2026.02. 12 本文字数：1155，阅读时长大约2分钟 作者 | 一财阿驴 10:38 沪深两市成交额突破1万亿元。 10:23 电力板块震荡拉升，晋控电力涨停，豫能控股2连板，闽东电力、赣能股份、涪陵电力走高。 11:32 A股午盘丨创业板指半日涨超1%，电网设备板块走高 沪指涨0.12%，深成指涨0.8%，创业板指涨1.18%，科创综指涨0.93%。小金属、电网设备、特高 压板块走强，半导体板块表现活跃，影视院线、短剧游戏板块跌幅居前。截至午盘，全市场超2700 只个股上涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 上证指数 | | 4137.06 | 5.07 | 0.12% | | 399001 | 深证成指 | 14274.93 113.99 | | 0.80% | | 881001 万得全A | | 6839.37 | 36.95 | 0.54% | | 000680 | 科创综指 | 1804.89 | 16.67 | 0.93% | | 399006 | 创业板指 | 3323.56 | ...

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]

Group 1 - The company plans to issue 19,493,177 shares to a controlling shareholder, raising a total of 300 million yuan at an issue price of 15.39 yuan per share, with a lock-up period of 36 months. The funds will be used to supplement working capital after deducting issuance costs [1] - The full participation of the major shareholder in the issuance reinforces control and demonstrates confidence in the company's development. The company specializes in the research, production, and sales of power distribution and control equipment, as well as oriented silicon steel, which are widely used in various sectors including renewable energy and traditional power generation [2] - The domestic power grid investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase from the previous plan, focusing on green energy transition and new power system construction, which will boost demand for electrical equipment [3] Group 2 - The company is one of the few that integrates the entire supply chain from oriented silicon steel to transformers, ensuring stable supply and cost advantages for high-end transformers. The revenue share of high-end transformers (110kV and above) is expected to increase to 44.26% by mid-2025 [4] - The company is actively expanding its global market presence, particularly in Southeast Asia, the Middle East, and Europe, while also exploring new business opportunities in the emerging sectors such as new energy heavy-duty vehicles [5] - The company is expected to benefit significantly from domestic power grid investments and overseas infrastructure demands, with projected net profits for 2025, 2026, and 2027 being 142 million, 215 million, and 290 million yuan respectively, indicating a positive long-term growth outlook [5]

电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 大股东全额认购定增提振市场信心，高端 变压器和取向硅钢受益于行业景气上行 ——望变电气(603191)公司点评报告 证券研究报告-公司点评报告 增持(首次) 市场数据(2026-02-10) | 收盘价(元) | 22.33 | | --- | --- | | 一年内最高/最低(元) | 23.18/10.60 | | 沪深 300 指数 | 4,724.30 | | 市净率(倍) | 2.97 | | 流通市值(亿元) | 73.70 | 基础数据(2025-09-30) | 每股净资产(元) | 7.52 | | --- | --- | | 每股经营现金流(元) | 0.50 | | 毛利率(%) | 12.51 | | 净资产收益率_摊薄(%) | 3.24 | | 资产负债率(%) | 64.94 | | 总股本/流通股(万股) | 33,235.34/33,003.74 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原 ...

电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 大股东全额认购定增提振市场信心，高端 变压器和取向硅钢受益于行业景气上行 ——望变电气(603191)公司点评报告 证券研究报告-公司点评报告 增持(首次) 市场数据(2026-02-10) | 收盘价(元) | 22.33 | | --- | --- | | 一年内最高/最低(元) | 23.18/10.60 | | 沪深 300 指数 | 4,724.30 | | 市净率(倍) | 2.97 | | 流通市值(亿元) | 73.70 | 基础数据(2025-09-30) | 每股净资产(元) | 7.52 | | --- | --- | | 每股经营现金流(元) | 0.50 | | 毛利率(%) | 12.51 | | 净资产收益率_摊薄(%) | 3.24 | | 资产负债率(%) | 64.94 | | 总股本/流通股(万股) | 33,235.34/33,003.74 | | B 股/H 股(万股) | 0.00/0.00 | 点评： 本报告版权属于中原证券股份有限公司 w ...

Group 1 - The company Wangbian Electric (603191.SH) disclosed a plan for a private placement of shares to specific investors, namely Yang Zemin or his controlled enterprises, which constitutes a related party transaction [1] - The issuance price is set at 15.39 yuan per share, which is not less than 80% of the average trading price over the last 20 trading days prior to the pricing reference date [1] - The total number of shares to be issued is 19,493,177, accounting for no more than 30% of the total share capital before the issuance [1] Group 2 - The total amount of funds raised from this issuance is 300 million yuan, which will be used to supplement working capital after deducting related issuance costs [2] - The actual controllers of the company before the issuance are Yang Zemin, Qin Huilan, Yang Yao, and Yang Qin, and the issuance will not change the control of the company [2] - Wangbian Electric was listed on the Shanghai Stock Exchange on April 28, 2022, with an initial issuance of 83,291,852 shares at a price of 11.86 yuan per share [2] Group 3 - The total issuance costs amount to 13.3 million yuan, with CITIC Securities receiving 10.6 million yuan as underwriting and sponsorship fees [3] - Shareholders Yang Houqun, Qin Yong, and Yang Xiaolin have announced plans to reduce their holdings, with specific numbers and methods outlined for the share reduction [4][5] - As of the announcement date, Yang Houqun holds 4,459,444 shares (1.34% of total shares), Yang Xiaolin holds 622,200 shares (0.19%), and Qin Yong no longer holds any shares [4] Group 4 - For the third quarter of 2025, the company reported revenue of 892 million yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders was 26.3 million yuan, an increase of 39.01% [5][6] - The net profit after deducting non-recurring gains and losses was 26.97 million yuan, showing a significant increase of 78.69% year-on-year [5][6] - The operating cash flow for the period was 145.9 million yuan, with a year-to-date revenue of 2.73 billion yuan, reflecting a growth of 14.90% [5][6] Group 5 - In the first half of 2025, the company achieved revenue of 786 million yuan, a year-on-year increase of 49.16%, but net profit decreased by 38.93% to 14.5 million yuan [7][8] - The net profit after excluding non-recurring items was 10.64 million yuan, down 50.02% year-on-year [7][8] - For the year 2024, the company reported revenue of 3.35 billion yuan, a growth of 23.32%, but net profit dropped by 72.22% to 65.2 million yuan [9]

