Core Viewpoint - The high-voltage power equipment sector is experiencing significant activity, with multiple stocks reaching their daily limit up due to increased investment and demand in the domestic power grid sector [1][2]. Group 1: Market Activity - Six stocks in the high-voltage equipment sector hit the daily limit up, including Electric Power Research Institute, Han Cable, Senyuan Electric, Dalian Electric Porcelain, Jicheng Electronics, and Fengfan [1]. - Electric Power Research Institute saw a rise of over 14%, while other companies like Han Cable and Senyuan Electric increased by over 10% [2]. Group 2: Industry Trends - The core logic behind the market speculation is the overall improvement in the high-voltage industry, driven by a significant expansion in domestic power grid investment and breakthroughs in domestic core technologies [2][3]. - The State Grid Corporation of China has projected fixed asset investments to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on building a smarter and greener power grid [3][4]. Group 3: Technological Advancements - Recent developments include the successful trial operation of a domestically developed series of AC filter protection and converter protection devices by XJ Electric, marking a significant technological breakthrough in the high-voltage sector [3]. - The global transformer market is facing a notable supply shortage, with North America experiencing a 30% gap, which presents growth opportunities for domestic companies in the export market [4]. Group 4: Investment Recommendations - Citic Securities recommends focusing on leading domestic power equipment companies closely related to the investment climate in the domestic power grid and major projects like high-voltage and flexible DC [4].

Core Viewpoint - The announcement of a 4 trillion yuan investment by the State Grid during the 14th Five-Year Plan period marks a significant increase of 40% compared to the previous plan, indicating a historic peak in investment aimed at technological innovation and the construction of a new power system [1][5]. Investment Plans - The State Grid's investment plan for the 14th Five-Year Plan is set at 4 trillion yuan, while the Southern Power Grid plans to invest 175 billion yuan in 2025, indicating a synchronized increase in investment from both major grid companies [5]. - The combined investment plans suggest that China's grid investment scale may reach an average of 1 trillion yuan annually during the 14th Five-Year Plan period [5]. Focus Areas of Investment - The 4 trillion yuan will primarily focus on technological innovation and the construction of a new power system, with an expected annual increase of 20 million kilowatts in installed capacity for wind and solar energy [6]. - The investment aims to enhance the system's adjustment capabilities, optimize the layout of pumped storage stations, and support the large-scale development of new energy storage [6]. Market Reaction - Following the announcement, the electric grid equipment ETF saw an opening increase of over 6%, closing with a 2.05% gain, with several stocks reaching their daily limit [3][4]. Industry Opportunities - The 4 trillion yuan investment is expected to create a ripple effect across the entire industry chain, benefiting five major sectors including ultra-high voltage, main network equipment, and distribution network upgrades [8]. - The ultra-high voltage sector is highlighted as a key focus, with significant projects already underway and more expected to be approved in the coming years [8]. Future Demand - The demand for grid upgrades is driven by the increasing electricity demand, projected to grow by over 40% globally by 2035, alongside a doubling of electricity consumption from artificial intelligence [7]. - The investment in distribution networks is also emphasized, with a focus on smart upgrades and the anticipated release of demand for primary and secondary equipment [9].

Group 1 - The core point of the article highlights that Hanlan Co., Ltd. experienced a significant stock price increase of 10.10%, closing at 4.36 yuan on January 16 [1] - A large transaction occurred involving 390,000 shares, with a total transaction amount of 1.7004 million yuan, and a premium rate of 0.00% [1] - The buyer was from CITIC Securities Co., Ltd., while the seller was an institutional entity [1] Group 2 - Over the past three months, there has been a total of one large transaction for the stock, amounting to 1.7004 million yuan [1] - In the last five trading days, the stock has seen a cumulative increase of 8.73%, with a net inflow of 99.74 million yuan from major funds [1]

