Market Overview - The state-owned enterprise reform sector declined by 0.4% compared to the previous trading day, with Jiuzhiyang leading the decline [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Top Performers in State-Owned Enterprise Reform Sector - Huashu Holdings (000509) closed at 4.03, up 10.11% with a trading volume of 296,500 shares and a turnover of 116 million yuan [1] - Teda Co., Ltd. (000652) closed at 4.59, up 10.07% with a trading volume of 828,800 shares and a turnover of 376 million yuan [1] - Te Fa Information (000070) closed at 13.92, up 10.04% with a trading volume of 2,296,300 shares and a turnover of 3.122 billion yuan [1] - Shanghai Mechanical & Electrical (600835) closed at 33.00, up 10.00% with a trading volume of 537,500 shares and a turnover of 1.703 billion yuan [1] Underperformers in State-Owned Enterprise Reform Sector - Jiuzhiyang (300516) closed at 53.35, down 12.83% with a trading volume of 263,100 shares and a turnover of 1.451 billion yuan [2] - Aerospace Development (000547) closed at 12.69, down 10.00% with a trading volume of 4,955,900 shares and a turnover of 6.514 billion yuan [2] - China Shipbuilding Defense (600685) closed at 29.89, down 9.34% with a trading volume of 832,200 shares and a turnover of 2.503 billion yuan [2] Capital Flow Analysis - The state-owned enterprise reform sector experienced a net outflow of 8.337 billion yuan from institutional investors, while retail investors saw a net inflow of 5.888 billion yuan [2] - Notable net inflows from retail investors were observed in Shanghai Mechanical & Electrical (600835) with 250 million yuan and Huagong Technology (000988) with 216 million yuan [3]

Market Overview - The other power equipment sector increased by 0.59% compared to the previous trading day, with ST Huaxi leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - ST Huaxi (002630) closed at 2.87, up 5.13% with a trading volume of 604,700 shares and a turnover of 172 million yuan [1] - Aikesaibo (688719) closed at 44.63, up 3.62% with a trading volume of 59,300 shares and a turnover of 263 million yuan [1] - Shanghai Electric (601727) closed at 8.88, up 3.14% with a trading volume of 2,667,600 shares and a turnover of 2.348 billion yuan [1] - Other notable stocks include Keda (002518) at 45.06 (+2.88%), Oulu Tong (300870) at 220.99 (+2.81%), and ST Yishite (300376) at 5.78 (+1.58%) [1] Capital Flow - The other power equipment sector experienced a net outflow of 415 million yuan from institutional investors, while retail investors saw a net inflow of 342 million yuan [2] - The capital flow for key stocks shows that Shanghai Electric had a net inflow of 17.5 million yuan from institutional investors, while ST Huaxi had a net inflow of 27.7 million yuan [3] - Aikesaibo and Keda also saw net inflows from retail investors, indicating interest in these stocks despite the overall sector outflow [3]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [6]. Core Insights - The geopolitical uncertainty, particularly regarding Japan's shift from "strategic ambiguity" to potential military intervention in the Taiwan Strait, has heightened the focus on the military industry [19][20]. - The defense sector is expected to see increased attention and potential investment opportunities due to the evolving geopolitical landscape [11][20]. Market Overview - The defense and military index of Shenwan fell by 1.72% this week, while the Shanghai Composite Index dropped by 3.90% [29]. - The defense and military sector's PE (TTM) stands at 67.3 times, with sub-sectors like aviation equipment at 71.5 times and aerospace equipment at 271.2 times [36]. Key Sector Dynamics Controlled Nuclear Fusion - Shanghai Electric has disclosed its involvement in multiple major fusion projects, including the domestic first plasma burning experiment device BEST and the international ITER project [21]. Low-altitude Economy - The 27th High-Tech Fair's low-altitude economy exhibition in Shenzhen showcased over 200 companies, covering the entire supply chain from eVTOL to drone components [22]. Aviation Engines & Turbines - China Aviation Power showcased 19 types of power products at the Dubai Airshow, marking the first appearance of the C919 in the Middle East [23]. Satellite Internet - The World Internet Conference highlighted the application of satellite internet in enhancing county-level economic development [26]. Suggested Focus Areas - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Huada Electronics are recommended for investment [16]. - **Aviation Engines**: Focus on companies like AVIC Engine and AVIC Control [16]. - **Military Trade**: Companies such as AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an are highlighted [16]. - **New Domains and Quality Construction**: Emphasis on commercial aerospace and low-altitude economy companies [16].

