第二章 董事会的职权 第四条 董事会对股东会负责，行使下列职权： （一）制定贯彻党中央、国务院决策部署和落实国家发展战略重大 举措的方案； 许继电气股份有限公司 董事会议事规则 （2025年12月22日经公司2025年第一次临时股东大会审议修订） 第一章 总则 第一条 为完善公司法人治理结构，规范董事会运作，提高董事会的 工作效率，保障董事会的科学决策，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司章程指引》等有关法律、法规、规范 性文件及《许继电气股份有限公司章程》（以下简称《公司章程》）的 规定，特制定本规则。 第二条 董事会对股东会负责，执行股东会的决议。 第三条 董事会应当认真履行有关法律、法规和《公司章程》等规定 的职责，确保公司依法合规运作，维护公司和全体股东的利益。 （二）召集股东会，并向股东会报告工作； （三）执行股东会的决议； （四）制订公司发展战略和规划； （五）制订公司投资计划，决定公司的经营计划和投资方案； （六）制订公司的年度财务预算方案、决算方案； （七）制订公司的利润分配方案和弥补亏损方案； （八）制订公司增加或者减少注册资本、发行债券或其他证券及上 市方案； ...

许继电气股份有限公司 累积投票制实施细则 (2025年12月22日经公司2025年第一次临时股东大会审议修订) 第一章 总则 第一条 为进一步完善许继电气股份有限公司（以下简称"公司"） 法人治理结构，规范公司董事的选举，维护中小股东利益，根据《中 华人民共和国公司法》（以下简称《公司法》）《上市公司治理准则》 《上市公司股东会规则》《深圳证券交易所上市公司自律监管指引第 1号——主板上市公司规范运作》等法律、行政法规、规范性文件以 及《许继电气股份有限公司章程》（以下简称《公司章程》）的有关 规定，结合公司实际情况，制定本细则。 依法设立的投资者保护机构可以公开请求股东委托其代为行使 提名独立董事的权利。 单独或者合计持有公司1%以上股份的股东提出关于提名董事候 选人的临时提案的，最迟应在股东会召开十日前提出临时提案并书面 提交股东会召集人。 第七条 提名人在提名前应当征得被提名人的同意。被提名人应 提交真实、完整的个人详细资料，包括但不限于姓名、性别、年龄、 国籍、教育背景、职称、详细的工作经历、全部兼职情况、与提名人 的关系，是否存在不适宜担任董事的情形等。独立董事被提名人还应 说明自己是否具有担任独立 ...

董事会审计委员会工作规则 许继电气股份有限公司 （2025 年 12 月 22 日经公司九届三十三次董事会审议修订） 第一章 总则 第一条 为强化董事会决策功能，完善公司治理结构，根据《中华 人民共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》 《上市公司章程指引》《上市公司治理准则》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》《许继电气股份有 限公司章程》（以下简称《公司章程》）及其他有关规定，公司特设立 董事会审计委员会（以下简称"审计委员会"），并制定本工作规则。 第二条 审计委员会负责审核公司财务信息及其披露、监督及评估 内外部审计工作和内部控制，行使《公司法》规定的监事会的职权。 第三条 公司内部审计部门对董事会负责，向审计委员会报告工 作。 第二章 人员组成 第五条 审计委员会由五名董事组成，其中独立董事三名，委员中 至少有一名独立董事为会计专业人士。 审计委员会委员应当为不在公司担任高级管理人员的董事。公司董 事会成员中符合审计委员会专业要求的职工董事可以成为审计委员会 委员。 第六条 审计委员会设主任委员一名，由独立董事委员中的会计专 业人士担任，负责 ...

