股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海電氣集團股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02727 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | ...

Core Viewpoint - The Shanghai Electric Taonan Wind Power Coupled Biomass Green Methanol Integrated Demonstration Project has successfully commenced production, marking a significant breakthrough in China's green hydrogen fuel industry and establishing a model for global industrial decarbonization [1][3][12]. Group 1: Project Overview - The Taonan project is the first in China to integrate green hydrogen production with biomass gasification to produce green methanol, achieving multiple international certifications, including the EU ISCC full-process certification [3][10]. - The project utilizes innovative technologies such as pure oxygen pressurized biomass gasification and wind power hydrogen production, aiming to efficiently convert agricultural waste and wind energy into high-value green methanol [5][8]. Group 2: Technological Innovations - The project features the world's first pure oxygen pressurized circulating fluidized bed biomass gasification system, capable of processing 300 tons of biomass per day, filling a domestic technological gap and reaching international advanced levels [5][6]. - It incorporates a flexible hydrogen production technology that adapts to the volatility of renewable energy sources, ensuring stable hydrogen production from fluctuating green electricity [5][6]. Group 3: Economic and Market Potential - The project is positioned to meet the growing demand for green methanol, particularly in the international shipping industry, with expectations of increased market demand post-2025 [9][12]. - Shanghai Electric plans to expand production capacity to 250,000 tons per year of green methanol and 10,000 tons per year of sustainable aviation fuel by 2027, highlighting its commitment to addressing the significant market demand for green fuels [12]. Group 4: Strategic Partnerships and Certifications - The project has secured long-term supply agreements with major companies, including a partnership with the French CMA CGM Group for green methanol supply, transportation, and refueling [10][12]. - It has achieved the ISCC EU certification for the entire process from biomass collection to green methanol production, which is crucial for commercial viability in the European market [10].

Core Insights - The article highlights the advancements in offshore wind power technology in China, particularly in Yantai, Shandong Province, where significant developments in wind turbine blade testing and production are taking place [1][3][4] Group 1: Offshore Wind Power Developments - The offshore wind turbine blades being tested are over 150 meters long and undergo fatigue testing after static tests, with plans for real-world deployment after 650,000 fatigue tests [1][3] - The capacity of offshore wind turbines in China has increased from 4 MW to 20 MW, with blade lengths growing from 40 meters to 153 meters, indicating a trend towards larger and more efficient wind energy solutions [3][4] Group 2: Local Infrastructure and Support - The local power supply company, State Grid Yantai Penglai Power Supply Company, is establishing a special task force in 2024 to enhance service for offshore wind enterprises, having already conducted over 20 visits to understand client needs [3][4] - The company is optimizing the regional power grid structure by constructing a 220 kV substation and preparing for a 110 kV line to ensure reliable electricity supply for the offshore wind industry [4] Group 3: Industry Collaboration - The Penglai Marine Equipment Industrial Park is fostering collaboration among various sectors, including R&D, equipment manufacturing, and operational maintenance, with key players like Dongfang Electric and Dajin Heavy Industry leading the way [4] - The local government is actively supporting the offshore wind power industry, aiming to create a comprehensive industrial chain to enhance efficiency and productivity [3][4]

Core Viewpoint - Shanghai Electric is actively engaging with investors to enhance trust and transparency, aligning with regulatory guidelines to improve investor relations and showcase the company's intrinsic value in the capital market [3]. Group 1: Event Overview - Shanghai Electric, in collaboration with the Shanghai Stock Exchange and Shenwan Hongyuan Securities, hosted the "I Am a Shareholder - Entering Listed Companies in the Shanghai Market" event, attracting over 30 representatives from top domestic investment institutions and individual shareholders [2]. - The event included a site visit and interactive discussions, allowing investors to explore Shanghai Electric's core manufacturing bases, including the Shanghai Turbine Factory and Shanghai Boiler Factory [3]. Group 2: Investor Engagement - The event aimed to foster rational and profound understanding among investors regarding the intrinsic value of listed companies through transparent and efficient communication [3]. - Investors experienced immersive demonstrations of advanced manufacturing technologies and the company's contributions to national energy strategies, including high-end equipment and green energy initiatives [4]. Group 3: Focus Areas of Discussion - Key discussion topics included energy storage, upgrades in coal power equipment technology, green methanol, order conversion, and profit enhancement [5]. - The company outlined its strategic positioning in energy storage across various technologies, emphasizing the integration of storage solutions with its robust energy equipment capabilities as a core advantage for future development [5]. Group 4: Green Methanol and Future Projects - Shanghai Electric's green methanol production costs are reported to be two to three times higher than conventional methanol, with a corresponding selling price also elevated [6]. - The company has signed a production, supply, and refueling agreement for a 50,000-ton green methanol project with partners, indicating a genuine demand driven by EU carbon reduction requirements [6]. Group 5: Commitment to Innovation - As a leading player in the domestic equipment manufacturing industry, Shanghai Electric aims to continue showcasing its core competitiveness in energy and industrial equipment through initiatives like the "I Am a Shareholder" event [7]. - The company is committed to leveraging "new quality productivity" to achieve breakthroughs in high-end manufacturing and the new energy sector, contributing to the high-quality development of the national economy [7].

