根据本公司2024年度股东周年大会授权，于2025年12月2日，本公司召开董事会会议，议决委任李谢华 先生为本公司独立非执行董事以及本公司审核委员会、薪酬委员会、战略发展委员会及提名委员会各自 的委员，有关任职自本公告发布的日起正式生效，任期至本公司下一次股东周年大会完结时为止。 哈尔滨电气(01133)发布公告，潘启龙先生因工作调动，已辞去本公司独立非执行董事以及本公司审核 委员会、薪酬委员会、战略发展委员会及提名委员会各自的委员职务，该辞呈自本公告发布的日起生 效。 ...

Core Viewpoint - Harbin Electric (01133) announced the resignation of Mr. Pan Qilong as an independent non-executive director and from various committee positions due to job relocation, effective immediately upon the announcement [1] Group 1 - Mr. Pan Qilong has resigned from his roles in the audit committee, remuneration committee, strategic development committee, and nomination committee [1] - The company will hold a board meeting on December 2, 2025, authorized by the 2024 annual general meeting of shareholders, to appoint Mr. Li Xiehua as an independent non-executive director and as a member of the aforementioned committees [1] - Mr. Li Xiehua's appointment will take effect immediately upon the announcement and will last until the conclusion of the next annual general meeting of shareholders [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 董 事 會 謹 此 宣 佈，自 本 公 告 發 佈 之 日 起： 獨立非執行董事辭任 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 公 告， 潘 啟 龍 先 生（「潘先生」）因 工 作 調 動，已 辭 去 本 公 司 獨 立 非 執 行 董 事 以 及 本 公 司 審 核 委 員 會、薪 酬 委 員 會、戰 略 發 展 委 員 會 及 提 名 委 員 會 各 自 之 委 員 職 務，該 辭 呈 自 本 公 告 發 佈 之 日 起 生 效。 潘 先 生 確 認 其 與 董 事 會、本 公 司 監 事 會 並 無 任 何 意 見 分 歧，亦 無 與 其 辭 任 有 關 之 其 他 事 宜 須 知 會 本 公 司 股 東。 潘 先 生 在 任 職 期 間，勤 勉 敬 業、恪 盡 職 守，為 ...

致：香港交易及結算所有限公司 公司名稱: 哈爾濱電氣股份有限公司 呈交日期: 2025年12月1日 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11月30日 狀態: 新提交 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) | 01133 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 675,571,000 | RMB | | 1 RMB | | 675,571,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 675,571,000 | RMB | | 1 RMB | | 675,571,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

Core Viewpoint - The gas turbine industry is experiencing significant growth driven by the surge in global AI computing power demand, the Middle East's transition from oil to gas, and the increasing need for renewable energy peak shaving [1] Industry Summary - The global gas turbine market is projected to see a 38% year-on-year increase in new orders, reaching 21 GW by Q2 2025, with major manufacturers' orders extending to 2028, indicating a sustained tight capacity [1] - The International Energy Agency (IEA) forecasts that electricity demand from global data centers, AI, and cryptocurrency will rise dramatically from 460 TWh in 2022 to between 620 TWh and 1,050 TWh by 2026 [1] - Major international players like GE Vernova have secured large-scale gas turbine orders for data centers, reflecting a positive demand outlook that is expected to benefit domestic component manufacturers [1] Company Summary - Domestic gas turbine manufacturers are positioned to capitalize on the growing demand for reliable and stable electricity supply driven by AI data center construction, which requires quick construction cycles and low resource demands [1] - The global gas turbine market is primarily dominated by companies such as Siemens, GE, Mitsubishi Heavy Industries, and Caterpillar (through its subsidiary Solar), indicating significant potential for domestic brand substitution [1]

