二零二五年十二月三十日 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文件的內容概不負責，對其準確性 或完整性亦不發表任何聲明，且表明不會就本文件全部或任何部分內容或因倚賴該等內容而引 致的任何損失承擔任何責任。 Shanghai Electric Group Company Limited 上海電氣集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02727） 海外監管公告 以下爲上海電氣集團股份有限公司於上海證券交易所刊發之公告。 上海電氣集團股份有限公司 证券代码：601727 证券简称：上海电气 编号：临 2025-064 於本公告日期，本公司執行董事為吳磊博士、朱兆開先生及王晨皓先 生；本公司非執行董事為邵君先生及陸雯女士；本公司獨立非執行董 事為劉運宏博士、杜朝輝博士及陳信元博士。 上海电气集团股份有限公司 董事会五届一百一十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 上海电气集团股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日以通讯方式召开了 ...

本文转自【科技日报】； 12月29日，我国首台全面国产的大F级商用燃机项目——华电望亭发电厂二期燃机5号机组，顺利通过168小时满负荷试运行并正式投产。这标志着，我国 首次实现商用燃机国产化制造产业链全线贯通。 项目5号机组由中国华电联合上海电气等产业链上下游单位协同攻关，成功攻克核心部件制造、系统自主可控、大容量全氢冷发电机、低氮燃烧优化、机 组可靠性提升等多项关键技术难题，累计产生30余项创新成果，实现了从核心部件研发应用到整机运维的自主可控。这一里程碑式的突破，为我国重型燃 机产业向高端化、智能化、绿色化方向进阶注入强劲动力。 记者 代小佩 图片来源：江苏华电望亭发电厂 作为装备制造业领域"皇冠上的明珠"，大F级燃气轮机集高精尖技术、新型材料与复杂工艺于一体，是构建新型能源体系、保障国家能源安全的关键核心 装备。 华电望亭发电厂二期燃机项目位于江苏省苏州市，共建设2台大F级494兆瓦燃气—蒸汽联合循环机组，均采用全球首批500兆瓦全氢冷发电机。 ...

华电望亭发电厂二期燃机项目位于江苏省苏州市，共建设2台大F级494MW燃气—蒸汽联合循环机组， 均采用500MW全氢冷发电机。5号机组投产后，项目年发电量可达24.4亿千瓦时，不仅能为江苏地区能 源保供提供坚实支撑，满足230万居民一年用电需求，每年还可节约标煤20万吨，减排二氧化碳约90万 吨。 （文章来源：新华财经） 新华财经南京12月30日电（记者朱程）29日，全国产大F级商用燃机项目——华电望亭发电厂二期燃机 5号机组顺利通过168小时满负荷试运行并正式投产。 作为装备制造业领域的"皇冠上的明珠"，大F级燃气轮机集高精尖技术、新型材料与复杂工艺于一体， 是构建新型能源体系、保障国家能源安全的关键核心装备。此次投运的5号机组是国家燃气轮机创新发 展示范项目，由中国华电联合上海电气等产业链上下游单位协同攻关，成功攻克核心部件制造、系统自 主可控、大容量全氢冷发电机、低氮燃烧优化、机组可靠性提升等多项关键技术难题，累计产生30余项 创新成果，实现了从核心部件研发应用到整机运维的自主可控，为我国重型燃机产业向高端化、智能 化、绿色化方向进阶注入强劲动力。 ...

华电望亭发电厂二期燃机项目位于江苏省苏州市，共建设2台大F级494兆瓦燃气—蒸汽联合循环机组， 均采用全球首批500兆瓦全氢冷发电机。5号机组投产后，项目年发电量可达24.4亿千瓦时，不仅能为江 苏地区能源保供提供坚实支撑，满足230万居民一年用电需求，每年还可节约标煤20万吨、减排二氧化 碳约90万吨，为江苏地区今冬明春电力保供提供清洁能源保障。 （文章来源：科技日报） 作为装备制造业领域"皇冠上的明珠"，大F级燃气轮机集高精尖技术、新型材料与复杂工艺于一体，是 构建新型能源体系、保障国家能源安全的关键核心装备。项目5号机组是国家第一批燃气轮机创新发展 示范项目，由中国华电联合上海电气等产业链上下游单位协同攻关，成功攻克核心部件制造、系统自主 可控、大容量全氢冷发电机、低氮燃烧优化、机组可靠性提升等多项关键技术难题，累计产生30余项创 新成果，实现了从核心部件研发应用到整机运维的自主可控。这一里程碑式的突破，为我国重型燃机产 业向高端化、智能化、绿色化方向进阶注入强劲动力。 12月29日，我国首台全面国产的大F级商用燃机项目——华电望亭发电厂二期燃机5号机组，顺利通过 168小时满负荷试运行并正式投产。这标 ...

