Market Performance - On March 26, 2026, the Beijiao Exchange 50 index decreased by 1.57%, closing at 1,266.68 points[1] - The overall trading volume on the Beijiao Exchange was 135.16 billion CNY, with a turnover rate of 2.58%[1] - The total market capitalization of the Beijiao Exchange was 803.38 billion CNY, with a circulating market value of 488.41 billion CNY[1] Sector Performance - The media sector led gains with an increase of 4.1%, while the defense and military industry saw a decline of 3.7%[1] - Among the 300 listed companies on the Beijiao Exchange, 39 companies rose, 3 remained flat, and 258 companies fell[1] Stock Highlights - The top gainers included Huayang Transmission (+9.65%), Hongxi Technology (+7.56%), and Tianli Composite (+7.12%) while the largest decliners were Caneng Electric (-7.48%), Pano Technology (-7.43%), and Yinen Electric (-7.43%)[1] - The most actively traded stocks were Zuxing New Materials (28.21%), Keli Co. (28.14%), and Xinhengtai (26.92%) based on turnover rate[1] Valuation Insights - The overall valuation of the Beijiao Exchange was approximately 39.22 times earnings, lower than the ChiNext and STAR Market, which had P/E ratios of 42.91 and 71.05 respectively[1] - The highest average P/E ratio among sectors on the Beijiao Exchange was in the oil and petrochemical sector at 115.2 times[1] Risk Factors - Potential risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[1]

证券代码：920299 证券简称：灿能电力 公告编号：2026-010 南京灿能电力自动化股份有限公司 股票解除限售公告 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。 一、 本次股票解除限售数量总额为 1,015,694 股，占公司总股本 1.1272%，可交 易时间为 2026 年 3 月 24 日。 二、本次股票解除限售的明细情况及原因 单位：股 | 序号 | 股东姓名 | 是否为控股 股东、实际 | | 本次解限 | 本次解除 | 本次解 除限售 股数占 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 或名称 | | 任职情况 | | 限售登记 | | 限售的股 | | | | 控制人或其 一致行动人 | | 售原因 | 股票数量 | 公司总 股本比 | 票数量 | | | | | | | | 例 | | | 1 | 师魁 | 否 | 离任监事 | B | 413,906 | 0.4593% | 1,655,624 | ...

申万宏源证券承销保荐有限责任公司 关于南京灿能电力自动化股份有限公司 2025 年度持续督导定期现场检查报告 （以下无正文） 现场检查手段： （1）查阅募集资金管理制度、募集资金监管协议、募集资金使用的有关决策文件； （2）现场调取募集资金专户银行交易明细，核对募集资金使用台账； （3）查阅募集资金使用的信息披露文件； （4）对相关人员进行访谈； （5）现场检查募投项目进展情况。 1.是否在募集资金到位后一个月内签订三方监管协议 √ 2.募集资金三方监管协议是否有效执行 √ 3.募集资金是否不存在第三方占用或违规进行委托理财等情形 √ 4.是否不存在未履行审议程序擅自变更募集资金用途、暂时补充 流动资金、置换预先投入、改变实施地点等情形 √ 5.使用闲置募集资金暂时补充流动资金、将募集资金投向变更为 永久性补充流动资金或者使用超募资金补充流动资金或者偿还 银行贷款的，公司是否未在承诺期间进行高风险投资 √ 6.募集资金使用与已披露情况是否一致，项目进度、投资效益是 否与招股说明书等相符 √ 注 1 7.募集资金项目实施过程中是否不存在重大风险 √ 注 1：募集资金使用与各年已披露情况一致，因公司存在募投项目延 ...

Core Viewpoint - Canaan Power (stock code: 920299) experienced significant trading activity on February 10, 2026, with a turnover rate of 20.19% and a transaction volume of 8.9653 million shares, amounting to a total transaction value of 230 million yuan [1][2]. Group 1 - Canaan Power's closing price on the trading day was 26.05 yuan [1]. - The leading buyer was Guosen Securities Co., Ltd. Shenzhen Internet Branch, purchasing approximately 14.18 million yuan worth of shares [2]. - The same brokerage also led in selling, with a total sell amount of approximately 7.35 million yuan [2]. Group 2 - Other notable buyers included institutional investors and various branches of Guosen Securities, with significant amounts also traded by CITIC Securities and Guotai Junan Securities [2]. - The trading data indicates a high level of interest and activity in Canaan Power's stock, suggesting potential investor confidence or speculation [1][2].

