- **Tracking indicators and their calculation** The report uses two indicators: the proportion of large buy order transaction amount and the proportion of net active buy transaction amount. The large buy order transaction amount proportion reflects the buying behavior of large funds. It is calculated by restoring transaction data into buy and sell orders based on transaction sequence numbers, filtering large orders by transaction volume, and computing the proportion of large buy order transaction amounts to the total daily transaction amount. The net active buy transaction amount proportion reflects investors' active buying behavior. It is calculated by identifying whether each transaction is an active buy or sell based on transaction markers, subtracting active sell amounts from active buy amounts, and computing the proportion of net active buy amounts to the total daily transaction amount[7] - **Individual stock tracking** The report provides rankings of stocks based on the 5-day average proportion of large buy order transaction amounts and net active buy transaction amounts. For example, the top-ranked stock for large buy order transaction amount proportion is "海陆重工" with a value of 93.0% and a time-series percentile of 100.0%. Similarly, the top-ranked stock for net active buy transaction amount proportion is "力聚热能" with a value of 21.2% and a time-series percentile of 100.0%[9][10] - **Broad-based index tracking** The report calculates the 5-day average proportions of large buy order transaction amounts and net active buy transaction amounts for major broad-based indices. For instance, the "上证指数" has a large buy order transaction amount proportion of 73.6% (percentile: 66.0%) and a net active buy transaction amount proportion of -4.1% (percentile: 99.6%)[11][12] - **Sector tracking** The report calculates the 5-day average proportions of large buy order transaction amounts and net active buy transaction amounts for various sectors. For example, the "石油石化" sector has a large buy order transaction amount proportion of 78.3% (percentile: 100.0%) and a net active buy transaction amount proportion of 5.0% (percentile: 27.0%)[13] - **ETF tracking** The report ranks ETFs based on the 5-day average proportions of large buy order transaction amounts and net active buy transaction amounts. For example, the top-ranked ETF for large buy order transaction amount proportion is "国泰上证 10 年期国债 ETF" with a value of 93.7% and a time-series percentile of 100.0%. Similarly, the top-ranked ETF for net active buy transaction amount proportion is "国泰上证 10 年期国债 ETF" with a value of 24.7% and a time-series percentile of 84.4%[15][16]

Core Viewpoint - The smart grid concept is gaining momentum, with several companies experiencing significant stock price increases on November 11, including Juhua Technology, Zhongli Group, Samsung Medical, and Moen Electric, all reaching their daily limit up [1]. Company Performance - Juhua Technology, Zhongli Group, Samsung Medical, and Moen Electric all hit the daily limit up, indicating strong investor interest and confidence in these companies within the smart grid sector [1]. - Haibosi Chuang, Weisheng Information, Mindong Electric, and Youxun Da also showed notable price increases, reflecting a broader positive trend in the smart grid industry [1].

Core Insights - Moen Electric's stock price has increased by 100.16% year-to-date, with significant gains of 61.10% in the last five trading days, 85.65% in the last 20 days, and 70.28% in the last 60 days [2] - The company has a market capitalization of 5.53 billion yuan and has seen a trading volume of 3.08 billion yuan recently [1] Financial Performance - For the period from January to September 2025, Moen Electric reported a revenue of 1.238 billion yuan, representing a year-on-year growth of 28.02%. However, the net profit attributable to shareholders decreased by 40.00% to 7.0508 million yuan [2] - The company has distributed a total of 116 million yuan in dividends since its A-share listing, with 8.784 million yuan distributed over the last three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders for Moen Electric was 27,500, a decrease of 1.23% from the previous period. The average number of circulating shares per shareholder increased by 1.24% to 15,949 shares [2] - The top ten circulating shareholders include a new entrant, Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund, holding 1.6982 million shares [3] Business Overview - Moen Electric, established on October 5, 1997, and listed on July 20, 2010, is primarily engaged in cable business, electromagnetic wire business, and financial-related services. The revenue composition is as follows: electromagnetic wire and others 81.54%, power cables 12.22%, and other segments 6.24% [2]