Core Viewpoint - The commissioning of the first domestically produced 300 MW heavy-duty gas turbine project in China marks a significant milestone in the country's gas turbine localization industry chain [1] Group 1: Project Overview - The Huadian Wangting Power Plant Phase II Unit 5, located in Suzhou, Jiangsu Province, consists of two 494 MW gas-steam combined cycle units, utilizing the world's first 500 MW hydrogen-cooled generator [1] - Unit 5 is part of the national first batch of gas turbine innovation development demonstration projects [1] Group 2: Energy Production and Environmental Impact - The annual electricity generation capacity of Unit 5 is expected to reach 2.44 billion kWh, sufficient to meet the annual electricity needs of 2.3 million residents [1] - The project will save 200,000 tons of standard coal annually and reduce carbon dioxide emissions by approximately 900,000 tons, providing clean energy support for electricity supply in Jiangsu during the upcoming winter and spring [1] Group 3: Technological Achievements - The project was developed through collaboration between China Huadian and Shanghai Electric, overcoming key technical challenges in core component manufacturing and system autonomy [1] - More than 30 innovative achievements have been generated, achieving self-controllability from core component research and application to overall machine operation and maintenance [1] - This project provides solid equipment support for building a new energy system and ensuring national energy security [1]

Core Viewpoint - Shanghai Electric has shown a positive stock performance with a year-to-date increase of 5.67% and a recent trading volume indicating strong investor interest [1][2]. Financial Performance - For the period from January to September 2025, Shanghai Electric reported a revenue of 81.79 billion yuan, reflecting a year-on-year growth of 7.50% [2]. - The net profit attributable to shareholders for the same period was 1.065 billion yuan, marking a significant increase of 40.49% compared to the previous year [2]. Stock Market Activity - As of December 24, Shanghai Electric's stock price was 8.57 yuan per share, with a market capitalization of 133.18 billion yuan [1]. - The stock experienced a net inflow of 77.62 million yuan from main funds, with significant buying activity noted [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with a net buying amount of 759 million yuan on September 25 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 727,700, up by 3.31% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 28.29 million shares [3].

Core Viewpoint - The article highlights Shanghai Electric's strategic positioning and technological advancements in the nuclear fusion sector, emphasizing its role as a leader in energy equipment manufacturing amid increasing global competition in nuclear fusion research and development [1][2]. Group 1: Nuclear Fusion Developments - Shanghai Electric is deeply integrated into the national fusion engineering chain and has achieved significant breakthroughs, including the development of the world's largest TF coil box for the CRAFT facility, which measures 21 meters in height and weighs 400 tons [2][4]. - The company has successfully transitioned from laboratory formulations to industrialization of special non-magnetic stainless steel materials for the BEST project, demonstrating its capability to adapt to various technological routes in fusion energy [4]. - Shanghai Electric has established comprehensive manufacturing capabilities for all core components of the Tokamak system, with ongoing projects like EAST, BEST, and CRAFT progressing steadily [4][6]. Group 2: Advanced Fission Technologies - In parallel with nuclear fusion, Shanghai Electric is advancing fourth-generation nuclear energy systems, particularly in the thorium molten salt reactor (TMSR) sector, where it has made substantial progress [5][6]. - The company has provided key equipment for the world's first liquid fuel thorium molten salt experimental reactor, which is set to demonstrate the feasibility of using thorium resources in nuclear energy systems [6]. Group 3: Technological Innovations and Manufacturing Capabilities - Shanghai Electric has a strong foundation in extreme condition manufacturing, having developed materials suitable for -269°C and over 700°C, addressing challenges in both nuclear fusion and fourth-generation fission technologies [7]. - The company is building a comprehensive nuclear energy equipment system that spans nuclear fusion, advanced fission, and traditional nuclear power, positioning itself as a critical player in the national energy strategy transition [7][8]. Group 4: Market Position and Future Outlook - With a consensus that commercial nuclear fusion may take two to three decades, companies like Shanghai Electric are adopting a "selling shovels" approach to realize technological value in the interim [8]. - The company aims to progress in both nuclear fusion and advanced fission technologies, securing mid-term opportunities while maintaining a long-term vision for energy solutions [8].

