北京四方继保自动化股份有限公司 内部控制管理制度 第一章 总则 第一条 为规范和加强北京四方继保自动化股份有限公司（以下简称"公司"） 内部控制，确保公司发展战略目标和经营计划的有效实现，提高公司经营管理水 平和风险防范能力，促进公司可持续发展，保护投资者的合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《企业内部控制基本规范》及其 配套指引、《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 1 号—规范运作》等法律法规、规范性文件以及《北京四方继保自动化 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司实际 情况，制定本制度。 内部控制的目标是合理保证公司经营管理合法合规、资产安全、财务报告及 第三条 管理职责 （一）公司董事会负责内部控制管理的建立健全和有效实施，董事会应确保 内部控制管理健全有效，董事会及其全体成员应保证内部控制管理相关信息披露 内容的真实、准确、完整； （二）公司董事会审计委员会负责审查企业内部控制，监督内部控制的有效 实施和年度内部控制评价情况，对内部控制监督检查工作进行指导，协调内部控 制审计及其他相关事宜，并审阅公司提交的内 ...

北京四方继保自动化股份有限公司 第四条 对外担保由公司统一管理，未经公司董事会或者股东会批准，其他 任何人或公司不得以公司名义对外提供担保，也不得相互提供担保。 第五条 公司对外担保应当遵循合法、审慎、安全、互利的原则，严格控制 担保风险。 第六条 公司为控股股东、实际控制人及其关联方提供担保的，控股股东、 实际控制人及其关联方应当提供反担保。 第七条 公司独立董事应在年度报告中，对公司报告期末尚未履行完毕和当 第 1 页 期发生的对外担保情况、执行本办法情况做出专项说明，并发表独立意见。 对外担保管理办法 第一章 总则 第一条 为规范北京四方继保自动化股份有限公司（以下简称"公司"）对 外担保行为，保护投资者的合法权益，有效防范公司对外担保风险，保证公司的 财务安全，促进公司健康、稳定、持续发展，根据《中华人民共和国公司法》《中 华人民共和国证券法》（以下简称"《证券法》"）《上市公司监管指引第 8 号 —上市公司资金往来、对外担保的监管要求》《上海证券交易所股票上市规则》 （以下简称"《股票上市规则》"）等法律、行政法规、规范性文件以及《北京 四方继保自动化股份有限公司章程》（以下简称"《公司章程》"）的 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-054 本次制修订后的管理制度全文详见公司同日于上海证券交易所网站 （www.sse.com.cn）披露的相关管理制度文件。 特此公告。 北京四方继保自动化股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日召开了第八届董事会第四次会议，逐项审议通过了《关于制修订公司部分 管理制度的议案》，为全面贯彻落实最新法律、行政法规和规范性文件要求，保 持公司治理与上位法有效衔接，进一步完善公司法人治理结构，提升公司规范运 作水平，根据《公司法》、《上市公司章程指引》、《上市公司治理准则》、《上 海证券交易所股票上市规则（2025 年 4 月修订）》、《上海证券交易所上市公 司自律监管指引第 1 号—规范运作（2025 年 5 月修订）》等法律、行政法规和 规范性文件的要求，结合《公司章程》以及公司实际情况，公司对现有管理制度 进行梳理修订，并制订部分新的管理制度。具体情况如下： | 序号 | 制度名称 | 类型 | 是否提交 股东会审议 | | --- | --- | --- | --- | | 1 | 独立董事专门会议工作制度 | 修订 ...

