证券代码：688660 证券简称：电气风电 公告编号：2025-040 上海电气风电集团股份有限公司 2026年度日常关联交易的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次2026年度日常关联交易尚需提交股东会审议。 ● 本次日常关联交易对公司的影响：本次公司及其合并报表范围内的子公司和其他主体（以下简称"公 司及其子公司"）拟与各关联人之间发生的交易均为开展日常业务和实际生产经营所需。公司及其子公 司与关联人之间的交易均遵循协商一致、公平交易、互惠互利的原则，不存在损害公司和全体股东利益 的情形。公司及其子公司就关联交易中的采购及销售等业务均有其他市场渠道，不会对关联人形成依 赖。 一、关联交易基本情况 （一）履行的审议程序 第三届董事会于2025年12月06日召开2025年度第四次临时会议审议通过了《2026年度日常关联交易的议 案》，其中同意5票，反对0票，弃权0票，关联董事乔银平、陈术宇、董春英、王勇均予以回避表决。 该议案将提交公司股东会2025年第二次临时会议审议，关联股东上海 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ ● 本次交易未构成重大资产重组，交易实施亦不存在重大法律障碍。 ● 本次关联交易尚需提交股东会审议。 ● 本次关联交易均遵循协商一致、公平交易、互惠互利的原则，不存在损害本公司和全体股东利益的行 为，不会对关联人形成依赖。 一、关联交易概述 电气财务是经中国人民银行批准设立的非银行金融机构，是公司控股股东上海电气集团股份有限公司的 控股子公司（直接持股比例为74.625%），为本公司的关联方。 因日常经营业务的资金需要，公司及其子公司按公平合理的市场价格和一般商业条款，拟接受电气财务 提供的金融服务业务。 ■ 四、《金融服务协议》主要内容 二、 交易方介绍 （一）关联方基本情况 ■ （二）关联方主要财务数据 单位：亿元 ■ 三、原协议执行情况 单位：亿元 （一） 协议期限 自协议生效日起一年或至公司股东会等有权机构审议通过适用于下一年度相关业务的金融服务协议之日 （两者孰晚为止）。 （二） 交易类型和服务内容 电气财务为公司及其子公司提供存款、授信（包括贷款、票据贴现、保函和承兑等授信类金融服务）金 融服务业务。公司及其子公司与电气财务可以在遵守协议所规定 ...

Core Points - Shanghai Electric's stock closed at 8.43 yuan on December 3, 2025, down 1.52% from the previous trading day, with a total market capitalization of 131 billion yuan [1] - The stock opened at 8.53 yuan, reached a high of 8.57 yuan, and a low of 8.41 yuan, with a trading volume of 8.21 billion yuan and a turnover rate of 0.77% [1] - As of November 30, 2025, there has been no change in the registered share capital of Shanghai Electric's H-shares and A-shares, with H-shares totaling 2,924,482,000 shares and A-shares totaling 12,615,639,636 shares, both with a par value of 1 yuan [1] - The total registered share capital at the end of the month is 15,540,121,636 yuan, with zero treasury shares [1]

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 致：香港交易及結算所有限公司 公司名稱: 上海電氣集團股份有限公司 呈交日期: 2025年12月3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) | 02727 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | ...

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 致：香港交易及結算所有限公司 公司名稱: 上海電氣集團股份有限公司 呈交日期: 2025年12月3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) | 02727 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | ...

Core Viewpoint - The Shanghai Electric Taonan Wind Power Coupled Biomass Green Methanol Integrated Demonstration Project has successfully commenced production, marking a significant breakthrough in China's green hydrogen fuel industry and establishing a model for global industrial decarbonization [1][3][12]. Group 1: Project Overview - The Taonan project is the first in China to integrate green hydrogen production with biomass gasification to produce green methanol, achieving multiple international certifications, including the EU ISCC full-process certification [3][10]. - The project utilizes innovative technologies such as pure oxygen pressurized biomass gasification and wind power hydrogen production, aiming to efficiently convert agricultural waste and wind energy into high-value green methanol [5][8]. Group 2: Technological Innovations - The project features the world's first pure oxygen pressurized circulating fluidized bed biomass gasification system, capable of processing 300 tons of biomass per day, filling a domestic technological gap and reaching international advanced levels [5][6]. - It incorporates a flexible hydrogen production technology that adapts to the volatility of renewable energy sources, ensuring stable hydrogen production from fluctuating green electricity [5][6]. Group 3: Economic and Market Potential - The project is positioned to meet the growing demand for green methanol, particularly in the international shipping industry, with expectations of increased market demand post-2025 [9][12]. - Shanghai Electric plans to expand production capacity to 250,000 tons per year of green methanol and 10,000 tons per year of sustainable aviation fuel by 2027, highlighting its commitment to addressing the significant market demand for green fuels [12]. Group 4: Strategic Partnerships and Certifications - The project has secured long-term supply agreements with major companies, including a partnership with the French CMA CGM Group for green methanol supply, transportation, and refueling [10][12]. - It has achieved the ISCC EU certification for the entire process from biomass collection to green methanol production, which is crucial for commercial viability in the European market [10].

