截至7月23日收盘，特高压概念下跌2.38%，位居概念板块跌幅榜前列，板块内，安靠智电、通达股 份、电科院等跌幅居前，股价上涨的有9只，涨幅居前的有C山大、中国电建、斯瑞新材等，分别上涨 356.00%、10.08%、4.10%。 今日涨跌幅居前的概念板块 | 600361 | 创新新材 | -0.72 | 3.43 | -1610.69 | | --- | --- | --- | --- | --- | | 603333 | 尚纬股份 | -1.69 | 4.06 | -1525.84 | | 300712 | 永福股份 | -6.24 | 4.76 | -1525.34 | | 603861 | 白云电器 | -2.92 | 3.01 | -1512.64 | | 002350 | 北京科锐 | -2.74 | 2.42 | -1488.14 | | 300831 | 派瑞股份 | -1.85 | 12.16 | -1390.09 | | 601096 | 宏盛华源 | -1.96 | 2.40 | -1346.94 | | 002358 | 森源电气 | -2.51 | 6.28 | -1249.59 ...

Summary of Key Points Core Viewpoint - The company, Guodian Nanjing Automation Co., Ltd., announced the repurchase and cancellation of a total of 222,784 restricted stocks due to performance assessment failures of certain incentive recipients and a transfer of one recipient to another company [1][2][3]. Group 1: Reasons for Repurchase - The repurchase involves 132,864 shares from 6 incentive recipients who received a performance grade of C, and 89,920 shares from 1 reserved recipient who was transferred to another company [1][2]. - The repurchase is in accordance with the company's stock incentive plan, which stipulates conditions under which shares can be repurchased if performance criteria are not met [3][4]. Group 2: Repurchase Details - The total number of shares being repurchased is 222,784, involving 7 individuals [4]. - The repurchase will be funded entirely from the company's own funds [4]. - The repurchase and cancellation process is expected to be completed by July 25, 2025, reducing the total share capital from 1,016,093,562 shares to 1,015,870,778 shares [4]. Group 3: Share Structure Changes - Following the repurchase, the share structure will change, with restricted shares decreasing from 5,350,767 to 5,127,983, and unrestricted shares remaining at 1,010,742,795 [4]. - The overall share count will reflect a decrease in the proportion of restricted shares from 0.53% to 0.50% [4]. Group 4: Compliance and Commitments - The company assures that all necessary procedures and disclosures have been followed in accordance with legal regulations and internal policies [5]. - The company has confirmed the accuracy and completeness of the information regarding the repurchase and has communicated this to the relevant incentive recipients [5].

证券代码：600268 证券简称：国电南自 公告编号：临2025-037 国电南京自动化股份有限公司 回购注销原因： 根据国电南京自动化股份有限公司（以下简称"公司"）限制性股票激励计 划的有关规定，鉴于公司限制性股票激励计划激励对象中的，6 名首次授予激励 对象第二个解除限售期个人层面绩效考核等级为 C，公司对其已获授但尚未解除 限售的限制性股票共计 132,864 股进行回购注销；1 名预留激励对象因上级主管 单位工作安排调离至其他企业工作，公司对其已获授但尚未解除限售的限制性股 票 89,920 股进行回购注销。本次回购激励对象已获授但尚未解除限售的限制性 股票合计 222,784 股，涉及人数 7 人。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 222,784股 | 222,784股 | 2025年7月25日 | 一、本次限制性股票回购注销的决策与信息披露 2022 年 5 月 12 日，公司召开 2021 年年度股东大会审议通过了《关于提请 股东大会授权董事会办理公司限制性股票激励计划相关事宜的议案》，授权董事 会在出现 ...

中国江苏省南京市栖霞区紫东路1 号紫东国际创意园 A1 幢 3 层 Tel: (+86 25) 68756868 邮编: 210046 www.deheng.com.cn 北京笆和街(南京) BEIJING DHH(NANJING) LAW FIRM BEIJING DHH(NANJING) LVA FIRM 关 于 之 法律意见书 德和衡证律(2025) 第【0718】号 国电南京自动化股份有限公司 部分股权激励限制性股票回购注销事项 关于国电商京自动化股份有限公司 部分股权激励限制性股票回购注销 事项之 法律意见书 德和衡证律(2025) 第【0718】号 致;国电南京自动化股份有限公司 北京荫和衡(南京) 中京 BEIING DHIINANIING 北京德和衡(南京) 律师事务所 1、本所律师仅基于本《法律意见书》出具之日以前已经发生或存在的事实 发表法律意见,本所律师对所查验事项是否合法合规、是否真实有效进行认定是 以现行有效的(或事实发生时施行有效的)法律、法规、规范性文件、政府主管部 门做出的批准和确认、本所律师从国家机关、具有管理公共事务职能的组织、会 计师事务所、资产评估机构等公共机构直接取得 ...

