Core Viewpoint - The article highlights the continuous innovation and high-quality development of state-owned enterprises in the electric power sector, emphasizing the importance of technology in ensuring the safety and stability of the power grid [1]. Group 1: Technological Innovations - The State Grid Electric Power Research Institute (NARI Group) has developed the largest electromagnetic compatibility laboratory in the power industry, which is used for extreme testing of relay protection devices in a pollution-free environment [1]. - The intelligent manufacturing area features 16 board production lines and 6 device production lines, capable of producing an average of 1 board per minute, which are essential for relay protection and stability control equipment [2]. - A new type of relay protection system has been developed that does not rely on power source characteristics, showcasing significant advancements in traditional technology frameworks [2][3]. Group 2: Importance of Relay Protection - Over 70% of major blackouts globally are triggered or exacerbated by incorrect actions of relay protection, underscoring the critical role of this technology in maintaining grid safety [2]. - The relay protection system aims to isolate faults in the power system in the shortest time and smallest area, preventing the spread and escalation of issues [2]. Group 3: Carbon Emission Monitoring - The Jiangsu thermal power generation energy-saving and emission reduction monitoring system covers 292 power plants and 670 units, with a total installed capacity exceeding 100 million kilowatts, making it the largest and most comprehensive monitoring system in the country [3]. - This system features an average of 2000 measurement points per unit, with data refreshing every 10 seconds, achieving full-process monitoring of thermal power emissions [3]. Group 4: Future Directions - The State Grid Jiangsu Electric Power Company plans to continue focusing on national strategies and deliver more innovative results to support energy transition [3].

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the China Urban Transportation Index reported at 2438.85 points [1] - The China Urban Transportation Index fell by 0.77% over the past month, increased by 0.73% over the past three months, and has risen by 2.61% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten holdings of the China Urban Transportation Index include BYD (12.66%), Huichuan Technology (5.39%), Hikvision (4.18%), ZTE Corporation (4.08%), and others [1] - The market share of the index holdings is 61.38% from Shenzhen Stock Exchange and 38.62% from Shanghai Stock Exchange [1] - The industry composition of the index holdings shows that industrials account for 39.97%, consumer discretionary for 28.22%, information technology for 16.66%, and communication services for 8.55% [2] Group 3 - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Investment Rating - The report maintains a "Recommendation" rating for the power equipment industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [60]. Core Insights - The first quarter of 2025 has shown strong performance in grid bidding, investment, and transformer exports, with significant year-on-year growth in these areas [10][38]. - The report highlights that the total investment in grid projects reached 436 billion yuan in January and February 2025, representing a 33.3% year-on-year increase [10][38]. - Transformer exports for January and February 2025 were reported at 769.1 million and 563.4 million USD, respectively, with year-on-year growth rates of 43.11% and 41.49% [10][39]. Summary by Sections 1. Grid Bidding, Investment, and Transformer Export Data - The first two months of 2025 saw a total grid bidding amount of 15.24 billion yuan, a 23.5% increase compared to the same period in 2024 [10]. - The transformer export data indicates a robust growth trend, with cumulative exports reaching 1.3324 billion USD by February 2025, marking a 42.42% year-on-year increase [39]. 2. Market Performance Review - The new energy sector experienced a decline of 1.49% this week, ranking 17th among 30 industry sectors, outperforming the CSI 300 index, which fell by 2.29% [15]. - The report notes that the top-performing sub-sectors included wind power and nuclear power, while energy storage and power electronics saw significant declines [15][18]. 3. Important Information Tracking - As of February 2025, the cumulative investment in power engineering was 753 billion yuan, showing a slight decline of 1.1% year-on-year [38]. - The report tracks significant announcements from listed companies, including major bidding wins and investment updates [46]. 4. Valuation Situation - As of March 21, 2025, the new energy sector's valuation stood at 46x, significantly higher than the CSI 300's 13x [30]. - Key individual stocks within the power equipment sector have varying valuations, with some showing strong growth potential based on projected earnings [35]. 5. Industry Dynamics - The report discusses ongoing projects and initiatives, such as the acceleration of the "藏电入渝" project in Chongqing and the commencement of the Dazhong-Huailai-Tianjin South 1000 kV AC project [48].

