Core Insights - YN Power has established a new subsidiary, Wuxi YN Smart Technology Co., Ltd., focusing on smart technology solutions including AI and IoT services [1] Company Overview - The newly formed company has a registered capital of 10 million yuan [1] - The business scope includes IoT technology services, AI foundational software development, AI innovation service platforms, and AI application software development [1] - YN Smart Technology is wholly owned by YN Power through indirect shareholding [1]

Core Viewpoint - YN Power (亿能电力) has shown a positive trend in financing activities, with a net financing increase of 28.05 million yuan on November 20, 2025, and a cumulative net purchase of 194.25 million yuan over the last three trading days [1][2]. Financing Activities - On November 20, 2025, YN Power had a financing buy-in of 1.4284 million yuan and a financing repayment of 1.1479 million yuan, resulting in a financing balance of 10.6311 million yuan [1]. - The financing balance has increased by 2.71% compared to the previous day, reflecting a growing interest in the stock [3]. - The financing net purchases for the previous trading days were as follows: - November 19: 527,300 yuan - November 18: 1,134,700 yuan - November 17: -400,200 yuan (indicating a net sell) - November 14: 337,800 yuan [2][3]. Market Position - The financing balance of YN Power represents 1.17% of its circulating market value as of November 20, 2025, indicating a moderate level of leverage in the market [2]. - The overall margin trading balance for YN Power has shown fluctuations, with a notable increase of 13.06% on November 18, 2025, before stabilizing in the following days [3].

证券代码：920046 证券简称：亿能电力 公告编号：2025-081 鉴于保荐代表人曹君锋先生、张兴云先生因个人原因无法继续从事对公司的持续督导 工作，为保证持续督导工作的有序进行，东北证券指定尹冠钧先生、程继光先生（简历见 附件）接替曹君锋先生、张兴云先生担任公司持续督导的保荐代表人，继续履行对公司的 持续督导职责。本次保荐代表人变更后，东北证券负责公司持续督导工作的保荐代表人为 尹冠钧先生、程继光先生。 本次保荐代表人变更不影响东北证券对公司持续督导工作。公司董事会对曹君锋先 生、张兴云先生担任公司保荐代表人期间所做的工作表示衷心感谢！ 特此公告。 无锡亿能电力设备股份有限公司 董事会 2025 年11 月14 日 无锡亿能电力设备股份有限公司 关于变更持续督导保荐代表人的公告 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，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 无锡亿能电力设备股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日收到保 荐机构东北证券股份有限公司（以下简称"东北证券"）《关于变更无锡亿能电力设备股 份 ...

Core Viewpoint - YN Power (920046) experienced a significant decline of 8.02% in its stock price, with a trading volume turnover rate of 25.68% and a total transaction amount of 281 million yuan, indicating heightened trading activity and potential investor concern [2] Trading Activity Summary - The stock was listed on the North Exchange due to its turnover rate reaching 25.68%, with institutional investors net selling 1.1835 million yuan [2] - The top five trading departments accounted for a total transaction amount of 73.8918 million yuan, with buying transactions amounting to 34.6397 million yuan and selling transactions totaling 39.2521 million yuan, resulting in a net selling amount of 4.6125 million yuan [2] - Among the trading departments, one institutional specialized seat was noted, with a buying amount of 2.9309 million yuan and a selling amount of 4.1144 million yuan, leading to a net selling of 1.1835 million yuan [2] Detailed Trading Data - The top buying and selling departments included: - Buy One: Guosen Securities Shenzhen Internet Branch, buying 12.8671 million yuan and selling 16.6081 million yuan - Buy Two: Guosen Securities Shenzhen Hongling Middle Road Branch, buying 5.1349 million yuan and selling 2.3897 million yuan - Sell One: Guosen Securities Shenzhen Internet Branch, with the same amounts as Buy One [2]

