Core Viewpoint - The company, Senyuan Electric (002358.SZ), has announced a potential winning bid for supply contracts with China Southern Power Grid, which could significantly impact its revenue in 2024 [1] Group 1: Bid Announcement - The China Southern Power Grid Supply Chain Unified Service Platform has published the bid results for the 2025 distribution network equipment and the fifth batch of primary network equipment [1] - The public announcement period for the bid results is from February 10, 2026, to February 13, 2026 [1] Group 2: Financial Impact - The estimated total value of the materials for which the company is expected to win the bid is approximately RMB 272 million [1] - This amount represents about 9.83% of the company's projected total revenue for the fiscal year 2024 [1]

证券代码：002358 证券简称：森源电气 公告编号：2026-002 河南森源电气股份有限公司 关于南方电网项目预中标的公告 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、误导性陈述或者重大遗漏。 中国南方电网-供应链统一服务平台（http://www.bidding.csg.cn）于近日在"采购 公告\公示公告"中发布了《南方电网公司 2025 年配网设备第二次框架招标项目中标 公示》（以下简称"公示一"）和《南方电网公司 2025 年主网一次设备第五批批次招 标项目中标候选人公示》（以下简称"公示二"），公示开始时间为 2026 年 2 月 10 日，公示结束时间为 2026 年 2 月 13 日。据河南森源电气股份有限公司（以下简称 "森源电气"或"公司"）测算，在上述公示中公司预中标物资总价值共计人民币 2.72 亿元，约占公司 2024 年度营业总收入的 9.83%。 二、预中标公示主要内容 上述预中标公示媒体是中国南方电网-供应链统一服务平台，招标人为中国南方 电网有限责任公司，招标代理机构为南方电网供应链集团有限公司，详情请查阅： 公示一：http://www.bi ...

格隆汇2月10日丨森源电气(002358.SZ)公布，中国南方电网-供应链统一服务平台于近日在"采购公告\公 示公告"中发布了《南方电网公司2025年配网设备第二次框架招标项目中标公示》（简称"公示一"）和 《南方电网公司2025年主网一次设备第五批批次招标项目中标候选人公示》（简称"公示二"），公示开 始时间为2026年2月10日，公示结束时间为2026年2月13日。据河南森源电气股份有限公司测算，在上述 公示中公司预中标物资总价值共计人民币2.72亿元，约占公司2024年度营业总收入的9.83%。 ...

森源电气公告，中国南方电网-供应链统一服务平台发布了《南方电网公司2025年配网设备第二次框架 招标项目中标公示》和《南方电网公司2025年主网一次设备第五批批次招标项目中标候选人公示》。森 源电气预中标物资总价值共计人民币2.72亿元，约占公司2024年度营业总收入的9.83%。 ...

Group 1 - The electric grid equipment sector opened lower, with Hangzhou Electric Co. hitting the daily limit down [1] - Shun Sodium Co., Tongguang Cable, Shuangjie Electric, and Senyuan Electric also opened lower [1]

Core Viewpoint - The A-share market experienced a significant downturn, but the high-voltage power transmission sector saw a remarkable surge due to three powerful driving forces: substantial investment plans, accelerated domestic substitution, and expanding overseas markets [1][3][5]. Investment Plans - The State Grid's "14th Five-Year Plan" outlines a fixed asset investment of 4 trillion yuan in the power grid sector over the next five years, representing a 40% increase from the previous period. Over 60% of this investment will be directed towards ultra-high voltage (UHV) and inter-regional transmission projects, translating to at least 2.4 trillion yuan flowing into the UHV and related industries [3][5]. Domestic Substitution - There is a clear policy directive to increase the domestic production rate of core UHV equipment from 90% to 98% by 2026, with procurement ratios for domestic equipment rising from 30% to over 50%. This shift is expected to redirect significant orders and profits from foreign manufacturers to domestic companies, benefiting leading firms in high-voltage switches, converters, and transformers [5][10]. Overseas Market Expansion - China's UHV technology is leading globally, with increasing demand for power grid upgrades and energy transitions worldwide. The "Belt and Road" initiative is facilitating the export of UHV technology, exemplified by successful projects like the Belo Monte UHV project in Brazil [6][7]. Market Performance - On February 2, the UHV sector saw a collective surge in stock prices, with companies like Electric Power Research Institute and Anke Intelligent Electric experiencing gains of 19.95% and 16.56%, respectively. Other companies in the sector also reported significant increases, with many stocks hitting their daily limit [2][10]. Industry Dynamics - The global market for large power transformers is currently facing a structural shortage, with a supply gap of 30%. The lead time for orders has extended from an average of 18 months in 2021 to over four years now, creating a favorable environment for Chinese companies with full industrial chain capabilities [7][10]. Order Growth - From the second half of 2025, several UHV equipment companies have reported significant year-on-year increases in contract amounts, indicating a strong order backlog that will support revenue growth in 2026 and 2027 [17]. Key Players - Major companies in the UHV sector include China Western Electric, which holds a dominant position in the market with over 40% share in core equipment like converters and GIS, and TBEA, recognized as a global leader in UHV transformers [15][16]. Investment Sentiment - Institutional investors, particularly social security funds, have heavily invested in key players like Anke Intelligent Electric and China Western Electric, indicating strong confidence in the sector's growth potential [10][14]. Conclusion - The convergence of substantial investment, domestic substitution policies, and international market opportunities is positioning the UHV sector for robust growth, attracting significant market interest and investment [1][3][5].

