证券代码：600550 证券简称：保变电气 公告编号：临 2025-022 保定天威保变电气股份有限公司 公司股票于 2025 年 5 月 16 日、5 月 19 日、5 月 20 日连续 3 个 交易日内收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所 交易规则》的有关规定，属于股票交易异常波动情况。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前经营状况正常；公司不存在影响公司股票 一、股票交易异常波动的具体情况 股票交易异常波动公告 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： 保定天威保变电气股份有限公司（以下简称 "公司"、"本公司" 或"保变电气"）股票于 2025 年 5 月 16 日、5 月 19 日、5 月 20 日连 续 3 个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上海证券 交易所交易规则》的有关规定，属于股票交易异常波动情况。 经公司自查并向控股股东书面发函查证，截至本公告披露 日，不存在应披露而未披露的重大事项或重要信息。 截至 2025 ...

Group 1 - The core point of the article is that Baobian Electric (600550.SH) has experienced significant stock price fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days, indicating abnormal trading activity [1] - As of May 20, 2025, the company's stock has a trailing twelve months (TTM) price-to-earnings (P/E) ratio of 141.42 and a price-to-book (P/B) ratio of 27.49, which are substantially higher than the industry averages of 19.68 for P/E and 2.52 for P/B [1] - The high P/E and P/B ratios, along with the recent stock price surge, suggest potential risks of stock price speculation [1]

截至5月19日收盘，股权转让(并购重组)概念上涨2.81%，位居概念板块涨幅第5，板块内，227股上涨， 五新隧装30%涨停，江天化学、金利华电、天元宠物等20%涨停，天汽模、保变电气、大千生态等涨 停，微创光电、森远股份、汇纳科技等涨幅居前，分别上涨19.00%、15.36%、15.05%。跌幅居前的有 海南华铁、神力股份、万向钱潮等，分别下跌4.02%、3.56%、3.29%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 3.92 | 青蒿素 | -0.82 | | 天津自贸区 | 3.51 | 人形机器人 | -0.80 | | ST板块 | 3.05 | 果指数 | -0.71 | | 特色小镇 | 2.86 | 中国AI 50 | -0.64 | | 股权转让(并购重组) | 2.81 | 环氧丙烷 | -0.43 | | 深圳国企改革 | 2.76 | 新型烟草(电子烟) | -0.32 | | 可控核聚变 | 2.55 | 新质50 | -0.28 | | 横琴新区 | 2 ...

Core Insights - The controllable nuclear fusion concept sector rose by 2.55%, ranking 7th among concept sectors, with 45 stocks increasing in value [1][2] - Notable gainers included Zhongzhou Special Materials with a 20% limit up, and Baobian Electric, Prince New Materials, and Baili Electric also hitting the limit up [1][2] - The sector experienced a net outflow of 0.65 billion yuan in main funds, with 24 stocks seeing net inflows [2][3] Stock Performance - Baobian Electric led the net inflow with 3.07 billion yuan, followed by Aerospace Morning Light and Shanghai Electric with net inflows of 851.28 million yuan and 819.03 million yuan respectively [2][3] - The top stocks by net inflow ratio included Baobian Electric at 23.93%, Guangda Special Materials at 12.78%, and Zhejiang Energy Power at 9.75% [3][4] Market Trends - The controllable nuclear fusion sector's performance was part of a broader market trend, with various sectors experiencing mixed results, such as the military equipment restructuring concept rising by 3.92% and the Artemisinin sector declining by 0.82% [2] - The overall market sentiment reflected a cautious approach, with significant fluctuations in stock performance across different sectors [2][6]

Group 1 - The core viewpoint of the articles highlights the active performance of merger and acquisition (M&A) concept stocks, driven by the recent revisions to the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission, which aim to simplify review processes and enhance regulatory inclusiveness [1][2] - M&A is identified as a key strategy for listed companies to achieve strategic expansion, resource integration, and value enhancement, allowing them to quickly enter new industries or geographic areas and acquire new customer resources and sales channels [1][2] - The integration of resources through M&A is crucial, enabling companies to optimize the allocation of assets, human resources, and technology patents, thereby improving overall operational efficiency and enhancing competitive strength in the market [2] Group 2 - Dongxing Securities emphasizes that accelerating the innovation and development of M&A activities is essential for optimizing existing resources and capital, which is a vital part of the supply-side reform in the capital market [2] - Several companies are actively pursuing M&A transactions, including Baobian Electric, which is involved in a business integration with China Electric Equipment Group, potentially leading to a change in its controlling shareholder [2][3] - Other companies such as Jiaozao Wanfang, Jiangtian Chemical, and Guangzhi Technology are also planning significant acquisitions, indicating a trend of active M&A activities within the industry [3][4]

