Core Viewpoint - The stock of TBEA Co., Ltd. experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% during the trading days of November 3, 4, and 5, 2025 [1] Summary by Relevant Sections - **Stock Performance** - TBEA's stock price showed a significant increase, with a cumulative rise exceeding 20% over three consecutive trading days [1] - **Company Response** - The company conducted a self-examination and consulted with its largest shareholder and actual controller, confirming that there are no undisclosed significant matters as of the date of the announcement [1]

Market Overview - A total of 83 stocks hit the daily limit up in the A-share market, with 67 stocks hitting the limit after excluding 16 ST stocks, resulting in an overall limit-up rate of 71.55% [1] Limit-Up Stocks - The highest limit-up order volume was recorded by Yingxin Development with 466,300 hands, followed by Luopusjin, Hailu Heavy Industry, and Vanadium Titanium Co., with order volumes of 390,300 hands, 366,500 hands, and 363,100 hands respectively [2] - ST Zhongdi achieved 14 consecutive limit-ups, while *ST Baoying and HeFu China recorded 8 and 7 consecutive limit-ups respectively [2] - In terms of order amount, 33 stocks had limit-up funds exceeding 100 million yuan, with TBEA, Hailu Heavy Industry, and Bofei Electric leading with amounts of 736 million yuan, 435 million yuan, and 426 million yuan respectively [2] Industry Highlights Smart Grid - Stocks related to the smart grid concept that hit the limit up include Moen Electric, Zhongneng Electric, Zhongzhi Technology, Baobian Electric, Shima Power, and TBEA [3] - Moen Electric provides high-quality medium and low-voltage cable products for State Grid provincial companies [3] - Zhongneng Electric specializes in manufacturing smart grid equipment, including ring network cabinets and high and low voltage distribution cabinets [3] - Zhongzhi Technology's products have applications in smart grids and virtual power grids [3] Hainan Free Trade Port - Stocks benefiting from the Hainan Free Trade Port include Haixia Co., Intercontinental Oil and Gas, and Hainan Development [4] - Haixia Co. anticipates increased passenger flow following the full closure of Hainan Island [4] - Intercontinental Oil and Gas is leveraging its oil and gas project advantages alongside the Hainan Free Trade Port policy to expand into the new energy sector [4] - Hainan Development aims to capitalize on the synergy between Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area [4] Photovoltaics - Stocks in the photovoltaic sector that hit the limit up include Luopusjin, Igor, Tongrun Equipment, Artas, and Xinneng Technology [5] - Luopusjin focuses on aluminum alloy profiles and systems for photovoltaic applications [6] - Igor supplies high-frequency inductors for photovoltaic inverter manufacturers, expecting stable revenue growth by mid-2025 [6] - Tongrun Equipment's subsidiary specializes in manufacturing photovoltaic inverters and energy storage products [6] Trading Activity - The net sell of Zhongtung High-tech exceeded 100 million yuan on the Dragon and Tiger list [7] - Hainan Development, Igor, and Dawi Co. were the top three net buy stocks on the Dragon and Tiger list, with amounts of 180 million yuan, 165 million yuan, and 130 million yuan respectively [8] - Institutional net buying was led by Zhongtung High-tech, Sifang Co., and Dawi Co., with amounts of 168 million yuan, 132 million yuan, and 9.31 million yuan respectively [8]

Market Overview - A-shares showed resilience with a low open and high close despite global market declines, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing up by 0.23%, 0.37%, and 1.03% respectively [4] - Over 3,300 stocks rose while more than 1,900 stocks fell, although the total trading volume remained below 2 trillion yuan [4] Sector Performance - The electricity sector experienced a significant rally, with stocks like Zhongneng Electric and Mindong Electric hitting the daily limit, and several others such as Baobian Electric and TBEA also reaching their limits [9] - The electricity and energy storage sectors closed up by 2.93% and 2.95% respectively [9] - Lithium battery stocks surged before the market closed, contributing to a rebound in the ChiNext Index [3] Cross-Strait Concepts - The cross-strait concept stocks showed a mixed performance, with stocks like Hefuchina and Pingtan Development achieving consecutive gains, while others like Haixia Innovation and Tietuo Machinery faced significant declines [8] - The Haixi concept index rose nearly 2% by the end of the trading day [8] Catalysts - Market enthusiasm was partly driven by OpenAI's statement emphasizing the need for increased energy investment, labeling electricity as the "new oil" [10] - Recent comments from Microsoft CEO regarding idle chips due to insufficient power and data centers, along with predictions from BP's CEO about a significant increase in global electricity demand driven by AI, also contributed to market sentiment [11] Abstract Stocks - The concept of "abstract stocks" gained attention, with companies like Unification Holdings and Hefuchina seeing notable price movements, indicating a trend where stock performance is influenced by names rather than fundamentals [13] Company Specifics - The Hong Kong stock Seris had a volatile debut, initially dropping over 70% before recovering slightly, while its A-share counterpart also faced downward pressure, closing down by 5.56% [14]

