证券代码：603530 证券简称：神马电力 公告编号：2026-013 江苏神马电力股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 同意公司以自有资金或自筹资金（含股票回购专项贷款资金等）在上海证券 交易所交易系统以集中竞价交易方式回购公司部分股份，回购的股份拟全部用于 公司股权激励及/或员工持股计划。回购股份的资金总额不低于人民币 30,000 万元 （含），不高于人民币 40,000 万元（含），回购价格不超过人民币 38 元/股（含）， 回购期限为自公司董事会审议通过本次回购股份方案之日起 12 个月内，同时授权 公司管理层全权办理本次回购股份的相关事项。具体内容详见公司分别于 2025 年 7 月 30 日、2025 年 8 月 8 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于以集中竞价交易方式回购股份的预案》（公告编号：2025-057）、《关于以集中竞 1 价交易方式回购公司股份的回购报告书》（2025-063）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司应当在每个月的前三 ...

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].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The report highlights the exacerbation of the "AI electricity shortage" in North America, leading to significant opportunities for Chinese power equipment companies to expand internationally. The approval of $75 billion in grid construction projects by regional grid operators and commitments from seven major tech giants to self-supply power are expected to substantially increase the demand for transformers and other power equipment. Meanwhile, domestic production capacity in North America is limited, with suppliers' production schedules extending up to two years, reinforcing the positive outlook for Chinese companies [2][3][7]. Summary by Sections Industry Overview - The report discusses the anticipated surge in electricity demand driven by AI data centers, with projections indicating that by 2035, the electricity consumption of data centers in the U.S. will rise from 3.5% in 2024 to 8.6% of total national electricity consumption, marking the fastest growth among all sectors [7]. Investment Recommendations - The report recommends focusing on Chinese power equipment companies that are well-positioned to benefit from the North American market's expansion. Specific companies mentioned include: - Suyuan Electric (002028, not rated) - Jinpan Technology (688676, not rated) - Igor (002922, not rated) - Anke Intelligent Electric (300617, not rated) - Shima Power (603530, not rated) - Huaming Equipment (002270, not rated) [3]. Market Dynamics - The report notes that the approval of $75 billion in transmission expansion projects by U.S. regional grid operators is a critical driver for increased demand for power equipment. The projects include the construction of 765 kV ultra-high voltage lines, expanding the total mileage to 10,000 miles, which is four times the current mileage [7].

证券代码：603530 证券简称：神马电力 公告编号：2026-012 江苏神马电力股份有限公司 关于控股股东部分股份质押的公告 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： ● 江苏神马电力股份有限公司（以下简称"公司"）控股股东上海神马电力 控股有限公司（以下简称"神马控股"）持有公司股份 27,000 万股，占公司总股 本的 62.55%；本次部分股份质押后，其累计质押的股份数为 4,018 万股，占其持 股总额的 14.88%，占公司总股本的 9.31%。 ● 公司控股股东上海神马电力控股有限公司（以下简称"神马控股"）及其 一致行动人陈小琴女士共计持有公司股份 33,738.53 万股，占公司总股本的 78.16%；本次质押后，累计质押股份为 4,018 万股，占其持股总额的 11.91%， 占公司总股本的 9.31%。 一、本次股份质押情况 公司于近日接到控股股东上海神马电力控股有限公司的通知，获悉其所持有 的本公司部分股份被质押，具体事项如下： | 本次 | 占公司 | 是否 | 股 | 占其所 ...

Core Viewpoint - The United States has initiated the construction of 765kV ultra-high voltage transmission lines to alleviate congestion in existing infrastructure and enhance grid reliability and long-term system stability [2]. Group 1: Infrastructure Development - The 765kV is the highest transmission voltage level in the U.S., with major lines primarily located in the Eastern Interconnection, covering approximately 2,000 miles. By the end of 2025, Texas, the Mid-Atlantic, and the Midwest grid operators have been approved for a total of about $75 billion in transmission expansion projects, with the 765kV lines being a key focus, expected to extend to 10,000 miles [2]. - The introduction of competitive bidding and other models is aimed at accelerating grid construction due to the increasing electricity demand from AI data centers and the manufacturing sector, which has led to a growing conflict between electricity demand and aging grid infrastructure [3]. Group 2: Opportunities for Chinese Companies - The U.S. power system is entering a new investment cycle not seen since the 1970s, coupled with increased electricity demand from the AI industry, making it difficult to complete grid construction in the short term. Currently, overseas high-voltage equipment companies have the longest lead times for high-voltage transformers extending to 2030, and the supply-demand situation for high-voltage switches and insulators will also tighten further, with 765kV ultra-high voltage capacity being particularly scarce [4]. - Demand for high-voltage and ultra-high-voltage equipment may spill over to companies in Japan, South Korea, and China, as overseas high-voltage equipment verification cycles are longer, typically taking 5-10 years. Companies with established product layouts and good reputations are expected to seize opportunities [4]. Group 3: Recommended Companies - Companies that have gained a foothold in overseas markets and are entering the localization phase in the end market, or those deeply integrated into the supply chains of large overseas enterprises, are recommended. Notable mentions include Si Yuan Electric (002028), Shenma Electric (603530), Jinpan Technology (688676), and Igor (002922), with additional attention to Tebian Electric (600089), China XD Electric (601179), Pinggao Electric (600312), Anke Intelligent Electric (300617), Baiyun Electric (603861), Huaming Equipment (002270), and Changgao Electric (002452) [5].

