Group 1 - The stock of Southern Power Grid Technology fell by 5.08%, trading at 54.41 yuan per share, with a total transaction volume of 158 million yuan and a turnover rate of 1.25%, resulting in a total market capitalization of 30.725 billion yuan [1] - Southern Power Grid Technology Co., Ltd. is based in Guangzhou, Guangdong Province, and was established on February 22, 1988, with its listing date on December 22, 2021. The company focuses on clean energy technology and next-generation information technology, providing comprehensive solutions through "technical services + smart devices" [1] - The main business revenue composition includes: testing and commissioning services (31.99%), energy storage system technology services (23.42%), smart distribution and utilization equipment (21.51%), smart monitoring equipment (11.11%), robotics and drones (7.23%), and others (4.69%) [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has a significant position in Southern Power Grid Technology. The China Merchants CSI Battery Theme ETF Linked A (016019) held 200 shares in the second quarter, ranking as the fourth-largest holding [2] - The China Merchants CSI Battery Theme ETF Linked A (016019) was established on July 12, 2022, with a latest scale of 40.64 million yuan. Year-to-date returns are 52.86%, ranking 353 out of 4218 in its category; the one-year return is 48.38%, ranking 426 out of 3875; and since inception, it has a loss of 17.44% [2] - The fund manager of the China Merchants CSI Battery Theme ETF Linked A is Xu Rongman, who has been in the position for 4 years and 214 days, managing total assets of 27.361 billion yuan, with the best fund return during the tenure being 54.81% and the worst being -60.92% [2]

Group 1 - The Robot ETF (562500) experienced a slight increase of 0.20%, closing at 1.010 yuan, outperforming the CSI Robot Index (+0.17%) and significantly beating the Shanghai Composite Index (-0.19%) [1] - The trading pattern showed a rise followed by a pullback, stabilizing around the moving averages, with a trading volume of approximately 9.6 billion yuan, maintaining high turnover [1] - Among the constituent stocks, 34 rose while 39 fell, indicating a mixed performance within the sector, with notable gainers including CITIC Heavy Industries (+10%) and Haide Control (+7.4%) [1] Group 2 - CITIC Construction Investment noted that the humanoid robot index's relative performance is primarily influenced by Tesla's advancements in robotics, such as performance iterations and hardware finalization [2] - The sector has shifted from thematic investments focusing on new hardware directions to expectations of mass production, with the Gen3 hardware nearing finalization and large-scale production [2] - The upcoming Gen3 release is anticipated to provide clearer guidance on hardware finalization and production, presenting a historic opportunity for the sector [2]

Core Viewpoint - The company is planning to establish a wholly-owned subsidiary, Southern Power Grid Technology Industry Group Co., Ltd., which will receive equity transfers from its indirect controlling shareholder, Southern Power Grid Company [1] Group 1: Company Structure Changes - Southern Power Grid Company is in the process of forming a new subsidiary, Southern Power Grid Technology Industry Group Co., Ltd. (tentative name) [1] - After the establishment of the new subsidiary, Southern Power Grid will transfer 23.06% of shares held by Guangdong Power Grid Co., Ltd. and 16.49% of shares held by Southern Power Grid Industry Development Group Co., Ltd. to the new entity without compensation [1] - Following the completion of the share transfer, the combined shareholding of the controlling shareholder and its concerted parties will remain unchanged at 59.55% of the total share capital [1] Group 2: Control and Governance - The direct controlling shareholder will change from Guangdong Power Grid to Southern Power Grid Technology Industry Group, while the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council [1]

Core Viewpoint - The company, Nanwang Technology (688248.SH), is undergoing a significant restructuring involving the transfer of shares from its major shareholders to a newly planned wholly-owned subsidiary, Nanwang Technology Industry Group, which will become the controlling shareholder of the company [1] Group 1 - The company received a notification from its shareholders, Guangdong Electric Power and Nanwang Industry Development Group, regarding the establishment of the Nanwang Technology Industry Group [1] - The restructuring aims to implement the central government's directives on accelerating the development of new productive forces and deepening state-owned enterprise reforms [1] - Following the transfer, Nanwang Technology Industry Group will hold 39.55% of the company's shares, making it the direct controlling shareholder [1] Group 2 - After the transfer, Guangdong Electric Power will hold 20.00% of the company's shares, becoming the second-largest shareholder [1] - Nanwang Industry Development Group will no longer hold any shares in the company after the transfer [1] - The actual controller of the company will remain the State-owned Assets Supervision and Administration Commission of the State Council, ensuring that the control of the company does not change [1]

