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, leading to a corresponding increase in demand for AIDC power equipment [5][13] - The domestic data center industry is expected to see substantial capital expenditure growth, with major cloud providers anticipated to ramp up investments, particularly in AI infrastructure [18][24] - The industry is characterized by a long power transmission chain, with established global players like Eaton and Schneider Electric dominating, while domestic companies are gaining competitive advantages in various segments [5][13] AIDC Power Equipment Summary - The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW from 2025 to 2030, with an average annual growth rate of 20% [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - Recent performance in the AIDC power equipment sector has shown significant gains, particularly in transformers and switchgear, with notable stock performances from companies like TBEA and XWDA [5][28] Grid Industry Summary - National power engineering investment reached 1,057 billion yuan in June 2025, a year-on-year increase of 22.5% [32] - The grid engineering investment for the same period was 871 billion yuan, reflecting a year-on-year growth of 4.1% [33] - The bidding results for the State Grid's transformer equipment showed a total bid amount of 211.89 billion yuan, a year-on-year increase of 38.1% [61] - The focus for the grid industry includes high voltage orders and the development of new business models such as virtual power plants and green electricity direct supply [5][55]

特此公告。 思源电气股份有限公司董事会 证券代码：002028 证券简称：思源电气 公告编号：2025-037 公司本次注销股票期权数量为 74,000 份，涉及人数为 3 人。近日经公司申请，中国证 券登记结算有限责任公司深圳分公司审核确认，公司已完成上述股票期权的注销事宜。 本次注销事项符合《上市公司股权激励管理办法》、公司《2023 年股票期权激励计划 （草案）》等相关规定，不存在损害公司及其他股东特别是中小股东利益的情形。 思源电气股份有限公司 关于 2023 年股票期权激励计划部分股票期权注销完成的公告 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（下称"公司"）于 2025 年 7 月 22 日召开第八届董事会第二十 二次会议及第八届监事会第十五次会议，审议通过了《关于注销 2023 年股票期权激励计划 第一个行权期届满未行权的股票期权的决议》，具体内容详见 2025 年 7 月 23 日刊载于《证 券时报》及中国证监会指定信息披露网站的 2025-034 号《关于注销 2023 年股票期权激励计 划第一个行权期届满未行权的 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Power** industry, particularly the solar and wind energy sectors within the Asia Pacific region [1][6]. Core Insights and Arguments - **Power Consumption Growth**: In the first half of 2025 (1H25), national power consumption increased by **3.7% year-over-year (yoy)**, a decline from **8.1% in 1H24**. The slowdown is attributed to a significant decrease in the secondary (industrial) sector, which grew by only **2.4% yoy** compared to **6.9% yoy** in the previous year [2][8]. - **Sector Performance**: The primary, tertiary, and residential sectors showed growth rates of **8.7%**, **7.1%**, and **4.9%** respectively in 1H25. Notably, residential demand surged to **10.8%** in June 2025, up from **5%**, **7%**, and **10%** in the preceding months [2]. - **Power Generation Statistics**: Total power generation reached **4,537 billion kWh** in 1H25, marking a **0.8% yoy** increase. Solar and wind power generation saw substantial growth of **20.0%** and **10.6% yoy**, respectively, with these sources accounting for **18%** of total power generation, up from **15%** in 1H24 [3]. - **Capacity Additions**: China added **293 GW** of power capacity in 1H25, a **92.0% yoy** increase, including **212 GW** of solar and **51 GW** of wind capacity, which grew by **107%** and **99% yoy**, respectively. However, newly installed solar and wind capacity in June was **14 GW** and **5 GW**, showing a significant month-over-month decline [4][8]. - **Investment Trends**: Investment in power generation capacity and power grid reached **Rmb 364 billion** and **Rmb 291 billion** in 1H25, reflecting increases of **5.9%** and **14.6%**, respectively [4]. Additional Important Insights - **Forecast Adjustments**: The China Electricity Council (CEC) revised its full-year growth forecast for power consumption down from **6%** to a range of **5-6%** yoy, indicating a cautious outlook for the remainder of the year [8]. - **Future Expectations**: A decline in solar installations is anticipated for the second half of 2025 (2H25), alongside continued weak plant utilization expected in July and August [8]. This summary encapsulates the critical developments and trends in the China Power industry as discussed in the conference call, highlighting both growth opportunities and potential risks.

