Core Viewpoint - The signing of the EPC contract for the BESS battery storage project in the UAE marks a significant step for the company in its green transformation strategy and entry into the UAE market [2][4]. Group 1: Project Details - The BESS project is located in Abu Dhabi and is the largest grid-side energy storage project publicly bid in the UAE [4]. - This project is the first to be launched by the UAE Utility Development Company and represents the company's largest overseas energy storage project [4]. - The EPC scope includes the construction of two storage areas, Al Bihouth and Madinat Zayed, along with supporting booster stations, with a total capacity of nearly 1 GWh [4]. Group 2: Strategic Importance - As the first grid-side energy storage project in the UAE, it will enhance the power system's regulation capacity, support power supply security, and facilitate large-scale renewable energy consumption [6]. - The company aims to leverage its overseas renewable project construction experience and integrate the upstream and downstream advantages of the renewable energy industry chain to make this project a leading initiative in the local renewable energy sector [6].

Investment Rating - The report maintains a "Positive" outlook on the hydropower sector, particularly large hydropower projects, due to improved fundamentals and favorable weather conditions [2][6]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected in the coming days [2][6]. - The announcement from the National Development and Reform Commission regarding the regulation of price competition is expected to alleviate irrational competition in the electricity market [2][8]. - Global natural gas prices are experiencing fluctuations, with U.S. prices remaining low while European prices are rebounding due to geopolitical tensions and increased heating demand [12][21]. Summary by Sections Electricity Sector - The report notes that hydropower generation in the Yangtze River basin has reached historical highs due to concentrated rainfall, with a total generation of approximately 235.13 billion kWh in the first three quarters of 2025, remaining stable compared to the previous year [2][6]. - The announcement on regulating price competition aims to create a fair market environment, which is expected to reduce irrational pricing behaviors in the electricity sector [7][8]. - Recommendations include focusing on large hydropower companies such as Guotou Power, Chuan Investment Energy, and Yangtze Power, as well as green energy firms like Xintian Green Energy and Longyuan Power [11]. Natural Gas Sector - As of October 10, 2025, U.S. Henry Hub spot prices were $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices, such as the TTF, saw an increase of 5.26% to €32.63/MWh [12][14]. - The report indicates that the natural gas consumption in August 2025 showed a year-on-year increase of 1.8%, with total consumption reaching 364.1 billion m³ [34]. - Investment recommendations include focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy, as well as gas trading firms [36]. Environmental Sector - The report suggests that companies with stable performance and high dividend yields, such as Zhongshan Public Utilities and Everbright Environment, should be monitored for potential investment opportunities [11]. - The ongoing development of carbon trading markets and environmental regulations is expected to enhance the performance of companies in the environmental sector [46].

10月13日，东方电气盘中上涨2.02%，截至10:48，报21.21元/股，成交10.53亿元，换手率2.52%，总市 值733.52亿元。 资金流向方面，主力资金净流入2986.26万元，特大单买入9576.63万元，占比9.09%，卖出9330.13万 元，占比8.86%；大单买入2.79亿元，占比26.52%，卖出2.52亿元，占比23.92%。 东方电气今年以来股价涨36.95%，近5个交易日涨11.93%，近20日涨9.95%，近60日涨26.05%。 分红方面，东方电气A股上市后累计派现85.75亿元。近三年，累计派现38.92亿元。 机构持仓方面，截止2025年6月30日，东方电气十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3.38亿股，相比上期减少100.00股。华泰柏瑞沪深300ETF（510300）位居第三大流通股 东，持股2153.95万股，相比上期增加336.85万股。易方达沪深300ETF（510310）位居第四大流通股 东，持股1549.86万股，相比上期增加280.19万股。华夏沪深300ETF（510330）位居第五大流通股东， 持股1136.47万股，相比 ...

Core Viewpoint - The report highlights a decline in the production of AC motors in China, with a projected decrease of 6.4% in August 2025 compared to the previous year, indicating potential challenges in the industry [1] Industry Summary - According to the National Bureau of Statistics, the production of AC motors in China for the first eight months of 2025 reached 22,875.7 million kilowatts, reflecting a cumulative growth of 1.1% [1] - The report from Zhiyan Consulting provides insights into the market development and investment prospects for the AC motor industry in China from 2025 to 2031 [1] Company Summary - Listed companies in the AC motor sector include Wolong Electric Drive (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1]

海外監管公告 中信證券股份有限公司關於 東方電氣股份有限公司 向特定對象發行A股限售股上市流通的核查意見 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn)刊 登 之《中 信 證 券 股 份 有 限 公 司 關 於 東 方 電 氣 股 份 有 限 公 司 向 特 定 對 象 發 行A股 限 售 股 上 市 流 通 的 核 查 意 見》，僅 供 參 閱。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年10月9日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 關於向特定對象發行A股部分限售股上市流通的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn)刊 登 之《東 方 電 氣 股 份 有 限 公 司 關 於 向 特 定 對 象 發 行A股部分限售股上市 流 通 的 公 告》，僅 供 參 閱。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年10月9日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 一、本次向特定对象发行限售股上市类型、发行及锁定情况 （一）本次向特定对象发行限售股上市类型 本次限售股上市类型为东方电气股份有限公司（简称 ...

