关于总经理辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 许继电气股份有限公司（以下简称"公司"）董事会于 2026 年 1 月 14 日收 到董事、总经理许涛先生提交的书面辞职报告，因工作变动，许涛先生提出辞去 公司总经理职务（其原定任期至公司第九届董事会届满之日止）。辞去以上职务 后，许涛先生在公司不再担任除董事以外的其他行政职务。根据《公司法》及《公 司章程》等有关规定，辞职报告自送达公司董事会之日起生效。许涛先生已按照 公司离职管理制度进行工作交接，不会影响公司正常生产经营和管理。 证券代码：000400 证券简称：许继电气 公告编号：2026-01 许继电气股份有限公司 特此公告。 许继电气股份有限公司董事会 2026 年 1 月 15 日 截止本公告日，许涛先生未持有公司股份。公司董事会对许涛先生在任职公 司总经理期间的勤勉工作和为公司发展做出的贡献表示衷心感谢！ ...

Core Viewpoint - Xuji Electric's stock price has shown a positive trend this year, with a year-to-date increase of 10.50% and notable gains over various trading periods, indicating a potentially favorable market sentiment towards the company [2]. Group 1: Stock Performance - As of January 14, Xuji Electric's stock price was 28.41 yuan per share, with a trading volume of 1.467 billion yuan and a turnover rate of 5.02%, resulting in a total market capitalization of 28.939 billion yuan [1]. - The stock has increased by 4.37% over the last five trading days, 6.84% over the last 20 days, and 13.10% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Xuji Electric reported a revenue of 9.454 billion yuan, a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 901 million yuan, reflecting a year-on-year increase of 0.75% [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 last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Xuji Electric was 114,600, an increase of 0.49% from the previous period, with an average of 8,831 circulating shares per shareholder, a slight decrease of 0.16% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 29.3581 million shares, which is a decrease of 1.2553 million shares from the previous period [3].

Core Insights - The transformer industry is gaining significant attention as a critical component in the energy sector, particularly with the rise of AI and data centers [1][2] - Elon Musk has highlighted the shift in bottlenecks from chips to transformers, emphasizing their importance in the future of AI and energy distribution [1] - The demand for transformers is expected to increase due to the growing energy needs of data centers and the need for grid upgrades [1][2] Industry Overview - Since 2026, the A-share transformer concept has been on the rise, with key companies like China XD Electric, XJ Electric, and TBEA seeing stock price increases [1] - The U.S. is heavily reliant on imports for transformers, with about 80% of its supply coming from abroad, and a projected 30% supply gap by 2025 [2] - Europe is investing €584 billion to expand its grid but is facing delays due to transformer shortages [2] Market Dynamics - China, which accounts for 60% of global transformer production capacity, is positioned to be a key player in the global grid upgrade and AI expansion [2] - The increase in orders and extended delivery times for domestic transformer companies indicate a robust market driven by infrastructure investments and AI data center expansions [2] - According to customs data, China's transformer exports reached 2.872 billion units in 2025, a year-on-year increase of 4.6%, with total export value rising by 36.3% to 57.86 billion yuan [2] Future Projections - The transformer and grid equipment industry is expected to maintain a positive outlook, with an average annual growth rate of over 5% in national grid investment during the 14th Five-Year Plan period [2] - The combination of rising electricity demand and supply constraints in regions like the U.S. and the Middle East is likely to drive further investment in global grid equipment, potentially entering a super cycle [2]

