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 high-pressure oxygen chamber concept has seen a significant increase of 6.13%, making it the top-performing sector today, with 10 stocks rising, including BeiYikang which hit a 30% limit up, and others like Innovation Medical and International Medicine also reaching their daily limit [1][2] - Major stocks in the high-pressure oxygen chamber sector include Samsung Medical, Weiao Co., and Hangyang Co., which increased by 5.88%, 3.92%, and 3.20% respectively [1][2] Group 2 - The high-pressure oxygen chamber sector attracted a net inflow of 216 million yuan from main funds today, with Innovation Medical leading the inflow at 113 million yuan, followed by International Medicine, Samsung Medical, and Hangyang Co. [2] - The net inflow ratios for key stocks in the sector are as follows: Innovation Medical at 82.52%, International Medicine at 37.34%, and Weiao Co. at 4.50% [3]

Market Overview - The Shanghai Composite Index closed at 4083.67 points, above the six-month moving average, with an increase of 1.50% [1] - The total trading volume of A-shares reached 33,301.51 million yuan [1] Stocks Above Six-Month Moving Average - A total of 244 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Hanxin Technology: 25.26% - Qiangli New Materials: 13.64% - Tianli Technology: 11.68% [1] Stocks with Minor Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Future Electric - ST Langyuan - Guojin Securities [1] Top Performing Stocks - The top stocks with the highest deviation rates and their respective performance metrics are: - Hanxin Technology: 29.99% increase, 25.42% turnover rate, latest price 48.89 yuan - Qiangli New Materials: 15.84% increase, 36.12% turnover rate, latest price 15.80 yuan - Tianli Technology: 20.01% increase, 19.26% turnover rate, latest price 32.21 yuan [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Tonghuashun: 12.01% increase, 8.84% turnover rate, latest price 372.00 yuan - Binhu Chemical: 9.95% increase, 5.78% turnover rate, latest price 4.75 yuan - AVIC Xi'an: 10.00% increase, 4.45% turnover rate, latest price 28.48 yuan [1]

Core Viewpoint - On January 6, a total of 10 listed companies had their restricted shares unlocked, with a total market value of approximately 49.768 billion yuan [1] Group 1: Companies and Their Unlocking Details - Aishuxin Co., Ltd. (爱旭股份) had 227 million shares unlocked, categorized as newly issued A-shares for institutional placement [1] - Xinwufeng Co., Ltd. (新五丰) had 244 million shares unlocked, also categorized as newly issued A-shares for institutional placement [1] - Dun'an Environment Co., Ltd. (盾安环境) had 139 million shares unlocked, categorized as newly issued A-shares for institutional placement [1] - Pulite Co., Ltd. (普利特) had 988,300 shares unlocked, categorized as shares from equity incentive plans [1] - Samsung Medical (三星医疗) had 2.1793 million shares unlocked, categorized as shares from equity incentive plans [1] - Kailong Co., Ltd. (凯龙股份) had 174,900 shares unlocked, categorized as shares from equity incentive plans [1] - Shengbang Co., Ltd. (盛帮股份) had 30.662 million shares unlocked, categorized as extended lock-up period shares [1] - Yujing Co., Ltd. (宇晶股份) had 26 million shares unlocked, categorized as newly issued A-shares for institutional placement [1] - Zhongyi Technology (中亦科技) had 53.145 million shares unlocked, categorized as extended lock-up period shares [1] - Baili Tianheng (百利天恒) had 30.9 million shares unlocked, with no specific category mentioned [1]

Core Viewpoint - The high-pressure oxygen chamber concept has seen a significant increase of 7.01%, ranking second among concept sectors, with notable stocks experiencing substantial gains, including a 30% surge for Beiyikang and limit-up performances for International Medicine and Innovative Medical [1][2]. Group 1: Market Performance - The high-pressure oxygen chamber sector had 10 stocks rising, with Beiyikang leading at a 30% increase, followed by International Medicine at 15.18% and Innovative Medical at 5.25% [1]. - The sector attracted a net inflow of 389 million yuan from main funds, with Innovative Medical receiving the highest net inflow of 256 million yuan [2][3]. Group 2: Fund Flow Analysis - The top three stocks in terms of net inflow ratio were Innovative Medical at 74.84%, International Medicine at 41.60%, and Yingkang Life at 8.97% [3]. - The trading performance of key stocks included Innovative Medical with a 10% increase and a turnover rate of 3.48%, while International Medicine rose by 10.02% with a turnover rate of 2.62% [3].

