11月17日，四方股份跌1.23%，成交额8.17亿元。两融数据显示，当日四方股份获融资买入额6768.24万 元，融资偿还9171.00万元，融资净买入-2402.76万元。截至11月17日，四方股份融资融券余额合计8.71 亿元。 资料显示，北京四方继保自动化股份有限公司位于北京市海淀区上地信息产业基地四街9号，成立日期 1994年4月8日，上市日期2010年12月31日，公司主营业务涉及继电保护、电网自动化及发电厂自动化产 品的研发、生产、销售和技术服务。主营业务收入构成为：电厂及工业自动化49.82%，电网自动化 42.94%，其他7.09%，房屋租赁、技术服务、材料销售等0.15%。 截至9月30日，四方股份股东户数3.38万，较上期减少14.71%；人均流通股24274股，较上期增加 17.34%。2025年1月-9月，四方股份实现营业收入61.32亿元，同比增长20.39%；归母净利润7.04亿元， 同比增长15.57%。 分红方面，四方股份A股上市后累计派现40.00亿元。近三年，累计派现15.99亿元。 责任编辑：小浪快报 融资方面，四方股份当日融资买入6768.24万元。当前融资余额8.7 ...

智通财经APP获悉，国盛证券发布研报称，固态变压器(SST)凭借其高效率、低占地优势，有望成为 AIDC电源管理终极解决方案。目前，台达800VSST方案单套系统容量已达到MW级别，有望朝着吉瓦 级应用发展；英伟达也宣布其800V高压直流架构将于2027年全面部署。在应用领域方面，我国要求国 家枢纽节点新建数据中心绿电比例超过80%，但绿电长期受可靠性拖累，实现新能源发电与电网供电的 平滑切换，采用SST方案的新型电网架构对可再生能源的接纳能力可以达到50%-70%，效果提升为传统 电网架构的1.3-2倍。 国盛证券主要观点如下： SST高效率、小型化优势明显，正在重塑数据中心供电 相关标的 SST系统：四方股份(601126.SH)(SST整机效率提升至98.5%，应用于多个国家级示范工程)、中国西电 (601179.SH)(子公司2.4MWSST已顺利投运)、金盘科技(688676.SH)(已完成10kV/2.4MW样机开发)、新 特电气(301120.SZ)((正在布SST配套变压器)。 SST材料：可立克(002782.SZ)(SST高频变压器，客户包括台达等)、云路股份(688190.SH)(产品覆 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 6.13 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.4%. The net profit attributable to the parent company was 700 million yuan, up 15.6% year-on-year, while the net profit excluding non-recurring items was 680 million yuan, an increase of 14.5% year-on-year [2][4] - In Q3 2025 alone, the company achieved a revenue of 2.11 billion yuan, reflecting a year-on-year growth of 30.6%, although it saw a quarter-on-quarter decline of 3.7%. The net profit for the same quarter was 230 million yuan, up 22.8% year-on-year and down 2.9% quarter-on-quarter [2][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross profit margin was 30.77%, a decrease of 2.93 percentage points year-on-year. In Q3 2025, the gross profit margin was 31.24%, down 2.97 percentage points year-on-year but up 1.83 percentage points quarter-on-quarter [10] - The total operating expenses for the first three quarters of 2025 accounted for 17.64% of revenue, a decrease of 2.53 percentage points year-on-year. In Q3 2025, the expense ratio was 17.71%, down 4.76% year-on-year [10] Business Development - The company is expanding its non-grid business, which is expected to contribute significantly to revenue growth. The new products and technologies are beginning to penetrate the market more rapidly [10] - The company anticipates that the net profit attributable to the parent company for 2025 could reach 844 million yuan, corresponding to a price-to-earnings ratio of approximately 28 times [10]

格隆汇11月14日丨四方股份(601126.SH)在投资者互动平台表示，目前公司在SST技术方向已有多个软 件、硬件发明专利获得授权（包括中频隔离技术），公司将持续保持技术领先优势，着力筑牢专利壁 垒。 ...

