Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The company reported a year-on-year revenue increase of 19.29% for the first three quarters of 2025, with a gross margin of 22.14%, reflecting improved profitability [1][3]. - The company is expected to benefit from the high demand for high-voltage equipment, with significant investments in the national grid projected to exceed 650 billion yuan in 2025 [1][10]. - The core products, including switches and transformers, are anticipated to contribute significantly to revenue growth [4][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 17.004 billion yuan, a year-on-year increase of 11.54%, and a net profit attributable to shareholders of 939 million yuan, up 19.29% [2]. - The gross margin for the first three quarters was 22.14%, an increase of 1.66 percentage points year-on-year, attributed to scale effects and cost reduction efforts [3]. Product Contribution - In the first half of 2025, the revenue from the transformer segment was 4.94 billion yuan, up 10.4%, while the switch segment generated 4.25 billion yuan, a 4% increase [4]. - The company’s core products, including power transformers and high-voltage switches, are expected to see substantial revenue growth [4]. Market Outlook - The investment in the national grid is projected to continue at a high level, with the first nine months of 2025 seeing an investment completion of 398.2 billion yuan, a 21.1% increase year-on-year [10]. - The demand for high-voltage equipment remains strong, with significant procurement planned by the State Grid, including approximately 119 billion yuan for transformers and 135 billion yuan for combination electrical equipment [10].

证券代码：601179 证券简称：中国西电 公告编号：2025-054 中国西电电气股份有限公司 第五届董事会第六次会议决议公告 二、审议通过了关于调整公司组织机构的议案 表决结果：同意8票、反对0票、弃权0票，审议通过。 同意调整电力电子事业部成员企业，新设电力器件事业部，设立数智中心。 特此公告。 中国西电电气股份有限公司董事会 2025年12月2日 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。 中国西电电气股份有限公司（以下简称公司）第五届董事会第六次会议（以下简称本次会议）于2025年 11月26日以邮件、短信和电话方式发出会议通知，于2025年12月1日以通讯表决方式召开。本次会议应 出席董事8人，实到董事8人。本次会议的召集、召开程序符合《公司法》等有关法律、行政法规、其他 规范性文件及《公司章程》的相关规定。 本次会议经过有效表决，形成以下决议： 一、审议通过了关于制定《诚信合规准则》的议案 表决结果：同意8票、反对0票、弃权0票，审议通过。 ...

证券代码：601179 证券简称：中国西电 公告编号：2025-054 中国西电电气股份有限公司 第五届董事会第六次会议决议公告 2025 年 12 月 2 日 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。 中国西电电气股份有限公司（以下简称公司）第五届董事会 第六次会议（以下简称本次会议）于 2025 年 11 月 26 日以邮件、 短信和电话方式发出会议通知，于 2025 年 12 月 1 日以通讯表决 方式召开。本次会议应出席董事 8 人，实到董事 8 人。本次会议 的召集、召开程序符合《公司法》等有关法律、行政法规、其他 规范性文件及《公司章程》的相关规定。 本次会议经过有效表决，形成以下决议： 表决结果：同意 8 票、反对 0 票、弃权 0 票，审议通过。 同意调整电力电子事业部成员企业，新设电力器件事业部， 设立数智中心。 特此公告。 中国西电电气股份有限公司董事会 一、审议通过了关于制定《诚信合规准则》的议案 表决结果：同意 8 票、反对 0 票、弃权 0 票，审议通过。 二、审议通过了关于调整公司组织机构的议 ...

中国西电所属申万行业为：电力设备-电网设备-输变电设备。所属概念板块包括：变压器、西部开发、 直流输电、特高压、电力物联网等。 12月1日，中国西电盘中上涨2.04%，截至09:49，报8.50元/股，成交2.31亿元，换手率0.53%，总市值 435.70亿元。 资金流向方面，主力资金净流出1255.66万元，特大单买入1107.64万元，占比4.80%，卖出1973.62万 元，占比8.56%；大单买入4361.30万元，占比18.91%，卖出4750.98万元，占比20.60%。 中国西电今年以来股价涨13.41%，近5个交易日涨4.55%，近20日涨0.83%，近60日涨30.51%。 今年以来中国西电已经1次登上龙虎榜，最近一次登上龙虎榜为11月7日。 资料显示，中国西电电气股份有限公司位于陕西省西安市高新区唐兴路7号A座，成立日期2008年4月30 日，上市日期2010年1月28日，公司主营业务涉及输配电及控制设备研发、设计、制造、销售、检测、 相关设备成套、技术研究、服务与工程承包等业务。主营业务收入构成为：变压器43.67%，开关 37.56%，公司总部及贸易业务8.26%，电力工程及电子3. ...

