Core Viewpoint - Guodian NARI (600406) has shown a slight increase in stock price and is actively managing its idle fundraising capital through structured deposits to enhance financial efficiency [1][2] Group 1: Stock Performance - As of June 13, 2025, Guodian NARI's stock closed at 22.38 CNY, a 0.04% increase from the previous week [1] - The stock reached a weekly high of 22.58 CNY on June 12 and a low of 22.1 CNY on June 10 [1] - The company's total market capitalization is 179.758 billion CNY, ranking 1st in the electric grid equipment sector and 65th among A-shares [1] Group 2: Fund Management - On June 11 and 12, 2025, Guodian NARI recovered a total of 143.1 million CNY from cash management products, yielding a return of 7.8895 million CNY [1] - The company plans to continue using the recovered idle fundraising capital for cash management, maintaining the investment amount at 143.1 million CNY in high-safety structured deposits [1] - The cash management products include structured deposits from CITIC Bank, China Merchants Bank, and Bank of Communications, with a term of 60 to 61 days and an expected annual yield between 1.00% and 2.18% [2] Group 3: Fundraising and Oversight - The total amount raised by Guodian NARI is approximately 6.103 billion CNY, with a net amount of about 6.020 billion CNY after deducting issuance costs [2] - The company has established special accounts for the raised funds and signed regulatory agreements to ensure safe usage [2] - The independent directors and supervisory board have the authority to oversee and inspect the cash management usage, ensuring it does not affect project construction or business development [2]

Group 1: Market Overview - The FTSE China A50 index component stocks showed a general decline in bank stocks while the oil industry demonstrated strength [1] Group 2: Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance reported market capitalizations of 375.90 billion, 345.08 billion, and 992.28 billion respectively, with trading volumes of 5.26 million, 15.94 million, and 4.92 million [4] - The stock performance for these companies was as follows: China Life -0.19 (-0.53%), China Pacific -0.32 (-0.58%), and Ping An +0.02 (+0.24%) [4] Group 3: Alcohol Industry - Major players in the liquor sector include Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, with market capitalizations of 1795.74 billion, 209.72 billion, and 464.08 billion respectively, and trading volumes of 8.59 million, 30.41 million, and 53.76 million [4] - Stock changes were reported as follows: Kweichow Moutai -29.49 (-2.02%), Wuliangye -2.94 (-2.40%), and Shanxi Fenjiu -1.94 (-1.12%) [4] Group 4: Semiconductor Sector - Key companies include Northern Huachuang, Haiguang Information, and Cambrian Technology, with market capitalizations of 218.37 billion, 251.15 billion, and 316.16 billion respectively, and trading volumes of 13.82 million, 14.05 million, and 13.86 million [4] - Stock performance was as follows: Northern Huachuang +4.57 (+1.13%), Haiguang Information -3.18 (-0.53%), and Cambrian Technology -0.07 (-0.05%) [4] Group 5: Automotive Sector - Notable companies include BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway, with market capitalizations of 280.83 billion, 1039.06 billion, and 185.40 billion respectively, and trading volumes of 49.75 million, 4.26 million, and 2.68 million [4] - Stock changes were reported as follows: BYD -11.34 (-3.21%), Great Wall Motors -0.46 (-2.08%), and Beijing-Shanghai High-Speed Railway +0.02 (+0.35%) [4] Group 6: Oil Industry - Major companies include COSCO Shipping, Sinopec, and China National Petroleum, with market capitalizations of 252.95 billion, 721.41 billion, and 1643.53 billion respectively, and trading volumes of 7.68 million, 15.71 million, and 11.47 million [4] - Stock performance was as follows: COSCO Shipping +0.06 (+1.02%), Sinopec +0.10 (+1.13%), and China National Petroleum +0.41 (+2.58%) [4] Group 7: Coal Industry - Key players include China Shenhua, Shaanxi Coal and Chemical Industry, and CATL, with market capitalizations of 781.23 billion, 192.64 billion, and 1127.70 billion respectively, and trading volumes of 22.00 million, 6.00 million, and 4.30 million [4] - Stock changes were reported as follows: China Shenhua -2.47 (-0.99%), Shaanxi Coal +0.30 (+0.77%), and CATL +0.15 (+0.76%) [4] Group 8: Food and Beverage Sector - Companies such as CITIC Securities, Guotai Junan, and Haitian Flavoring reported market capitalizations of 390.23 billion, 322.27 billion, and 227.37 billion respectively, with trading volumes of 11.01 million, 15.22 million, and 5.98 million [5] - Stock performance was as follows: CITIC Securities -0.11 (-0.42%), Guotai Junan -0.15 (-0.81%), and Haitian Flavoring -0.40 (-0.97%) [5]

