Core Viewpoint - The company anticipates a continued decrease in market demand for general orientation silicon steel, while demand for high magnetic orientation silicon steel is expected to increase. After market adjustments, the prices of oriented silicon steel are projected to stabilize gradually [1] Group 1: Market Demand and Pricing - Future demand for general orientation silicon steel is expected to decline [1] - There is an anticipated increase in demand for high magnetic orientation silicon steel [1] - Prices of oriented silicon steel are expected to stabilize after experiencing market adjustments [1] Group 2: Production and Sales - The company's 80,000-ton high-end magnetic material project is set to achieve full production and sales by June 2024 [1] - The project is currently operating at full capacity and full sales [1]

Core Viewpoint - The company has not directly exported oriented silicon steel to the United States, but its end customers have penetrated into the European and American markets. The company is monitoring trade policy developments and assessing potential impacts on its business [1] Group 1: Trade Policy and Market Impact - The company has not received any official announcement from the U.S. regarding the "complete removal of restrictions on oriented silicon steel for transformers" [1] - The company will continue to track the latest developments in trade policies and evaluate their potential impact on its operations [1] Group 2: International Business Expansion - The company aims to actively seize market opportunities and continuously expand its international business [1] - Specific export regions and business proportions will be detailed in the company's periodic reports and temporary announcements [1]

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]

重庆望变电气（集团）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 证券代码：603191 证券简称：望变电气 公告编号：2025-053 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个别及连带责任。 重要内容提示： 投资者可于 2025 年 11 月 19 日(星期三) 至 11 月 26 日(星期 三)11:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 wbdq_ir@cqwbdq.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 重庆望变电气（集团）股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资 者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公 司计划于 2025 年 11 月 26 日上午 11:00-12:00 举行 2025 年第三季度 业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 三季度的经营成果 ...

Group 1 - On November 18, a total of 31 companies were investigated by institutions, with 17 companies being surveyed by funds, highlighting a significant interest in Nanya New Materials, Wangbian Electric, and Agricultural Products [1] - Nanya New Materials attracted the most attention, with 10 funds participating in its survey, while Wangbian Electric and Agricultural Products had 7 and 4 funds involved, respectively [1] - The surveyed companies included 6 from the Shenzhen Main Board, 9 from the ChiNext, 1 from the Shanghai Main Board, and 1 from the Sci-Tech Innovation Board, covering 10 different industries, with the electronics and automotive sectors having the most companies represented [1] Group 2 - Among the surveyed companies, only one had a total market capitalization exceeding 50 billion yuan, while 8 companies had market capitalizations below 10 billion yuan, including Shifeng Culture, Guoan Da, and Wangbian Electric [1] - In terms of market performance, 6 of the surveyed stocks increased in value over the past 5 days, with Agricultural Products, Guoan Da, and Shifeng Culture showing the highest gains of 13.84%, 6.81%, and 6.16%, respectively [1] - Conversely, 11 stocks experienced declines, with Wangbian Electric, Xin Henghui, and Hunan YN showing the largest drops of 7.19%, 6.27%, and 6.01%, respectively [1] Group 3 - Among the surveyed stocks, 5 experienced net capital inflows over the past 5 days, with Hualan Co. seeing the highest net inflow of 32.76 million yuan, followed by Agricultural Products and Shifeng Culture with inflows of 8.70 million yuan and 6.81 million yuan, respectively [2] - Only one company among the surveyed firms released an annual performance forecast, indicating a profit increase, with Xin Henghui expected to report a net profit of 195 million yuan, reflecting a year-on-year growth of 4.66% [2]

Core Viewpoint - The electric grid equipment sector is experiencing significant activity, with multiple companies reaching new highs and hitting trading limits, indicating strong market interest and potential investment opportunities [1] Company Performance - Zhongneng Electric reached a 20% trading limit increase, showcasing robust investor confidence [1] - Guangdian Electric previously hit a trading limit, reflecting positive market sentiment [1] - Moen Electric achieved a four-day consecutive limit increase, indicating sustained upward momentum [1] - Jinpan Technology and Siyuan Electric set new historical highs, further emphasizing the sector's growth [1] - Jingquanhua, Wangbian Electric, and Siyuan Electric also experienced price increases, contributing to the overall positive trend in the industry [1]

