Group 1 - Shanghai Electric (601727) has established a new subsidiary named Shanghai Electric Power Distribution and Transmission Equipment (Guangdong) Co., Ltd. with a registered capital of 10 million yuan [1] - The legal representative of the new company is Cao Haitao, and its business scope includes research and development of power distribution switch control equipment, energy-efficient technology in the power industry, information system integration services, and repair of electrical and general equipment [1] - The new company is wholly owned by Shanghai Electric through indirect shareholding [1]

Group 1 - The China Interbank Market Dealers Association has issued a notice to optimize the mechanism for merger and acquisition (M&A) notes, aiming to broaden financing channels for corporate mergers and acquisitions and enhance the effectiveness of the interbank bond market in serving the real economy [1][2] - On December 12, 2025, the Shanghai branch of China Construction Bank successfully assisted Shanghai Electric Group Co., Ltd. in issuing technology innovation bonds, marking the first M&A notes in Shanghai following the new notice [1][2] - Shanghai Electric Group was included in the list of world-class demonstration enterprises and specialized, sophisticated, and innovative enterprises by the State-owned Assets Supervision and Administration Commission in February 2023, focusing on smart energy, intelligent manufacturing, and digital integration [1][3] Group 2 - Since 2025, the Shanghai branch of China Construction Bank has implemented a "commercial and investment banking integration" strategy, responding quickly to the Shanghai Municipal Government's action plan for supporting listed companies in mergers and acquisitions from 2025 to 2027 [2][3] - The bank has launched an innovative action plan for M&A capital in Shanghai, successfully establishing the first integrated circuit industry AIC M&A fund in collaboration with the municipal state-owned asset platform to support the upgrade of high-end industries in Shanghai [2][3] - The Shanghai branch of China Construction Bank plans to align with the policy guidance from the Dealers Association, efficiently connecting corporate M&A funding needs with capital market financing functions, and directing market funds to key areas of industrial integration [2][3]

Group 1 - The nuclear power sector is experiencing a general decline, with China National Nuclear Power (02302) down 6.63% to HKD 4.79, Dongfang Electric (600875) (01072) down 5.79% to HKD 22.8, and Shanghai Electric (601727) (02727) down 4.84% to HKD 3.93 [1] - Elon Musk publicly criticized nuclear fusion power, stating that building small nuclear fusion reactors on Earth is economically foolish, as the Sun itself is a massive, free nuclear fusion reactor capable of meeting all energy needs in the solar system [1] - Nvidia is set to hold an AI power shortage summit, highlighting global electricity supply and demand issues, with a focus on long-term opportunities in the power sector [1] Group 2 - The current challenges facing the U.S. electricity system include increasing power demand driven by AI and extreme weather, alongside decarbonization goals and reliability requirements, creating a "trilemma" that limits the power system [1]

Group 1 - The nuclear power sector experienced a general decline, with China National Nuclear Power (02302) down 6.63% to HKD 4.79, Dongfang Electric (01072) down 5.79% to HKD 22.8, and Shanghai Electric (02727) down 4.84% to HKD 3.93 [1] - Elon Musk publicly criticized nuclear fusion power, stating that building small nuclear fusion reactors on Earth is economically foolish, as the Sun itself is a massive, free nuclear fusion reactor capable of meeting all energy needs in the solar system [1] - Nvidia is set to hold an AI power shortage summit, highlighting global electricity supply and demand issues, with a focus on long-term opportunities in power-related assets [1] Group 2 - The report from Guotai Junan pointed out that the current challenges facing the U.S. power system, driven by increasing electricity demand from AI and extreme weather, create a "trilemma" of decarbonization goals, grid reliability requirements, and cost-speed demands from AI data centers [1]

证券代码：601727 证券简称：上海电气 公告编号：临2025-063 上海电气集团股份有限公司 2025年第三次临时股东会决议公告 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月15日 二、议案审议情况 (二)股东会召开的地点：中国上海市钦江路212号A楼2楼报告厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会采取现场投票与网络投票相结合的表决方式，符合《公司法》及《公司章程》的规定。本次 股东会由公司董事会召集，本公司董事长因公无法出席本次股东会，董事会推举董事王晨皓先生主持本 次股东会，符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事8人，列席3人，分别为董事王晨皓先生、独立董事刘运宏先生及杜朝辉先生； 2、公司副总裁、董事会秘书胡旭鹏先生列席本次股东会 ...

