Summary of Conference Call Records Industry Overview: UHV (Ultra High Voltage) Sector Key Points - The UHV sector has experienced a valuation drop to approximately 14-15 times, down from a peak of 30 times, significantly enhancing investment attractiveness [1][3][9] - Two major DC lines have been approved in 2025, with expectations for more approvals, including five DC lines, three AC lines, and several expansion and back-to-back projects, indicating a recovery in the industry [1][5] - The investment demand for UHV-related core equipment is projected to exceed 50 billion yuan in 2025, a notable increase from 30-40 billion yuan in the previous year, driven by the State Grid's planning during the 14th Five-Year Plan [1][6] Company Performance and Market Dynamics - Key companies such as XJ Electric, China XD Electric, and State Grid NARI have shown strong performance in the UHV sector, with XJ Electric benefiting significantly from its share in the investment of UHV lines [1][9][12] - China XD Electric has maintained a leading market share in the UHV equipment sector, with continuous improvement in profitability and successful breakthroughs in industrial clients [12][14] - NARI has excelled in UHV converter valves and related products, with a notable increase in market share and a stable growth rate in automation and industrial control sectors [15][16] Future Expectations - The UHV construction intensity is expected to maintain strong growth, with an anticipated addition of 4-5 DC lines and 2-3 AC lines annually during the 15th Five-Year Plan [8][17] - The current valuation of core companies in the UHV sector has decreased to around 15 times, making it an attractive investment opportunity compared to the previous year's high of 30 times [9][17] Investment Recommendations - Recommended companies for investment focus include: - **XJ Electric**: Significant earnings elasticity in UHV construction, with a market share of 20-30% in valve and control protection equipment [9][13] - **Pinggao Group**: Strong performance in AC UHV products and reduced international business drag [11][13] - **China XD Electric**: Benefiting from domestic market demand and improved profitability [12][13] Additional Insights - The UHV sector is entering a period of intensive approvals for new lines, which is expected to enhance the performance of related companies [5][4] - The overall market structure remains stable, with leading companies like NARI, XJ Electric, and China XD Electric dominating the converter valve market [6][7]

Group 1 - The ultra-high voltage (UHV) concept sector increased by 1.98%, ranking 10th among concept sectors, with 95 stocks rising, including Aote Xun hitting the daily limit [1] - Leading stocks in the UHV sector included Jinlihua Electric, Tongguang Cable, and Caneng Electric Power, which rose by 11.29%, 9.90%, and 8.70% respectively [1] - The sector saw a net inflow of 450 million yuan from main funds, with 55 stocks receiving net inflows, and 7 stocks exceeding 30 million yuan in net inflow [2] Group 2 - The top net inflow stock was Baobian Electric, with a net inflow of 127 million yuan, followed by Aote Xun, China West Electric, and Pinggao Electric with net inflows of 97.09 million yuan, 62.47 million yuan, and 57.06 million yuan respectively [2][3] - Aote Xun, Jinbei Electric, and China West Electric had the highest net inflow ratios at 29.79%, 13.02%, and 12.95% respectively [3] - The UHV concept sector's performance was supported by significant capital inflows, indicating strong investor interest [2][3]

中国西电电气股份有限公司（以下简称公司）董事会近日 收到谢庆峰先生提交的书面辞职报告，谢庆峰先生因工作变动 申请辞去公司副总经理职务，辞去该职务后谢庆峰先生不再担 任公司任何职务。根据《公司法》《公司章程》等有关规定， 谢庆峰先生的辞职报告自送达董事会之日起生效。 谢庆峰先生在公司任职期间勤勉尽责、认真履职，公司董 事会对谢庆峰先生任职期间为公司经营发展所做出的贡献表 示衷心感谢！ 特此公告。 证券代码：601179 证券简称：中国西电 公告编号：2025-028 中国西电电气股份有限公司 关于副总经理辞职的公告 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。 中国西电电气股份有限公司董事会 2025年7月5日 ...

