2025.11. 23 本文字数：2312，阅读时长大约4分钟 作者 | 第一财经 魏中原 近日，特高压龙头上市公司中国西电（601179.SH）发布的一则股东减持公告，在资本市场上掀起 了波澜。公告显示，持有公司7%股份的第五大股东GE SMALLWORLD（SINGAPORE）PTE LTD （下称"通用电气新加坡"），拟减持不超过1.54亿股。以公告当日收盘价粗略计算，此番减持套现规 模最多约13.6亿元，这是通用电气新加坡近一年来第三次减持中国西电。 市场对此反应迅速且剧烈，公告次日（11月21日），中国西电股价跳空低开，收盘跌停报7.96元， 全周累计跌幅高达14.6%。 此次减持的时点也颇受市场关注，其发生在中国西电及整个电网设备板块经历大幅上涨之后。自今年 4月至11月，申万电网设备指数一路高歌猛进，在本月初刚刚创下十年新高。然而，紧随中国西电股 东减持消息，板块整体大幅回调，本周指数下跌10%，近两周回撤达16%，板块内多家龙头公司股 价周内重挫超过10%。 外资股东获利了结，板块估值高企引关注 通用电气新加坡计划减持中国西电的股份全部来源于其2016年参与的定增发行，当时每股发行价为 4.4 ...

Core Viewpoint - The announcement of share reduction by GE SMALLWORLD (SINGAPORE) PTE LTD, a major shareholder of China XD Electric (601179.SH), has caused significant market reactions, with a potential cash-out of approximately 1.36 billion yuan, marking the third reduction in a year [1][2][3] Group 1: Shareholder Actions - GE SMALLWORLD plans to reduce its stake by up to 154 million shares, representing a maximum of 3% of the total share capital, with a potential cash-out of around 1.36 billion yuan based on the closing price on the announcement date [2][3] - This reduction follows two previous reductions in the past year, indicating an accelerated exit strategy by the shareholder [2][3] Group 2: Market Reactions - Following the announcement, China XD Electric's stock price dropped significantly, closing at 7.96 yuan, with a weekly decline of 14.6% [1][3] - The overall electric grid equipment sector also experienced a sharp decline, with the index falling by 10% in the week following the announcement, reflecting a broader market reassessment of the sector's valuation [1][4] Group 3: Industry Context - The electric grid equipment sector had previously seen substantial gains, with the index reaching a ten-year high in early November, but has since entered a downward trend [4][5] - The reduction in shareholding by a foreign investor at high price levels raises questions about the valuation of both China XD Electric and the broader electric grid equipment sector [1][3] Group 4: Long-term Industry Outlook - Despite short-term volatility, the long-term growth prospects for the electric grid equipment industry remain strong, driven by the transition to a new power system and increased investments from state-owned enterprises [5][6] - The national grid plans to invest over 800 billion yuan in high-voltage direct current projects during the 14th Five-Year Plan, indicating robust demand for electric grid infrastructure [6]

Group 1 - The high-voltage index experienced a decline of 2% during intraday trading, with most constituent stocks falling [1] - China XD Electric saw a significant drop of 6.90%, while TBEA and Jinpan Technology fell by 4.78% and 4.01% respectively [1] - Hongfa Technology and Sifang Holding also reported declines of 3.47% and 3.28% respectively [1]

Group 1: Trade and Economic Development - He Lifeng emphasized the need to continuously promote the quality and efficiency of foreign trade, improve high-standard logistics systems, and support high-quality development in manufacturing [1] - The Ministry of Commerce aims to guide localities in transitioning second-hand car exports from "scale growth" to "value growth," enhancing product diversity for global consumers [1] - The Ministry of Housing and Urban-Rural Development highlighted the importance of urban renewal to support high-quality living and new industries [1] Group 2: Market and Financial Updates - The initial public offering (IPO) price for Moer Technology is set at 114.28 yuan per share, with a total market value of approximately 53.715 billion yuan [1] - The Asian Infrastructure Investment Bank (AIIB) has approved Colombia's membership, increasing its total membership to 111, covering 81% of the world's population and 65% of global GDP [1] - The Guangzhou Futures Exchange announced adjustments to trading fees and limits for lithium carbonate futures starting November 24, 2025 [1] Group 3: Corporate Announcements - Yiwei Lithium Energy signed a procurement framework agreement with Simor International [6] - Chuangyin High-Tech received a tender offer from Zhongzhong Group to acquire 20% of its shares at 11.85 yuan per share [6] - Lek Electric plans to transfer 90% of its precision machinery shares for 235 million yuan [6]

Core Viewpoint - The announcement details a share reduction plan by GE SMALLWORLD (SINGAPORE) PTE LTD, a major shareholder of China Xidian Electric Co., Ltd, indicating a strategic decision based on the company's operational needs. Group 1: Shareholder Information - As of the announcement date, GE SMALLWORLD (SINGAPORE) PTE LTD holds 358,811,768 shares, representing 7% of the total share capital of China Xidian Electric, acquired through a private placement [2]. Group 2: Reduction Plan Details - The reduction plan allows GE SMALLWORLD to sell up to 153,776,470 shares, which is 3% of the total share capital, within three months from December 12, 2025, to March 11, 2026 [2]. - The shares will be sold through two methods: a maximum of 51,258,823 shares via centralized bidding and up to 102,517,647 shares through block trading [2]. Group 3: Compliance and Commitments - GE SMALLWORLD has previously committed to not transferring the shares acquired in the private placement for 36 months post-registration, and further commitments extend to 120 months post-registration, with exceptions only for wholly-owned subsidiaries of GE [6]. - The planned reduction aligns with previously disclosed commitments, which have now expired [6].