Group 1 - The high-pressure oxygen chamber concept has seen a significant increase of 7.01%, ranking second among concept sectors, with 10 stocks rising, including BeiYikang which hit a 30% limit up, and others like International Medicine and Innovation Medical also reaching their limit up [1] - The main inflow of funds into the high-pressure oxygen chamber concept amounted to 389 million yuan, with Innovation Medical receiving the highest net inflow of 256 million yuan, followed by International Medicine and Yingkang Life [2][3] - The net inflow ratios for major stocks in the high-pressure oxygen chamber concept are led by Innovation Medical at 74.84%, International Medicine at 41.60%, and Yingkang Life at 8.97% [3] Group 2 - The top-performing concept sectors today include Brain-Computer Interface with a rise of 13.70%, while the Free Trade Zone saw a decline of 2.93% [2] - Other notable sectors include Blood Oxygen Meters up 5.65% and 2025 Annual Report Pre-Increase up 5.16% [2] - The trading volume and turnover rates for stocks in the high-pressure oxygen chamber concept indicate active trading, with Innovation Medical showing a turnover rate of 3.48% [3]

三星医疗关于2026年度预计日常关联交易的公告显示，2026年预计关联交易总额不超过22,000万元，涵 盖采购商品、销售商品、提供服务、接受服务及租赁等事项。关联方包括奥克斯集团有限公司及其下属 公司、宁波三星科技有限公司及其下属公司、宁波奥克斯开云医疗投资合伙企业及其下属公司、曙一物 业服务有限公司及其下属公司等。交易价格以市场价格为基础协商确定，不影响公司独立性，亦不构成 对关联方的依赖。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：2026年度预计日常关联交易总额不超过22,000万元。 公司公告汇总：关联交易涉及采购、销售、服务及租赁，定价以市场价为基础。 公司公告汇总：第六届董事会第二十七次会议审议通过关联交易议案，关联董事回避表决。 截至2025年12月26日收盘，三星医疗（601567）报收于22.88元，较上周的23.49元下跌2.6%。本周，三 星医疗12月22日盘中最高价报23.63元。12月26日盘中最低价报22.84元。三星医疗当前最新总市值 323.48亿元，在电网设备板块市值排名9/1 ...

Group 1 - The core viewpoint of the news is that Samsung Medical's stock has experienced a decline, with a current price of 22.69 yuan per share and a market capitalization of 31.884 billion yuan [1] - Samsung Medical, established on February 1, 2007, and listed on June 15, 2011, is primarily engaged in the research, production, and sales of electric energy metering and information collection products, as well as distribution equipment and medical services [1] - The revenue composition of Samsung Medical shows that the electric power segment accounts for 79.70% of total revenue, medical services contribute 19.15%, and other business revenues make up 1.15% [1] Group 2 - From the perspective of fund holdings, one fund under Southern Fund has a significant position in Samsung Medical, specifically the Southern New Energy Industry Trend Mixed A fund, which holds 1.8714 million shares, unchanged from the previous period, representing 5.41% of the fund's net value [2] - The Southern New Energy Industry Trend Mixed A fund has a total scale of 733 million yuan and has achieved a year-to-date return of 22.99%, ranking 4024 out of 8085 in its category [2] - The fund manager, Xiong Lin, has been in position for 4 years and 130 days, with the best and worst fund returns during this period being -22.72% and -24.71%, respectively [3]

证券代码：601567 证券简称：三星医疗 公告编号：临2025-099 宁波三星医疗电气股份有限公司 关于2026年度预计日常关联交易的公告 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: ● 2026年度日常关联交易无需提交股东大会审议。 ● 关联交易完成后对上市公司的影响：2026年预计发生的日常关联交易系与公司日常经营相关的关联交 易，符合公司生产经营的实际需求。交易价格以市场价格为基础协商定价，公平合理，对本公司持续经 营能力、盈利能力及资产独立性等不会产生不利影响。此交易不会影响本公司的独立性，公司主要业务 不会因此对关联方形成依赖。 一、日常关联交易基本情况 二、关联方介绍及关联关系 （一）日常关联交易履行的审议程序 宁波三星医疗电气股份有限公司（以下简称"公司"）于2025年12月30日召开公司第六届董事会第二十七 次会议，审议通过了《关于2026年度预计日常关联交易的议案》，其中关联董事已回避表决，该议案已 经独立董事专门会议审议通过。 （二）2025年度日常关联交易的执行情况 单位：万元 ■ ...

Group 1 - The core point of the article is that Samsung Medical has announced the approval of a proposal regarding expected daily related transactions for the year 2026 during its board meeting [2] - The proposal was passed with the recusal of related directors Shen Guoying, Zheng Jianjiang, and Lv Meng from the voting process [2] - The proposal has also been approved by a special meeting of independent directors [2]