证券代码：600312 证券简称：平高电气 公告编号：2025-051 河南平高电气股份有限公司 关于购买无形资产暨关联交易的公告 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： 河南平高电气股份有限公司（以下简称"公司"）拟以自有资金购买关联 方平高集团有限公司（以下简称"平高集团"）持有的超特高压直流穿墙套管关键 技术深化研究等 10 项无形资产，夯实公司技术实力和高质量发展根基，为公司持 续拓展市场空间、增强盈利韧性提供强有力的技术支撑与产业保障。本次交易作 价以评估结果为依据，经双方协商确定，本次交易价格为 9,420.49 万元（含税）。 平高集团为公司控股股东中国电气装备集团有限公司（以下简称中国电气 装备集团）全资子公司，本次交易构成关联交易。 本次交易不构成重大资产重组。 本次交易已经公司第九届董事会独立董事专门会议 2025 年第六次会议、第 九届董事会第十四次会议审议通过。本次交易无需提交公司股东会审议。 本次关联交易及连续 12 个月内发生的与同一关联人或不同关联人之间相同 交易类别下标的 ...

股票简称：平高电气 股票代码：600312 编号：2025—050 河南平高电气股份有限公司 第九届董事会第十四次会议决议公告 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"）第九届董事会第十四次会议于 2025 年 12 月 20 日以电子邮件、手机短信发出会议通知，并于 2025 年 12 月 26 日以 通讯方式召开，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 3 票赞成，0 票反对，0 票弃权审议通过了《关于购买无形资产暨关 联交易的议案》： 本议案已经公司独立董事专门会议审议通过并同意提交董事会审议。公司关联 董事孙继强、张国跃、刘刚、赵建宾、樊占峰、刘克民回避了对本议案的表决。具 体内容详见公司披露于上海证券交易所网站（http://www.sse.com.cn）的《河南平 高电气股份有限公司关于购买无形资产暨关联交易的公告》。 3.3 审议通过《关于修订<外部信息报送和使用管 ...

平高电气公告，公司拟以自有资金购买关联方平高集团有限公司持有的超特高压直流穿墙套管关键技术 深化研究等10项无形资产，交易价格为9420.49万元(含税)。平高集团为公司控股股东中国电气装备集团 全资子公司，本次交易构成关联交易。本次交易已经公司董事会审议通过，无需提交股东会审议。交易 尚需办理资产权属变更合同等手续，提醒投资者注意风险。 ...

Group 1 - The core viewpoint of the article is that Pinggao Electric (600312.SH) is not involved in the "converter valve" business and has won a bid for specific products in the South Grid project [1] Group 2 - The products that the company has won the bid for include DC wall bushings, DC isolating switches, and grounding switches [1]

Core Insights - The conference focused on building a clean, low-carbon, safe, and efficient new energy system, aligning with the national "dual carbon" goals, and aimed to promote energy technology innovation and industry collaboration [1][6]. Group 1: Conference Overview - The event gathered over 200 representatives from renowned universities, research institutions, state-owned enterprises, and energy equipment companies to discuss the theme "Leading Energy Transformation, Building a Zero-Carbon Future" [2]. - Keynote speeches were delivered by distinguished guests, emphasizing the importance of intelligence and greenness in the energy sector [2]. Group 2: Key Presentations - Academician Qiu Aici presented on the application of new technologies in energy resource development, detailing research on electromagnetic-driven fusion devices [3]. - Tsinghua University’s Vice President Zeng Rong discussed innovations in direct current grid equipment, introducing a new converter solution aimed at industrialization and cost reduction [3]. - Professor Rong Mingzhe from Xi'an Jiaotong University shared advancements in high-voltage direct current interruption technology, which has applications in both civilian and defense sectors [3]. Group 3: Technological Innovations - The conference featured reports on various technological advancements, including a flexible direct current injection testing method and a multi-parameter monitoring system for large-scale lithium battery storage [4]. - The integration of green technologies in power switch equipment was highlighted, focusing on lifecycle sustainability and smart applications [4][5]. Group 4: Industry Contributions - The conference showcased significant technological achievements from companies like Xuchang Electric and Pinggao Group, focusing on zero-carbon goals and energy efficiency solutions [5]. - The event also emphasized the importance of collaboration between academia and industry to drive innovation and meet market demands [2][5].

