Investment Rating - The report maintains a "Buy" rating for the following companies: Guodian NARI (国电南瑞), Pinggao Electric (平高电气), China XD Electric (中国西电), and XJ Electric (许继电气) [8][9]. Core Insights - The approval of the Southeast Tibet to Guangdong-Hong Kong-Macao ultra-high voltage (UHV) transmission line marks an upward cycle for the UHV sector, with an expected investment of 53.168 billion yuan and a total transmission capacity of 10GW [1]. - The "Three North" photovoltaic desertification control plan aims to add 253GW of solar capacity by 2030, indicating sustained growth in renewable energy infrastructure [2]. - The acceleration of UHV project construction is evident, with multiple projects expected to be operational within the year, enhancing the overall market dynamics [3]. - The UHV market exhibits high barriers to entry and profitability, with significant value in components such as converters and transformers, indicating a concentrated competitive landscape [4]. Summary by Sections UHV Projects and Approvals - The National Development and Reform Commission approved the Southeast Tibet to Guangdong-Hong Kong-Macao UHV project, with a total length of 2681.3 kilometers and dynamic investment of 53.168 billion yuan [1]. - It is anticipated that 5-6 additional UHV direct current lines will be approved in 2025, with key equipment suppliers likely to benefit significantly from this trend [1]. Photovoltaic Development - The "Three North" photovoltaic desertification control plan has been approved, targeting the addition of 253GW of solar capacity by 2030 and the reclamation of 10.1 million acres of desertified land [2]. - The ongoing construction of large-scale wind and solar bases in desert areas is expected to drive long-term demand for UHV transmission [2]. Market Dynamics and Company Performance - The UHV market is characterized by high profit margins and a limited number of participants, with significant revenue potential for core equipment manufacturers [4]. - Guodian NARI is projected to generate net profits of 1.15-1.64 billion yuan from each UHV project, while Pinggao Electric and China XD Electric are also expected to see substantial profit increases due to the anticipated surge in UHV orders [5]. - The report highlights the strong growth potential for these companies, with expected net profit growth rates of 23.8% CAGR from 2025 to 2027 for XJ Electric [10].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the expected acceleration in the approval of ultra-high voltage (UHV) projects in the second half of 2025, with several key transmission corridors likely to be approved [10][15] - The current pace of construction for UHV direct current projects is increasing, with several projects nearing completion and others in the early stages of construction [15][16] - The report highlights a significant potential for equipment bidding in the second half of 2025, estimating a total bidding volume of approximately 55 billion yuan, with a substantial portion allocated for UHV converter valve equipment [28][30] Summary by Sections UHV Project Approvals - The 2025 National Energy Work Conference proposed the active promotion of several UHV transmission corridors, indicating a likely increase in project approvals in the latter half of 2025 [10] - Currently, only two projects have received approval, but expectations are high for a surge in approvals later in the year [10][15] UHV Direct Current Projects - Several UHV direct current projects are nearing completion, with the Jinshang-Hubei and Longdong-Shandong projects already operational [15] - Projects such as the Ningxia-Hunan and Shaanxi-Anhui are in advanced stages of construction, with expectations for operational readiness by 2026 [15][16] UHV Alternating Current Projects - The report notes that UHV alternating current projects are also in a peak construction phase, with several projects expected to commence in 2025 [16][18] Equipment Bidding Trends - In the first half of 2025, equipment bidding has been relatively low, totaling 2.48 billion yuan, while material bidding reached 17.87 billion yuan [25] - The report anticipates a rapid increase in bidding activity in the second half of 2025, driven by the approval of multiple UHV projects [28][30] Market Dynamics - The report indicates that the UHV equipment market remains concentrated, with leading companies expected to benefit from increased order volumes as the market expands [35]

证券代码：600312 证券简称：平高电气 公告编号：2025-020 河南平高电气股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.067元 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/25 | － | 2025/6/26 | 2025/6/26 | | 四、 分配实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。 已办理指定交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理指定 交易的股东红利暂由中国结算上海分公司保管，待办理指定交易后再进行派发。 （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收 市后登记在册股东持股数，按比例直 ...

河南平高电气股份有限公司 2024年年度权益分派实施公告 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： 证券代码：600312 证券简称：平高电气 公告编号：2025-020 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 13 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,356,921,309股为基数，每股派发现金红利 0.067元（含税），共计派发现金红利90,913,727.70元。 每股分配比例 A 股每股现金红利0.067元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/25 | － | 20 ...

Group 1: Event Overview - The 2025 Shanghai International Carbon Neutral Technology, Products and Achievements Expo (referred to as "Shanghai Carbon Expo") will be held from June 5 to 7, focusing on six core areas including key technologies for energy transition, low-carbon transportation technologies, efficient resource utilization models in the circular economy, innovative applications for energy conservation and efficiency, green finance and certification services, and green consumption transformation for sustainable development [1] - This year's expo features a higher "low-carbon content," with low-carbon technologies and products increasing by 50% compared to last year, totaling over 1,200, and over 300 companies from 15 countries and regions are invited to participate [1] Group 2: Key Exhibitors and Technologies - State Grid, as the largest exhibitor and participating for three consecutive years, showcased five thematic exhibition areas focusing on high-quality development, new power system construction, new production capacity development, green low-carbon transformation, and active service for the Belt and Road Initiative [4] - The "All-Network Power Balance Lean Management System" presented by State Grid enables precise and intuitive grasp of resource information across various sectors, addressing issues such as resource gaps and optimization paths [4] - The system has supported 33 provincial grid companies in conducting over 10,000 intelligent decision-making simulations, achieving a maximum daily power support of 14 million kilowatts and reducing carbon emissions by 14.9 million tons through renewable energy consumption [8] Group 3: Innovations in Chemical Industry - BASF, the world's largest chemical company, presented innovations in three major areas: new energy, new raw materials, and new technologies, including the Limus® urease inhibitor that can reduce ammonia volatilization losses by 70% and enhance nitrogen fertilizer utilization [11] - In 2024, BASF's production bases in China are expected to reduce greenhouse gas emissions by 375,000 tons due to the use of renewable energy [13] Group 4: Environmental Equipment Innovations - Shanghai Pinggao Electric Co., a subsidiary of Pinggao Electric, introduced a 24 kV environmentally friendly gas-insulated switchgear that uses nitrogen as an insulating gas, offering higher reliability and environmental friendliness compared to traditional air-insulated switchgear [11] - The demand for gas-insulated switchgear in China is currently less than 10%, significantly lower than the approximately 80% in developed countries, indicating a potential growth opportunity in the market [18]

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 ...

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。 ...

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 ...