Core Viewpoint - The company has successfully recovered a total of 143,100 million RMB from cash management products, generating a return of 788.95 million RMB, and continues to manage idle raised funds for financial investments [1][3][4]. Cash Management Recovery Situation - The company and its subsidiaries recovered a total of 143,100 million RMB from cash management products on June 11 and June 12, 2025, with a total return of 788.95 million RMB [1][3][4]. - The recovered principal and earnings have been deposited into the fundraising account [3]. Ongoing Cash Management Progress - The company held board meetings on August 27, 2024, to approve the use of idle raised funds for cash management [1][4]. - The cash management is based on idle raised funds, ensuring the safety of the raised funds through specialized accounts and agreements with independent financial advisors [4][5]. Cash Management Product Details - The company has entered into agreements for structured deposit products with various banks, including: - **CITIC Bank**: 15,300 million RMB in a structured deposit with expected annual returns of 1.00%, 1.68%, or 2.18% [9]. - **China Merchants Bank**: 45,300 million RMB in a structured deposit with expected returns of 2.10% or 2.30% [9]. - The products are designed to be low-risk, with a focus on capital preservation and liquidity [8][9]. Fundraising Background - The company raised 6,020,040,632.51 RMB through a non-public offering approved by the China Securities Regulatory Commission, with all funds received by April 8, 2018 [4]. - The company has established specialized accounts for managing the raised funds in compliance with regulatory requirements [4].

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-035 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 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 6 月 11 日、6 月 12 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 788.95 万元人民币。 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 ...

金十图示：2025年06月11日（周三）富时中国A50指数成分股午盘收盘行情一览：证券、石油行业走强，银行股涨跌不一 保险 R 中国人保 中国太保 中国平安 咖啡 3701.55亿市值 3417.15亿市值 9900.90亿市值 24.63亿成交额 5.07亿成交额 6.20亿成交额 35.52 54.37 8.37 +0.64(+1.83%) +0.94(+1.76%) +0.05(+0.60%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18645.12亿市值 2170.80亿市值 4846.96亿市值 29.50亿成交额 11.07亿成交额 7.71亿成交额 1484.25 177.94 124.87 +9.24(+0.63%) +0.48(+0.39%) +1.12(+0.63%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2226.12亿市值 3165.52亿市值 2519.64亿市值 7.68亿成交额 29.28亿成交额 9.26亿成交额 416.74 603.57 136.19 +1.68(+0.28%) -5.79(-4.08%) -0.26(-0.06%) 汽车整车 铁路公路 比亚迪 ...

Core Insights - The 2025 "Belt and Road" Power and Energy Senior Seminar Project was launched on June 6, 2023, at the State Grid Technical Institute, gathering 28 executives and scholars from various Belt and Road countries to discuss global energy trends [1][3] Group 1: Project Overview - The theme of this year's seminar is "Promoting Green Energy Cooperation and Building a New Power System," with sessions held in Jinan, Xi'an, and Hong Kong, concluding on June 17 [3] - The program includes six specialized lectures on topics such as "Sharing China's Green Power Transition Cases" and "Applications of Artificial Intelligence in Power Grids," along with site visits to green low-carbon charging stations and manufacturing bases [3][7] Group 2: Participant Feedback - Participants, such as Ferdinand DICON from the Philippines, expressed admiration for China's achievements in low-carbon energy transition and highlighted the importance of system stability for their national grid [3] - Matías HEPP from Chile noted the depth of Chinese traditional culture and expressed a desire to act as a bridge for cultural exchange [5] Group 3: Training Organization and Methodology - The State Grid Technical Institute meticulously organized the training, focusing on the development trends in the power energy sector and ensuring a comprehensive learning experience [7] - The training features an innovative interactive teaching model, emphasizing participant engagement and experience to enhance training effectiveness [7][9] Group 4: Historical Context and Impact - This seminar project, initiated by the State Grid Corporation, Xi'an Jiaotong University, Hong Kong Polytechnic University, and Hong Kong Electric Company, marks the eighth consecutive year of its implementation [9] - Over the past eight years, the project has attracted 858 executives from 45 countries and regions, promoting technology demonstration, standard promotion, and knowledge sharing [9][10] - The State Grid Technical Institute has hosted 64 international training sessions, training over 4,100 participants from 86 countries and regions, thereby strengthening exchanges and mutual trust among energy professionals in Belt and Road countries [10]