Market Overview - The Shanghai Composite Index closed at 4015.75 points, down 2.48%, with a trading volume of 11635.33 billion yuan [1] - The Shenzhen Component Index closed at 13824.35 points, down 2.69%, with a trading volume of 14212.32 billion yuan [1] - The ChiNext Index closed at 3264.11 points, down 2.46%, with a trading volume of 6768.91 billion yuan [1] Sector Performance - The power grid equipment sector showed resilience, with Tongguang Cable hitting a 20% limit up, and companies like Senyuan Electric, Baobian Electric, and Sanbian Technology also reaching the limit up [1] - The liquor sector was active again, with Huangtai Liquor and Jinhui Liquor hitting the limit up [1] - Resource cyclical sectors, including metals, oil and gas, chemicals, coal, and steel, experienced significant declines [1] - The semiconductor sector also saw a substantial downturn [1]

Market Overview - The grid equipment sector increased by 1.97% compared to the previous trading day, with YN Power leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down by 2.48%, while the Shenzhen Component Index closed at 13824.35, down by 2.69% [1] Top Performers in Grid Equipment Sector - YN Power (Code: 920046) closed at 29.15, up by 21.97% with a trading volume of 210,900 shares and a transaction value of 596 million [1] - Tongguang Cable (Code: 300265) closed at 15.66, up by 20.00% with a trading volume of 1,020,800 shares and a transaction value of 1.503 billion [1] - Shuangjie Electric (Code: 300444) closed at 15.12, up by 16.58% with a trading volume of 1,674,400 shares and a transaction value of 2.477 billion [1] Other Notable Performers - Ankao Smart Electric (Code: 300617) closed at 46.20, up by 14.02% with a trading volume of 238,300 shares and a transaction value of 1.108 billion [1] - Hongxiang Co. (Code: 300427) closed at 15.54, up by 11.96% with a trading volume of 1,267,500 shares and a transaction value of 1.943 billion [1] - New Special Electric (Code: 301120) closed at 20.88, up by 10.89% with a trading volume of 510,600 shares and a transaction value of 1.074 billion [1] Market Capital Flow - The grid equipment sector saw a net inflow of 5.634 billion in main funds, while retail funds experienced a net outflow of 4.184 billion [2][3] - The main funds' net inflow and retail funds' net outflow indicate a shift in investor sentiment towards institutional buying [2][3] Individual Stock Fund Flows - Zhongchao Holdings (Code: 002471) had a main fund net inflow of 14.35 million, with a retail net outflow of 7.69 million [3] - Shuangjie Electric (Code: 300444) experienced a main fund net inflow of 5.98 million, while retail funds saw a net outflow of 2.91 million [3] - Baobian Electric (Code: 600550) had a main fund net inflow of 5.45 million, with a retail net outflow of 2.56 million [3]

Group 1 - The core viewpoint of the article highlights that the global AI computing power infrastructure is entering a period of rapid growth, with power supply becoming critical for data centers [2] - The electric equipment sector saw significant gains, with companies like YN Power rising over 20%, Tongguang Cable hitting the daily limit, and several others experiencing substantial increases in stock prices [2] - Major transformer factories in regions like Guangdong and Jiangsu are operating at full capacity, with some orders for data center-related transformers extending to 2027 [2] Group 2 - According to CITIC Securities, the increasing power requirements of AI chips and computer cabinets are driving the evolution of AIDC power supplies towards higher power, direct current, and high voltage [2] - It is projected that by 2028, the power capacity of newly added AI data centers in North America could reach 71 GW [2]

Market Overview - The A-share market experienced a significant decline on February 2, with the Shanghai Composite Index falling by 2.48% to close at 4015.75 points, the Shenzhen Component Index dropping by 2.69% to 13824.35 points, and the ChiNext Index decreasing by 2.46% to 3264.11 points. The Sci-Tech Innovation Index saw a sharper decline of 3.95%, closing at 1760.23 points [1][2]. Commodity Market - The domestic commodity futures market closed with widespread declines, with over ten varieties, including silver, platinum, palladium, and copper, hitting the limit down. Notably, silver and gold fell over 15%, while zinc dropped over 6%. Other commodities like low-sulfur fuel oil and pure benzene also saw declines of over 5% [2]. Sector Performance - The electric grid equipment sector showed resilience, with stocks such as Tongguang Cable and Senyuan Electric hitting the daily limit up. The sector's performance contrasts sharply with the overall market trend [3][4]. - The liquor sector continued its upward momentum, with stocks like Huangtai Liquor and Jinhui Liquor achieving multiple consecutive gains [5]. Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets reached 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day. Over 4600 stocks declined, with 123 stocks hitting the daily limit down [5][8]. Capital Flow - Main capital flows showed net inflows into sectors such as electric grid equipment, banking, and food and beverage, while there were net outflows from semiconductor, communication, and non-ferrous metal sectors. Specific stocks like Zhongchao Holdings and Shenghong Technology saw significant net inflows [8]. Institutional Insights - Financial institutions expressed concerns about short-term market volatility, advising investors to manage positions carefully and consider buying on dips. Market confidence is still in a recovery phase following increased trading volumes in January [8].