Investment Rating - Industry Rating: Overweight [1] Core Insights - The demand for green electricity is expected to increase due to direct connections, and offshore wind projects are progressing steadily [1][18] - The report highlights the importance of various segments within the power equipment industry, including photovoltaic, wind energy, energy storage, hydrogen energy, and grid equipment [3][4] Summary by Sections Photovoltaic - June production is expected to decline, with price trends remaining sticky; the impact of rush installations on prices is weakening [3][11] - The main industry chain prices are anticipated to remain stable but under downward pressure due to weak domestic demand [13][14] - Investment recommendation focuses on companies with high certainty in the BC technology trend, including Longi Green Energy and Aiko Solar [17] Wind Energy - Offshore wind projects are entering a positive phase, with significant projects in Guangdong and Shandong progressing [18][19] Energy Storage - The release of the 136 document in Inner Mongolia aims to promote green electricity connections, with a mechanism price set at 0.3035 yuan/kWh [20][22] - Bulgaria has launched the largest battery storage system in the EU, with a capacity of 496.2MWh [23] Hydrogen Energy - The hydrogen drone industrial park is set to be established in Jiangxi, with a total investment of approximately 480 million yuan [29] - The hydrogen energy sector is accelerating, with a focus on hydrogen production and storage [28][30] Grid Equipment - The State Grid has announced a new batch of candidates for ultra-high voltage equipment, with a total bid amount of 519 million yuan [32] - The integration of source-network-load-storage is being accelerated in Henan province, promoting local consumption of renewable energy [32][33] Humanoid Robots - Companies like Honor and UBTECH are advancing in the humanoid robot sector, with significant developments in technology and applications [34][36] - The humanoid robot industry is expected to enter a mass production phase by 2025, with a focus on key components [38] Electric Vehicles - CATL's solid-state batteries are expected to achieve small-scale production by 2027, with a focus on high-profit companies [39][41] - The report emphasizes the importance of lithium battery technology and the shift towards lower-cost lithium iron phosphate batteries [42]

Group 1 - The State Intellectual Property Office of China granted a patent for a new type of box transformer top cover and box substation, aimed at improving installation convenience and reducing labor costs [1] - The patent, with authorization announcement number CN222927995U, was applied for on June 2024, indicating ongoing innovation in the box substation sector [1] - The design includes a bent frame and a detachable cover plate, allowing for easier installation and maintenance by minimizing obstruction from internal electronic devices [1] Group 2 - Tianjin Pinggao Intelligent Electric Co., Ltd. was established in 2012, focusing on power and heat production and supply, with a registered capital of 1.30666 billion RMB [2] - The company has participated in 1,450 bidding projects and holds 382 patents, indicating a strong presence in the industry [2] - Henan Pinggao Electric Co., Ltd., founded in 1999, specializes in electrical machinery manufacturing, with a registered capital of approximately 1.35692 billion RMB and involvement in 5,000 bidding projects [2] - Henan Pinggao Electric holds 1,932 patents and has made investments in 18 companies, showcasing its extensive operational scale and innovation capacity [2]

科技日报记者 刘园园 记者5月19日从中国电气装备集团获悉，该集团所属河南平高电气股份有限公司（以下简称平高电气） 联合多家合作单位共同研制的国际首台特高压换流变压器防爆燃用550千伏旁路触发间隙装置成功通过 长时通流压力耐受试验。至此，该产品已顺利通过全部试验考核，标志着特高压电网亚毫秒级超高速旁 路保护装置研制成功，填补了国际空白。 "换流变压器是特高压直流工程的关键设备。变压器在发生内部短路故障时，油中高能电弧会短时产生 大量高温高压油气，巨大冲击力易导致壳体、套管开裂，进而引发高温油气爆燃，成为影响电网安全而 亟待解决的突出难题。"平高电气装备研究院高压开关技术研究所主任工程师孙清超介绍，防止换流变 压器故障引发爆裂起火是个世界性难题，通过高速旁路触发间隙技术快速转移熄灭换流变内部电弧是有 效的解决方案。 为攻克这一难题，平高电气邀请电力行业专家进行技术方案评估论证，并联合多家单位、院校成立了 产、学、研、验、用攻关团队。团队先后突破了双极接续等离子体喷射导通、自磁场旋弧控制、大电流 电弧抗烧蚀及快速绝缘恢复、双冗余测控系统等核心技术，成功研制了550千伏旁路触发间隙装置。 "该产品采用了单断口结构和 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

Group 1 - The core stock price of Pinggao Electric (600312) closed at 16.38 yuan on May 16, 2025, down 1.74% from the previous week's closing price of 16.67 yuan [1] - The stock reached a weekly high of 17.12 yuan on May 12 and a low of 16.25 yuan on May 16 [1] - The current total market capitalization of Pinggao Electric is 22.226 billion yuan, ranking 10th out of 120 in the power grid equipment sector and 690th out of 5147 in the A-share market [1] Group 2 - The company announced plans to conduct silver hedging business with a scale not exceeding 35 tons to mitigate raw material price volatility risks [1] - The board of directors approved the adjustment of committee members and the proposal for commodity futures hedging business [1] - The hedging will involve a maximum margin and premium of 3.73 million yuan and a maximum contract value of 14.35 million yuan, with a trading period not exceeding 12 months from the board's approval [1]

股票代码：600312 股票简称：平高电气 编号：临 2025—019 2025 年 5 月 16 日 出席本次网上集体接待日活动的人员有：董事会秘书刘湘意女士、证券事务 代表张娟女士（如有特殊情况，参会人员将可能进行调整），欢迎广大投资者积 极参与。 特此公告。 河南平高电气股份有限公司董事会 河南平高电气股份有限公司 关于参加河南辖区上市公司 2025 年 投资者网上集体接待日活动的公告 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、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，河南平高电气股份有限公司定于 2025 年 5 月 22 日（周四）15：25-16：55 参加在全景网举办的河南辖区上市公司 2025 年投资者网上集体接待日活动，本次活动将采用网络远程的方式举行，投资者可 登录"全景•路演天下"（http://rs.p5w.net）参与本次互动交流。 ...

