一、智能化开关设备行业相关概述 智能化开关设备是指集成了现代传感技术、数字处理技术、通信技术和智能控制算法的电力开关装置， 能够实现实时监测、自动诊断、远程操控及自适应保护等功能，从而提升电力系统的可靠性、效率与自 动化水平。该设备具有多维分类体系：在电压等级维度涵盖低压（≤1kV）、中压（1kV-35kV）和高压 （≥110kV）智能开关；在功能维度分为具有保护、监测和通信功能的智能开关；在应用场景维度则包 括配电自动化、新能源并网和工业专用等类型。其核心特征是通过数据交互与决策智能化，实现设备状 态的"感知-分析-执行"闭环。 | | | 智能化开关设备分类 | | | --- | --- | --- | --- | | 分类依据 | 类型 | 主要特点 | 应用场景 | | 按电压等级 | 低压智能开关 | 额定电压≤1kV,集成微型传感器和 通信模块,支持远程控制 | 建筑配电、智能家居 | | | 中压智能开天 | 额定电压1kV 35kV,具备故障定位和 自适应保护功能 | 配电网、工业园区 | | | 高压智能开关 | 额定电压 ≥110kV,支持多参数协同 监测与大数据分析 | 变电站、输电网 ...

轻工制造 行 业 及 产 业 2025 年 07 月 20 日 Q2 出口板块个股业绩分化；内需 整体仍存盈利压力，两轮车、黄金 珠宝表现较好 看好 ——轻工造纸行业 2025 年中报业绩前瞻 本期投资提示： 业 研 究 / 行 业 点 评 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 研究支持 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 (8621)23297818× weiyc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 证 券 研 究 报 告 相关研究 - ⚫ 1）出口：25Q2 业绩存在分化，抗风险突出个股业绩增长稳健。25Q2 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-063 公牛集团股份有限公司 关于 2025 年限制性股票激励计划授予结果的公告 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： 公牛集团股份有限公司（以下简称"公司"）根据中国证券监督管理委员会 《上市公司股权激励管理办法》、上海证券交易所及中国证券登记结算有限责任 公司上海分公司有关业务规则的规定，于 2025 年 7 月 10 日收到中国证券登记结 算有限责任公司上海分公司出具的《过户登记确认书》，完成了公司《2025 年 限制性股票激励计划》（以下简称"本激励计划"、"本次激励计划"）所涉及 的限制性股票的登记工作，现将有关情况公告如下： 一、本次限制性股票授予的具体情况 （一）限制性股票的授予情况 1、已履行的决策程序和信息披露情况 （1）2025 年 4 月 23 日，公司召开第三届董事会第九次会议和第三届监事 会第八次会议，审议通过了《关于 2025 年限制性股票激励计划（草案）及其摘 要的议案》和《关于 2025 年限制性股票激励计 ...

Group 1 - The core announcement is regarding the first unlock period of the 2024 restricted stock incentive plan, with 1,757,512 shares set to be listed for trading on July 16, 2025 [1][6] - The incentive plan was approved in a meeting, and the legal opinion was provided by Shanghai Renying Law Firm, confirming the plan's compliance with regulations [1][6] - A total of 800 incentive participants meet the conditions for the first unlock period, allowing them to apply for the release of their restricted stocks [4][5] Group 2 - The company will distribute a cash dividend of 2.40 yuan per share (including tax) and will increase capital reserves by 0.40 shares per share [2][6] - The total number of restricted shares before the unlock was 9,616,986, which will decrease to 7,859,474 after the unlock, while the unrestricted shares will increase from 1,798,970,702 to 1,800,728,214 [6] - The legal opinion confirms that the conditions for the first unlock period have been met, ensuring the plan's legality and effectiveness [6][7]

证券代码：603195 证券简称：公牛集团 公告编号：2025-062 公牛集团股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,757,512股。 本次股票上市流通总数为1,757,512股。 本次股票上市流通日期为2025 年 7 月 16 日。 一、2024 年限制性股票激励计划批准及实施情况 （一）股权激励计划方案及履行的程序 关于 2024 年限制性股票激励计划 第一个解除限售期解除限售暨上市的公告 3、2024 年 5 月 20 日，公司召开 2023 年年度股东大会，审议通过了《关于 2024 年限制性股票激励计划（草案）及其摘要的议案》和《关于 2024 年限制性股 票激励计划实施考核管理办法的议案》等相关议案。 4、2024 年 6 月 6 日，公司实施了 2023 年年度权益分派方案，以股权登记日 的总股本扣除公司回购专用账户中的股份为基数，向全体股东每股派发现金红利 3.10 元（含税），并以资本公积金每股 ...

