Group 1 - Zhejiang Tianzheng Electric Co., Ltd. has obtained a patent for "an intelligent circuit breaker body and intelligent circuit breaker device," with authorization announcement number CN113506710B, applied on April 2021 [1] - China Electric Power Research Institute Co., Ltd., established in 2001, is based in Beijing and focuses on research and experimental development, with a registered capital of 3,352 million RMB. The company has invested in 26 enterprises and participated in 5,000 bidding projects, holding 58 trademark records and 5,000 patent records, along with 180 administrative licenses [1] - State Grid Corporation of China, established in 2003 and located in Beijing, operates in the electricity and heat production and supply industry, with a registered capital of 130,452 million RMB. The company has invested in 74 enterprises, participated in 5,000 bidding projects, holds 183 trademark records and 5,000 patent records, and has 45 administrative licenses [1] Group 2 - State Grid Hebei Electric Power Co., Ltd., established in 1989 and located in Shijiazhuang, focuses on electricity and heat production and supply, with a registered capital of 2,009 million RMB. The company has invested in 103 enterprises, participated in 4,353 bidding projects, holds 5,000 patent records, and has 155 administrative licenses [2] - Zhejiang Tianzheng Electric Co., Ltd., established in 1999 and located in Wenzhou, specializes in electrical machinery and equipment manufacturing, with a registered capital of 504.75 million RMB. The company has invested in 8 enterprises, participated in 1,042 bidding projects, holds 94 trademark records and 1,890 patent records, and has 78 administrative licenses [2]

（文章来源：证券日报） 证券日报网讯 11月28日晚间，天正电气发布公告称，公司分别于2025年8月28日、2025年9月18日召开 第九届董事会第二十次会议、2025年第一次临时股东大会，审议通过了《关于取消监事会、变更注册资 本及修订的议案》。鉴于公司2024年度业绩水平未达到业绩考核目标及部分离职激励对象离职不再符合 激励对象资格，公司已完成回购注销前述109名激励对象已获授但尚未解除限售的1，867，750股限制性 股票。回购注销完成后，公司股份总数由506，617，875股变更为504，750，125股，注册资本由506， 617，875元变更为504，750，125元。近日，公司已完成上述注册资本变更的工商变更登记手续，并取 得了浙江省市场监督管理局核发的《营业执照》。 ...

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。 浙江天正电气股份有限公司（以下简称"公司"）分别于 2025 年 8 月 28 日、2025 年 9 月 18 日召开第九届董事会第二十次会议、2025 年第一次临时股东 大会，审议通过了《关于取消监事会、变更注册资本及修订<公司章程>的议案》。 鉴于公司 2024 年度业绩水平未达到业绩考核目标及部分离职激励对象离职不再 符合激励对象资格，公司已完成回购注销前述 109 名激励对象已获授但尚未解除 限售的 1,867,750 股限制性股票。回购注销完成后，公司股份总数由 506,617,875 股变更为 504,750,125 股，注册资本由 506,617,875 元变更为 504,750,125 元。 近日，公司已完成上述注册资本变更的工商变更登记手续，并取得了浙江省 市场监督管理局核发的《营业执照》。换发的营业执照具体登记信息如下： 名称：浙江天正电气股份有限公司 证券代码：605066 证券简称：天正电气 公告编号：2025-045 浙江天正电气股份有限公司 关于完成工 ...

