思源电气股份有限公司（下称"公司"）第八届监事会十七次会议的会议通知于2025年 10月7日分别以专人、电子邮件等形式送达公司全体监事.会议于2025年10月16日在公司会议 室采取了书面通讯表决的方式召开。会议由监事会主席郑典富先生主持，会议应出席监事3 人，实际出席监事3人。会议的召开符合《公司法》和《公司章程》的规定。 证券代码：002028 证券简称：思源电气 公告编号：2025-047 思源电气股份有限公司第八届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 二、监事会会议审议情况 以3票同意，0票反对，0票弃权，审议通过了《2025年第三季度报告》。 经审核，监事会认为董事会编制和审核的公司 2025 年第三季度报告的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存 在任何虚假记载、误导性陈述或者重大遗漏。 特此公告。 思源电气股份有限公司监事会 二〇二五年十月十七日 1 / 1 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-046 思源电气股份有限公司第八届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 二、董事会会议审议情况 1、以7票同意，0票反对，0票弃权，审议通过了《2025年第三季度报告》。 与会董事认为公司2025年第三季度报告客观地反映了公司2025年第三季度财务情况、经 营成果等，并发表如下确认意见：保证公司2025年第三季度报告中所载资料不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责 任。 特此公告。 思源电气股份有限公司董事会 二〇二五年十月十七日 1 / 1 一、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第二十五次会议的会议通知于2025 年10月9日分别以专人、电子邮件等形式送达公司全体董事。会议于2025年10月16日采取了 书面通讯表决的方式召开。会议由董事长董增平先生主持，会议应出席董事7人，实际出席 董事7人。会议的召开符合法律、法规、规章及《公司章程》的规定。 ...

[Report Overview](index=1&type=section&id=%E6%8A%A5%E5%91%8A%E6%A6%82%E8%A7%88) This section provides an overview of the quarterly report, including important disclaimers and assurances from management [Important Notice](index=1&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) Sieyuan Electric's Board and management guarantee the report's accuracy and completeness, with financial information declared true and unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report and assume legal responsibility[3](index=3&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial information to be true, accurate, and complete[3](index=3&type=chunk) - This quarterly financial report has not been audited[4](index=4&type=chunk)[22](index=22&type=chunk) [Key Financial Data and Indicators](index=1&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) This section presents the company's key financial performance metrics, non-recurring items, and an analysis of significant changes [Key Accounting Data and Financial Indicators](index=1&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Sieyuan Electric reported strong Q3 and year-to-date financial performance with significant growth in revenue and net profit, despite a decrease in operating cash flow Key Financial Indicators for Q3 2025 and Year-to-Date | Indicator | Current Period (CNY) | Year-over-Year Change | Year-to-Date (CNY) | Year-to-Date Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,330,097,998.32 | 25.68% | 13,826,977,185.80 | 32.86% | | Net Profit Attributable to Shareholders | 898,674,904.69 | 48.73% | 2,191,372,868.35 | 46.94% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 799,819,609.74 | 41.62% | 2,035,888,160.77 | 44.87% | | Net Cash Flow from Operating Activities | — | — | 431,552,673.64 | -44.67% | | Basic Earnings Per Share (CNY/share) | 1.1500 | 47.44% | 2.81 | 46.35% | | Diluted Earnings Per Share (CNY/share) | 1.1500 | 47.44% | 2.81 | 46.35% | | Weighted Average Return on Net Assets | 6.46% | 1.16% | 16.11% | 2.83% | | **Period-end Indicators** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from Prior Year-end** | | | Total Assets | 27,256,893,256.09 | 23,473,702,058.27 | 16.12% | | | Owners' Equity Attributable to Shareholders | 14,455,101,089.06 | 12,379,549,868.31 | 16.77% | | [Non-recurring Gains and Losses Items](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **98.86 million CNY** for the quarter and **155.48 million CNY** year-to-date, mainly from government subsidies and financial instrument changes Non-recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | Year-to-Date Amount (CNY) | Description | | :--- | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -1,257,784.31 | -1,490,273.58 | Mainly losses from disposal of fixed assets by subsidiaries | | Government Subsidies Recognized in Current Profit and Loss | 107,267,251.00 | 167,922,827.32 | Mainly government subsidies recognized in current profit and loss | | Fair Value Changes and Gains/Losses from Disposal of Financial Assets | 15,319,806.82 | 29,045,981.06 | Mainly fair value changes and gains/losses from foreign exchange forward contracts and wealth management income | | Other Non-operating Income and Expenses | 853,486.59 | 1,196,975.96 | Mainly external donations, fine income, and expenses | | Less: Income Tax Impact | 20,387,410.24 | 36,017,607.14 | | | Impact on Minority Shareholders' Equity (After Tax) | 2,940,054.91 | 5,173,196.04 | | | **Total** | **98,855,294.95** | **155,484,707.58** | -- | - The company does not classify non-recurring gains and losses as recurring gains and losses[6](index=6&type=chunk) [Analysis of Changes in Key Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant changes in balance sheet and income statement items are driven by business growth, investments, lease renewals, equity incentives, and exchange rate fluctuations, leading to decreased operating cash flow Balance Sheet Item Changes | Item | Period-end Balance (CNY) | Beginning-of-period Balance (CNY) | Change Rate | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 7,085,747,711.66 | 5,758,354,119.70 | 23.05% | Mainly due to increased revenue | | Prepayments | 791,142,513.23 | 534,250,029.53 | 48.08% | Mainly due to rapid growth in some businesses, leading to increased inventory and corresponding higher payments to suppliers | | Inventories | 5,026,989,289.71 | 3,476,970,033.07 | 44.58% | Mainly due to rapid growth in some businesses, leading to increased inventory and corresponding higher payments to suppliers | | Construction in Progress | 611,000,324.73 | 312,331,497.89 | 95.63% | Mainly investments in base construction | | Right-of-Use Assets | 78,741,711.17 | 31,093,101.05 | 153.24% | Mainly due to lease renewals for expiring assets, increasing right-of-use assets | | Trading Financial Liabilities | 5,265,983.00 | 556,840.00 | 845.69% | Mainly fair value changes of foreign exchange forward contracts | | Non-current Liabilities Due Within One Year | 41,628,250.97 | 14,118,508.94 | 194.85% | Mainly long-term borrowings due within one year | | Lease Liabilities | 63,028,569.51 | 16,422,345.20 | 283.80% | Mainly due to lease renewals for expiring assets, increasing lease liabilities | | Capital Reserves | 657,704,844.24 | 408,383,793.28 | 61.05% | Mainly option expenses from the 2023 stock option incentive plan and share premium from exercise | Income Statement and Cash Flow Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,826,977,185.80 | 10,407,267,185.30 | 32.86% | Business growth during the reporting period | | Selling Expenses | 704,329,194.53 | 487,796,917.76 | 44.39% | Increased market and sales investment during the reporting period | | Financial Expenses | -35,471,063.18 | 28,118,487.74 | -226.15% | Exchange rate changes affecting exchange gains/losses during the reporting period | | Other Income | 241,006,515.29 | 106,788,621.85 | 125.69% | Increased government subsidies received by the company during the reporting period and timing differences in receiving government support | | Gains/Losses from Fair Value Changes | -4,838,068.00 | 14,046,777.00 | -134.44% | Mainly fair value changes of foreign exchange forward contracts | | Income Tax Expense | 343,342,909.40 | 223,355,175.84 | 53.72% | Changes in total profit of consolidated entities and application of different tax rates | | Net Cash Flow from Operating Activities | 431,552,673.64 | 780,006,396.24 | -44.67% | Rapid growth in some businesses, leading to increased inventory and corresponding higher payments to suppliers | | Net Cash Flow from Investing Activities | -701,844,253.30 | -1,341,864,263.89 | 47.70% | Impact of changes in structured deposit products held, based on cash position | | Total Cash Inflows from Financing Activities | 406,003,300.00 | 184,390,163.00 | 120.19% | Impact of bank loans obtained by subsidiaries and dividend distribution | [Shareholder Information](index=3&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) This section details the company's common and preferred shareholder structure, including top holders and their respective stakes [Total Number of Common Shareholders and Top Ten Shareholders' Holdings](index=3&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company has **20,973** common shareholders, with Hong Kong Securities Clearing Company Limited, Dong Zengping, and Chen Bangdong as the top three holders - The total number of common shareholders at the end of the reporting period was **20,973** households[10](index=10&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 21.17% | 165,380,368 | 0 | | Dong Zengping | Domestic Natural Person | 16.83% | 131,444,820 | 98,583,615 | | Chen Bangdong | Domestic Natural Person | 12.34% | 96,383,042 | 72,287,281 | | Yang Xiaoqiang | Domestic Natural Person | 3.26% | 25,463,791 | 0 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas Legal Person | 1.49% | 11,618,676 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | Other | 1.36% | 10,620,886 | 0 | | National Social Security Fund 601 Portfolio | Other | 1.06% | 8,272,512 | 0 | | China Construction Bank Corporation - E Fund CSI 300 ETF Initiated Fund | Other | 0.98% | 7,662,100 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - ChinaAMC CSI 300 ETF | Other | 0.73% | 5,717,868 | 0 | | Tang Lanfang | Domestic Natural Person | 0.73% | 5,676,387 | 0 | - The company is unaware of any related party relationships among the top ten shareholders or whether there are any concerted parties as defined in the 'Measures for the Administration of the Acquisition of Listed Companies'[11](index=11&type=chunk) [Preferred Shareholder Information](index=4&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%85%AC%E5%8F%B8%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%2010%20%E5%90%8D%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had no preferred shareholders at the end of the reporting period - The company has no preferred shareholders[12](index=12&type=chunk) [Other Significant Matters](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section confirms that there are no other significant matters requiring disclosure during the reporting period [Other Significant Matters](index=4&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company had no other significant matters requiring disclosure during the reporting period - The company had no other significant matters requiring disclosure[12](index=12&type=chunk) [Quarterly Financial Statements](index=4&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated balance sheet, income statement, and cash flow statement for the reporting period [Consolidated Balance Sheet](index=4&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2025, total assets reached **27.26 billion CNY**, growing **16.12%** from the period's start, with corresponding increases in liabilities and owners' equity Consolidated Balance Sheet Key Data (September 30, 2025) | Item | Period-end Balance (CNY) | Beginning-of-period Balance (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 27,256,893,256.09 | 23,473,702,058.27 | 16.12% | | Total Current Assets | 22,128,797,165.06 | 18,910,986,760.56 | 17.01% | | Total Non-current Assets | 5,128,096,091.03 | 4,562,715,297.71 | 12.39% | | Total Liabilities | 12,522,289,134.96 | 10,818,360,027.95 | 15.75% | | Total Owners' Equity | 14,734,604,121.13 | 12,655,342,030.32 | 16.43% | | Total Owners' Equity Attributable to Parent Company | 14,455,101,089.06 | 12,379,549,868.31 | 16.77% | [Consolidated Income Statement](index=6&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) Year-to-date total operating revenue reached **13.83 billion CNY**, growing **32.86%**, with net profit attributable to parent company shareholders increasing **46.94%** Consolidated Income Statement Key Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 13,826,977,185.80 | 10,407,267,185.30 | 32.86% | | Total Operating Costs | 11,346,473,918.77 | 8,705,514,181.20 | 30.34% | | Financial Expenses | -35,471,063.18 | 28,118,487.74 | -226.15% | | Other Income | 241,006,515.29 | 106,788,621.85 | 125.69% | | Operating Profit | 2,614,938,136.27 | 1,744,703,846.31 | 49.88% | | Total Profit | 2,614,245,630.04 | 1,742,722,234.31 | 50.01% | | Net Profit | 2,270,902,720.64 | 1,519,367,058.47 | 49.47% | | Net Profit Attributable to Parent Company Shareholders | 2,191,372,868.35 | 1,491,370,179.34 | 46.94% | | Basic Earnings Per Share (CNY) | 2.81 | 1.92 | 46.35% | | Diluted Earnings Per Share (CNY) | 2.81 | 1.92 | 46.35% | [Consolidated Cash Flow Statement](index=8&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Year-to-date net operating cash flow decreased **44.67%** to **431.55 million CNY** due to inventory and supplier payments, while financing