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。 哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公司"）董事会于近日收到刘清勇先生递交的书面 辞职报告，因工作需要、职位变动原因，刘清勇先生申请辞去公司董事长、董事、战略与科技委员会、 可持续发展委员会召集人职务，刘清勇先生辞职后将不再担任公司及子公司任何职务。 证券代码：000922 证券简称：佳电股份 公告编号：2025-062 特此公告。 哈尔滨电气集团佳木斯电机股份有限公司关于董事长辞职及副董事长代行董事长职责的公告 哈尔滨电气集团佳木斯电机股份有限公司 截至本公告披露日，刘清勇先生持有公司108,000股份，占公司总股本的0.016%，均为股权激励获授的 限制性股票。辞职后其所持公司股份将继续严格按照《上市公司股权激励管理办法》《上市公司股东减 持股份管理暂行办法》《深圳证券交易所上市公司自律监管指引第18号一一股东及董事、高级管理人员 减持股份》等法律法规及公司《2019年限制性股票激励计划》的相关规定管理。刘清勇先生不存在应当 履行而未履行的承诺事项。 根据《公司法》《公司章程》等有关规定，刘清勇先生 ...

Core Viewpoint - The company, Zhongmi Holdings, confirmed its subsidiary, Youtai Technology, is a long-term supplier of sealing components for major hydropower equipment manufacturers, including Dongfang Electric and Harbin Electric [1]. Group 1 - The company has established itself as a key supplier of high-quality domestic sealing solutions for hydropower turbines [1]. - Youtai Technology provides a variety of sealing products and solutions to clients such as Dongfang Electric, Harbin Electric, and Changjiang Electric Power [1].

Core Viewpoint - The article emphasizes the importance of self-reliance and innovation in China's manufacturing sector, highlighting the significant advancements made by Harbin Electric Group (哈电集团) in the energy equipment industry over the decades [1][12][24]. Group 1: Company Development and Achievements - Harbin Electric Group has evolved from its establishment during the "First Five-Year Plan" to become a leader in the manufacturing of energy equipment, achieving milestones such as the production of China's first water turbine generator and the world's largest capacity water turbine [12][15]. - The company has produced over 5.5 billion kilowatts of power generation equipment, covering more than 800 large and medium-sized power plants both domestically and internationally [18]. - Harbin Electric Group has created over 280 "firsts" in the industry, showcasing its commitment to innovation and technological advancement [15][24]. Group 2: Technological Innovations - The company recently developed the world's largest (500 MW) and largest diameter (6.23 m) impulse water turbine, marking a significant achievement in mastering the entire technology chain for this equipment [13][14]. - Harbin Electric Group has invested heavily in research and development, maintaining an R&D intensity above 5% from 2021 to 2024, and establishing a comprehensive innovation system with national-level platforms [18][21]. - The introduction of digital twin technology and automated production lines has significantly improved production efficiency, reducing labor requirements and enhancing product consistency [19][20]. Group 3: Market Expansion and Environmental Initiatives - The company is actively developing projects aimed at energy transition, such as the "super low-load stable combustion project" to enhance the flexibility of coal-fired power plants in response to the growing demand for renewable energy [21][22]. - Harbin Electric Group is also expanding into clean energy sectors, including compressed air energy storage and nuclear power, with successful projects demonstrating its capabilities in these areas [23][24]. - The company has reported over 25% growth in revenue, profit, and contract signing in the first half of the year, reflecting its strong market position and ongoing expansion efforts [23].