Core Points - The net outflow of main funds in the power equipment sector was 1.524 billion yuan, while retail investors saw a net inflow of 1.599 billion yuan on the same day [2][3] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Summary of Individual Stocks - Leading the decline in the power equipment sector was Liangxin Co., Ltd., which fell by 10.03% to a closing price of 11.66 yuan, with a trading volume of 1.6162 million shares and a transaction amount of 193.6 million yuan [2] - Other notable decliners included Rongkai Co., Ltd. (-10.00%), Jiusheng Electric (-4.82%), and Hangzhou Kelin (-3.90%) [2] - On the other hand, Guancheng New Materials saw a significant increase of 10.10%, closing at 4.58 yuan, with a trading volume of 1.1312 million shares and a transaction amount of 496 million yuan [1] Fund Flow Analysis - The main funds showed a net inflow in stocks like Baobian Electric (348 million yuan) and Shun Sodium Co. (231 million yuan), while there were significant outflows from stocks like Liangxin Co. and Guancheng New Materials [3] - Retail investors contributed positively to the net inflow in the sector, contrasting with the outflows from institutional and speculative funds [2][3]

Core Insights - On November 10, the A-share market saw a total of 92 stocks hitting the daily limit up, indicating strong market activity and investor interest [1] Group 1: Stock Performance - The lithium battery stock, Furui Co., Ltd., achieved a three-day limit up streak, reflecting positive sentiment in the lithium sector [1] - The phosphorus chemical stock, Qingshuiyuan, also recorded a three-day limit up, highlighting investor confidence in the phosphorus industry [1] Group 2: Notable Stocks and Concepts - ST Zhongdi led with 17 consecutive limit up days in the real estate sector [1] - *ST Dongyi followed with 9 days in the smart home segment [1] - Other notable stocks include Moen Electric with 5 days in the power grid equipment sector, and Yangmi Clothing with 4 days in cross-border e-commerce [1] - Stocks with 3 consecutive limit up days include Qingshuiyuan (phosphorus chemical), Furui Co., Ltd. (lithium battery), and Chengxing Co. (chemical industry) [1]

Core Viewpoint - The stock price of Shanghai Moen Electric Co., Ltd. has experienced abnormal fluctuations, with a cumulative closing price increase exceeding 20% over two consecutive trading days, prompting the company to clarify the situation and confirm no undisclosed significant information affecting the stock price [2][6]. Group 1: Stock Trading Abnormalities - The company's stock price rose significantly over two trading days (November 6 and 7, 2025), with a cumulative increase of over 20%, indicating abnormal trading activity [2]. - The board of directors has conducted inquiries with major stakeholders and confirmed that there are no corrections or supplements needed for previously disclosed information [2][4]. Group 2: Company Operations and Information Disclosure - The company has not identified any recent media reports that could have significantly impacted the stock price [3]. - The company's operational situation remains normal, with no significant changes in the internal or external business environment [4]. - There are no undisclosed significant matters related to the company, and the board has confirmed that all necessary disclosures have been made according to regulations [6]. - During the period of abnormal trading, the company's major shareholders and actual controllers did not engage in buying or selling the company's stock [5].

