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 | 2025/8/1，由董事长胡德兆先生提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 日 2025 1 7 | 8 | 日~2026 | 年 | 月 | 31 | | 预计回购金额 | 1,000万元~2,000万元 | | | | | | | 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 | 37.15万股 | | | | | | | 累计已回购股数占总股本比例 | 0.0687% | | | | | | | 累计已回购金额 | 506.70万元 | | | | | | | 实际回购价格区间 | 11.60元/股~15.15元/股 | | | | | | 一、回购股 ...

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].

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].

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].

证券代码：603861 证券简称：白云电器 公告编号：2026-013 广州白云电器设备股份有限公司 关于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 | 2025/8/1，由董事长胡德兆先生提议 | | --- | --- | | 回购方案实施期限 | 自公司董事会首次审议通过本次回购方案之日起 | | | 12 个月内 | | 预计回购金额 | 1,000万元~2,000万元 | | 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 | 17.15万股 | | 累计已回购股数占总股本比例 | 0.0317% | | 累计已回购金额 | 203.73万元 | | 实际回购价格区间 | 11.60元/股~12.17元/股 | 一、回购股份的基本情况 2025 年 8 月 1 日，公司召开第七届董事会第十九次会议、第七届监事会第十 七次会议，审议通过《关于回 ...

Market Overview - A-shares experienced a significant opening, driven by multiple favorable factors, with the Shanghai Composite Index rising by 0.87%, the Shenzhen Component Index by 1.36%, and the ChiNext Index by 0.99% [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.2 trillion yuan, an increase of 219.4 billion yuan compared to the previous trading day [1] Domestic Factors - Domestic liquidity remains reasonably ample, with effective reverse repurchase operations before the holiday stabilizing the market's funding situation [2] - Post-holiday, there is an increased willingness for capital to flow back into the market, providing support for upward movement [2] Economic and Policy Environment - The macroeconomic environment is steadily recovering, and ongoing industrial policies are boosting market risk appetite, leading to optimistic expectations for capital market performance in the Year of the Horse [3] Sector Performance - **Cyclical Stocks**: The oil and gas, non-ferrous metals, and chemical sectors saw significant gains, with the oil and gas sector leading the way [4] - **Computing Power Industry Chain**: Sectors such as optical modules, optical fibers, and PCB showed active performance, with several stocks hitting the limit up [5] - **Power Infrastructure Industry Chain**: The electric grid equipment sector experienced upward movement, with multiple stocks reaching the limit up [6] Key Sectors - **Oil and Gas Stocks**: The oil and gas sector led the market, with stocks like Tongyuan Petroleum and Zhongyou Engineering seeing substantial gains [7] - **Precious Metals**: The precious metals sector rose, with stocks such as Hunan Silver and Sichuan Gold hitting the limit up [9] - **Phosphate Chemical Sector**: The phosphate chemical sector expanded its gains, with several stocks reaching the limit up [11] - **Storage Chip Concept**: The storage chip sector saw fluctuations but ultimately rose, with stocks like Taiji Industry and Shikong Technology hitting the limit up [13] - **Electric Grid Equipment**: The electric grid equipment sector continued to strengthen, with stocks like Baiyun Electric and Baobian Electric reaching the limit up [15] Institutional Insights - **Xingye Securities**: A-shares are expected to enter a high-probability window post-holiday, with a positive outlook for a new upward trend [17] - **Dongwu Securities**: Historical "Spring Festival effect" suggests that post-holiday funds may revive, leading to a positive market opening [19] - **Huaxi Securities**: The "red envelope market" is anticipated post-holiday, driven by various factors including external uncertainties and strong performance in technology sectors [20] - **Guotou Securities**: The likelihood of a resurgence in technology sectors post-holiday has increased, supported by favorable external conditions and domestic catalysts [21]