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，爱尔眼科(300015.SZ)吴士君、福寿园 (01448.HK)祝启铭、海信家电(000921.SZ/00921.HK)张裕欣、隆基绿能(601012.SH)刘晓东、罗博特科 (300757.SZ)李良玉、天齐锂业(002466.SZ/09696.HK)张文宇、许继电气(000400.SZ)万桂龙、药明康德 (603259.SH/02359.HK)韩敏8位荣获"年度卓越董秘"奖项。（排名不分先后，按公司首部字母顺序排 列） "年度卓越董秘"奖项旨在表彰在负责公司治理、股权事务管理、信息披露、投资者关系等层面表现突出 的上市公司董秘。该奖项体现出市场与投资者对董秘长期坚持公司规范化运作、及时合规信披、保障股 东公平知情权，以及保持稳健发展并持续维股东创造价值的高度认可。本次评选通过定量数据分析和专 家评审团等方式得出最终结果。 格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角 兽公司排行榜。此次"金格奖"上市公司评选 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 3.12% in the week from December 15 to December 19, 2025, underperforming the Shanghai Composite Index [1]. - QuantumScape (QS) signed a joint development agreement with a global top ten automotive manufacturer, marking significant progress in its commercial expansion goals for 2025 [2]. - China's photovoltaic module exports reached approximately 20.29 GW in October 2025, a year-on-year increase of 17% [3]. - The completion of the Jinshang-Hubei ±800 kV UHVDC project marks a historical high in grid construction intensity, with an investment of 33.4 billion yuan [4]. Summary by Sections 1. New Energy Vehicles - QS's partnership with a major automotive manufacturer signifies a key advancement in its business expansion for 2025, with ongoing collaborations with several top car manufacturers [14]. - The energy density of QS's solid-state battery reaches 844 Wh/L, supporting fast charging and high discharge rates [17]. - The company is focused on expanding its cooperative ecosystem and accelerating the commercialization of solid-state batteries [24]. 2. New Energy Generation - China's photovoltaic module exports in October 2025 were approximately 20.29 GW, reflecting a 17% year-on-year growth [35]. - The cumulative export volume reached 226.45 GW by the end of October, with a year-on-year increase of 11% [35]. - The European market remains the largest, but exports have declined for two consecutive months, with a 31% decrease month-on-month [36]. 3. Electric Equipment and Automation - The Jinshang-Hubei ±800 kV UHVDC project has been officially completed, with a total investment of 33.4 billion yuan, capable of transmitting approximately 40 billion kWh of clean electricity annually [54]. - The project enhances the capacity for large-scale development of hydropower and renewable energy in the upper reaches of the Jinsha River [54]. - The National Grid has completed 42 UHV projects, significantly supporting the large-scale delivery of clean energy from the western and northern regions [55]. 4. Weekly Sector Performance - The electric equipment and new energy sector saw a decline of 3.12%, ranking 30th in performance, with the new energy vehicle index showing the largest increase of 0.14% [1]. - The nuclear power index experienced the largest decline of 4.07% during the same period [1].

Group 1 - The core viewpoint of the article is that XJ Electric has signed a framework cooperation agreement with Huawei Digital Energy Technology Co., Ltd., focusing on areas such as smart photovoltaics, energy storage, and data center energy [2] - The cooperation agreement is described as an intention framework agreement, indicating that it does not currently involve specific cooperation projects [2]

Core Viewpoint - The company has signed a cooperation framework agreement with Huawei Digital Energy Technology Co., Ltd., focusing on smart photovoltaic, energy storage, and data center energy sectors, but specific projects are not yet defined [2] Group 1 - The cooperation agreement is a framework agreement, indicating a preliminary stage of collaboration [2] - The main areas of intended cooperation include smart photovoltaic, energy storage, and data center energy [2] - Currently, there are no specific projects involved in the cooperation [2]

Core Viewpoint - XJ Electric (000400) has signed a framework cooperation agreement with Huawei Digital Energy Technology Co., Ltd., focusing on areas such as smart photovoltaics, energy storage, and data center energy, without involving specific projects at this stage [1] Group 1 - The cooperation agreement is described as a letter of intent, indicating a preliminary stage of collaboration [1] - The main areas of potential collaboration include intelligent photovoltaics, energy storage, and energy solutions for data centers [1]