Core Viewpoint - General Electric Singapore plans to reduce its stake in China Xidian by up to 3%, which amounts to a maximum of 154 million shares, due to its operational needs [2] Group 1: Shareholding Changes - As of the announcement date, General Electric Singapore holds 359 million shares in China Xidian, representing 7% of the total share capital [2] - The planned reduction includes a maximum of 51.26 million shares through centralized bidding and 103 million shares through block trading [2] - From October 2024, General Electric Singapore has been continuously reducing its stake, with a total reduction of 3% in 2024, exceeding 150 million shares [3] Group 2: Market Performance - China Xidian's stock price was reported at 8.84 yuan per share as of November 20, with a market capitalization of 45.3 billion yuan [5] - The stock price had previously experienced a significant increase from October to early November 2025, breaking out of a long-term decline since its IPO price of 7.9 yuan per share in 2010 [4]

Core Viewpoint - General Electric's Singapore subsidiary plans to reduce its stake in China Xidian by up to 3% due to its operational needs, which translates to a maximum of 154 million shares over a three-month period from December 12, 2025, to March 11, 2026 [2][5]. Shareholding Changes - As of the announcement date, General Electric Singapore holds 359 million shares of China Xidian, representing 7% of the total share capital, making it the second-largest shareholder [5]. - The subsidiary has been consistently reducing its holdings since October 2024, with a total reduction of 3% in 2024, amounting to over 150 million shares, and an additional reduction of over 250 million shares from January to September 2025 [5][6]. Recent Stock Performance - China Xidian's stock price has experienced significant fluctuations, with a notable increase from October to early November 2025, allowing it to escape a prolonged period of being below its initial public offering price of 7.9 yuan per share [7]. - However, since mid-November 2025, the stock price has been on a downward trend, approaching the initial offering price again [7]. - As of November 20, 2025, the stock price closed at 8.84 yuan per share, giving the company a market capitalization of 45.3 billion yuan [8].

Core Insights - On November 20, several companies disclosed their share repurchase and reduction plans, indicating varying levels of confidence in their stock performance [1] Group 1: Share Repurchase Plans - Eddie Precision plans to repurchase A-shares worth between 100 million to 200 million yuan [2] - Aviation Materials plans to repurchase shares worth between 50 million to 100 million yuan [2] - Changshu Bank's executives plan to increase their holdings by no less than 550,000 shares [2] Group 2: Share Reduction Plans - New Hongze's major shareholder reduced their holdings during a period of abnormal stock fluctuations [2] - General Electric's Singapore company plans to reduce its holdings by no more than 3% in China Xidian [2] - Senior management of Lifespring Pharmaceutical plans to reduce their holdings by no more than 0.0044% [2] - Shareholder Zhoushan Ruihao of Wan Feng plans to reduce holdings by no more than 1.75% [2] - Shareholders of Dongxin plan to collectively reduce holdings by no more than 0.71% [2] - Haigang Group, a shareholder of Hainan Mining, plans to reduce holdings by no more than 0.75% [2] - Actual controller Zhang Guifeng of Fulongma reduced 3.7812 million shares from November 19 to November 20 [2] - Shareholder Dongguan Kechuang Investment Group of Shengyi Electronics plans to reduce holdings by no more than 1% [2] - Shareholder Qinyi Partnership of Yayi Technology plans to reduce holdings by no more than 0.25% [2] - Controlling shareholder Yuansi Industrial of New City plans to reduce holdings by no more than 3% [2] - Controlling shareholder of Kaishan plans to reduce holdings by no more than 1% [2] - The largest shareholder of Tuo Jing Technology, the National Fund, plans to reduce holdings by no more than 3% [2] - Controlling shareholder Li Zheng of Wajinjiao plans to reduce holdings by no more than 3% [2] - Shareholder Shanxi Huaxin Hai of Baose plans to reduce holdings by no more than 1% [2] - Shareholders of Huaya Intelligent plan to collectively reduce holdings by 399.21 million shares, accounting for 2.98% of total share capital [2] - Directors and executives of Changxin Bochuang plan to collectively reduce holdings by no more than 0.05% [2] - Shareholders of Longxun plan to collectively reduce holdings by no more than 2.63% [2] - Some directors and executives of Fulede plan to collectively reduce holdings by no more than 0.0104% [2]

证券日报网讯 11月20日晚间，中国西电发布公告称，截至本公告披露之日，中国西电电气股份有限公 司（以下简称公司）股东GESMALLWORLD（SINGAPORE）PTELTD（以下简称通用电气新加坡公 司）持有公司股份数量为358，811，768股，占公司总股本的7%。通用电气新加坡公司因自身经营发展 需要，拟于本公告披露之日起十五个交易日后的三个月内，即2025年12月12日至2026年3月11日期间， 合计减持公司股份不超过153，776，470股，即不超过公司总股本的3%。其中，拟通过集中竞价交易方 式减持不超过51，258，823股，拟通过大宗交易方式减持不超过102，517，647股。 （文章来源：证券日报） ...

人民财讯11月20日电，中国西电(601179)11月20日公告，股东GE SMALLWORLD（SINGAPORE）PTE LTD（简称"通用电气新加坡公司"）拟减持公司股份不超过1.54亿股，即不超过公司总股本的3%。 转自：证券时报 ...