证券研究报告 电力设备 | 其他电源设备 Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 12 月 01 日 投资评级： 买入（维持） 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 月 28 | 11 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 21.46 | | | | 一 年 内 高 / 低 | 最 | 最 | | | 24.75/13.98 | | | | （元） | | | | | | | | | 总市值（百万元） | | | | | 74,216.41 | | | | 流通市值（百万元） | | | | | 57,327.53 | | | | 总股本（百万股） | | | ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

上市企业：中钢国际（000928）,中信重工（601608）,大连重工（002204）,太原重工（600169）,中国一 重（601106）,上海电气（601727）,东方电气（600875） 相关报告：智研咨询发布的《2025-2031年中国有色金属冶炼和压延加工行业市场动态分析及未来趋势 研判报告》 根据国家统计局数据显示：2025年9月中国金属冶炼设备产量为5.5万吨，同比下降27.3%；2025年1-9月 中国金属冶炼设备累计产量为50.8万吨，累计下降15.8%。 2020-2025年1-9月中国金属冶炼设备产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1 - The current A-share bull market is part of a six-year global liquidity expansion driven by post-2020 monetary easing, with systemic revaluation of key assets such as gold, US tech stocks, and European/Japanese manufacturing [1][11] - The return of cross-border capital to China is expected to systematically reassess the competitive advantages of Chinese manufacturing, particularly in sectors like new energy, chemicals, and medical devices [2][12] - The A-share market is likely to experience volatility in 2026, with either a stagnation of the bull market or a "Davis Double Play" in consumer sectors, as external exports may not drive profits due to high base effects [3][13] Group 2 - The industrialization maturity phase in China has led to a bull market for core assets, driven by improved domestic consumption and the ability of manufacturing to generate national wealth through exports [4][14] - The recommendation for industry allocation focuses on a combination of "existing," "new," and "high" sectors, emphasizing non-ferrous metals, new consumption trends, and high-end manufacturing [5][14] Group 3 - The investment logic for China Hongqiao includes short-term price increases in electrolytic aluminum and long-term growth driven by integrated operations and high dividends [17][19] - For Luoyang Molybdenum, the investment rationale is based on the rising copper cycle and diversified product offerings, with a focus on sustainable growth [20][22] - Huafeng Aluminum is positioned for growth through high-end aluminum processing and international expansion, capitalizing on trends in the automotive sector [25][28] Group 4 - Nanjing Steel's strategy involves creating a fully integrated supply chain and exploring new growth points to stabilize returns on equity [29][32] - Dongfang Tower's investment logic is driven by rising prices of potassium chloride and phosphate rock, with ongoing capacity expansion [33][36] - Luxshare Precision is transitioning to an AI hardware manufacturer, benefiting from increased demand for computing power and AI models [37][40] Group 5 - Great Wall Motors is focusing on high-end SUVs and global expansion, with new model launches expected to drive sales [41][44] - Leap Motor is leveraging competitive pricing and differentiation in the domestic and overseas markets, with new models and subsidies supporting growth [45][48] - Heng Rui Pharmaceutical is advancing its clinical pipeline with over 100 innovative products, aiming for significant growth through international collaborations and new product approvals [49][51] Group 6 - Yifeng Pharmacy is expected to improve its market share through enhanced operational efficiency and strategic store adjustments [54][59] - Dongfang Electric is positioned to benefit from rising global demand for gas turbines, driven by AI-related power needs [60][63]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The cumulative installed power generation capacity in China increased by 17.3% year-on-year as of October 2025, reaching 3.75 billion kilowatts [5] - The report highlights a significant increase in solar power generation capacity, which grew by 43.8% year-on-year, while wind power capacity increased by 21.4% [5] - The report indicates that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and supply-demand dynamics [5] Summary by Sections Market Performance - As of November 28, the utility sector rose by 0.9%, underperforming the broader market, which increased by 1.6% [12] - The electricity sector specifically saw a 0.65% increase, while the gas sector rose by 3.27% [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 9 CNY/ton week-on-week, settling at 818 CNY/ton [22] - Coal inventory at Qinhuangdao Port increased by 400,000 tons week-on-week, totaling 6 million tons [29] - Daily coal consumption in 17 inland provinces rose by 30,000 tons/day week-on-week, reaching 3.541 million tons [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 4,312 CNY/ton as of November 28, down 3.88% year-on-year [56] - The U.S. HH spot price increased by 15.3% week-on-week, reaching 4.59 USD/MMBtu, while the European TTF price decreased by 5.6% [59] - The total natural gas supply in the EU for week 47 was 6.23 billion cubic meters, a year-on-year increase of 8.0% [64] Key Industry News - The National Energy Administration reported that the average utilization hours of power generation equipment decreased by 260 hours year-on-year, totaling 2,619 hours [5] - The cumulative geological reserves of coalbed methane in China exceeded 700 billion cubic meters as of October 2025 [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao and Guanghui Energy [5]

