证券代码：002028 证券简称：思源电气 公告编号：2025-023 思源电气股份有限公司 2024 年度股东大会决议公告 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、本次股东大会无否决议案的情形。 2、本次股东大会没有涉及变更前次股东大会决议的情形。 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6月13日(星期五) 14:00 （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：2025年6月13 日9:15-9:25，9:30-11:30，13:00-15:00；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：2025年6月13日9:15至2025年6月13日15:00期间的任意时间。 2、会议地点：上海市闵行区都会路3799号 星河湾酒店 天王星会议室 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、召开程序及表决方式符合有关法律、 ...

Investment Rating - The report presents a positive outlook on the AI Capex sector in China, with specific stock recommendations for various segments including copper, power equipment, humanoid robots, autonomous driving, and smart manufacturing [9][10][47]. Core Insights - China's AI Capex is expected to reach RMB600-700 billion by 2025, driven by government policies and increased spending from major telecom and internet firms [1][29]. - The report emphasizes the importance of non-IT and energy-related AI Capex, focusing on the value chain that includes power, metals, and applications [1][29]. - Significant growth is anticipated in various applications of AI, including humanoid robots, autonomous driving, and smart manufacturing, with respective CAGRs of 171%, 52%, and 2.4% from 2024 to 2030 [40][44][42]. Summary by Sections AI Capex Overview - China's AI Capex is projected to rise significantly, reaching RMB600-700 billion by 2025, supported by government initiatives and major industry players [1][29]. - The global data center investment is expected to grow to US$800 billion by 2030, with China playing a crucial role [1][29]. Power and Power Equipment - China's data centers are forecasted to consume 277 TWh of electricity by 2030, representing 2.2% of total power demand [30]. - The power equipment market related to AI is expected to grow at an 18% CAGR from 2024 to 2030, driven by strong grid investments and rising demand from renewable energy [31][32]. Copper and Other Metals - Data centers are projected to account for 4-6% of China's copper demand by 2030, with total copper demand from data centers estimated at 675-1,048 kt [33]. - The report highlights the tight global copper supply and the expected increase in aluminum demand due to AI and energy transitions [34]. Cooling and Power Supply - The liquid cooling market for data centers is expected to grow at a 57% CAGR from 2024 to 2030, driven by its efficiency compared to air cooling [36][37]. - Diesel engine demand for data centers is projected to increase by 50% YoY in 2025, with a market size of RMB11 billion [39]. Humanoid Robots - Humanoid robot shipments are expected to grow at a CAGR of 171% from 2024 to 2030, with global sales projected to reach 1 million units by 2030 [40]. - The BOM cost of humanoid robots is anticipated to decline significantly, making them more accessible [40]. Smart Manufacturing - The smart manufacturing sector is expected to recover with a 2.4% YoY growth in 2025, driven by automation and AI integration [42]. - The report identifies Inovance as a key player in the industrial automation market [42]. Autonomous Driving and eVTOL - The global LiDAR market is projected to reach RMB80 billion by 2030, with a CAGR of 52% from 2024 to 2030 [44]. - The eVTOL market is expected to grow from RMB1 billion in 2024 to RMB10 billion by 2030, with a CAGR of 63% [45]. Smart Home - The smart home market in China is expected to grow at an 11% CAGR from 2024 to 2030, driven by advancements in IoT and AI technologies [46].

证券代码：002028 证券简称：思源电气 公告编号：2025-022 思源电气股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 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。 思源电气股份有限公司（下称"公司"）于 2025年5月15日召开的第八届董事会第二十 次会议上审议通过了《关于回购公司股份方案的决议》，具体内容详见公司于 2025 年 5 月 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，现将公司2024年年度股东大会股权登记日（即2025年6月5日）登记在 册的前十名股东和前十名无限售条件股东的名称、持股数量及持股比例情况公告如下： 一、 前十名股东持股情况 序号 股东名称 持股数量（股） 占公司总股本比 例（%） 型开放式指数证券投资基金 开放式指数发起式证券投资基金 放式指数证券投资基金 二、 前十名无限售条件股东持股情况 序号 股东名称 持股数量（股） 占公司无限售条件 股份总数比例（%） 交易型开放式指数证券投资基金 易型开放式指数发起式证券投资基金 型开放式 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-022 思源电气股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 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。 思源电气股份有限公司（下称"公司"）于 2025年5月15日召开的第八届董事会第二十 次会议上审议通过了《关于回购公司股份方案的决议》，具体内容详见公司于 2025 年 5 月 17日在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》。 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，现将公司2024年年度股东大会股权登记日（即2025年6月5日）登记在 册的前十名股东和前十名无限售条件股东的名称、持股数量及持股比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占公司总股本比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 香港中央结算有限公司 | 146,575,217 | 18.83% | | 2 | ...