Core Viewpoint - The power grid equipment sector continues to show strong performance, with multiple stocks hitting the daily limit up, driven by optimistic investment forecasts and increasing demand [1] Group 1: Stock Performance - TBEA and Hualing Cable reached the daily limit up, while Guodian Nanzi and Electric Power Research Institute also saw significant gains [1] - Other companies such as Qiuguan Cable, Ankaozhidian, and Chenguang Cable increased by over 10%, while China West Electric, Tongguang Cable, and XJ Electric rose by more than 5% [1] Group 2: Market Outlook - Huashang Securities predicts that the State Grid's investment is expected to exceed 650 billion yuan by 2025 [1] - The combination of high overseas demand and domestic grid investment growth is likely to drive an increase in power equipment production, suggesting sustained high prosperity in the power grid equipment sector [1]

Group 1 - The A-share market showed mixed performance on July 22, with the power sector receiving significant positive news due to the commencement of the largest hydropower project in history, attracting capital attention towards infrastructure and power grid equipment [1] - The Yarlung Tsangpo River downstream hydropower project, which began construction on July 19, involves the establishment of five cascade power stations with a total investment of approximately 1.2 trillion yuan, generating power equivalent to three Three Gorges projects [1] - Galaxy Securities anticipates that due to the high difficulty of the Yarlung project and uncertainties related to interest rates, actual investment may exceed initial estimates, with a potential increase of 5%, and the investment in power transmission and transformation could reach between 189 billion to 315 billion yuan [1] Group 2 - The Electric Grid Equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, focusing on capturing growth opportunities in new power system construction and power reform [2] - The index's constituent stocks are primarily distributed across the transmission and transformation equipment, grid automation equipment, cable components, communication cables, and distribution equipment sectors, with a combined weight of 88.9%, indicating strong representativeness [2]

Core Viewpoint - The pumped storage concept sector has shown significant growth, with a 4.76% increase, ranking third among concept sectors on July 21, 2023, driven by strong performances from several stocks [1][2]. Sector Performance - The pumped storage concept sector had 59 stocks rising, with notable performers including: - Bikang Technology, which hit a 30% limit up - Deepwater Planning Institute and Guanzhong Energy, both reaching a 20% limit up - Zhejiang Fu Holdings, Guomai Heavy Equipment, and Beautiful Ecology also hitting limit up [1][2]. - The top gainers in the sector included: - Yongfu Co., up 11.68% - Donghong Co., up 7.00% - Tongyu Heavy Industry, up 6.81% [1]. Capital Flow - The pumped storage concept sector attracted a net inflow of 2.089 billion yuan, with 40 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows [2]. - The leading stock in terms of net inflow was Xujie Electric, with a net inflow of 485 million yuan, followed by China Electric Power Construction with 297 million yuan, and Zhejiang Fu Holdings with 145 million yuan [2][3]. Stock Performance - The top stocks in the pumped storage concept based on net inflow ratio included: - Subote with a net inflow ratio of 73.31% - China Electric Power Construction at 52.82% - Dongfang Electric at 44.43% [3][5]. - Other notable stocks included: - Xujie Electric, up 9.98% with a turnover rate of 12.90% - China Electric Power Construction, up 10.04% with a turnover rate of 0.77% - Zhejiang Fu Holdings, up 10.15% with a turnover rate of 2.54% [3][4].

Core Viewpoint - The market experienced a significant rally on July 21, with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, driven primarily by infrastructure-related stocks and a surge in trading volume [1][2][3]. Market Performance - The Shanghai Composite Index rose by 0.72%, the Shenzhen Component Index increased by 0.86%, and the ChiNext Index gained 0.87% [1]. - Over 4,000 stocks in the market saw gains, with more than a hundred stocks hitting the daily limit up [2]. Sector Highlights - Infrastructure stocks, particularly in cement and building materials, saw a collective surge, with companies like Conch Cement hitting the daily limit up [3][8]. - High-voltage power transmission and grid concept stocks also performed strongly, with companies such as Guodian Nanzi reaching the daily limit up [4][8]. - The robotics sector maintained its strength, exemplified by Changsheng Bearing hitting the daily limit up [5]. Trading Volume and Key Stocks - The total trading volume for the Shanghai and Shenzhen markets reached 1.7 trillion yuan, an increase of 128.9 billion yuan from the previous trading day [5]. - Notable stocks by trading volume included Northern Rare Earth at 14.664 billion yuan, followed by Dongfang Fortune, Zhongji Xuchuang, and Ningde Times with trading volumes of 11.143 billion yuan, 10.910 billion yuan, and 9.047 billion yuan respectively [5]. Specific Events - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, has sparked a rally in related stocks [9]. - An unusual trading incident occurred with Dongfang Electric, where a transaction at an inflated price led to a temporary spike of over 700% in its stock price before stabilizing [11][12]. Foreign Investment Sentiment - Foreign institutional investors are increasingly optimistic about Chinese core assets, with a focus on sectors such as domestic consumption and technology [14][15]. - Recent engagements with foreign sovereign funds and large asset management firms indicate a positive outlook on A-shares, with a shift in interest towards Hong Kong markets as a financial hub [14].