证券代码：600406 证券简称：国电南瑞 公告编号：临2025-014 国电南瑞科技股份有限公司 关于公司董事会秘书正式履职的公告 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。 国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）于 2025 年 1 月 23 日召开了第九届董事会第一次会议，审议通过了《关于聘任公司董事 会秘书和证券事务代表的议案》，同意聘任胡顺靖先生为公司董事会秘书。鉴于 胡顺靖先生尚未取得上海证券交易所董事会秘书资格证书，待取得上海证券交易 所颁发的董事会秘书资格证书并经上海证券交易所备案无异议后，聘任正式生效。 具体内容详见公司于 2025 年 1 月 24 日上海证券交易所网站（www.sse.com.cn） 披露的《第九届董事会第一次会议决议公告》。 2025 年 3 月 20 日，胡顺靖先生已取得了上海证券交易所出具的《董事会秘 书任职培训证明》，且其任职资格已经上海证券交易所审核无异议，胡顺靖先生 正式履行董事会秘书职责。 特此公告。 国电南瑞科技股份有限公司董事会 二〇二五年三 ...

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-013 国电南瑞科技股份有限公司 关于 2021 年限制性股票激励计划暂缓授予第一期解锁暨上市 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 21,888 股。 本次股票上市流通总数为 21,888 股。 本次股票上市流通日期为 2025 年 3 月 24 日。 国电南瑞科技股份有限公司（以下简称"公司"）第八届董事会第二十七次会议 于 2024 年 12 月 23 日召开，会议审议通过《关于 2021 年限制性股票激励计划首 次授予及暂缓授予第一期解除限售条件成就的议案》。根据《上市公司股权激励 管理办法》、公司 2021 年限制性股票激励计划（以下简称"本次激励计划"）的规 定，本次激励计划暂缓授予第一个解除限售期解锁条件已成就，公司将为 1 名符 合解除限售条件的激励对象办理解除限售事宜。现将相关事项公告如下： 一、股权激励计划限制性股票批准及实施情况 1、20 ...

国电南瑞科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回并继续 进行现金管理的进展公告 证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-012 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。 重要内容提示： 现金管理到期收回情况：国电南瑞科技股份有限公司（以下简称"国电 南瑞"、"公司"）及子公司于 2025 年 3 月 12 日、3 月 13 日到期收回募集资 金现金管理产品合计 143,100 万元人民币，收回收益 827.29 万元。 继续进行现金管理进展情况： 1、现金管理品种：安全性高、满足保本要求、流动性好的金融机构结构性 存款。 2、本次现金管理金额：143,100万元人民币。 3、履行的审议程序：国电南瑞科技股份有限公司（以下简称"国电南瑞"、 "公司"）于2024年8月27日召开第八届董事会第二十五次会议、第八届监事会 第十八次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 具体内容详见上海证券交易所网站（www.sse.com.cn）2024年8月2 ...

Investment Rating - The report maintains a "Buy" recommendation for the power equipment industry, specifically highlighting the high growth in the first batch of State Grid's bidding amounts [8][11]. Core Insights - The first batch of bidding amounts for the State Grid's power transmission and transformation projects has seen a significant year-on-year increase of 23.5%, totaling 15.24 billion yuan. Key components such as switchgear and transformers have also shown substantial growth, with increases of 35.4% and 33.7% respectively [8][11]. - The report emphasizes the ongoing "re-electrification" trend globally, which is expected to sustain high investment growth in the power equipment sector through 2025. It identifies three main investment themes: high-voltage direct current (HVDC) technology, international expansion of power equipment, and the digitalization and intelligence of distribution networks [8][11]. Summary by Sections 1. Bidding and Project Updates - The State Grid's first batch of bidding for 2025 has a total amount of 15.24 billion yuan, marking a 23.5% increase from the previous year. Key components include switchgear at 4.394 billion yuan and transformers at 3.549 billion yuan [8][11]. - The South Grid announced the candidates for the third batch of materials for the Yangjiang Sanshan Island offshore wind power HVDC project, with a total bid amount of 886 million yuan [8][11]. 2. Market Performance - The new energy sector rose by 1.16% this week, ranking 16th among 30 industry sectors, underperforming the CSI 300 index, which increased by 1.39% [12][15]. - Within the power equipment sector, the electronic and automation segment increased by 3.9%, while the transmission and distribution equipment segment rose by 1.8% [12][15]. 3. Investment Tracking - As of December 2024, domestic investment in power generation projects reached 1,168.7 billion yuan, a year-on-year increase of 20.8%. Investment in grid projects totaled 608.3 billion yuan, up 15.3% year-on-year [34][36]. - In December 2024, transformer exports amounted to 791.9 million USD, reflecting a year-on-year growth of 2.05% and a month-on-month increase of 5.23% [36][39]. 4. Company Announcements - Key announcements include strategic cooperation agreements between companies like Samsung Medical and HaiXing Electric, aimed at expanding transformer products in overseas markets [42][43]. - Notable bidding results include Dalian Electric Porcelain's pre-bid for the State Grid's first batch of procurement, with a total expected bid amount of approximately 48 million yuan [42][43].