Group 1 - The topic of "asset restructuring" has been a hot issue in the market, often leading to significant stock price increases for companies involved in such news [1] - Recent examples of companies experiencing stock surges due to asset restructuring rumors include Nanjing Chemical Fiber, AVIC Electromechanical, and others [1] Group 2 - The aviation industry is seeing a new direction in consolidation, with the Aviation Industry Corporation of China reportedly planning significant asset restructuring [3] - A report from Huatai Securities indicates that global military spending is increasing, presenting opportunities for China's weapon exports, which may lead to a new high prosperity cycle in the industry [3] - The asset securitization rate of the Aviation Industry Corporation has exceeded 70%, while other aerospace companies remain at lower levels, indicating a focus on strategic restructuring and capital concentration in key areas [3] Group 3 - Several companies have been identified as potential beneficiaries of the upcoming asset restructuring in the aviation sector, including: - Baobian Electric, a major manufacturer of transformers and a subsidiary of the Equipment Development Department of the Chinese military [6] - Great Wall Military Industry, which has a diverse portfolio in military and civilian products and several high-tech enterprise certifications [7] - Zhongguang Optical, specializing in precision optical components and defense applications [8] - Tianhong Co., focusing on digital retail and industry services with advanced technology capabilities [9] - One company stands out as particularly promising due to its historical significance in turbocharger production and a significant stock price drop of over 50%, indicating a potential for recovery and growth [10]

关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： 证券代码：600550 证券简称：保变电气 公告编号：临 2025-021 保定天威保变电气股份有限公司 会议召开时间：2025 年 5 月 21 日（星期三）上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 5 月 14 日（星期三）至 5 月 20 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 tzb@btw.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 保定天威保变电气股份有限公司（以下简称"公司"）已于 2025 年 4 月 11 日发布公司 2024 年度报告和 2025 年第一季度报告，为便 于广大投资者更全面深入地了解公司2024年度及2025年第一季度经 营成 ...

Core Viewpoint - The electronic transformer industry in China is experiencing significant growth, transitioning from traditional bulky transformers to intelligent electronic transformers, driven by advancements in power electronics, computer technology, and automatic control technology. The market size is projected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.07% [1][15]. Industry Overview - Electronic transformers, also known as electronic power transformers, combine power electronics conversion technology with high-frequency energy conversion technology based on electromagnetic induction principles. They are primarily composed of high-frequency transformer cores and multiple coils, categorized by applications such as power transformers, audio transformers, pulse transformers, and special transformers [3]. Market Size and Growth - The electronic transformer market in China is expected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, reflecting a CAGR of 14.07%. This growth is supported by factors such as the acceleration of ultra-high voltage grid construction, the establishment of new power systems, rural revitalization strategies, and the implementation of carbon neutrality goals [1][15]. Policy Support - The Chinese government has implemented various policies to support the development and innovation of the electronic transformer industry. Key policies include energy efficiency standards for transformers and motors, and initiatives to increase the proportion of high-efficiency energy-saving products in various sectors by 2025 [5][7]. Industry Chain - The upstream of the electronic transformer industry includes raw materials such as copper, magnetic cores, and insulation materials. The midstream involves the manufacturing of electronic transformers, while the downstream encompasses applications in power, industry, transportation, and communication sectors. The growing demand for electricity and the penetration of new energy vehicles are driving the demand for electronic transformers [8][10]. Key Enterprises - Major companies in the electronic transformer industry include TBEA Co., Ltd., Baoding Tianwei Baobian Electric Co., Ltd., and China XD Electric Co., Ltd. These companies are involved in the research, design, production, and sales of transformers and related products, with significant revenue growth reported in recent years [20][22]. Development Trends - The electronic transformer industry is moving towards high-frequency, miniaturization, and efficiency. The demand for high-performance transformers is increasing due to the rapid development of 5G communication, renewable energy, and electric vehicles. Companies are investing in research and development to enhance product performance and reliability [25][26]. Conclusion - The electronic transformer industry in China is poised for robust growth, driven by technological advancements, supportive government policies, and increasing demand across various sectors. The market is expected to expand significantly, providing ample opportunities for key players and new entrants alike [1][15][18].

证券代码：600550 证券简称：保变电气 公告编号：临 2025-020 保定天威保变电气股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 5 月 8 日 (二) 股东会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： 1、公司在任董事9人，出席4人，董事张超、刘延，独立董事张 庆元、杨璐、高理迎因公务原因未能出席本次会议； 2、公司在任监事3人，出席2人，监事会主席王宏因公务原因未 能出席本次会议； 1 3、董事会秘书刘小飞出席了本次股东大会，公司部分高管人员 列席了本次股东大会。 二、 议案审议情况 (一) 非累积投票议案 | 1、出席会议的股东和代理人人数 | 1,772 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,075,189,524 | | 3、出席会议的股东所持有 ...

河北王笑娟律师事务所 关于保定天威保变电气股份有限公司 二〇二四年年度股东大会的 法律意见书 1、本次股东大会召集人为公司董事会，公司董事会于 2025 年 4 月 11 日在上海证券交易所网站和《证券日报》上公告了《保定天威 保变电气股份有限公司关于召开 2024 年年度股东大会的通知》（以 下简称"通知"），通知中列明了本次股东大会的时间、地点、审议 事项、股权登记日等内容。 2、本次股东大会采用现场记名投票表决与网络投票表决相结合 的方式。 3、本次股东大会现场会议于 2025 年 5 月 8 日上午 9:30 在保定 市天威西路 2222 号公司会议室如期举行，根据《公司章程》相关规 定，公司董事长刘淑娟女士为现场会议主持人。 1 经核查，本次股东大会召开的时间、地点与通知的内容相一致； 会议的召集、召开程序符合《公司法》《股东会规则》和《公司章程》 的规定。 二、关于本次股东大会出席人员的资格 1、根据通知，有权出席本次股东大会的人员为截至 2025 年 4 月 30 日下午收市后，在中国证券登记结算有限公司上海分公司登记在 册的公司全体股东或授权代表；公司董事、监事、高级管理人员；公 司聘请的见证 ...