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]

证券代码：002451 证券简称：摩恩电气 公告编号：2025-054 公司于近日收到东兴证券出具的《关于股票减持情况的通知函》，截至目前， 融屏信息通过集中竞价交易方式合计被动减持公司股份 4,391,900 股，本次减持 计划已期限届满。现将具体减持情况公告如下： 一、股东减持情况 | 股东名称 | 减持方式 | 减持期间 | | 减持股数（股） | 减持均价（元/ 股） | 占公司总股 本比例 | | --- | --- | --- | --- | --- | --- | --- | | 融屏信息 | 集中竞价 | 年 月 2025 8 至 2025 年 9 日 | 日 25 月 19 | 4,391,900 | 6.94 | 0.9966% | | | 合计 | | | 4,391,900 | | 0.9966% | 上海摩恩电气股份有限公司 关于持股 5%以上股东减持计划期限届满暨实施情况的公告 持股5%以上的股东上海融屏信息科技有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证本公告内容与信息披露义务人提供的信息 一致。 上海摩恩 ...

Core Viewpoint - The power equipment sector experienced a rise of 0.81% on the trading day, with Zhongneng Electric leading the gains, while the overall Shanghai Composite Index fell by 0.25% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3997.56, down 0.25% - The Shenzhen Component Index closed at 13404.06, down 0.36% - Zhongneng Electric saw a significant increase of 14.60%, closing at 11.38 [1] Group 2: Individual Stock Performance - The top performers in the power equipment sector included: - Zhongneng Electric: 14.60% increase, 218.63 million shares traded, 24.23 billion in transaction value - Liangxin Co.: 10.02% increase, 144.68 million shares traded, 18.31 billion in transaction value - Taiyong Changzheng: 10.01% increase, 38.17 million shares traded, 6.79 billion in transaction value - Moen Electric: 9.97% increase, 170.38 million shares traded, 7.30 billion in transaction value - Zhengtai Electric: 8.08% increase, 181.20 million shares traded, 61.91 billion in transaction value [1] Group 3: Capital Flow - The power equipment sector saw a net outflow of 2.335 billion from institutional investors, while retail investors contributed a net inflow of 2.286 billion - Notable capital flows included: - Liangxin Co.: 351 million net inflow from institutional investors, 1.55 billion net outflow from speculative funds - Taiyong Changzheng: 192 million net inflow from institutional investors, 1.11 billion net outflow from speculative funds - Zhongneng Electric: 78.68 million net inflow from institutional investors, 20.59 million net inflow from speculative funds [2]

Core Insights - The stock of Moen Electric has experienced a significant surge, achieving a cumulative increase of 46.47% over the past four trading days, with a current price of 10.37 yuan [2][3] - The company reported a revenue of 1.238 billion yuan for the first three quarters, reflecting a year-on-year growth of 28.02%, while net profit decreased by 40% to 7.0508 million yuan [3] Trading Performance - The stock has hit the daily limit up for four consecutive days, with a trading volume of 2.445 million shares and a turnover of approximately 25.35 million yuan on the latest trading day [2] - The stock's turnover rate during the continuous limit-up period was 15.50% [2] - The latest margin trading balance for the stock is 169 million yuan, with a financing balance of 168 million yuan, showing a decrease of 1.25% from the previous trading day [2] Shareholder Information - As of October 31, the number of shareholders has decreased to 27,534, down by 342 from the previous period, indicating a trend of concentrated shareholding [2]

Core Viewpoint - The electric grid equipment sector is experiencing significant activity, with multiple companies reaching new highs and hitting trading limits, indicating strong market interest and potential investment opportunities [1] Company Performance - Zhongneng Electric reached a 20% trading limit increase, showcasing robust investor confidence [1] - Guangdian Electric previously hit a trading limit, reflecting positive market sentiment [1] - Moen Electric achieved a four-day consecutive limit increase, indicating sustained upward momentum [1] - Jinpan Technology and Siyuan Electric set new historical highs, further emphasizing the sector's growth [1] - Jingquanhua, Wangbian Electric, and Siyuan Electric also experienced price increases, contributing to the overall positive trend in the industry [1]

Core Viewpoint - Moen Electric (SZ002451) reached its daily limit up on November 7, 2025, with a price of 10.37 yuan, a rise of 9.97%, and a total market capitalization of 4.57 billion yuan, driven by governance optimization, investment in new energy, and revenue growth [1] Group 1: Governance and Strategic Moves - The company has optimized its governance structure by canceling the supervisory board and revising its articles of association, aligning with the new Company Law requirements [1] - Moen Electric has increased its investment in new energy by 100 million yuan and provided additional financial support, indicating a strategic focus on this business area, which is expected to contribute to future performance growth [1] Group 2: Financial Performance - In the first half of 2025, the company's revenue grew by 39.32% year-on-year, with a significant expansion in business scale, and the net profit excluding non-recurring items increased by 198.73%, reflecting improved profitability in its main operations [1] Group 3: Market Dynamics - The electric grid equipment sector has recently attracted market attention, and Moen Electric's main businesses include cable and electromagnetic wire, with products such as special enameled flat copper wire for new energy traction motors, aligning with industry trends [1] - On November 5, the company was included in the "Dragon and Tiger List" with a transaction volume of 184 million yuan, indicating a certain level of market interest despite net selling by speculative funds and institutions [1] - The stock's limit-up performance may have attracted more capital attention and participation, creating a market momentum that pushed the stock price to its limit [1]