Core Viewpoint - The "Ningdian into Xiang" project, China's first large-scale wind and solar power base with a high-voltage transmission line, has been completed, capable of delivering 8 million kilowatts of electricity and over 36 billion kilowatt-hours of clean energy annually to Hunan province [1] Group 1: Project Overview - The "Ningdian into Xiang" project spans 1,616 kilometers, starting from Zhongning Converter Station in Ningxia and passing through Gansu, Shaanxi, Chongqing, and Hubei, ending at Hengyang Converter Station in Hunan, with a total investment of 28.1 billion yuan [1] - The project aims to establish a model for the supply and consumption system of renewable energy [1] Group 2: Key Equipment and Technology - TBEA provided 14 high-end converter transformers for the Hengyang Converter Station, including 7 units of ±800 kV and 7 units of ±600 kV, marking the first independently designed and manufactured high-end converter transformers in China [2] - The ±800 kV high-end converter transformers are 14.8 meters tall, weigh 570 tons, and have dimensions of 26.5 meters in length and 8.4 meters in width, showcasing TBEA's independent intellectual property rights [2] Group 3: Technical Advancements - TBEA enhanced the converter transformers through over 20 technical improvements, including upgrades to insulation structures and heat dissipation designs, achieving an insulation performance breakthrough of below 30 pC, significantly better than the industry standard [3] - The company implemented digital simulation technology to optimize manufacturing processes, reducing the number of welding points from over 450 to 42, enhancing reliability and structural integrity [3] Group 4: Supporting Equipment - The Hengyang Converter Station features 4,450 high-voltage parallel capacitors, while the Zhongning Converter Station has 3,560 capacitors, all developed by TBEA, which play a crucial role in stabilizing power transmission and improving energy quality [4] - TBEA also supplied various critical auxiliary products, including transformers and customized components designed for specific geographical and climatic conditions, ensuring the stable operation of the converter stations [5][6] Group 5: Strategic Impact - The completion of the "Ningdian into Xiang" project will not only meet Hunan's electricity demand and optimize its energy structure but also facilitate large-scale clean energy delivery from Ningxia, promoting cross-regional energy optimization [6]

Group 1 - The company has been actively developing its inverter manufacturing business and expanding its domestic and international market efforts [2] - The shipment volume of inverters has further increased compared to the same period last year [2] - With the new capacity of the company's digital inverter factory being gradually completed and released, the company is expected to further enhance its market expansion [2] Group 2 - The revenue and efficiency of inverter products are projected to grow further, leading to an improvement in the company's profitability [2]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司最新生产多晶硅的现金成本和完全成本各 是多少？光伏行业协会倡议抵制以低于成本的价格开展恶性竞争，该成本是指现金成本还是完全成本？ 特变电工（600089.SH）9月9日在投资者互动平台表示，2025年7月，公司多晶硅在产产能现金成本约3 万元/吨，综合成本约3.5万元/吨。关于政策准确解读您可以咨询相关机构。 ...

格隆汇9月9日丨特变电工(600089.SH)于投资者互动平台表示，公司业务覆盖面广、规模较大，逆变器 业务占公司业务整体规模比重相对较小，因此部分机构调研时，未将其做为重点。近年来公司大力发展 逆变器、SVG、柔性直流换流阀等关键设备制造业务，不断加大国内外市场开拓力度，逆变器出货量较 上年同期进一步增长，随着国家特高压输电及海上风电市场需求持续增长，逆变器数字化工厂新建产能 陆续建成及产能释放，公司进一步加大市场开拓，逆变器、柔性直流换流阀等产品收入及效益将进一步 增长，提升公司盈利能力。 ...

格隆汇9月9日丨特变电工(600089.SH)在投资者互动平台表示，公司不生产液压牵张机。 ...