cash inflows grew **120.19%** Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Cash Inflows from Operating Activities | 13,647,830,600.75 | 10,428,132,000.02 | 30.88% | | Total Cash Outflows from Operating Activities | 13,216,277,927.11 | 9,648,125,603.78 | 36.98% | | Net Cash Flow from Operating Activities | 431,552,673.64 | 780,006,396.24 | -44.67% | | Total Cash Inflows from Investing Activities | 6,851,968,127.97 | 6,178,970,364.90 | 10.89% | | Total Cash Outflows from Investing Activities | 7,553,812,381.27 | 7,520,834,628.79 | 0.44% | | Net Cash Flow from Investing Activities | -701,844,253.30 | -1,341,864,263.89 | 47.70% | | Total Cash Inflows from Financing Activities | 406,003,300.00 | 184,390,163.00 | 120.19% | | Total Cash Outflows from Financing Activities | 595,990,427.77 | 384,373,580.20 | 55.05% | | Net Cash Flow from Financing Activities | -189,987,127.77 | -199,983,417.20 | 5.00% | | Net Increase in Cash and Cash Equivalents | -459,652,499.58 | -784,495,210.90 | 41.41% | | Period-end Cash and Cash Equivalents Balance | 3,236,087,415.44 | 2,361,345,695.76 | 37.04% | [Implementation of New Accounting Standards](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%202025%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company began implementing new accounting standards in 2025, with no adjustments to opening financial statements during this period - The company has not made any adjustments to the opening financial statements for the first year of implementing new accounting standards starting from 2025[22](index=22&type=chunk) [Audit Report](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This quarterly financial report has not been audited - The company's third-quarter financial report has not been audited[22](index=22&type=chunk)

Core Insights - The company reported a third-quarter revenue of 5.33 billion, representing a year-on-year growth of 25.68% [1] - The net profit for the third quarter was 899 million, showing a year-on-year increase of 48.73% [1] - For the first three quarters, the total revenue reached 13.827 billion, with a year-on-year growth of 32.86% [1] - The net profit for the first three quarters was 2.191 billion, reflecting a year-on-year increase of 46.94% [1]

Group 1 - The core point of the news is that Siyuan Electric experienced a stock price increase of 5.02%, reaching 107.99 CNY per share, with a trading volume of 1.275 billion CNY and a turnover rate of 2.02%, resulting in a total market capitalization of 84.06 billion CNY [1] - Siyuan Electric, established on December 2, 1993, and listed on August 5, 2004, is primarily engaged in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector and 0.53% from automotive electronics [1] Group 2 - Among the top ten circulating shareholders of Siyuan Electric, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) increased its holdings by 1.0511 million shares in the second quarter, now holding a total of 11.1016 million shares, which accounts for 1.83% of the circulating shares [2] - The Huatai-PB CSI 300 ETF has a current scale of 374.704 billion CNY and has achieved a year-to-date return of 17.92%, ranking 2775 out of 4220 in its category, with a one-year return of 17.36%, ranking 2491 out of 3857 [2] - The fund manager, Liu Jun, has a tenure of 16 years and 138 days, managing assets totaling 466.972 billion CNY, with the best fund return during his tenure being 137.92% and the worst being -45.64% [2]

Core Viewpoint - The stock of Siyuan Electric has experienced fluctuations, with a year-to-date increase of 39.47% but a recent decline of 7.63% over the past five trading days [1] Company Overview - Siyuan Electric, established on December 2, 1993, and listed on August 5, 2004, is located in Minhang District, Shanghai. The company specializes in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector [1][2] Financial Performance - For the first half of 2025, Siyuan Electric reported a revenue of 8.497 billion yuan, representing a year-on-year growth of 37.80%. The net profit attributable to shareholders was 1.293 billion yuan, reflecting a 45.71% increase compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders of Siyuan Electric was 20,000, an increase of 7.37% from the previous period. The average circulating shares per person decreased by 6.82% to 30,409 shares [2] Dividend Distribution - Since its A-share listing, Siyuan Electric has distributed a total of 2.509 billion yuan in dividends, with 930 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 155 million shares, a decrease of 1.4071 million shares from the previous period. Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which increased their holdings [3]

