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 ...

昨日基金共对17家公司进行调研，扎堆调研南亚新材、望变电气、农产品等。 证券时报 数据宝统计，11月18日共31家公司被机构调研，按调研机构类型看，基金参与17家公司的调 研活动。南亚新材最受关注，参与调研的基金达10家；望变电气、农产品等分别获7家、4家基金集体调 研。 基金参与调研的公司中，按所属板块统计，深市主板公司有6家，创业板公司有9家，沪市主板公司有1 家，科创板公司有1家。所属行业来看，基金调研的公司共涉及10个行业，所属电子、汽车等行业个股 最多，均有3只个股上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有1家，总市值不足100亿元的有8家，分 别是实丰文化、国安达、望变电气等。 市场表现上，基金调研股中，近5日上涨的有6只，涨幅居前的有农产品、国安达、实丰文化等，涨幅为 13.84%、6.81%、6.16%；下跌的有11只，跌幅居前的有望变电气、新恒汇、湖南裕能等，跌幅为 7.19%、6.27%、6.01%。 数据宝统计，基金参与调研股中，近5日资金净流入的有5只，华兰股份近5日净流入资金3275.56万元， 主力资金净流入最多；净流入资金较多的还有农产品、实丰文化等，净 ...

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]

Core Viewpoint - The power grid equipment sector is experiencing a significant surge, with nearly 20 stocks, including Shuangjie Electric, Jinguang Electric, Sanbian Technology, Solar Cable, and Wangbian Electric, hitting the daily limit up [1] Group 1 - The power grid equipment sector is witnessing a continuous rise in stock prices [1] - Notable companies in this surge include Shuangjie Electric, Jinguang Electric, Sanbian Technology, Solar Cable, and Wangbian Electric [1] - The trend indicates strong market interest and potential investment opportunities within the sector [1]

Core Insights - The stock of Wangbian Electric increased by 0.54% on November 4, with a trading volume of 338 million yuan [1] - The company reported a net financing purchase of 5.76 million yuan on the same day, with a total financing and securities balance of 350 million yuan [1][2] - For the first nine months of 2025, Wangbian Electric achieved a revenue of 2.728 billion yuan, representing a year-on-year growth of 14.90%, and a net profit of 80.9321 million yuan, up 50.68% year-on-year [2] Financing and Securities - On November 4, Wangbian Electric had a financing purchase of 44.4691 million yuan, with a current financing balance of 350 million yuan, accounting for 6.28% of the circulating market value [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of financing activity [1] - No shares were sold or repaid in the securities lending market on November 4, with a remaining securities lending balance of 1690 yuan, also above the 90th percentile level for the past year [1] Shareholder Information - As of September 30, the number of shareholders for Wangbian Electric was 27,000, a decrease of 3.03% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.13% to 12,226 shares [2] Dividend Information - Since its A-share listing, Wangbian Electric has distributed a total of 126 million yuan in dividends [3]