Core Viewpoint - The announcement details the completion of a share transfer involving a major shareholder of Suzhou Tianwo Technology Co., Ltd., specifically the transfer of 116 million shares from Mr. Chen Yuzhong to Shanghai Electric Group Co., Ltd. at a price of RMB 3.69 per share, totaling RMB 428.04 million [1][2]. Group 1: Share Transfer Details - Mr. Chen Yuzhong signed a share transfer agreement with Shanghai Electric, transferring 116,000,000 shares, which represents 13.51% of the company's total share capital [1]. - The share transfer was completed on May 12, 2025, with the company receiving confirmation from the China Securities Depository and Clearing Corporation [2]. Group 2: Shareholding Changes - Before the transfer, Mr. Chen held 131,290,074 shares (15.29% of total shares), with voting rights delegated to Shanghai Electric [3]. - After the transfer, Shanghai Electric directly holds 116,000,000 shares (13.51%), while Mr. Chen retains 15,290,074 shares with voting rights still delegated to Shanghai Electric, maintaining the combined voting rights of 263,748,888 shares (30.71%) held by Shanghai Electric and its parent company [3]. Group 3: Impact on the Company - The share transfer does not involve a reduction of shares in the secondary market, does not trigger a takeover bid, and will not change the company's controlling shareholder or actual controller [4]. - The transfer is not expected to harm the interests of the company or other shareholders and will not affect the company's normal operations [4]. Group 4: Pledge Status - Mr. Chen's shares involved in the transfer were previously pledged to Shanghai Electric, and the necessary procedures for the release of the pledge were completed alongside the transfer [5]. - After the transfer, Mr. Chen holds 15,290,074 shares (1.78% of total shares), with 14,000,000 shares (1.63%) still pledged to Shanghai Electric [6].

Group 1 - The Shanghai General Trade Union celebrated its 100th anniversary, recognizing 7 model collectives and 15 labor models from Shanghai Electric [1] - Shanghai Electric has recently produced 4 national labor models and 1 national labor model from the industrial and information technology system [1] - The chairman of Shanghai Electric, Wu Lei, attended the event, emphasizing the importance of building a high-skilled workforce [1][4] Group 2 - The Shanghai Electromechanical Union, with a history of over 105 years, has played a significant role in uniting workers in the machinery industry [4] - Shanghai Electric is tasked with the mission of creating "national heavy equipment" and supporting national strategies, focusing on high-end, intelligent, and green transformations [4] - The union aims to enhance worker skills through initiatives like school-enterprise cooperation and innovation in job evaluation systems [4] Group 3 - Several individuals and teams from Shanghai Electric were recognized as model laborers and collectives, highlighting their contributions to the industry [6] - The list of recognized labor models includes various leaders and teams from different departments within Shanghai Electric [6]

Quantitative Models and Construction Methods 1. Model Name: Index Adjustment Prediction Model - **Model Construction Idea**: The model predicts the adjustment of constituent stocks in major indices (CSI 300 and CSI 500) based on the index compilation rules published by the China Securities Index Company[12][13][15] - **Model Construction Process**: - **Data Reference**: The model uses trading and financial data from May 1 of the previous year to April 30 of the current year for mid-year reviews, and from November 1 of the previous year to October 31 of the current year for year-end reviews[12] - **Adjustment Date**: Adjustments occur on the trading day following the second Friday of June and December each year[12] - **Sample Space**: - Excludes ST, *ST stocks, and delisted securities - Includes STAR Market and ChiNext stocks listed for over a year, or those with daily average market capitalization ranking in the top 30 since listing[12] - **Selection Method**: - For CSI 300: Securities are ranked by daily average trading volume, with the bottom 50% excluded, and then ranked by daily average market capitalization, selecting the top 300[12] - For CSI 500: Excludes CSI 300 constituents and the top 300 by market capitalization, then ranks by trading volume and market capitalization, selecting the top 500[12] - **Buffer Zone Rules**: - CSI 300: New samples ranked in the top 240 are prioritized for inclusion, while existing samples ranked in the top 360 are prioritized for retention[12] - CSI 500: New samples ranked in the top 400 are prioritized for inclusion, while existing samples ranked in the top 600 are prioritized for retention[12] 2. Model Name: Event Return Analysis Model - **Model Construction Idea**: This model analyzes the relationship between index sample adjustments and the cumulative excess returns of the adjusted stocks before and after the adjustment date[24] - **Model Construction Process**: - Collects data on all adjustment cycles since 2010 for CSI 300 and CSI 500 indices[24] - Calculates the cumulative excess returns of adjusted stocks relative to the index over a 60-day window before and after the adjustment date[24] - **Model Evaluation**: The model highlights that pre-adjustment event returns are more significant for investment strategies, as investors can trade in advance based on predictions or announcements[24] --- Model Backtesting Results 1. Index Adjustment Prediction Model - CSI 300 Index: Predicted 7 constituent stock adjustments, with additions primarily in the transportation and defense industries, and removals concentrated in the electrical equipment industry[13][14] - CSI 500 Index: Predicted 49 constituent stock adjustments, with additions mainly in the electronics, electrical equipment, and computer industries, and removals concentrated in the electrical equipment and pharmaceutical industries[15][16][23] 2. Event Return Analysis Model - **CSI 300 Index**: Stocks removed from the index showed negative excess returns before the adjustment date, while no significant conclusions were drawn for added stocks[5][24] - **CSI 500 Index**: Stocks added to the index exhibited positive excess returns before the adjustment date, while removed stocks showed negative excess returns[5][24]