证券代码：002028 证券简称：思源电气 公告编号：2025-021 思源电气股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 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。 思源电气股份有限公司（下称"公司"）于 2025年5月15日召开的第八届董事会第二十 次会议上审议通过了《关于回购公司股份方案的决议》，具体内容详见公司于 2025 年 5 月 17日在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》。 1 / 2 | 9 | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 7,228,966 | 0.93% | | --- | --- | --- | --- | | 10 | 中国工商银行股份有限公司－华夏沪深300交易型开 | 5,884,368 | 0.76% | | | 放式指数证券投资基金 | | | 二、 前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件股 | | --- | --- | --- | ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 15.458 billion yuan, a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% year-on-year [1] - For Q1 2025, the company reported operating revenue of 3.227 billion yuan, a year-on-year increase of 21.41%, and a net profit of 446 million yuan, reflecting a year-on-year growth of 22.91% [1] - The company exceeded its annual operational targets for 2024, with actual new orders of 21.457 billion yuan, a year-on-year increase of 29.94%, surpassing the target by 4% [1] Group 2: Market Strategy - The company is focusing on deepening its presence in the domestic market while accelerating breakthroughs in overseas markets, achieving domestic operating revenue of 12.336 billion yuan in 2024, a year-on-year increase of 19.74% [2] - The overseas market saw significant growth, with operating revenue of 3.122 billion yuan in 2024, representing a year-on-year increase of 44.67% [2] - The company has successfully developed multiple products in international markets, including the UK, Italy, Saudi Arabia, and Kuwait, and has achieved various product certifications [2] Group 3: Research and Development - The company invested 1.11 billion yuan in R&D in 2024, a year-on-year increase of 21.07%, accounting for 7.18% of operating revenue [2] - New product developments, such as supercapacitors, are expected to contribute to future growth, with significant progress in automotive power supply projects and applications in power systems [2] Group 4: Profit Forecast and Valuation - The company has raised its profit forecast, expecting operating revenues of 18.817 billion yuan, 22.894 billion yuan, and 27.538 billion yuan for 2025-2027, with year-on-year growth rates of 21.7% for each year [3] - Projected net profits for 2025-2027 are 2.631 billion yuan, 3.288 billion yuan, and 4.096 billion yuan, with year-on-year growth rates of 28.4%, 25.0%, and 24.6% respectively [3] - The expected EPS for 2025-2027 is 3.38 yuan, 4.22 yuan, and 5.26 yuan per share, with corresponding PE ratios of 23, 18, and 15 times [3]

Group 1 - The Shanghai Composite Index increased by 0.21%, while the CSI Shanghai Technology Leading Index reported a value of 1547.52 points [1] - The CSI Shanghai Technology Leading Index has risen by 3.22% in the past month, decreased by 6.91% over the last three months, and increased by 5.45% year-to-date [2] - The index consists of 50 listed companies in Shanghai with strong profitability, growth potential, and high R&D investment, reflecting the overall performance of the technology sector in the region [2] Group 2 - The top ten weighted companies in the CSI Shanghai Technology Leading Index include WuXi AppTec (10.44%), SMIC (9.61%), and Will Semiconductor (7.75%) [2] - The index's holdings are primarily from the Shanghai Stock Exchange (77.27%) and the Shenzhen Stock Exchange (22.73%) [2] - The industry composition of the index shows that Information Technology accounts for 48.25%, Healthcare for 26.04%, Communication Services for 14.06%, Industry for 10.46%, and Materials for 1.19% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - If a sample company ranks in the top two by total market capitalization within its industry, it is prioritized for retention during adjustments [3] - The weight factors are adjusted in line with the sample adjustments, and special circumstances may lead to temporary adjustments [3]

