Group 1 - Folaite intends to reduce shareholdings by four shareholders due to personal financial needs, with a total reduction of up to 800,000 shares, accounting for 0.6% of the company's total shares [1] - Siyi Electric plans to repurchase shares worth between RMB 300 million and RMB 500 million to reduce registered capital, with a maximum repurchase price of RMB 109.45 per share, potentially affecting 274,100 to 456,830 shares, or 0.35% to 0.58% of total equity [2] - Jiejia Weichuang's controlling shareholder and associated parties plan to reduce holdings by up to 173,400 shares and 617,100 shares through various methods, primarily due to personal financial needs, with a total reduction of up to 0.78% of total shares [3] Group 2 - The share reduction by Folaite may have a short-term impact on the market despite the small percentage [1] - The repurchase by Siyi Electric reflects confidence in the company's value and aims to enhance shareholder equity [2] - Jiejia Weichuang's share reduction is not expected to significantly impact the company's long-term development, but may influence the market in the short term [3]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The reduction of tariffs between China and the US is expected to benefit new energy exports, with optimistic growth in photovoltaic demand from the US and emerging economies [1]. - The report emphasizes the importance of cost reduction and efficiency improvement in photovoltaic manufacturing, focusing on the optimization of leading companies in silicon materials and battery cells [1]. - The wind power sector is anticipated to see steady progress in domestic and overseas demand, with a positive outlook for profitability recovery in the complete machine and component segments by 2025 [1]. - The government’s push for smart connected new energy vehicles is expected to sustain high sales growth throughout the year, driving demand for batteries and materials [1]. - The report highlights the ongoing industrialization of solid-state batteries, with mass production expected by 2027, benefiting companies involved in batteries, materials, and equipment [1]. - Continuous promotion of hydrogen energy development is noted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.39% this week, outperforming the Shanghai Composite Index, which increased by 0.76% [10]. - The photovoltaic sector saw a significant increase of 2.96%, while the wind power sector experienced a decline of 0.58% [13]. Key Industry Information - In April 2025, China's new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2%, accounting for 47.3% of total new car sales [24]. - The battery alliance reported a total of 54.1 GWh of power batteries installed in April, with a month-on-month decrease of 4.3% [24]. - The US-China trade talks resulted in a significant reduction in bilateral tariffs, which is expected to positively impact exports in photovoltaic, lithium battery, and energy storage sectors [24]. Company Developments - CATL has set the final price for its H-share issuance at HKD 263 per share, with plans for listing on May 20, 2025 [27]. - Canadian Solar has adjusted its 2025 component shipment target to 25-30 GW, down from the previous estimate of 30-35 GW [27]. - Several companies, including Sanyuan Electric and Igor, are engaging in stock repurchase plans and other strategic financial maneuvers [27].

