Core Viewpoint - The company, Siyuan Electric (002028.SZ), has announced that as of December 31, 2025, its stock price reached 154.59 yuan per share, exceeding the upper limit of its stock repurchase price [1] Summary by Relevant Sections - Stock Repurchase - The company has cumulatively repurchased 0 shares through a dedicated securities account via centralized bidding, which represents 0.00% of the company's total share capital [1]

格隆汇1月5日丨思源电气(002028.SZ)公布，截至2025年12月31日收盘，公司股价为154.59元/股，已超 过公司回购股票价格上限，公司通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份0 股，占公司目前总股本0.00%。 ...

证券代码：002028 证券简称：思源电气 公告编号：2026-001 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回 购股份》等相关规定，公司应在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司回购股份进展情况公告如下： 一、公司回购股份进展情况 截至 2025 年 12 月 31 日收盘，公司股价为 154.59 元/股，已超过公司回购股票价格上 限，公司通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份 0 股，占公司目 前总股本 0.00%。 二、后续回购安排 1 / 2 思源电气股份有限公司 关于回购公司股份的进展公告 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。 思源电气股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开第八届董事会第 二十次会议、于 2025 年 6 月 13 日召开 2024 年年度股东大会，审议通过了《关于回购公司 股份的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分股份，回购资金总 额不低于人民币 3 亿元（含）且不高于人民币 5 亿元 ...

Group 1 - The global demand for electricity is surging due to Industrial 4.0, smart manufacturing, data centers, and AI computing power, leading to increased pressure on power grids [1][8] - Chinese power equipment companies have seen their order books filled until 2032, indicating a robust demand for their products [3][5] - The upgrade of global power grids is likened to a "heart surgery," with aging systems in developed countries struggling to meet the rising electricity needs [7][10] Group 2 - Chinese companies like TBEA have secured significant orders, including a major project in the Middle East, showcasing their advanced high-voltage technology [12][14] - Companies such as XJ Electric and Sieng Electric are also experiencing substantial profit growth, driven by the demand for high-voltage direct current technology [14][16] - The rise of smart grids is evident, with companies like Kelu Electronics reporting a 251.10% increase in net profit, largely due to AI device orders [16][18] Group 3 - The modernization of power grids involves not just physical infrastructure but also advanced technologies like quantum communication to enhance security [23][24] - Despite the impressive growth rates, challenges such as raw material price fluctuations and geopolitical risks could impact future profitability [34][36] - The long-term orders until 2032 may limit companies' flexibility to adapt to rapid technological changes in the industry [36][37]

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery prices are rapidly linked, and there is significant long-term potential in space photovoltaic technology [1] - The energy storage sector is expected to see substantial growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][7] - The electric vehicle market is anticipated to grow by 15% in 2026, supported by continued subsidies and a strong export contribution [26] Industry Trends - The electric power equipment sector experienced a decline of 2.18%, underperforming the market, with specific segments like wind power and new energy vehicles showing slight increases [3] - The report highlights the release of independent energy storage capacity compensation in Hubei Province at 165 RMB/kW·year, indicating government support for energy storage development [3] - The report notes that the global energy storage market is expected to grow significantly, with the U.S. projected to see a 60% increase in energy storage installations in 2025 [7] Market Prices and Changes - Lithium carbonate prices are reported at 112,500 RMB/ton, showing a slight decrease of 0.9% [3] - The average price of polysilicon is reported at 53.00 RMB/kg, with no change, while N-type silicon wafers have seen a price increase of 20% [3] - The report indicates that the average bidding price for onshore wind power is 1,800 RMB/kW, reflecting a competitive market environment [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong performance, with Ningde Times expected to see a net profit of 11-16 billion RMB in 2025, representing a year-on-year increase of 127%-230% [3] - Tianqi Lithium and Ganfeng Lithium are noted for their strategic partnerships and production capacity expansions, positioning them well in the lithium supply chain [3] - The report emphasizes the strong growth potential for companies involved in energy storage and lithium battery production, recommending investments in leading firms such as Ningde Times and Yiwei Lithium Energy [3][6]