Group 1 - Morgan Stanley reports that the recently announced Yarlung Tsangpo River hydropower development plan in Tibet is directing funds towards engineering machinery stocks [1] - The complex terrain makes traditional machinery crucial in the early stages of the project, with Weichai Power (000338) identified as a leading enterprise in heavy-duty truck engines and construction machinery, placed on a positive catalyst watchlist with "overweight" rating and target prices of HKD 22 and RMB 24 for H-shares and A-shares respectively [1] - Sany Heavy Industry (600031) and XCMG (000425) are also recognized as leaders in large machinery, both receiving "overweight" ratings with target prices of RMB 25 and RMB 11.1 respectively [1] Group 2 - China Railway (601390) holds a 40% market share in tunnel machinery and is rated "overweight" with target prices of HKD 5 and RMB 8.2 for H-shares and A-shares respectively [1] - Traditional infrastructure stocks such as CRRC (601766) and Conch Cement (600585) have recently strengthened, indicating a market shift from risk control to support for new project launches, with CRRC receiving an "overweight" rating and target prices of HKD 6.8 and RMB 10.1 [1] - The Yarlung Tsangpo River hydropower development plan is expected to boost demand in upstream industries such as construction, machinery, cement, and steel, benefiting companies like XJ Electric (000400), Siyuan Electric (002028), and Huaming Equipment (002270) in the power equipment sector [2]

Group 1 - The company announced the cancellation of 74,000 stock options from the 2023 stock option incentive plan that were not exercised by the end of the first exercise period [5][6]. - The decision to cancel the stock options was made in compliance with relevant regulations and will not have a significant impact on the company's financial status or operating results [5][6]. - The company has followed the necessary decision-making procedures and legal opinions were provided by Beijing Dacheng (Shanghai) Law Firm, confirming compliance with applicable laws and regulations [6]. Group 2 - The first exercise period for the stock options was set from July 25, 2024, to June 28, 2025, during which the incentive targets were required to exercise their options [4]. - The company’s board of directors and independent directors have consistently expressed their agreement with the decisions regarding the stock option plan [3][5]. - The cancellation of the stock options aligns with the company's stock option incentive management regulations and does not harm the interests of shareholders, particularly minority shareholders [5].

证券代码：002028 证券简称：思源电气 公告编号：2025-036 思源电气股份有限公司第八届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、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 特此公告。 思源电气股份有限公司监事会 二〇二五年七月二十二日 1 / 1 1、以 3 票同意，0 票反对，0 票弃权，审议通过了《关于注销 2023 年股票期权激励计 划第一个行权期届满未行权的股票期权的决议》。 经核查，监事会认为，公司本次注销 2023 年股票期权激励计划第一个行权期届满未行 权的股票期权，符合《上市公司股权激励管理办法》等有关法律、法规、规范性文件及公司 2023 年股票期权激励计划等的相关规定，调整程序合规、有效，履行了必要的审核程序，同 意公司本次注销 2023 年股票期权激励计划第一个行权期届满未行权的股票期权的事项。 三、备查文件 经与会监事签字并加盖监事会印章的监事会决议。 思源电气股份有限公司（下称"公司"）第八届监事会第十五次会议的会议通知于 2025 年 7 月 14 日分别以专人、电子邮件等形式送达公司全体监事。本次会议于 ...

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、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第二十二次会议的会议通知于2025 年7月14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7月22日采取通讯表 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。本次 董事会的召开符合法律、法规和《公司章程》的规定。 证券代码：002028 证券简称：思源电气 公告编号：2025-035 思源电气股份有限公司第八届董事会第二十二次会议决议公告 二、董事会会议审议情况 三、备查文件 1 / 1 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 思源电气股份有限公司董事会 二〇二五年七月二十二日 1、以6票同意，0票反对，0票弃权，审议通过了《关于注销2023年股票期权激励计划第一 个行权期届满未行权的股票期权的决议》。董事杨帜华先生属于该股票期权激励计划的受益人， 回避该议案表决，其余6名董事参与表决。 根据《2023年股票期权激励计划（草案）》、《股票期权授予协议书》等相关规定，2023 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-034 思源电气股份有限公司 关于注销 2023 年股票期权激励计划第一个行权期届满未行权的 股票期权的公告 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。 一、公司 2023 年股票期权激励计划已履行的决策程序和信息披露情况 1、2023 年 4 月 27 日，公司第七届董事会第三十三次会议审议通过《关于公司<2023 年股票期权激励计划（草案）>及其摘要的决议》、《关于公司<2023 年股票期权激励计划 实施考核管理办法>的决议》、《关于提请股东大会授权董事会办理股权激励相关事宜的决 议》，公司第七届监事会第二十次会议审议通过上述议案并发表同意的意见，公司独立董事 发表了独立意见。北京大成（上海）律师事务所出具了法律意见书，具体内容详见 2023 年 4 月 29 日刊载于《证券时报》及中国证监会指定信息披露网站的 2023 - 016 号、2023 - 017 号、2023-018 号公告。 2、2023 年 6 月 9 日，公司 2022 年度股东大会审议通过《关于公司<2023 年股票期 ...

