Investment Rating - The report maintains a strong buy rating for several key companies in the power equipment sector, including Guodian Nanrui, Siyuan Electric, and TBEA, while recommending an increase in holdings for others like Sifang Co. and China XD Electric [2][3]. Core Insights - The State Grid's planned investment of 4 trillion yuan during the 14th Five-Year Plan period represents a 40% increase compared to the previous plan, with an expected compound annual growth rate (CAGR) of 7% [1][9]. - The focus of this investment will be on green transformation, ultra-high voltage, distribution networks, energy storage, and digitalization, which is expected to significantly support the performance of related companies [1][9]. - The report highlights the increasing pressure on power consumption and the need for a new power system, emphasizing ultra-high voltage and energy storage as critical solutions to address this challenge [1][13][21]. Industry Overview - The total number of listed companies in the power equipment sector is 308, with a total market capitalization of 7,728.9 billion yuan [3]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 63.1% increase over 12 months [5]. Key Company Analysis - Guodian Nanrui is recognized as a leader in secondary equipment with strong technology barriers and stable operations, expected to see significant growth in high-voltage and system stability businesses [26]. - Siyuan Electric has established a comprehensive product system and service network in overseas markets, with a notable increase in overseas revenue [26]. - China XD Electric benefits from increased capital expenditure in domestic main networks and ultra-high voltage projects, with a growing presence in international markets [27]. - TBEA is experiencing rapid growth in orders, particularly in the Middle East and Europe, and is expected to benefit from ongoing power construction projects [28]. - Other notable companies include XJ Electric, Pinggao Electric, and Igor, each with unique strengths and growth prospects in the evolving power equipment landscape [29][30][31].

证券代码：603530 证券简称：神马电力 公告编号：2026-005 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： | 回购方案首次披露日 | 2025/7/30，由董事会提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 7 7 | 30 | 日~2026 | 年 | 日 29 | | 预计回购金额 | 30,000万元~40,000万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 7,977,424股 | | | | | | 累计已回购股数占总股本比例 | 1.8480% | | | | | | 累计已回购金额 | 23,666.64万元 | | | | | | 实际回购价格区 ...

Group 1 - Aerospace Power's main business does not involve commercial aerospace, nor does it have any commercial aerospace-related assets for external investment [1] - Daye Co., Ltd.'s robotic tendon products are still in the exploratory testing phase and have not yet achieved mass production [1] Group 2 - Zhongyan Chemical plans to invest 83.9692 million yuan to expand its production capacity to 10,000 tons of metallic sodium and 15,500 tons of liquid nitrogen annually [1] - Huakang Clean has won the bid for the construction of the laboratory process project (Phase I, first opening area) in Dalian Yinggeshi Science City [1] Group 3 - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion yuan [1] - Green Island Wind's actual controller's concerted actors plan to reduce their holdings by no more than 1% of shares [1] Group 4 - Guangku Technology expects a year-on-year net profit increase of 152.00% to 172.00% in 2025 [1] - Zhaoli Technology is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [1]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Vietnam to enhance its overseas business development and supply chain system, focusing on the production of digital factory products related to power transmission and distribution equipment [1][2] Group 1: Investment and Project Details - The company will invest in the establishment of a new company in Vietnam, named Shemar Power Vietnam LLC, to implement the construction of a digital factory for new materials in the power grid [1] - The first phase of the project will have a total investment of no more than 122 million RMB, which will cover the registered capital, factory/land leasing, equipment investment, and supporting facilities [1] - The second phase of the project is still in the preliminary planning stage, with further disclosures to be made according to regulatory requirements [1] Group 2: Strategic Importance - The establishment of the Vietnam company and production base is a significant move to expand overseas capacity for power transmission and distribution equipment [2] - The project aims to leverage Vietnam's geographical and developmental advantages to better respond to changes in the macro environment and international trade patterns [2] - This initiative will help meet the increasing demand for supply chain security from overseas customers and enhance the company's ability to cope with tariff adjustments and trade barrier risks, thereby aiding in capturing a larger share of the overseas market [2]

证券代码：603530 证券简称：神马电力 公告编号：2026-001 江苏神马电力股份有限公司 表决结果：同意 9 票、反对 0 票、弃权 0 票。 同意公司通过新加坡全资子公司 SHEMAR POWER PTE. LTD.在越南投资 设立神马电力越南有限责任公司，并由其作为实施主体投资建设神马电力越南电 网新材料产品数字化工厂建设项目，主要生产变电设备外绝缘、输配电线路复合 外绝缘等相关产品。 第五届董事会第三十四次会议决议公告 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。 一、董事会会议召开情况 2025 年 12 月 31 日，江苏神马电力股份有限公司（以下简称"公司"）第五 届董事会第三十四次会议在公司行政楼会议室以现场和通讯表决方式召开。本次 会议的会议通知和材料于 2025 年 12 月 28 日通过电子邮件、现场送达等方式送 达所有参会人员。本次会议应到董事 9 人，实到董事 9 人，董事长金书渊先生主 持本次会议，公司高级管理人员列席会议。 本次会议的召集、召开、表决程序符合《公司法》和《公司章程》等相关法 ...