从中国大西北边陲小城到全球能源装备的舞台，张新书写了一个中国企业家的传奇，打造了中国装备制造业的响亮名片。 将时间拨回1988年2月21日，26岁的张新面临人生重大抉择。一边是乌鲁木齐市化工厂的调令，月薪100元加两室一厅的住房；另一边，是被大雪压垮的小厂房，面条加咸菜是员工春节最好的食 张新选择撕掉调令，接任53名员工票选的昌吉变压器厂厂长。 面对一个总资产不足16万元、却背负73万元债务的烂摊子，张新带领员工从肩扛手刨起步，历时37年，建立了总资产超2000亿元的产业帝国。如今的特变电工(15.090, 0.02, 0.13%)（6 特变电工的产业覆盖输变电、铝加工、光伏新能源等四大领域，并不断完成资产证券化，张新因此手握3家上市公司。 张新是靠什么在废墟上建立起千亿产业帝国？破立有道！除了时代机遇外，打破旧体制、旧技术、旧格局，建立新制度、新技术、新市场，加上自身的担当、共享与创新，是张新缔造传奇的密码 临危受命废墟上求生 大多数创业者是白手起家，张新则是从背负73万元债务开始。 昌吉特种变压器厂（简称"昌吉变压器厂"）成立于1974年，张新创业，就是从这里起步。 据刊发在《昌吉日报》的自述文章《张新： ...

Core Viewpoint - China's High Voltage Direct Current Transmission System (HVDCS) has become a core technology for building a new energy system, leveraging its advantages in long-distance and high-power transmission. The market for HVDC is projected to reach 89.2 billion yuan in 2024 and exceed 300 billion yuan by 2028, driven by the expansion of wind and solar power installations and the explosive demand for AI computing power [1][7]. Industry Overview - HVDCS utilizes direct current for high-power, long-distance electricity transmission, converting three-phase alternating current to direct current and back again, enabling efficient and stable energy transfer [2]. - The industry has developed a complete upstream and downstream industrial system, focusing on raw materials, equipment manufacturing, and system integration, with major investments from state-owned enterprises [4]. Market Size and Growth - The HVDC market in China reached 89.2 billion yuan in 2024, a 42.3% increase year-on-year, and is expected to surpass 300 billion yuan by 2028 [7]. - The demand for 800V HVDC technology is anticipated to surge, particularly in the context of AI data centers, with the market projected to grow from 2 billion yuan in 2028 to 6.4 billion yuan by 2030, reflecting a compound annual growth rate of 47% [1][8]. Industry Chain - The HVDCS industry chain includes upstream raw materials, midstream equipment manufacturing, and downstream operation by major power grid companies, facilitating large-scale applications in long-distance transmission and renewable energy integration [4]. Competitive Landscape - The industry is characterized by a concentration of market share among state-owned enterprises like China Xidian and TBEA, while private companies and foreign firms compete in niche areas [10]. - China Hengtian Electric holds a 28% market share, benefiting from partnerships with leading internet companies in the AI data center sector [10]. Development Trends - The industry is expected to see technological advancements, with a shift towards 800V high-voltage platforms and silicon carbide devices, enhancing system efficiency and reliability [11]. - The application scenarios for HVDC are diversifying, including cross-border energy interconnections and industrial microgrids, creating a multi-billion market for related services [12]. - Chinese HVDC companies are transitioning to a global operational model, focusing on technology, standards, and capital, with exports expected to rise to 40% by 2030 [13][14].

Core Viewpoint - Zhang Xin has transformed a struggling small factory into a global energy equipment giant, TBEA Co., Ltd., showcasing the potential of Chinese entrepreneurship and innovation [2][19]. Group 1: Company Background - TBEA Co., Ltd. was established from the Changji Transformer Factory, which was founded in 1974, and Zhang Xin became its director in 1988 [3][5]. - At the time of Zhang's appointment, the factory had total assets of only 15.3 million yuan and debts of 730,000 yuan, with workers not receiving wages for six months [5][7]. Group 2: Leadership and Innovation - Zhang Xin implemented significant reforms, including breaking the "big pot" distribution system, which increased employee motivation and innovation [7][8]. - After a devastating fire in 1988, employees voluntarily donated their year-end bonuses to help restore production, reinforcing a culture of shared development [8][10]. - TBEA's first major breakthrough came in 2008 when it developed the world's first 1000 kV ultra-high voltage transformer, marking a significant technological advancement [11][12]. Group 3: Diversification and Growth - TBEA has diversified its operations beyond transformer manufacturing to include sectors such as new energy, materials, and coal resources, establishing a strong competitive position in each [17][18]. - The company has achieved significant production capacities, including being a leading producer of polysilicon and having a high-purity aluminum production capacity of 78,000 tons annually [17][18]. Group 4: Financial Performance - As of June 30, 2025, TBEA's total assets reached 220.79 billion yuan, with revenue and net profit for the first half of the year reported at 48.40 billion yuan and 3.18 billion yuan, respectively [18][19]. - Since its listing, TBEA has accumulated profits of 64.81 billion yuan without any annual losses, demonstrating consistent financial stability [19].