四方股份（601126.SH）11月14日在投资者互动平台表示，尊敬的投资者，您好，目前公司在SST技术 方向已有多个软件、硬件发明专利获得授权（包括中频隔离技术），公司将持续保持技术领先优势，着 力筑牢专利壁垒。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好， 四方股份与清华大学联合研发成功的"中频 隔离单相拓扑"技术，从原理层面同时降低了磁芯损耗和开关损耗，突破传统高频拓扑的效率天花板， 在SST技术上实现从"应用优化"到"底层架构创新"的跨越。 请问公司是否已通过专利布局形成坚实法律 壁垒，建立起一道兼具技术高度和法律厚度的"护城河"，使公司在与国内SST厂商的竞争中，显著拉大 与竞争者的差距？ （记者 曾健辉） ...

证券之星消息，11月13日电网设备板块较上一交易日上涨1.56%，摩恩电气领涨。当日上证指数报收于 4029.5，上涨0.73%。深证成指报收于13476.52，上涨1.78%。电网设备板块个股涨跌见下表： 从资金流向上来看，当日电网设备板块主力资金净流入3.22亿元，游资资金净流出3.93亿元，散户资金净 流入7063.55万元。电网设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000533 顺钠股份 | | 3.03亿 | 25.90% | -1.59 Z | -13.62% | -1.4416 | -12.28% | | 600089 | 特变电工 | 2.22 乙 | 2.31% | -8314.14万 | -0.86% | -1.39 Z | -1.44% | | 601877 | 正泰电器 | 1.46 Z | 8.23% | -2870.30万 | -1.62% | ...

今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 四方股份 | 601126 | 股权激励限售流通 | 571.62万 | | 天佑德酒 | 002646 | 股权激励限售流通 | 283.2万 | | 中邮科技 | 688648 | | 340万 | 智通财经APP获悉，11月13日共有3家上市公司的限售股解禁，解禁总市值约2.1亿元。 ...

