许继电气所属申万行业为：电力设备-电网设备-电网自动化设备。所属概念板块包括：虚拟电厂、农村 电网、特高压、氢能源、直流输电等。 截至8月20日，许继电气股东户数11.40万，较上期减少2.48%；人均流通股8844股，较上期增加2.54%。 2025年1月-6月，许继电气实现营业收入64.47亿元，同比减少5.68%；归母净利润6.34亿元，同比增长 0.96%。 许继电气今年以来股价跌10.27%，近5个交易日跌9.48%，近20日涨1.79%，近60日涨4.11%。 今年以来许继电气已经1次登上龙虎榜，最近一次登上龙虎榜为7月21日，当日龙虎榜净买入-2.48亿 元；买入总计2.98亿元 ，占总成交额比9.75%；卖出总计5.45亿元 ，占总成交额比17.87%。 资料显示，许继电气股份有限公司位于河南省许昌市许继大道1298号，成立日期1996年12月26日，上市 日期1997年4月18日，公司主营业务涉及智能变配电、智能用电、直流输电控制保护、特种节能一次设 备、工业及交通智能供用电等五大业务。主营业务收入构成为：智能变配电系统28.64%，智能电表 23.71%，智能中压供用电设备20.76%，新 ...

证券日报网讯许继电气（000400）10月22日在互动平台回答投资者提问时表示，公司持续开展提质增 效，收入结构持续优化，毛利率较低的业务板块新能源及系统集成收入及占比减少。随着收入结构优 化，公司毛利率持续提升；2025年半年度毛利率23.75%，同比提升2.85个百分点。公司按照合同条款对 预收款进行精细化管理，合同负债增加主要是预收货款增加影响。 ...

October 21, 2025 05:39 AM GMT China – Power, Renewables and Power Grid | Asia Pacific 3Q25 Earnings Preview We stay selectively positive for 3Q25 results. We expect a continued margin recovery for wind component and submarine cable players, upside risks in polysilicon earnings, and see losses to be flat or show mild decline QoQ for solar module producers, along with a softer unit profit for China IPPs. Key Takeaways M Idea Morgan Stanley Asia Limited+ Eva Hou Equity Analyst Eva.Hou@morganstanley.com +852 28 ...

2020-2025年1-8月中国电工仪器仪表产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：威胜信息（688100）,林洋能源（601222）,三星医疗（601567）,海兴电力（603556）,许继电 气（000400）,平高电气（600312）,国电南自（600268）,*ST华仪（600290）,东方电子（000682）,科陆 电子（002121） 相关报告：智研咨询发布的《2025-2031年中国仪器仪表市场供需预测及未来发展趋势报告》 根据国家统计局数据显示：2025年8月中国电工仪器仪表产量为2177万台，同比下降12.2%；2025年1-8 月中国电工仪器仪表累计产量为17888.6万台，累计下降8.2%。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including CATL, Kodali, and others, based on their strong growth potential and market positioning [5]. Core Insights - The solid-state battery sector is experiencing significant breakthroughs, with global shipments expected to rise from 34 GWh in 2026 to 614 GWh by 2030, indicating a robust market expansion [2][9]. - The photovoltaic industry is stabilizing in terms of pricing, with silicon material prices holding steady and production levels increasing, suggesting a balanced supply-demand dynamic [3][28]. - The State Grid's investment is projected to exceed 650 billion RMB in 2025, reflecting ongoing infrastructure development and strategic projects [4]. Summary by Sections 1. New Energy Vehicles - The solid-state battery research in China has made substantial progress, addressing key challenges in interface, materials, and stability, paving the way for commercialization [2][9]. - The market for solid-state batteries is expected to grow, with their share in the overall market projected to increase from 10% in 2027 to 30% by 2030 [2][9]. 2. New Energy Generation - The pricing for silicon materials has remained stable, with first-tier manufacturers maintaining prices around 55 RMB per kg, while second and third-tier manufacturers are priced between 52-53 RMB [3][28]. - The production of silicon wafers has increased significantly in October compared to September, indicating a positive trend in the supply chain [28][29]. 3. Electric Power Equipment and Automation - The State Grid's fixed asset investment reached over 420 billion RMB from January to September, marking an 8.1% year-on-year increase, with expectations for 2025 to see investments surpassing 650 billion RMB [4]. - Key companies to watch include CATL, Kodali, and others, which are positioned to benefit from the anticipated growth in the sector [4]. 4. Market Performance - The electric power equipment and new energy sector saw a decline of 5.30% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The solar energy index showed a slight increase of 0.52%, while other indices, including wind power and energy storage, experienced declines [1]. 5. Investment Recommendations - The report suggests focusing on three main investment lines: 1. Long-term competitive segments with short-term marginal changes, highlighting companies like CATL and others [18]. 2. The impact of 4680 technology iterations on industry upgrades, with a focus on companies involved in high-nickel cathodes and structural components [18]. 3. New technologies that offer high elasticity, particularly in solid-state battery companies [18].

