声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国网江苏省电力有限公司，成立于1988年，位于南京市，是一家以从事电力、热力生产和供应业为主的 企业。企业注册资本11541854.761089万人民币。通过天眼查大数据分析，国网江苏省电力有限公司共 对外投资了54家企业，参与招投标项目5000次，财产线索方面有商标信息50条，专利信息5000条，此外 企业还拥有行政许可293个。 国电南瑞南京控制系统有限公司，成立于1993年，位于南京市，是一家以从事专业技术服务业为主的企 业。企业注册资本150000万人民币。通过天眼查大数据分析，国电南瑞南京控制系统有限公司共对外投 资了1家企业，参与招投标项目5000次，专利信息3153条，此外企业还拥有行政许可12个。 国家知识产权局信息显示，国电南瑞科技股份有限公司取得一项名为"一种电力系统的频率控制方法、 装置及存储介质"的专利，授权公告号CN114465286B，申请日期为2021年12月。 天眼查资料显示，国电南瑞科技股份有限公司，成立于2001年，位于南京市，是一家以从事软件和信息 技术服务业为主的 ...

▲ 2 0 2 5中国能源企业5 0 0强发展报告发布现场 2024年，全球能源市场呈现供需宽松态势，原油、动力煤价格随市场供给过剩同步下滑，传统能源价格中枢持续下移。国内层面，鼓 励民间投资政策密集落地，能源领域市场准入进一步放宽，核电、储能、油气支线等重点领域对民企开放力度显著加大，市场活力持续 释放。新能源产业面临结构性分化，部分领域前期盲目扩张导致产能过剩，低价恶性竞争问题日益凸显。电力行业凭借需求端稳步增长 与供给侧结构优化形成共振，实现稳健发展。传统能源领域"增储上产"成效显著，能源安全保障能力持续提升，但受绿色转型加速和市 场需求结构变化影响，转型压力进一步增大。 中国能源企业500强（以下简称" 500强"）作为能源产业核心力量，是保障安全、推动转型、拉动增长的中坚力量。本报告基于2024年 中国能源企业营业收入等数据，聚焦其规模实力、资本格局、行业发展、区域分布等角度，为产业高质量发展提供参考。 一 、" 50 0强"营收增速放缓 营业收入总额小幅增长。" 500强"实现营收总额33.43万亿元，较上年增长0.01万亿元，同比小幅增长0.04%，增幅再次下降（如图1所 示）。 2024年，国 ...

Core Points - The National Energy Administration has announced adjustments to the members of the Electric Power Industry Network and Information Security Joint Conference [2][3] - The conference aims to enhance network and information security within the electric power sector [2] Group 1: Leadership Structure - The convener of the conference is He Yang, a member of the Party Leadership Group and Deputy Director of the National Energy Administration [2] - The deputy conveners include key figures from major energy companies such as Huang Xue'nong from the National Energy Administration and Wang Gang from State Grid Corporation [2] Group 2: Member Units - The member units consist of high-ranking officials from various energy companies, including China Southern Power Grid, China Huaneng Group, and China Datang Corporation [2][3] - The list includes representatives from regulatory offices across different regions, ensuring comprehensive coverage of the electric power industry [3] Group 3: Office Structure - The Electric Power Industry Network and Information Security Joint Conference Office is established within the Electric Power Safety Supervision Department of the National Energy Administration [3] - The office is led by Wang Yongjun, who also serves as the Director of the Electric Power Safety Supervision Department [3]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-063 国电南瑞科技股份有限公司 关于签订募集资金专户存储四方监管协议的公告 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个别及连带责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准国电南瑞科技股份有限公司向南瑞集 团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可[2017]2224 号）核准，国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）以非公 开发行股份方式向 7 名特定投资者发行了人民币普通股 381,693,558 股，发行价 格为 15.99 元/股，本次发行募集资金总额为 6,103,279,992.42 元，扣除各项发 行费用 83,239,359.91 元，实际募集资金净额为 6,020,040,632.51 元。上述募集 资金已于 2018 年 4 月 8 日全部到位。经立信会计师事务所（特殊普通合伙）对认 购资金实收情况进行了审验，并出具了《验资报告》（信会师报字[2018]第 ZB22786 号）。 公司募集 ...

Core Viewpoint - Guodian NARI (600406.SH) announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchasing shares in the market [1] Summary by Categories Share Buyback Details - As of November 30, 2025, the company has repurchased a total of 20.9475 million shares, which represents 0.261% of the company's total share capital [1] - The highest purchase price was 22.31 CNY per share, while the lowest was 21.71 CNY per share [1] - The total amount spent on the buyback was 462 million CNY, excluding transaction fees [1]

证券代码：600406 证券简称：国电南瑞 公告编号：临2025-064 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 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 12 个月 | | 预计回购金额 | 5亿元~10亿元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 20,947,491股 | | 累计已回购股数占总股本比例 | 0.261% | | 累计已回购金额 | 461,634,688.09元 | | 实际回购价格区间 | 21.71元/股~22.31元/股 | 的《关于董事长提议回购公司部分股份的提示性公告》（临 2025-016）、《关于 以集中竞价交 ...