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Durable Consumer Goods Index reported 15488.48 points [1] - The CSI 300 Durable Consumer Goods Index has decreased by 1.35% in the past month, increased by 7.09% in the past three months, and has declined by 2.42% year-to-date [1] - The CSI 300 Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Durable Consumer Goods Index holdings show that the Shenzhen Stock Exchange accounts for 80.44% and the Shanghai Stock Exchange accounts for 19.56% [1] - In terms of industry composition within the CSI 300 Durable Consumer Goods Index, white goods account for 85.59%, appliance parts and others account for 8.97%, small appliances account for 4.12%, and furniture accounts for 1.33% [1] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2]

Core Viewpoint - The company has successfully completed the conditions for the 2025 Restricted Stock Incentive Plan, with the granting of restricted stocks to eligible participants confirmed on June 9, 2025 [1] Group 1: Incentive Plan Details - The company held meetings on June 9, 2025, to approve adjustments to the list of incentive recipients, the number of shares granted, and the grant price [1] - A total of 432,250 shares of restricted stock will be granted to 667 eligible participants [1] - The plan is part of the company's strategy to incentivize and retain key personnel [1] Group 2: Payment and Stock Allocation - As of June 20, 2025, 644 participants completed the payment for the restricted stock, totaling RMB 98,776,272 [2] - 23 participants voluntarily forfeited a total of 179,200 shares due to personal reasons [2] - The total number of restricted stocks granted to the remaining participants is 4,143,300 shares, sourced from the company's repurchased A-shares [2] Group 3: Share Capital Structure - Before the stock grant, the company had 5,473,686 restricted shares and 1,803,114,002 unrestricted shares, totaling 1,808,587,688 shares [3] - After the grant, the number of restricted shares will increase to 9,616,986, while unrestricted shares will decrease to 1,798,970,702 [3] - The final share capital structure will be confirmed after the completion of the registration process with the China Securities Depository and Clearing Corporation [3]

证券代码：603195 证券简称：公牛集团 公告编号：2025-061 本次授予 644 名激励对象限制性股票共计 414.33 万股，股份来源为公司从 二级市场回购的本公司 A 股普通股。经公司与上海证券交易所和中国证券登记结 算有限责任公司上海分公司确认，上述用于本次激励计划限制性股票授予的 414.33 万股回购股份将由无限售条件流通股变更为有限售条件流通股。 本次变更前后，公司的股本结构如下： 单位：股 | 股份类别 | 本次变动前股数 | 本次变动股数 | 本次变动后股数 | | --- | --- | --- | --- | | 有限售条件股份 | 5,473,686 | 4,143,300 | 9,616,986 | | 无限售条件股份 | 1,803,114,002 | -4,143,300 | 1,798,970,702 | | 总计 | 1,808,587,688 | 0 | 1,808,587,688 | 公牛集团股份有限公司 关于股份性质变更暨 2025 年限制性股票激励计划 权益授予的进展公告 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 ...

Core Viewpoint - The company has implemented a special talent stock ownership plan for 2025, which was approved by the board and shareholders, aiming to enhance employee engagement and retention through equity participation [1][2]. Group 1: Special Talent Stock Ownership Plan - The company held meetings on April 23, 2025, and May 15, 2025, to approve the special talent stock ownership plan and its management measures [1]. - The plan allows for the purchase of company shares at an adjusted price of 49.39 yuan per share, down from 71.54 yuan per share, while maintaining a funding scale of 53 million yuan [2]. - The number of shares involved in the plan has been adjusted from approximately 740,800 shares to about 1,073,100 shares [2]. Group 2: Participation and Funding - A total of 29 employees participated in the initial grant of the stock ownership plan, contributing a total of 35,676,767.90 yuan, which corresponds to 722,348 shares [2]. - The shares were sourced from the company's repurchased stock held in a dedicated account [2][3]. Group 3: Plan Duration and Unlocking Mechanism - The duration of the stock ownership plan is set for 60 months, with a minimum holding period of 12 months from the date of transfer [3]. - The unlocking of shares will occur in three phases: 40% after 12 months, 30% after 24 months, and the remaining 30% thereafter, subject to performance requirements [3].

证券代码：603195 证券简称：公牛集团 公告编号：2025-060 公牛集团股份有限公司 关于 2025 年特别人才持股计划首次授予部分 完成非交易过户的公告 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、准确性和完整性依法承担法律责任。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》的要求，现将本次持 股计划的实施进展情况公告如下： 根据参与对象实际认购和最终缴款的审验结果，公司 2025 年特别人才持股 计划参与认购首次授予部分份额的员工为 29 人（不含预留份额人数），认购份额 为 35,676,767.90 份，缴纳的认购资金为 35,676,767.90 元，认购份额对应股份 数量为 722,348 股，股票来源为公司回购专用证券账户回购的公司 A 股普通股股 票。 2025 年 7 月 2 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，公司回购专用证券账户中所持有的 722,348 股公司股票已于 2025 年 7 月 1 日以非交易过 ...