Core Insights - Shanghai Electric has begun construction on the Euphrates combined-cycle extension in Iraq, targeting a capacity of 625 megawatts (MW) and aiming to enhance overall plant efficiency by approximately 50% [1][3] - The project is expected to generate an additional 5 billion kilowatt hours (kWh) of electricity annually without increasing fuel consumption, addressing Iraq's ongoing power shortages [2][3] Company Initiatives - The company is modernizing power plants in four Iraqi governorates by converting simple-cycle units into combined-cycle systems, with a focus on energy security and green development [1][3] - Core equipment for the project has arrived, and construction is progressing through collaboration between Chinese and Iraqi teams [4][6] Industry Context - Iraq has faced severe electricity shortages for over 30 years, primarily due to a reliance on imported natural gas and underdeveloped domestic gas resources [3][4] - The upgrade at the Najaf power plant will utilize high-temperature exhaust from existing gas turbines to produce additional electricity, thereby reducing reliance on imported natural gas and lowering fuel costs for power generation [5][6] Technological Advancements - The combined-cycle approach will enhance output and efficiency without additional fuel, while also reducing thermal pollution from the original units [6] - This project marks one of Iraq's first combined-cycle upgrades to fully utilize Chinese equipment and standards, with core systems engineered and built in China [7]

Core Insights - Shanghai Electric has initiated the expansion of the Euphrates combined cycle project in Iraq, aimed at increasing power plant efficiency by approximately 50% and generating an additional 5 billion kilowatt-hours (kWh) of electricity annually without increasing fuel consumption [1][2] Company Overview - Shanghai Electric is recognized for its effective combined cycle technology, which is crucial for modernizing Iraq's critical infrastructure and enhancing energy security as part of the Belt and Road Initiative [2][3] - The company is committed to sustainable development through advanced, efficient, and eco-friendly energy technologies [3] Project Details - The project will enhance the total capacity by 625 megawatts (MW) and is expected to significantly alleviate the chronic electricity shortage in Iraq [1] - The expansion involves modernizing power plants in the provinces of Najaf, Karbala, Babylon, and Qadisiyyah, focusing on advanced combined cycle technology [1][2] - The project has garnered significant attention from the Iraqi government and public, highlighting its strategic importance for improving electricity supply and optimizing electrical infrastructure [2] Technological Innovations - The modernization in Najaf utilizes high-temperature exhaust gases from existing gas turbines, which are directed through heat recovery steam generators to produce high-pressure steam, driving a new steam turbine for additional electricity generation [2] - This combined cycle process increases output and efficiency without the need for additional fuel, thereby reducing thermal pollution from the original units [2] Local Impact - Upon completion, the project is expected to improve local living conditions, support post-war recovery, and establish a solid energy foundation for industrial revitalization and economic growth in Iraq [2]

Core Insights - Shanghai Electric has initiated a project to expand combined cycle power plants along the Euphrates River in Iraq, aiming to increase overall capacity by 625 megawatts (MW) and improve efficiency by approximately 50% [1][2][3] Group 1: Project Overview - The project involves transforming simple cycle units into combined cycle systems across four Iraqi governorates: Najaf, Karbala, Babylon, and Al-Qadisiyyah [1][3] - The expansion is expected to generate an additional 5 billion kilowatt-hours (kWh) of electricity annually without increasing fuel consumption, addressing the chronic electricity shortage in Iraq [1][2] Group 2: Strategic Importance - The project is recognized as crucial for enhancing energy security and infrastructure modernization in Iraq, which has faced significant energy shortages for over three decades [2][4] - Iraqi Minister of Electricity Ziad Ali Fadel highlighted the project's importance in reducing dependence on imported natural gas and lowering fuel costs for electricity generation [4] Group 3: Technological Advancements - The modernization process utilizes high-temperature exhaust gases from existing gas turbines to generate additional electricity through steam turbines, thereby increasing efficiency without additional fuel [4][5] - The project sets a standard for power plant modernization in Iraq, enhancing local hopes for reliable electricity supply and improved living conditions [5][6] Group 4: Economic Impact - Upon completion, the project is expected to improve local livelihoods, support post-war recovery, and lay a solid energy foundation for industrial revival and economic growth in Iraq [6]