Core Viewpoint - The construction of the combined cycle expansion project at the Najaf gas-fired power plant, undertaken by Shanghai Electric Group, aims to enhance Iraq's electricity supply and reduce reliance on imported natural gas, addressing long-standing power shortages in the country [1][2]. Group 1: Project Overview - The Euphrates River Basin combined cycle expansion project officially commenced in early 2023, upgrading existing simple cycle gas turbine units to combined cycle units with a total capacity increase of 625 megawatts [1]. - The project is designed to utilize high-temperature flue gas from existing gas turbines to generate high-pressure steam, thereby increasing electricity output without additional fuel consumption [2]. Group 2: Impact on Local Economy - Upon completion, the project is expected to enhance the power generation capacity of the existing plant by approximately 50%, adding around 5 billion kilowatt-hours of electricity annually, which will significantly contribute to local livelihoods and post-war reconstruction efforts [3]. - The project has garnered significant attention from the Iraqi government and citizens, with the Minister of Electricity highlighting its importance in improving electricity supply and optimizing infrastructure [2]. Group 3: Technological and Environmental Benefits - The project is notable for being one of the first in Iraq to fully adopt Chinese equipment and standards, with all core components designed and produced by Chinese companies, which is expected to enhance the recognition of Chinese standards in Iraq [2]. - The utilization of Chinese technology in the project aims to effectively eliminate thermal pollution caused by existing power generation units, providing a model for power sector upgrades in Iraq [2].

二零二五年十二月十五日（星期一）舉行的股東特別會議代表委任表格 本人╱吾等 1 日期：二零二五年 月 日 簽署 5 ： – 1 – 2 地址為 為上海電氣集團股份有限公司（「本公司」）股本中每股面值人民幣1.00元股份 股 H股登記持有人，茲委任會議主席 3 或 地址為 為本人╱吾等的受委代表，代表本人╱吾等出席本公司謹訂於二零二五年十二月十五日（星期一）下午二時假座中國 上海市欽江路212號A樓2樓舉行的股東特別會議（「股東特別會議」）及其任何續會，以考慮及酌情通過載於股東特別 會議通告的決議案，並於股東特別會議及其任何續會代表本人╱吾等並以本人╱吾等名義就下述決議案按以下方式 投票。 | | 普通決議案 | 4 贊成 | 4 反對 | 4 棄權 | | --- | --- | --- | --- | --- | | 1 | 考慮及批准金融服務框架協議項下之持續關連交易及建議 | | | | | | 年度上限。 | | | | | 2 | 考慮及批准日常關連交易框架協議項下之持續關連交易及 | | | | | | 建議年度上限。 | | | | | 3 | 考慮及批准建議委任獨立非執行董事。 | | | | ...

此乃要件 請即處理 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢持牌證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已將名下之上海電氣集團股份有限公司股份全部出售或轉讓，應立即將本通函連同代 表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、或持牌證券交易商或其他代理商， 以便轉交買主或承讓人。 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通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 金融服務框架協議項下之持續關連交易及須予披露交易 日常關連交易框架協議項下之持續關連交易 建議委任獨立非執行董事 及 股東特別會議通告 本通函全部用語之涵義載於本通函「釋義」一節。董事會函件載於本通函第1至27頁。 本公司謹訂於二零二五年十二月十五日（星期一）下午二時假座中國上海市欽江路212號A樓2 樓報告廳召開股東特別會議，會議通告載於本通函第46至47頁。 股東特別會議適用的代表委任表格已於二零二五年十一月二十四日（星期一）刊載於香港聯交 所網站（http://www.hkex ...