Investment Rating - The report maintains an "optimistic" rating for the chemical industry [1] Core Views - The chemical sector is expected to experience a turning point with the establishment of synergies between the silicone and caprolactam industries, leading to an upward trend in market conditions and accelerated de-involution [1] - The report highlights the importance of voluntary emission reductions and carbon cuts, with companies planning to maintain a 70% operating rate and adjust production based on market conditions [1] - The report suggests focusing on companies such as Xingfa Group, Luxi Chemical, Dongyue Silicon Materials, and Xin'an Chemical for potential investment opportunities in the silicone sector [1] - In the caprolactam sector, the report recommends monitoring Luxi Chemical, Hualu Hengsheng, and Juhua for their potential to drive profitability recovery [1] Industry Dynamics - Current macroeconomic judgments indicate that oil prices are expected to remain in a relatively loose range, with Brent crude projected between $55-70 per barrel due to delayed OPEC+ production increases and stable demand recovery [2][3] - The report notes that the PPI for all industrial products decreased by 2.1% year-on-year in October, with a slight month-on-month increase of 0.1%, marking the first rise of the year [3] - The manufacturing PMI recorded 49.0 in October, indicating a slowdown in production activities due to various factors, including pre-holiday demand release and a more complex international environment [3] Chemical Sector Configuration - The report suggests a diversified investment strategy across four main chains: textile and apparel, agricultural chemicals, export-related chemicals, and sectors benefiting from de-involution policies [1] - Specific recommendations include focusing on nylon and caprolactam with companies like Luxi Chemical, and on fertilizers with companies like Hualu Hengsheng and Yuntianhua [1] - The report emphasizes the importance of monitoring key materials for growth, particularly in semiconductor materials, OLED panel materials, and lithium battery materials [1]

证券代码：605066 证券简称：天正电气 公告编号：2025-044 浙江天正电气股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 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。 浙江天正电气股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日 15:00-16:00 在价值在线（www.ir-online.cn）以文字互动的方式召开了"2025 年第三季度业绩说明会"。关于本次说明会的召开事项，公司已于 2025 年 11 月 12 日在《上海证券报》及上海证券交易所网站（www.sse.com.cn）披露了《关 于召开 2025 年第三季度业绩说明会的公告》（公告编号：2025-043）。现将召 开情况公告如下： 2.子公司上海天正天工机器人有限公司已成立，请问其业务定位如何与现有 主业协同？目前项目推进进度及短期目标是什么？ 1 答:尊敬的投资者，您好！子公司上海天正天工机器人有限公司已正式成立， 其业务定位将聚焦于公司具备优势的行业，挖掘这些行业对机器人及智能设备的 需求，从而实现业务协同 ...

Core Viewpoint - The company emphasizes the significant advantages of solid-state transformers (SST) over traditional transformers, highlighting their compact size, lightweight, high integration, and capabilities in reactive power compensation and power quality management [1] Group 1: Product Advantages - Solid-state transformers are characterized by their small volume and light weight, making them more efficient compared to traditional transformers [1] - SSTs integrate multiple functionalities, including reactive power compensation and power quality management, which are essential for modern electrical systems [1] Group 2: Market Applications - Current primary application scenarios for SSTs include AC/DC hybrid distribution networks, direct connections to green electricity, and electric vehicle charging stations [1] - The company recognizes the emerging market demand for SSTs, indicating a potential growth area in the power electronics sector [1] Group 3: Company Position - The company is closely monitoring the development of the SST market but currently does not have any related products available [1]

Core Viewpoint - The company has developed a bidirectional solid-state circuit breaker rated at 750VDC and 32A, suitable for applications in smart buildings and energy storage systems [1] Group 1 - The company responded to an investor inquiry regarding the availability of solid-state circuit breaker products [1] - The newly developed solid-state circuit breaker is designed for specific applications, indicating a focus on innovation and adaptation to market needs [1]

Group 1 - The company has developed a bidirectional DC solid-state circuit breaker rated at 750VDC and 32A [2] - The new product is suitable for applications in smart buildings and energy storage systems [2]

Core Insights - The company has developed a bidirectional solid-state circuit breaker rated at 750VDC and 32A, suitable for applications in smart buildings and energy storage systems [1] Company Summary - The company is focused on innovative electrical solutions, particularly in the area of circuit breakers [1] - The newly developed circuit breaker is designed to meet the needs of modern infrastructure and energy management [1] Industry Summary - The development aligns with the growing demand for advanced electrical components in smart building technologies and energy storage solutions [1] - The introduction of such technology may enhance the efficiency and safety of electrical systems in various applications [1]

证券代码：605066 证券简称：天正电气 公告编号：2025-043 浙江天正电气股份有限公司 关于召开2025年第三季度业绩说明会的公告 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： 一、说明会类型 浙江天正电气股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日 在上海证券交易所网站（www.sse.com.cn）披露了《2025 年第三季度报告》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2025 年 11 月 18 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.cn） 举办公司 2025 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投 资者的意见和建议。 1 会议召开时间：2025 年 11 月 18 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 18 日 ...