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：2025-100 广州白云电器设备股份有限公司 关于首次回购公司股份的公告 2025 年 11 月 25 日，公司通过上海证券交易所交易系统以集中竞价交易方式 首次回购股份 86,500 股，占公司总股本 540,527,955 股的比例为 0.0160%，回购 成交的最高价为 11.60 元/股，最低价为 11.60 元/股，成交总金额为人民币 100.34 万元（不含交易费用）。 本次回购股份符合法律法规的规定及公司回购股份方案的要求。 三、其他事项 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 | ...

Core Viewpoint - Baiyun Electric (603861.SH) has initiated its first share buyback on November 25, 2025, through the Shanghai Stock Exchange, indicating a strategic move to enhance shareholder value [1] Summary by Categories Share Buyback Details - The company repurchased 86,500 shares, which represents 0.0160% of its total share capital of 541 million shares [1] - The highest and lowest transaction price for the buyback was 11.60 CNY per share, with a total transaction amount of 1.0034 million CNY (excluding transaction fees) [1]

广州白云电器设备股份有限公司 第七届董事会第二十四次会议决议公告 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个别及连带责任。 广州白云电器设备股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日 以通讯表决的方式召开第七届董事会第二十四次会议。本次会议通知已于 2025 年 11 月 20 日以邮件、电话等方式送达全体董事。会议应参加表决的董事 9 名， 实际参加表决的董事 9 名。本次会议由董事长胡德兆先生主持，会议的召集、召 开符合《中华人民共和国公司法》和《公司章程》的规定。 本次会议审议并通过了以下议案： 证券代码:603861 证券简称:白云电器 公告编号:2025-099 根据符合《证券法》等规定条件的资产评估机构广东联信资产评估土地房地 产估价有限公司出具的《广州白云电器设备股份有限公司拟办理股权收购事宜所 涉及浙江白云浙变电气设备有限公司股东全部权益价值资产评估报告》（联信（证） 评报字[2025]第 A0739 号），本次评估采用资产基础法对浙变电气的股东全部权 益价值进行评估，截至评估基准日 20 ...

Core Viewpoint - The company has initiated its first share buyback through the Shanghai Stock Exchange, indicating a strategic move to enhance shareholder value and confidence in its stock performance [1] Summary by Categories Share Buyback Details - The company repurchased 86,500 shares, which represents 0.0160% of its total share capital of 541 million shares [1] - The highest and lowest transaction price for the repurchased shares was 11.6 yuan per share [1] - The total amount spent on the buyback was 1,003,400 yuan (excluding transaction fees) [1]

Group 1 - The company, Baiyun Electric (603861.SH), announced plans to acquire a 22.2857% stake in Zhejiang Baiyun Zhebian Electric Equipment Co., Ltd. from minority shareholder Nanjing Shiyuan Electric Technology Co., Ltd. [2] - Following the transaction, the company's ownership in Zhebian Electric will increase from 67.7143% to 90% [2] - The transaction price is set at RMB 28.15 million, based on the assessment results and mutual agreement between the parties [2] Group 2 - The transaction falls within the board's decision-making authority and does not require shareholder approval [2] - This transaction is not classified as a related party transaction and does not constitute a major asset restructuring [2]

Core Viewpoint - The high-voltage index experienced a decline of 2.01%, with most constituent stocks showing a downward trend [1] Group 1: Stock Performance - Jinpan Technology saw a significant drop of 7.68% [1] - Yongfu Co., Ltd. decreased by 5.69% [1] - Baobian Electric fell by 5.15% [1] - Wind范股份 and Baiyun Electric both declined by 3.36% [1]

Core Viewpoint - The urban rail transit DC traction power supply system is a critical infrastructure for providing electrical energy to urban rail vehicles, ensuring efficient and safe operation in cities [1][6]. Market Overview - The global market for urban rail transit DC traction power supply systems is projected to reach approximately 6,240.81 million in 2024, with an expected growth to 9,199.40 million by 2031, reflecting a compound annual growth rate (CAGR) of 5.49% from 2025 to 2031 [3]. Industry Demand Drivers - Urbanization is accelerating globally, leading to increased investment in urban rail transit systems, which drives demand for DC traction power supply systems [10]. - China's urban rail transit construction is expanding rapidly, with 18 new operational lines and 748 kilometers added in 2024, contributing to significant market demand [6]. - The Asia-Pacific region, particularly China, is a key consumer market, with ongoing advancements in technology and international competitiveness in DC traction power supply systems [6]. Key Players - Major global manufacturers in the urban rail transit DC traction power supply system market include CRRC Times Electric, Siemens Mobility, Hitachi Energy, and others [7]. Product Segmentation - The market is primarily divided into three categories: converter products, switchgear products, and others, with converter products accounting for approximately 54.43% of the global market revenue in 2024, valued at 3,396.61 million [9]. Technological Innovations - The release of the group standard for "Active Traction Power Supply Systems" has spurred the development of bidirectional conversion technology and energy quality optimization control technology, enhancing supply efficiency and energy quality [12]. Market Opportunities - The need for upgrading existing rail lines due to aging infrastructure and increasing passenger demand presents new growth opportunities for the DC traction power supply system market [13]. - The international market expansion is being driven by Chinese and German companies leveraging their technological advantages to participate in overseas projects [14]. Policy and Regulatory Environment - Recent policies aim to optimize market access for new industries, including urban rail transit, which may influence the development speed and direction of the industry [20][21].