Core Viewpoint - The company announced a share buyback plan aimed at incentivizing employees through stock options, with a total budget of 500-1,000 million yuan and a maximum buyback price set at 33.55 yuan per share [1] Group 1: Buyback Details - The proposal for the share buyback was initiated by the chairman, Shan Shewu, on April 7, 2025, and was approved by the board on April 14, 2025 [1] - The buyback period is set from April 14, 2025, to April 13, 2026 [1] - As of November 30, 2025, the company has repurchased a total of 20,947,491 shares, which represents 0.261% of the total share capital, at a total expenditure of 461,634,688.09 yuan [1] Group 2: Pricing Information - The repurchase price for the shares ranged from 21.71 to 22.31 yuan per share [1]

Summary of Nari Technology - A Conference Call Company Overview - **Company**: Nari Technology - A - **Industry**: Power Equipment and Utilities Key Highlights 1. **New Order Growth**: - New order growth maintained at **20%** for the first 11 months of 2025, consistent with the growth rate in the first nine months of 2025. Strength noted in orders from the ESS (Energy Storage Systems) and renewables sectors [2][4][5] 2. **Overseas Revenue Contribution**: - Overseas ESS revenue accounted for approximately **60%** of total ESS revenue, with a **140%** year-over-year growth in overseas revenue. This contributed to **10%** of total revenue in the first half of 2025 [4][6] 3. **Expense Control**: - Management emphasized stringent control over selling, general, and administrative (SG&A) expenses, forecasting that SG&A growth will be much lower than revenue growth this year and in the coming years. R&D spending is expected to remain stable at around **6-7%** of revenue [6][7] 4. **Grid Capital Expenditure Focus**: - Key focus areas for grid capital expenditure during the 15th Five-Year Plan (FYP) include investments in UHV (Ultra High Voltage), power dispatch systems, ESS, and micro-grids. The State Grid aims to enhance its capacity to dispatch an additional **200GW** of renewable power annually [6][7] 5. **ESS Revenue Guidance**: - Management guided for over **Rmb4 billion** in revenue from ESS products, with overseas revenue contributing around **60%** of this total. The company specializes in ESS integration, offering products such as battery management systems and energy management systems [4][5] 6. **Technological Edge**: - Nari Technology is noted for its understanding of grid connections and automation, providing a competitive advantage in the control and monitoring of ESS systems. However, margins in this sector are currently low, ranging from **15-20%** due to intense competition [5][6] 7. **Investment Thesis**: - The investment thesis is based on expected benefits from policy tailwinds, including stronger renewable installations and grid capex driven by China's 2035 renewable capacity target and plans to double energy storage capacity by 2027 [7][8] 8. **Valuation and Price Target**: - The price target for December 2026 is set at **Rmb28.50**, based on a projected **22x** P/E ratio for 2027, implying a **4.1x** FY26E P/B and a **2.5%** dividend yield [8] Risks - Potential downside risks include lower-than-expected grid capex, margins, and UHV investments, which could impact the company's performance and valuation [9] Conclusion - Nari Technology is positioned to capitalize on growth in the ESS and renewables sectors, with a strong focus on expense control and strategic investments in grid technology. The company maintains an Overweight rating with a positive outlook based on anticipated policy support and market trends [2][7][8]

Core Viewpoint - The National Energy Administration (NEA) has summarized the achievements and experiences of frequent power outage governance over the past three years, emphasizing the need for continuous improvement in power supply quality to meet rising public expectations [3][4]. Group 1: Achievements in Power Supply Governance - The NEA reported that the governance of frequent power outages has largely met its expected goals, with significant improvements in the frequency of outages and overall power supply quality [3]. - Key indicators of power supply quality have shown a trend of "one increase, two decreases, and one reduction," leading to enhanced satisfaction and security for the public regarding electricity usage [3]. Group 2: Future Directions and Requirements - The meeting highlighted the need for top-level design and strategic planning to enhance power supply quality, including optimizing the electricity business environment and improving reliability management [4]. - There is a growing demand from enterprises and the public for comprehensive improvements in power quality, extending beyond just the basic issue of outages to include voltage stability and harmonic management [3][4]. - The NEA aims to consolidate the achievements in outage governance and address developmental shortcomings, while also enhancing the service levels of power supply [4].

Core Viewpoint - The company, Guodian NARI, is positioned as a leading high-tech enterprise in China's power and industrial control sector, focusing on the development of a new energy system and enhancing grid safety through innovative technologies and research capabilities [5][6][9]. Group 1: Company Overview - Guodian NARI is recognized as a "problem solver" in the power grid industry, with a strong research team that ensures the safety and reliability of the power grid [5]. - The company has made significant advancements in smart grid technology and has transitioned from a follower to a leader in the international market through high levels of R&D investment [6]. Group 2: Technological Innovation - The company has achieved breakthroughs in key technology areas such as ultra-high voltage equipment, relay protection, and new energy integration, particularly since the start of the 14th Five-Year Plan [6][7]. - Guodian NARI has established seven specialized research teams to tackle industry challenges and advance cutting-edge technologies, emphasizing a long-term approach to research and development [7]. Group 3: New Energy System Development - The company is actively involved in the construction of a new energy system, aligning with national goals to increase the share of non-fossil energy consumption to over 30% by 2035 [8][9]. - Guodian NARI is focusing on the integration of clean energy with grid systems, addressing challenges posed by the uneven distribution of renewable energy sources [9]. Group 4: Business Growth and Market Expansion - The low-carbon energy sector of Guodian NARI has experienced rapid growth, particularly in new energy equipment and grid-friendly technologies [10]. - The company has made progress in its overseas business, particularly in ultra-high voltage direct current transmission and energy storage systems, with expectations for steady growth in revenue and profit [10]. Group 5: Future Goals - Guodian NARI aims to become a world-class leader in energy internet technology, with a strategic focus on smart grids, energy integration, and industrial interconnectivity [10]. - The company plans to optimize its business layout and achieve sustainable development through innovation-driven strategies [10].