世界首台8吉瓦超大容量特高压柔性直流换流阀研制成功 12月16日，中国电气装备所属许继电气成功研制世界首套±800千伏/8吉瓦柔性直流输电换流阀，并顺利通过800千伏高端换流阀型式试验，创下全球柔性 直流输电领域换流阀设备容量最高纪录，巩固了我国在特高压柔性直流输电技术领域行业领先地位。 该产品由许继电气完全自主设计，在世界上首次采用基于4.5千伏/5千安级大功率IGBT器件，将应用于国家西电东送重点工程——甘肃至浙江±800千伏特 高压柔性直流输电工程（甘浙工程）。 甘浙工程是世界首个采用自主研发的8吉瓦全容量特高压柔性直流输电技术的项目，也是国家"十四五"电力发展规划重点项目，可将甘肃优质煤炭和风光 新能源转换为电力送出，发挥中西部地区绿色能源优势，满足地方经济的发展需要。工程将在系统构建、先进控制等多方面创造多项世界第一，有力保障 甘肃大规模新能源消纳送出和浙江复杂大电网安全稳定运行，为"沙戈荒"大基地等高比例新能源外送工程发挥示范作用。工程投运后，每年可为浙江输送 清洁电力超360亿千瓦时，有力推动能源结构优化与"双碳"目标实现，对构建新型能源体系、保障国家能源安全具有深远意义。 在甘浙工程换流阀设备 ...

Group 1 - The core breakthrough of the peace agreement involves a shift from territorial deadlock to security guarantees, with key terms revised to focus on practical aspects like ceasefire and prisoner exchanges while postponing core disputes over territory and NATO membership [2][21] - Ukraine has accepted a collective defense commitment similar to NATO's Article 5 from the US and Europe, while excluding direct NATO membership, and the limit on the Ukrainian military size has been increased from 600,000 to 800,000, maintaining defense autonomy [2][21] Group 2 - The US is leading a transactional diplomacy approach, exchanging security guarantees for Ukrainian concessions, particularly targeting the development rights of Ukrainian mineral resources, with 50% of the reconstruction fund's revenue allocated to the US [3][22] - Europe is participating passively, with Germany, France, and the UK proposing a modified peace plan emphasizing that territorial issues should be decided by a national referendum in Ukraine, attempting to weaken US unilateral dominance [3][22] Group 3 - Ukraine's compromise is driven by dual pressures of military and economic exhaustion, with Russia controlling 120,000 square kilometers of Ukrainian territory (20% of the country), highlighting vulnerabilities in Ukraine's defense system [4][24] - The infrastructure in Ukraine has suffered systemic damage, necessitating a comprehensive ceasefire to ensure wartime elections, forcing Ukraine to trade resources for security [5][25] Group 4 - The US has a strategic interest in key minerals, with Ukraine's lithium and titanium reserves ranking among the top globally, and the mineral agreement stipulates that 50% of future mineral revenues will fund the US-led reconstruction efforts to offset military aid costs [6][26] Group 5 - The geopolitical landscape is shifting towards a tripartite balance among the US, Russia, and Europe, with the US prioritizing resource control through security agreements that bind Ukraine's mineral development rights, thereby diminishing Europe's economic influence in Ukraine [7][27] - There is a tacit agreement between the US and Russia, allowing Russia to maintain control over eastern Ukraine in exchange for halting further advances, which reduces US strategic investments [8][28] Group 6 - Europe faces a dilemma of marginalization, losing security discourse power, as Germany and France push for the "Eastern Sentinel" initiative to strengthen eastern defense but cannot prevent direct negotiations between the US and Russia [9][29] - The competition for resources is intensifying, with the EU submitting a mineral cooperation agreement to compete with the US for dominance over Ukrainian lithium and titanium [10][30] Group 7 - Investment opportunities arise from the urgent need for reconstruction in Ukraine's energy and transportation infrastructure, with international engineering firms like China Power Construction (601669) and China Communications Construction (601800) likely to secure contracts [11][31] - The repair of the electrical grid and construction of natural gas pipelines will drive equipment exports from companies like XJ Electric (000400) and Beiken Energy (002828) [12][32] Group 8 - The development of lithium mines in Ukraine will benefit battery manufacturers like CATL (300750) and Huayou Cobalt (603799) as they diversify their supply chains, while titanium processing will attract attention to Baotai Co. (600456) [13][33] - The restoration of the Black Sea grain corridor will benefit agricultural trade, reducing import costs for companies like COFCO Corporation (600737) and Suqian Agricultural Development (601952) [14][34] Group 9 - The peace agreement signals the start of a post-war reconstruction cycle, presenting structural opportunities in infrastructure, minerals, and agriculture, with investors needing to monitor the progress of the agreement and the dynamics of US-European resource competition [20][38]