Investment Rating - The report recommends a positive investment outlook for the North American AIDC (Artificial Intelligence Data Center) and ultra-high voltage projects, indicating that domestic private power equipment leaders are expected to benefit significantly from these developments [2]. Core Insights - The rapid growth of AI in North America is leading to a significant increase in electricity demand, with projected generation capacity requirements reaching approximately 1,751 GW by 2030, necessitating an annual increase of about 100 GW from 2026 to 2030 [2][6]. - The aging U.S. power grid, primarily built in the 1960s and 1970s, is under immense pressure due to the influx of AI data centers and extreme weather events, prompting a need for substantial upgrades and new construction [8][11]. - The shift towards self-supply power solutions in AIDC projects is expected to drive a multiplier effect in transformer demand, with the North American AIDC transformer installation capacity projected to reach 350 GVA by 2030, representing a CAGR of approximately 46% from 2026 to 2030 [2][39]. - The fragmented structure of the U.S. power grid is pushing the country towards the construction of ultra-high voltage networks, with an estimated investment exceeding $75 billion in the next 5-10 years [2][33]. - Chinese power equipment manufacturers are successfully entering the North American high-end supply chain, leveraging advantages in delivery times and production capacity [2][39]. Summary by Sections PART 1: U.S. Faces Triple Pressure in Power Generation, Consumption, and Grid - The U.S. is experiencing a rigid expansion period in electricity supply and demand due to the rapid development of AI, leading to a projected need for 1,200 GW of installed generation capacity by 2024 and 1,751 GW by 2030 [2][6]. PART 2: AIDC Becomes a New Key Downstream for Transformers - AIDC projects are evolving towards GW-level installations, necessitating higher voltage requirements and significantly increasing transformer demand [25][39]. PART 3: Comprehensive Upgrade of the U.S. Power Grid, High Demand for Power Equipment - The aging infrastructure of the U.S. power grid is unable to meet the rising electricity demands, leading to a critical need for upgrades and new investments [8][11]. PART 4: Acceleration of North American Transmission Construction, Domestic Manufacturers Welcome Replacement Opportunities - The fragmented nature of the U.S. power grid is driving the need for ultra-high voltage networks, with significant investments anticipated in the coming years [2][33]. PART 5: Investment Recommendations - The report highlights key investment opportunities in the North American AIDC and ultra-high voltage projects, recommending specific companies such as Si Yuan Electric, Jinpan Technology, and Igor for transformers, and Dongfang Electric and Sunshine Power for generation equipment [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The expansion of the company's overseas business and high - voltage business is expected to drive future growth. The 80,000 - ton high - end magnetic new material project is in full production and sales, and the proportion of high - grade output has increased, which may alleviate profit pressure. The price of grain - oriented silicon steel is expected to stabilize after market adjustment, and the demand for high - magnetic - induction grain - oriented silicon steel will increase [23][25][26]. 3. Summary of Directory Content 3.1. Research Basic Situation - The research object is Wangbian Electric, belonging to the power grid equipment industry. The reception time was February 10, 2026, and the reception personnel were the company's secretary of the board and relevant personnel in the securities department [16]. 3.2. Detailed Research Institutions - The research institutions include securities companies such as Changjiang Securities, Dongwu Securities, and industrial funds such as Western Lide Fund, Yongying Fund, etc [17]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Business Operation in Q4 2025**: The power transmission, distribution and control equipment business was stable, while the grain - oriented silicon steel business saw a price decline at the end of Q3, which may affect profits, but the increase in the proportion of high - grade output of the 80,000 - ton high - end magnetic new material project alleviated some profit pressure [23]. - **Overseas Business**: The export of grain - oriented silicon steel decreased year - on - year, while the export orders of transformers increased significantly. The