网-营"全链路能源生态 双方将实现三一智运通平台与新电途充电平台的全面互联，构建"调度-补能-结算"的服务闭环。三一重卡董事长梁林河表示，此次合作 将从根源上化解"找桩难、充电难"的行业痛点，为客户提供从购车到运营的全周期价值保障。 三一集团董事、三一重卡董事长梁林河，三一集团副总裁、三一重卡营销公司总经理周万春，以及朗新科技董事长徐长军，朗新科技副 总裁、朗新新电途CEO王光星等双方高层，共同见证这一里程碑时刻。 未来，双方将以此次合作为起点，深化"车-桩-网-营"生态协同，推动 ...

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 2.27% increase this week, ranking 15th among 31 sectors, while the Shanghai Composite Index rose by 0.84% [21]. - The total electricity market transaction volume for 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, accounting for 64.0% of total social electricity consumption [2][15]. - The peak electricity load in the country surpassed 1.4 billion kilowatts for the first time in winter, reaching 1.417 billion kilowatts due to a cold wave [2][15]. - The report highlights significant profit growth for companies like Qianyuan Power, which expects a net profit of 567-633 million yuan, a year-on-year increase of 160%-190% [10]. Summary by Sections Market Overview - The public utility sector's performance this week included a 2.71% increase in thermal power, a 7.21% increase in photovoltaic power, and a 4.56% increase in energy comprehensive services [21]. - Domestic and imported coal prices have decreased, with domestic coal prices dropping to below 700 yuan per ton [2][12]. Key Events - The report notes that the annual long-term contract bidding results are being disclosed, with expectations of reasonable outcomes due to the decline in coal prices [3]. - The average on-grid electricity price for 2025 is projected to be around 513.29 yuan per megawatt-hour, reflecting a slight increase compared to the previous year [11]. Company Performance - Companies like Longxin Technology and Guangdong Power A are expected to see significant profit growth, while Guangdong Power A anticipates a decline in profits by 21.45%-40.12% [10][11]. - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable dividends [3].

Group 1: Fixed Income Insights - The demand for bank bonds has increased due to rising bond yields, making them more attractive compared to loan interest rates, leading to sustained buying from institutional investors [12] - Wealth management products have shown a significant increase in scale, with a notable shift towards deposits, while there has been a reduction in bond holdings, particularly in interest rate bonds [14] - The one-year interest rate has decreased to 1.6%, indicating a trend of net repayment of certificates of deposit [15] Group 2: Real Estate Market Analysis - The second-hand housing market has shown improvement with a year-on-year decline narrowing to 7.3%, while new home sales continue to weaken with a year-on-year drop of 38.6% [5] - In 2025, new home prices fell by 3.0% and second-hand home prices dropped by 6.1%, with significant declines across all city tiers [24][25] - The report suggests that the real estate sector remains a key economic indicator, with potential for recovery driven by policy changes and market dynamics [26] Group 3: Commodity Market Trends - The price of Brent crude oil has increased by 5.4%, while copper and coking coal prices have risen by 2.1% and 3.4% respectively, indicating a general upward trend in major commodity prices [5] - The coal market is experiencing a dual weakness in supply and demand, with prices stabilizing as winter demand begins to wane [28] - The silver price has recently surpassed $100, indicating a bullish trend in precious metals, while other metals like nickel and lithium are also showing upward momentum [23] Group 4: Consumer and Retail Sector Developments - The consumer sector is expected to benefit from policy support and improving fundamentals, particularly in new retail and service sectors [19] - Key retail segments such as hotels and duty-free shops are projected to see growth, with specific companies recommended for investment [20] - The report highlights the importance of domestic consumption and the potential for brands to expand internationally, with a focus on companies that have established competitive advantages [19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [3][5]. Core Insights - The company has turned a profit in its annual report, with a projected net profit of 100-150 million yuan for 2025, representing a year-on-year increase of 139.96% to 159.93% [1]. - The energy digitalization and energy internet sectors are driving the company's growth, with significant improvements in profitability expected in 2025 [2]. - The company has made substantial progress in AI applications for power trading, with a projected threefold increase in trading volume in 2025 compared to the previous year [2]. Financial Performance - The company forecasts a revenue of 5.169 billion yuan for 2025, with a year-on-year growth rate of 15.4% [4]. - The net profit for 2025 is expected to be 106 million yuan, marking a significant recovery from a loss of 250 million yuan in 2024 [4]. - The earnings per share (EPS) is projected to be 0.10 yuan for 2025, with a substantial increase in profitability anticipated in the following years [4]. Business Development - The energy digitalization business has shown marked improvement, focusing on smart grid solutions and expanding into international markets [2]. - The company has successfully integrated over 2 million charging devices into its platform, indicating strong growth in its new energy segment [3]. - The AI-powered energy trading model has led to a significant increase in trading contracts, with a fourfold growth expected in new contracts signed for 2026 [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [5]. Core Insights - The company has turned a profit in its annual report, with a projected net profit of 100-150 million yuan for 2025, representing a year-on-year increase of 139.96% to 159.93% [1]. - The energy digitalization and energy internet sectors are driving the company's growth, with significant improvements in profitability expected in 2025 [2]. - The company has achieved substantial growth in its AI-powered electricity trading, with trading volume expected to triple year-on-year in 2025 [2]. - The new energy platform, "New Electric Path," has shown continuous improvement, with losses narrowing and the number of connected charging devices exceeding 2 million [3]. Financial Performance - The company forecasts revenues of 5.169 billion yuan for 2025, with a year-on-year growth rate of 15.4% [4]. - The projected net profit for 2025 is 106 million yuan, a significant recovery from a loss of 250 million yuan in 2024, marking a year-on-year growth of 142.3% [4]. - The earnings per share (EPS) is expected to be 0.10 yuan in 2025, with a forecasted increase to 0.44 yuan in 2026 and 0.77 yuan in 2027 [4]. Business Development - The company is actively promoting AI pilot projects and expanding its overseas electricity grid digitalization efforts, leading to rapid revenue growth [2]. - The company has made significant progress in its electricity grid business, participating in various AI application pilot projects [2]. - The "New Electric Path" platform has achieved a registered user base of over 23 million and partnerships with over 4,300 charging station operators [3].

