Core Viewpoint - The company announced a buyback and cancellation of restricted shares due to the departure of two incentive plan participants, involving 59,500 shares and a total buyback amount of approximately 373,065 yuan [1][2][3]. Group 1: Buyback and Cancellation Details - The buyback and cancellation are triggered by the departure of two participants from the "Qihang No. 2 Restricted Stock Incentive Plan," which disqualifies them from holding the shares [2]. - The total number of shares to be canceled is 59,500, with the cancellation scheduled for October 23, 2025 [3]. - The adjusted buyback price is set at 6.27 yuan per share, calculated by deducting the cash dividend of 0.72 yuan from the original grant price of 6.99 yuan [3]. Group 2: Impact on Share Structure - Following the buyback, the company's total share capital will decrease from 833,268,000 shares to 833,208,500 shares, a reduction of 59,500 shares [4]. - The proportion of restricted shares will slightly decrease from 1.73% to 1.72%, while unrestricted shares will increase from 98.27% to 98.28% [4]. Group 3: Compliance and Legal Assurance - The company confirmed that the decision-making process for the buyback and cancellation was legal and that all necessary disclosures were made [6]. - Legal counsel has provided an opinion affirming that the buyback complies with relevant regulations and that the company will bear any legal responsibilities arising from disputes with incentive participants [6]. Group 4: Completion Timeline - The buyback and cancellation process is expected to be completed by October 23, 2025, after which the company will proceed with the necessary business registration changes [7].

证券代码：601126 证券简称：四方股份 公告编号：2025-045 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："本激励计划"）2 名 激励对象离职，不再具备激励对象资格，经公司第八届董事会第二次会议审议通 过，同意对其持有的已获授但尚未解除限售的限制性股票共计 59,500 股予以回 购注销。 本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 59,500 | 59,500 | 2025 | 年 10 | 月 | 23 日 | 一、本次限制性股票回购注销的决策与信息披露 2025年8月28日，公司召开第八届董事会第二次会议，审议通过了《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及调整回购价格的议 案》。 2025 年 ...

Group 1 - The company, Sifang Co., announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from October 15 to October 17, 2025 [2] - Following an internal review and inquiries with its controlling shareholder and actual controller, the company confirmed that there is no undisclosed significant information as of the date of the announcement [2]

二、公司关注并核实的相关情况 证券代码：601126 证券简称：四方股份 公告编号：2025-044 北京四方继保自动化股份有限公司 关于股票交易异常波动的公告 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个别及连带责任。 重点内容提示： 北京四方继保自动化股份有限公司（以下简称"公司"）股票于2025年 10月15日、10月16日和10月17日连续三个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》有关规定，属于股票交易异常波动情形。 经公司自查并书面征询控股股东及实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重大信息。 近期公司股票交易价格波动较大，敬请广大投资者注意二级市场交易风 险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于2025年10月15日、10月16日和10月17日连续三个交易日内收盘价 格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》有关规定，属于 股票交易异常波动情形。 （一）生产经营情况 经公司自查，公司目前生产经营活动正常，市场环境、行业政策 ...

2、在贵司股票异常波动期间，本人及一致行动人不存在买卖公司股票的情 况。 关于对北京四方继保自动化股份有限公司 股票交易异常波动征询函的回函 北京四方继保自动化股份有限公司: 本人于 2025 年 10 月 17 日收到贵司发来的《关于对北京四方继保自动化股 份有限公司股票交易异常波动征询函》，作为贵司的实际控制人，经自查确认， 现回复如下: 1、截止目前,本人不存在与贵司相关的应披露而未披露的重大信息,包括 但不限于重大资产重组、股份发行、收购、债务重组、业务重组、资产剥离、资 产注入、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等重 大事项。 特此回复。 杨奇逊: 王绪昭: 2025 年 10 月 17 日 ...

关于对北京四方继保自动化股份有限公司 股票交易异常波动征询函的回函 北京四方继保自动化股份有限公司: 四方电气(集团)股份有限公司(以下简称"本公司")于2025年10月 17日收到贵司发来的《关于对北京四方继保自动化股份有限公司股票交易异常 波动征询函》,作为贵司的控股股东,经自查确认,现回复如下: 1、截止目前,本公司不存在与贵司相关的应披露而未披露的重大信息,包 括但不限于重大资产重组、股份发行、收购、债务重组、业务重组、资产剥 离、资产注入、股份回购、股权激励、破产重整、重大业务合作、引进战略投 资者等重大事项。 2、在贵司股票异常波动期间,本公司及一致行动人不存在买卖公司股票的 情况。 特此回复。 儿方申 ...