Financial Sector - The banking sector showed positive performance with Agricultural Bank of China, Bank of China, and Zhao Bank reporting market capitalizations of 1,977.40 billion, 1,610.30 billion, and 576.28 billion respectively, with respective trading volumes of 1.62 billion, 1.25 billion, and 0.83 billion [3] - Construction Bank and Industrial and Commercial Bank of China also performed well, with market capitalizations of 2,255.10 billion and 2,548.30 billion, and trading volumes of 0.61 billion and 2.13 billion respectively [3] - The overall trend in the banking sector was positive, with most banks showing slight increases in stock prices [3] Insurance Sector - The insurance sector saw China Life Insurance, China Pacific Insurance, and Ping An Insurance with market capitalizations of 370.60 billion, 982.99 billion, and 340.46 billion respectively, and trading volumes of 1.31 billion, 0.57 billion, and 0.50 billion [4] - All three companies experienced slight increases in stock prices, indicating a stable performance in the insurance market [4] Semiconductor Sector - The semiconductor sector had mixed results, with North China Huachuang, Cambricon Technologies, and Haiguang Information reporting market capitalizations of 224.69 billion, 254.35 billion, and 329.78 billion respectively [4] - Trading volumes varied significantly, with Cambricon Technologies leading at 6.80 billion, while North China Huachuang had a trading volume of 1.36 billion [4] - The sector experienced fluctuations, with some companies showing declines in stock prices [4] Automotive Sector - The automotive sector was led by BYD and Great Wall Motors, with market capitalizations of 282.79 billion and 1,068.63 billion respectively [4] - Trading volumes were significant, with BYD at 3.50 billion and Great Wall Motors at 0.21 billion [4] - The sector showed a positive trend with BYD's stock price increasing by 1.00% [4] Energy Sector - In the energy sector, China Petroleum and Sinopec reported market capitalizations of 699.59 billion and 1,599.60 billion respectively, with trading volumes of 0.62 billion and 0.46 billion [4] - The sector showed slight increases in stock prices, indicating a stable performance [4] Other Sectors - The liquor industry, represented by Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,860.43 billion, 216.46 billion, and 485.09 billion respectively, with Kweichow Moutai experiencing a slight decline [4] - The food and beverage sector, including companies like Zhongjin Securities and Haitai, showed varied performance with slight fluctuations in stock prices [5]

证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-034 国电南瑞科技股份有限公司 关于公司董事辞职的公告 根据《中华人民共和国公司法》、《公司章程》的有关规定，赵鹏先生辞去 董事职务未导致公司董事会成员低于法定最低人数，赵鹏先生的辞职报告自送达 公司董事会之日起生效。赵鹏先生不存在未履行完毕的公开承诺，并已按照公司 相关制度规定做好离任交接工作，公司将按照相关法律法规及《公司章程》的有 关规定，尽快完成董事的补选工作。 董事会对赵鹏先生在任职期间对公司发展所作出的贡献表示衷心感谢。 特此公告。 国电南瑞科技股份有限公司董事会 二〇二五年六月十日 因个人年龄原因，赵鹏先生不再担任国电南瑞科技股份有限公司（以下简称 "公司"）第九届董事会董事及董事会科技创新委员会委员职务。 一、董事离任情况 （一）提前离任的基本情况 | 姓名 | 离任 | 离任时间 | | 原定任期 | | 离任原因 | 是否继续在上 市公司及其控 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 职务 | | | 到期日 | ...

Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].

Group 1 - The State Grid Beijing Electric Power Company and State Grid Corporation of China have applied for a patent for a method and device for distributed economic model predictive control of microgrids, published as CN120109866A, with an application date of March 2025 [1] - The patent describes a method that establishes mathematical models for wind power generation systems, photovoltaic power generation systems, and battery energy storage subsystems based on their dynamic characteristics [1] - The method utilizes sliding mode control theory to design controllers for each subsystem and establishes an economic objective function for the microgrid, allowing for optimal power output control for each subsystem [1] Group 2 - State Grid Beijing Electric Power Company was established in 1991, located in Beijing, with a registered capital of approximately 2.895 billion RMB [2] - The company has made investments in 17 enterprises, participated in 5,000 bidding projects, and holds 5000 patent records [2] - State Grid Corporation of China was established in 2003, also located in Beijing, with a registered capital of approximately 130.452 billion RMB [2] - The corporation has invested in 72 enterprises, participated in 5,000 bidding projects, and holds 5000 patent records [2]