Group 1 - Shanghai Electric Group Co., Ltd. and Shanghai Jingrong Technology Co., Ltd. have applied for a patent titled "A molten salt thermal storage heat exchange device and molten salt thermal storage steam generation system" [1] - The patent application was filed on March 2025, and the publication number is CN119958348A [1] - The patent aims to improve energy efficiency by utilizing heat released from the molten salt storage tank's insulation layer, thereby reducing energy waste [1] Group 2 - Shanghai Electric Group Co., Ltd. was established in 2004 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of approximately 1.56 billion RMB [2] - The company has invested in 109 enterprises and participated in 4,210 bidding projects, holding 1,737 patents and 155 trademarks [2] - Shanghai Jingrong Technology Co., Ltd. was founded in 2018, focusing on technology promotion and application services, with a registered capital of 20 million RMB [2] - The company has invested in 1 enterprise and holds 7 patents and 5 trademarks [2]

Group 1 - The core viewpoint of the news is that the China Securities Index for Shanghai State-owned Enterprises has shown a recent upward trend despite a year-to-date decline, indicating potential recovery in the market [1][2] - The China Securities Index for Shanghai State-owned Enterprises opened lower but closed higher, with a current value of 1328.79 points and a trading volume of 18.285 billion yuan [1] - Over the past month, the index has increased by 8.04%, while it has decreased by 2.28% over the last three months and 6.59% year-to-date [1] Group 2 - The index comprises companies that are state-controlled or significantly held in Shanghai, selected based on profitability, growth potential, and shareholder returns [1] - The top ten weighted companies in the index include China Pacific Insurance (8.21%), Shanghai Airport (6.23%), and Guotai Junan Securities (5.47%) [1] - The index is fully represented by the Shanghai Stock Exchange, with the financial sector accounting for 28.96% of the holdings, followed by industrial (23.29%) and consumer discretionary (12.45%) sectors [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the Shanghai State-owned Enterprises Index include Huatai-PineBridge CSI Shanghai State-owned Enterprises ETF [2]

FF301 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4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5月8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 | | 2,924,482,00 ...

Core Viewpoint - The aviation engine concept sector has shown a positive performance, with a 2.86% increase, ranking 7th among various concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of May 8, the aviation engine concept saw 74 stocks rise, with notable gainers including Chenxi Aviation and Huarun Co., both reaching a 20% limit up. Other significant performers included Aileda, Rifa Precision Machinery, and Xiling Power, which rose by 9.76%, 7.75%, and 7.37% respectively [1]. - Conversely, stocks such as Maixinlin, Julun Intelligent, and Jizhi Co. experienced declines of 2.64%, 2.55%, and 1.27% respectively [1]. Capital Flow - The aviation engine concept sector experienced a net outflow of 678 million yuan from major funds, with 38 stocks receiving net inflows. Seven stocks saw net inflows exceeding 30 million yuan, led by Haoneng Co. with a net inflow of 136 million yuan [2][3]. - Other notable net inflows included Hangfa Power, Rifa Precision Machinery, and AVIC Heavy Machinery, with net inflows of 81.44 million yuan, 62.90 million yuan, and 56.73 million yuan respectively [2]. Fund Inflow Ratios - Haoneng Co. led the fund inflow ratio with 48.12%, followed by New Dazhou A and Antai Technology at 11.99% and 10.86% respectively [3].

