证券代码：601727 证券简称：上海电气 上海电气集团股份有限公司 2025 年第三季度报告 上海电气集团股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：千元 币种：人民币 | 项目 | 本报告期 | 上年同期 | | 本报告 期比上 年同期 增减变 动幅度 | 年初至报 告期末 | 上年同期 | | 年初至 报告期 末比上 年同期 增减变 动幅度 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (%) | | | | (%) | | | | 调整前 ...

内部审计管理制度 上海电气集团股份有限公司 第一章 总则 第一条 为规范上海电气集团股份有限公司（以下简称"集 团"）内部审计工作，提升内部审计工作质量，更好发挥内部审 计监督在公司治理体系中的重要作用，推动企业可持续健康发展， 根据《中华人民共和国审计法》《上海证券交易所上市公司自律 监管指引》《公司章程》《关于内部审计工作的规定（审计署令 第 11 号）》《上海市国有企业内部审计管理办法》等有关规定， 结合集团实际，制定本制度。 第二章 内部审计领导体制 第四条 集团建立健全党委、董事会直接领导下的内部审计 领导体制。集团党委书记、董事长分管集团内部审计工作，是内 部审计工作第一责任人。集团建立总审计师机制，协助集团党委、 董事会管理内部审计工作。 第五条 集团党委全面领导内部审计工作，定期或不定期召 开会议听取报告、研究内部审计重大事项，加强对内部审计领域 重大工作的顶层设计、统筹协调和督促落实。 第六条 集团董事会负责决定内部审计机构的设置，批准内 部审计重要管理制度、中长期规划、年度审计计划和重要审计报 告，审议集团内部审计工作报告并考核、评价内部审计工作，督 促管理层保障内部审计履行职责所必要的权 ...

上海电气公告，第三季度营收为277.81亿元，同比增长4.73%；净利润为2.45亿元，同比增长12.58%。 前三季度营收为817.89亿元，同比增长7.50%；净利润为10.65亿元，同比增长8.48%。 ...

Core Insights - Shanghai Electric reported third-quarter revenue of 27.781 billion yuan, an increase of 4.73% year-on-year [1] - The net profit for the third quarter was 245 million yuan, reflecting a year-on-year growth of 12.58% [1] - For the first three quarters, the total revenue reached 81.789 billion yuan, up 7.50% compared to the same period last year [1] - The net profit for the first three quarters was 1.065 billion yuan, showing an increase of 8.48% year-on-year [1]

Core Viewpoint - Shanghai Electric's stock has experienced fluctuations, with a recent decline of 2.06% and a year-to-date increase of 17.26%, indicating a volatile yet upward trend in its stock performance [1][2]. Financial Performance - For the first half of 2025, Shanghai Electric reported a revenue of 543.03 billion yuan, reflecting a year-on-year growth of 8.89%, while the net profit attributable to shareholders was 8.21 billion yuan, up 36.40% compared to the previous year [2]. - The company has cumulatively distributed dividends amounting to 99.73 billion yuan since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 28, Shanghai Electric's stock price was 9.51 yuan per share, with a trading volume of 22.93 billion yuan and a turnover rate of 1.89%, leading to a total market capitalization of 147.78 billion yuan [1]. - The stock has seen significant trading activity, with a net outflow of 2.81 billion yuan from main funds, while large orders accounted for 18.90% of buying and 23.85% of selling [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Shanghai Electric was 704,400, a decrease of 6.70% from the previous period, with an average of 0 shares per shareholder [2]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3].

Market Overview - On October 27, the Shanghai State-Owned Enterprise Reform sector rose by 0.41% compared to the previous trading day, with Guokai Detection leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Shanghai State-Owned Enterprise Reform Sector - Guokai Detection (301289) closed at 66.08, up 5.37% with a trading volume of 78,100 shares and a transaction value of 508 million [1] - Zhongke Company (688347) closed at 133.50, up 4.71% with a trading volume of 513,000 shares and a transaction value of 6.587 billion [1] - Shanghai Electric (601727) closed at 9.71, up 3.52% with a trading volume of 4.5977 million shares and a transaction value of 4.417 billion [1] Top Losers in Shanghai State-Owned Enterprise Reform Sector - Huajian Group (600629) closed at 26.86, down 9.99% with a trading volume of 1.565 million shares and a transaction value of 4.261 billion [2] - Yinghe Technology (300457) closed at 29.49, down 7.96% with a trading volume of 507,100 shares and a transaction value of 1.52 billion [2] - Shangshi Development (600748) closed at 6.40, down 4.19% with a trading volume of 1.1595 million shares and a transaction value of 750 million [2] Capital Flow Analysis - On the same day, the main funds in the Shanghai State-Owned Enterprise Reform sector experienced a net outflow of 1.55 billion, while retail investors saw a net inflow of 803 million [2] - The table of capital flow indicates that Shanghai Electric (601727) had a main net inflow of 193 million, while Guokai Detection (301289) had a main net inflow of 25.6 million [3]