Investment Rating - The report indicates a positive investment outlook for the power equipment sector, highlighting a structural differentiation in the market with a focus on the main grid and overseas expansion [2][3]. Core Insights - The domestic market for power grid equipment is projected to exceed 2 trillion yuan in 2025, with a year-on-year growth of 15%. The market is segmented into three main areas: internal grid (approximately 823 billion yuan, +9% YoY), external grid (approximately 580 billion yuan, +19% YoY), and overseas markets (approximately 665 billion yuan, +20% YoY) [2][18]. - The report emphasizes the importance of transformers, particularly in the context of the North American market, where there is a significant supply-demand mismatch. The expected supply gap for power transformers in the U.S. by 2025 is projected to be 30% [3][25]. - Solid-state transformers (SST) are highlighted as a disruptive technology with a potential commercial breakthrough expected around 2027, driven by their efficiency and adaptability to high-density computing environments [4][12]. Summary by Sections Investment Framework - The power equipment sector is categorized into six main business types, including smart systems, high-voltage equipment, medium and low-voltage equipment, metering devices, materials, and low-voltage electrical appliances [13][14]. - The report outlines a structural differentiation in the market, with a focus on the main grid and overseas expansion as key growth areas [18][23]. Market Demand and Trends - The report forecasts that the internal market (State Grid and Southern Grid) will reach approximately 835 billion yuan in 2025, with a growth rate of 9% YoY. The demand for high-voltage transformers and related equipment is expected to remain strong due to ongoing infrastructure investments [22][25]. - The external market, particularly in renewable energy sectors, is anticipated to grow significantly, with wind power installations expected to increase by 51% YoY in 2025 [22][26]. Detailed Market Tracking - The report provides a detailed analysis of ten sub-markets, indicating that the main grid and overseas markets are expected to maintain high levels of activity. The State Grid's investment in transmission and transformation equipment is projected to grow by 26% YoY, with significant contributions from leading companies [24][25]. - The report also notes a recovery in the distribution network segment, with price adjustments expected to enhance profitability starting in 2026 [25][26].

北京大成(上海)律师事务所 关于思源电气股份有限公司 2025年第一次临时股东会的 法律意见书 大成 DENTONS 大成 is Dentons' Preferred Law Firm in China. 北京大成(上海)律师事务所 www.dentons.cn 中国上海市世纪大道 100 号上海环球金融中心 9 层/24 层/25 层(200120) 9th/24th/25th Floor, Shanghai World Financial Center, 100 Century Avenue, Shanghai 200120, P. R. China Tel: +86 21-58785888 Fax: +86 21-58786866 本所声明:本所律师仅对本次股东会的召集程序、召开程序、出席会议人员 资格、召集人资格、表决程序及表决结果发表法律意见,并不对本次股东会所审 议的议案、议案所涉及的数字及内容发表意见。本所律师同意将本法律意见书随 本次股东会其他信息披露资料一并公告。 本法律意见书仅供见证公司本次股东会相关事项的合法性之目的使用,不得 用作任何其他目的。 本所及经办律师依据《证券法》《律师事务所 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-054 思源电气股份有限公司 2025 年第一次临时股东会决议公告 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。无董事不能保证公告内容真实、准确、完整。 特别提示： 1、本次股东会无否决议案的情形。 2、本次股东会没有涉及变更前次股东会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2025年12月31日(星期三) 15:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年12 月31日上午9:15—9:25，9:30—11:30 和下午13:00—15:00；通过深圳证券交易所互联网投 票系统进行网络投票的时间为 2025 年12月31日上午9:15至下午15:00的任意时间。 2、会议地点：现场会议召开地点 上海市闵行区华宁路3399号 公司107会议室 3、会议召开方式：现场投票和网络投票相结合的方式。 4、会议召集人、主持人：本次会议由公司董事会召集，董事长董增平先生主持。 本次会议的召集、召开程序及表决 ...