Group 1 - The Ministry of Commerce has issued the third batch of best practice cases for the national service industry expansion pilot, focusing on replicable and promotable experiences for service industry development [1] - The best practices include 11 innovative measures across three areas: industrial ecosystem construction, international cooperation, and regional collaboration [1] - The measures reflect collaborative openness and integrated innovation in key industries such as culture, technology, and healthcare [1] Group 2 - The State Administration for Market Regulation is soliciting public opinions on the revised draft regulations to curb the abuse of administrative power that restricts competition [2] - The National Bureau of Statistics reported that the average annual salary for urban non-private and private sector employees in 2024 will be CNY 124,110 and CNY 69,476, respectively [2] Group 3 - The Ministry of Finance and the Financial Regulatory Bureau have announced a push for the digitalization of bank confirmations to enhance efficiency and security [3] - The notification emphasizes the importance of increasing the number of entities accessing the bank confirmation platform [3] Group 4 - The Ministry of Commerce and the National Development and Reform Commission have revised the "Catering Industry Promotion and Management Measures," adding provisions to encourage international cooperation and digital development [4] - The revised measures include 25 articles aimed at promoting high-quality development in the catering industry [4] Group 5 - The State-owned Assets Supervision and Administration Commission announced personnel changes in 10 central enterprises, including leadership appointments and removals [5][6] Group 6 - The China Securities Regulatory Commission encourages private equity funds to participate in mergers and acquisitions of listed companies, with adjustments to lock-up periods for investments [7] - The Shenzhen Stock Exchange is monitoring stocks with abnormal price fluctuations, including "ST Yushun" and "ST Jiajia" [8] Group 7 - The Shenzhen Stock Exchange will host the 2025 Global Investor Conference to showcase the investment value of Chinese assets and the A-share market [9] Group 8 - The Ministry of Industry and Information Technology is accelerating the development of 5G-A and 6G technologies to support modern industrial systems [13] - The National Data Bureau aims for the core value added of the digital economy to exceed 10% of GDP by the end of 2025 [14] Group 9 - The Ministry of Industry and Information Technology reported that China has built the world's largest and most advanced information and communication network, with 5G applications covering 86 of 97 national economic categories [15] Group 10 - Binhai Energy plans to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd., with the stock expected to resume trading on May 19, 2025 [17] - The automotive industry is set to benefit from a significant release of funds due to a recent reserve requirement ratio cut, potentially exceeding CNY 1 trillion [18] Group 11 - Xiaomi's President revealed that products using the self-developed "Xuanjie" chip will extend beyond smartphones [21] - Huamin Co. and Tiantai Robotics signed a strategic cooperation agreement to advance the robotics industry [21] Group 12 - Xiangzi High-Tech announced the sale of an 80% stake in Heilongjiang Yunfeng Automobile Co., Ltd. for CNY 24.6 million, aiming to restructure its fuel vehicle business [22] - ST Kexin has successfully removed its delisting risk warning and will change its stock name to Kexin Development [23] Group 13 - *ST Aonong has received approval to remove its delisting risk warning, with its stock name changing to Aonong Biological [24][25] - Jianghan New Materials plans to repurchase shares worth CNY 200 million to CNY 400 million [26] Group 14 - Siyuan Electric intends to repurchase shares worth CNY 300 million to CNY 500 million [27] - Liren Lizhuang reported that products containing "Mikang Sulfur" have a minimal impact on overall business performance [28] Group 15 - Jinhe Biological's controlling shareholder plans to reduce its stake by up to 3% [29] - Guanghui Energy announced the transfer of 15.03% of its shares to two insurance companies [30] Group 16 - Tailing Microelectronics reported a reduction in the National Big Fund's shareholding to 6.95% [31] - AVIC High-Tech plans to invest CNY 918 million to enhance its capabilities in aviation composite materials [32]

证券代码：002028 证券简称：思源电气 公告编号：2025-018 思源电气股份有限公司 关于召开2024年度股东大会的通知 本公司及董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。无董事不能保证公告内容真实、准确、完整。 思源电气股份有限公司（下称"公司"）第八届董事会第二十次会议于2025年5月15日 审议通过了《关于提请召开公司2024年度股东大会的议案》，现就召开公司2024年度股东大 会（下称"本次股东大会"）的有关事项通知如下： 一、召开会议基本情况 1、股东大会届次：2024年度股东大会 2、股东大会的召集人：公司董事会。公司第八届董事会第二十次会议决议召开2024年 度股东大会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法规、部门 规章、规范性文件和公司章程的相关规定。 4、会议召开的时间 （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 ...

