Group 1 - The A-share market indices continued to rise, with the only electric grid equipment ETF (159326) increasing by 2.3% and the green electricity ETF (562550) rising by 0.54% [1] - Key stocks in the electric grid equipment ETF, including Baosheng Co., Igor, and China XD Electric, reached their daily limit, while other stocks like Power Transformer and Weiteng Electric also saw gains [1] - A new guideline was released by relevant authorities to promote high-quality development of the electric grid, aiming for significant enhancements in resource optimization and capacity by 2030 [1] Group 2 - The electric grid equipment ETF (159326) tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation, and cable components [2] - The green electricity ETF (562550) tracks the CSI Green Power Index, including companies involved in solar, wind, and hydropower, reflecting the overall performance of the green energy sector [2] - The index includes both clean energy enterprises and traditional energy sources, aligning with the dual carbon goals and energy security initiatives [2]

Market Performance - The grid equipment sector increased by 1.94% compared to the previous trading day, with HeShun Electric leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Individual Stock Performance - HeShun Electric (300141) closed at 14.58, up 10.37%, with a trading volume of 605,600 shares and a transaction value of 921 million [1] - Sanbian Technology (002112) closed at 15.58, up 10.03%, with a trading volume of 435,200 shares and a transaction value of 670 million [1] - China West Electric (601179) closed at 10.59, up 9.97%, with a trading volume of 1,904,900 shares and a transaction value of 1.979 billion [1] - Other notable performers include Far East Holdings (600869) and Hangzhou Colin (688611), with increases of 9.97% and 9.64% respectively [1] Capital Flow Analysis - The grid equipment sector saw a net inflow of 1.154 billion in main funds, while retail investors experienced a net outflow of 373 million [2][3] - Major stocks like China West Electric and Sanbian Technology attracted significant main fund inflows of 653 million and 259 million respectively [3] - Conversely, retail investors withdrew from these stocks, indicating a divergence in investment behavior between institutional and retail investors [3]

Summary of Conference Call on Power Equipment Industry Industry Overview - The power equipment industry is experiencing significant growth in overseas demand, particularly in North America, with a notable increase in exports from China to the region. [1][2] - In the first 11 months of 2025, China's transformer exports to North America surged by 154%, with exports to the U.S. increasing by 173%. [2] Key Insights and Arguments - **Foreign Brands Performance**: Major foreign brands like Eaton, GE, and ABB have shown strong performance in the North American market, with Eaton reporting a 70% increase in new orders and a 40% rise in revenue. GE's orders doubled, and ABB's orders also saw significant growth. [3] - **Supply-Demand Gap**: The U.S. market faces a substantial supply-demand gap, with medium and high-voltage transformers in demand exceeding supply by 30% and 10%, respectively. The shortage is most severe for transformers rated at 330 kV and above. [4] - **Pricing and Profit Margins**: Transformer prices in the U.S. are approximately 3-4 times higher than in China, with a 138 kV transformer priced around $2.6 million, potentially exceeding $3 million for urgent deliveries. Profit margins for 35 kV distribution transformers exceed 50%. [5] Domestic Companies Opportunities - Domestic companies such as Siyi Electric, Jiangsu Huapeng, and Jinpan Technology are poised to expand their business in North America. Siyi Electric anticipates a net profit growth of about 40% in 2025 and 2026, while Jinpan Technology expects a 25% growth in 2026. [6] Saudi Arabia's Investment in Power Equipment - Saudi Arabia plans to invest approximately 930 billion RMB (around $500 billion) in power transmission and distribution from 2024 to 2030, with a significant increase in renewable energy capacity expected. [7] - The country requires a 75% localization rate by 2030, prompting many domestic companies to consider establishing manufacturing facilities in Saudi Arabia. [8] Company-Specific Developments - **Hua Ming Equipment**: The company is seeking partnerships in Saudi Arabia, with an estimated demand for 7,000 high and ultra-high voltage transformers. [9] - **TBEA**: The company has made significant inroads in Saudi Arabia, winning a bid for 1,200 high and ultra-high voltage transformers, with plans to establish a production base in the region. [11] - **Samsung Medical**: The company has seen substantial growth in overseas distribution orders, particularly in Europe, Saudi Arabia, and Latin America, and plans to expand its product line and country coverage. [12] Domestic Investment Trends - The domestic power grid investment is expected to grow at a compound annual growth rate of 5% during the 14th Five-Year Plan, with a focus on accelerating investment in the latter half of the plan. [13] - Price increases for domestic distribution equipment have been noted, with margins recovering from previous lows, indicating a potential turning point in profitability. [14] Conclusion - The power equipment industry is positioned for growth, driven by strong demand in North America and significant investments in regions like Saudi Arabia. Domestic companies are well-placed to capitalize on these opportunities, with favorable market conditions and increasing profitability expected in the coming years.