从中证建行科技创新领先（长三角）指数持仓样本的行业来看，信息技术占比49.54%、工业占比 19.37%、可选消费占比11.20%、医药卫生占比9.09%、原材料占比7.48%、通信服务占比2.53%、主要消 费占比0.79%。 据了解，中证建行科技创新领先（长三角）指数由中国建设银行定制，从长三角地区科技创新主题上市 公司中，选取50只科技创新能力较强、成长性较好的代表性上市公司证券作为指数样本，反映长三角地 区科技创新主题上市公司证券的整体表现。该指数以2019年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证建行科技创新领先（长三角）指数十大权重分别为：韦尔股份（10.18%）、澜 起科技（8.07%）、中微公司（7.03%）、江淮汽车（6.32%）、华友钴业（4.42%）、思源电气 （4.23%）、沪电股份（3.79%）、恒生电子（3.67%）、新和成（3.18%）、拓普集团（3.15%）。 从中证建行科技创新领先（长三角）指数持仓的市场板块来看，上海证券交易所占比72.84%、深圳证 券交易所占比27.16%。 金融界5月21日消息，上证指数上涨0.21%，中证建行科技创新领先（长 ...

Summary of Key Points from Conference Call Records Company and Industry Overview - **Company**: 康达新材 (Kangda New Materials) - **Industry**: Adhesives and New Materials, Military Technology, Aerospace Core Insights and Arguments 1. 康达新材's military technology products are primarily applied in aerospace, with a focus on developing new materials that meet urgent demands for new equipment, filling domestic gaps in the military sector [2] 2. The company is actively expanding its strategic layout and business development in the military field, with its military platform managed by 康达冠璟, which oversees subsidiaries like 必控科技 and 力源兴达 [2] 3. 康达新材's power series products are undergoing strategic upgrades to meet customer application needs, aiming to enhance technical foundations and promote innovation in high-end manufacturing [2] 4. The company has received recognition from the China Astronaut Research and Training Center for its high-purity, electronic-grade epoxy resins used in aerospace applications [3] 5. 康达新材 is also involved in the development of advanced composite materials, including thermoplastic carbon fiber, targeting applications in the medical and automotive sectors [3] Additional Important Information 1. 康达新材 has a diverse product range in the adhesive sector, including epoxy, polyurethane, and acrylic adhesives, with nearly 180 product models tailored for consumer electronics [4] 2. The company is a state-owned enterprise, ultimately controlled by the Tangshan Municipal Government's State-owned Assets Supervision and Administration Commission [1] 3. 康达新材's products are being used in various high-profile projects, including applications in unmanned vehicles and robotics [2] 4. The company is positioned as a leading player in the domestic adhesive industry, focusing on R&D, production, and sales of electronic products related to electromagnetic compatibility [1] Conclusion 康达新材 is strategically positioned in the military and aerospace sectors, with ongoing efforts to innovate and expand its product offerings. The company's focus on high-tech materials and applications in emerging markets such as robotics and consumer electronics highlights its potential for growth and investment opportunities.

Core Viewpoint - The company, Siyuan Electric (002028.SZ), announced a share buyback plan of no less than 300 million yuan and no more than 500 million yuan, signaling confidence in its future development [2][5]. Group 1: Share Buyback Details - The buyback will utilize self-owned funds and aims to reduce registered capital by canceling the repurchased shares [4]. - This marks the first time Siyuan Electric has repurchased shares since its IPO in 2004, with a cumulative stock price increase of over 77 times since then [2][6]. - The buyback price will not exceed 109.45 yuan per share, with an estimated repurchase quantity ranging from approximately 274,100 shares (0.35% of total shares) to 456,830 shares (0.58% of total shares) [4][7]. Group 2: Financial Performance - Siyuan Electric's net profit attributable to shareholders has grown from 295 million yuan in 2018 to 2.049 billion yuan in 2024, nearly a sixfold increase over six years [8][10]. - The company reported a revenue of 15.458 billion yuan and a net profit of 2.049 billion yuan in 2024, reflecting a year-on-year growth of 24.06% and 31.42%, respectively [10]. - In the first quarter of this year, the company achieved revenues of 3.227 billion yuan and a net profit of 446 million yuan, with year-on-year growth rates of 21.41% and 22.91% [11]. Group 3: Company Overview and Innovation - Founded in December 1993, Siyuan Electric specializes in power technology research and development, equipment manufacturing, and engineering services, focusing on the power distribution and transmission industry [9]. - The company has invested significantly in R&D, with expenditures increasing from 556 million yuan in 2021 to 1.11 billion yuan in 2024, totaling 3.256 billion yuan over four years [10]. - Siyuan Electric holds 897 authorized patents, including 327 invention patents, and emphasizes continuous investment in technology and human capital to maintain its competitive edge [10].