Industry Information - The 2025 Globalization and Sustainable Development Forum for the automotive industry released three key industry consensus points, emphasizing the integration of electric intelligence with ESG responsibilities, the importance of safety and user value in smart vehicles, and the necessity of sustainable development as a core requirement for the automotive industry [7] - Wuhan's 14th Five-Year Plan suggests accelerating the development of emerging industries such as embodied intelligence, high-end chips, quantum technology, and brain-computer interfaces [8] - As of November 2025, the total number of electric vehicle charging infrastructure in China reached 19.322 million, a year-on-year increase of 52.0%, with public charging facilities accounting for 4.625 million [9][10] - The total investment for the EVE Energy headquarters and Jin Yuan Robot AI Center project is approximately 1 billion yuan, focusing on sodium battery products and AI robotics [12] - Guangzhou aims to create a trillion-level smart connected new energy vehicle industry cluster as part of its 14th Five-Year Plan [13] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been officially implemented, streamlining the import process for electric vehicles [14] - The National Energy Administration is promoting the construction of charging piles in rural areas to support the growth of electric vehicles [15] - Huawei's ADS MAX 4.1 upgrade significantly enhances the experience in urban congestion scenarios [16] - The first batch of L3-level autonomous driving vehicle special license plates has been issued in Beijing, marking a milestone in the commercialization of autonomous vehicles [16] - By 2026, over 10,000 charging guns will be built in highway service areas across the country [16] - The National Energy Administration reported a 60.2% year-on-year increase in electricity consumption for charging and swapping services in November 2025 [18] - The first automotive intelligent chassis testing report was released, with BYD's Yangwang U7, NIO ES8, and Zhijie R7 recognized as benchmark models [20] - Hunan's electric vehicle exports exceeded 10 billion yuan for the first time, with a year-on-year growth of 105.3% [22] - Guangzhou's new energy vehicle production increased by 22.6% in the first 11 months of 2025 [22] - A total investment of 7.47 billion yuan was signed at the Ningde lithium battery new energy industry promotion conference, with an expected annual output value of 12.14 billion yuan [27] - The annual export of new energy vehicles from the Xiangyang Comprehensive Bonded Zone exceeded 10,000 units for the first time, marking a 350% year-on-year increase [27] - Inner Mongolia's Chifeng City has built 3,453 charging piles during the 14th Five-Year Plan period [29] Policy Information - The Guizhou Qiannan Prefecture government issued a plan for high-quality energy industry development from 2025 to 2027, focusing on expanding charging infrastructure [30] - The Henan Sanmenxia government released a plan for the construction of charging facilities in residential areas [31] - The Jiangsu province is adjusting its electric vehicle charging fee subsidy policy for 2026 [32] - The National Development and Reform Commission emphasized the need to regulate competition in the new energy vehicle, lithium battery, and photovoltaic industries to avoid "involution" [23][24]

Investment Rating - The report maintains a positive outlook on the space photovoltaic sector as the strongest investment theme for the current and upcoming year, with significant price potential for core photovoltaic-related stocks [1][5][6]. Core Insights - The report emphasizes the strong demand and strategic developments in the space photovoltaic sector, highlighting the potential for substantial price appreciation in related stocks due to catalysts such as rocket test launches, corporate listings, and advancements in product validation and supply [1][5]. - The report notes that the domestic wind power sector is expected to see continued growth, with November's new installations reaching 12.5 GW, a year-on-year increase of 110% [10][11]. - The lithium battery sector is experiencing a trend of production cuts among iron-lithium companies, which is expected to stabilize prices and support the market [14][15]. Summary by Sections Photovoltaics & Energy Storage - The report reiterates the focus on "space photovoltaics" as a key investment theme, supported by strategic partnerships and regulatory developments [1][5][6]. - November saw an increase in domestic photovoltaic installations to 22 GW, slightly exceeding expectations, with a total of 275 GW installed year-to-date, reflecting a 33% year-on-year growth [8][9]. - The report highlights the ongoing price guidance efforts by regulatory authorities to stabilize the photovoltaic market and the potential for increased adoption of copper in place of silver in photovoltaic applications due to rising silver prices [1][5][6]. Wind Power - The report projects that total wind power installations for the year could reach between 115-120 GW, driven by strong order backlogs and favorable policies for offshore wind projects [10][11]. - The report notes that the Shandong province has introduced competitive pricing rules for offshore wind projects, which may enhance project profitability [12][13]. Lithium Batteries - The report discusses planned production cuts by major lithium iron phosphate manufacturers, which are expected to reduce output by 1.5-3.5 million tons and 0.5-2 million tons, respectively, in the coming months [14][15]. - The report also mentions a significant asset sale by LG Energy Solution to Honda for $2.86 billion, aimed at improving operational efficiency [15][16]. Electric Grid - The report highlights a three-year cooperation agreement between Siyuan Electric and CATL, targeting a collaboration scale of 50 GWh, which is expected to contribute significantly to performance [22][23]. - The report notes that the State Grid has announced a series of tenders totaling 132 billion yuan, indicating steady progress in the construction of the main grid [24][25]. Hydrogen and Fuel Cells - The report indicates that the National Development and Reform Commission has reinforced the strategic direction for the hydrogen industry, focusing on green hydrogen and ammonia production [28][30]. - The report emphasizes the potential for green hydrogen to replace gray hydrogen in existing industrial applications, creating a substantial market opportunity [29][30]. Investment Recommendations - The report recommends key players in various sectors, including photovoltaic companies like LONGi Green Energy and JinkoSolar, wind power leaders such as Goldwind and Mingyang Smart Energy, and lithium battery manufacturers like CATL and BYD [32][33].