company plans to increase the proportion of overseas business in the next three years. The company manages exchange rate risks through real - time monitoring and foreign exchange hedging [23]. - **Grain - Oriented Silicon Steel Overseas Orders**: Affected by comprehensive factors, the company adjusts its export strategy in real - time. Customer orders have increased compared with the same period, and future overseas prices and demand need to be continuously monitored [23]. - **Overseas Orders of Power Transmission, Distribution and Control Equipment**: The company's product orders cover South America, Texas in the US, Oman, etc., all for data center projects. There is room for export performance growth, and the company will continue to expand the international market [25]. - **Output of 80,000 - Ton High - End Magnetic New Material Project**: The project has been in full production since June 2024. It is currently in full production and sales, and the proportion of high - grade output has increased. The output proportion of grade 085 and above varies according to market demand, with a maximum of about 60% [25]. - **CGO Production Line Transformation Plan**: The company will comprehensively evaluate the technical transformation plan and start - up time based on the global production capacity layout of grain - oriented silicon steel and its own financial plan [25]. - **2026 Grain - Oriented Silicon Steel Price Outlook**: The price of grain - oriented silicon steel fluctuates every 3 - 5 years. The price increase of 100 yuan/ton announced by Baowu in 2026 is considered a turning point. The demand for general grain - oriented silicon steel will decrease, while that for high - magnetic - induction grain - oriented silicon steel will increase, and the price will gradually stabilize [26]. - **Solid - State Transformer R & D**: The company pays attention to the development of solid - state transformers and relevant policies, and the specific R & D progress will be announced [26]. - **Overseas Layout**: The company promotes the "Belt and Road" business layout in the power transmission, distribution and control equipment field and expands the market scale of grain - oriented silicon steel materials [27]. - **Gross Margin of Overseas Transformer Orders**: The gross margin of overseas transformers varies by market. After deducting overseas labor costs, the advantage is limited. The gross margin is expected to be relatively stable and increase in the future [27]. - **High - Voltage Development Plan**: After the acquisition of Yunbian Electric in 2024, the company can supply power transmission and distribution equipment for voltage levels of 500kV and below. It will focus on R & D of high - voltage core equipment to obtain more orders [27]. - **220kV Order Visibility**: The orders for 220kV and below (35 - 220kV) transformers are saturated, and the reserve orders are for 6 months [27]. - **Characteristics of Plateau Transformers**: They have low loss, low noise, low partial discharge, high insulation, strong short - circuit resistance, strong overload capacity, and require low maintenance [28]. - **Downstream Market of Yunbian Electric**: The downstream markets are mainly railways, power grids, new energy, and overseas [28]. - **Performance Development Plan of Yunbian Electric**: It exceeded 1 billion yuan in revenue in 2024 and aims to exceed 2 billion yuan in 2026. It will expand to 330kV and 500kV to improve performance [29]. - **Mega - Watt - Level Intelligent Super - Charging Network Project**: The project is under construction as planned. The benchmark station was put into use in December 2025, and it is expected to bring stable charging service revenue and enhance the company's market position [29]. - **Impact of Copper Price Increase**: Copper price affects the company's production cost. The company transfers cost pressure through negotiation, technological innovation, and inventory optimization [29]. - **Cost - Reduction Measures**: The company reduces costs through technological innovation and refined management [30]. - **Strategic Investment Planning**: The company's major investment plans will be announced [30]. - **Risk Management of Accounts Receivable**: The company will adjust the risk control system in real - time and consider using insurance tools for risk hedging [30]. - **Purpose of Stock Issuance to Specific Objects**: It can strengthen the controlling position of the controlling shareholder, send positive signals to the market, and raise funds to optimize the capital structure and support business development [31].