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Vietnam to enhance its overseas business and supply chain, focusing on digital factory construction for power grid materials [1] Group 1: Investment and Expansion - The company will invest in the establishment of Shemar Power Vietnam LLC to support its international market strategy and deepen cooperation with global clients [1] - The first phase of the project will have a total investment of no more than 122 million RMB, which will cover registered capital, land leasing, equipment investment, and supporting facilities [1] Group 2: Project Implementation - The project will be implemented in two phases, with the second phase still in the planning stage [1] - The company will fulfill its information disclosure obligations according to regulatory requirements based on actual circumstances [1]

华泰联合证券有限责任公司关于 江苏神马电力股份有限公司 调整部分募投项目投资建设进度的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为江苏神马电力股份有限公司（以下简称"神马电力"或"公司"）2020 年非公 开发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律法规和规范性文件的规定，对公司关于调整部分募投项目投资建设进 度的事项进行了认真、审慎的核查，并发表意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准江苏神马电力股份有限公司非公开发 行股票的批复》（证监许可[2021]346 号），公司非公开发行 32,218,837 股，每 股发行价格为人民币 13.16 元，共计募集资金人民币 423,999,894.92 元，扣除相 关发行费用 5,716,837.75 元（不含税）后，非公开发行实际募集资金净额为人民 币 418,283,057.17 元。 二、2020 年 A 股非公开发行募集资金投资项目情况 上述募集资金已于 2021 年 8 月 17 ...

证券代码：603530 证券简称：神马电力 公告编号：2026-003 江苏神马电力股份有限公司 关于当值总经理变更的公告 特此公告。 江苏神马电力股份有限公司董事会 2026 年 1 月 1 日 1 简历： 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。 基于公司全球化业务发展的需要，为保证公司高效、高质量经营，提升公司 治理水平，公司于 2024 年 12 月 20 日召开第五届董事会第二十一次会议，审议 通过了《关于聘任公司轮值总经理的议案》。经公司董事长提名，并经公司董事 会提名委员会通过，公司董事会同意聘任张文斌先生、张鑫鑫先生、吴晶女士为 公司轮值总经理，三人作为轮值小组成员通过集体决策机制共同履行总经理职责。 首任当值总经理为张文斌先生，当值期间自董事会审议通过之日起至 2025 年 12 月 31 日止。具体内容详见公司于 2024 年 12 月 21 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于高级管理人员变更暨聘任轮值总经理、副总经 理的公告》（公告编号：2024-142）。 张文斌 ...

证券代码：603530 证券简称：神马电力 公告编号：2026-004 上述募集资金已于 2021 年 8 月 17 日全部到位，普华永道中天会计师事务所 （特殊普通合伙）对前述事项进行了审验，并出具了普华永道中天验字（2021） 第 0823 号《验资报告》。公司对募集资金进行了专户存储管理，具体情况详见公 1 江苏神马电力股份有限公司 关于调整部分募投项目投资建设进度的公告 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个别及连带责任。 重要内容提示： ● 本次拟调整投资建设进度的募投项目：拟将"输变电复合外绝缘产品改 扩建项目（一期）""变电设备外绝缘部件数字化工厂建设项目"达到预定可使用 状态日期均由"2025 年 12 月 31 日"调整为"2026 年 6 月 30 日"。 江苏神马电力股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召开 第五届董事会第三十四次会议，审议通过《关于调整部分募投项目投资建设进度 的议案》，同意公司将"输变电复合外绝缘产品改扩建项目（一期）""变电设备 外绝缘部件数字化工厂建 ...

江苏神马电力股份有限公司 关于新设越南公司投资建设神马电力越南电网新材 料产品数字化工厂建设项目（一期）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： 投资标的名称 1、神马电力越南有限责任公司（暂定名，最终以实际注册登记为准，以下 简称"越南公司"） 2、神马电力越南电网新材料产品数字化工厂建设项目（以下简称"本项目"） 证券代码：603530 证券简称：神马电力 公告编号：2026-002 交易实施尚需履行的审批及其他相关程序 公司于 2025 年 12 月 31 日召开第五届董事会第三十四次会议审议通过了《关 于公司对外投资暨设立境外越南公司的议案》。根据《公司章程》《对外投资管理 制度》等规定，本次投资事项在董事会权限范围内，无须提交股东会审议，但需 经过境外投资主管等相关政府部门的备案和审批后方可实施。 风险提示 1 1、本次对外投资事项尚需获得境外投资主管机关、商务主管部门、外汇管 理机关等相关政府机关的备案或审批，能否取得相关的备案或审批，以及最终取 得备案或审批时间存在不确定性的风险。 ...