Core Viewpoint - The global power system is facing new challenges, leading to an increased demand for grid expansion and upgrades, which is expected to directly benefit the power equipment industry [1] Group 1: Main Grid Developments - The demand for ultra-high voltage (UHV) construction is increasing due to the growth of inter-provincial electricity flow and the pressure of renewable energy consumption. As of December 2024, China has built and put into operation 41 UHV transmission lines, including 20 AC lines and 21 DC lines [2] - During the 14th Five-Year Plan period, China is expected to start construction on "three AC and nine DC" UHV lines, with over 20 lines anticipated to be operational in the 15th Five-Year Plan period, which will boost demand for related equipment [2] - Flexible DC technology is expected to become mainstream due to its advantages in large-scale renewable energy transmission, especially as the prices of core components like IGBT decrease. Investment in this area is projected to reach 380 billion yuan from 2021 to 2025 [2] Group 2: Distribution Network Developments - Both domestic and international plans for distribution network upgrades are expected to increase demand for transformers. China emphasizes high-quality development in distribution networks, while the EU plans to invest 584 billion euros for grid modernization [3] - China's transformer production accounts for 35% of the global market, and with overseas production facing constraints, there is an opportunity for Chinese companies to benefit from rising global demand [3] Group 3: Investment Recommendations - The emergence of new electricity consumption scenarios, represented by computing power, is driving greater electricity demand and necessitating grid upgrades. The main grid sector is expected to benefit from the acceleration of UHV construction and the growing number of flexible DC projects [4] - The distribution network sector is also poised for growth due to ongoing domestic upgrades and strong overseas demand for transformers. Companies such as Huaming Equipment, Haixing Electric Power, and others are recommended for investment [4]

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 国电南瑞 电力设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 22.15 | | --- | --- | | 总股本/流通股本（亿股）80.32 | / 79.96 | | 总市值/流通市值（亿元）1,779 | / 1,771 | | 周内最高/最低价 52 | 27.90 / 21.86 | | 资产负债率(%) | 43.1% | | 市盈率 | 23.32 | | 第一大股东 | 南瑞集团有限公司 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 国电南瑞(600406) 业绩符合预期，持续受益电网和抽蓄设备景气度提 升 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报 ...

国家电网8日在济南、兰州同时宣布，陇东—山东±800千伏特高压直流工程竣工投产，标志着我国首 个"风光火储一体化"大型综合能源基地外送工程建成投运。这条特高压输送的电能超一半是风能、光 伏、储能等纯绿色电能。(新华社) ...

7 May 2025 | 3:35PM CST China Industrial Tech 1Q25 results largely in-line; prefer domestic China (Buy Nari, on CL) vs. tariff-hit stocks; still like AI beneficiaries 1Q25 sector results were overall largely in-line with 14/13/5 companies delivering earnings miss/in-line/beat (median revenue/gross profit/operating profit/net profit were -0%/-4%/-12%/-6% vs. GSe and GPM/OPM/NPM at -0.9pp/-1.7pp/-0.5pp vs. GSe). We lower our estimates primarily on expectations of tariff impact ahead, cut our sector average 20 ...

Core Viewpoint - The article discusses the differences and similarities between two indices related to central enterprise technology: the China Securities National New Central Enterprise Technology Leading Index and the China Securities Chengtong Central Enterprise Technology Innovation Index, highlighting their performance and characteristics in the context of recent market movements. Group 1: Differences Between the Indices - The China Securities National New Central Enterprise Technology Leading Index is customized by Guoxin Investment Co., Ltd., while the China Securities Chengtong Central Enterprise Technology Innovation Index is customized by China Chengtong Group [2]. - The selection methods differ: the National New Index scores based on net profit growth, revenue growth, total market capitalization, and R&D expenditure as a percentage of revenue, whereas the Chengtong Index evaluates based on the number and quality of patents and the implementation of equity incentives [3]. - Industry distribution varies significantly; the National New Index focuses heavily on aerospace and defense, electronics, and semiconductors, with a combined weight of nearly 80%, while the Chengtong Index has a more balanced distribution across telecommunications, aerospace and defense, and electronics, with the top five industries also exceeding 80% [4][6]. Group 2: Key Holdings and Performance - The top ten holdings of the National New Index account for 52.63% of the total, with Hikvision and AVIC Optoelectronics each exceeding 7% [8]. - In contrast, the Chengtong Index's top ten holdings represent 60.34% of the total, with China Telecom, Hikvision, and China Mobile each exceeding 7% [12]. - Historical performance shows that while the one-year returns of both indices are similar, the Chengtong Index outperforms the National New Index over three and five years, with the National New Index exhibiting higher volatility across all time frames [14]. Group 3: Valuation and Commonalities - As of now, the National New Index's TTM price-to-earnings ratio has risen to the historical 100th percentile, indicating a high valuation position [15]. - The Chengtong Index's TTM price-to-earnings ratio is also above the historical 80th percentile, suggesting a similarly high valuation, although its historical data is limited [17]. - Both indices select samples from listed companies under the State-owned Assets Supervision and Administration Commission, aim to reflect the overall performance of central enterprises in technology innovation, and emphasize that R&D expenditure as a percentage of revenue should not be less than 3% [20].