Market Overview - On November 5, the Shanghai Composite Index rose by 0.23%, with the total margin trading balance at 24,914.78 billion yuan, a decrease of 1.44 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 12,671.49 billion yuan, an increase of 2.82 billion yuan, while the Shenzhen market saw a decrease of 4.26 billion yuan to 12,163.54 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 16 sectors saw an increase in margin trading balances, with the power equipment sector leading with an increase of 2.739 billion yuan [1] - The basic chemical and steel industries also experienced increases in margin trading balances, rising by 267 million yuan and 252 million yuan, respectively [1] Stock Performance - A total of 1,763 stocks saw an increase in margin trading balances, accounting for 47.14% of the total, with 306 stocks experiencing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Yinen Power, which saw a balance of 18.6114 million yuan, an increase of 146.86%, and its stock price rose by 20.79% [1] - Other notable stocks with significant increases in margin trading balances included Shenma Power (48.40% increase) and Zhongjie Automobile (41.71% increase) [1] Top Margin Trading Stocks - The top 20 stocks by margin trading balance increase averaged a rise of 4.53%, with Yinen Power, Aters, and Sanbian Technology leading with increases of 20.79%, 20.02%, and 10.03%, respectively [2] - Conversely, stocks with the largest declines included Heyuan Bio-U (-12.55%), Weigao Blood Products (-3.98%), and Zhongjie Automobile (-1.30%) [2] Declining Margin Trading Stocks - Among the 1,977 stocks with decreasing margin trading balances, 174 stocks saw declines exceeding 5% [3] - The stock with the largest decline was Jiahua Technology, with a margin trading balance of 3.957 million yuan, down 34.70% from the previous trading day [4] - Other stocks with significant declines included Zhu Laoliu (-28.75%) and Weiman Sealing (-26.59%) [4]

Group 1 - Yinen Power (920046) experienced a significant increase of 20.79% in its stock price, with a trading volume of 3.52 billion yuan and a turnover rate of 32.40% on the day [1] - The stock was listed on the trading board due to its daily price fluctuation of 31.21% and a net sell-off of 29.80 million yuan by brokerage seats [1] - The top five brokerage seats accounted for a total transaction volume of 114 million yuan, with a buying amount of 42.32 million yuan and a selling amount of 72.12 million yuan, resulting in a net sell-off of 29.80 million yuan [1] Group 2 - The largest buying brokerage was Guosen Securities Co., Ltd. Shenzhen Internet Branch, with a buying amount of 15.61 million yuan, while the largest selling brokerage was China Galaxy Securities Co., Ltd. Beijing Fucheng Road Securities Branch, with a selling amount of 48.02 million yuan [1] - Detailed trading information shows that the top five buying brokerages had a total buying amount of 4.23 million yuan, while the top five selling brokerages had a total selling amount of 7.21 million yuan [1]

Core Viewpoint - The electric grid equipment sector experienced a significant surge in stock prices on November 5, with multiple companies reaching their daily price limits and others showing substantial gains [1]. Group 1: Stock Performance - Zhongzhi Technology (众智科技) saw a price increase of 19.99%, reaching a price of 40.70 [2]. - China Energy Electric (中能电气) also rose by 19.95%, with a price of 9.20 [2]. - Other notable performers included Caneng Electric (灿能电力) with an 18.01% increase, and Shuangjie Electric (双杰电气) which rose by 14.32% [2]. - Solar Cable (太阳电缆) and Moen Electric (摩恩电气) both achieved gains of over 10%, with increases of 10.03% and 10.01% respectively [2]. - Additional companies such as Shenma Electric (神马电力) and Baobian Electric (保变电气) also showed strong performance, with price increases of 10.00% and 9.99% respectively [2].