Group 1 - The core viewpoint of the news is that Wangbian Electric has shown significant stock performance and financial growth, with a notable increase in share price and revenue [1][2]. - As of November 6, Wangbian Electric's stock price increased by 2.03% to 18.62 CNY per share, with a total market capitalization of 6.188 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 48.48%, with a 17.85% rise over the last five trading days [1]. Group 2 - For the period from January to September 2025, Wangbian Electric achieved operating revenue of 2.728 billion CNY, representing a year-on-year growth of 14.90% [2]. - The net profit attributable to shareholders for the same period was 80.9321 million CNY, reflecting a year-on-year increase of 50.68% [2]. - The company has distributed a total of 126 million CNY in dividends since its A-share listing [3]. Group 3 - Wangbian Electric's main business segments include power distribution and control equipment (62.23% of revenue) and oriented silicon steel (34.65% of revenue) [1]. - The company is categorized under the power equipment industry, specifically in the sub-sector of power transmission and transformation equipment [1]. - The company is involved in various concept sectors, including smart grids, photovoltaic glass, transformers, solar energy, and charging piles [1].

Core Points - The company has provided a guarantee of RMB 138 million for its wholly-owned subsidiary, Yunbian Electric, to secure a credit line with Industrial Bank Co., Ltd. Kunming Branch [1][2] - The guarantee is part of the company's authorized scope from the 2024 third extraordinary shareholders' meeting and does not require further approval [1][12] - The total amount of guarantees provided by the company as of the end of October 2025 is RMB 1.19474 billion, which accounts for 49.51% of the company's latest audited net assets [14] Summary by Sections Guarantee Details - The company signed a maximum guarantee contract with Industrial Bank for a principal amount not exceeding RMB 138 million for Yunbian Electric [1] - The guarantee is a joint liability guarantee without counter-guarantee [1] Internal Decision-Making Process - The board approved the proposal for the company to provide guarantees for its subsidiaries, including a maximum of RMB 100 million for Huize Electric and RMB 200 million for Qiannan Wangjiang Transformer [2] Guarantee Necessity and Reasonableness - The new guarantees are necessary to support the daily operations of the subsidiaries and align with the company's overall development strategy [11] Cumulative Guarantee Situation - As of October 2025, the company has no overdue guarantees, and the available guarantee amount is RMB 550.259 million [14]

重庆望变电气（集团）股份有限公司 2025 年 10 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： 担保对象及基本情况 证券代码：603191 证券简称：望变电气 公告编号：2025-052 | | | 被担保人名称 | 云南变压器电气股份有限公司（以 下简称"云变电气"） | | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 13,800.00 万元 | | | | 担 对 | 保 象 | 实际为其提供的担保余额 | 57,149.13 万元 | | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至 10 月末上市公司及其控股 | 119,474.10 | | 子公司对外担保 ...

Core Viewpoint - The electric grid equipment sector is experiencing significant growth, with nearly 20 stocks, including Shuangjie Electric, Jinguang Electric, Sanbian Technology, and others, hitting the daily limit increase due to increased investment in the electric grid [1] Group 1: Market Performance - The electric grid equipment sector has seen a surge in stock prices, with multiple companies reaching their daily limit increases [1] - Notable companies in this surge include Shuangjie Electric (300444), Jinguang Electric, Sanbian Technology (002112), Solar Cable (002300), and Wangbian Electric (603191) [1] Group 2: Policy and Investment - The scale of investment in the electric grid is continuously increasing, as evidenced by the latest public announcement from the State Grid regarding the bidding results for the fifth batch of substation equipment (including cables) [1] - National authorities are accelerating the development of policy documents to promote the integrated development of new energy, aiming to optimize and upgrade traditional industries in coordination with new energy [1] - There is a push for the integration of new energy with strategic emerging industries such as computing power and green hydrogen, fostering mutual development [1] Group 3: New Business Models - Support is being provided for new models and business formats that promote the local consumption of new energy, such as green electricity direct connection and virtual power plants [1] - Multiple regions are actively responding to these initiatives, advancing the development of virtual power plants [1]