Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," aiming to establish a unified electricity market by 2030, with market transactions accounting for about 70% of total electricity consumption [4][40] - The report highlights the performance of the power equipment sector, which has seen a year-to-date increase of 9.76%, outperforming the CSI 300 index by 7.82 percentage points [11][14] - The report emphasizes the importance of new operational entities like virtual power plants and smart microgrids in participating flexibly in the electricity market [45] Summary by Sections Market Review - As of February 12, 2026, the power equipment sector rose by 4.97% over the past two weeks, ranking third among 31 sectors [11] - The wind power equipment sector decreased by 3.07%, while the photovoltaic equipment sector increased by 3.93% [18][20] Valuation and Industry Data - As of February 12, 2026, the price-to-earnings (PE) ratio for the power equipment sector is 36.66 times, with sub-sectors like the battery sector at 33.19 times and the photovoltaic sector at 34.99 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to their historical averages [25] Industry News - The report discusses the significant growth in renewable energy installations, with a total installed capacity of 2.34 billion kilowatts by the end of 2025, accounting for 60% of the national power generation capacity [40] - It also notes the government's focus on upgrading traditional industries and promoting new energy sectors, including hydrogen energy [40] Company Announcements - The report includes recent announcements from companies in the sector, such as government subsidies received by various firms, indicating ongoing support for the industry [43]

Group 1 - The company plans to invest 1.1 billion yuan in a new automotive welding parts production project, aiming to enter the new energy vehicle supply chain, marking its largest cross-industry investment to date [1][2] - The company is currently advancing a board restructuring process, which includes independent director nominations and amendments to meeting rules, reflecting ongoing governance dynamics [2] Group 2 - The company's stock has shown a downward trend recently, closing at 28.57 yuan on February 12, 2026, with a cumulative decline of 2.06% over the past five days and a price fluctuation of 6.14% [3] - Recent capital flow indicates a net outflow of 20.79 million yuan from major investors on February 11, 2026, accounting for 16.94% of total trading volume, while retail investors saw a net inflow of 19.65 million yuan, suggesting significant short-term selling pressure [3] - The stock is currently below the 20-day moving average of 31.80 yuan, with the Bollinger Band lower support at 26.01 yuan, and the MACD indicator shows weakness, necessitating attention to changes in capital flow [3] Group 3 - For the first three quarters of 2025, the company reported revenue of 478 million yuan, a year-on-year increase of 11.36%, and a net profit attributable to shareholders of 39.22 million yuan, a substantial year-on-year growth of 387.93%, primarily due to product structure optimization and cost control [4] - However, the company's performance in the third quarter was under pressure, with revenue declining by 3.77% year-on-year and net profit decreasing by 62.09% [4] - The company's gross profit margin stands at 25.86%, which is above the industry average, but the operating cash flow per share is negative at -0.04 yuan, indicating a need for attention to cash flow improvement [4]

Market Overview - The machinery sector experienced a slight decline of 0.04% on the previous trading day, with China Electric Motor leading the losses [1] - The Shanghai Composite Index closed at 4102.2, up by 0.85%, while the Shenzhen Component Index closed at 14156.27, up by 0.21% [1] Stock Performance - Key stocks in the machinery sector showed varied performance, with Jiadian Co. rising by 3.37% to a closing price of 14.74, and China Electric Motor falling by 3.32% to 30.54 [1][2] - The trading volume and turnover for notable stocks included: - Jiadian Co.: 155,500 shares, turnover of 228 million yuan - Zhaowei Electromechanical: 84,300 shares, turnover of 1.038 billion yuan - China Electric Motor: 153,000 shares, turnover of 479 million yuan [1][2] Capital Flow - The machinery sector saw a net outflow of 154 million yuan from institutional investors, while retail investors contributed a net inflow of 57.18 million yuan [2] - Notable capital flows for specific stocks included: - Zhaowei Electromechanical: net inflow of 1.21 billion yuan from institutional investors - China Electric Motor: net outflow of 39.74 million yuan from institutional investors [3]

Group 1 - The core point of the article is that China Electric Motor (603988.SH) announced the need to pay back taxes and late fees totaling 1.5702 million yuan, which includes 1.2961 million yuan in back taxes and 274,100 yuan in late fees [1] - As of the date of the announcement, the company has completed the payment of the aforementioned taxes and late fees [1] - The repayment does not involve any administrative penalties [1]