Market Performance - The other power equipment sector increased by 2.25% compared to the previous trading day, with Xinle Energy leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Highlights - Xinfu Energy (300593) closed at 23.80, up 17.65% with a trading volume of 569,500 shares and a transaction value of 1.26 billion [1] - Keda (002518) closed at 42.04, up 7.52% with a trading volume of 250,500 shares [1] - Shenghong Co. (300693) closed at 40.37, up 6.46% with a trading volume of 312,700 shares [1] - Dongfang Electric (600875) closed at 21.47, up 6.29% with a trading volume of 1,160,000 shares [1] Capital Flow - The other power equipment sector experienced a net outflow of 800 million from institutional investors, while retail investors saw a net inflow of 540 million [2] - The net inflow from speculative funds was 261 million [2] Individual Stock Capital Flow - Shanghai Electric (601727) had a net inflow of 193 million from institutional investors, while it faced a net outflow of 29.43 million from speculative funds [3] - Xinle Energy (300593) saw a net inflow of 140 million from institutional investors, with a net outflow of 48.90 million from speculative funds [3] - Dongfang Electric (600875) had a net inflow of 146 million from institutional investors, with a net outflow of 65.44 million from speculative funds [3]

Core Viewpoint - UBS has released a report expressing increased optimism regarding China's electricity market demand, projecting an 8% growth from 2028 to 2030, which is double the previous forecast [1] Group 1: Company Performance - Harbin Electric (01133) shares rose by 13.79% to HKD 13.53 - Dongfang Electric (600875) shares increased by 11.24% to HKD 20.38 - Shanghai Electric (601727) shares climbed by 5.54% to HKD 4.95 [1] Group 2: Market Drivers - UBS attributes the increased demand forecast to structural drivers such as AI data centers, exports, and electrification, with the impact of these factors exceeding earlier expectations [1] - The report indicates that the adjustments reflect enhanced confidence in the growth of AI data center construction, accelerated electricity export growth, and faster electrification, which will benefit capital expenditures in power equipment and grid starting next year [1] Group 3: Industry Outlook - The Central Committee of the Communist Party of China has proposed forward-looking plans for future industries, promoting nuclear fusion energy as a new economic growth point [1] - Everbright Securities believes that since 2025, China's nuclear fusion sector has entered a rapid development phase in technology breakthroughs and industrial layout, with multiple technological routes advancing simultaneously [1] - The domestic market is gradually entering a phase of accelerated bidding and engineering construction for controllable nuclear fusion projects, indicating promising long-term development [1]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of a strong military strategy and the significance of becoming a space power, aiming for high-quality advancement in national defense and military modernization by 2035 [9][19] - The "15th Five-Year Plan" is expected to build on the achievements of the "14th Five-Year Plan," focusing on the 2027 military centenary goal and supporting the modernization of national defense and military capabilities [9][19] - The report highlights the need for advancements in mechanization, information technology, and intelligence integration to enhance combat capabilities and national strategic systems [10][19] Market Overview - The defense and military index rose by 2.81% this week, ranking 12th among 31 primary industries [8][35] - The current PE(TTM) for the defense and military sector is 74.6 times, with sub-sectors showing varying PE ratios, such as aerospace equipment at 73.9 times and aerospace equipment at 182.2 times [8][41] Key Sector Dynamics - **Controlled Nuclear Fusion**: New Hope Group showcased advancements in hydrogen-boron fusion at the FEC2025 conference, achieving significant milestones in plasma current and magnetic field strength [12][24] - **Low-altitude Economy**: The Tianjin International Helicopter Expo highlighted the growth potential of the low-altitude economy, with projections estimating a market size of 1.5 trillion yuan by 2025 and over 3.5 trillion yuan by 2035 [13][29] - **Aerospace Engines and Turbines**: Shanghai Electric successfully completed the assembly and ignition of a heavy-duty industrial gas turbine, indicating progress in domestic manufacturing capabilities [14][30] - **Satellite Internet**: The China Aerospace Science and Technology Corporation successfully launched a communication technology test satellite, marking a significant achievement in satellite deployment [15][31] Suggested Focus Areas - **Missile and Military Electronics**: Companies to watch include Zhenhua Technology, Hongyuan Electronics, and Torch Electronics [16][23] - **Aerospace Engines**: Key players include Aero Engine Corporation of China and related suppliers [16][21] - **Military Trade**: Focus on companies like AVIC Chengfei and AVIC Shenyang [16][21] - **New Domains and Quality Construction**: Companies in commercial aerospace and low-altitude economy sectors are recommended for attention [16][22]

Market Overview - The other power equipment sector increased by 2.23% compared to the previous trading day, with Kehua Data leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Key stocks in the other power equipment sector showed significant gains, with Kehua Data (002335) closing at 66.00, up 7.32% with a trading volume of 274,400 shares and a transaction value of 1.781 billion [1] - Other notable performers included: - Oulu Tong (300870) at 199.80, up 6.24% [1] - Leihong Co. (300693) at 37.92, up 4.90% [1] - Zhongheng Electric (002364) at 27.19, up 4.62% [1] - Maigemit (002851) at 74.20, up 4.51% [1] Capital Flow - The other power equipment sector saw a net inflow of 152 million in main funds, while retail funds experienced a net outflow of 25.94 million [2] - The capital flow for key stocks included: - Kehua Data with a net inflow of 2.40 billion, accounting for 13.49% of main funds [3] - Shanghai Electric (601727) with a net inflow of 1.35 billion, representing 4.21% of main funds [3] - Zhongheng Electric with a net inflow of 36.64 million, making up 3.80% of main funds [3]