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

Group 1 - The core viewpoint of the article highlights a significant decline in China's metal smelting equipment production, with a reported drop of 27.3% year-on-year in September 2025 and a cumulative decrease of 15.8% for the first nine months of 2025 [1][1][1] Group 2 - The article cites specific companies involved in the industry, including China Steel International (000928), CITIC Heavy Industries (601608), Dalian Heavy Industry (002204), Taiyuan Heavy Industry (600169), China First Heavy Industries (601106), Shanghai Electric (601727), and Dongfang Electric (600875) [1][1][1] - According to the National Bureau of Statistics, the production of metal smelting equipment in China reached 55,000 tons in September 2025, indicating a significant downturn in the sector [1][1][1] - The cumulative production of metal smelting equipment from January to September 2025 was reported at 508,000 tons, reflecting a concerning trend in the industry [1][1][1]

Core Viewpoint - The report highlights the current state and future potential of China's wind power industry, indicating a decline in production in September 2025 but an overall increase in cumulative production for the year [1]. Group 1: Industry Overview - As of September 2025, China's wind power generation output was 67.2 billion kilowatt-hours, representing a year-on-year decrease of 7.6% [1]. - From January to September 2025, the cumulative wind power generation output in China reached 767.3 billion kilowatt-hours, showing a cumulative growth of 10.1% [1]. Group 2: Companies Involved - Listed companies in the wind power sector include Jinlun Technology (002202), Mingyang Smart Energy (601615), Yunda Co., Ltd. (300772), Shanghai Electric (601727), and others [1]. Group 3: Research and Insights - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and tailored consulting services [1].

人民财讯11月30日电，11月27日，由上海电气（601727）电站集团设计制造的1200兆瓦等级VVER核电 项目汽轮发电机组徐大堡4号汽轮机LP2低压转子顺利发运。该项目是辽宁"十四五"期间单体投资较大 的清洁能源项目组成部分。此次低压转子的按期交付，对保证项目整体进度具有重要意义，为后续常规 岛安装工程的顺利推进以及实现3、4号机组后续投产总体目标创造了有利条件。 ...

Core Insights - The report highlights the growth in China's AC motor production, with a total output of 31.49 million kilowatts in September 2025, reflecting a year-on-year increase of 0.5% [1] - Cumulative production from January to September 2025 reached 260.419 million kilowatts, showing a cumulative growth of 1.1% [1] Company Insights - Listed companies in the AC motor sector include Wolong Electric (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1] Industry Insights - The report titled "2026-2032 China AC Motor Industry Market Development Research and Investment Outlook" by Zhiyan Consulting provides a comprehensive analysis of the market trends and investment opportunities in the AC motor industry [1][2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing tailored consulting services [2]

Core Viewpoint - The successful launch of the first wind turbine unit at the Shanghai Electric Guizhou Longli Industrial Park marks a significant milestone in establishing a complete wind power industry chain in the region, showcasing the efficiency and resource integration capabilities of Shanghai Electric Wind Power [4][7][14]. Group 1: Project Milestones - The first wind turbine unit was unveiled in Longli, Guizhou, after the successful launch of the first blade in October 2024, demonstrating rapid project execution within a year [4][6]. - The project timeline includes key milestones such as project signing in November 2023, construction commencement in March 2024, and the first blade's production in October 2024, culminating in the first unit's launch in November 2025 [6][8]. Group 2: Industry Chain Development - Shanghai Electric Wind Power has established a comprehensive wind power industry chain in Longli, covering upstream materials, core components, complete machine manufacturing, and post-operation services [7][12]. - The successful launch of the first unit is a tangible result of efficient collaboration across all segments of the industry chain, laying a solid foundation for large-scale production and capacity release [7][8]. Group 3: Future Plans and Regional Impact - The company plans to enhance the Longli base into a comprehensive ecosystem for the renewable energy industry, integrating various functional modules to support the development of a complete wind power equipment manufacturing cluster [8][14]. - The initiative aims to contribute to the regional "dual carbon" goals and high-quality economic development by creating a green energy network across five provinces and one municipality in Southwest China [8][10].