Core Viewpoint - The article highlights the green development initiatives in Zhifu District, Yantai, focusing on the transformation of traditional industries and the promotion of emerging industries to achieve high-quality, low-carbon growth [4][5][6]. Group 1: Innovation and Emerging Industries - Zhifu District is leveraging its advantages to drive the transformation of old and new kinetic energy, fostering the development of emerging industries [4]. - The district's digital virtual power plant is integrating various adjustable power resources to balance supply and demand, enhancing the capacity for renewable energy consumption [4]. - The cloud storage energy technology company is innovating battery storage systems to achieve "essential safety" [4]. - The smart roll-on/roll-off terminal at Yantai Port is utilizing intelligent transfer equipment for efficient logistics operations [4]. Group 2: Economic Growth and Policy Support - Zhifu District is actively cultivating new enterprises, with plans to nurture 27 innovative small and medium-sized enterprises and 18 specialized and innovative SMEs by mid-2025 [5]. - The district is organizing companies to apply for national-level "little giant" enterprises and specialized small and medium-sized enterprises [5]. - The district has established a risk monitoring and early warning platform, covering over 40,000 enterprises, enhancing safety management through digitalization [6]. Group 3: Talent and Innovation Ecosystem - The demand for specialized and innovative talent is increasing as green industries thrive, with Zhifu District optimizing talent services and providing housing support [9]. - The district aims to attract over 12,000 young talents annually, leading the city in talent acquisition [9]. - Various competitions and innovation events are being held to stimulate green innovation [9]. Group 4: Urban Development and Cultural Integration - The district is transforming old industrial sites into creative spaces, reducing waste and environmental pressure while enhancing quality of life [11]. - New cultural and creative projects are being developed, integrating tourism and ecological resources to create new consumption hotspots [12]. - The district is promoting a multi-dimensional tourism experience by merging industrial heritage with cultural activities [12]. Group 5: Future Outlook - Zhifu District is committed to continuing its green development journey, combining innovation and upgrades to create a sustainable urban environment [13].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Group 1: Event Overview - Hunan government announced an adjustment to electricity pricing policy to promote the construction of a new power system and ensure stable economic operation, effective from August 1 [1] Group 2: Time-of-Use Pricing Mechanism - Time-of-use pricing is designed to guide electricity users in managing peak and off-peak demand, ensuring the safety and stability of the power system [2] - The need for frequent adjustments in time-of-use pricing is driven by increasing electrification and significant fluctuations in power load, as well as the growing share of renewable energy in the power system [2] - Traditional pricing mechanisms fail to reflect real supply-demand relationships due to the volatility of renewable energy output, leading to adjustments in pricing periods to address issues like midday solar energy curtailment [2] Group 3: Virtual Power Plants - Virtual power plants have the capability to scale and address short-term power supply-demand imbalances and renewable energy absorption challenges, offering economic advantages over traditional coal-fired power [3] - The market-level virtual power plant is seen as an effective means of comprehensive energy operation, requiring operators to optimize various strategies and manage green assets [3] - The successful testing of cross-provincial computing power transfer technology for virtual power plant peak-shaving response was reported by the State Grid Shanghai Pudong Power Supply Company [3] Group 4: Market Potential of Virtual Power Plants - The domestic virtual power plant market is projected to grow significantly, with installed capacity expected to increase from 3.7 GW in 2022 to 39 GW by 2025, representing a compound annual growth rate of 108.1% [4] - The global share of China's virtual power plant capacity is anticipated to rise from 17.5% in 2022 to 67.2% by 2025, indicating a substantial opportunity for large-scale development in the industry [4] Group 5: Historical Performance of Leading Companies - The National Energy Administration initiated pilot projects for the construction of a new power system, focusing on advanced directions such as virtual power plants and smart microgrids [5] - Leading company Shun Sodium Co. experienced a significant stock increase, with a maximum rise of nearly 30% over five trading days [5] Group 6: Related Concept Stocks - High-tech scheduling and platform segments, as well as resource-intensive load-side segments, are expected to see new development opportunities, with potential stocks including Dongfang Electronics and Guodian Nari [7]

证券代码：000682 证券简称：东方电子 公告编号：2025-27 东方电子股份有限公司 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。 一、担保事项概况 本担保事项经公司第十一届董事会第十三次会议审议通过，无需提交股东会 审议。 二、被担保人基本情况 （一）被担保人概况 仪表销售；配电开关控制设备研发；配电开关控制设备制造；配电开关控制设备 销售；输配电及控制设备制造；智能输配电及控制设备销售；电力设施器材制造； 电力设施器材销售；工业自动控制系统装置制造；工业自动控制系统装置销售； 数字视频监控系统销售；物联网设备制造等。 公司全资子公司烟台东方威思顿电气有限公司（以下简称"威思顿"）计划 投标尼泊尔灾备中心建设项目，根据项目投标要求需要公司为威思顿提供项目履 约担保。担保期限：担保将在威思顿中标并签署项目合同正式生效时生效，直至 威思顿在合同项下的全部义务和责任履行完毕为止；若威思顿未能中标，则本担 保自动失效。担保金额涉及项目投标报价尚无法公开披露，经测算项目担保金额 未达到公司股东会审议标准，若威思顿中标并签署合同后，公司将在项目进展公 告中披露详 ...

