思源电气股份有限公司风险投资管理制度 第三条 风险投资的原则 （一）公司的风险投资应遵守国家法律、法规、规范性文件等相关规定； （二）公司的风险投资应当防范投资风险，强化风险控制、合理评估效益； （三）公司的风险投资必须与资产结构相适应，规模适度，量力而行，不能影响自身主 营业务的正常运行。 第四条 公司风险投资的资金来源为公司自有资金。公司应严格控制风险投资的资金规 模，不得影响公司正常经营，不得使用募集资金直接或间接地进行风险投资。 第五条 若公司股票在香港联交所上市，风险投资的定义、决策、披露等事项需同时遵守 《香港上市规则》相关规定；本制度未明确的，参照《香港上市规则》执行。 第二章 风险投资的决策权限 思源电气股份有限公司 风险投资管理制度 第一章 总则 第一条 为规范思源电气股份有限公司（以下简称"本公司"或"公司"）及下属公司（包括 子公司和分支机构，下同）的风险投资及相关信息披露行为，防范投资风险，强化风险控制， 保护投资者的权益和公司利益，依照《中华人民共和国公司法》《中华人民共和国证券法》 （以下简称"《证券法》"）、《深圳证券交易所创业板股票上市规则》《中小企业板信息披露 业务备忘录第3 ...

格隆汇12月12日丨思源电气(002028.SZ)公布，截至本公告披露日，回购方案规定的回购期限已过半， 公司尚未实施回购方案。自回购开始之日起，公司密切关注资本市场及股价整体表现。从2025年7月起 公司的重大投资事项进入决策程序，根据《上市公司股份回购规则》的相关规定，不得实施回购。自重 大投资事项披露后大部分时间盘中股价均超过回购价格上限109.45元/股，公司综合考虑二级市场动态 和回购方案等因素，暂未实施回购。 ...

Group 1 - The core point of the article is that Siyuan Electric (SZ 002028) announced that as of December 12, 2025, its stock price has exceeded the upper limit of the company's share repurchase price, with a closing price of 152.1 yuan per share [1] - The company has repurchased a total of 0 shares through a dedicated securities account, which accounts for 0% of the current total share capital [1] - As of the report date, Siyuan Electric has a market capitalization of 118.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Siyuan Electric is as follows: 99.47% from the manufacturing of power distribution and control equipment, and 0.53% from automotive electronics [1]

证券代码：002028 证券简称：思源电气 公告编号：2025-046 二、期限过半未实施回购的原因 1 / 2 思源电气股份有限公司 关于股份回购期限过半暨回购进展公告 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（含），回购价格不超过人民币 109.45 元/股。回购期限自股东大会审议通过回购股份方案之日起 12 个月内，具体回购股份的金 额和数量以回购结束时实际回购的金额和股份数量为准，所回购的股份将用于注销以减少公 司注册资本。公司已在中国证券登记结算有限责任公司深圳分公司开立股份回购专用证券账 户，并披露了《回购报告书》。具体内容详见公司于 2025 年 5 月 17 日、2025 年 6 月 14 日和 2025 年 ...

Core Viewpoint - The recent block trade of Siyuan Electric on December 12 indicates significant institutional activity, with a total transaction amount of 3.80 million yuan and a trading price of 152.10 yuan, reflecting a stable interest from institutional investors [2] Group 1: Block Trade Details - On December 12, a block trade occurred involving 25,000 shares of Siyuan Electric, amounting to 3.80 million yuan, with a transaction price of 152.10 yuan [2] - This transaction was executed between institutional specialized seats, indicating a focus on institutional investment [2] - Over the past three months, the stock has seen a total of three block trades, with a cumulative transaction amount of 21.27 million yuan [2] Group 2: Stock Performance Metrics - The closing price of Siyuan Electric on the same day was 152.10 yuan, representing a decline of 1.16% [2] - The stock's turnover rate for the day was 1.54%, with a total trading volume of 1.44 billion yuan [2] - In the last five days, the stock has experienced a cumulative decline of 4.29%, with a net outflow of 181 million yuan in funds [2] Group 3: Margin Financing Data - The latest margin financing balance for Siyuan Electric stands at 629 million yuan, with an increase of 37.59 million yuan over the past five days, reflecting a growth rate of 6.35% [2]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-12 | 002028 | 思源电气 | 152.10 | 2.50 | 380.25 机构专用 | | 机构专用 | | 权益类证券大宗交易 (协议交易) | | --- | 12月12日，思源电气大宗交易成交2.5万股，成交额380.25万元，占当日总成交额的0.26%，成交价152.1元，较市场收盘价 152.1元持平。 ...