12月18日，平高电气盘中下跌2.01%，截至10:11，报17.55元/股，成交1.06亿元，换手率0.44%，总市值 238.14亿元。 资金流向方面，主力资金净流出658.66万元，特大单买入313.29万元，占比2.96%，卖出598.40万元，占 比5.65%；大单买入1663.66万元，占比15.72%，卖出2037.21万元，占比19.25%。 平高电气今年以来股价跌6.95%，近5个交易日涨1.86%，近20日涨1.50%，近60日涨14.47%。 资料显示，河南平高电气股份有限公司位于河南省平顶山市南环东路22号，成立日期1999年7月12日， 上市日期2001年2月21日，公司主营业务涉及业务范围涵盖输配电设备及其核心零部件的研发、设计、 制造、销售、安装、检测、检修、服务及相关设备成套、电力工程总承包、全过程工程咨询、综合能源 服务、电锅炉及热储能、海上风电并网装备、智慧电网装备等业务。核心业务为中压、高压、超高压、 特高压交直流开关设备研发制造、销售安装、检修服务。主营业务收入构成为：高压板块57.30%，配 网板块28.03%，运维检修及其他11.13%，国际板块2.93%，其他业务 ...

Core Insights - The high-voltage switchgear market is experiencing steady growth due to the ongoing development of the power industry and the advancement of smart grid construction, with the market size in China projected to increase from 44.519 billion yuan in 2016 to 107.896 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 11.7% [1][11][12] - The demand for high-voltage switchgear is driven by the upgrading of traditional power grids, the integration of renewable energy, accelerated urbanization, and the expansion of industrial electricity consumption [1][11] - The release of the IEC TS 62271-5:2024 technical specification in May 2024 sets new universal technical requirements for high-voltage direct current transmission systems, further enhancing the market's growth potential [1][11] High-Voltage Switchgear Industry Overview - High-voltage switchgear is a critical electrical device used in power distribution systems, allowing for the control and distribution of electrical energy safely and efficiently [3][11] - The industry is characterized by various classifications based on voltage levels, structural types, and insulation types, including armored, compartmentalized, and gas-insulated switchgear [3][4][5] Industry Development Background - Investment in power generation and grid construction in China has significantly increased, with the basic construction investment in power reaching 1,168.7 billion yuan by 2024, growing from 270 billion yuan in 2017, reflecting a CAGR of 23.28% [7][11] - The investment in grid construction also shows steady growth, with completion amounts rising from 531.5 billion yuan in 2017 to 608.3 billion yuan in 2024, at a CAGR of 1.95% [7][11] Industry Chain - The high-voltage switchgear industry chain includes upstream components such as electronic devices and metal materials, midstream manufacturing processes, and downstream applications in various sectors like power plants and industrial enterprises [8][11] Industry Current Status - The production of high-voltage switchgear in China has increased from 1.6225 million units in 2016 to 2.373 million units in 2024, with a CAGR of 4.87% [11][12] - The market is influenced by policies supporting the development of power equipment manufacturing, as well as the push for a new power system aligned with carbon neutrality goals [1][11] Competitive Landscape - The high-voltage switchgear market is competitive, with international brands like Siemens, ABB, and Schneider Electric dominating the high-end market, while domestic companies are improving their technology and product quality to compete effectively [12] - Key domestic players include Pinggao Electric, Jilin Jin Guan Electric, and several others, with varying degrees of market presence and product offerings [12][15] Industry Trends - The industry is moving towards greater intelligence, miniaturization, and sustainable development, with advancements in IoT, AI, and the use of environmentally friendly materials [16][18][19] - The focus on smart technology aims to enhance operational reliability and reduce maintenance costs, while miniaturization addresses space constraints in urban settings [16][18] - The shift towards green technologies is driven by stricter environmental regulations and the need to replace SF₆ gas with more sustainable alternatives [19]