证券代码：000682 证券简称：东方电子 公告编号：2025-27 东方电子股份有限公司 关于为公司全资子公司担保的公告 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。 一、担保事项概况 公司全资子公司烟台东方威思顿电气有限公司（以下简称"威思顿"）计划 投标尼泊尔灾备中心建设项目，根据项目投标要求需要公司为威思顿提供项目履 约担保。担保期限：担保将在威思顿中标并签署项目合同正式生效时生效，直至 威思顿在合同项下的全部义务和责任履行完毕为止；若威思顿未能中标，则本担 保自动失效。担保金额涉及项目投标报价尚无法公开披露，经测算项目担保金额 未达到公司股东会审议标准，若威思顿中标并签署合同后，公司将在项目进展公 告中披露详细内容。 本担保事项经公司第十一届董事会第十三次会议审议通过，无需提交股东会 审议。 二、被担保人基本情况 （一）被担保人概况 8、营业范围：仪器仪表制造；仪器仪表销售；智能仪器仪表制造；智能仪器 仪表销售；配电开关控制设备研发；配电开关控制设备制造；配电开关控制设备 销售；输配电及控制设备制造；智能输配电及控制设备销售；电力设施器材制造； 1 ...

证券代码：000682 证券简称：东方电子 公告编号：2025-26 东方电子股份有限公司 第十一届董事会第十三次会议决议公告 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。 一、会议召开情况 补选刘志军先生、张驰先生为公司第十一届董事会战略与 ESG 委员会委员， 补选张驰先生为公司第十一届董事会科技创新委员会委员。任期自当选之日起至 本届董事会届满日止。 表决结果：表决通过。其中，同意 9 票；反对 0 票；弃权 0 票。 三、备查文件 东方电子股份有限公司（以下简称"公司"）第十一届董事会第十三次会 议于 2025 年 7 月 8 日以通讯表决方式召开，会议通知于 2025 年 7 月 4 日以电子 邮件的方式通知全体董事。本次会议是临时会议，应参加会议的董事 9 人，实际 参加会议的董事 9 人，会议由董事长方正基先生召集和主持，公司高级管理人员 列席了会议。 会议通知及召开程序符合《公司法》《公司章程》等有关规定，会议决议 合法有效。 二、会议议案的审议情况 1、审议并通过了《关于为公司全资子公司担保的议案》 《关于为公司全资子公司担保的公告》同日刊 ...

Investment Rating - The report maintains a "Positive" investment rating for the power equipment industry [4] Core Insights - The dual carbon strategy emphasizes the coexistence of highly clean power generation and highly electrified power consumption, with the grid serving as a crucial link between the two [4][7] - The development of ultra-high voltage (UHV) technology is essential for achieving carbon neutrality, but progress has been slower than expected [4][8] - The distribution network is critical for renewable energy consumption, yet investment during the 14th Five-Year Plan period has fallen short of expectations [4][39] Summary by Sections Ultra-High Voltage (UHV) - UHV is a key component of the dual carbon strategy, with a planned investment of 380 billion yuan for over 30,000 kilometers of lines and a capacity of 340 million kilovolt-amperes [8] - The actual progress of UHV projects has been below expectations, with only eight projects likely to be completed by 2025 [16][18] - The shift towards flexible direct current technology is noted, as it allows for higher proportions of renewable energy to be transmitted [22][24] Distribution Network - The distribution network's role has evolved significantly post-dual carbon strategy, requiring upgrades to accommodate distributed energy resources [39][40] - Despite a consensus on the need for increased investment in the distribution network, actual investment levels have been lower than anticipated during the 14th Five-Year Plan [47] - The rapid growth of distributed solar power has led to challenges in the capacity of the distribution network, necessitating further enhancements [50]

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.45 RMB per 10 shares, approved by the shareholders' meeting held on May 16, 2025 [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan involves a cash dividend of 0.45 RMB per 10 shares (before tax), totaling a distribution based on the current total share capital of 1,340,727,007 shares [1]. - The company will not conduct a capital reserve transfer to increase share capital [1]. - The cash dividend will remain unchanged even if the total share capital changes before the record date [1]. Dividend Payment Details - The record date for the dividend distribution is set for July 8, 2025, and the ex-dividend date is July 9, 2025 [1][2]. - For Hong Kong market investors and foreign institutions, the cash dividend will be 0.405 RMB per 10 shares after tax [1]. - Different tax rates will apply for individual shareholders based on their holding period, with specific amounts outlined for different durations [1]. Dividend Recipients - The recipients of the dividend will be all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [2]. Consultation Information - For inquiries regarding the dividend distribution, the company has provided a contact address and phone number for shareholder assistance [2].

证券代码：000682 证券简称：东方电子 公告编号：2025-25 东方电子股份有限公司 4、本次利润分配实施方案距离 2024 年度股东大会审议通过的利润分配方 案时间未超过两个月。 二、本次实施的利润分配方案 2024 年度权益分派实施公告 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。 东方电子股份有限公司（以下简称"公司"）2024 年度利润分配及资本 公积金转增股本方案（以下简称"利润分配方案"）已获 2025 年 5 月 16 日召 开的公司 2024 年度股东大会审议通过，现将本次权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、股东大会审议通过的利润分配方案为：以总股本 1,340,727,007 股为 基数向全体股东每 10 股派发现金红利 0.45 元（含税），共计派发现金红利 60,332,715.32 元。剩余可供股东分配的利润结转以后年度。本年度不分配红 股，不进行公积金转增股本。在实施权益分派的股权登记日前,若公司总股本 发生变动的，公司维持分配的每股现金红利不变，相应调整本次现金红利分配 总额。 上述股东大会决议 ...