Core Viewpoint - Xuji Electric experienced a decline of 5.03% on October 17, with a stock price of 25.47 CNY per share and a total market capitalization of 25.944 billion CNY [1] Company Overview - Xuji Electric Co., Ltd. is located in Xuchang City, Henan Province, and was established on December 26, 1996, with its listing date on April 18, 1997 [1] - The company specializes in five main business areas: intelligent power distribution, smart electricity usage, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industrial and transportation sectors [1] Revenue Composition - The revenue breakdown of Xuji Electric's main business is as follows: - Intelligent power distribution systems: 28.64% - Smart electric meters: 23.71% - Intelligent medium-voltage power supply equipment: 20.76% - New energy and system integration: 10.79% - Charging and swapping equipment and other manufacturing services: 8.96% - DC transmission systems: 7.14% [1] Fund Holdings - According to data, one fund under the management of Jiao Yin Schroder holds a significant position in Xuji Electric. The fund, Jiao Yin Zhen Xuan Return Mixed A (010916), held 2,600 shares in the second quarter, accounting for 0.31% of the fund's net value, making it the fourth-largest holding [2] - The fund has a current scale of 16.3719 million CNY and has reported a year-to-date return of 0.39%, ranking 7970 out of 8160 in its category [2] Fund Manager Performance - The fund manager of Jiao Yin Zhen Xuan Return Mixed A is Wang Yiwei, who has been in the position for 5 years and 326 days. The total asset size of the fund is 2.401 billion CNY, with the best return during his tenure being 29.27% and the worst being -0.41% [3]

Core Viewpoint - Xuji Electric experienced a decline in stock price, with a current trading price of 26.89 yuan per share and a market capitalization of 27.39 billion yuan, indicating a net outflow of funds [1] Company Overview - Xuji Electric, established on December 26, 1996, and listed on April 18, 1997, is located in Xuchang City, Henan Province. The company specializes in five main business areas: smart power distribution, smart electricity usage, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industrial and transportation sectors [2] - The revenue composition of Xuji Electric includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment (8.96%), and DC transmission systems (7.14%) [2] - As of August 20, 2025, the number of shareholders was 114,000, a decrease of 2.48% from the previous period, with an average of 8,844 circulating shares per person, an increase of 2.54% [2] Financial Performance - For the first half of 2025, Xuji Electric reported operating revenue of 6.447 billion yuan, a year-on-year decrease of 5.68%, while the net profit attributable to the parent company was 634 million yuan, reflecting a year-on-year increase of 0.96% [2] - The company has distributed a total of 2.271 billion yuan in dividends since its A-share listing, with 1.112 billion yuan distributed over the past three years [3] Shareholding Structure - As of June 30, 2025, the second-largest circulating shareholder of Xuji Electric is Hong Kong Central Clearing Limited, holding 30.6133 million shares, a decrease of 2.4873 million shares from the previous period. The fifth-largest circulating shareholder is the Southern CSI 500 ETF, which increased its holdings by 1.392 million shares to 10.6095 million shares [3]

Core Insights - As of October 14, a total of 78 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net inflows is Daming City, which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net inflow days include Zhongjin Gold, Wancheng Group, Yuntianhua, Xujie Electric, Kangwei Century, Xingye Yinxin, Zhidi Technology, and Taijing Technology [1]

Core Viewpoint - The successful integration of a high-voltage direct-connected energy storage system in a coal mine marks a significant advancement in emergency power solutions for the mining industry, enhancing safety and operational reliability [2][4]. Group 1: System Features - The high-voltage direct-connected energy storage system has an energy efficiency of ≥90%, eliminating the need for a step-up transformer [6]. - The system is designed with dual redundancy in both the control protection system and PCS modules, ensuring high reliability with a redundancy rate of ≥10% [7]. - It features an integrated design that significantly reduces on-site construction and debugging time [8]. - The system maintains a state of charge (SOC) balance with a maximum inter-cluster SOC imbalance of ≤3% [9]. - It demonstrates high stability during off-grid operation, crucial for emergency scenarios [10]. Group 2: Performance Testing - The system successfully lifted a 14-ton weight and 40 personnel at a speed of 8 m/s during testing [11]. - It met the requirements for simultaneous full-load operation of the auxiliary hoist and ventilation fans, addressing challenges related to off-grid high-power fan startup and long-distance power supply [12].

Core Viewpoint - As of October 13, a total of 80 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Continuous Net Inflows - The stock with the longest consecutive net inflow is Daming City, which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include Wancheng Group, Yuntianhua, Zhongjin Gold, Tongfang Co., Xujie Electric, Jingwei Hengrun, New Dairy, and Xingye Silver Tin [1]