Core Insights - The Guozheng Free Cash Flow Index has seen a slight increase of 0.07%, with notable gains in constituent stocks such as Chanzhan Optoelectronics and others [1] - The Free Cash Flow ETF (159201) is experiencing a tight market with a latest price of 0.98 yuan, and has shown a cumulative increase of 1.56% over the past two weeks [1] - The ETF has recorded a significant liquidity with a turnover rate of 6.27% and a transaction volume of 206 million yuan [1] - The ETF's average daily trading volume over the past year is 302 million yuan, ranking first among comparable funds [1] - The Free Cash Flow ETF has seen a net inflow of 57.37 million yuan recently, accumulating a total of 38.99 million yuan over the last 19 trading days [1] Fund Performance - The latest financing buy-in amount for the Free Cash Flow ETF is 3.147 million yuan, with a financing balance of 51.24 million yuan [3] - The tracking error for the ETF year-to-date is 0.163%, the lowest among comparable funds [3] - The current price-to-earnings ratio (PE-TTM) for the index is 11.78, indicating a valuation lower than 80.41% of the time over the past year, suggesting a historical low [3] Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index include Midea Group, China National Offshore Oil Corporation, and others, collectively accounting for 56.66% of the index [3]

Group 1 - Shanghai's state-owned enterprises (SOEs) will deepen reforms, optimize layouts, and enhance functions to support the construction of the "Five Centers" [1][2] - The "14th Five-Year Plan" and the deepening of SOE reforms are critical for Shanghai's economic development [2] - SOEs will focus on national strategic support, optimizing the economic layout, and concentrating capital in key industries and emerging sectors [3] Group 2 - The "15th Five-Year Plan" will prioritize employment stability, market stability, and consumer demand [4] - Shanghai's SOEs are pivotal in enhancing industrial competitiveness through technological innovation [5][6] - The Shanghai Port Group aims to integrate technology into port operations, enhancing efficiency and sustainability [6] Group 3 - SOEs are fostering innovation ecosystems to support tech enterprises in Shanghai [7][8] - Shanghai Electric is focusing on key national projects and aims to enhance its market competitiveness through technological innovation [9] - The Shanghai International Group and other investment platforms are optimizing their fund structures to support strategic industries [10][11] Group 4 - Shanghai Mobile is integrating AI with next-generation communication technologies to enhance digital infrastructure [12] - Shanghai Petrochemical is advancing carbon fiber technology and applications to meet future demands [12][13] - The State Grid Shanghai Electric Power Company is enhancing its technological capabilities and promoting AI applications in power systems [13]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][7]. Core Insights - The company achieved a revenue of 1161.86 billion CNY in 2024, a year-on-year increase of 1.21%, while the net profit attributable to shareholders was 7.52 billion CNY, down 6.33% year-on-year [1]. - In Q1 2025, the company reported a revenue of 222.45 billion CNY, up 8.06% year-on-year, and a net profit of 2.92 billion CNY, a significant increase of 145.69% year-on-year, marking a return to profitability [1]. - The energy equipment segment saw a revenue increase of 5.30% to 617.58 billion CNY, benefiting from the continued delivery of coal-fired and nuclear power units [2]. - The company’s new order intake reached a four-year high of 1536.0 billion CNY in 2024, representing an 11.9% year-on-year growth, with the energy equipment segment orders increasing by 18.5% [3]. - The company is focusing on green and low-carbon transformation, making progress in energy storage, hydrogen energy, and robotics [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1161.86 billion CNY and a net profit of 7.52 billion CNY, with a projected revenue growth of 3.52% in 2025 [6]. - The gross profit margin improved to 19.7% in the energy equipment segment, reflecting a 2.0 percentage point increase year-on-year [2]. Order Intake and Market Position - The company’s new orders in the energy equipment segment reached 891.0 billion CNY, a five-year high, with wind power orders increasing by 150.4% to 173.8 billion CNY [3]. - The company is expected to leverage its leading position to enhance market share in traditional business areas while exploring new growth points in technology-driven sectors [4]. Future Outlook - The report projects net profits for 2025-2027 to be 14 billion CNY, 27 billion CNY, and 32 billion CNY respectively, with a downward adjustment of 16% and 10% for the first two years [4]. - The current A/H share price corresponds to a PE ratio of 81 and 27 for 2025, indicating potential for future growth [4].