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-075 特变电工股份有限公司股票交易异常波动公告 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。 重要内容提示： 公司股票于 2025 年 11 月 3 日、11 月 4 日、11 月 5 日连续 3 个交易日内 收盘价格涨幅偏离值累计达到 20%以上，根据《上海证券交易所交易规则》的有 关规定，属于股票交易异常波动情形。 经公司自查，并书面征询第一大股东及实际控制人，截至本公告披露日， 公司确认不存在应披露而未披露的重大事项。 一、股票交易异常波动的具体情况 公司股票于2025年11月3日、11月4日、11月5日连续3个交易日内收盘价格涨 幅偏离值累计达到20%以上。根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经自查，公司目前生产经营正常，市场环境、行业政策等内外部环境未发生 重大变化。 （二）重大事项情况 公司向不特定对象发行可转换公司债券事项已于2025年 ...

Core Viewpoint - The company's stock experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% during the trading days from November 3 to November 5, 2025 [1] Group 1 - The company confirmed that its production and operations are normal, and there have been no changes in the internal and external environment [1] - The company has submitted a proposal for issuing convertible bonds to unspecified investors, which has been accepted by the Shanghai Stock Exchange and is progressing normally [1] - As of the announcement date, the company's closing price was 24.11 yuan per share, with its price-to-earnings (P/E) and price-to-book (P/B) ratios exceeding the industry average, indicating potential investment risks [1]

Group 1 - The core point of the article highlights the significant stock performance of TBEA Co., Ltd., which saw a rise of 9.99% on November 5, closing at 24.11 yuan [1] - A large block trade occurred, with a total volume of 100,000 shares and a transaction amount of 2.411 million yuan, indicating strong trading activity [1] - The first transaction was executed at a price of 24.11 yuan, with a premium rate of 0.00%, involving Guolian Minsheng Securities as the buyer and CITIC Securities Shanghai Branch as the seller [1] Group 2 - Over the past three months, TBEA has recorded a total of four block trades, with a cumulative transaction amount of 148 million yuan [1] - In the last five trading days, the stock has increased by 15.36%, with a net inflow of 641 million yuan from major funds [1]

Market Overview - On November 5, the Shanghai Composite Index rose by 0.23%, the Shenzhen Component Index increased by 0.37%, the ChiNext Index climbed by 1.03%, and the CSI 300 Index gained 0.19% [1] - Among the tradable A-shares, 3,379 stocks increased, accounting for 62.19%, while 1,905 stocks declined [1] Capital Flow - The main capital experienced a net outflow of 8.638 billion yuan, marking five consecutive trading days of net outflows [1] - The ChiNext saw a net outflow of 2.915 billion yuan, the STAR Market had a net outflow of 2.056 billion yuan, and the CSI 300 constituents experienced a net outflow of 2.576 billion yuan [1] Industry Performance - Out of the 28 first-level industries classified by Shenwan, 20 industries saw an increase, with the leading sectors being Electric Equipment and Coal, which rose by 3.40% and 1.39%, respectively [1] - The sectors with the largest declines were Computer and Non-Bank Financials, which fell by 0.97% and 0.49%, respectively [1] Industry Capital Inflow and Outflow - Eleven industries had net capital inflows, with Electric Equipment leading at a net inflow of 14.608 billion yuan and a daily increase of 3.40% [1] - The Coal industry followed with a daily increase of 1.39% and a net inflow of 1.092 billion yuan [1] - Twenty industries experienced net capital outflows, with the Computer industry leading at a net outflow of 6.363 billion yuan and a daily decline of 0.97% [1] - The Electronics sector had a net outflow of 4.616 billion yuan and a daily decrease of 0.19% [1] Individual Stock Performance - A total of 2,127 stocks had net capital inflows, with 777 stocks seeing inflows exceeding 10 million yuan, and 105 stocks with inflows over 100 million yuan [2] - The stock with the highest net inflow was Sungrow Power Supply, which rose by 7.11% with a net inflow of 1.501 billion yuan [2] - Other notable inflows included TBEA and CATL, with net inflows of 1.199 billion yuan and 977 million yuan, respectively [2] - Conversely, 111 stocks had net outflows exceeding 100 million yuan, with the largest outflows from Seres, Fulongma, and BYD, amounting to 1.231 billion yuan, 1.053 billion yuan, and 722 million yuan, respectively [2]