Group 1 - The A-share market has seen a strong performance in certain smart grid stocks, with notable increases in share prices [1] - Zhongneng Electric has risen over 15%, while Guangdian Electric has hit the 10% daily limit [1] - Wan Sheng Intelligent and Shun Na Co. have both increased by over 6%, and China West Electric and Baiyun Electric have risen by over 5% [1]

Core Insights - The smart grid sector in the A-share market has shown strong performance, with several stocks experiencing significant gains today [1] Company Performance - Zhongneng Electric (300062) increased by 15.76%, with a total market capitalization of 59.39 billion and a year-to-date increase of 81.12% [2] - Jiadian Co., Ltd. (000922) rose by 10.01%, with a market cap of 10.2 billion and a year-to-date increase of 31.70% [2] - Zhejiang Chint Electric (601877) saw a 10% increase, with a market cap of 69.9 billion and a year-to-date increase of 42.84% [2] - Baobian Electric (600550) increased by 9.99%, with a market cap of 20.1 billion and a year-to-date increase of 38.85% [2] - China Western Power (601179) rose by 9.67%, with a market cap of 50 billion and a year-to-date increase of 30.41% [2] - Caneng Electric (920299) increased by 8.43%, with a market cap of 2.433 billion and a year-to-date increase of 179.47% [2] - Shenma Electric (603530) rose by 7.59%, with a market cap of 22.6 billion and a year-to-date increase of 115.95% [2] - Beijing Keri (002350) increased by 7.32%, with a market cap of 4.93 billion and a year-to-date increase of 20.14% [2] - Baiyun Electric (603861) rose by 7.05%, with a market cap of 7.638 billion and a year-to-date increase of 59.40% [2] - TBEA Co., Ltd. (600089) increased by 6.47%, with a market cap of 129.7 billion and a year-to-date increase of 105.62% [2] - Shun Steel (000533) rose by 6.17%, with a market cap of 5.824 billion and a year-to-date increase of 39.11% [2] - Shuangjie Electric (300444) increased by 5.06%, with a market cap of 8.298 billion and a year-to-date increase of 49.93% [2] - Xuji Electric (000400) rose by 4.78%, with a market cap of 30.1 billion and a year-to-date increase of 9.46% [2] - Zhongtian Technology (600522) increased by 4.58%, with a market cap of 59.2 billion and a year-to-date increase of 23.75% [2] - Hangzhou Kelin (688611) rose by 4.33%, with a market cap of 7.209 billion and a year-to-date increase of 97.61% [2] Market Trends - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1]

Core Insights - The electric grid equipment sector opened high today, rising over 11%, with significant contributions from leading stocks, driving the electric grid equipment ETF (159326) up by 2.49% and attracting a net inflow of 195 million in funds, marking nine consecutive days of capital inflow totaling over 800 million [1][3]. Electric Grid Equipment Sector Performance - The electric grid equipment ETF (159326) is the only ETF tracking the China Electric Grid Equipment Theme Index, with a weight of over 60% in ultra-high voltage and over 19% in controllable nuclear fusion [3]. - Key stocks in the smart grid sector include: - Zhongneng Electric (300062): +15.76%, market cap of 5.939 billion, YTD increase of 81.12% - Jiadian Co. (000922): +10.01%, market cap of 10.2 billion, YTD increase of 31.70% - Zhengtai Electric (601877): +10.00%, market cap of 69.9 billion, YTD increase of 42.84% - Baobian Electric (600550): +9.99%, market cap of 20.1 billion, YTD increase of 38.85% - China West Electric (601179): +9.67%, market cap of 50 billion, YTD increase of 30.41% [2]. Market Dynamics - The market perceives that domestic companies are benefiting from cost and technological advantages, leading to a significant increase in orders and export demand over the first nine months, which is expected to enhance both performance and valuation [3]. - There is a structural demand for transmission and transformation equipment, with a consensus on the need for upgrades in the North American grid to support the rising electricity demand driven by AI data centers [2][3].