Summary of Key Points Core Viewpoint - Jinpan Technology experienced a significant block trade on November 17, with a transaction volume of 259,000 shares and a transaction value of 18.907 million yuan, indicating a discount of 8.75% compared to the closing price of the day [2][3] Trading Activity - The block trade was executed at a price of 73.00 yuan per share, with the buyer being CITIC Securities Co., Ltd. and the seller being Guangdong Kaihua Securities Co., Ltd. [2][3] - Over the past three months, Jinpan Technology has recorded a total of four block trades, amounting to a cumulative transaction value of 30.016 million yuan [2] Stock Performance - On the same day, Jinpan Technology's closing price was 80.00 yuan, reflecting an increase of 3.20% [2] - The stock had a turnover rate of 4.43% and a total trading volume of 1.595 billion yuan, with a net outflow of main funds amounting to 307,900 yuan [2] - Over the past five days, the stock has seen a cumulative decline of 12.10%, with total fund outflow reaching 516 million yuan [2] Margin Financing - The latest margin financing balance for Jinpan Technology stands at 1.24 billion yuan, having increased by 110 million yuan over the past five days, representing a growth rate of 9.75% [3]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Aibo Medical, Sanhua Intelligent Control, Zhaoyi Innovation, and Jinpan Technology [11] - In the last five days, the most popular companies for institutional research include Industrial Fulian, Anbotong, Boying Special Welding, Optoelectronics, and Anke Biology [11] - Among the top twenty companies in the last 30 days, 17 companies had ten or more rating agencies involved, with significant net profit growth expected for companies like Jiao Cheng Ultrasound, Ninebot Company-WD, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [11][12] Group 2: Shareholder Increase in A-Share Listed Companies - From November 10 to November 14, 2025, only one A-share listed company, Su Nong Bank, announced significant shareholder increase progress [16] - From January 1 to November 14, 2025, a total of 290 companies announced shareholder increase progress, with 74 of them having ten or more rating agencies involved [17] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 10 to November 14, 2025, 70 companies announced buyback progress, with 13 having ten or more rating agencies involved [20] - Among these, 18 companies had an average expected buyback amount exceeding 1% of their market value on the announcement date, with a focus on companies like Rongsheng Environmental Protection, Chengde Lulou, and Jiamei Packaging [20] - From January 1 to November 14, 2025, a total of 1,804 companies announced buyback progress, with 342 having ten or more rating agencies involved, and 91 companies had a significant expected buyback amount [22]

Core Insights - Jinpan Technology executed a block trade of 259,000 shares on November 17, with a transaction value of 18.907 million yuan, representing 1.17% of the total trading volume for the day [1][2] - The transaction price was 73 yuan per share, which is an 8.75% discount compared to the market closing price of 80 yuan [1][2] Summary by Category Trading Activity - A total of 259,000 shares were traded in a block transaction [1] - The total transaction amount reached 18.907 million yuan [1] Price Analysis - The executed price of 73 yuan reflects an 8.75% discount from the closing price of 80 yuan [1]

Core Viewpoint - Solid State Transformers (SST) are expected to become the ultimate solution for AIDC power management due to their high efficiency and low footprint, with Delta's 800V SST system reaching MW-level capacity and Nvidia planning full deployment of its 800V high-voltage direct current architecture by 2027 [1][2]. Group 1: Industry Trends - Data centers are moving towards higher power levels, with power supply system efficiency becoming crucial as single cabinet power has increased from 8KW to over 30KW, and Nvidia's single cabinet power reaching 120KW [2]. - Traditional DC distribution methods are facing bottlenecks due to space limitations, copper overload, and low conversion efficiency, necessitating a new power supply architecture [2]. - In typical AIDC projects, power-related equipment costs account for nearly 50% of total costs, indicating high value and continuous iteration [2]. Group 2: SST Advantages - SST achieves high efficiency by replacing traditional transformers with high-frequency power electronics, allowing for system efficiencies of up to 98% [3]. - SST's modular design significantly reduces equipment size by approximately 40%, integrating rectification, conversion, and inversion processes [3]. Group 3: Market Opportunities - The 800V HVDC is seen as a starting point for SST penetration, offering active flexibility and green electricity adaptability, which can open broader application markets [4]. - SST can actively control power quality, addressing grid disturbances and load fluctuations, while also supporting bi-directional power flow [4]. - The new grid architecture using SST can accept 50%-70% renewable energy, improving performance by 1.3-2 times compared to traditional grid structures [4]. Group 4: Related Companies - Key players in SST systems include Sifang Co., Ltd. (601126.SH), China XD Electric (601179.SH), Jinpan Technology (688676.SH), and Xinte Electric (301120.SZ) [5]. - Companies involved in SST materials include Keli (002782.SZ) and Yunlu Co., Ltd. (688190.SH), with products covering a wide frequency range [5].