Core Viewpoint - SiYuan Electric experienced a decline of 5.21% on October 14, with a stock price of 103.21 CNY per share and a total market capitalization of 803.39 billion CNY [1] Company Overview - SiYuan Electric Co., Ltd. is located at 3399 Huanning Road, Minhang District, Shanghai, established on December 2, 1993, and listed on August 5, 2004 [1] - The company's main business involves the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of revenue coming from the power distribution equipment sector and 0.53% from automotive electronics [1] Shareholder Information - Among the top ten circulating shareholders, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) increased its holdings by 1.0511 million shares in the second quarter, totaling 11.1016 million shares, representing 1.83% of circulating shares [2] - The estimated floating loss for Huatai-PB CSI 300 ETF today is approximately 62.946 million CNY [2] - The fund was established on May 4, 2012, with a latest scale of 374.704 billion CNY, and has achieved a year-to-date return of 19.35% [2]

Investment Rating - The report provides a strong buy recommendation for several companies in the HVDC and power equipment sector, including Kehua Data, Kstar, Sungrow, and others [3][8]. Core Insights - The report highlights the transition from traditional UPS systems to HVDC as a key trend for powering large data centers, driven by increasing ICT equipment power density and the limitations of existing UPS technology [1][9]. - It emphasizes the opportunity for Chinese companies to participate in the HVDC supply chain, particularly as overseas firms seek collaboration and outsourcing due to the rapid evolution of technology [1][43]. Industry Overview - The industry consists of 303 listed companies with a total market capitalization of 7,321.6 billion [4]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 12-month increase of 45.3% [6]. Key Companies and Financial Metrics - Kehua Data (002335.SZ): Market Cap 35.6 billion, 2025 EPS 1.18, PE 58.3, Investment Rating: Strong Buy [3]. - Kstar (002518.SZ): Market Cap 24.4 billion, 2025 EPS 0.99, PE 42.2, Investment Rating: Strong Buy [3]. - Sungrow (300274.SZ): Market Cap 303.8 billion, 2025 EPS 6.59, PE 22.2, Investment Rating: Strong Buy [3]. - Other notable companies include Megmeet, Shenghong, and Hewei Electric, all receiving strong buy ratings [3][8]. HVDC Technology Adoption - The report discusses the shift towards HVDC systems as a more efficient alternative to UPS, particularly for large-scale data centers, highlighting the advantages of reduced energy conversion losses and lower copper usage [31][34]. - It notes that the efficiency of HVDC systems can be 2-3% higher than traditional UPS systems, with significant reductions in copper requirements [31][34]. Opportunities for Chinese Companies - The report identifies potential opportunities for Chinese firms to engage in OEM and direct supply for HVDC systems, as established overseas companies look to leverage local expertise and manufacturing capabilities [1][54]. - Companies like Kehua Data, Megmeet, and Kstar are positioned to benefit from this trend due to their existing technological capabilities and market presence [55][56]. Related Companies - The report highlights several companies involved in HVDC technology and related components, including: - Kehua Data: Leading in HVDC solutions for various data center applications [55]. - Megmeet: Established in server power supply and expanding into HVDC [56]. - Kstar: Strong background in power electronics and renewable energy solutions [57]. - Sungrow: Notable for its global leadership in power electronics and potential in HVDC [58]. - Hewei Electric: Focused on high-power electronics and emerging HVDC applications [61].