上市企业：金风科技（002202）,明阳智能（601615）,运达股份（300772）,上海电气（601727）,中材科 技（002080）,节能风电（601016）,泰胜风能（300129）,东方电气（600875）,湘电股份（600416）,天 顺风能（002531） 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国风力发电行业市场竞争策略及未来发展潜力报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年9月中国风力发电量产量为672亿千瓦时，同比下降7.6%；2025年1-9 月中国风力发电量累计产量为7673亿千瓦时，累计增长10.1%。 2020-2025年1-9月中国风力发电量产量统计图 ...

Core Insights - The report highlights the growth in China's AC motor production, with a total output of 31.49 million kilowatts in September 2025, reflecting a year-on-year increase of 0.5% [1] - Cumulative production from January to September 2025 reached 260.419 million kilowatts, showing a cumulative growth of 1.1% [1] Company Insights - Listed companies in the AC motor sector include Wolong Electric (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1] Industry Insights - The report titled "2026-2032 China AC Motor Industry Market Development Research and Investment Outlook" by Zhiyan Consulting provides a comprehensive analysis of the market trends and investment opportunities in the AC motor industry [1][2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing tailored consulting services [2]

11月27日，南京钢铁股份有限公司与东方电气股份有限公司战略合作签约仪式在南京举行。根据协议，双方将通过"南钢材料+东电装备"的强强联合，共 同推进相关技术跃迁、突破，打造具有国际竞争力的现代产业体系，实现高端材料自主可控。 南京市委副书记、代市长李忠军，中信集团党委副书记、副董事长、总经理张文武，东方电气集团党组成员、副总经理王军，南京市委常委、江北新区党 工委书记、浦口区委书记陆卫东，江苏省工业和信息化厅党组成员、副厅长石晓鹏，中信泰富党委副书记、总裁、中信泰富特钢党委书记、董事长钱刚， 东方电气集团总经理助理、股份公司副总裁胡修奎，南钢党委书记、董事长黄一新等见证签约。 南京市政府秘书长洪礼来，江北新区党工委委员、管委会副主任陶磊，南京市工业和信息化局副局长娄伟，东方自控党委副书记、总经理张黎，东方电气 集团产业发展部副部长李元，东方氢能党委副书记、总经理巩李明，中信集团业务协同部总经理任霞、科技与数字化部总经理赵磊、办公厅副主任崔玉开 等参加。南钢党委副书记王芳主持签约仪式，副总裁谯明亮代表南钢签署协议。 南钢作为中信集团的一员，与东方电气有着良好的合作基础。南钢与东方电气均创建于1958年，长期保持 ...

Group 1 - The core point of the announcement is the decision made during the second extraordinary general meeting of shareholders held by Dongfang Electric Corporation, which included the approval of amendments to the company's articles of association and the rules of shareholder meetings [2][8][9]. Group 2 - The meeting was held on November 28, 2025, at the company's conference room located at 18 Xixin Avenue, High-tech West District, Chengdu, Sichuan Province, China [2]. - The meeting was conducted with a combination of on-site voting and online voting [3]. - The meeting was convened by the company's board of directors and presided over by Chairman Luo Qianyi [4][5]. - The attendance included 2 out of 7 current directors and 1 out of 3 current supervisors, with the board secretary present [7]. - All resolutions presented at the meeting were passed, including the special resolutions which required a two-thirds majority of the voting shares [9]. - The meeting was witnessed by lawyers from Beijing King & Wood Mallesons (Chengdu) Law Firm, confirming that the procedures followed were in compliance with relevant laws and regulations [10].

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 北京金杜（成 都）律師事務所關於東方電氣股份有限公司 2025年 第 二 次臨時股東大會之法律意見書 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《北 京 金 杜（成 都）律 師 事 務 所 關 於 東 方 電 氣 股 份 有 限 公 司2025年 第 二 次 臨 時 股 東 大 會 之 法 律 意 見 書》，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11月28日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅乾宜及張少峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 道 榮 及 陳 宇 ...