Summary of TBEA Conference Call Company Overview - **Company**: TBEA Co., Ltd. (特变电工) - **Industry**: Power Transmission and Transformation Equipment, New Energy, Coal Industry Key Points Business Outlook - The overall business environment for TBEA is expected to improve in the second half of the year, having completed the bottoming out of performance. The company aims to enhance competitiveness through product innovation and digital transformation, targeting a recovery in annual performance [2][9] - The ultra-high voltage (UHV) projects will fully initiate bidding in the second half, with significant contract signing expected to support revenue [2][3] New Energy Sector - The price of polysilicon has recovered to above reasonable levels, significantly improving the loss situation from the first half of the year. Both spot and futures prices have risen sharply [2][3] - Despite limited capacity utilization, profitability in the polysilicon sector is expected to improve significantly [3] - The company plans to accelerate the construction of solar power stations while cautiously selecting investment areas due to potential impacts from policy changes [4] International Orders - TBEA secured a significant order worth 16.4 billion RMB from Saudi Arabia, with a minimum execution amount of 11.5 billion RMB. This order is a major breakthrough in the international market, involving UHV transmission and transformation equipment, cables, etc. [2][5][10] - The project is expected to generate additional annual revenue of 1.5 to 2 billion RMB over the next seven years, consolidating domestic market share and expanding new application scenarios [10] Coal Sales and Market Dynamics - In Xinjiang, coal sales are primarily through self-consumption and external transportation, with expected sales exceeding 20 million tons for the year. Despite a decline in national coal prices leading to reduced profitability, stability is anticipated during the winter heating period [2][6][19] - The company has a long-term competitive advantage in coal mining due to favorable conditions and low costs, with plans to increase production capacity by 2030 [19] Export Performance - The export revenue from single-unit products reached 1.1 billion USD in the first half of the year, a year-on-year increase of 66%. With the signing of the Saudi contract, growth in the second half is expected to exceed 200% [3][11] - TBEA exports to over 90 countries, with the Middle East accounting for approximately 41% and other Asian countries for 25% of total exports [12] Future Development Plans - The company plans to establish a factory in Saudi Arabia to meet local demand, while maintaining a cautious approach to overseas capacity layout [13][25] - The overall product line includes transformers, switches, GIS, and converter valves, with a target to achieve over 100 billion RMB in sales across various electrical products [23] Market Trends and Challenges - The demand for power transmission and transformation equipment is expected to remain strong globally, particularly in the Middle East, where economic development is driving electricity demand [17][29] - The company faces challenges in the European market due to strong local competitors and regulatory barriers in the U.S. [24] Conclusion - TBEA is positioned to leverage its international contracts and domestic market strength to enhance its competitive edge in the power transmission and new energy sectors, while navigating challenges in coal sales and international market dynamics [2][9][19]

Market Performance - The grid equipment sector increased by 3.01% compared to the previous trading day, with Xin Fengguang leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Xin Fengguang (688663) closed at 37.08, up 15.05% with a trading volume of 138,400 shares and a transaction value of 494 million [1] - Songsheng Co., Ltd. (301002) closed at 31.83, up 13.80% with a trading volume of 118,400 shares and a transaction value of 360 million [1] - Other notable performers include: - Buyao Maintenance (605196) at 24.98, up 10.00% [1] - Southern Power Technology (688248) at 44.48, up 9.15% [1] - Yantu Network (835508) at 32.94, up 9.11% [1] Capital Flow Analysis - The grid equipment sector saw a net inflow of 1.073 billion in main funds, while retail funds experienced a net outflow of 552 million [2][3] - The main funds' net inflow for notable stocks includes: - TBEA (600089) with a net inflow of 411 million [3] - Far East Holdings (600869) with a net inflow of 128 million [3] - Guodian NARI (600406) with a net inflow of 82 million [3]