Group 1 - The company Wangbian Electric (603191.SH) announced a plan to issue 19.4932 million A-shares at a price of 15.39 yuan per share, aiming to raise a total of 300 million yuan for working capital [1] - The share issuance will have a lock-up period of 36 months, after which the actual controller and their concerted actors will hold 42.98% of the shares [1] - Financial data shows a declining trend in net profit attributable to shareholders, with figures of 298 million yuan, 235 million yuan, and 65 million yuan for the years 2022, 2023, and 2024 respectively [1] Group 2 - Prior to the announcement of the private placement plan, the actual controller's concerted actors completed a share reduction, with significant reductions by family members of the actual controller [2] - As of January 24, 2026, family members had completed their planned share reductions, with total amounts reduced approximately 56.89 million yuan [2] - One family member decided to terminate their original plan to reduce shares after a 0.66% reduction, while others reached their maximum planned reduction limits [2]

Group 1: Company Announcements - Zhenai Meijia (003041.SZ) confirmed it is not involved in artificial intelligence business [1] - Zhongke Information (300678.SZ) participated in preliminary technical exchanges for the Tacheng project but has not signed relevant contracts [1] - Dongtianwei (301183.SZ) plans to establish a global R&D center and manufacturing headquarters in South China [1] - East China Electric (688187.SH) reported a net profit of 4.105 billion yuan for 2025, an increase of 10.88% year-on-year [1] - Jin Di Co., Ltd. (603270.SH) intends to acquire 100% equity of Yuni Precision for 116 million yuan [1] Group 2: Project Investments - Zhenai Meijia (003041.SZ) is not involved in AI business [1] - Dongtianwei (301183.SZ) plans to build a global R&D center and manufacturing headquarters [1] - Huayuan Technology (688239.SH) intends to invest up to 105 million euros in a manufacturing base in Slovakia [1] Group 3: Contracts and Bids - Chuangyuan Technology (000551.SZ) subsidiary pre-won a 94.7672 million yuan project from the State Grid [1] - Dalian Electric Porcelain (002606.SZ) pre-won a 119 million yuan project from the State Grid [1] - Tongda Co., Ltd. (002560.SZ) pre-won a 188 million yuan project from the State Grid [1] Group 4: Share Buybacks and Holdings - Donglai Technology (688129.SH) has cumulatively reduced 1.047 million shares in company buybacks [2] - Hu Silicon Industry (688126.SH) investment fund plans to reduce holdings by no more than 99.1507 million shares [3] - Tian Sheng New Materials (300169.SZ) is under investigation by the Securities Regulatory Commission for suspected information disclosure violations [3]

Core Viewpoint - The company, Wangbian Electric, announced the convening of its 17th meeting of the fourth board of directors on February 6, 2026, to review proposals for a specific stock issuance and the inability to provide a report on the use of previously raised funds [2] Group 1 - The company has approved the proposal for issuing stocks to specific investors [2] - The financial report for the year 2025 is still under audit, preventing the company from providing a report on the use of previously raised funds at this time [2] - The company plans to hold another board and shareholder meeting to review related proposals once the previous fund usage report is completed [2]

Core Viewpoint - Chongqing Wangbian Electric (603191) plans to issue shares to specific investors, raising a total of 300 million yuan to enhance liquidity and support its integrated industrial chain in the power equipment sector [1][2]. Group 1: Share Issuance and Financial Strategy - The company intends to issue 19.4932 million shares at a price of 15.39 yuan per share, primarily to its controlling shareholder, Yang Zemin, or entities controlled by him [1]. - The funds raised will be used to improve the company's liquidity and support its operational expansion [1][2]. - The issuance is expected to enhance the company's asset and net asset scale, optimize capital structure, and reduce financial risks [2]. Group 2: Industry Context and Growth Drivers - The power equipment market is entering a high-growth cycle driven by the transition of energy structures and breakthroughs in renewable energy technologies [2]. - The increasing installation of renewable energy sources like solar and wind power is accelerating the global energy system's shift towards low carbon [2]. - The rapid development of digital technologies, such as artificial intelligence and cloud computing, is creating new demand for high-density computing power equipment [2]. Group 3: Future Plans and Shareholder Returns - Wangbian Electric has announced a dividend policy for the next three years (2026-2028), committing to distribute at least 20% of the annual distributable profits in cash [3]. - The company aims to establish a stable and continuous return mechanism for investors, considering various factors such as operational performance and external financing conditions [3].