Core Insights - The A-share market's power grid equipment sector surged by 12.45% in the first trading week of November, driven by the dual narratives of AI catalysis and energy transformation [1][2] - The sector's performance raises questions about the underlying earnings support and growth potential amid the AI-driven electricity demand surge [1] Market Performance - The Shenwan Power Grid Equipment Index rose by 12.46% over the week, reaching 5872.41 points, with a year-to-date increase of 43.11%, marking the highest level since June 2015 [2] - 16 stocks within the power grid equipment sector reached historical highs, with notable performers including Zhongneng Electric, Moen Electric, and Tebian Electric [2] Industry Dynamics - Since May, trading activity in the power grid equipment sector has increased, with the index showing seven consecutive months of gains, primarily due to AI-related electricity shortages [3] - The U.S. Energy Information Administration (EIA) predicts that electricity consumption will reach record highs in 2025 and 2026, driven by AI and data center expansion [3] - Goldman Sachs forecasts a 175% increase in global electricity demand from AI data centers by 2030 compared to 2023 [3] Investment Trends - The State Grid Corporation of China reported over 420 billion yuan in fixed asset investments from January to September, a year-on-year increase of 8.1% [3] - Major projects in high-voltage direct current (HVDC) engineering are underway, with total investments expected to exceed 650 billion yuan in 2025 [3] Financial Performance - The power grid equipment sector reported a revenue of 263.7 billion yuan and a net profit of 22.2 billion yuan in the first three quarters, reflecting year-on-year growth of 12% and 14%, respectively [4][5] - Significant performance disparities exist within the sector, with non-UHV main networks showing a net profit growth of 38.2%, while distribution and meter companies faced declines [5] Export Growth - China's transformer exports reached 6.22 billion USD from January to September, a 39% increase year-on-year, driven by demand from Europe and North America [5] - High-voltage switch exports also grew by 31.2%, with a notable monthly increase of 55.7% in September [5] Institutional Investment - Public fund holdings in the power grid equipment sector decreased slightly in the third quarter, with a total market value share of 0.6% [6] - Institutional investors are favoring companies with strong overseas demand and those involved in data center business growth, such as Siyuan Electric and Tebian Electric [6] Technological Advancements - Companies like Jinpan Technology are focusing on solid-state transformer (SST) technology, which is seen as a suitable solution for future energy demands [6][7] - Jinpan Technology has developed an SST prototype for HVDC applications, with plans for further testing and certification [7]

Core Viewpoint - Moen Electric (002451.SZ) announced that its stock price has experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% in two consecutive trading days, but confirmed that there are no significant changes in its operational situation or external environment [1] Summary by Sections - **Stock Price Movement** - The stock price of Moen Electric has shown a cumulative increase of over 20% in the last two trading days, indicating abnormal trading activity [1] - **Company Operations** - The company verified that there are no corrections or supplements needed for previously disclosed information, and its recent operational conditions remain normal [1] - **Disclosure of Information** - There are no undisclosed significant matters related to the company by its controlling shareholders or actual controllers, nor are there any major matters in the planning stage [1] - **Insider Trading** - During the period of abnormal stock price fluctuation, the controlling shareholders and actual controllers did not engage in buying or selling the company's stock [1]

上海摩恩电气股份有限公司 股票交易异常波动公告 证券代码：002451 证券简称：摩恩电气 公告编号：2025-055 针对公司股票交易异常波动，公司董事会通过电话、现场问询等方式对公司 控股股东、实际控制人、公司董事及高级管理人员就相关问题进行核实，现就有 关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、近期公司经营情况正常，内外部经营环境未发生重大变化。 4、公司及控股股东、实际控制人不存在关于公司的应披露而未披露的重大 事项，或处于筹划阶段的重大事项。 5、股票交易异常波动期间，公司控股股东、实际控制人不存在买卖公司股 票的行为。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉本公司有根据《深圳证券交易所股票上市规则》等有关规 本公司及董事会全体人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、股票交易 ...

Core Points - The major shareholder, Shanghai Rongping Information Technology Co., Ltd., plans to reduce its holdings in Shanghai Moen Electric Co., Ltd. due to the forced reduction of shares pledged by Dongxing Securities [1][2] - The reduction plan involves selling up to 13,176,000 shares, which is approximately 3% of the total share capital, within three months following the announcement [1] - As of the latest update, Rongping Information has already passively reduced its holdings by 4,391,900 shares through centralized bidding [2] Summary by Sections Shareholder Reduction Plan - Shanghai Rongping Information holds 26,298,941 shares, accounting for 5.9679% of the total share capital [1] - The planned reduction includes a maximum of 1% through centralized bidding and 2% through block trading [1] Current Reduction Status - The reduction plan has been completed, with a total of 4,391,900 shares sold [2] - The reduction complies with relevant laws and regulations, and there are no restrictions on the share reduction [2] Impact on Company Control - The reduction will not change the control of the company, as Rongping Information is not the controlling shareholder or actual controller [2]