智通财经APP获悉，东吴证券发布研报称，高压直流配电技术的应用能够助力AIDC客户降低系统能 耗，提高数据中心供电能量密度，并有助于实现绿电和算力的协同，HVDC将是下一代AIDC供电的方 向。随着供给端技术和产品逐渐成熟，该行预计SST有望在27年H2开始放量，29-30年有望逐渐成为 AIDC柜外电源的主流方案，到2030年全球SST市场规模有望超1000亿。 东吴证券主要观点如下： 高压直流配电技术是未来AIDC供电的方向 相比传统交流供电，直流克服了交流传输的"集肤效应"，具有输电损耗低、用铜量低、供电线路投入低 等优势。未来AIDC随着算力芯片性能提高向高能耗、高功率密度发展，高压直流配电技术的应用能够 助力AIDC客户降低系统能耗，提高数据中心供电能量密度，并有助于实现绿电和算力的协同，HVDC 将是下一代AIDC供电的方向。 柜外HVDC电源放量在即，巴拿马有望成为主流、SST将是最终方案 基于UPS的数据中心供电架构本质是传统交流配电系统设计标准下的产物，柜外电源向高压直流技术方 向演进，而国内和海外在产品形态、技术路线等方面略有不同。 1)国内数据中心柜外直流电源产业化应用较早，目前主要分为 ...

Group 1 - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors [4] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [4] - Yongtai Energy's actual controller Wang Guangxi received a notice of investigation from the China Securities Regulatory Commission for matters unrelated to the company [4] Group 2 - Shenzhou Pharmaceutical's controlling shareholder plans to reduce its stake by no more than 3% [4] - Zhenhua Group intends to increase its stake in China Jushi by 550 million to 1.1 billion yuan [4] - Jihong Co., Ltd. and its concerted parties plan to reduce their stake by no more than 2.93% [4] Group 3 - XJ Electric won a 1.518 billion yuan procurement project from the State Grid [4] - China XD Electric's subsidiaries collectively won procurement projects from the State Grid worth approximately 2.98 billion yuan [4] - Chaozhuo Aerospace's actual controller will change to the Hubei Provincial State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [4] Group 4 - Huakong Saige terminated its specific object stock issuance [5] - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding 20 billion yuan [5] Group 5 - Blue Sail Medical's board proposed to lower the conversion price of "Blue Sail Convertible Bonds" [6] - ST Lifang's stock will be subject to delisting risk warning and will be suspended from trading on December 1 [7] - Cambrian elected Chen Tianshi as chairman [8]

Group 1 - SMIC announced the termination of the sale of its stake in SMIC Ningbo due to failure to reach an agreement within the expected timeframe, retaining a 14.832% stake post-termination, with no significant impact on financial status [2] - Chaozhuo Aerospace's actual controller will change to Hubei State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [2] - ST Lifan faces potential forced delisting due to false disclosures in its 2021-2023 annual reports, with a total false revenue of 592 million yuan, representing 50.91% of the reported revenue for those years [3] Group 2 - Lijun Holdings' subsidiary signed a contract worth approximately 57.6 million USD for high-pressure roller mills, accounting for 52.53% of the audited consolidated revenue for 2024, expected to positively impact future performance [3] - Sanjiang Shopping's second-largest shareholder, Alibaba Zeta, reduced its stake by 5.4768 million shares, decreasing its holding from 30% to 29% [4] - Tianfeng Securities is under investigation by the CSRC for suspected information disclosure violations and illegal financing [5] Group 3 - China Jushi's major shareholder, Zhenstone Group, plans to increase its stake by no less than 550 million yuan and no more than 1.1 billion yuan [6] - Helun Zhe's major shareholder received a notice of investigation for suspected information disclosure violations, which does not affect the company's operations [7] - Yongtai Energy's actual controller also received a notice of investigation for similar violations, with no impact on the company's operations [8] Group 4 - Wuhantian Source's major shareholder, Konka Group, plans to transfer 9.83% of its shares to China Resources Asset Management [9] - Pinggao Electric won a bid for a State Grid project worth approximately 773 million yuan [9] - Zhejiang Longsheng is collaborating with a private equity fund to establish a venture capital partnership [9]

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

Group 1 - China XD Electric announced on November 28 that it won bids for the 64th batch of procurement by State Grid Corporation for ultra-high voltage projects, with a total bid amount of approximately 2.98 billion yuan [1] - Eight subsidiaries of China XD Electric are among the winning bidders, including Xi'an XD Transformer Co., Ltd. and Changzhou XD Transformer Co., Ltd., for various products such as converter transformers and circuit breakers [1] - The revenue composition for China XD Electric in 2024 is projected to be 97.97% from the power transmission and transformation equipment manufacturing industry, with other businesses contributing 2.03% [1] Group 2 - As of the report, the market capitalization of China XD Electric is 42.7 billion yuan [1]

智通财经APP讯，中国西电(601179.SH)发布公告，2025年11月28日，国家电网有限公司电子商务平台发 布了"国家电网有限公司2025年第六十四批采购(特高压项目第四次设备招标采购)中标公告"。公司下属 8家子公司为相关中标人，总中标金额为29.7967亿元。 ...