Group 1 - The company held its fourth meeting of the eighth board of directors on December 26, 2025, where all nine directors attended and voted on various resolutions [2][3] - The board unanimously approved the revision of several management systems, including the Independent Director Work System and the Major Information Internal Reporting System, with all votes in favor [3][4] - The revised management systems aim to enhance corporate governance and align with the latest legal and regulatory requirements [8][9] Group 2 - The company plans to use part of its idle funds for cash management, with a total amount not exceeding RMB 2.1 billion, to improve the efficiency of its idle capital [14][15] - The cash management products will include low-risk, high-liquidity financial products issued by banks and securities companies [13][14] - The board approved the cash management proposal without needing shareholder approval, as it complies with relevant regulations [11][15] Group 3 - The company decided to repurchase and cancel 14,000 shares of restricted stock from a departing incentive plan participant at a price of RMB 6.27 per share [22][25] - The total payment for the repurchase will amount to RMB 87,780, sourced from the company's own funds [31] - Following the repurchase, the company's total shares will decrease from 833,183,500 to 833,169,500, without affecting the control structure of the company [33][37]

Core Viewpoint - Sifang Co., Ltd. announced the approval of several proposals during the fourth meeting of its eighth board of directors, including amendments to management systems, cash management of idle funds, and the repurchase and cancellation of certain restricted stocks [2] Group 1 - The board approved the proposal to amend certain management systems [2] - The company plans to use part of its idle self-owned funds for cash management [2] - A proposal was approved to repurchase and cancel some restricted stocks that have been granted but not yet released from restrictions [2]

Core Viewpoint - Sifang Automation Co., Ltd. plans to repurchase and cancel restricted stocks due to the departure of certain incentive plan participants, confirming compliance with internal approval procedures [1][5]. Group 1: Background and Reasons for Repurchase - The "Qihang No. 2" restricted stock incentive plan was launched in September 2023, granting 19.079 million shares to enhance team cohesion [2]. - The repurchase is triggered by the departure of incentive participants, as per the plan's regulations, which state that unvested stocks cannot be released upon resignation [2]. Group 2: Details of the Repurchase - The company intends to repurchase 14,000 shares at a price of 6.27 yuan per share, totaling 87,800 yuan, funded by the company's own resources [3]. - The repurchase price is determined according to the incentive plan regulations and complies with relevant management measures [4]. Group 3: Legal Compliance - Legal counsel confirmed that the necessary internal approval procedures were followed, including the approval of the board of directors, ensuring the legality of the repurchase [5]. Group 4: Future Arrangements - Following the repurchase, the company's total share capital will decrease, and it will fulfill disclosure obligations as per stock exchange regulations [6]. - The repurchase reflects the company's commitment to the integrity and fairness of its incentive plan [6].

第二章 一般规定 第二条 公司设独立董事，独立董事人数不得少于董事会成员的三分之一。 独立董事是指不在公司担任除独立董事外的任何其他职务，并与公司及其主要股 东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 北京四方继保自动化股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善公司法人治理结构，充分发挥独立董事在公司治理中 的作用，强化对内部董事及经理层的约束和监督机制，保护中小股东及利益相关 方的利益，促进公司的规范运作，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司 治理准则》《上市公司独立董事管理办法》（以下简称"《管理办法》"）《上 海证券交易所股票上市规则》（以下简称"《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》（以下简称"《自律监管指引第 1 号》"）等有关法律、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》"）的有关规定，结合公司实际情况， 制定本制度。 独立董事应当独立履行职责，不受公司及其主 ...

北京四方继保自动化股份有限公司 投资者关系管理制度 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"）投 资者关系管理工作，加强公司与投资者之间的有效沟通，加深投资者对公司的 了解和认同，促进公司完善治理，切实保护投资者特别是中小投资者合法权益， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）《上市公司投资者关系管理工作指引》 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》"）的有关规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者 对公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、 回报投资者、保护投资者目的的相关活动。 第三条 本制度是公司投资者关系管理的基本行为指南。本制度的制定本着 体现公平、公正、公开的原则，切实保证平等对待全体投资者，保障所有投资 者享有知情权及其他合法权益。公司控股股东、实际控制人以及董事和高级管 理人 ...

北京四方继保自动化股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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、准确性和完整性承担法律责任。 重要内容提示： 基本情况 | 投资金额 | 不超过人民币 21 亿元 | | --- | --- | | 投资种类 | 公司及子公司拟购买银行、证券公司、信托公司等金融机构发行 的安全性较高、风险较低、流动性较好的理财产品。 | | 资金来源 | 自有资金 | 已履行的审议程序 证券代码：601126 证券简称：四方股份 公告编号：2025-055 2、现金管理产品类型：公司及子公司拟购买银行、证券公司、信托公司等金 融机构发行的安全性较高、风险较低、流动性较好的理财产品； 3、产品品类及额度：公司及子公司拟通过资产管理计划投向证券公司发行的 本金保障型收益凭证产品和购买银行结构性存款产品，共同滚动使用不超过人民 币 21 亿元，即在任一时点的前述总额不超过人民币 21 亿元； 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 日召开第八届董事会第四次会议审议通过《关于拟 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-053 北京四方继保自动化股份有限公司 第八届董事会第四次会议决议公告 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。 一、董事会会议召开情况 1.4、审议通过修订《董事会秘书工作制度》，同意票 9 票，反对票 0 票， 弃权票 0 票； 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 日在四方大厦第一会议室以现场与通讯相结合的方式召开第八届董事会第四次 会议。本次会议通知于2025年12月24日以电子邮件的方式发出，会议由董事长高 秀环女士召集和主持，会议应出席董事9名，实际出席董事9名，其中独立董事孙 卫国先生、李成榕先生、谢会生先生以通讯方式参与并表决，全部董事均参与表 决所有应表决议案。会议的召集和召开符合《中华人民共和国公司法》及《公司 章程》等法律、行政法规、部门规章、规范性文件的规定，会议形成的决议内容 合法有效。 二、董事会会议审议情况 经与会董事认真审议，一致通过如下决议： 1、逐项审议通过《关于制修订公司部分管理 ...