FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方電氣股份有限公司 （「本公司」）(於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01072 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 408,000,000 | RMB | | 1 RMB | | 408,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 408,000,000 | RMB | | 1 RMB | | 408,000,000 | ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Core Viewpoint - The production of AC electric motors in China is projected to decline slightly in 2025, with a year-on-year decrease of 1.1% in December and a cumulative decrease of 0.5% for the entire year [1]. Group 1: Industry Overview - The total production of AC electric motors in China for the year 2025 is expected to reach 34,988.5 million kilowatts [1]. - The production volume in December 2025 is forecasted to be 33,220,000 kilowatts [1]. Group 2: Related Companies - Listed companies in the AC electric motor sector include Wolong Electric Drive (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1]. Group 3: Research Report - The report titled "2026-2032 China AC Electric Motor Industry Market Development Research and Investment Prospects" has been published by Zhiyan Consulting, a leading industry consulting firm in China [2].

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

据了解，阿伊萨风电项目于2017年开始启动建设，东方电气与业主埃塞俄比亚电力公司签署总承包合 同。项目设计总装机容量120兆瓦，安装48台单机2.5兆瓦的风电机组。目前，第一阶段32台风电机组已 完成安装，开始并网发电。 埃塞俄比亚电力公司首席执行官阿谢比尔·巴尔查说，埃塞的索马里州地区拥有丰富的风能、太阳能和 天然气资源。阿伊萨风电项目作为埃塞重要绿色能源基础设施，投产后将为亚吉铁路经济走廊建设提供 可靠电力保障，并提升埃塞俄比亚对吉布提的电力出口能力。 新华社亚的斯亚贝巴2月1日电由中国企业承建的埃塞俄比亚阿伊萨风电项目1月31日在该国东部的索马 里州举行投产发电仪式，埃塞总理阿比、吉布提总统盖莱、索马里总统马哈茂德等出席。 阿比在活动现场表示，清洁能源对于埃塞的长期经济发展至关重要，阿伊萨风电项目体现了埃塞通过利 用当地资源实现自力更生的追求。"感谢埃塞俄比亚电力公司、承建该项目的中国东方电气集团以及该 地区的人民，感谢你们为项目第一阶段的完工所作的贡献。" 来源：新华社 作者: 刘方强 ...

新华社亚的斯亚贝巴2月1日电（记者刘方强）由中国企业承建的埃塞俄比亚阿伊萨风电项目1月31日在 该国东部的索马里州举行投产发电仪式，埃塞总理阿比、吉布提总统盖莱、索马里总统马哈茂德等出 席。阿比在活动现场表示，清洁能源对于埃塞的长期经济发展至关重要，阿伊萨风电项目体现了埃塞通 过利用当地资源实现自力更生的追求。"感谢埃塞俄比亚电力公司、承建该项目的中国东方电气集团以 及该地区的人民，感谢你们为项目第一阶段的完工所作的贡献。"据了解，阿伊萨风电项目于2017年开 始启动建设，东方电气与业主埃塞俄比亚电力公司签署总承包合同。项目设计总装机容量120兆瓦，安 装48台单机2.5兆瓦的风电机组。目前，第一阶段32台风电机组已完成安装，开始并网发电。埃塞俄比 亚电力公司首席执行官阿谢比尔·巴尔查说，埃塞的索马里州地区拥有丰富的风能、太阳能和天然气资 源。阿伊萨风电项目作为埃塞重要绿色能源基础设施，投产后将为亚吉铁路经济走廊建设提供可靠电力 保障，并提升埃塞俄比亚对吉布提的电力出口能力。（完） ...

Group 1 - The core viewpoint of the article highlights a decline in China's industrial boiler production, with a reported decrease of 12.8% year-on-year in December 2025, resulting in a total production of 18.8 million tons for the year, which is an 8.9% cumulative decline [1][2]. Group 2 - The listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1]. - The data source for the production statistics is the National Bureau of Statistics, and the analysis is provided by Zhiyan Consulting, a leading industry consulting firm in China [2].

Group 1 - The core viewpoint of the article highlights the recent expansion of energy storage companies in both domestic and international markets, with multiple orders being secured [2] - Zhiguang Electric has signed three orders for solar-storage-diesel microgrid projects in the Democratic Republic of the Congo, utilizing customized containerized energy storage solutions [3] - Zhiguang Electric has also entered the Malaysian market, signing a supply and service agreement to deliver 150 units of fully liquid-cooled integrated machines by 2026, indicating a strategic focus on overseas markets [5] Group 2 - Zhiguang Electric anticipates turning a profit in 2025, projecting a net profit of 110 million to 160 million yuan, a significant turnaround from a loss of 326 million yuan in the previous year, reflecting a year-on-year growth of 133.69% to 149.01% [5] - Dongfang Electric's subsidiary has successfully won a bid for a 200 MW/400 MWh independent energy storage project in Shandong, which is crucial for the development of a new energy system and green energy transition [6] - Dongfang Electric has also signed a contract for a solar-storage project in Uzbekistan, which is the largest integrated solar-storage project in the region, further emphasizing the company's growth in the energy storage sector [8]

（编辑 袁冠琳） 证券日报网1月29日讯 ，国机重装在接受调研者提问时表示，在国内市场领域，公司主要为东方电气、 上海电气、中国重燃等提供燃机锻件及铸件产品；在海外市场，公司是西门子能源全球的铸锻件供应 商，并为韩国斗山恒能供应燃气轮机铸锻件。 ...

1月28日，东方电气大宗交易成交7.64万股，成交额204.6万元，占当日总成交额的0.15%，成交价26.78 元，较市场收盘价26.41元溢价1.4%。 | belly of a "a villion should I box Charles | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 是否为专场 | | 026-01-28 | 东方电气 | 600875 | 26.78 204.6 | 7.64 | 公司主要在國品 | ко 觀體聯 | ...