证券代码：688248 证券简称：南网科技 公告编号：2026-005 南方电网电力科技股份有限公司 2025 年度业绩快报公告 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、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以南方电网电力科技股份有限公司（以下简称"公司"）2025年年度报 告为准，提请投资者注意投资风险。 无。 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（%） | | --- | --- | --- | --- | | 营业总收入 | 368,843.94 | 301,353.98 | 22.40 | | 营业利润 | 47,060.10 | 41,087.34 | 14.54 | | 利润总额 | 46,945.11 | 41,035.47 | 14.40 | | 归属于母公司所有者的净利 润 | 42,135.42 | 36,504.64 | 15.42 | | 归属于母公司所有者的扣除 非经常性损益的净利润 | 40,757.69 | ...

每经AI快讯，2月26日，南网科技(688248.SH)公告称，南网科技发布2025年度业绩快报，营业总收入为 36.88亿元，同比增长22.40%；归属于母公司所有者的净利润为4.21亿元，同比增长15.42%。公司经营 规模稳步扩大，营收利润稳健增长。 （文章来源：每日经济新闻） ...

格隆汇2月26日丨南网科技(688248.SH)公布，公司于2026年2月25日收到公司董事薛宇伟先生的书面辞 职报告。薛宇伟先生因达到法定退休年龄，申请辞去公司第二届董事会董事和董事会战略与投资委员会 委员职务，辞职后，不在公司及其控股子公司担任任何职务。 ...

报告期内，公司坚持创新驱动，深耕主营业务，积极开拓市场，经营规模稳步扩大，营收利润稳健增 长；同时，公司资产结构持续优化，盈利和积累能力不断增强，实现资产质量与股东价值同步提升。 格隆汇2月26日丨南网科技(688248.SH)公布2025年度业绩快报，2025年公司实现营业总收入36.88亿元， 较上年增长22.40%；实现归属于母公司所有者的净利润4.21亿元，较上年增长15.42%；实现归属于母公 司所有者的扣除非经常性损益的净利润4.08亿元，较上年增长18.13%。 ...

南网科技公告称，于2026年2月25日收到董事薛宇伟书面辞职报告，其因达法定退休年龄，申请辞去第 二届董事会董事及战略与投资委员会委员职务，辞职后不在公司及其控股子公司任职。原定任期至2026 年11月22日，辞职自报告送达时生效。截至公告披露日，薛宇伟未持股，无未履行承诺，已做好工作交 接，辞职不会影响公司正常运作和生产经营。 ...

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

经济观察网南网科技(688248)控股股东拟变更为南方电网科技产业集团，该事项正按计划推进，待集团 注册成立后实施。 近期事件 根据公司2025年10月22日公告，控股股东拟变更为南方电网科技产业集团，该事项正按计划推进，待集 团注册成立后实施。 以上内容基于公开资料整理，不构成投资建议。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes that the electricity market is entering a golden decade, breaking down barriers and releasing development vitality [1] - The recent issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council highlights the acceleration of market and pricing mechanisms suitable for the new energy system [5] - The report outlines a goal to fully establish a national unified electricity market system by 2035, with a steady increase in the proportion of market-based electricity transactions [5] - It identifies the construction of a multi-dimensional market system, including long-term markets, spot markets, auxiliary service markets, green electricity markets, and capacity markets, with a focus on the spot market [5] - The report suggests that by 2030, all types of power sources and electricity users, except for guaranteed users, will directly participate in the electricity market, with market-based transactions accounting for about 70% of total electricity consumption [5] - Investment recommendations include focusing on software companies like Guoneng Rixin and Langxin Technology, hardware companies benefiting from market volatility such as Sunshine Power and Haibosi Chuang, and supporting companies like Guodian Nanrui and State Grid Xintong for grid operation control and digital systems [5] Summary by Sections - **Policy and Market Structure**: The report discusses the high-level issuance of the recent policy, the introduction of a 2035 target, and the clear direction for market composition and reform [5] - **Market Participation**: It emphasizes the importance of nationwide unification and smooth circulation in electricity trading, with a shift from individual pricing to unified pricing and joint trading [5] - **Investment Opportunities**: The report highlights potential beneficiaries in the new energy storage sector and suggests various companies across software, hardware, and supporting sectors for investment [5][6]

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].