Core Viewpoint - The company has approved the first grant of restricted stock under its 2025 Restricted Stock Incentive Plan, awarding 4 million shares at a price of 45.89 yuan per share to 391 eligible participants on November 14, 2025 [2][5][12]. Group 1: Restricted Stock Grant Details - The first grant date for the restricted stock is set for November 14, 2025 [11]. - A total of 4 million shares will be granted, representing approximately 0.87% of the company's total share capital [11]. - The grant price for the restricted stock is 45.89 yuan per share [13]. Group 2: Decision-Making Process - The decision-making process for the grant involved multiple meetings, including the board meeting on August 28, 2025, where the incentive plan was approved [43]. - The company conducted an internal public notice from August 31 to September 9, 2025, regarding the list of proposed grantees, with no objections received [3][43]. - The fourth extraordinary general meeting of shareholders on September 16, 2025, approved the incentive plan and authorized the board to handle related matters [44]. Group 3: Adjustments to Grantee List - The initial list of grantees was adjusted from 399 to 391 due to eight individuals leaving or voluntarily giving up their rights [6][45]. - The total number of restricted shares to be granted remains unchanged despite the adjustment in the number of grantees [6][45]. - The adjustments were made within the authority granted by the shareholders and did not require further shareholder approval [45]. Group 4: Compliance and Legal Opinions - The board confirmed that all grantees meet the eligibility criteria set forth in relevant laws and regulations [20][48]. - A legal opinion from Shanghai Fangda Law Firm confirmed that the adjustments and grants comply with applicable regulations and have received necessary approvals [27][48]. - The board's remuneration and assessment committee has verified that the adjusted list of grantees does not harm the interests of the company or its shareholders [46][48].

2025 年限制性股票激励计划首次授予激励对象名单 （截至授予日） 一、限制性股票激励计划分配情况表 本激励计划授予的限制性股票在各激励对象间的分配情况如下表所示： | 序号 | 姓名 | 国籍 | 职务 | 获授的限制 | 占拟授予 | 占当前公司总股 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 性股票数量 | 权益总额 | 本的比例 | | | | | | （万股） | 的比例 | | | 一、A | 类激励对象 | | | | | | | （一）董事、高级管理人员 | | | | | | | | 1 | 杨霞玲 | 中国 | 轮值总裁 | 15.00 | 3.00% | 0.033% | | 2 | 栗记涛 | 中国 | 高级副总裁 | 13.43 | 2.69% | 0.029% | | 3 | 邸双奎 | 中国 | 副总裁 | 13.43 | 2.69% | 0.029% | | 4 | 吴清 | 中国 | 副总裁 | 11.00 | 2.20% | 0.024% | | 5 | 沈理 | 中国 | 副总裁 | 13.43 | 2. ...

海南金盘智能科技股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日召开第三届董事会第二十九次会议，审议通过了《关于调整 2025 年限制性股 票激励计划首次授予激励对象名单的议案》。现将有关事项说明如下： 一、本次限制性股票授予已履行的决策程序和信息披露情况 （一）2025 年 8 月 28 日，公司召开第三届董事会第二十六次会议，审议通 过《关于<公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》《关于 <公司 2025 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股 东会授权董事会办理公司 2025 年限制性股票激励计划有关事项的议案》等相关 议案。上述议案已经公司董事会薪酬与考核委员会审议通过，公司董事会薪酬与 考核委员会对本次激励计划的相关事项进行了核实并出具了相关核查意见。 证券代码：688676 证券简称：金盘科技 公告编号：2025-081 海南金盘智能科技股份有限公司 关于调整2025年限制性股票激励计划 首次授予激励对象名单的公告 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、准确性和完整性依 ...

证券代码：688676 证券简称：金盘科技 公告编号：2025-079 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2025 年 8 月 28 日，公司召开第三届董事会第二十六次会议，审议通过《关 于<公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2025 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股东会授权董 事会办理公司 2025 年限制性股票激励计划有关事项的议案》等相关议案。上述议 案已经公司董事会薪酬与考核委员会审议通过，公司董事会薪酬与考核委员会对 限制性股票首次授予日：2025 年 11 月 14 日 限制性股票首次授予数量：400.00 万股，约占当前公司总股本的 0.87% 股权激励方式：第二类限制性股票 本次激励计划的相关事项进行了核实并出具了相关核查意见。 2、2025 年 8 月 31 日至 2025 年 9 月 9 日，公司对本次激励计划拟首次授予 激励对象的姓名及职务在公司内部进行公示。截至公示期满，董事会薪酬与考核 委员会未收到任何关于本次激励计划激励对象名单的异议。2025 年 9 月 11 日， 公司披露了《董事会 ...

（文章来源：证券日报） 证券日报网讯 11月14日晚间，金盘科技发布公告称，公司于2025年11月14日召开第三届董事会第二十 九次会议，审议通过了《关于向2025年限制性股票激励计划激励对象首次授予限制性股票的议案》，同 意并确定公司本次激励计划首次授予日为2025年11月14日，向符合授予条件的391名激励对象首次授予 400.00万股限制性股票，授予价格为45.89元/股。 ...

证券日报网讯 11月14日晚间，金盘科技发布公告称，公司于2025年11月14日召开第三届董事会第二十 九次会议，审议通过了《关于调整2025年限制性股票激励计划首次授予激励对象名单的议案》。鉴于本 次激励计划拟首次授予的激励对象中，有8名激励对象由于个人原因离职或自愿放弃本次激励计划获授 权益的资格及相应权益份额，根据《海南金盘智能科技股份有限公司2025年限制性股票激励计划（草 案）》的相关规定以及公司2025年第四次临时股东会的授权，公司董事会对本次激励计划首次授予激励 对象名单进行了调整。具体调整内容为：本次激励计划首次授予激励对象由399人调整为391人，部分放 弃的份额调整至其他首次授予激励对象，本次激励计划拟授予的限制性股票数量不变。 （文章来源：证券日报） ...