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通告的內 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 不對因本通告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 於 本 通 告 日 期，本 公 司 執 行 董 事 為 吳 磊 博 士、朱 兆 開 先 生 及 王 晨 皓 先 生； 本 公 司 非 執 行 董 事 為 邵 君 先 生 及 陸 雯 女 士；本 公 司 獨 立 非 執 行 董 事 為 徐 建 新 博 士、劉 運 宏 博 士 及 杜 朝 輝 博 士。 普 通 決 議 案： 承董事會命 上海電氣集團股份有限公司 胡旭鵬 聯席公司秘書 中 國 上 海，二 零 二 五 年 十 一 月 二 十 四 日 股東特別會議通告 茲通告 上 海 電 氣 集 團 股 份 有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 十 二 月 十 五 日（星 期 一）下 午 二 時 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（「股東特別會議」），藉 以 考 慮 ...

Group 1 - The compact fusion energy experimental device (BEST) has officially launched its research plan, marking a new phase in burning plasma research, which is crucial for sustainable power generation [1] - The BEST device aims to conduct deuterium-tritium burning plasma experiments by the end of 2027, targeting fusion power output between 20 megawatts and 200 megawatts, demonstrating energy production exceeding consumption [1] - The supply chain for the BEST project includes at least 16 listed companies in the A-share market, focusing on key areas such as superconducting materials [1] Group 2 - West Superconducting Materials Technology Co., Ltd. has made breakthroughs in high-temperature superconducting materials and is involved in the construction of the BEST project, ensuring product demand is met [2] - Shanghai Electric Group Co., Ltd. participates in multiple major engineering projects related to controllable nuclear fusion, including the BEST device, and is responsible for the integration of the magnet system and vacuum chamber [2] - Xi'an Aike Cyber Electric Co., Ltd. is expanding its business to cover key projects like BEST and is actively pursuing various technological routes in commercial reactor fields [2] Group 3 - The influx of capital has accelerated the fusion industry, with the leading company in the BEST project, Fusion New Energy (Anhui) Co., Ltd., increasing its registered capital from 5 billion to 14.5 billion yuan through equity expansion [3] - The collaborative structure of local industrial capital and private innovative capital ensures long-term project stability and injects efficient vitality into market development [3] - Fusion New Energy aims to advance from the BEST experimental device to a fusion engineering demonstration reactor and ultimately to the first commercial fusion reactor, indicating a strategic three-step approach [3]

| 注 | 意 | 事 | 项 | 1 | | --- | --- | --- | --- | --- | | 1、关于 | | | 2026-2028 | 年度上海电气集团财务有限责任公司与上海电气 | | | | | | 控股集团有限公司金融服务关联交易额度暨签署《金融服务框架协 | | 议》的议案 | | | | 2 | | 2、关于 | | | 2026-2028 | 年度公司与上海电气控股集团有限公司日常关联 | | 交易额度的议案 | | | | 15 | | | | | | 3、关于选举陈信元先生为公司独立董事的议案 25 | 上海电气集团股份有限公司 上海电气集团股份有限公司 2025 年第三次临时股东会 会议资料 二〇二五年十二月 | | | 2025 年第三次临时股东会 注 意 事 项 为了维护全体股东的合法权益，保证会议顺利进行，根据《上市 公司股东会规则》及本公司《股东会议事规则》，特制定本注意事项。 1、本次会议公司设立秘书处，具体负责会议有关程序方面的事 宜。 2、董事会以维护股东的合法权益、确保会议正常秩序和议事效 率为原则，认真履行《公司章程》中规定的职责。 3、本次会议采取现 ...

证券代码：601727 证券简称：上海电气 公告编号：临 2025-062 上海电气集团股份有限公司 关于召开2025年第三次临时股东会的通知 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、 召开会议的基本情况 (一) 股东会类型和届次 2025年第三次临时股东会 召开的日期时间：2025 年 12 月 15 日 14 点 00 分 召开地点：中国上海市钦江路 212 号 A 楼 2 楼报告厅 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 股东会召开日期：2025年12月15日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自2025 年 12 月 15 日 至2025 年 12 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的 ...