Core Viewpoint - The electric equipment industry experienced a significant increase of 3.40% on November 5, with a net inflow of 14.608 billion yuan in main funds, indicating strong investor interest in this sector [1][2]. Market Performance - The Shanghai Composite Index rose by 0.23% on the same day, with 20 out of 28 sectors showing gains, particularly in electric equipment and coal, which increased by 3.40% and 1.39% respectively [1]. - The computer and non-bank financial sectors faced declines, with decreases of 0.97% and 0.49% respectively [1]. Fund Flow Analysis - The electric equipment sector led the market with a net inflow of 14.608 billion yuan, while the coal sector followed with a net inflow of 1.092 billion yuan [1][2]. - In contrast, the computer sector saw the largest net outflow of 6.363 billion yuan, followed by the electronics sector with a net outflow of 4.616 billion yuan [1]. Electric Equipment Sector Details - Out of 363 stocks in the electric equipment sector, 319 stocks rose, with 20 hitting the daily limit [2]. - Notable stocks with significant net inflows included: - Sunshine Power: 1.501 billion yuan - TBEA: 1.199 billion yuan - CATL: 977 million yuan [2]. - The sector also had 13 stocks with net outflows exceeding 50 million yuan, with the largest outflows from: - Enjie: 242 million yuan - Dongfang Electric: 152 million yuan - Wanma: 139 million yuan [2][3]. Top Gainers in Electric Equipment - The top gainers in the electric equipment sector included: - Sunshine Power: +7.11% - TBEA: +9.99% - CATL: +2.57% [2]. Top Losers in Electric Equipment - The stocks with the largest net outflows included: - Enjie: -0.15% - Dongfang Electric: +3.88% - Wanma: -2.18% [3].

Market Overview - The A-share market rebounded with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 1.03% [1] - The total market turnover was 1.8943 trillion yuan, a decrease of 44.1 billion yuan compared to the previous day, with over 3,300 stocks rising [1] Sector Performance - The energy storage sector led the gains, with Tongrun Equipment (002150) hitting the daily limit within two minutes of the afternoon session, and Aters "20CM" also reaching the limit [2] - Sunshine Power (300274) surged over 7%, with a transaction volume of 23.373 billion yuan, making it the only stock in A-shares to exceed 20 billion yuan in turnover [2] - The electric grid equipment, photovoltaic, and energy storage sectors experienced a collective surge, with nearly 20 stocks hitting the daily limit, including TBEA (600089), Aters, Tongrun Equipment, and Sanbian Technology (002112) [6][12] Energy Storage Sector Insights - The energy storage concept stocks saw significant increases, with Tongrun Equipment and Sunshine Power reaching their daily limits [7] - Recent orders won by several energy storage-related companies, including a 520 million yuan contract signed by Hopu Co., Ltd. for energy storage systems, contributed to the sector's strong performance [9] Policy and Demand Drivers - The strong performance of the energy storage sector is driven by multiple factors, including policy support, robust demand, and rising prices in the supply chain [10] - The "New Type Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a new energy storage installation capacity of over 180 million kilowatts by 2027, with direct investment expected to reach approximately 250 billion yuan [10] - The actual demand for energy storage systems from January to September 2025 was 89.2 GW/321.2 GWh, reflecting a year-on-year growth of 178% [10] Electric Grid Equipment Sector Insights - The electric grid equipment sector saw a collective surge, with significant investments reported by the State Grid, which completed fixed asset investments exceeding 420 billion yuan from January to September, a year-on-year increase of 8.1% [12] - The total investment scale of the State Grid is expected to exceed 650 billion yuan for the year [12] - Analysts suggest that the overall demand for electric power equipment is on the rise, driven by energy transitions in Europe and the U.S. and geopolitical factors [13]

Market Overview - A-shares experienced a strong afternoon rally with the ChiNext index rising over 1% while Hong Kong stocks gradually stopped falling, with the Hang Seng index briefly turning positive [1] - The Shanghai Composite Index closed up 0.23% at 3969.25 points, the Shenzhen Component Index rose 0.37% to 13223.56 points, and the ChiNext Index increased by 1.03% to 3166.23 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 189.45 billion yuan, a decrease of approximately 44 billion yuan from the previous day, remaining below 200 billion yuan for two consecutive days [1] New Energy Sector - The new energy sector saw a collective surge, with companies like YN Power, Shuangjie Electric, and others hitting the 20% limit up [3][5] - Sunshine Power, with a market capitalization exceeding 400 billion yuan, rose over 7% with a total trading volume of 233.7 billion yuan, ranking first in A-share trading volume [3] - The global demand for energy storage is expected to explode due to the increasing penetration of new energy and declining costs of storage systems, with domestic demand anticipated to accelerate growth starting in 2026 [5] Hainan Free Trade Zone - The Hainan Free Trade Zone concept was active, with stocks like Intercontinental Oil and Gas and Hainan Development hitting the limit up [8] - The construction of the Hainan Free Trade Port is reaching a significant milestone with the full island closure operation expected by 2025, marking a shift in investment focus from B2C consumption to B2B industrial upgrades and high-value-added services [10] Coal Sector - The coal sector showed strong performance, with companies like Antai Group and Baotailong hitting the limit up [12] - Factors such as safety regulations and production checks have led to a gradual slowdown in domestic coal production growth, with expectations of a supply gap in December due to increased winter storage demand [14] - Analysts predict that the average price of thermal coal at ports may rise by over 15% quarter-on-quarter in Q4, with potential price peaks exceeding 850 yuan per ton [14]