Core Viewpoint - The 2025 Mid-Autumn Festival Gala, hosted by China Central Television, showcased the industrial beauty of Dongfang Electric Group, highlighting its technological advancements and artistic integration in a global presentation [1] Group 1: Company Highlights - Dongfang Electric Group, recognized as a "national team" in equipment manufacturing, presented a unique perspective at the gala, emphasizing the fusion of technology and art [1] - The company has established rigorous production standards in high-precision turbine component manufacturing, ensuring reliability and precision in every dimension [3] - The transformation from the old Hanwang factory site to modern facilities in Deyang illustrates the company's resilience and leadership in the industry [5] Group 2: Technological Innovations - Dongfang Electric has implemented digital twin technology in its heavy machinery manufacturing, achieving real-time visibility and efficient scheduling, which significantly enhances production capabilities [7] - The introduction of a green and efficient welding digital workshop has led to a 300% increase in per capita efficiency, with a focus on zero defects, emissions, and deformations [8] - The first unmanned workshop for blade processing and dark production lines has resulted in a 650% increase in per capita efficiency and a 100% quality pass rate, showcasing the company's commitment to innovation and smart manufacturing [8]

Core Insights - The controllable nuclear fusion concept has seen a significant increase of 6.97%, leading the sector in gains, with 75 stocks rising, including Changfu Co., which hit a 30% limit up [1][2] Group 1: Market Performance - The controllable nuclear fusion sector attracted a net inflow of 6.055 billion yuan, with 56 stocks receiving net inflows, and 21 stocks exceeding 100 million yuan in net inflows [2] - Shanghai Electric led the net inflow with 1.180 billion yuan, followed by Rongfa Nuclear Power and Zhongzhou Special Materials with 626 million yuan and 449 million yuan respectively [2][3] Group 2: Stock Performance - Notable gainers in the controllable nuclear fusion sector include Shanghai Electric (9.96%), Rongfa Nuclear Power (10.07%), and Zhongzhou Special Materials (19.99%) [3][4] - Other significant performers include Aikesaibo (14.05%) and Jiusheng Electric (13.55%) [5][6] Group 3: Decliners - The stocks with the largest declines include Shenling Environment (-2.65%), Gaolan Co. (-0.80%), and Jingye Intelligent (-0.77%) [1][7]

证券代码：600875 证券简称：东方电气 公告编号：2025-048 东方电气股份有限公司 关于向特定对象发行A股部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 239,787,535股。 本次股票上市流通总数为239,787,535股。 本次股票上市流通日期为2025 年 10 月 15 日。 一、本次向特定对象发行限售股上市类型、发行及锁定情况 （一）本次向特定对象发行限售股上市类型 （三）向特定对象发行限售股锁定情况 本次向特定对象发行对应新增股份登记手续完成后，股份认购对象及其认购 数量、锁定期情况如下表所示： | 序号 | 认购对象名称 | 认购股数 （股） | 限售期 （月） | | --- | --- | --- | --- | | 1 | 中国东方电气集团有限公司 | 33,090,668 | 18 | | 2 | 华建国际实业（深圳）有限公司 | 111,131,700 | 6 | | 3 | 中 ...

中信证券股份有限公司 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为东方电气 股份有限公司（以下简称"东方电气"或"公司"）2023 年向特定对象发行 A 股 股票（以下简称"本次向特定对象发行"）的保荐人，根据《上市公司证券发行 注册管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》等有关规定，针对东方电气本次限售股上市流 通事项进行了审慎核查，发表如下核查意见： 一、本次向特定对象发行限售股上市类型、发行及锁定情况 （一）本次向特定对象发行限售股上市类型 公司本次向特定对象发行 A 股股票中募集资金所对应的新增限售股。 （二）向特定对象发行限售股发行情况 关于东方电气股份有限公司 向特定对象发行 A 股限售股上市流通的核查意见 2024 年 11 月 26 日，公司收到中国证券监督管理委员会（以下简称"中国 证监会"）《关于同意东方电气股份有限公司向特定对象发行股票注册的批复》（证 监许可〔2024〕1610 号）。 2025 年 4 月 14 日，本次向特定对象发行股票对应的 272,878,203 股新增股 份已在中国证券登记结算有限 ...