Market Overview - The three major indices collectively adjusted, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index decreased by 0.64%, the Shenzhen Component Index by 1.37%, and the ChiNext Index by 1.96% [1] Sector Performance - The AI application concept sector rose against the trend, with over ten constituent stocks hitting the daily limit, including Ingrity Media, Liou Co., and Shenguang Group [1] - The AI medical concept remained active, with Meian Health achieving three consecutive limit-ups, and stocks like Hongbo Pharmaceutical and Xin Ganjiang also hitting the limit [1] - The power grid equipment sector strengthened in the afternoon, with TBEA and Sanbian Technology reaching the daily limit [1] - The retail sector showed active performance, with Sanjiang Shopping achieving two consecutive limit-ups [1] Declining Sectors - The commercial aerospace and controllable nuclear fusion sectors experienced significant declines, with stocks like Shunhao Co. and China Satellite Communications hitting the daily limit down [1]

Group 1 - The core point of the news is that TBEA Co., Ltd. experienced a stock price increase of 5.1%, reaching 26.15 CNY per share, with a trading volume of 6.373 billion CNY and a turnover rate of 5.09%, resulting in a total market capitalization of 132.131 billion CNY [1] - TBEA Co., Ltd. is located in Changji City, Xinjiang Uygur Autonomous Region, and was established on February 26, 1993, with its listing date on June 18, 1997. The company’s main business includes power transmission and transformation, new energy, and energy-related services [1] - The revenue composition of TBEA includes: electrical equipment products (27.64%), coal products (18.27%), wire and cable products (16.22%), new energy products and engineering (13.06%), power generation business (7.16%), aluminum electronic materials and aluminum and alloy products (6.90%), transmission and transformation complete engineering (4.82%), and other categories [1] Group 2 - From the perspective of fund holdings, one fund under Nord Fund has a significant position in TBEA. The Nord Huazheng Value Selected 50 Index Fund A (023979) held 20,800 shares in the third quarter, accounting for 2.28% of the fund's net value, making it the fifth-largest holding [2] - The Nord Huazheng Value Selected 50 Index Fund A (023979) was established on April 29, 2025, with a latest scale of 15.8091 million CNY. Year-to-date, it has achieved a return of 4.33%, ranking 3272 out of 5517 in its category, and a cumulative return of 23.32% since inception [2] - The fund manager of Nord Huazheng Value Selected 50 Index Fund A is Wang Hengnan, who has been in the position for 7 years and 55 days, managing total assets of 245 million CNY, with the best fund return during his tenure being 59.71% and the worst being -35.81% [2]

三变科技、特变电工直线涨停，安靠智电涨超10%，双杰电气、摩恩电气、中国西电等纷纷冲高。 (本文来自第一财经) 三变科技、特变电工直线涨停，安靠智电涨超10%，双杰电气、摩恩电气、中国西电等纷纷冲高。 (本文来自第一财经) ...

（编辑 楚丽君） 证券日报网讯 1月12日，特变电工在互动平台回答投资者提问时表示，公司在2017年开发了行业首套 10kV/1MW多端口电力电子变压器，目前已在珠海唐家湾、东莞数据中心、山西电科院、苏州宝通等地 有多个国网和南网工程示范应用项目落地。公司拥有一定的固态变压器研发的技术积累，并持续深化相 关技术研究，提升产品功率密度及转换效率。公司将持续关注市场动态，适时推进相关技术成果的产业 化。 ...

（编辑 楚丽君） 证券日报网讯 1月12日，特变电工在互动平台回答投资者提问时表示，公司凭借领先的技术优势、可靠 的产品质量，2025年先后中标了国网甘肃-浙江、国网大同-天津南、蒙西—京津冀、葛南换流站等一系 列特高压输电工程项目。未来，公司将紧抓行业机遇，进一步推动公司技术迭代升级，持续巩固高端产 品领先优势。 ...

