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]

Group 1 - The company’s wholly-owned subsidiary, Yantai Dongfang Wisdom Electric Co., Ltd. (Wisdom), plans to bid for a disaster recovery center construction project in Nepal, requiring the company to provide a performance guarantee for Wisdom [1] - The guarantee will take effect upon Wisdom winning the bid and signing the project contract, remaining valid until all obligations under the contract are fulfilled; if Wisdom does not win, the guarantee will automatically become invalid [1] - The guarantee amount is not disclosed as it does not meet the threshold for shareholder meeting approval, and detailed information will be disclosed in future project progress announcements if Wisdom wins the bid [1] Group 2 - Wisdom's financial data as of March 31, 2025, shows total assets of 553,977.73 million yuan, total liabilities of 282,319.27 million yuan, and net assets of 271,658.45 million yuan [2] - The asset-liability ratio decreased from 51.7% to 51.0%, indicating a stable financial position [2] - Wisdom's operating income for the period was 50,314.22 million yuan, with a net profit of 5,541.09 million yuan, reflecting a solid performance [2] Group 3 - The company does not need to sign a guarantee agreement, as the board has approved the performance guarantee letter to be issued according to bidding project requirements [3] - The board believes that Wisdom's stable production and good financial condition justify the performance guarantee, which aligns with the company's interests and aims to expand its overseas market [3] - As of the announcement date, the company has no overdue guarantees or violations, with a total external guarantee balance of 0 yuan and a guarantee balance for its subsidiary of 774,700 yuan, representing 0.02% of the latest audited net assets [3]

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 ...

东方电子股份有限公司董事会议事规则 第一章 总 则 第一条 为进一步完善公司法人治理结构，规范公司董事会议事和决策程序， 确保董事会高效运作和科学决策，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司独立董事管理办法》等有关法律、法规及《公司章程》 的有关规定，制定本议事规则。 第二条 董事会是公司经营管理的决策机构，对股东会负责，并依据国家有 关法律、法规和《公司章程》行使职权。 （八）决定公司内部管理机构的设置； （九）聘任或者解聘公司总经理、董事会秘书；根据总经理的提名，聘任或 者解聘公司副总经理、财务负责人等高级管理人员，并决定其报酬事项和奖惩事 项； （十）制定公司的基本管理制度； （十一）制订《公司章程》的修改方案； 1 第二章 董事会的组成和职权 第三条 公司董事会的组成人数及独立董事的比例，由《公司章程》确定。公 司董事会成员中，应有三分之一比例的独立董事。 第四条 董事会行使下列职权： （五）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； （六）拟订公司重大收购、回购本公司股票或者合并、分立、变更公司形式 和解散方案； （七）在股东会授权范围内，决定公司的风险投 ...