Core Viewpoint - Baiyun Electric (603861) has experienced significant stock price volatility, with a recent stock price of 16.60 yuan and a total market capitalization of 8.973 billion yuan, following a peak of 20.1 yuan on February 3, 2026 [1] Group 1: Stock Performance - The stock price deviated by over 20% cumulatively on January 30 and February 2, 2026, leading to its appearance on the trading anomaly list [1] - The rolling price-to-earnings ratio stands at 40.68, above the average for the power equipment industry, while the price-to-book ratio is 2.25 [1] Group 2: Share Buyback - As of January 31, 2026, the company has repurchased 171,500 shares, with a total expenditure of 2.0373 million yuan, aimed at employee stock ownership plans or equity incentives [1] Group 3: Corporate Governance - On February 12, 2026, Baiyun Electric held its second extraordinary shareholders' meeting, approving the increase of board seats from 9 to 11, changing the legal representative from the chairman to the general manager, and amending the company’s articles of association [2] - The first meeting of the eighth board was held on the same day, electing Hu Deliang as chairman and appointing Hu Mingsong as general manager and legal representative, completing the senior management team adjustment [2] Group 4: Institutional Perspectives - Market attention towards Baiyun Electric is generally neutral, with institutional ratings being neutral and no clear bullish or bearish sentiment [3] - Profit forecasts indicate a projected net profit growth of 21.75% for 2025 and 27.20% for 2026, with steady revenue expansion expected [3]

Core Viewpoint - The company held its first board meeting of the eighth session on February 12, 2026, where key decisions regarding the election of board members and management personnel were made [1][2][7]. Group 1: Board Elections - The board unanimously elected Mr. Hu Deliang as the chairman of the eighth board, with his term aligning with that of the board [2]. - The board established four specialized committees: Strategic Development Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee, with members elected for each committee [4][5]. Group 2: Management Appointments - Mr. Hu Mingcong was appointed as the general manager and legal representative of the company, while Ms. Cheng Yiying was appointed as the board secretary [8]. - Additional appointments included four vice general managers: Mr. Wang Weibin, Mr. Ye Tao, Mr. Zeng Binhua, and Mr. Li Lunqiang, along with Ms. Wen Zhonghua as the vice general manager and financial officer [8][10]. Group 3: Securities Affairs - Mr. Lin Luojie was appointed as the securities affairs representative, assisting the board secretary in related duties [11][12].

证券代码:603861 证券简称:白云电器 公告编号:2026-011 广州白云电器设备股份有限公司 关于选举职工董事的公告 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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《广州白云 电器设备股份有限公司章程》（以下简称"《公司章程》"）等有关规定，广州 白云电器设备股份有限公司（以下简称"公司"）于 2026 年 2 月 6 日召开职工 代表大会，选举邝焯杜先生（简历见附件）为公司第八届董事会职工董事，与公 司 2026 年第二次临时股东会选举产生的 10 名董事共同组成公司第八届董事会， 任期三年，与第八届董事会任期一致。 邝焯杜先生符合《公司法》和《公司章程》有关董事任职的资格和条件。本 次选举职工董事工作完成后，公司第八届董事会中兼任公司高级管理人员以及由 职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合有关法律法 规和规范性文件及《公司章程》的规定。 特此公告。 广州白云电器设备股份有限公司董事会 2026 年 2 月 13 日 附件：第八届 ...

广州白云电器设备股份有限公司 2026年第二次临时股东会决议公告 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。 证券代码：603861 证券简称：白云电器 公告编号：2026-010 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 245 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 301,826,404 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 55.8391 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长胡德兆先生主持会议。会议采用现 场投票和网络投票相结合的表决方式进行表决。本次股东大会的召开和表决方式 (一) 股东会召开的时间：2026 年 2 月 12 日 (二) 股东会召开的地点：广东省广州市白云区大岭南路 18 号广州白云电器设 备股份有限公司 404 会议室 (三) 出席会议的普通股 ...