Core Insights - The A-share market's power grid equipment sector surged by 12.45% in the first trading week of November, driven by the dual narratives of AI catalysis and energy transformation [1][2] - The sector's performance raises questions about the underlying earnings support and growth potential amid the AI-driven electricity demand surge [1] Market Performance - The Shenwan Power Grid Equipment Index rose by 12.46% over the week, reaching 5872.41 points, with a year-to-date increase of 43.11%, marking the highest level since June 2015 [2] - 16 stocks within the power grid equipment sector reached historical highs, with notable performers including Zhongneng Electric, Moen Electric, and Tebian Electric [2] Industry Dynamics - Since May, trading activity in the power grid equipment sector has increased, with the index showing seven consecutive months of gains, primarily due to AI-related electricity shortages [3] - The U.S. Energy Information Administration (EIA) predicts that electricity consumption will reach record highs in 2025 and 2026, driven by AI and data center expansion [3] - Goldman Sachs forecasts a 175% increase in global electricity demand from AI data centers by 2030 compared to 2023 [3] Investment Trends - The State Grid Corporation of China reported over 420 billion yuan in fixed asset investments from January to September, a year-on-year increase of 8.1% [3] - Major projects in high-voltage direct current (HVDC) engineering are underway, with total investments expected to exceed 650 billion yuan in 2025 [3] Financial Performance - The power grid equipment sector reported a revenue of 263.7 billion yuan and a net profit of 22.2 billion yuan in the first three quarters, reflecting year-on-year growth of 12% and 14%, respectively [4][5] - Significant performance disparities exist within the sector, with non-UHV main networks showing a net profit growth of 38.2%, while distribution and meter companies faced declines [5] Export Growth - China's transformer exports reached 6.22 billion USD from January to September, a 39% increase year-on-year, driven by demand from Europe and North America [5] - High-voltage switch exports also grew by 31.2%, with a notable monthly increase of 55.7% in September [5] Institutional Investment - Public fund holdings in the power grid equipment sector decreased slightly in the third quarter, with a total market value share of 0.6% [6] - Institutional investors are favoring companies with strong overseas demand and those involved in data center business growth, such as Siyuan Electric and Tebian Electric [6] Technological Advancements - Companies like Jinpan Technology are focusing on solid-state transformer (SST) technology, which is seen as a suitable solution for future energy demands [6][7] - Jinpan Technology has developed an SST prototype for HVDC applications, with plans for further testing and certification [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 35.70 [7]. Core Insights - The company aims to achieve new order targets exceeding RMB 10 billion for the year, with significant growth expected in the renewable energy sector and international business [1][2]. - The SST (Solid State Transformer) business is highlighted as a key area of growth, with the company providing a full range of critical equipment and solutions for data center power distribution systems [3][5]. Summary by Sections New Orders - In 2024, the new order amount is projected to be RMB 8.5 billion, with a target of exceeding RMB 10 billion in 2025, representing a year-on-year growth rate of approximately 20%. The growth rates for different sectors are: over 15% for the grid sector, around 30% for the renewable energy sector, and over 10% for traditional power generation and industrial sectors [2]. Renewable Energy Business - The renewable energy business is expected to maintain rapid growth due to several factors, including the impact of policy changes and the expansion of product offerings. The company is one of the candidates for a framework agreement for distributed phase-shifting transformers with Huaneng Group [2][4]. International Business - The strategic adjustments in international business are showing results, with overseas orders expected to reach RMB 500-600 million for the year, up from RMB 370 million in 2024. The company has already secured RMB 410 million in new orders in the first three quarters of 2025, a significant increase from RMB 150 million in the same period last year [2]. SST Business - The company offers a range of SST products with high efficiency (up to 99%) and reliability (99.99%). It has several benchmark projects demonstrating its capabilities in providing critical equipment and solutions for data center power distribution systems [3][5]. New Products - The company has launched the first energy-based SVG in Xinjiang, which is designed to support high proportions of renewable energy integration and enhance grid stability [4]. Profit Forecast and Valuation - The company’s net profit is projected to be RMB 845.59 million, RMB 988.59 million, and RMB 1.15 billion for the years 2025, 2026, and 2027, respectively, with a compound annual growth rate of 17.14%. The target price is based on a 30x PE ratio for 2026 [5][11].

Core Points - The company announced the lifting of restrictions on 5,569,200 shares under the "Qihang No. 2 Restricted Stock Incentive Plan" [1][2][3] - The lifting of restrictions will take effect on November 13, 2025, for 445 eligible incentive recipients [2][9] Summary by Sections Incentive Plan Overview - The stock type involved is equity incentive shares, with a total of 5,569,200 shares to be listed for trading [1][2] - The incentive plan was approved during the board meeting on October 28, 2025, confirming that the conditions for lifting restrictions have been met [2][4] Decision-Making Process - The decision-making process for the incentive plan included multiple board and supervisory meetings, with independent directors providing their consent [3][4][5] - The plan was publicly disclosed and no objections were raised during the internal announcement period [3][4] Conditions for Lifting Restrictions - The second lifting of restrictions is based on the completion of a 24-month period following the initial grant date, allowing for 30% of the initially granted shares to be released [8][9] - The total number of shares eligible for lifting restrictions represents approximately 0.67% of the company's total equity [9] Stock Trading Restrictions - Directors and senior management are subject to specific trading restrictions, including a limit on the percentage of shares they can transfer annually and conditions on trading within six months of buying or selling shares [9][10] Legal and Financial Opinions - Legal opinions confirm that the lifting of restrictions complies with relevant laws and regulations [13][14] - Independent financial advisors have also affirmed that the conditions for lifting restrictions have been met and necessary approvals obtained [14]