Group 1 - The core viewpoint of the news is that Sifang Co., Ltd. has experienced significant stock price growth this year, with a year-to-date increase of 99.14% and a recent drop of 2.15% in stock price [1] - As of December 26, the stock price of Sifang Co., Ltd. is reported at 32.34 yuan per share, with a total market capitalization of 26.945 billion yuan [1] - The company has seen a net outflow of main funds amounting to 8.459 million yuan, with large orders showing a buy of 19.928 million yuan and a sell of 23.211 million yuan [1] Group 2 - Sifang Co., Ltd. was established on April 8, 1994, and was listed on December 31, 2010, focusing on relay protection, grid automation, and power plant automation products [2] - The company's main business revenue composition includes 49.82% from power plant and industrial automation, 42.94% from grid automation, and 7.09% from other sources [2] - As of September 30, 2025, Sifang Co., Ltd. reported a revenue of 6.132 billion yuan, reflecting a year-on-year growth of 20.39%, and a net profit attributable to shareholders of 704 million yuan, up 15.57% year-on-year [2] Group 3 - Sifang Co., Ltd. has distributed a total of 4 billion yuan in dividends since its A-share listing, with 1.599 billion yuan distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund Environmental Theme Mixed A, with changes in their holdings noted [3]

Core Points - The Shandong Provincial Government has announced the list of 150 individuals selected as Qilu Chief Technicians for the year 2025, following a structured selection process [1] Group 1: Announcement Details - The announcement was made by the Shandong Provincial Organization Department, Human Resources and Social Security Department, and Finance Department [1] - The selection process involved recommendations, evaluations, and public announcements [1] Group 2: Selected Individuals - Notable individuals include Meng Jing from Shandong Jiuyang Group Co., Ltd., Li Xiaolei from State Grid Shandong Electric Power Company, and Gao Wei from Shandong Tobacco Industry Co., Ltd. [2][3] - The list includes a diverse range of professionals from various sectors such as electric power, automotive, and manufacturing [2][3][4]

Core Insights - The pure soda industry is facing challenges such as rising raw material costs, low profits from traditional production methods, increasing environmental regulations, and high energy consumption. Experts at the 2025 Soda Ash Technology Conference emphasized that resource optimization, energy reduction, and intelligent development will be key to enhancing quality and efficiency in the industry [1] Resource Efficiency and Cost Reduction - Inner Mongolia's Alxa region has abundant natural soda ash reserves, but water scarcity poses a challenge. Baoyuan Yingen Chemical Co. has implemented a "dry cooling" system to save water during the cooling phase of production, successfully achieving water and energy savings [2] - Guangdong Southern Soda Industry Co. has adopted high-pressure diaphragm filter presses to efficiently produce low-chloride white mud, facilitating resource recycling and significantly reducing solid waste emissions [2] - Hannen (Suzhou) Energy-Saving Technology Co. has designed cooling equipment tailored to different water qualities, achieving over 90% waste heat recovery efficiency [2] - Solex China has introduced a cooling technology that ensures uniform cooling or heating of product particles, promoting resource conservation [2] Technological Innovations for Energy Reduction and Emission Control - Chengdu Tianbao Energy-Saving Environmental Protection Engineering Co. proposed using rotary ammonium dryers instead of fluidized beds, which reduces energy consumption and tail gas emissions significantly [3] - Dalian Chemical Machinery Co. developed a steam rotary ammonium dryer that maintains outlet temperatures between 85°C and 95°C, enhancing operational efficiency and reducing heat loss [3] - China Salt Anhui Hong Sifang Co. upgraded its coal crushing system to improve fuel utilization and explored energy cascading to achieve significant energy and water savings [3] - Southern Soda Industry shared its experience in optimizing lime kiln feeding systems to lower production energy consumption and developing efficient dust removal devices to reduce emissions [3] Intelligent Empowerment for Quality and Efficiency Improvement - The pure soda industry is leveraging intelligent systems as accelerators for quality and efficiency enhancement. Shandong Haohua Co. has implemented a smart system that stabilizes production processes, monitors equipment health, and manages production information centrally [4] - Hangzhou Holley Technology Co. has adopted full-process intelligent control to reduce energy consumption in steam and water systems while ensuring real-time product quality monitoring [4] - The intelligent dosing system ensures precise measurement control, while the evaporation crystallization optimization system dynamically adjusts temperatures [4] Smart Logistics in Material Transport - Kaos Intelligent Equipment Technology Co. has introduced industrial robot loading systems for smart loading of raw materials, equipment, and products, enhancing loading efficiency, safety, and cost-effectiveness in the final logistics of the pure soda industry [5]

