FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方電氣股份有限公司 （「本公司」）(於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01072 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 340,000,000 | RMB | | 1 RMB | | 340,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 340,000,000 | RMB | | 1 RMB | | 340,000,000 | ...

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The approval of coal power and pumped storage remains at a high level, indicating a sustained demand for traditional power generation equipment [5][7] - In July 2025, China approved 5.3GW of new coal power installations, lower than the 12.7GW in 2023 and 6.7GW in 2024 for the same period. The cumulative approved capacity from January to July reached 35.9GW, which is lower than 53GW in 2023 but roughly equal to 36GW in 2024 [11][15] - The peak load issue in China is becoming more pronounced due to the faster growth of electricity consumption in the tertiary sector and among urban and rural residents compared to the secondary sector. As of July 16, 2025, the highest electricity load in China exceeded 1.5 billion kilowatts, an increase of 0.55 million kilowatts compared to 2024, with further increases likely [15][17] Summary by Sections Section 1: Coal Power and Pumped Storage - The approval intensity for coal power remains unexpectedly high, with a total of 90.5GW, 83GW, and 78GW approved from 2022 to 2024, respectively. The current approval strength in 2025 has not declined, supporting previous assessments that the sustainability of high-intensity coal power approvals may exceed market expectations [15][21] - The effective capacity of coal power units is determined by the nameplate capacity minus auxiliary power consumption, while the effective capacity of wind and solar power is significantly lower, at 7% and 1% of their installed capacity, respectively [18][19] - For 2030, it is estimated that a net increase of 340GW of coal power will be needed to ensure system reserve rates do not decline, given the expected peak load increase to 1.94 billion kilowatts [18][19] Section 2: Pumped Storage - From January to July 2025, China approved 18.9GW of pumped storage, lower than 26.6GW in 2023 but higher than 14.3GW in 2022 and 16GW in 2024, indicating a sustained high approval intensity [6][19] - The cumulative approved capacity for pumped storage from 2022 to the first half of 2025 reached 189GW, with an estimated total order value of approximately 150 billion yuan based on a value of 800 million yuan per GW for hydraulic turbines [19][21] - Key companies in the pumped storage sector include Harbin Electric and Dongfang Electric, with Harbin Electric's new water power orders in 2024 reaching 9.65 billion yuan, a year-on-year increase of 64% [19][21]

Group 1 - The top three companies with the highest short positions as of July 25 are WuXi AppTec (02359), CATL (03750), and Luye Pharma (02186), with short ratios of 23.32%, 16.32%, and 14.03% respectively [1][2] - The company with the largest absolute increase in short positions is Jinli Permanent Magnet (06680), with an increase of 3.23%, followed by Dongfang Electric (01072) and China Duty Free Group (01880) with increases of 2.55% and 2.52% respectively [1][2] - The companies with the largest absolute decrease in short positions include Dongfeng Motor Group (00489) with a decrease of -3.15%, followed by Jinxin Fertility (01951) and Ganfeng Lithium (01772) with decreases of -2.09% and -1.99% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include WuXi AppTec (02359) at 23.32%, CATL (03750) at 16.32%, and Luye Pharma (02186) at 14.03% [2] - The companies with the most significant increases in short ratios include Jinli Permanent Magnet (06680) from 1.45% to 4.68%, Dongfang Electric (01072) from 6.15% to 8.70%, and China Duty Free Group (01880) from 2.68% to 5.20% [2] - The companies with the most significant decreases in short ratios include Dongfeng Motor Group (00489) from 7.32% to 4.17%, Jinxin Fertility (01951) from 10.03% to 7.94%, and Ganfeng Lithium (01772) from 13.66% to 11.67% [3]

Core Viewpoint - Tongyu Heavy Industry (300185.SZ) has established a long-term and stable partnership with Dongfang Electric [1] Group 1 - The company has confirmed its collaboration with Dongfang Electric through an investor interaction platform [1]

格隆汇7月31日丨通裕重工(300185.SZ)于投资者互动平台表示，公司已与东方电气建立了长期稳定的合 作关系。 ...

Core Viewpoint - As of July 30, 2025, Dongfang Electric's stock price closed at 20.35 yuan, reflecting a decline of 0.71 yuan or 3.37% from the previous trading day [1] Group 1: Stock Performance - The trading volume for Dongfang Electric on that day was 928,383 hands, with a total transaction amount of 1.912 billion yuan [1] - The stock opened at 20.82 yuan, reached a high of 20.97 yuan, and a low of 20.20 yuan, resulting in a price fluctuation of 3.66% [1] - The net outflow of main funds was 155.7677 million yuan, accounting for 0.38% of the circulating market value [1] Group 2: Company Overview - Dongfang Electric operates in the power equipment sector, focusing on manufacturing power generation equipment, engineering contracting, and services [1] - The company's product range includes thermal power, hydropower, nuclear power, wind power, and solar power generation [1]

金融界2025年7月30日消息，国家知识产权局信息显示，东方电气集团东方电机有限公司申请一项名 为"转子端部的护环形变识别方法及相关装置"的专利，公开号CN120385288A，申请日期为2025年05 月。 专利摘要显示，本申请涉及一种转子端部的护环形变识别方法及相关装置，护环安装于发电机的转子端 部，护环上设置有标识；该方法包括：获取护环在静止状态下标识对应的初始位置信息；获取护环在第 一转速下的检测图像，并确定检测图像中标识对应的检测位置信息；根据初始位置信息和检测位置信 息，确定护环在第一转速下的形变信息。该方法通过对比初始位置信息和检测位置信息，可以精确地测 量标识的位移量，从而评估护环的形变情况。 天眼查资料显示，东方电气集团东方电机有限公司，成立于2008年，位于德阳市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本341569.333333万人民币。通过天眼查大数据分析，东方电 气集团东方电机有限公司共对外投资了18家企业，参与招投标项目5000次，专利信息1502条，此外企业 还拥有行政许可431个。 ...

