Market Overview - The market experienced a downward adjustment with all three major indices falling over 1%, and the ChiNext index dropping over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 290.4 billion yuan compared to the previous trading day [1] - Over 3,400 stocks in the market declined, while the electric grid equipment sector showed strength with several stocks hitting the daily limit [1] Sector Performance - The electric grid equipment sector saw significant gains, with stocks like Sanbian Technology and Baobian Electric hitting the daily limit [1] - The liquor sector rebounded, highlighted by Huangtai Liquor achieving three consecutive limit-ups and Shui Jing Fang reaching the daily limit [3] - The film and theater sector was active, with Hengdian Film and Television also achieving three consecutive limit-ups [1] - AI applications saw localized increases, with stocks like Yaowang Technology hitting the daily limit and Tongda Hai rising over 15% [1] Downward Trends - Resource stocks collectively adjusted, with non-ferrous metals and oil and gas sectors leading the decline, including multiple stocks like Zhaojin Gold and Sichuan Gold hitting the daily limit [1] - The semiconductor industry chain experienced a collective downturn, with stocks like Wentai Technology hitting the daily limit and others like Kaipu Cloud and Mingwei Electronics dropping over 10% [1] AI and Power Equipment - The global AI computing power construction is entering an explosive phase, with transformers becoming a core infrastructure for computing power [2] - In regions like Guangdong and Jiangsu, transformer factories are operating at full capacity, with some orders for data center-related businesses extending to 2027 [2] - The transformer industry in China consists of approximately 3,000 companies, with exports expected to reach 64.6 billion yuan by 2025, a nearly 36% increase from 2024 [3] Liquor Sector Insights - The liquor sector is experiencing a rebound, with stocks like Huangtai Liquor and Shui Jing Fang showing significant gains [3] - Despite a generally pessimistic market outlook for the liquor industry due to macroeconomic conditions, there are indications of potential investment opportunities as the sector approaches a valuation bottom [5] AI Computing Rental - The AI computing rental sector is also showing resilience, with companies like Litong Electronics and Qunxing Toys hitting the daily limit [5] - Litong Electronics has a rental scale of over 10,000 P, with approximately 4,000 P from self-owned computing power [6] Market News - Tencent's Yuanbao app launched a 10 billion yuan Spring Festival red envelope campaign, which has boosted its ranking in app stores [13] - The Qianwen app announced a 3 billion yuan investment for a Spring Festival initiative, set to launch on February 6, 2024 [23]

Core Viewpoint - The power grid equipment sector is experiencing a strong performance, with multiple companies reaching their daily price limit increases [1] Group 1: Market Performance - The following companies have hit their daily price limit: Shuangjie Electric, Senyuan Electric, Baobian Electric, Sanbian Technology, Guangdian Electric, Baiyun Electric, Dalian Electric Porcelain, Hangdian Co., and Hancable [1] - Hongxiang Co. is also noted for significant gains, although it is currently involved in a rights protection issue [1]

2026年2月2日，保变电气（sh600550）触及涨停，涨停价15.57元，涨幅10.04%，总市值286.73亿元，流 通市值286.73亿元，截止发稿，总成交额13.43亿元。 责任编辑：小浪快报 根据喜娜AI异动分析，保变电气涨停原因可能如下，业绩预增+业务转型+国资支持： 1、公司2025年业 绩大幅预增，归母净利润同比增88.95%，扣非增26.24%，主业盈利能力提升，这是刺激股价涨停的重 要因素。公司主营变压器等输变电设备及配件，作为国内高电压、大容量变压器领域核心企业，业绩增 长反映了其在行业内的竞争力。 2、公司积极进行业务转型，新增新能源和智能输配电业务，符合行业 向绿色化、智能化发展的趋势。虽然业务转型见效周期长，但长期来看，有助于公司拓展市场和提升盈 利能力，给市场带来了积极预期。 3、控股股东通过委托贷款拨付资金，给予国有资本支持，增强了公 司的财务实力。同时，公司多项股东会高票通过董事补选、制度修订等议案，治理结构逐步规范，决策 效率提升，也对股价起到了推动作用。从市场表现来看，同花顺资金流向数据显示，2月2日电气设备板 块资金呈现一定流入，保变电气所在的输变电设备细分领域部分个 ...

Group 1 - The company Baobian Electric announced on January 30 that its 8th Board of Directors held its 43rd meeting via telecommunication voting [1] - The meeting reviewed the proposal regarding the election of the company's chairman among other documents [1] Group 2 - The article discusses the development of China's autonomous driving sector, highlighting its expansion into Abu Dhabi [1]

二〇二六年第一次临时股东会的 法律意见书 致：保定天威保变电气股份有限公司（以下简称"公司"） 河北王笑娟律师事务所依法接受公司的委托，指派律师出席并见 证公司二〇二六年第一次临时股东会（以下简称"本次股东会"）。 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 根据《中华人民共和国公司法》（以下简称《公司法》）、《上 市公司股东会规则》（以下简称《股东会规则》）和《保定天威保变 电气股份有限公司章程》（以下简称《公司章程》）的有关规定，本 所律师审查了本次股东会的相关材料，并对本次股东会的召集、召开 程序，出席人员的资格，提案的审议情况，会议的表决程序及表决结 果等重要事项的合法性进行了现场核验。现发表法律意见如下： 一、关于本次股东会的召集、召开程序 1、本次股东会召集人为公司董事会，公司董事会于 2026 年 1 月 15 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 2026 年第一次临时股东会的通知》（以 下简称"通知"），通知中列明了本次股东会的时间、地点、审议事 项、股权登记日等内容。 2、本次股东会采用现场记名投票表决与网络投票表决相结合的 方式 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2026-005 保定天威保变电气股份有限公司 2026年第一次临时股东会决议公告 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 (四) 表决方式是否符合《公司法》及《公司章程》的规定，会 议主持情况等 本次会议由公司董事会召集，公司董事共同推举董事、总经理刘 东升先生主持本次会议，会议的召集、召开、表决方式符合《公司法》 和《公司章程》的有关规定。 (五) 公司董事和董事会秘书的列席情况 1、 公司在任董事9人，列席9人。 2、 董事会秘书苟通泽先生出席了本次会议，公司部分高管人 员列席了本次股东会。 (一) 股东会召开的时间：2026 年 1 月 30 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、出席会议的股东和代理人人数 | 2,540 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数 ...