Core Viewpoint - The China Securities 1000 Value ETF (562530) opened down 1.00% at 1.286 yuan, reflecting market volatility and performance of its underlying assets [1] Group 1: ETF Performance - The China Securities 1000 Value ETF (562530) has a performance benchmark based on the China Securities Intelligent Selection 1000 Value Steady Strategy Index [1] - Since its inception on July 28, 2022, the fund has achieved a return of 29.92% [1] - The fund's return over the past month has been -2.91% [1] Group 2: Top Holdings - Key holdings in the ETF include: - Shangfeng Cement, which opened up 0.82% [1] - Mingtai Aluminum, which decreased by 0.07% [1] - Camel Group, which increased by 0.56% [1] - Oriental Tower, which rose by 0.06% [1] - CIMC Vehicles, which fell by 0.48% [1] - Yingqu Technology, which gained 1.12% [1] - Changjiang Media, which decreased by 0.11% [1] - Sifang Holdings, which increased by 1.34% [1] - Mulinsen, which fell by 0.22% [1] - Jiahua Energy, which rose by 0.24% [1]

Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration in power equipment [1] - The capital expenditure (CapEx) in the data center industry is characterized by large scale, long investment return cycles, and rapid technological iteration, necessitating the incorporation of AI industry multidimensional indicators for accurate demand forecasting [1] Demand Side - Overseas capital expenditure from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [2] - Domestic capital expenditure showed a slowdown, with Alibaba's CapEx at 31.501 billion yuan, an 80.10% year-on-year increase but a 18.55% quarter-on-quarter decrease, while Tencent's CapEx was 12.983 billion yuan, down 24.05% year-on-year and 32.05% quarter-on-quarter [2] Supply Chain - Nvidia reported a record revenue of 362.571 billion yuan in Q3 2025, with data center products accounting for over 85% of total revenue, marking a 62.49% year-on-year increase [2] - TSMC's revenue in November 2025 reached 343.614 billion New Taiwan dollars, a 24.5% year-on-year increase, despite a 6.5% quarter-on-quarter decline [2] - The CPU price index rose to 98.20 in October 2025, while DRAM spot prices surged over 200% from $12.85 to $38.76 between October and December 2025, indicating strong server demand [2] Application Side - The number of AI models is steadily increasing, with the Token call volume on the OpenRouter platform reaching 5.78 trillion, a 6.62% decrease week-on-week [3] - The release of new models such as Grok4Fast and GPT-5nano led to a more than 50% price drop for Tokens scoring over 40 on the ArtificialAnalysis intelligence index in Q3 2025 [3] Investment Recommendations - The construction of AI data centers is expected to drive demand for SST, with an estimated 14 GW of new data center installations globally in 2024, maintaining high growth rates [3] - Recommended stocks include Sunshine Power (300274.SZ), with additional attention to Kehua Data (002335.SZ), Keda Electronics (002518.SZ), Kelu Electronics (002121.SZ), Magmi Tech (002851.SZ), Jinpan Technology (688676.SH), and Sifang Co. (601126.SH) [3]

证券代码：601126 证券简称：四方股份 公告编号：2025-052 一、本次限制性股票回购注销的决策与信息披露 2025年10月28日，公司召开第八届董事会第三次会议，审议通过了《关于启 航2号限制性股票激励计划首次授予部分第二个解除限售期解除限售条件成就的 议案》《关于回购注销部分激励对象已获授但尚未解除限售的限制性股票的议案》。 北京四方继保自动化股份有限公司 关于部分限制性股票回购注销实施公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 回购注销原因： 鉴于公司启航 2 号限制性股票激励计划（以下简称"《激励计划》"）中 1 名激励对象因离职不再具备激励对象资格，经公司第八届董事会第三次会议审议 通过，同意对其持有的已获授但尚未解除限售的全部限制性股票共计 10,000 股 进行回购注销；1 名激励对象 2024 年度个人考核结果不符合第二个解除限售期 解除限售条件，经公司第八届董事会第三次会议审议通过，同意对其持有的第二 个解除限售期限制性股票 15,000 股进行回购注销；本次将对上述 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].