Summary of Conference Call Records Industry Overview - The Hong Kong stock market is primarily driven by southbound funds and passive investments, with significant increases in trading volume but no notable changes in active allocation ratios, indicating that long-term foreign capital has not significantly entered the market [1][4] - The market is experiencing a structural rally with rapid sector rotation, necessitating investor attention to specific sectors and industry dynamics [1][5] - The phenomenon of AH premium narrowing has been observed, with some companies trading at higher prices in Hong Kong than in A-shares, attributed to alignment with industrial development trends and foreign capital preferences [1][8] Key Points and Arguments - **Liquidity as a Dominant Factor**: The primary driver of the recent market activity has been liquidity rather than fundamentals, with a significant influx of southbound funds [2][10] - **Structural Market Characteristics**: The market has shown a high level of structural activity, with different sectors taking turns as hotspots, leading to a disparity between index returns and actual investment returns [5][6] - **Investment Opportunities**: The ongoing influx of southbound funds, which accounted for 8.2 trillion RMB this year, has positioned them as a dominant force in the market, particularly in ETFs and trading funds [10][11] - **Future Market Outlook**: The Chinese market is expected to continue facing a "money surplus but lack of quality assets" situation, which will sustain structural market trends [11][12] - **IPO and Placement Dynamics**: The balance of supply and demand in the market is expected to remain stable, with estimated IPO and placement absorption power around 3 trillion RMB, matching the supply from southbound funds and foreign capital [13][14] Important but Overlooked Content - **Sector-Specific Insights**: The electric equipment industry is expected to benefit significantly from the Yaxia Hydropower Station project, which has a total investment of approximately 1.2 trillion RMB, catalyzing long-term growth in related sectors [3][40] - **Impact of Policies on Industries**: The "anti-involution" policy is influencing the basic materials sector by reducing production capacity, which may benefit long-term industry development despite short-term profitability pressures [25][26] - **Investment Strategy Recommendations**: Investors are advised to position themselves during market lows rather than chasing highs, focusing on structural opportunities rather than overall index performance [18][19] Conclusion - The Hong Kong stock market is characterized by a liquidity-driven structural rally, with significant implications for various sectors, particularly in the context of ongoing policy changes and macroeconomic conditions. Investors are encouraged to adopt a strategic approach that emphasizes sector rotation and specific investment opportunities while being mindful of the broader market dynamics.

Core Viewpoint - The 2024 annual assessment results of central enterprises benchmarking against world-class enterprises in value creation have been released, with several energy and power central enterprises achieving an A rating, indicating strong performance in value creation initiatives [1][2][3][4]. Group 1: Company Performance - China Huaneng has received an A rating in the 2024 assessment, marking its second consecutive A rating since the implementation of the value creation assessment by the State-owned Assets Supervision and Administration Commission in 2023 [1][5]. - Harbin Electric Group has also been awarded an A rating for the second consecutive year, demonstrating its solid progress in becoming a world-class enterprise [1][6]. - Dongfang Electric Group achieved an A rating in the 2024 assessment, reflecting its commitment to enhancing core capabilities and competitiveness [2][7]. - China Energy Engineering Corporation received an A rating, showcasing its focus on value creation and operational stability [3][8]. - China Electrical Equipment has been rated A, emphasizing its efforts in value creation and sustainable development [4][9]. Group 2: Strategic Focus and Future Plans - China Huaneng aims to enhance its core functions and competitiveness while implementing a long-term value creation mechanism, aligning with national strategic goals [5]. - Harbin Electric Group plans to continue focusing on value creation and enhancing core capabilities, contributing to national modernization efforts [6]. - Dongfang Electric Group intends to optimize its value creation mechanisms and strengthen its position as a world-class equipment manufacturing group [7][8]. - China Energy Engineering Corporation will maintain its focus on value creation and enhance its core functions to achieve high-quality development [8]. - China Electrical Equipment is set to improve its value creation capabilities and strengthen its role in the new industrialization process [9].

Group 1 - On July 24, 2025, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading volumes of 4.395 billion, 3.061 billion, and 2.944 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), SMIC (00981), and Alibaba-W (09988) also ranked as the top three, with trading volumes of 2.138 billion, 1.961 billion, and 1.635 billion respectively [1] Group 2 - In the southbound trading of the Stock Connect, the top active companies included SMIC (00981) with a trading amount of 4.395 billion and a net buy of -0.684 billion, Alibaba-W (09988) with a trading amount of 3.061 billion and a net buy of -0.373 billion, and Tencent Holdings (00700) with a trading amount of 2.944 billion and a net buy of +0.381 billion [2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700) had a trading amount of 2.138 billion with a net buy of +0.158 billion, SMIC (00981) had a trading amount of 1.961 billion with a net buy of +0.667 billion, and Alibaba-W (09988) had a trading amount of 1.635 billion with a net buy of +0.178 billion [2]