Core Viewpoint - The company TBEA (特变电工) is enhancing its new energy capacity and focusing on improving its core competitiveness in the renewable energy sector, particularly in solar and wind power [1] Group 1: New Energy Capacity - TBEA announced that its new energy capacity will further increase by the fourth quarter of 2025 [1] - The company is committed to optimizing its photovoltaic and wind power resource development, construction, and operation [1] Group 2: Product Development and Market Expansion - TBEA is strengthening its research and development of new products, particularly in inverters and other core equipment [1] - The company is intensifying its market expansion efforts to enhance its core competitiveness [1] Group 3: Operational Resilience - TBEA aims to improve the operational resilience and risk resistance of its new energy segment [1]

（编辑 王雪儿） 证券日报网讯 1月12日，特变电工在互动平台回答投资者提问时表示，公司可为海上风电项目提供风 机、塔筒等配套装备电缆，该类电缆产品具备耐候性、耐海水腐蚀性、抗风压能力等特性。目前公司尚 不具备生产海底电缆的能力。 ...

证券日报网讯 1月12日，特变电工在互动平台回答投资者提问时表示，公司根据业主要求选定元器件。 （文章来源：证券日报） ...

Group 1 - The energy sector is experiencing a rise, with the China Securities New Energy Index increasing by 1.30% as of January 9, 2026, and key stocks such as Mingyang Smart Energy, Goldwind Technology, and Xiamen Tungsten rising by 10.03%, 9.99%, and 9.86% respectively [1] - The globalization and acceleration of intelligence in the new energy vehicle industry is expected to lead to a total export volume of 3.03 million units in 2026, representing a year-on-year growth of 34% and an increase in penetration rate to 45% [1] - AI technology is reshaping the in-car experience, becoming a key differentiator in the market, while advancements in smart driving technology and high-performance chips are accelerating the deployment of new architectures [1] - The demand for upgrading and replacing vehicles is driving consumption upgrades, with high-end vehicle markets outperforming economy models, and domestic brands showing significant potential for market share growth [1] - Despite intensified competition leading to profit pressure, the increase in exports, economies of scale, and local production capacity are expected to enhance the overseas profitability of automotive companies [1] Group 2 - The construction of a national unified electricity market is accelerating, with expected grid investments during the 14th Five-Year Plan period to exceed 4 trillion yuan, a significant increase from 2.8 trillion yuan during the 13th Five-Year Plan [2] - The main grid construction will support the interconnection of the national grid, which is a crucial foundation for building a unified national electricity market and will remain a key focus area [2] - As of December 31, 2025, the top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow Power, TBEA, LONGi Green Energy, Huayou Cobalt, EVE Energy, China National Nuclear Power, Ganfeng Lithium, Tianci Materials, and Three Gorges Energy, collectively accounting for 43.23% of the index [2]

Core Insights - The article highlights the significant growth in the energy storage market in 2025, with a total bidding scale of 447.5 GWh, representing a year-on-year increase of 113.2% [1]. Bidding Market - The bidding market saw a total scale of 447.5 GWh, with non-collective bidding projects reaching 371.7 GWh (up 179.9%) and collective bidding projects at 75.8 GWh (down 1.7%) [1]. - The growth in bidding demand is driven by two key nodes: the 531 grid connection deadline and the 1231 grid connection deadline, with significant project launches concentrated around these dates [3][4]. - Policies have accelerated bidding demand, particularly in regions like Inner Mongolia, which introduced incentives for projects to start before the June deadline [6]. Winning Market - The total winning scale in 2025 was 382.6 GWh, with independent storage projects accounting for 65% of the market demand [10]. - The average internal rate of return (IRR) for projects across provinces is above 8%, with some regions like Gansu and Guangdong seeing IRR as high as 10-15% due to high frequency regulation demand [10]. - Major players in the winning market include CRRC Zhuzhou, Haibo Shichuang, and Ningde Times, with a concentration of market participation among system manufacturers and a few leading battery manufacturers [12][14]. Price Trends - The average price for 2-hour storage systems was stable at 0.5485 yuan/Wh, while the EPC price was 1.0268 yuan/Wh, reflecting a 12.6% decrease from the previous year [17]. - Battery cell prices experienced three rounds of increases in the second half of the year, driven by overseas orders and high domestic bidding demand, leading to a tight supply-demand balance [17].