Core Viewpoint - The smart grid sector is experiencing strong performance, with several companies leading the market, showcasing advancements in technology and solutions for smart grid applications. Company Summaries - **Senyuan Electric (002358.SZ)**: Latest stock price: 6.45 CNY, daily increase: 10.07%. A leading provider of intelligent power equipment solutions, offering products like smart high and low voltage switchgear and smart substation automation systems with features such as status monitoring and remote control [1]. - **Hancable Co., Ltd. (002498.SZ)**: Latest stock price: 8.46 CNY, daily increase: 10.10%. Notable for its technological advantages in high and ultra-high voltage cross-linked cables, providing online monitoring solutions for smart substations, essential for the safe and stable operation of smart grids [2]. - **Electric Power Research Institute (300215.SZ)**: Latest stock price: 8.16 CNY. A national independent third-party comprehensive electrical testing organization, covering critical areas such as ultra-high voltage transmission and transformation equipment and smart grid devices [3]. - **Jicheng Electronics (002339.SZ)**: Latest stock price: 10.36 CNY, daily increase: 20.00%. A leading provider of overall solutions for smart grids, with a product line covering all aspects of generation, transmission, transformation, distribution, usage, and dispatch, featuring automated systems for fault diagnosis and self-healing [4]. - **Guangdian Electric (601616.SH)**: Latest stock price: 10.10 CNY, daily increase: 10.10%. Focused on smart transmission and distribution equipment for 40.5KV and below, integrating smart monitoring functions to meet the automation needs of smart grid distribution networks [5]. - **Hongsheng Huayuan (601096.SH)**: Latest stock price: 4.58 CNY, daily increase: 10.59%. Develops smart energy management systems, enabling real-time cloud monitoring of substation equipment through smart gateways and utilizing AI technology to optimize energy structures [6]. - **Siyuan Electric (002028.SZ)**: Latest stock price: 185.90 CNY, daily increase: 10.02%. Manufacturer with capabilities in research and production of primary and secondary equipment for power systems, covering five major categories of smart grid business including reactive power compensation and digital substations [7]. - **Xigao Institute (688334.SH)**: Latest stock price: 25.06 CNY, daily increase: 19.50%. A leader in testing for ultra-high voltage, focusing on the construction of smart grids and providing inspection, testing, certification, and technical services for key equipment like high voltage switches and transformers [8]. - **New Wind Light (688663.SH)**: Latest stock price: 55.00 CNY, daily increase: 15.55%. Offers high voltage dynamic reactive power compensation devices (SVG) and energy storage PCS products for smart grid projects, enhancing grid stability and power quality [9]. - **Hongxiang Co., Ltd. (300427.SZ)**: Latest stock price: 15.62 CNY, daily increase: 10.78%. Engages in providing power detection and monitoring equipment to ensure grid safety, along with secondary fusion switch devices and distribution automation terminals for smart distribution networks [10]. - **Wansheng Intelligent (300882.SZ)**: Latest stock price: 24.90 CNY, daily increase: 8.07%. Focuses on the power distribution industry, specializing in smart meters and electricity information collection systems, essential components of the smart grid usage segment [11]. - **Yubang Electric (688597.SH)**: Latest stock price: 9.93 CNY, daily increase: 7.70%. A key supplier for national smart grid and power IoT, providing smart meters, collection terminals, and intelligent inspection services, covering the entire chain of "source, network, load, storage, intelligence" [11]. - **Hualing Cable (001208.SZ)**: Latest stock price: 25.44 CNY, daily increase: 7.12%. A domestic special cable manufacturer responding to national smart grid construction, maintaining good business relationships with State Grid and Southern Grid [13]. - **Baiyun Electric (603861.SH)**: Latest stock price: 14.60 CNY, daily increase: 6.96%. A comprehensive service provider for power energy, increasing investment in "secondary" intelligent technology to offer green and intelligent transmission and distribution products and system solutions [14]. - **Jiechuang Intelligent (301248.SZ)**: Latest stock price: 66.73 CNY. Smart grid is part of the company's smart city business, providing intelligent solutions for Southern Grid and China General Nuclear Power, collaborating with various local grid units [15]. - **Changgao Electric New (002452.SZ)**: Latest stock price: 9.50 CNY, daily increase: 6.15%. A major manufacturer of high voltage isolating switches, widely used in smart grid transmission and distribution, recognized as an excellent supplier for State Grid and Southern Grid [16].