Investment Rating - The report maintains a "Recommendation" rating for the power transmission and transformation equipment industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [28][29]. Core Insights - The total winning bid amount for the 2025 National Grid's 23rd batch procurement of power transmission and transformation equipment is 17.636 billion yuan, representing a year-on-year increase of 12.7% compared to the same batch in 2024 [5][6]. - Key equipment categories show varied performance: - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power transformers: 4.129 billion yuan, down 2.19% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and substation computer monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7]. Summary by Category Winning Bid Overview - The total winning bid amount for the 2025 procurement is 17.636 billion yuan, with a breakdown as follows: - Combination electrical devices: 4.133 billion yuan, up 33.6% year-on-year - Transformers: 4.129 billion yuan, down 2.19% year-on-year - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7][8]. Key Equipment Winning Shares - Combination electrical devices: - Total winning amount: 4.133 billion yuan - Leading companies: Pinggao Electric (32.7%), Siyi Electric (18.6%), China West Electric (15.7%) [8][9]. - Transformers: - Total winning amount: 4.129 billion yuan - Leading companies: TBEA (23.8%), Shandong Electric (18.1%), Baobian Electric (9.8%) [8][9]. - Power cables: - Total winning amount: 1.647 billion yuan - Leading companies: Hengtong Optic-Electric (13.3%), TBEA (8.8%), Zhongtian Technology (7.6%) [9][10]. - Switchgear: - Total winning amount: 1.704 billion yuan - Leading companies: Pinggao Electric (8.8%), Shandong Taikai (7.9%), Teradyne (5.7%) [9][10]. - Relay protection and monitoring systems: - Total winning amount: 1.520 billion yuan - Leading companies: Guodian NARI (34.8%), Sifang Co. (15.4%), Changyuan Group (12.7%) [10][11].

股票简称：平高电气 股票代码：600312 编号：2025—017 委 员：刘克民、刘刚、吕文栋、孙丽 主任委员：吕文栋 委 员：孙继强、刘刚、何平林、孙丽 二、会议以 9 票赞成，0 票反对，0 票弃权审议通过《关于公司开展商品期货套期 保值业务的议案》 河南平高电气股份有限公司 第九届董事会第十三次临时会议决议公告 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。 河南平高电气股份有限公司(以下简称"公司")第九届董事会第十三次临时会议于 部以现场结合视频方式召开，会议应到董事 9 人，实到 9 人。本次会议的召集、召开符 合《公司法》和《公司章程》的规定。会议经过有效表决，形成以下决议： 一、会议以 9 票赞成，0 票反对，0 票弃权审议通过《关于调整公司第九届董事会 专门委员会委员的议案》 根据《公司法》《公司章程》的规定，经与会董事审议，同意对公司第九届董事会 审计委员会、薪酬与考核委员会委员调整如下： 主任委员：何平林 公司编制的 2025 年度商品类衍生业务可行性报告作为议案附件与本议案一并经董 事会审计委员会审议 ...

股票简称：平高电气 股票代码：600312 编号：2025-018 河南平高电气股份有限公司 关于开展商品期货套期保值业务的公告 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、准确性和完整性承担法律责任。 重要内容提示： ● 交易目的：为规避生产经营中原材料价格波动风险，减少因原材料价格波 动造成的产品成本波动，保证产品成本的相对稳定，降低对生产经营影响。河南 平高电气股份有限公司（以下简称"公司"）拟开展与生产经营直接相关原材料 的白银的套期保值业务。 ● 交易场所及品种：公司开展商品套期保值业务的品种仅限于生产所需原材 料白银，交易场所包括但不限于上海期货交易所等交易场所。 ● 交易规模及金额：预计开展套期保值规模为白银不超过3.5吨。预计任一 时点套期保值交易保证金和权利金不超过 373 万元，持有的最高合约价值不超 过 1435 万元。 ● 履行的审议程序：公司于2025年5月13日召开董事会审计委员会2025年第 三次会议、第九届董事会第十三次临时会议审议通过《关于公司开展商品期货套 期保值业务的议案》。 ● 特别风险提示：公司仅开展与生产经营 ...

证券代码：600312 证券简称：平高电气 公告编号：2025-016 河南平高电气股份有限公司 2024年年度股东大会决议公告 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： (二)股东大会召开的地点：河南平高电气股份有限公司本部 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 545 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 741,647,669 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 54.6566 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议符合《公司法》和《公司章程》的规定，会议的召开及议案表决合 法有效，会议由公司董事会召集，由董事长孙继强先生主持会议。 本次会议是否有否决议案：无 (五)公司董事、监事和董事会秘书的出席情况 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 ...