Core Viewpoint - The performance of central state-owned enterprises (SOEs) listed on A-shares in the first half of the year has shown significant improvement, with 79 companies reporting positive earnings, driven by national policies and internal reforms [1] Group 1: Central SOEs Performance - 32 central SOEs achieved year-on-year growth in net profit attributable to shareholders, while 22 companies turned losses into profits, and 25 companies reduced losses [1] - 19 central SOEs have a projected upper limit for net profit growth exceeding 100%, indicating strong profitability [1] - The sectors of electric power equipment, shipbuilding, and rare earths are experiencing high demand and performance, contributing positively to the overall market [1] Group 2: Electric Power Equipment Industry - The electric power equipment industry is benefiting from national policies aimed at carbon neutrality and the construction of a new power system, leading to high-quality development [2][4] - The Ministry of Industry and Information Technology aims for an average annual revenue growth rate of over 9% for the electric power equipment industry from 2023 to 2024 [4] - Major investments in grid construction and the acceleration of ultra-high voltage projects are creating significant opportunities for electrical equipment companies [5] Group 3: Shipbuilding Industry - Despite a global downturn in shipbuilding, Chinese shipyards lead with 10.04 million CGT and 370 vessels, capturing 52% of global orders [6] - Several central SOEs in shipbuilding are expected to see substantial profit increases, with some companies projecting over 200% growth in net profit [6] - The growth is attributed to effective management, increased delivery of civilian vessels, and rising prices [6] Group 4: Rare Earth Industry - The rare earth sector is thriving due to its strategic importance and increasing demand from industries like new energy and smart manufacturing [7] - China Rare Earth anticipates a net profit of 136 million to 176 million yuan, indicating a turnaround from losses [6] - The company has adapted its marketing strategies and optimized production processes to capitalize on rising prices and demand [7] Group 5: Future Outlook - The high growth in these industries is expected to be sustainable, supported by national strategies and market demand [7] - Companies are encouraged to align with national strategies, innovate technologically, optimize supply chains, and expand into international markets to enhance growth and profitability [7]

Group 1: Overall Performance of Central Enterprises - 79 central enterprise-controlled listed companies reported positive performance forecasts for the first half of the year, with 32 companies showing year-on-year net profit growth, 22 companies turning losses into profits, and 25 companies reducing losses [1] - 19 central enterprise-controlled listed companies expect a net profit increase of over 100%, with several companies achieving significant turnaround from losses [1] Group 2: Power Sector Performance - Huayin Power, a subsidiary of China Datang Group, is expected to lead the growth with a projected net profit of 180 million to 220 million yuan, representing a year-on-year increase of up to 44 times due to increased power generation and reduced fuel costs [2] - Major investments in the power grid and ultra-high voltage construction by State Grid and Southern Power Grid are expected to drive growth in related companies, with Guodian Nanzi and Baobian Electric forecasting net profit increases of 171.89% to 225.66% and 229.15%, respectively [2] Group 3: Electric Equipment and Cable Industry - Baobian Electric's profit increase is attributed to enhanced market development and increased project orders, while Baoshan Co. anticipates a net profit growth of 167.98% to 301.98% due to optimized sales policies and improved internal management [3] - New Energy Taishan is expected to turn losses into profits in the first half of the year, reflecting a positive trend in the electric cable sector [3] Group 4: Shipbuilding and Rare Earth Industries - The shipbuilding sector is experiencing significant growth, with companies like China Shipbuilding, China Power, and China Heavy Industry expecting net profit increases exceeding 200% due to effective management and increased delivery of civilian ships [5] - The rare earth industry is also thriving, with companies like China Rare Earth and Guangsheng Nonferrous Metals expected to turn losses into profits, driven by rising prices of rare earth products [4] Group 5: Turnaround Companies - 22 central enterprise-controlled listed companies are expected to turn losses into profits, with quality improvement and efficiency enhancement being key factors for their performance recovery [6] - Companies like Zhongnan Co. and Taiji Co. have reported successful turnarounds due to strengthened management and cost control measures [6][7] Group 6: Management and Efficiency Improvements - Many companies achieving year-on-year growth or reduced losses attribute their success to ongoing quality improvement and efficiency enhancement initiatives [7] - Companies are focusing on optimizing resource allocation, controlling costs, and improving operational efficiency as critical drivers of performance growth [7]