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-030 国电南瑞科技股份有限公司 关于以集中竞价交易方式股份回购进展情况的公告 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引 第 7 号—回购股份》等相关规定，现将公司回购股份的进展情况公告如下： 截至2025年4月30日，公司以集中竞价交易方式累计回购公司股份6,882,583 股，占公司总股本 8,032,088,259 股的比例为 0.086%，购买的最高价为 22.30 元/ 股，最低价为 22.13 元/股，支付资金总金额为 152,978,403.92 元（不含交易费 用）。 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： | 回购方案首次披露日 | 2025/4/15，由时任董事长山社武先生于 2025/4/7 | | --- | --- | | 提议 | | | 回购方案实施期限 | 自公司董事会审议通过之日起不超过 个月 12 | | 预计回购金额 | 5亿元~10亿元 | | 回购用途 | □减少注册资 ...

Group 1 - The company plans to repurchase its shares using its own funds, with a total repurchase amount between RMB 5 billion and RMB 10 billion, and a maximum repurchase price of RMB 34.13 per share [2][3] - The repurchase period is set from April 14, 2025, to April 13, 2026, following the board's approval [2] - As of April 29, 2025, the company has repurchased 4,492,600 shares, accounting for 0.056% of the total share capital, with a total expenditure of approximately RMB 99.92 million [3] Group 2 - The chairman of the company, Shan Shewu, has resigned due to work changes, and the vice chairman, Zheng Zongqiang, will act as the chairman until a new chairman is elected [6][7] - Shan Shewu's tenure was marked by significant contributions to technological innovation and operational performance, leading to new breakthroughs for the company [7]

在手订单充足，2025 年营收目标稳健 | 投资评级：买入（维持） | | --- | 公司点评 -20% -10% 0% 10% 20% 30% 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 国电南瑞 沪深300 分析师：张志邦 国电南瑞（600406） | 报告日期： | 2025-05-03 | | --- | --- | | 收盘价（元） | 22.15 | | 近 12 个月最高/最低（元） 30.44/21.31 | | | --- | --- | | 总股本（百万股） | 8,032 | | 流通股本（百万股） | 7,996 | | 流通股比例（%） | 99.55 | | 总市值（亿元） | 1,779 | | 流通市值（亿元） | 1,771 | 公司价格与沪深 300 走势比较 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 主要观点： ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue growth and a focus on R&D to strengthen its technological edge [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 57.417 billion yuan, a year-on-year increase of 11.33% - The net profit attributable to shareholders was 7.610 billion yuan, up 5.94% year-on-year, while the non-recurring net profit was 7.389 billion yuan, increasing by 6.31% year-on-year - For Q4 2024, the company reported operating revenue of 25.104 billion yuan, with a quarter-on-quarter increase of 9.1% and a year-on-year increase of 105.8% - The net profit for Q4 2024 was 3.137 billion yuan, reflecting a quarter-on-quarter increase of 3.8% and a year-on-year increase of 77.9% - In Q1 2025, the company achieved operating revenue of 8.895 billion yuan, a year-on-year increase of 15.54%, and a net profit of 680 million yuan, up 14.19% year-on-year [1]. Profitability and R&D Investment - The company's gross margin for 2024 was 26.66%, a slight decrease of 0.14 percentage points year-on-year, while the net margin was 14.19%, down 0.64 percentage points year-on-year - Total R&D investment for the year was 4.032 billion yuan, an increase of 15.94% year-on-year, representing 7.02% of revenue, aimed at enhancing the technological moat in areas such as smart grid upgrades, AI power dispatch, semiconductor devices, and energy storage [1]. Business Segments and Orders - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.8%, with a backlog of orders amounting to 50.697 billion yuan - Revenue from the smart grid business was 28.468 billion yuan, up 11.05% year-on-year, while the low-carbon energy business generated 12.185 billion yuan, a significant increase of 26.4% - The digital integration business reported revenue of 12.365 billion yuan, also up 11.05% year-on-year, with the large-scale power model accelerating deployment in scheduling and operation scenarios [2]. International Expansion - The company's overseas revenue reached 3.279 billion yuan in 2024, a remarkable increase of 135.1%, accounting for 5.7% of total revenue - Significant projects include the Saudi ADMS flexible direct valve project and various operations in South America, contributing to a notable increase in overseas order reserves [2]. Investment Outlook - The company is focused on the entire "source-network-load-storage" chain, with multiple cycles in high voltage, new energy storage, and overseas electrification - Projected net profits for 2025-2027 are estimated at 8.324 billion yuan, 9.248 billion yuan, and 10.013 billion yuan, respectively, with corresponding price-to-earnings ratios of 21.4, 19.2, and 17.8 times [2].

中新网福州4月30日电 (彭莉芳)第八届数字中国建设峰会智慧能源分论坛30日在福建福州举行。论坛由 国家电网有限公司主办，国网福建省电力有限公司等单位承办，以"数智启新航，能源谱新篇"为主题， 吸引政企学研各界代表参会。 福建省人民政府、国家数据局数据资源司、国家电网有限公司有关领导出席论坛并致辞，呼吁社会各界 深化协同合作，推动数智技术与能源电力深度融合，发挥数据要素价值，共同推进能源数字化智能化转 型，服务新型电力系统和新型能源体系建设。 论坛上，国家电网有限公司发布《电力"人工智能+"》白皮书。该书分背景、实践、规划和展望四个部 分，阐述了人工智能在能源电力智能化转型升级中的重要作用，以及国家电网有限公司在人工智能技术 应用探索、建设和覆盖能力、样本管理、平台建设等方面的实践成果。 在主旨演讲环节，与会嘉宾围绕主题，纵论计算与智能在智慧能源领域的创新势能、智慧能源安全发 展、因果通用大模型及其在智慧电网中的应用、工业互联网支撑数字化转型等前沿议题，共同探索实践 路径。 中国科学院院士林惠民表示，以计算机为核心的信息技术，已经渗透到人类社会的各个层面，由深度学 习驱动的人工智能变革正在进一步加速这个进程。 ...