Core Insights - The article discusses the transformation of the electric grid as a strategic asset in the context of increasing electricity demand driven by AI and renewable energy integration [2][3][4] Group 1: Electric Grid Development - The China Electric Grid Equipment Theme Index has seen a significant increase, rising from a low of 1762.54 points in June to 2702.89 points, marking an approximate 40% increase as of December 9 [2] - The unique ETF focused on electric grid equipment has experienced substantial net inflows, with a recent five-day net inflow of 413 million yuan, growing from under 100 million yuan at the end of September to 2.585 billion yuan by December 9, representing over a 20-fold increase [2][8] Group 2: Electricity Demand and Supply - In July and August, China's monthly electricity consumption exceeded 1 trillion kilowatt-hours, equivalent to Japan's annual consumption, largely due to the implementation of ultra-high voltage transmission lines [3] - The global demand for electricity is at a 30-year high, with AI's exponential growth in computing power contributing to this surge, as training a large AI model can consume over 100 million kilowatt-hours annually [4][5] Group 3: Global Context and Opportunities - Many countries in Europe and North America are facing electricity shortages due to extreme weather and aging infrastructure, while China's electric grid construction is leading globally [4] - The global investment in electric grids is projected to exceed 400 billion USD, with AI significantly driving the growth in electricity demand and related electrical equipment needs [5][11] Group 4: Technological and Policy Drivers - Key drivers for the new electric power system include policy support for renewable energy, technological breakthroughs in energy transmission, and the need for smart grid upgrades to manage the variability of renewable sources [11][12] - The penetration of smart meters in North America and Northern Europe exceeds 60%, while other regions are just beginning to adopt these technologies, presenting opportunities for Chinese companies [6][11] Group 5: Investment Opportunities - The electric grid equipment ETF is positioned as a vital investment vehicle for participating in the energy transition, focusing on ultra-high voltage and smart grid construction [12] - The ETF tracks a precise index of 80 listed companies involved in the electric grid equipment sector, with the top ten companies accounting for 54% of the index weight [9]

Core Viewpoint - The demand for artificial intelligence (AI) infrastructure has significantly increased, leading to a surge in the stock prices of companies in the power grid equipment sector, with Siyuan Electric becoming a standout performer, achieving a cumulative increase of over 116% in the second half of the year and surpassing a market capitalization of 122.4 billion yuan [2][8]. Company Overview - Siyuan Electric Co., Ltd., established in December 1993 and listed in August 2004, specializes in manufacturing and providing solutions for power transmission and distribution equipment across various sectors [5]. - The company is recognized as an innovative enterprise in Shanghai and a key high-tech enterprise in China, serving mainstream operators in the power systems and industrial sectors across over 60 countries [5]. Financial Performance - Siyuan Electric has shown impressive financial growth, with revenue expected to triple from 2020 to 2024 and net profit doubling during the same period [8]. - The company's weighted return on equity reached a record high of 18.05% in 2024, with a gross margin maintained at a high level of 31.25% [8]. - For the first three quarters of 2025, Siyuan Electric reported revenue of 13.8 billion yuan, a year-on-year increase of 32.86%, and net profit of 2.19 billion yuan, up 46.94% year-on-year, surpassing the total net profit of the previous year [8]. Market Position and Growth Potential - The global investment in power grids is projected to double to 600 billion USD by 2030, indicating strong demand for electrical equipment [9]. - Siyuan Electric's overseas revenue is expected to grow at a compound annual growth rate of approximately 24.47% from 2020 to 2024, enhancing the company's profitability as the share of overseas revenue increases [9]. - The company has successfully entered the supercapacitor market through a subsidiary and secured significant orders from automotive manufacturers, indicating potential expansion into AI data center sectors [9]. Competitive Advantage - Siyuan Electric has a notable advantage in high-margin overseas business, with a gross margin of 35.69% for its overseas operations, significantly higher than its competitors [10]. - The company’s overseas revenue proportion reached 33.68%, well above that of its competitors, demonstrating its faster and broader international expansion [11]. Foreign Investment Status - Siyuan Electric has become the first stock in the A-share market to be subject to foreign investment restrictions due to its foreign shareholding exceeding 28%, leading to a suspension of foreign purchases since July 31, 2025 [11][12]. - As of December 5, 2025, foreign investors held 26.5% of Siyuan Electric's A-shares, totaling 207 million shares [12].