证券代码：002028 证券简称：思源电气 思源电气股份有限公司 Sieyuan Electric Co., Ltd. 2024 年度股东大会资料 | 思源电气股份有限公司 2024 年度股东大会须知 3 | | --- | | 议案一：2024 年度董事会工作报告 4 | | 议案二：2024 年度监事会工作报告 8 | | 议案三：2024 年度财务决算报告 9 | | 议案四：2024 年度利润分配预案 14 | | 议案五：2024 年年度报告和 2024 年年度报告摘要 15 | | 议案六：关于续聘会计师事务所的议案 16 | | 议案七：关于修订《公司章程》的议案 19 | | 议案八：关于为控股子公司银行融资提供担保的议案 20 | | 议案九：关于回购公司股份的议案 21 | 思源电气股份有限公司 2024 年年度股东大会资料 思源电气股份有限公司 2024 年度股东大会须知 公司决定于 2025 年 6 月 13 日(星期五)召开 2024 年度股东大会，股东大会现场会议召开时间： 2025 年 6 月 13 日(星期五)14:00，现场会议召开地点在上海市闵行区都会路 3799 号 星河 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-016 思源电气股份有限公司 关于回购公司股份方案的公告 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。 重要内容提示： 1.公司拟使用自有资金以集中竞价交易方式回购公司部分社会公众 A 股股份，用于注销减 少注册资本。本次回购资金总额不低于人民币 3 亿元（含）且不超过人民币 5 亿元（含），回 购价格上限不超过 109.45 元/股，即董事会审议通过回购股份方案决议前 30 个交易日公司股 票交易均价的 150%。按照回购金额下限、回购价格上限测算，预计可回购股份数量约为 2,740,977 股，约占公司总股本的 0.35%；按回购金额上限、回购价格上限测算，预计可回购 股份数量约为 4,568,296 股，约占公司总股本的 0.58%；具体回购股份的数量以回购期满时实 际回购的股份数量为准。回购期限自公司股东大会审议通过本次回购股份方案之日起不超过十 二个月。 根据《公司法》、《证券法》、《关于支持上市公司回购股份的意见》、《上市公司股份 回购规则》（以下简称"《回购规则》"）、《深圳证券交 ...

一、《关于为控股子公司担保的议案的决议》的独立意见 思源电气股份有限公司独立董事 关于公司第八届董事会第二十次会议相关事项的独立意见 根据中国证监会《上市公司独立董事管理办法》、《上市公司治理准则》和《公司章程》等 相关规定，作为思源电气股份有限公司（下称"公司"）的独立董事，现就公司第八届董事会第 二十会议相关事项发表独立意见如下： 本次担保事项符合有关法律、法规以及《公司章程》的规定，严格履行了担保决策程序，有 利于控股子公司开展业务，没有损害公司股东尤其是中小股东的利益，不存在与中国证监会《关 于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知》及中国证监会、中国银 监会《关于规范上市公司对外担保行为的通知》相违背的情况。同意本次担保事项并提交股东大 会审议。 独立董事：邱宇峰、赵世君、叶锋 二〇二五年五月十六日 ...

Core Viewpoint - The company plans to repurchase a portion of its publicly held A-shares using its own funds, aimed at reducing registered capital [1] Summary by Relevant Sections Repurchase Plan - The total amount for the repurchase will not be less than RMB 300 million and not exceed RMB 500 million [1] - The maximum repurchase price is set at RMB 109.45 per share [1] - The estimated number of shares to be repurchased ranges from approximately 2,740,977 shares to 4,568,296 shares, which represents about 0.35% to 0.58% of the company's total share capital [1] - The repurchase period will last no more than twelve months from the date of approval by the shareholders' meeting [1]

证券代码：002028 证券简称：思源电气 公告编号：2025-017 思源电气股份有限公司 关于为控股子公司银行融资提供担保的公告 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。 重要提示： 1、被担保人：江苏思源特种变压器有限公司（以下简称"思源特变"）、江苏思源新能 源科技有限公司（以下简称"思源新能源"）以及江苏思源能源技术有限公司（以下简称"思 源能源"）。 2、公司本次为思源特变提供担保的金额为 12,000 万元人民币，为思源能源提供担保的金 额为 30,000 万元人民币，为思源新能源提供担保的金额为 8,000 万元人民币。截止本公告披 露日前，公司未为思源特变、思源能源、思源新能源提供过担保。 3、本次担保没有反担保。截止本公告披露日，公司无逾期对外担保的情况。 4、本次担保事项经董事会审议通过后，需提交股东大会审议。 一、担保情况的概述 随着业务的快速发展，为提高资金使用效率，降低融资成本，同时满足公司日常经营的 资金需求，思源电气股份有限公司（以下简称"思源电气"或"公司"）的全资子公司思源 特变、思源新能源以及思源能源拟分别向江苏省国 ...