重要内容提示： 每股分配比例 证券代码：601179 证券简称：中国西电 公告编号：2025-027 中国西电电气股份有限公司 2024年年度权益分派实施公告 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法律责任。 A 股每股现金红利0.022元 相关日期 | | | | | 发放日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2025/7/10 | 最后交易日 － | 除权（息）日 2025/7/11 | 现金红利 2025/7/11 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会 审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 2. 自行发放对象 公司股东中国电气装备集团有限公司、GE SMALLWORLD ( ...

Investment Rating - The report maintains a "Buy" rating for the following companies: Guodian NARI (国电南瑞), Pinggao Electric (平高电气), China XD Electric (中国西电), and XJ Electric (许继电气) [8][9]. Core Insights - The approval of the Southeast Tibet to Guangdong-Hong Kong-Macao ultra-high voltage (UHV) transmission line marks an upward cycle for the UHV sector, with an expected investment of 53.168 billion yuan and a total transmission capacity of 10GW [1]. - The "Three North" photovoltaic desertification control plan aims to add 253GW of solar capacity by 2030, indicating sustained growth in renewable energy infrastructure [2]. - The acceleration of UHV project construction is evident, with multiple projects expected to be operational within the year, enhancing the overall market dynamics [3]. - The UHV market exhibits high barriers to entry and profitability, with significant value in components such as converters and transformers, indicating a concentrated competitive landscape [4]. Summary by Sections UHV Projects and Approvals - The National Development and Reform Commission approved the Southeast Tibet to Guangdong-Hong Kong-Macao UHV project, with a total length of 2681.3 kilometers and dynamic investment of 53.168 billion yuan [1]. - It is anticipated that 5-6 additional UHV direct current lines will be approved in 2025, with key equipment suppliers likely to benefit significantly from this trend [1]. Photovoltaic Development - The "Three North" photovoltaic desertification control plan has been approved, targeting the addition of 253GW of solar capacity by 2030 and the reclamation of 10.1 million acres of desertified land [2]. - The ongoing construction of large-scale wind and solar bases in desert areas is expected to drive long-term demand for UHV transmission [2]. Market Dynamics and Company Performance - The UHV market is characterized by high profit margins and a limited number of participants, with significant revenue potential for core equipment manufacturers [4]. - Guodian NARI is projected to generate net profits of 1.15-1.64 billion yuan from each UHV project, while Pinggao Electric and China XD Electric are also expected to see substantial profit increases due to the anticipated surge in UHV orders [5]. - The report highlights the strong growth potential for these companies, with expected net profit growth rates of 23.8% CAGR from 2025 to 2027 for XJ Electric [10].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the expected acceleration in the approval of ultra-high voltage (UHV) projects in the second half of 2025, with several key transmission corridors likely to be approved [10][15] - The current pace of construction for UHV direct current projects is increasing, with several projects nearing completion and others in the early stages of construction [15][16] - The report highlights a significant potential for equipment bidding in the second half of 2025, estimating a total bidding volume of approximately 55 billion yuan, with a substantial portion allocated for UHV converter valve equipment [28][30] Summary by Sections UHV Project Approvals - The 2025 National Energy Work Conference proposed the active promotion of several UHV transmission corridors, indicating a likely increase in project approvals in the latter half of 2025 [10] - Currently, only two projects have received approval, but expectations are high for a surge in approvals later in the year [10][15] UHV Direct Current Projects - Several UHV direct current projects are nearing completion, with the Jinshang-Hubei and Longdong-Shandong projects already operational [15] - Projects such as the Ningxia-Hunan and Shaanxi-Anhui are in advanced stages of construction, with expectations for operational readiness by 2026 [15][16] UHV Alternating Current Projects - The report notes that UHV alternating current projects are also in a peak construction phase, with several projects expected to commence in 2025 [16][18] Equipment Bidding Trends - In the first half of 2025, equipment bidding has been relatively low, totaling 2.48 billion yuan, while material bidding reached 17.87 billion yuan [25] - The report anticipates a rapid increase in bidding activity in the second half of 2025, driven by the approval of multiple UHV projects [28][30] Market Dynamics - The report indicates that the UHV equipment market remains concentrated, with leading companies expected to benefit from increased order volumes as the market expands [35]