Group 1 - The virtual power plant index experienced a strong surge, with a daily increase of 3% [1] - Component stocks showed active performance, with Zhongneng Electric reaching the daily limit up [1] - Zhaoxin Co. and Great Wall Electric also hit the daily limit up, while Pinggao Electric rose by 7.49% and Sifang Co. increased by 5.65% [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the power and coal sectors, including Harbin Electric, China Shenhua, and Zhongmei Energy [7][9][30]. Core Insights - The electricity demand in November 2025 is expected to continue its high growth rate, with a projected increase of 6.6% year-on-year, reaching 8,364 billion kWh [1]. - The report highlights a significant rebound in exports, particularly in integrated circuits and automobiles, which is expected to support electricity demand growth [3]. - The heating season is anticipated to be longer this year due to the late timing of the Spring Festival, potentially leading to higher-than-expected heating demand [4]. - The report emphasizes the resilience of domestic demand driven by government policies aimed at stabilizing growth and reducing competition [5]. Summary by Sections Electricity Generation Forecast - The estimated national electricity generation for November 2025 is 7,898 billion kWh, reflecting a year-on-year increase of 3.9% [1][10]. - The breakdown of generation includes thermal power at 5,069 billion kWh (down 2.1%), hydropower at 1,138 billion kWh (up 38.3%), wind power at 955 billion kWh (up 16.0%), solar power at 336 billion kWh (up 12.8%), and nuclear power at 400 billion kWh (up 6.4%) [10][14]. Coal Consumption Trends - Thermal coal consumption has shown a decline, with coastal provinces averaging 1.84 million tons per day (down 2.5% year-on-year) and inland provinces averaging 3.35 million tons per day (down 5.6% year-on-year) [2][10]. - The report suggests that improved water conditions and seasonal wind energy output may lead to a reduction in thermal power generation [2]. Company Recommendations - Harbin Electric is recommended due to its leading position in traditional power equipment and expected benefits from ongoing nuclear power approvals and global electricity shortages [30]. - Zhongmei Energy is highlighted for its effective cost control and expected recovery in coal prices, maintaining a "Buy" rating [31]. - China Shenhua is noted for its strong cost management and improved profitability, with a target price increase to 51.3 yuan [35]. Market Outlook - The report anticipates that electricity demand will outpace GDP growth for the year, supported by both domestic and export recovery [5]. - The potential for higher-than-expected coal demand during the heating season is emphasized, suggesting a bullish outlook for coal prices [4][5].

河南平高电气股份有限公司 控股股东、实际控制人行为规范 第一章 总则 第一条 为进一步完善河南平高电气股份有限公司（以下简 称"公司"）的法人治理结构，规范公司控股股东及实际控制人 的行为，切实保护公司和中小股东的合法权益，根据《中华人 民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证 券法》（以下简称"《证券法》"）《上市公司治理准则》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号—规范运作》及《公司章程》的规定，制定本规范。 第二条 控股股东是指持有公司股份占公司股本总额 50% 以上的股东，或者持有股份的比例虽然不足 50%，但依其持有 的股份所享有的表决权已足以对股东会的决议产生重大影响的 股东。 第三条 实际控制人是指虽不是公司股东，但通过投资关系、 协议或者其他安排，能够实际控制、影响公司行为的人。 第四条 控股股东、实际控制人直接或间接控制的法人、非 法人组织及证券交易所认定的其他主体的行为视同控股股东、 实际控制人行为，适用本制度相关规定。 第五条 控股股东、实际控制人及其相关人员应当遵守证券 市场有关法律法规的规定，促使公司规范运作，提高公司质量 ...