经与会董事认真审议和表决，通过了以下议案： （一）《关于选举公司董事长的议案》（该议案同意票 9 票，反对 票 0 票，弃权票 0 票） 证券代码：600550 证券简称：保变电气 公告编号：临 2026-006 保定天威保变电气股份有限公司 第八届董事会第四十三次会议决议公告 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 担法律责任。 一、董事会会议召开情况 保定天威保变电气股份有限公司（以下简称"公司"）于 2026 年 1 月 26 日以邮件或送达方式发出了关于召开公司第八届董事会第四 十三次会议的通知，于 2026 年 1 月 30 日以通讯表决方式召开了第八 届董事会第四十三次会议，公司 9 名董事全部出席了本次会议。本次 会议召开符合有关法律、行政法规、部门规章、规范性文件和公司章 程的规定。 二、董事会会议审议情况 公司 2026 年度固定资产投资计划 1.46 亿元，计划总额范围内可 根据实际执行情况进行调整。 （四）《关于 2026 年度重大经营风险预测评估报告的议案》（该 议案同意票 9 票，反对票 0 票，弃权票 ...

（一）业绩预告期间 证券代码：600550 证券简称：保变电气 公告编号：临 2026-007 保定天威保变电气股份有限公司 2025 年年度业绩预增公告 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： 业绩预告适用情形：实现盈利，且净利润与上年同期相比上升 50%以上。 保定天威保变电气股份有限公司（以下简称"公司"）预计 2025 年度实现归属于母公司所有者的净利润为 18,200 万元左右，同比增加 88.95%左右。预计 2025 年度归属于母公司所有者的扣除非经常性损益 后的净利润为 11,500 万元左右，同比增加 26.24%左右。 一、本期业绩预告情况 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 经公司财务部门初步测算，预计 2025 年度实现归属于母公司所有 者的净利润 18,200 万元左右，与上年同期相比，将增加 8,567.67 万元 左右，同比增加 88.95%左右。预计 2025 年度实现归属于母公司所有 者的扣除非经常性损益后的净利润 ...

南财智讯1月30日电，保变电气公告，预计2025年全年归属于上市公司股东的净利润约为1.82亿元，同 比预增约88.95%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润约为1.15亿元，同 比预增约26.24%；主要变动原因为：报告期内，业绩提升受益于电网基建投资力度的持续加大，变压 器行业市场需求迎来大幅提升，公司订单充足且陆续进入交付与确认周期，营业收入同比显著增长，带 动利润增长。同时，公司转让保变股份-阿特兰塔变压器印度有限公司股权增加本期收益，从而推动公 司经营业绩实现同比增长。 ...

Core Viewpoint - The article emphasizes that the real bottleneck for the future of artificial intelligence (AI) is not computational power but electrical power, specifically the availability of large power transformers (LPTs) which are critical for energy infrastructure [1][2]. Group 1: Current Situation in the U.S. - The U.S. is facing a significant shortage of large power transformers, which are essential for converting high-voltage electricity for long-distance transmission [2][3]. - The average delivery time for a standard large transformer has reached 128 weeks, while transformers for data centers can take up to 144 weeks, with some cases nearing four years [2]. - Over 80% of large power transformers in the U.S. are expected to be imported by 2025 due to the decline of domestic manufacturing capabilities [3]. Group 2: Policy and Economic Implications - The U.S. government has imposed high tariffs on Chinese transformers, yet American companies are still compelled to purchase them due to a lack of alternatives [3][9]. - The high costs associated with tariffs are ultimately borne by U.S. electricity companies and consumers, revealing the limitations of "decoupling" strategies in critical infrastructure [9]. Group 3: European Context - Europe is also experiencing a transformer shortage, which hampers the integration of renewable energy projects into the grid [4][5]. - The European Union aims to increase renewable energy to 45% by 2030, but many projects are stalled due to insufficient transformer supply [4]. - European countries are beginning to source transformers from China, despite political pressures, to avoid project delays [5]. Group 4: China's Manufacturing Advantage - China has developed a complete and efficient transformer manufacturing supply chain, from raw materials to assembly, making it a key player in the global market [6][8]. - The typical delivery time for a large transformer in China is 10 to 14 months, significantly shorter than in the U.S. and Europe [8]. - Chinese manufacturers are not only meeting domestic demands but are also exporting transformers globally, establishing themselves as a reliable supplier [6][8]. Group 5: Strategic Insights - The article highlights the importance of stable energy supply for technological advancements, asserting that without reliable electricity, ambitious AI projects remain unfeasible [9][10]. - China's sustained investment in its manufacturing base has positioned it as a strategic player in the global supply chain for critical infrastructure [10].