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 1.007 billion shares, with a total transaction value of 22.218 billion yuan, a decrease of 7.31 billion yuan compared to the previous trading day [1] - Among the traded stocks, 182 stocks closed higher, accounting for 65.00% of the total, with notable gainers including Caneng Power, Yinen Power, and Guangxin Technology, which rose by 29.96%, 20.79%, and 13.30% respectively [1] - Conversely, 94 stocks closed lower, with Fujida, Digital Human, and Tietuo Machinery experiencing declines of 7.68%, 6.42%, and 5.16% respectively [1] Trading Activity - A total of 62 stocks had transaction values exceeding 100 million yuan, with Fujida, Better Ray, and Kerun Intelligent Control leading at 662.36 million yuan, 588.52 million yuan, and 522.41 million yuan respectively [1] - The trading activity showed that 27 stocks had a turnover rate exceeding 10%, with 7 stocks exceeding 20%. Additionally, 48 stocks had turnover rates between 5% and 10%, while 192 stocks had turnover rates between 1% and 5% [1] - The stocks with the highest turnover rates included Danna Biology, Caneng Power, and Yinen Power, with rates of 44.61%, 41.10%, and 32.40% respectively [1] Stock Performance - The closing prices and performance of notable stocks included: - Fujida: 37.00 yuan, down 7.68%, turnover rate 9.66%, transaction value 662.36 million yuan [1] - Better Ray: 35.74 yuan, up 0.17%, turnover rate 1.49%, transaction value 588.52 million yuan [1] - Kerun Intelligent Control: 13.13 yuan, up 5.63%, turnover rate 30.08%, transaction value 522.41 million yuan [1] - Guangxin Technology: 110.00 yuan, up 13.30%, turnover rate 16.59%, transaction value 516.98 million yuan [1] - Caneng Power: 24.90 yuan, up 29.96%, turnover rate 41.09%, transaction value 402.04 million yuan [1] - Yinen Power: 17.95 yuan, up 20.79%, turnover rate 32.40%, transaction value 352.46 million yuan [1]

Core Insights - The net inflow of main funds into the power grid equipment sector reached 5.962 billion yuan, while retail investors experienced a net outflow of 3.272 billion yuan [2][3] - The power grid equipment sector saw a significant increase of 4.92% on the trading day, with major stocks like Caneng Electric leading the gains [1] Group 1: Stock Performance - Caneng Electric (code: 920299) closed at 24.90 yuan, up 29.96% with a trading volume of 181,100 shares and a transaction value of 402 million yuan [1] - Yinen Electric (code: 920046) closed at 17.95 yuan, up 20.79% with a trading volume of 207,600 shares [1] - Shuangjie Electric (code: 300444) closed at 68.60 yuan, up 20.02% with a trading volume of 2,188,800 shares and a transaction value of 2.003 billion yuan [1] Group 2: Market Trends - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] - The overall trading volume in the power grid equipment sector was robust, indicating strong investor interest [2] Group 3: Fund Flow Analysis - Main funds showed a net inflow of 5.962 billion yuan into the power grid equipment sector, while speculative funds had a net outflow of 2.689 billion yuan [2][3] - Retail investors also experienced a net outflow of 3.272 billion yuan, suggesting a shift in investment strategy among different investor types [2][3]

Group 1 - The A-share market saw a significant surge in electric grid equipment stocks, with notable performances including Caneng Electric reaching a 30% limit up and Yinen Electric rising by 23% [1][2] - Other companies such as Shuangjie Electric, Zhongzhi Technology, Jinguang Electric, and others also experienced limit up of 20%, indicating a strong market trend in this sector [1][2] - Microsoft CEO Satya Nadella highlighted that the current challenge in the AI industry is not an excess of computing power but rather a lack of sufficient electricity to support all GPU operations [1] Group 2 - Caneng Electric's market capitalization is reported at 2.244 billion, with a year-to-date increase of 157.73% [2] - Yinen Electric has a market cap of 1.851 billion and a year-to-date increase of 21.78% [2] - Other companies like Shuangjie Electric and Zhongzhi Technology have market caps of 7.898 billion and 4.735 billion respectively, with year-to-date increases of 42.71% and 37.87% [2]