东吴证券表示，AI数据中心建设带来大量用电需求，且对电力的可靠性、稳定性提出较高要求。燃气 轮机发电具备建设周期快、电力输出稳定、发电资源要求低等特点，有望成为短期内最优的数据中心供 电解决方案。全球燃气轮机市场主要由美国西门子、GE、三菱重工、卡特彼勒(子公司索拉)等主导，国 产替代空间较大，建议关注国产品牌替代潜力。 哈尔滨电气(01133)涨超5%，截至发稿，涨4.81%，报14.37港元，成交额2595.4万港元。 消息面上，近日，慧博投研发布研究报告指出，在全球人工智能算力需求激增、中东地区"油转气"转型 以及可再生能源调峰需求提升的三重驱动下，燃气轮机行业正迎来显著增长。2025年第二季度全球新增 订单同比增长38%至21GW，主要制造商订单已排至2028年，产能呈现持续紧张态势。据IEA预测，至 2026年，全球数据中心、AI及加密货币的电力需求将从2022年的460TWh大幅增长至620-1050TWh。GE Vernova等国际巨头已获得大规模数据中心燃气轮机订单，需求景气度正加速向国内零部件企业传导。 ...

Meeting Overview - The third extraordinary general meeting of shareholders was held on November 26, 2025, with a total of 284 participants representing 343,451,430 shares, accounting for 49.4185% of the total voting shares [4][5] - The meeting was conducted both on-site and via online voting, ensuring compliance with relevant laws and regulations [3][6] Voting Results - The proposal to cancel the supervisory board and amend the Articles of Association received 99.5550% approval, with 341,923,174 votes in favor [7][8] - The proposal to amend the Rules of Procedure for Shareholders' Meetings was approved with 99.5570% support, totaling 341,929,874 votes [9][10] - The proposal to revise the Rules of Procedure for the Board of Directors also passed with 99.5570% approval, receiving 341,929,874 votes [11][12] - The proposal to amend the Independent Director Work System was approved with the same level of support, totaling 341,929,874 votes [13][15] - The proposal to revise the Fund Management System received 99.5528% approval, with 341,915,614 votes in favor [16][17] - The proposal to amend the External Guarantee Management Measures was approved with 99.5450% support, totaling 341,888,774 votes [18] Legal Opinion - The legal opinion provided by Beijing Tongshang Law Firm confirmed that the meeting's procedures and voting results were legal and valid, adhering to the Company Law and relevant regulations [19] Board Meeting Overview - The seventh meeting of the tenth board of directors was held on November 26, 2025, with all eight directors present, including three independent directors [22] - The board approved several proposals, including the establishment of an internal review system for the interactive platform and the revision of the management rules for the executive team [24][25][28] - The establishment of a new industry development department was also approved to enhance technological service capabilities and promote innovation [29]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Core Insights - The 2025 World Intelligent Manufacturing Conference will be held in Nanjing from November 27 to 29, marking its tenth anniversary since its inception in 2016, with a theme of "Digital Intelligence Drives New Quality Leadership" [1][2] - The conference aims to create a high-end, international platform for global intelligent manufacturing exchange and cooperation, showcasing the latest achievements in the field and discussing the integration of technological breakthroughs with industrial transformation [1][2] Group 1: Event Highlights - The conference will feature a main conference, a market-oriented exhibition, and 12 specialized activities, with participation from major companies like Dassault and JD.com, as well as 16 industry ecosystem activities [1][2] - Approximately 2000 attendees are expected, including nearly 200 important guests from domestic and international institutions, such as academicians and industry leaders [2][3] Group 2: Specialized Activities - The main conference will include the appointment ceremony for the new National Intelligent Manufacturing Committee, the release of the 2025 Intelligent Manufacturing Blue Book, and the announcement of the top ten technological advancements in intelligent manufacturing for the year [3][4] - A market-oriented exhibition will cover 55,000 square meters, featuring 452 companies from 18 countries and regions, with a focus on robotics, smart factories, industrial software, and intelligent equipment [4][5] Group 3: International Collaboration - The exhibition will introduce an international invited exhibition area for the first time, showcasing leading intelligent manufacturing technologies and solutions from global companies [5] - A series of specialized activities, including financial roadshows and technology exchanges, will be held to facilitate cooperation and win-win outcomes across the industry chain [5]