证券代码：920299 证券简称：灿能电力 公告编号：2026-009 南京灿能电力自动化股份有限公司 2025 年年度业绩快报公告 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。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业收入 126,575,925.80 元，同比增长 8.95%，归属于 上市公司股东的净利润 25,134,128.45 元，同比增长 2.74%，归属于上市公司股东 的扣除非经常性损益的净利润 22,954,418.93 元，同比下降 0.89%。 报告期末，公司总资产为 342,137,434.08 元，较报告期初增长 6.26%，归属 于上市公司股东的所有者权益为 289,721,328.01 元，较报 ...

证券代码：920299 证券简称：灿能电力 公告编号：2026-008 南京灿能电力自动化股份有限公司 股票解除限售公告 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。 一、 本次股票解除限售数量总额为 334,281 股，占公司总股本 0.3710%，可交易 时间为 2026 年 2 月 10 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | | | | | | 本次解 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东姓 | 是否为控股 | | 本次解 | 本次解除 | 除限售 | 尚未解除 | | | | 股东、实际控 | | | | 股数占 | | | 序号 | 名或名 | | 任职情况 | 限售原 | 限售登记 | | 限售的股 | | | | 制人或其一 | | | | 公司总 | | | | 称 | | | 因 | 股票数量 | | 票数量 | | | | 致行动人 | | | | 股本比 | | | | | ...

Core Viewpoint - The A-share market experienced a significant downturn, but the high-voltage power transmission sector saw a remarkable surge due to three powerful driving forces: substantial investment plans, accelerated domestic substitution, and expanding overseas markets [1][3][5]. Investment Plans - The State Grid's "14th Five-Year Plan" outlines a fixed asset investment of 4 trillion yuan in the power grid sector over the next five years, representing a 40% increase from the previous period. Over 60% of this investment will be directed towards ultra-high voltage (UHV) and inter-regional transmission projects, translating to at least 2.4 trillion yuan flowing into the UHV and related industries [3][5]. Domestic Substitution - There is a clear policy directive to increase the domestic production rate of core UHV equipment from 90% to 98% by 2026, with procurement ratios for domestic equipment rising from 30% to over 50%. This shift is expected to redirect significant orders and profits from foreign manufacturers to domestic companies, benefiting leading firms in high-voltage switches, converters, and transformers [5][10]. Overseas Market Expansion - China's UHV technology is leading globally, with increasing demand for power grid upgrades and energy transitions worldwide. The "Belt and Road" initiative is facilitating the export of UHV technology, exemplified by successful projects like the Belo Monte UHV project in Brazil [6][7]. Market Performance - On February 2, the UHV sector saw a collective surge in stock prices, with companies like Electric Power Research Institute and Anke Intelligent Electric experiencing gains of 19.95% and 16.56%, respectively. Other companies in the sector also reported significant increases, with many stocks hitting their daily limit [2][10]. Industry Dynamics - The global market for large power transformers is currently facing a structural shortage, with a supply gap of 30%. The lead time for orders has extended from an average of 18 months in 2021 to over four years now, creating a favorable environment for Chinese companies with full industrial chain capabilities [7][10]. Order Growth - From the second half of 2025, several UHV equipment companies have reported significant year-on-year increases in contract amounts, indicating a strong order backlog that will support revenue growth in 2026 and 2027 [17]. Key Players - Major companies in the UHV sector include China Western Electric, which holds a dominant position in the market with over 40% share in core equipment like converters and GIS, and TBEA, recognized as a global leader in UHV transformers [15][16]. Investment Sentiment - Institutional investors, particularly social security funds, have heavily invested in key players like Anke Intelligent Electric and China Western Electric, indicating strong confidence in the sector's growth potential [10][14]. Conclusion - The convergence of substantial investment, domestic substitution policies, and international market opportunities is positioning the UHV sector for robust growth, attracting significant market interest and investment [1][3][5].