Core Viewpoint - The controlling shareholder of China Electric Motor (603988) expresses confidence in the long-term development of the company and commits to increasing its shareholding within 12 months after the transfer of shares in 2024, with a minimum increase of 1% of the total share capital at that time [1] Group 1 - The controlling shareholder has not yet implemented the share increase as of now [1] - If the shareholder's subsequent increase meets the disclosure standards, the company will fulfill its information disclosure obligations in a timely manner [1]

证券代码：603988 证券简称：中电电机 公告编号：临 2026-005 二、对公司的影响 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》相 关规定，上述补缴税款事项不属于前期会计差错，不涉及前期财务数据追溯调整。 上述补缴的税款及滞纳金将计入公司 2025 年当期损益，预计减少公司 2025 年度 归属于上市公司股东的净利润约 157.02 万元，最终以 2025 年度经审计的财务报 表为准。 本次补缴款项不会影响公司的正常经营，敬请广大投资者注意投资风险。 关于补缴税款的公告 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。 中电电机股份有限公司（以下简称"公司"）对合并报表范围内公司就涉税 事项开展了自查，现将有关情况公告如下： 一、基本情况 经自查，公司需补缴税款及滞纳金合计 157.02 万元，其中补缴税款 129.61 万元，滞纳金 27.41 万元。截至本公告披露日，上述税款及滞纳金已缴纳完毕， 本次补缴不涉及行政处罚。 中电电机股份有限公司 特此公告。 中电电机股份有限公司董事会 2026 ...

Group 1 - The core point of the article is that China Electric Motor (603988.SH) experienced a significant drop in stock price, hitting the daily limit down at 29.27 yuan, marking its lowest level in about half a month since January 21 [1] - The stock price later opened up from the limit down, with the decline narrowing to over 2% in the afternoon [1] - The company announced that shareholder Wang Jianyu plans to reduce his stake by up to 7.056 million shares, accounting for 3% of the total share capital, through centralized bidding and/or block trading from March 3, 2026, to June 2, 2026 [1]

Core Viewpoint - The company, China Electric Motor (603988), is committed to focusing on its core motor business while optimizing product and market structure to enhance operational efficiency [1] Group 1: Business Strategy - The company aims to leverage opportunities in the wind and solar energy storage and metal mineral resources sectors through its wholly-owned subsidiary in Inner Mongolia [1] - The company plans to expand the application scenarios of its motor manufacturing, achieving upstream and downstream business linkage and strategic upgrades [1] Group 2: Competitive Positioning - The company is focused on building a full industry chain development pattern to enhance its core competitiveness and sustainable profitability [1]

Market Overview - The machinery sector experienced a decline of 1.65% on the trading day, with China Electric Motor leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - China Electric Motor (603988) saw a significant drop of 9.99%, closing at 32.52, with a trading volume of 17,200 shares and a transaction value of 55.94 million yuan [2] - Other notable declines included Benrui Co. (300626) down 3.94% to 19.52, and Jiangte Motor (002176) down 2.69% to 9.05, with transaction values of 164 million yuan and 514 million yuan respectively [2] - In contrast, Fangzheng Electric (002196) increased by 1.19% to 16.98, with a transaction value of 1.11 billion yuan [1] Capital Flow Analysis - The machinery sector experienced a net outflow of 222 million yuan from institutional investors, while retail investors saw a net inflow of 20.94 million yuan [2] - Notable stocks with significant capital inflows included Wolong Electric (600580) with a net inflow of 10.29 million yuan from institutional investors [3] - Conversely, stocks like Bayi Co. (603489) and Huayang Intelligent (301502) experienced net outflows from institutional investors of 0.81 million yuan and 1.04 million yuan respectively [3]

Core Viewpoint - The production of AC electric motors in China is projected to decline slightly in 2025, with a year-on-year decrease of 1.1% in December and a cumulative decrease of 0.5% for the entire year [1]. Group 1: Industry Overview - The total production of AC electric motors in China for the year 2025 is expected to reach 34,988.5 million kilowatts [1]. - The production volume in December 2025 is forecasted to be 33,220,000 kilowatts [1]. Group 2: Related Companies - Listed companies in the AC electric motor sector include Wolong Electric Drive (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1]. Group 3: Research Report - The report titled "2026-2032 China AC Electric Motor Industry Market Development Research and Investment Prospects" has been published by Zhiyan Consulting, a leading industry consulting firm in China [2].