二、审议通过了关于西电通用电气自动化有限公司解散 清算的议案 表决结果：同意9票、反对0票、弃权0票，审议通过。 同意西电通用电气自动化有限公司解散清算。 三、审议通过了关于2024年度内控体系工作报告的议案 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。 证券代码：601179 证券简称：中国西电 公告编号：2025-026 中国西电电气股份有限公司 第五届董事会第二次会议决议公告 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 中国西电电气股份有限公司（以下简称公司）第五届董 事会第二次会议（以下简称本次会议）于2025年6月20日以邮 件、短信和电话方式发出会议通知，于2025年6月27日以通讯 表决方式召开。本次会议应出席董事9人，实到董事9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、审议通过了关于调整公司组织机构的议案 表决结果：同意9票、反对0票、弃权0票，审议通过。 同意将原运营管理部（安全质量部）拆分为运营管理部、 安全质量部。 表决结果：同意9票、反 ...

Core Viewpoint - The demand for shunt reactors is increasing due to the growing electricity demand and the rapid development of renewable energy generation, supported by national policies promoting grid construction. The market size of China's shunt reactor industry is projected to reach 2 billion yuan in 2024, a year-on-year increase of 33% [1][12]. Industry Overview - Shunt reactors, also known as parallel compensation reactors, are essential for reactive power compensation in power transmission and transformation, improving power factor and reducing current losses [3]. - The technology of shunt reactors is continuously evolving to better meet the needs of power systems, with two main types: shell-type and core-type reactors, each with distinct advantages and disadvantages [5][6]. Industry Chain - The upstream of the shunt reactor industry includes metal material suppliers, insulation material suppliers, and electrical equipment manufacturers. The midstream involves the production and manufacturing of shunt reactors, while the downstream applications span various sectors, including high-voltage direct current (HVDC) systems and renewable energy integration [6][8]. Market Demand and Investment - The expansion of grid construction, particularly in ultra-high voltage (UHV) projects, is closely linked to the demand for shunt reactors. In 2023, the total investment in national grid construction reached 527.7 billion yuan, with projections of 600 billion yuan for 2024 [10][12]. Competitive Landscape - The shunt reactor market is competitive, with numerous small and medium-sized enterprises alongside a few large companies. Key players include China XD Electric, TBEA, and Sifang Electric, which leverage core technologies and patents for competitive advantage [14][16]. Future Trends - The demand for shunt reactors is expected to grow in the renewable energy sector due to the need for reactive power support in wind and solar power integration [20]. - The industry is transitioning towards smart and digital solutions, enhancing operational efficiency and product reliability through technologies like IoT and big data [21]. - Stricter environmental regulations are driving the development of more eco-friendly and low-loss products, such as dry-type reactors, which are gradually replacing traditional oil-immersed reactors [22].

Group 1 - The implementation of new dividend regulations has significantly enhanced the dividend awareness among listed companies in Shaanxi, establishing a stable, timely, and predictable normalization of dividend mechanisms [1] - In 2024, nearly 70% of listed companies in Shaanxi overcame substantial declines in net profits, distributing cash dividends totaling 24.3 billion yuan, maintaining a high level of dividend scale [2] - The overall dividend amount accounted for over 70% of the net profit in the region, a substantial increase of 25 percentage points [2] Group 2 - The dividend payout ratio reached 47% after excluding loss-making companies, reflecting a year-on-year increase of 7 percentage points, indicating a continuous rise in dividend levels [2] - Shaanxi Coal's annual dividend exceeded 13 billion yuan, with a payout ratio close to 60%, setting a benchmark in the Northwest region [2] - In 2024, 36 companies in Shaanxi implemented interim dividends, representing 44% of the total, ranking first in the country [2] Group 3 - Companies such as Shaanxi Coal have maintained cash dividends for five consecutive years, while 11 companies have consistently paid dividends for over ten years, establishing a long-term, stable, and sustainable shareholder return mechanism [3] - Companies are actively improving operations to balance development and returns, as seen with Fenghuo Electronics, which implemented cash dividends and share buybacks after turning its retained earnings positive [3] - Overall, Shaanxi listed companies are responding positively to the new dividend regulations, fulfilling their responsibilities and enhancing investor satisfaction [3]

Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].