作者 | 白猫 编辑 | 小白 过去几年，在"双碳"目标的催化下，电源投资增长迅速，但电网投资明显滞后，这样的错配直接导致 新能源接网困难以及弃风弃光问题，给能源转型拖了后腿。 根据华夏能源网，2022年、2023年国内电源侧投资完成额分别同比增长30.3%和30.1%。这当 中，风光新能源装机投资同比增长大约超过了60%。 而同期电网侧投资完成额分别仅同比增长1.2%和5.4%。截至2023年底，电源投资已经超过电网投资4 400亿元。 "十四五"后期，电网投资力度有望进一步加强。 2024年，电网投资迎来加速。 国网2024年全年电网投资预计首次超过6000亿元，新增投资主要用于特高压交直流工程建设、电网数 字化智能化升级等，同比增长约13.5%。 南方电网预计，2024-2027年3年，电网设备更新投资规模CAGR为11%。 愈发重视源网矛盾，尤其是"十四五"收官之年，电网投资力度有望进一步加强。 电网设备主要用于电力的运输和传送，在电力系统中承担的职能主要是输电、变电以及配电，是吾股 电气设备产业中除电池外价值最大的部分。2024上半年，A股电网设备行业创收3109亿元，毛利规模 为577亿。 （来源 ...

Investment Rating - The report initiates coverage on Nari Technology (国电南瑞) with a "Buy" rating and sets a 12-month target price of RMB 29.0, implying a 26% upside potential from the current price [1][84][103]. Core Insights - Nari Technology is positioned to benefit significantly from the structural demand in China's smart grid sector, with expectations of strong revenue and net profit growth of 10% and 11% CAGR from 2024 to 2030, respectively [1][101]. - The report highlights that China's power grid investment is projected to reach a record high of RMB 690 billion in 2025, driven by fiscal support and a focus on integrating renewable energy sources [1][34][35]. - Nari Technology maintains a dominant market share in various segments, including UHV converter valves and grid digitalization, with market shares ranging from 34% to 70% [2][54][101]. Summary by Sections Business Overview - Nari Technology is a key player in the power equipment sector, providing a comprehensive range of products that support the modernization of China's power grid [50][54]. - The company is expected to maintain its leadership in software and hardware technologies, with a significant portion of its revenue (40%) derived from software solutions [2][49][54]. Market Dynamics - The report emphasizes the structural growth in China's power grid investments, particularly in UHV and smart grid technologies, which are essential for integrating renewable energy sources [14][22][48]. - It is anticipated that 60% of incremental grid investments from 2024 to 2030 will be driven by the intake of renewable energy [14][16]. Financial Performance - Nari Technology's financial outlook is robust, with projected gross profit margins stabilizing at 28% and operating margins improving to 16% by 2030 [76][77]. - The company is expected to achieve a return on equity (ROE) of 18.3% by 2030, reflecting strong financial performance compared to peers [77][91]. Valuation - The target price of RMB 29.0 is based on a 25x P/E multiple for 2025, which is considered attractive given the company's growth prospects and market position [84][85]. - Nari Technology is currently trading at a lower valuation compared to its historical averages and domestic peers, suggesting potential for valuation expansion [85][97].

证券代码：600406 证券简称：国电南瑞 公告编号：临2025-009 国电南瑞科技股份有限公司 第九届董事会第一次会议决议公告 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个别及连带责任。 经国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）董事会 于 2025 年 1 月 20 日会议通知召集，公司第九届董事会第一次会议于 2025 年 1 月 23 日在公司会议室召开，应到董事 12 名，实到董事 12 名，公司监事及高级 管理人员列席了本次会议，会议由全体董事共同推荐董事山社武先生主持。会议 符合《公司法》和《公司章程》的有关规定，会议合法有效。经会议审议，形成 如下决议： 一、会议以 12 票同意，0 票反对，0 票弃权，审议通过关于选举公司第九 届董事会董事长的议案。 董事会选举山社武先生为公司第九届董事会董事长，任期三年。 具体内容详见上海证券交易所网站（www.sse.com.cn）《关于完成董事会、 监事会换届选举及聘任高级管理人员的公告》。 二、会议以 12 票同意，0 票反对，0 票弃权，审议通过关于选 ...