Core Viewpoint - Harbin Electric Group (哈电集团) has made significant advancements in the energy equipment sector over the past 70 years, achieving over 280 "firsts" in the Republic and establishing itself as a leader in the industry through self-innovation and technological development [3][4][7]. Group 1: Historical Achievements - The first domestically produced 800 kW water turbine generator set was successfully tested in December 1951, marking a milestone in China's ability to design and manufacture power generation equipment independently [4]. - The world's first 1 million kW water turbine generator set was put into operation at the Baihetan Hydropower Station in June 2021, showcasing the evolution of China's energy equipment capabilities [4]. Group 2: Technological Innovations - Harbin Electric Group has developed the world's largest (500 MW) and largest-diameter (6.23 m) impulse water turbine wheel, making China the first country to master the entire technology chain for this type of turbine [6]. - The company has invested heavily in research and development, maintaining an annual R&D intensity above 5% from 2021 to 2024, and has established a comprehensive innovation system supported by national-level platforms [7]. Group 3: Digital Transformation - The company has implemented digital automation in its production lines, significantly reducing labor requirements and increasing production efficiency, with a projected 20% increase in output for the current year [8]. - Harbin Electric Group has invested nearly 9 billion yuan in digitalization projects since October 2018, resulting in a 30% improvement in production efficiency across various projects [9]. Group 4: Market Expansion and Sustainability - The company is focusing on developing technologies that allow coal-fired power plants to operate efficiently at ultra-low loads, addressing the challenges posed by the energy transition and dual carbon goals [10]. - Harbin Electric Group is also expanding into clean energy sectors, including compressed air energy storage and nuclear power, with significant participation in various projects both domestically and internationally [12]. Group 5: Financial Performance - In the first half of the year, Harbin Electric Group reported over 25% year-on-year growth in operating income, total profit, and formal contract signing amounts, indicating strong market performance and demand for its products [12].

Group 1 - The State Grid has set a historical record for electricity load for two consecutive days, with a maximum load reaching 1.229 billion kilowatts, an increase of 4.1% compared to last year's peak [1] - High temperatures in regions such as Chongqing, Shaanxi, and Henan have led to a significant increase in air conditioning load, prompting local power departments to enhance cross-province power transmission and energy storage applications [1] - Sichuan's maximum electricity load reached 73.56 million kilowatts, marking the third historical high this year, with a 6% increase from last year's peak load of 69.29 million kilowatts [1] Group 2 - China’s power equipment manufacturers are experiencing growth opportunities due to rapid demand increase and tight supply of transmission and distribution equipment [3] - The export of power transformers in China is expected to see a year-on-year growth rate of over 40% in the first half of 2025, continuing a high growth trend [3] - Major domestic electrical equipment manufacturers are anticipated to see an influx of orders due to sustained high capital expenditure in the AI sector from overseas companies [3] Group 3 - Companies in the power operation sector include Datang Power (00991), China Resources Power (00836), Huadian International (01071), Huaneng International (00902), Longyuan Power (00916), CGN Power (01816), Xintian Green Energy (00956), and China Power (02380) [4] - Companies involved in power grid equipment include Dongfang Electric (01072), Shanghai Electric (02727), Harbin Electric (01133), Saijing Technology (00580), and Goldwind Technology (02208) [5] Group 4 - CITIC Securities predicts that AI will significantly drive global electricity demand growth, with global data center electricity consumption expected to more than double by 2030 [2] - Recent increases in capital expenditure expectations from major overseas companies indicate sustained high investment in the AI sector [2]

Core Viewpoint - The article highlights the significant advancements made by Harbin Electric Group in the manufacturing of energy equipment, particularly in the development of the world's largest impulse turbine, showcasing China's progress in self-reliant industrial development and innovation in the manufacturing sector [3][5][11]. Group 1: Technological Advancements - Harbin Electric Group has successfully produced the world's largest single-unit capacity impulse turbine with a capacity of 500 megawatts, marking a milestone in China's energy equipment manufacturing capabilities [5]. - The company has a rich history of innovation, having developed the first water turbine and the first 2.5 megawatt steam turbine in China, contributing to over 280 "firsts" in the industry [6]. - The company has invested heavily in research and development, maintaining an annual R&D investment intensity above 5% from 2021 to 2024, and has established a comprehensive innovation system [6][8]. Group 2: Production Efficiency and Automation - The implementation of digital and automated production lines has significantly improved efficiency, reducing labor requirements from 45 to 18 workers while increasing production output by 20% [7]. - The company has invested approximately 9 billion yuan in digitalization projects since October 2018, resulting in a nearly 30% increase in production efficiency across various projects [8]. Group 3: Market Expansion and Environmental Initiatives - Harbin Electric Group is focusing on adapting coal-fired power plants to operate efficiently at ultra-low loads, addressing the dual carbon goals and energy transition challenges [9]. - The company is also advancing in clean energy sectors, including compressed air energy storage and nuclear power, with significant participation in various projects that enhance energy efficiency and sustainability [11]. - In the first half of the year, the company reported over 25% growth in revenue, total profit, and contract signing amounts, indicating strong market performance [11].

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: 哈爾濱電氣股份有限公司 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) | 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 "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

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]

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.