Core Viewpoint - The stock of Sifang Co., Ltd. experienced an abnormal fluctuation with a cumulative closing price increase exceeding 20% over three consecutive trading days from October 15 to 17, 2025 [1] Company Operations - The company conducted a self-examination and confirmed that its production and operational activities are normal [1] - There are no significant changes in the market environment or industry policies affecting the company [1] Disclosure and Trading Activity - The company, its controlling shareholders, and actual controllers have no undisclosed significant matters that should have been disclosed [1] - No media reports or market rumors that could significantly impact the stock price were found during the abnormal fluctuation period [1] - Company directors, senior management, controlling shareholders, and actual controllers did not buy or sell company stock during the period of abnormal fluctuation [1] Investor Advisory - The company reminds investors to be aware of risks in the secondary market and to invest rationally [1]

Investment Rating - The industry investment rating is "Overweight" [2][45] Core Viewpoints - As of October 16, 2025, the power equipment industry has seen a decline of 2.84% over the past two weeks, underperforming the CSI 300 index by 2.36 percentage points, ranking 26th among 31 industries [4][11] - The cumulative installed capacity of new energy storage in China is expected to reach over 180GW by 2027 and 300GW by 2030, with the industry chain and supply chain output value projected to reach 2-3 trillion yuan by 2030 [34][39] - The global energy storage market is anticipated to maintain strong growth, with a cumulative installed capacity of approximately 730GW/1950GWh by the end of 2030 [34][39] Summary by Sections Market Review - The power equipment sector has increased by 39.62% year-to-date, outperforming the CSI 300 index by 22.25 percentage points, ranking 4th among 31 industries [4][11] - The wind power equipment sector increased by 0.07%, the photovoltaic equipment sector by 1.14%, and the grid equipment sector by 5.76% in the last two weeks [16][17] Valuation and Industry Data - As of October 16, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.67 times, with sub-sectors showing varying PE ratios: electric motors at 62.87 times, photovoltaic equipment at 26.89 times, and battery sector at 35.51 times [22][23] Industry News - In the first nine months of 2025, China's new energy storage overseas orders totaled 214.7GWh, a year-on-year increase of 131.75%, with over 30GWh in September alone [34][39] - The National Energy Administration has emphasized the importance of user-side network security management to prevent power outages caused by user-side issues [34][35] Company Announcements - Several companies reported significant changes in net profit for the first three quarters of 2025, with notable increases for companies like Jinko Technology and Tongda Co., while others like Shida Shenghua reported substantial losses [36][37] Weekly Perspective on Power Equipment Sector - The report suggests focusing on leading storage companies benefiting from the booming storage industry, emphasizing technological and scale advantages [39][40]

Core Insights - The A-share charging pile industry saw significant stock price increases following the release of a new action plan by the National Development and Reform Commission, which aims to double the charging service capacity by 2027 [1][3] Industry Overview - The new action plan targets the construction of 28 million charging facilities and over 300 million kilowatts of public charging capacity by the end of 2027, addressing the charging needs of over 80 million electric vehicles [1][3] - The current public charging station count exceeds 300,000, representing a 303% increase since 2021, and is three times the number of gas stations [3][4] Market Dynamics - The charging infrastructure is crucial for the rapid growth of the electric vehicle market, which is expected to continue expanding over the next three years [3][4] - The action plan aims to enhance the quality and coverage of charging networks, addressing issues such as uneven distribution and insufficient service in rural areas [5][6] Infrastructure Development - The plan includes the addition of 1.6 million direct current charging guns in urban areas and 40,000 high-power charging guns at highway service areas by 2027 [6][7] - It also emphasizes the need for upgrades to the power grid to support the increased demand for charging facilities, particularly in urban core areas and rural regions [7][8] Technological Advancements - The industry is transitioning from merely increasing the number of charging stations to improving the quality and efficiency of these facilities [8][9] - The price of charging modules has seen a significant decline, with a nearly 40% drop expected from early 2024 to the end of the year, indicating a shift in market dynamics [9]

Core Viewpoint - The article highlights the significant growth potential in China's electric vehicle (EV) charging infrastructure, driven by the government's "Three-Year Doubling" action plan, which aims to enhance charging capacity and accessibility by 2027 [1][6]. Group 1: Industry Growth and Demand - The electric vehicle market in China is entering a critical growth phase, with charging demand expected to increase rapidly and diversify [6]. - The current public charging network consists of over 300,000 stations, which have increased by 303% since 2021, now outnumbering gas stations by three times [6][7]. - The action plan aims to build 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to support more than 80 million electric vehicles [1][6]. Group 2: Infrastructure Challenges - Despite rapid growth, there are issues such as uneven distribution of charging stations, insufficient service in residential areas, and the need for improved operational management [6][7]. - The article notes that while there are approximately 17 million charging stations supporting 50 million electric vehicles, the proposed addition of 11 million charging facilities aligns with the expected growth of 30 million new electric vehicles over the next three years [7][8]. Group 3: Upgrading Charging Facilities - The action plan includes specific targets for upgrading urban charging networks, with a goal of adding 1.6 million direct current charging guns in cities by 2027, including 100,000 high-power charging guns [9][10]. - For rural areas, the plan aims to add at least 14,000 direct current charging guns in townships that currently lack public charging stations [10]. Group 4: Technological and Market Dynamics - The charging industry is transitioning from a focus on quantity to quality, emphasizing the need for high-quality charging infrastructure and services [11][12]. - The article mentions a significant price drop in charging modules, with prices falling nearly 40% from early 2024 to the end of the year, indicating a shift in market dynamics [13].