Investment Rating - The report maintains a "Neutral" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [2][29] Core Insights - The Ministry of Industry and Information Technology (MIIT) is accelerating breakthroughs in key technologies such as training chips and heterogeneous computing power, which is expected to further speed up the development of the domestic computing power industry [13][28] - The AI application ecosystem is deepening, with significant developments such as the integration of Alibaba's Qianwen App into its ecosystem, enabling AI shopping functionalities [14][28] - The report highlights the growth potential of AI applications driven by rapid technological implementation and the release of market demand, suggesting a focus on leading companies with strong AI technology capabilities and scene adaptability [28][29] Industry News - MIIT has announced a special action plan for "Artificial Intelligence + Manufacturing," aiming to promote high-quality development in the AI industry [13] - The GLM Coding Plan by Zhiyuan has announced a temporary sales limit due to a surge in user numbers, indicating a tight supply of computing resources [14] - Alibaba's Qianwen App has integrated with various services, achieving over 100 million monthly active users within two months [14][15] Company Announcements - Hikvision reported a total revenue of 92.518 billion yuan for 2025, with a net profit of 14.188 billion yuan, reflecting a year-on-year growth of 18.46% [17] - Tonghuashun expects a net profit of 2.735 billion to 3.282 billion yuan for 2025, representing a growth of 50% to 80% [18] - Longxin Technology anticipates a net profit of 100 million to 150 million yuan for 2025, with a significant increase due to improvements in its energy digitalization business [20] Market Review - From January 15 to January 21, the CSI 300 index fell by 0.40%, while the Shenwan Computer Industry index dropped by 7.27%, with most sub-sectors experiencing declines [21] - The valuation of the Shenwan Computer Industry as of January 21, 2026, was 223.77 times earnings, with a premium of 1550.55% relative to the CSI 300 [22] Weekly Strategy - The report emphasizes the ongoing high demand for computing power and the expected acceleration in the domestic cloud computing capital expenditure, driven by easing supply constraints [28] - The anticipated launch of the DeepSeek V4 model during the Lunar New Year is expected to drive a new round of technological iteration in domestic large models [28] - The report suggests a focus on leading companies in the AI application sector that demonstrate strong capabilities in technology implementation and scene adaptability [29]