Core Viewpoint - The company is planning to establish a wholly-owned subsidiary named Southern Power Grid Technology Industry Group Co., Ltd., which will involve the transfer of shares from its current shareholders without any compensation [1] Group 1 - The indirect controlling shareholder, China Southern Power Grid Co., Ltd., is initiating the formation of the new subsidiary [1] - After the establishment of the new subsidiary, 23.06% of the company's shares held by Guangdong Power Grid Co., Ltd. and 16.49% held by Southern Power Grid Industry Development Group Co., Ltd. will be transferred to the new entity [1] - The overall shareholding ratio of the controlling shareholder and its concerted parties will remain unchanged at 59.55% of the total share capital [1] Group 2 - The direct controlling shareholder will shift from Guangdong Power Grid to Southern Power Grid Technology Industry Group [1] - The actual controller of the company will continue to be the State-owned Assets Supervision and Administration Commission of the State Council [1]

证券代码：688248 证券简称：南网科技 公告编号：2025-028 南方电网电力科技股份有限公司 1 一、上述无偿划转的基本情况 公司于 2025 年 10 月 21 日收到股东广东电网和南网产业发展集团通知，为全 面贯彻党中央、国务院关于加快发展新质生产力、深化国资国企改革的重大决策部 署，南方电网公司正在筹划组建全资子公司南网科技产业集团，拟在南网科技产业 集团注册成立后，逐步将广东电网所持公司 23.06%股权、南网产业发展集团所持公 司 16.49%股权无偿划转至南网科技产业集团，按照有关法律规定适时办理。上述无 偿划转完成后，南网科技产业集团将持有公司 39.55%股权，成为公司的直接控股股 东；广东电网持有公司 20.00%股权，成为公司第二大股东；南网产业发展集团不持 有公司股权。上述无偿划转完成后，公司实际控制人仍为国务院国资委，公司控制 权不会发生变化。 二、上述无偿划转对公司股权结构的影响 关于国有股份无偿划转暨控股股东拟发生变更的提示性公告 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。 重要内容 ...

Group 1 - The company, Nanfang Electric Power Technology Co., Ltd., announced plans to establish a wholly-owned subsidiary, Nanfang Electric Power Technology Industry Group Co., Ltd., which will involve the transfer of shares from Guangdong Electric Power Co., Ltd. and Nanfang Electric Power Industry Development Group Co., Ltd. to the new entity [1] - The share transfer will involve 23.06% of shares held by Guangdong Electric and 16.49% held by Nanfang Electric Power Industry Development Group, which will be transferred without compensation [1] - After the transfer, the controlling shareholder's total shareholding will remain unchanged at 59.55%, with the direct controlling shareholder changing from Guangdong Electric to the new subsidiary [1] Group 2 - The transfer is in compliance with regulations that exempt it from requiring a public offer, as it occurs between entities under the same actual controller [1] - The process is still in the planning stage, and no agreements have been signed yet, indicating that all legal procedures have not been completed [1]

Core Viewpoint - The company is undergoing a significant restructuring with the establishment of a wholly-owned subsidiary, Southern Power Grid Technology Industry Group Co., Ltd, which will become the direct controlling shareholder after the transfer of shares [1] Group 1: Shareholding Changes - The indirect controlling shareholder, China Southern Power Grid Co., Ltd, plans to transfer 23.06% of shares held by Guangdong Power Grid and 16.49% held by Southern Power Grid Industry Development Group to the new subsidiary without compensation [1] - After the transfer, Southern Power Grid Technology Industry Group will hold 39.55% of the company’s shares, making it the direct controlling shareholder [1] - Guangdong Power Grid will remain the second-largest shareholder with a 20.00% stake, while Southern Power Grid Industry Development Group will no longer hold any shares in the company [1] Group 2: Control and Governance - The actual controller of the company remains the State-owned Assets Supervision and Administration Commission of the State Council [1]

格隆汇10月21日｜南网科技(688248.SH)公告称，间接控股股东南方电网公司正在筹划组建全资子公司 南网科技产业集团，拟将广东电网和南网产业发展集团所持公司合计39.55%股权无偿划转至南网科技 产业集团。完成后，南网科技产业集团将成为公司直接控股股东，公司实际控制人仍为国务院国资委。 此次无偿划转事项正处于筹划阶段，尚未签署协议及完成全部法定程序。 ...

Core Insights - The total margin balance of the STAR Market on October 20 was 246.904 billion yuan, a decrease of 1.14 billion yuan from the previous trading day [1] - The financing balance was 246.045 billion yuan, down by 1.148 billion yuan, while the securities lending balance increased by 0.08 billion yuan to 0.859 billion yuan [1] Individual Stock Performance - On October 20, 215 stocks in the STAR Market experienced net financing inflows, with 13 stocks having net inflows exceeding 20 million yuan [1] - Cambricon Technologies led the net financing inflows with an amount of 368 million yuan, followed by companies such as Lattice Semiconductor, Tuojing Technology, Guodun Quantum, Southern Power Grid Technology, SMIC, and Yingshi Network [1]