Core Viewpoint - The A-share market saw a collective rise in the three major indices, with a notable surge in the stock of Baobian Electric, a leader in grid equipment, which increased nearly 8% as of 14:02. This movement was influenced by the National Energy Administration's guidance on promoting the integration of new energy and emerging industries [1]. Group 1: Market Performance - The only grid equipment ETF (159326) experienced a 1% increase, with a trading volume of 303 million yuan. Other related stocks such as Ping An Electric, Teruid, Zhongneng Electric, Huaton Cable, and Shuangjie Electric also saw gains [1]. - The surge in Baobian Electric's stock reflects a broader positive sentiment in the market regarding grid equipment and renewable energy sectors [1]. Group 2: Policy and Industry Outlook - The National Energy Administration's guidance emphasizes the promotion of new energy integration with emerging industries, aligning with the "East Data West Calculation" project to enhance the synergy between computing power facilities and green electricity demand [1]. - The "14th Five-Year Plan" suggests accelerating the construction of a new energy system, increasing the proportion of renewable energy supply, and ensuring a reliable transition from fossil fuels [1]. - The plan aims to enhance the resilience and complementarity of the power system, promote the development of new energy storage, and accelerate the construction of smart grids and microgrids [1]. Group 3: ETF Information - The grid equipment ETF (159326) tracks the CSI Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation, and cable components. The index has a high weight of 64% in ultra-high voltage stocks, the highest in the market [2]. - The top ten holdings include industry leaders like Guodian NARI, TBEA, and Siyuan Electric, indicating a robust representation of key players in the grid equipment sector [2]. - The Green Power ETF (562550) tracks the CSI Green Power Index, which includes clean energy companies as well as transitional samples from thermal and nuclear power [2].

Group 1 - The electric grid equipment sector experienced a localized surge, with Baobian Electric reaching the daily limit increase [1] - Other companies such as Taiyong Changzheng, Zhongneng Electric, Siyuan Electric, and Caneng Electric also saw gains [1]

Group 1 - The power grid equipment sector experienced a partial surge, with Baobian Electric reaching the daily limit increase [1] - Other companies such as Taiyong Changzheng, Zhongneng Electric, Siyuan Electric, and Caneng Electric also saw their stock prices rise [1]

Group 1 - The core point of the news is that Baobian Electric experienced a stock price increase of 7.09%, reaching 12.08 CNY per share, with a trading volume of 1.326 billion CNY and a turnover rate of 6.31%, resulting in a total market capitalization of 22.246 billion CNY [1] - Baobian Electric, officially known as Baoding Tianwei Baobian Electric Co., Ltd., is located in Baoding, Hebei Province, and was established on September 28, 1999. The company was listed on February 28, 2001, and its main business involves the manufacturing and sales of power transmission and transformation equipment, including transformers, current transformers, and reactors [1] - The revenue composition of Baobian Electric shows that 99.30% comes from power transmission and transformation products, while material sales account for 0.42% and other revenues for 0.28% [1] Group 2 - Among the top circulating shareholders of Baobian Electric, a fund under Southern Fund ranks as a significant stakeholder. The Southern CSI 1000 ETF (512100) reduced its holdings by 111,400 shares in the third quarter, now holding 8.4182 million shares, which represents 0.46% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date, it has achieved a return of 28.07%, ranking 1919 out of 4216 in its category, and a one-year return of 16.08%, ranking 2359 out of 3937 [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 7 days, managing a total fund asset size of 122.76 billion CNY. During this tenure, the best fund return was 179.77%, while the worst was -15.93% [2]

Core Viewpoint - Baobian Electric has experienced a significant stock price increase, with a 28.69% rise over the past six days, indicating strong market interest and potential investor confidence in the company [1]. Group 1: Stock Performance - On November 10, Baobian Electric's stock rose by 5.25%, reaching 11.62 CNY per share, with a trading volume of 2.166 billion CNY and a turnover rate of 10.52% [1]. - The company's total market capitalization is approximately 21.399 billion CNY [1]. - The stock has shown a continuous upward trend for six consecutive days, accumulating a total increase of 28.69% during this period [1]. Group 2: Company Overview - Baoding Tianwei Baobian Electric Co., Ltd. was established on September 28, 1999, and went public on February 28, 2001 [1]. - The company specializes in the manufacturing and sales of power transmission and transformation equipment, including transformers, current transformers, reactors, and auxiliary equipment [1]. - The main revenue composition of the company is as follows: 99.30% from power transmission and transformation products, 0.42% from material sales, and 0.28% from other sources [1]. Group 3: Shareholder Information - Among the top ten circulating shareholders of Baobian Electric, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 111,400 shares in the third quarter, now holding 8.4182 million shares, representing 0.46% of circulating shares [2]. - The Southern CSI 1000 ETF has achieved a year-to-date return of 28.09% and a one-year return of 19.29%, ranking 1978 out of 4216 and 2042 out of 3917 in its category, respectively [2]. - The fund manager, Cui Lei, has been in charge for 7 years and 5 days, with a total fund asset size of 122.76 billion CNY and a best return of 178.4% during the tenure [2].