Core Viewpoint - The article emphasizes the potential investment opportunities in the power grid equipment sector, highlighting specific companies that are showing strong performance and growth potential despite a generally bearish market outlook [2][5]. Group 1: Company Performance - Siyuan Electric is identified as a leading stock in the power grid equipment sector, demonstrating stable high growth over four consecutive quarters, with a significant price-volume signal indicating a strong upward trend since July [2]. - TBEA (特变电工) is noted for its delayed but intense price-volume structure, with a recent fundamental reversal suggesting potential for further growth [3]. - Guorui Nandian, the largest company by market capitalization in the sector, is currently in a bottom accumulation phase, indicating potential for future movement [4]. Group 2: Market Signals - The article suggests that a market pullback could present an excellent entry point for investors, as it may confirm a breakout to new highs for the sector [5][6]. - Technical signals across various stocks in the sector show similar characteristics, indicating a broader trend that could be beneficial for investors [5]. Group 3: Industry Overview - The article discusses the overall state of the power grid equipment sector, suggesting that it is on the verge of a significant upward movement, with key technical signals marking potential entry points for investors [6][7].

Overview - The report provides a comprehensive analysis of the global and Chinese power transmission and distribution equipment industry, including market trends, technological advancements, and competitive landscape [2][3][4]. Industry Definition and Classification - Power transmission and distribution equipment is defined and differentiated from similar concepts, with a clear classification of the industry [3][4]. - The report outlines the regulatory framework and standard systems governing the industry in China [3][4]. Global Industry Development - The global power transmission and distribution equipment industry has a rich development history, with current technological and supply-demand conditions analyzed [4][5]. - The competitive landscape includes insights into mergers and acquisitions within the industry [4][5]. Market Size and Trends - The report estimates the market size of the global power transmission and distribution equipment industry and provides forecasts for the next five years [4][5]. - Key trends include technological advancements and shifts in market demand [4][5]. Chinese Industry Analysis - The development history and technological progress of the Chinese power transmission and distribution equipment industry are detailed, including research and innovation efforts [5][6]. - The report discusses the import and export statistics of power transmission and distribution equipment, highlighting trade dynamics [5][6]. Market Participants - An analysis of market participants includes types of companies, their entry strategies, and the distribution of registered enterprises across regions [5][6]. - The report also examines the bidding market for power transmission and distribution equipment in China, including key players and their bidding behaviors [5][6]. Competitive Landscape - The competitive dynamics of the Chinese power transmission and distribution equipment industry are analyzed, including market concentration and competitive clusters [6][7]. - The report employs Porter's Five Forces model to assess the competitive environment [6][7]. Investment and Financing - The report outlines the investment landscape, including sources of funding, investment trends, and notable financing events in the industry [6][7]. - Mergers and acquisitions are discussed, highlighting motivations and significant case studies [6][7]. Supply Chain and Cost Structure - The structure of the power transmission and distribution equipment industry supply chain is mapped out, along with an analysis of cost components [7][8]. - The report examines the market for raw materials essential to the industry, such as silicon steel and copper [7][8]. Product Market Analysis - The report provides insights into various segments of the power transmission and distribution equipment market, including transformers, switchgear, capacitors, and more [8][9]. - Trends in product development, such as miniaturization and increased reliability, are highlighted [8][9]. Application Market Analysis - The report analyzes application scenarios and market distribution for power transmission and distribution equipment, including power grid construction and renewable energy integration [9][10]. - Specific sectors such as rail transportation and automotive manufacturing are examined for their demand for power transmission and distribution equipment [9][10]. SWOT Analysis - A SWOT analysis of the Chinese power transmission and distribution equipment industry identifies strengths, weaknesses, opportunities, and threats [17][18]. - The report discusses the macroeconomic environment, social factors, and policy impacts on the industry [17][18]. Future Outlook - The report forecasts the future development potential of the Chinese power transmission and distribution equipment industry, identifying key growth areas and trends [18][19]. - It emphasizes the importance of technological innovation and market adaptation in shaping the industry's future [18][19].