Summary of Key Takeaways from the Conference Call on Asia Electrical Equipment Industry Overview - The focus of the conference call was on the Asian power grid equipment and energy storage system (ESS) sectors, particularly in Singapore [1] Company Insights Transformer Makers - Investors showed more interest in LS Electric, Sieyuan Electric, TBEA, and Chung Hsin Electric due to more attractive valuations compared to Hyundai Electric and Fortune Electric [1] - LS Electric is expected to receive new orders from Amazon Web Services (AWS) for US datacenters, reflecting its strong track record [2] - PRC transformer makers, particularly Sieyuan and TBEA, reported significant growth in overseas orders, with Sieyuan's export revenue increasing by 89% year-over-year in 1H25 and TBEA's new orders from abroad rising by 88% year-over-year [2] Quality Comparison - Hyundai Electric indicated that the failure rate for Korean transformers is 0.01%, while for Chinese transformers it is 0.03%, suggesting a slight quality advantage for Korean products [3] Production Cost Analysis - Production costs for high voltage transformers in Korea are 65% of those in the US, while costs in China are estimated to be 10-20% lower than in Korea [6] Market Dynamics PRC Power Grid Capex - PRC power grid capital expenditure (capex) growth was revised down to 8-9% year-over-year for 2025, from a previous estimate of 13%, due to slower-than-expected approvals for new projects [7] Impact of US Legislation on ESS - The US "One Big Beautiful Bill" will affect Sungrow's ESS business by disqualifying projects using Chinese equipment from receiving a 30% investment tax credit. Sungrow plans to mitigate this by sourcing batteries from South Korea and Japan and offering price discounts for US sales [8] Company Valuations Chung Hsin Electric - Target price set at NT$200 based on a 21x 2026E EPS, supported by strong order backlog from Taipower's grid upgrade projects [9] LS Electric - Target price of W560,000/share based on a DCF model, reflecting stable cash flows in the power grid equipment industry [11] Sieyuan Electric - Target price of Rmb170.00/share based on a DCF model, with stable cash flows expected [13] Sungrow Power Supply - Target price of Rmb240.00 based on a DCF valuation, with a focus on long-term potential returns [15] TBEA Co - Target price of Rmb26.00/share derived from a DCF model, with stable cash flows anticipated [18] Risks Chung Hsin Electric - Risks include slower-than-expected sales growth, budget cuts on power grid upgrades, operational accidents, and weaker macro fundamentals [10] LS Electric - Key risks include lower-than-expected overseas new orders, higher tariffs, and rising raw material costs [12] Sieyuan Electric - Risks involve lower-than-expected PRC grid capex, overseas new orders, and raw material costs [14] Sungrow Power Supply - Risks include slower solar installation growth, lower ESS demand, and intensified trade tensions affecting exports [17] TBEA Co - Risks include lower polysilicon prices, higher prices for key materials, and reduced transformer demand [19]

Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].