法律意见书 大成 is Dentons' Preferred Law Firm in China. 关于思源电气股份有限公司 2023 年 股 票 期 权 激 励 计 划 之 注 销 部 分 股 票 期 权 的 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 北京大成(上海)律师事务所 2023 年股票期权激励计划之注销部分股票期权的 法律意见书 致:思源电气股份有限公司 北京大成(上海)律师事务所(以下简称"本所")接受思源申气股份有限 公司(以下简称"思源电气"或"公司")的委托,作为公司实施 2023年股票 期权激励计划(以下简称"本次股票期权激励计划"或"激励计划")的法律顾 间。本所律师根据《中华人民共和国公司法》 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Clean Energy** sector in **China**, specifically highlighting the **Yarlung Zangbo hydropower project** which commenced construction on July 19, 2025, in Nyingchi, Tibet [1] Company and Project Details - The **Yarlung Zangbo River Lower Reaches Hydropower project** is operated by the newly-established **China Yajiang Group Corporation** and consists of five cascade power stations with a planned investment of approximately **Rmb1.2 trillion** [1] - For comparison, the **Three Gorges** and **Baihetan projects** had investments of **Rmb250 billion** and **Rmb220 billion**, respectively [1] Investment Implications - Key beneficiaries identified within the coverage include **UHV transmission equipment players** such as: - **Pinggao (600312.SS)** - **XJ Electric (000400.SZ)** - **NARI Tech (600406.SS)** - **Sieyuan (002028.SZ)** [2] - Opportunities are also seen for: - **Hydropower plant engineering companies** - Key hydropower equipment manufacturers like **Dongfang Electric (600875.CH/1072.HK)** and **Harbin Electric (1133.HK)** [2] - Potential for the development of **"hydro-solar-wind bases"** to leverage solar and wind power during the dry season for stable renewable energy output [2] Capacity and Output Estimates - The **Medog hydropower station** is designed with an installed capacity of approximately **60 GW**, significantly higher than the **Three Gorges' 22.5 GW** and **Baihetan's 16 GW** [5] - Estimated annual electricity output for the Medog station is around **300 billion kWh**, compared to **80-90 billion kWh** for the Three Gorges and **~60 billion kWh** for Baihetan [5] - The electricity generated will be transmitted to other regions in China via **UHV lines**, while also catering to local demand in Tibet [5] Valuation Methodology - **XJ Electric (000400.SZ)** uses a discounted cash flow model with a WACC of **8.0%**, reflecting a cost of equity of **9.5%** and an after-tax cost of debt of **4.5%** [8] - **Sieyuan Electric Co. Ltd. (002028.SZ)** employs a similar discounted cash flow analysis with a WACC of **7.5%** [9] - **Henan Pinggao Electric (600312.SS)** also uses discounted cash flow methodology with a WACC of **8.2%** [10] - **NARI Technology (600406.SS)** follows a discounted cash flow approach with a WACC of **8.0%** [16] Risks and Opportunities - **Upside Risks** include: - Better-than-expected progress in orders - Market share gains - Higher-than-expected investment in the grid distribution network [12][13][14] - **Downside Risks** include: - Delays in the working progress of orders - Lower-than-expected investment in the grid distribution network - Increased competition affecting margins [12][18][19] Analyst Ratings - The report includes various companies in the **China Utilities** sector with ratings such as **Overweight** and **Equal-weight** for companies like **CGN Power Co., Ltd.** and **China Gas Holdings** [78][80] Conclusion - The Clean Energy sector in China, particularly hydropower, presents significant investment opportunities driven by large-scale projects like the Yarlung Zangbo and Medog stations, with various companies positioned to benefit from this growth.