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 11 月 4 日、11 月 5 日、11 月 6 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 年 11 月 6 日收盘，公司股票收盘市盈率（TTM）为 127.16，市净率 25.64，显著高于同行业市盈率 24.79，市净率 3.32（2025 年 11 月 5 日数据）。公司股票短期内涨幅较大，市盈率、市净率较高， 可能存在股价炒作风险。敬请广大投资者注意投资风险，理性投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 11 月 4 日、11 月 5 日、11 月 6 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 ...

保变电气公告，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。经公司自查，并向公司控股股东函证核实，截至本公告披露日，公司及控股股东 不存在影响公司股票交易异常波动的重大事项；不存在其他涉及本公司应披露而未披露的重大信息，包 括但不限于重大资产重组、股份发行、重大交易类事项、业务重组、股份回购、股权激励、破产重整、 重大业务合作、引进战略投资者等重大事项。经公司自查，公司未发现对公司股票交易价格可能产生重 大影响的媒体报道、市场传闻或涉及热点概念。 ...

Core Insights - Hebei Province's industrial added value increased from 1.18135 trillion yuan to 1.49085 trillion yuan from 2020 to 2024, with a manufacturing value added accounting for 26.3% of GDP, 1.4 percentage points higher than the national average [1] - The province has developed two trillion-level industries in advanced steel and high-end equipment, along with several hundred billion-level industries, showcasing significant industrial growth [1] Group 1: Industrial Growth - The annual growth rate of industrial added value for large-scale industries is 6.2%, with operating income rising from 4.21 trillion yuan to 5.17 trillion yuan [1] - Hebei has established six national advanced manufacturing clusters, including high-end equipment in Baoding and emergency equipment in the Beijing-Tianjin-Hebei region [1] Group 2: Specialty Industries - Hebei has created 107 provincial-level key specialty industry clusters, with 90 clusters establishing shared factories and over 10,000 shared devices, involving more than 13,000 enterprises [2] - The province has nurtured 589 "leading" enterprises within these clusters, driving the collaborative development of over 3,200 cluster enterprises [2] Group 3: Enterprise Development - The number of large-scale industrial enterprises in Hebei increased by 4,286 from the end of 2020, reaching a total of 18,525 [3] - Hebei aims to cultivate 30 national-level manufacturing champions and 456 "little giant" enterprises, enhancing the vitality and competitiveness of small and medium-sized enterprises [3]

Group 1 - The electrical equipment sector experienced significant gains, with companies like Zhongneng Electric rising over 12% and Moen Electric hitting the daily limit, reflecting strong market performance [1] - The State Grid Corporation of China completed fixed asset investments exceeding 420 billion yuan from January to September, marking an 8.1% year-on-year increase [1] - The State Grid announced a procurement plan for various core transmission and transformation equipment, with a total procurement amount exceeding 3 billion yuan [1] Group 2 - CICC anticipates a new peak in equipment bidding for UHV (Ultra High Voltage) projects, with ongoing high demand for main network bidding [2] - Several UHV projects are expected to enter the approval and equipment bidding stages by the end of this year, providing new performance support for leading UHV equipment companies [2] - The "14th Five-Year Plan" aims for significant growth in renewable energy installations, with an estimated addition of at least 1 billion kilowatts of wind and solar capacity, driving investment in grid infrastructure [2]

Core Insights - The A-share market saw a collective rise in its three major indices, with the power grid equipment sector continuing to strengthen, highlighted by stocks like China Western Power, Zhengtai Electric, and Baobian Electric reaching their daily limit [1] - Microsoft CEO Nadella indicated that the current challenge in the AI industry is not an excess of computing power but rather a lack of sufficient electricity to support all GPU operations. Goldman Sachs also noted that electricity supply has become a significant barrier to AI development, with global data center electricity demand expected to surge by 160% by 2030 [1] - Huaxi Securities pointed out that the large-scale integration of renewable energy has significantly increased the demand for supporting power grid construction, along with enhanced requirements for grid coordination capabilities. This is expected to create vast investment opportunities in distribution networks, benefiting leading suppliers of integrated distribution equipment. Additionally, the demand for power equipment is likely to remain high due to the need for upgrades and expansions in the power system driven by increased electricity demand from AI in the U.S. [1] Industry Overview - The power grid equipment ETF (159326) is the only ETF tracking the CSI Power Grid Equipment Theme Index in the market. The index's constituent stocks are primarily distributed across the sectors of transmission and transformation equipment, grid automation equipment, cable components, communication cables and accessories, and distribution equipment, showcasing strong representativeness. The weight of ultra-high voltage stocks is as high as 64%, with charging piles exceeding 61% and "nuclear fusion" content over 15%, all being the highest in the market [2]