Seedance 2.0 走向更广阔平台，使用频次、深度有望长期提升。该模型的核心 使用方式简单易操作，用户在豆包 App 对话框找到新增的"Seedance 2.0"入 口，输入提示词即可生成 5 秒或 10 秒视频；也可选择"分身视频"功能，完成真 人活体验证后创建个人专属视频分身，解锁更多创意玩法，不过目前暂不支持上 传真人图片作为视频主体参考，若要使用真人形象需本人验证或取得授权。 Seedance 2.0 具备多项核心能力，支持原声音画同步、多镜头长叙事、多模态可 控生成，可接受文本、图片等多模态输入，搭配提示词和参考图就能生成带完整 原生音轨的多镜头视频；模型能自动解析叙事逻辑，让生成镜头序列的角色、光 影、风格与氛围保持高度统一，还解决了传统 AI 视频人物突变、音画不同步等行 业痛点。 在使用频次、深度有望长期提升的趋势下，重视多模态给算力端的重要拉动。 分析师：吕伟 分析师：郭新宇 执业证书：S0590525110033 执业证书：S0590525110034 邮箱：lvwei_yj@glms.com.cn 邮箱：guoxinyu@glms.com.cn 事件：2026 年 2 月 12 日 ...

行业政策现状 公司2025年三季报显示营收同比增长27.16%，归母净利润增长41.53%，但市场关注点集中于AI服务器 电源业务的长期潜力与短期业绩兑现的平衡。高盛1月21日调研指出，公司与一家美国云服务提供商 (CSP)就下一代服务器电源达成研发合作，预计2027年可能贡献收入，但现阶段份额目标(如10%)仍具不 确定性。这种"长期技术突破预期"与"短期盈利增速"的错配加剧了股价波动。 股东质押股份 1月27日公告显示，控股股东及一致行动人因大宗交易减持及可转债转股导致持股比例从53.89%降至 52.89%，虽未改变控制权，但稀释效应叠加减持行为对市场情绪形成压制。此外，2月3日限制性股票 归属导致总股本增加，可转债转股价格相应下调，进一步放大流动性波动。 经济观察网欧陆通（300870）(300870.SZ)近期股价大幅波动主要受以下几个因素影响。 资金面情况 近5个交易日股价呈现明显震荡。2月5日单日下跌7.77%，2月9日反弹5.64%，2月11日再度回调3.73%， 而2月12日则大幅上涨7.75%。资金流向显示短期博弈加剧：2月11日主力资金净流出8333.46万元，但2 月12日转为净流入1 ...

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]

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]

Summary of the Conference Call for 欧陆通 Company Overview - 欧陆通 reported a record high revenue of 1.267 billion yuan in Q3 2025, with significant growth in the data center power business, accounting for 47% of total revenue [2][3][4] - The company has set ambitious revenue targets of 4.127 to 4.480 billion yuan for 2025 and 4.669 to 5.159 billion yuan for 2026, focusing on the server power sector [2][4] Key Business Segments 1. **Data Center Power** - Revenue reached 1.6 billion yuan in Q3 2025, up over 60% year-on-year, with high-power products (≥2000W) making up 66% of this segment [2][3][5] - Gross margin for this segment is approximately 24%, with high-power products achieving a gross margin of 28% [2][5] - The company plans to expand production capacity in Suzhou by adding around 1 billion yuan in data center power capacity [2][4] 2. **Power Adapters** - Revenue for power adapters was 1.297 billion yuan, showing a growth of about 6% year-on-year, accounting for 38% of total revenue [3][5] - The gross margin for this segment is around 16%-17%, slightly down due to weak consumer electronics market sentiment [5] 3. **Other Power Products** - This segment includes chargers for lithium-ion power tools and electric vehicles, generating 472 million yuan in revenue, a 2% increase year-on-year, with a gross margin of about 18% [5] Future Outlook - The company aims to focus on the server power sector, anticipating increased demand driven by enhancements in CPU and GPU computing power [3][4] - The pricing strategy is flexible, based on customer needs, order volume, and material costs, with gross margins expected to remain between 28-30% despite a decrease in unit prices for 3kW products [3][9][12] Production and R&D - 欧陆通 has established R&D teams in Shenzhen, Hangzhou, Shanghai, and the US, with production bases in Shenzhen, Dongguan, Ganzhou, Suzhou, Vietnam, and Mexico [6] - The company is developing higher power (above 8kW) PSU products and solutions supporting 800V and ±400V DC-DC conversion [2][6] Challenges and Risks - The company faces challenges from a depreciating dollar, rising raw material costs, and sluggish downstream sales, prompting adjustments in product structure and cost reduction measures [3][17] - The export ratio exceeds 50%, and the anticipated decline in consumer electronics sales could further pressure margins [17] Competitive Strategy - 欧陆通 is focusing on high-value orders and expanding its market share in the data center power sector, leveraging its early investments to maintain a competitive edge [20] - The company does not have specific market share targets but aims to achieve significant revenue growth based on its equity incentive goals [21][22] Conclusion - Overall, 欧陆通 is positioned for growth in the data center power market, with a strong focus on high-power products and strategic capacity expansion, while navigating challenges in the consumer electronics sector and raw material costs. The company remains optimistic about its future prospects and competitive positioning in the industry [2][20][22]

（编辑 任世碧） 证券日报网讯 1月29日，欧陆通发布关于公司2024年限制性股票激励计划第一个归属期归属结果暨股份 上市的公告称，公司本次归属限制性股票的激励对象人数：185人；本次归属股票数量：82.8万股；本 次归属股票来源：公司向激励对象定向发行公司A股普通股。本次归属股票上市流通日期：2026年2月3 日。 ...

证券代码：300870 证券简称：欧陆通 公告编号：2026-009 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于可转换公司债券调整转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 其中：P0 为调整前转股价，n 为送股或转增股本率，k 为增发新股或配股 率，A 为增发新股价或配股价，D 为每股派送现金股利，P1 为调整后转股价。 当公司出现上述股份和/或股东权益变化情况时，将依次进行转股价格调整， 并在中国证券监督管理委员会指定的上市公司信息披露媒体上刊登相关公告，并 于公告中载明转股价格调整日、调整办法及暂停转股期间（如需）；当转股价格 调整日为本次发行的可转换公司债券持有人转股申请日或之后，转换股份登记日 之前，则该持有人的转股申请按公司调整后的转股价格执行。 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会出具的《关于同意深圳欧陆通电子股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕219 号）同 意注册，深圳欧陆通电子股份有限公司（以下简称" ...

证券代码：300870 证券简称：欧陆通 公告编号：2026-010 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于公司 2024 年限制性股票激励计划 第一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 深圳欧陆通电子股份有限公司（以下简称"欧陆通"或"公司"）于 2025 年 12 月 17 日召开第三届董事会 2025 年第九次会议，审议通过了《关于公司 2024 年限制性股票激励计划第一个归属期归属条件成就的议案》，近日，公司在中国 证券登记结算有限责任公司深圳分公司办理完成本次股份归属及上市的相关手 续。现对有关事项说明如下： 一、2024 年限制性股票激励计划简述 2024 年 9 月 18 日，公司召开 2024 年第一次临时股东会，审议通过了《关 于<公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》，公司《激励 计划》 主要内容如下： （一）本激励计划的股票来源 1、本次归属股票数量：82.8 万股 2、本次归属股票上市流通时间：2026 年 2 月 3 ...

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]