Core Insights - The article highlights the advancements in offshore wind power technology in China, particularly in Yantai, Shandong Province, where significant developments in wind turbine blade testing and production are taking place [1][3][4] Group 1: Offshore Wind Power Developments - The offshore wind turbine blades being tested are over 150 meters long and undergo fatigue testing after static tests, with plans for real-world deployment after 650,000 fatigue tests [1][3] - The capacity of offshore wind turbines in China has increased from 4 MW to 20 MW, with blade lengths growing from 40 meters to 153 meters, indicating a trend towards larger and more efficient wind energy solutions [3][4] Group 2: Local Infrastructure and Support - The local power supply company, State Grid Yantai Penglai Power Supply Company, is establishing a special task force in 2024 to enhance service for offshore wind enterprises, having already conducted over 20 visits to understand client needs [3][4] - The company is optimizing the regional power grid structure by constructing a 220 kV substation and preparing for a 110 kV line to ensure reliable electricity supply for the offshore wind industry [4] Group 3: Industry Collaboration - The Penglai Marine Equipment Industrial Park is fostering collaboration among various sectors, including R&D, equipment manufacturing, and operational maintenance, with key players like Dongfang Electric and Dajin Heavy Industry leading the way [4] - The local government is actively supporting the offshore wind power industry, aiming to create a comprehensive industrial chain to enhance efficiency and productivity [3][4]

Core Viewpoint - Shanghai Electric is actively engaging with investors to enhance trust and transparency, aligning with regulatory guidelines to improve investor relations and showcase the company's intrinsic value in the capital market [3]. Group 1: Event Overview - Shanghai Electric, in collaboration with the Shanghai Stock Exchange and Shenwan Hongyuan Securities, hosted the "I Am a Shareholder - Entering Listed Companies in the Shanghai Market" event, attracting over 30 representatives from top domestic investment institutions and individual shareholders [2]. - The event included a site visit and interactive discussions, allowing investors to explore Shanghai Electric's core manufacturing bases, including the Shanghai Turbine Factory and Shanghai Boiler Factory [3]. Group 2: Investor Engagement - The event aimed to foster rational and profound understanding among investors regarding the intrinsic value of listed companies through transparent and efficient communication [3]. - Investors experienced immersive demonstrations of advanced manufacturing technologies and the company's contributions to national energy strategies, including high-end equipment and green energy initiatives [4]. Group 3: Focus Areas of Discussion - Key discussion topics included energy storage, upgrades in coal power equipment technology, green methanol, order conversion, and profit enhancement [5]. - The company outlined its strategic positioning in energy storage across various technologies, emphasizing the integration of storage solutions with its robust energy equipment capabilities as a core advantage for future development [5]. Group 4: Green Methanol and Future Projects - Shanghai Electric's green methanol production costs are reported to be two to three times higher than conventional methanol, with a corresponding selling price also elevated [6]. - The company has signed a production, supply, and refueling agreement for a 50,000-ton green methanol project with partners, indicating a genuine demand driven by EU carbon reduction requirements [6]. Group 5: Commitment to Innovation - As a leading player in the domestic equipment manufacturing industry, Shanghai Electric aims to continue showcasing its core competitiveness in energy and industrial equipment through initiatives like the "I Am a Shareholder" event [7]. - The company is committed to leveraging "new quality productivity" to achieve breakthroughs in high-end manufacturing and the new energy sector, contributing to the high-quality development of the national economy [7].

Core Viewpoint - The successful launch of the first wind turbine unit at the Shanghai Electric Guizhou Longli Industrial Park marks a significant milestone in establishing a complete wind power industry chain in the region, showcasing the efficiency and resource integration capabilities of Shanghai Electric Wind Power [4][7][14]. Group 1: Project Milestones - The first wind turbine unit was unveiled in Longli, Guizhou, after the successful launch of the first blade in October 2024, demonstrating rapid project execution within a year [4][6]. - The project timeline includes key milestones such as project signing in November 2023, construction commencement in March 2024, and the first blade's production in October 2024, culminating in the first unit's launch in November 2025 [6][8]. Group 2: Industry Chain Development - Shanghai Electric Wind Power has established a comprehensive wind power industry chain in Longli, covering upstream materials, core components, complete machine manufacturing, and post-operation services [7][12]. - The successful launch of the first unit is a tangible result of efficient collaboration across all segments of the industry chain, laying a solid foundation for large-scale production and capacity release [7][8]. Group 3: Future Plans and Regional Impact - The company plans to enhance the Longli base into a comprehensive ecosystem for the renewable energy industry, integrating various functional modules to support the development of a complete wind power equipment manufacturing cluster [8][14]. - The initiative aims to contribute to the regional "dual carbon" goals and high-quality economic development by creating a green energy network across five provinces and one municipality in Southwest China [8][10].

Core Viewpoint - The joint cycle expansion project of the Euphrates River basin, undertaken by Shanghai Electric Group, aims to enhance Iraq's power generation capacity and efficiency, addressing the long-standing electricity shortage in the country [2][4]. Group 1: Project Overview - The joint cycle expansion project officially commenced in four provinces: Najaf, Karbala, Hillah, and Qadisiyyah, with a total capacity expansion of 625 megawatts [2]. - The project upgrades existing simple cycle gas turbine generators to combined cycle gas turbine generators, utilizing high-temperature flue gas to generate additional electricity without increasing fuel consumption [2][3]. Group 2: Economic and Environmental Impact - The project is expected to increase the power generation capacity of the existing plant by approximately 50%, adding around 5 billion kilowatt-hours of electricity annually, which will significantly improve local living conditions and support post-war reconstruction [4]. - It will reduce Iraq's dependence on imported natural gas and lower fuel expenditure for power generation, thus optimizing the country's energy infrastructure [4]. Group 3: Technological and Collaborative Aspects - The project is notable for being one of the first in Iraq to fully adopt Chinese equipment and standards, with all core components designed and produced by Chinese companies [3][4]. - The use of Chinese technology for secondary utilization of high-temperature flue gas is expected to mitigate environmental pollution caused by existing power generation methods [3].