证券代码：920299 证券简称：灿能电力 公告编号：2026-007 南京灿能电力自动化股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 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。 一、 授权委托理财情况 （一）购买理财产品的审议情况 南京灿能电力自动化股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开了第三届董事会第九次会议审议通过了《关于使用闲置募集资金进行现金 管理的议案》，使用不超过人民币 9,000 万元（含本数）的闲置募集资金进行现 金管理，择机、分阶段购买安全性高、流动性好、有保本约定的理财产品，拟投 资的产品期限最长不超过 12 个月。在上述额度范围内，资金可循环滚动使用。 具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）披露的《使用 闲置募集资金进行现金管理的公告》（公告编号 2025-083）。 （二）前次披露情况 公司前次披露的关于使用闲置募集资金进行现金管理的进展情况详见公司 于 2026 年 1 月 12 日在北京证券交易 ...

Market Overview - The grid equipment sector experienced a decline of 1.32% on the previous trading day, with Can Energy leading the drop [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 Performers in Grid Equipment Sector - Guangdian Electric (601616) closed at 6.09, up 9.93%, with a trading volume of 3.79 million shares and a transaction value of 2.228 billion [1] - Songsheng Co. (301002) closed at 41.06, up 8.22%, with a trading volume of 110,500 shares and a transaction value of 438 million [1] - Hancable (002498) closed at 5.69, up 7.77%, with a trading volume of 4.8858 million shares and a transaction value of 2.797 billion [1] Underperformers in Grid Equipment Sector - Can Energy (920299) closed at 25.34, down 10.05%, with a trading volume of 107,900 shares and a transaction value of 280 million [2] - Yieneng Electric (920046) closed at 25.05, down 8.04%, with a trading volume of 174,400 shares [2] - Sanbian Technology (002112) closed at 21.06, down 8.03%, with a trading volume of 1.0891 million shares [2] Capital Flow Analysis - The grid equipment sector saw a net outflow of 5.885 billion from institutional investors, while retail investors had a net inflow of 6.005 billion [2] - The capital flow data indicates that retail investors are actively buying into the sector despite the overall decline [2] Individual Stock Capital Flow - Hancable (002498) had a net inflow of 65.4469 million from institutional investors, while retail investors had a net outflow of 65.6998 million [3] - Jiangsu Huachen (603097) saw a net inflow of 16.7398 million from institutional investors, with retail investors experiencing a net outflow of 10.3445 million [3]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on sectors with high growth potential and policy support, indicating a positive outlook for certain segments [3]. Core Insights - The market is driven by dual factors of policy direction and earnings certainty, particularly in sectors like ultra-high voltage and power grid equipment, which are benefiting from a significant investment plan by the State Grid [3]. - The commercial aerospace sector is showing signs of stability due to technological breakthroughs, which are attracting investment into specialized companies [3]. - Short-term focus should be on the implementation pace of State Grid investments and the progress of commercial aerospace technology, as these will directly impact the valuation elasticity of high-end manufacturing sectors [3]. - Long-term potential exists for the North Exchange as a platform for specialized and innovative enterprises, with a focus on balancing growth and valuation [3]. Summary by Sections Market Review - On January 19, the North Exchange A-share trading volume reached 240.3 billion yuan, a decrease of 64.0 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1548.63, up 0.02% [8][13]. - Among 288 companies listed, 118 saw an increase in stock price, while 163 experienced a decline [15]. Key News - The National Bureau of Statistics reported a GDP growth of 5% for 2025, with the total GDP reaching 1,401,879 billion yuan [2]. - Concerns are rising over potential supply shortages of high-speed SSD controller chips due to increased demand driven by AI applications [18]. Company Announcements - Tai Kai Ying announced the lifting of restrictions on 15,275,901 shares, representing 6.91% of its total share capital, effective January 22, 2026 [19]. - Hua Wei Design also announced the lifting of restrictions on 287,850 shares, representing 0.2792% of its total share capital, effective January 22, 2026 [23].