Group 1 - Guodian NARI (600406) is a state-owned enterprise based in Nanjing, recognized as a benchmark for scientific reform among central enterprises, with a strong research and development system and significant achievements in grid technology [1] - The company has a market share of over 75% in dispatch automation systems and over 50% in UHV converter valves, with its products addressing grid stability issues caused by renewable energy generation [1] - The demand for AI computing power and electricity is driving the construction of new power systems, and the company is expanding its overseas business, exporting products like distribution transformers to multiple countries [1] Group 2 - Suyuan Electric (002028) is a comprehensive supplier of power transmission and distribution based in Shanghai, focusing on UHV and energy storage sectors, and is the largest manufacturer of high-voltage packages and coils in China [2] - The company expects 60% of its overseas revenue in 2024 to come from transformers, with overseas orders growing over 50% and a remarkable 89% growth in the first half of 2025 [2] - The surge in demand for high-voltage transmission and distribution equipment driven by AI computing centers and new energy projects presents significant growth opportunities for the company [2] Group 3 - China XD Electric (601179) is a state-owned enterprise based in Xi'an, specializing in high and ultra-high voltage transformers and power transmission and distribution equipment, capable of producing products across a voltage range of 10kV to 1000kV [3] - The company has a significant market share in UHV projects and has seen an increase in exports to Europe, with its technology reaching international advanced levels [3] - The demand for UHV technology is increasing due to the need for long-distance power transmission, and the company is well-positioned to meet both domestic and international market needs [3] Group 4 - Baobian Electric (600550) is a core supplier of UHV DC transformers based in Baoding, with a strong position in high-end transformers and a market share of 30% in UHV products [4] - The company has unique technologies that reduce material costs and has participated in major projects, exporting to over 40 countries [4] - The urgent demand for high-reliability transformers driven by AI computing centers and new energy power stations positions the company to benefit from both domestic and international projects [4] Group 5 - Jinpan Technology (688676) is a leading global manufacturer of dry-type transformers based in Haikou, focusing on wind and solar energy applications, with 98% of its products supporting renewable energy [5] - The company has a significant order backlog of 2.85 billion yuan for 2025, reflecting a substantial year-on-year growth of 180% [5] - The increasing demand for efficient dry-type transformers from AI computing centers and the proliferation of renewable energy generation presents a strong growth opportunity for the company [5] Group 6 - Mingyang Electric (301291) is a leader in offshore wind power transformers based in Zhongshan, specializing in dry-type transformers and prefabricated substations [6] - The company has developed products that meet the extreme conditions of offshore environments and is expected to achieve significant sales in North America by 2026 [6] - The growing demand for offshore wind power and the urgent need for grid upgrades in North America provide ample order support for the company [6] Group 7 - Teruid (300001) is a pioneer in outdoor box-type power equipment based in Qingdao, recognized as a champion enterprise in manufacturing [7] - The company has a complete technology system for modular prefabricated substations and has a leading market share in the new energy sector [7] - The demand for modular products from AI computing centers and the need for grid upgrades position the company to capture significant market growth [7] Group 8 - XJ Electric (000400) is a high-tech enterprise based in Xuchang, focusing on UHV and smart grid technologies, with a comprehensive industrial chain covering all aspects of power transmission and distribution [8] - The company has participated in all domestic UHV DC transmission projects and has a strong patent portfolio [8] - The growth in AI computing and electricity demand is accelerating the construction of smart grids, providing competitive advantages for the company [8] Group 9 - Sifang Co., Ltd. (601126) is based in Beijing and has a strong advantage in smart distribution networks, providing a full range of products for self-healing control and primary and secondary integration [9] - The company has implemented its products in over 30 provinces and cities, significantly improving efficiency in power distribution [9] - The demand for reliable power supply from AI computing centers and the ongoing digital transformation of distribution networks present broad development opportunities for the company [9] Group 10 - Samsung Medical (601567) is based in Ningbo and operates in both smart power distribution and medical services, covering a wide range of products in the power equipment sector [10] - The company has established manufacturing bases in multiple locations and has a marketing presence in over 70 countries [10] - The construction of AI computing centers and new energy projects requires substantial power distribution equipment, positioning the company to benefit from global demand growth [10]

（编辑 任世碧） 证券日报网讯 1月12日，许继电气在互动平台回答投资者提问时表示，为保证所有投资者可以平等获悉 股东人数信息，公司会在定期报告中按要求披露对应时点的股东信息。此外作为公司股东，如需查询特 定时点的股东人数，需将查询日个人身份证明文件、持股证明以及联系方式发送至公司邮箱 xjec@xj.cee-group.cn，公司核实股东身份后予以回复。 ...

Group 1 - The core point of the article is that XJ Electric (000400.SZ) has announced that its subsidiary, XJ Power Co., Ltd., is a member of the Fusion Industry Alliance [1] Group 2 - The membership in the Fusion Industry Alliance indicates the company's involvement in the emerging fusion energy sector, which may present future growth opportunities [1]

Group 1 - The core point of the article is that XJ Electric's subsidiary, XJ Power, is a member of the Fusion Industry Alliance [2][3]

Group 1 - The core function of the PCS (Power Conversion System) is to facilitate bidirectional energy conversion between energy storage battery systems and the grid, managing both charging and discharging processes [2] - PCS products can be categorized based on system integration structure into centralized, string, and distributed types, and by operating mode into grid-connected, off-grid, and hybrid types [3] - The rated power of PCS has increased from 1.725MW to 2.5MW and above, with high-power models becoming mainstream due to the rapid expansion of energy storage systems [5] Group 2 - The demand for string PCS is rapidly growing as traditional centralized architectures face issues like battery parallel circulation, driven by the increasing scale of energy storage systems [5] - The report from Qidian Research Institute SPIR indicates that the top companies in China for PCS shipments in 2025 will include Kehua Data, Sungrow Power, and Huawei Digital Energy among others [5][7] - The global energy storage market analysis is part of a comprehensive report that includes various chapters on industry definitions, technology classifications, and policy analyses [8]

进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为208.25万元。该股近5个交易日累 计上涨5.85%，主力资金合计净流出901.73万元。 责任编辑：小浪快报 1月8日，许继电气收涨0.29%，收盘价为27.30元，发生1笔大宗交易，合计成交量8.5万股，成交金额 208.25万元。 第1笔成交价格为24.50元，成交8.50万股，成交金额208.25万元，溢价率为-10.26%，买方营业部为中信 证券(山东)有限责任公司青岛西海岸新区庐山路证券营业部，卖方营业部为中信证券(山东)有限责任公 司青岛西海岸新区庐山路证券营业部。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Group 1 - The core point of the news is that XJ Electric conducted a block trade on January 8, with a total of 85,000 shares traded at a price of 24.5 yuan, which is a discount of 10.26% compared to the market closing price of 27.3 yuan [1][2] - The total transaction amount for the block trade was 2.0825 million yuan, accounting for 0.27% of the total trading volume on that day [1][2] - The buyer and seller of the block trade were both from CITIC Securities (Shandong) [2]