SHANGHAI ELECTRIC GROUP COMPANY LIMITED 上海電氣集團股份有限公司 (A joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code: 02727) List of Directors and their Role and Function The members of the board of Directors (the "Board" ) of Shanghai Electric Group Company Limited are set out below. Mr. ZHU Zhaokai Mr. WANG Chenhao (Employee Director) Non-executive Directors Mr. SHAO Jun Ms. LU Wen Independent Non-executive Directors Dr. LIU Yunhong Dr. DU Zhaohui Executiv ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 SHANGHAI ELECTRIC GROUP COMPANY LIMITED 上海電氣集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 02727） 於二零二五年十二月十五日舉行之股東特別會議投票表決結果 上海電氣集團股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈已於二零二五年十 二月十五日正式召開股東特別會議（「股東特別會議」），股東特別會議上提呈的決議案獲本 公司股東以投票表決方式正式通過。 茲提述本公司日期為二零二五年十一月二十四日的通函（「通函」），其中載有供本公司的股東 考慮的決議案。除另有指明外，通函所界定的詞語在本公告中具有相同涵義。 董事會欣然宣佈已於二零二五年十二月十五日（星期一）下午二時正假座中國上海市欽江路 212號A樓2樓報告廳舉行股東特別會議。本公司董事長因公無法出席股東特別會議，本公司執行 董事王晨皓先生出任股東特別會議主席並主持會議，上述安 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：601727 证券简称：上海电气 公告编号：临 2025-063 上海电气集团股份有限公司 2025年第三次临时股东会决议公告 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： (一)股东会召开的时间：2025 年 12 月 15 日 (二)股东会召开的地点：中国上海市钦江路 212 号 A 楼 2 楼报告厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 7,667 | | --- | --- | | 其中：A 股股东人数 | 7,666 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 8,504,694,878 | | 股股东持有股份总数 其中：A | 7,951,569,362 | | 境外上市外资股股东持有股份总数（H 股） | 553,125,516 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 5 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于上海电气集团股份有限公司 2025 年第三次临时股东会的法律意见书 致：上海电气集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受上海电气集团股份有限公 司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第三次临时股东 会（以下简称"本次会议"），并根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会 规则》（以下简称"《股东会规则》"）以及《上海电气集团股份有限公司章程》 （以下简称"《公司章程》"）的规定出具本法律意见书。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国（为出具本 法律意见书之目的，本法律意见书中的"中国"仅指中国大陆地区，不包括香港特 别行政区和澳门特别行政区及台湾地区）现行法律、法规及规范性文件发表法律 意见。 本所同意将本法律意见书作为公司本次会议公告的法定文件，随公司其他公 告一并提交上海证券交易所审查并予公告。 在本法律意见书中，本所律师仅对本次会议的召集和召开程序、出席会议人 员的资格、召集人的资格、会 ...

Core Insights - Four major companies, namely Dongfang Electric, Shanghai Electric, China XD Electric, and Zhongtian Technology, are positioning themselves in the field of controllable nuclear fusion, with varying strengths and strategies [1][12] - Dongfang Electric leads in return on equity (ROE) at 6.67%, primarily due to high financial leverage, while Zhongtian Technology follows closely with an ROE of 6.39% and the best asset turnover [3][12] - The assessment of a company's leadership in the nuclear fusion sector raises questions about whether to prioritize current profitability or future potential [4][12] Company Summaries - **Dongfang Electric**: Recognized as one of the largest power generation equipment manufacturers globally, it has a comprehensive portfolio covering various energy sources. It plays a crucial role in manufacturing key components for China's nuclear fusion experimental device and the ITER project [5][12] - **Shanghai Electric**: Dominates the traditional nuclear power sector and aims to be a comprehensive supplier for nuclear fusion systems. It has secured key orders for major projects, emphasizing its capability in producing complete systems rather than just components [7][8][9] - **China XD Electric**: A leader in electrical equipment, it focuses on power transmission and transformation. Its role in the ITER project involves providing essential equipment to ensure the safe and controllable output of energy from fusion devices [9][10] - **Zhongtian Technology**: Known for its expertise in optical fiber and cable, it contributes to nuclear fusion at the material level, specifically in developing superconducting cables essential for magnetic confinement in fusion reactors [10][12] Financial Performance - **Return on Equity**: Dongfang Electric leads with 6.67%, while Zhongtian Technology follows with 6.39% [3][12] - **Asset Turnover**: Dongfang Electric and China XD Electric both have an asset turnover rate of 0.36, while Shanghai Electric lags at 0.27 [4] - **Net Profit Margin**: China XD Electric has the highest sales net profit margin at 6.95%, followed by Dongfang Electric at 5.67% [6] Strategic Positioning - Each company approaches the nuclear fusion challenge from different angles: Dongfang Electric focuses on heavy manufacturing, Shanghai Electric on system integration, China XD Electric on power output, and Zhongtian Technology on advanced materials [12][14] - The competition among these companies is ongoing, with each holding unique advantages that contribute to their roles in the evolving energy landscape [14]