证券代码：603191 证券简称：望变电气 公告编号：2026-020 重庆望变电气（集团）股份有限公司 关于限制性股票回购注销实施公告 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： 回购注销原因：鉴于当前市场宏观环境变化以及重庆望变电气（集团） 股份有限公司（以下简称"公司"）战略迭代与升级，公司 2024 年限制性股票 激励计划不能匹配当前公司发展需要，难以达到核心员工工作目标与公司发展需 要相统一的预期激励目的与效果。综合考虑多方因素，公司终止实施 2024 年限 制性股票激励计划（以下简称"本次激励计划"），涉及回购已授予未解锁限制 性股票 2,316,000 股并予以注销（以下简称"本次回购注销股票"）。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 2,316,000 | 2,316,000 | 2026 | 年 3 | 月 | 12 日 | 一、本次限制性股票回购注销的决策 ...

北京市嘉源律师事务所 关于重庆望变电气（集团）股份有限公司 终止实施 2024 年限制性股票激励计划 暨回购注销限制性股票实施相关事项之 法律意见书 师事务所 官 LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 型 师生 学习 VUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:重庆望变电气(集团)股份有限公司 北京市嘉源律师事务所 关于重庆望变电气(集团)股份有限公司 终止实施 2024 年限制性股票激励计划 暨回购注销限制性股票实施相关事项之 法律意见书 嘉源(2026)-01-111 敬启者: 北京市嘉源律师事务所(以下简称"本所")是中国境内具有合法执业资格 的律师事务所,接受重庆望变电气(集团)股份有限公司(以下简称"望变电气" 或"公司"）的委托,担任望变电气实施2024年限制性股票激励计划(以下简称 "本激励计划")的专项法律顾问,就终止实施本激励计划暨回购注销限制性股 票(以下简称"本次终止计划暨回购注销")的实施所涉相关法律事项 ...

证券代码：603191 证券简称：望变电气 公告编号：2026-019 重庆望变电气（集团）股份有限公司 2026 年 2 月对子公司提供担保的进展公告 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： 被担保人：2026 年 2 月 1 日-2 月 28 日期间，重庆望变电气（集团）股 份有限公司(以下简称"公司"或"望变电气")及下属子公司无对外新增担保合 同情况;截止 2026 年 2 月末，公司对外担保余额为 68,653.12 万元，均为对子公 司提供的担保。 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至 2 月末上市公司及其控股子 | 130,374.10 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 | 54.02 | | 期经审计净资产的比例（%） | | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | □担保金额超过上市公司最近一期经审计净 | | | 资产 ...

重庆望变电气（集团）股份有限公司 关于已回购未使用股票注销实施公告 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： 注销原因：公司于 2023 年 10 月 27 日至 2024 年 10 月 24 日从二级市场 回购股份 3,202,768 股。2024 年 1 月 18 日公司召开第四届董事会第二次会议， 审议通过《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》 等相关股权激励议案（以下简称"《2024 年限制性股票激励计划》"）。根据 《2024 年限制性股票激励计划》，公司计划向激励对象授予不超过 320 万股限 制性股票。至此，股份回购计划的已回购股份中尚余 2,768 股流通股未使用。另 根据公司《关于 2024 年限制性股票激励计划首次授予结果公告》（公告编号： 2024-029）和《关于 2024 年限制性股票激励计划预留授予结果公告》（公告编 号：2025-011），有 4 名激励对象因个人原因自愿放弃其认购获授的部分或全部 共计 70,000 股股票，该部分股票系未授予流 ...

Core Viewpoint - Wangbian Electric has clarified that there are no shareholding disputes with Baobian Electric, and it has provided details on its current equity holdings in various subsidiaries [1] Group 1: Company Holdings - The company holds a 35% stake in Shenzhen Nanhai Electric Technology Co., Ltd. [1] - The company owns a 5% stake in Wangbian Wanjia (Guizhou) Technology Co., Ltd. [1] - The company possesses a 30% stake in Chongqing Energy Investment Changshou Economic Development Zone Electricity Sales Co., Ltd. [1] Group 2: Investment Announcements - Major investments will be announced as per official announcements [1]

Core Viewpoint - Wangbian Electric (603191) is actively expanding its international market presence, with a focus on high-quality overseas projects and a diverse customer base including Siemens, Schneider, and GE [1] Group 1 - The company's product orders have expanded to regions including South America, Texas in the USA, and Oman [1] - Wangbian Electric is committed to continuously exploring international markets [1] - The company will keep a close watch on high-quality overseas projects in the future [1]

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Group 1 - The electric grid equipment sector experienced significant intraday fluctuations, with companies like BianDianQi reaching the daily limit increase [1] - Other companies such as Liangxin Co., Sifang Co., ShunNa Co., Jinpan Technology, and Xinte Electric saw their stock prices rise by over 5% [1]