证券代码：603530 证券简称：神马电力 公告编号：2026-011 江苏神马电力股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 价交易方式回购公司股份的回购报告书》（2025-063）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司应当在每个月的前三个交易日内，公告截至 上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2026 年 2 月 28 日，公司通过集中竞价交易方式已累计回购公司股份 7,977,424 股，占公司总股本 431,684,575 股的比例为 1.8480%，成交最低价为 28.36 元/股，成交最高价为 31.98 元/股，已支付的资金总金额为人民币 236,666,368.07 元（不含印花税、交易佣金等交易费用）。 上述回购进展符合法律法规的有关规定和公司回购股份方案的要求。 三、 其他事项 | 回购方案首次披露日 | ...

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Siyuan Electric, Shenma Power, Jinpan Technology, and Igor [2]. Core Insights - The U.S. has initiated the construction of a 765kV ultra-high voltage transmission network, which aims to enhance grid reliability and long-term system stability. This expansion plan involves a total investment of approximately $75 billion, focusing on alleviating congestion in existing infrastructure and integrating new power generation resources into the grid [6][7]. - The introduction of competitive bidding and other models is expected to accelerate grid construction, addressing the growing electricity demand driven by AI data centers and manufacturing sector recovery [6]. - The Chinese high-voltage transmission and transformation equipment industry may have opportunities due to the new investment cycle in the U.S. power system, which is expected to face supply constraints in high-voltage equipment [6]. - Companies with established reputations and product lines in high-voltage equipment are likely to benefit from this demand overflow, particularly those with a strong presence in overseas markets [6]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 784.35 billion and a circulating market value of 686.41 billion [3]. - The absolute performance of the industry has shown significant growth, with a 58.7% increase over 12 months [5]. Company Summaries - **Siyuan Electric**: A leading player in high-voltage equipment with a comprehensive product line, expected to benefit from the demand for high-voltage equipment in the U.S. market [15]. - **Shenma Power**: A leader in composite insulators and new insulation materials, with a strong overseas presence and high market share in domestic ultra-high voltage substations [16]. - **Jinpan Technology**: Established in the U.S. market with strong brand recognition in dry-type transformers, actively expanding overseas [17]. - **Igor**: Holds a significant market share in renewable energy transformers in the U.S., with potential for growth in overseas markets [18]. - **Ankao Smart Electric**: Recently secured orders for data center transformers in the U.S., marking a breakthrough in its overseas expansion [20]. - **Baiyun Electric**: Has a diverse product range in the power equipment sector and is focusing on expanding into international markets [21]. - Other companies to watch include TBEA, China XD Electric, Pinggao Electric, and Changgao Electric [22].

Summary of Conference Call Notes Company and Industry Involved - **Company**: Shenneng Electric (神马电力) - **Industry**: High Voltage Transmission and Composite Insulation Materials Core Points and Arguments 1. **U.S. Power Grid Expansion**: The U.S. has approved a total of $75 billion for transmission expansion projects, focusing on the construction of 765 kV ultra-high voltage lines due to increased electricity demand from data centers and aging power grids [1] 2. **High Voltage Insulation Demand**: The ultra-high voltage transmission requires high safety and insulation standards, while local high voltage production in Europe and the U.S. is significantly hollowed out, creating substantial opportunities for domestic companies with top-tier technology [1] 3. **Shenneng Electric's Unique Position**: As a global leader in composite external insulation, Shenneng Electric's innovative ultra-high voltage composite insulators can significantly reduce construction costs and offer over 30 years of maintenance-free operation, aligning with U.S. needs for cost reduction and efficiency [2] 4. **Market Penetration**: Shenneng Electric is one of the few domestic companies capable of entering the U.S. high voltage transmission supply chain at scale, currently providing services for MISO's 765 kV transmission line and engaging with several power companies [2] 5. **Dual Growth Drivers**: The company is positioned to benefit from both global grid upgrades and increased penetration of new composite insulation products, with expectations of high-margin long-term overseas orders due to its strategic positioning in North America [2] 6. **Profit Forecast**: Projected net profits for Shenneng Electric are expected to reach 570 million yuan and 780 million yuan in 2026 and 2027, respectively, with corresponding price-to-earnings ratios of 46x and 34x [2] Other Important but Possibly Overlooked Content 1. **Operational Challenges**: The core pain points in ultra-high voltage transmission include insulation flashover prevention and high operational maintenance costs [1] 2. **Investment Recommendation**: Given the company's unique position in the U.S. high voltage transmission sector and its high growth potential, it is recommended as a key investment opportunity [3]

证券代码：605169 证券简称：神马电力 公告编号：2026-010 江苏神马电力股份有限公司 股票交易异常波动公告 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： 江苏神马电力股份有限公司（以下简称"公司"）股票于 2026 年 2 月 25 日、2 月 26 日、2 月 27 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%。 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 经公司自查，并向公司控股股东及实际控制人核实，截至本公告披露日， 不存在应披露而未披露的重大信息。公司提醒广大投资者充分了解二级市场交易 风险，审慎决策，理性投资。 一、股票交易（异常）波动的具体情况 公司股票于 2026 年 2 月 25 日、2 月 26 日、2 月 27 日连续三个交易日内日 收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动正常，内外部经营环境未发生 ...

Core Viewpoint - The company, Shenma Electric Power, has issued a notice regarding unusual stock price movements, with a cumulative increase of over 20% in closing prices over three consecutive trading days from February 25 to February 27, 2026 [1] Group 1: Company Operations - The company primarily engages in the research, development, production, and sales of composite external insulation for power system substations, composite external insulation for transmission and distribution lines, and rubber sealing components [1] - There have been no significant changes in the company's main business or operational activities [1] - The company's production and operational activities are functioning normally, with no changes in the internal production order [1] Group 2: Market Environment - The fundamental business conditions and main business structure of the company have not undergone significant changes [1] - The internal and external operating environment remains stable without any notable changes [1]