Core Viewpoint - The news highlights a significant increase in the power equipment sector, with a notable rise in stock prices for several companies, particularly XinFengGuang, which led the gains with a 15.55% increase [1]. Group 1: Market Performance - The power equipment sector rose by 1.87% on the trading day, while the Shanghai Composite Index fell by 0.26% to close at 4101.91, and the Shenzhen Component Index decreased by 0.18% to 14281.08 [1]. - XinFengGuang (688663) closed at 55.00, up 15.55%, with a trading volume of 117,200 shares and a transaction value of 608 million yuan [1]. - Other notable gainers included Hongxiang Co. (300427) with an 11.33% increase, Hanlan Co. (002498) and Guangdian Electric (601616) both up by 10.10%, and several others showing increases around 10% [1]. Group 2: Fund Flow Analysis - The power equipment sector experienced a net outflow of 3.512 billion yuan from institutional investors, while retail investors saw a net inflow of 2.207 billion yuan [2]. - The data indicates that speculative funds had a net inflow of 1.305 billion yuan into the sector [2]. - Specific stocks like SiYuan Electric (002028) and Guangdian Electric (601616) showed varying levels of net inflow and outflow from different investor types, with SiYuan Electric having a net inflow of 2.57 billion yuan from institutional investors [3].

Core Viewpoint - The announcement from the State Grid on January 15 indicates a significant increase in fixed asset investment during the "14th Five-Year Plan" period, projected to reach 4 trillion yuan, representing a 40% growth compared to the previous plan, aimed at the construction of a new power system [3]. Group 1: Stock Performance - A broad rise in electric grid equipment stocks was observed, with Wan Sheng Intelligent hitting the daily limit, and other companies like Senyuan Electric, Wind Fan Co., and Han Cable also reaching their limits [1]. - Yinen Power surged over 22%, while other companies such as Shuangjie Electric and Changgao Electric New also experienced notable increases [1]. - The electric grid equipment index rose by 4.62%, reflecting strong market sentiment [2]. Group 2: Individual Stock Highlights - Yinen Power's stock price reached 23.03 yuan, marking a 22.30% increase [2]. - Wan Sheng Intelligent's stock price was 27.65 yuan, with a 20.01% rise [2]. - Other notable performers included Hongxiang Co. with an 18.10% increase, Han Cable with a 10.10% rise, and Senyuan Electric with a 10.07% increase [2][3]. Group 3: Related Sector Movements - The "中字头" (state-owned enterprises) sector saw significant activity, with companies like China Power Construction hitting the daily limit and others such as China Energy Construction and China Communications Construction also experiencing rapid gains [3]. - The robot concept stocks were active, with Henghui Security reaching the daily limit and Henggong Precision rising over 15% [5][6].

Core Viewpoint - Qingdao Hancable Co., Ltd. has successfully elected three independent directors for its seventh board, with one director recently obtaining the required training certification [1]. Group 1: Board Election - The company held its second extraordinary general meeting on December 26, 2025, where it approved the election of Mr. Zhao Jiankang, Ms. Wang Yongmei, and Mr. Yang Xinfah as independent directors for a term of three years [1]. - The term for the newly elected independent directors starts from the date of the resolution passed at the extraordinary general meeting [1]. Group 2: Training Certification - As of the notice date for the extraordinary general meeting, Mr. Yang Xinfah had not yet obtained the independent director training certification [1]. - Mr. Yang has since participated in the independent director training organized by the Shenzhen Stock Exchange and has received the certification issued by the Shenzhen Stock Exchange Entrepreneur Training Center [1].

关于独立董事取得独立董事培训证明的公告 青岛汉缆股份有限公司 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。 董事会 青岛汉缆股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日召开公 司 2025 年第二次临时股东会，审议通过了《关于董事会换届选举独立董事的议 案》，同意选举赵健康先生、王咏梅女士、杨新法先生为公司第七届董事会独立 董事，任期为三年，自公司 2025 年第二次临时股东会决议通过之日起算。 2026 年 1 月 7 日 截至公司 2025 年第二次临时股东会通知发出之日，杨新法先生尚未取得 独立董事培训证明。根据深圳证券交易所的相关规定，杨新法先生已书面承诺参 加最近一期独立董事培训并取得深圳证券交易所认可的独立董事培训证明。 近日，公司董事会收到杨新法先生的通知，获悉其已按照相关规定参加了深 圳证券交易所组织的上市公司独立董事培训，并取得了由深圳证券交易所创业企 业培训中心颁发的《上市公司独立董事培训证明》。 证券代码：002498 证券简称：汉缆股份 公告编号：2026-001 特此公告 青岛汉缆股份有限公司 ...

Core Viewpoint - Hanlan Co., Ltd. announced the convening of its seventh board of directors' first meeting on December 26, 2025, to review and approve several proposals, including the appointment of senior management personnel [2] Group 1 - The board meeting was held on December 26, 2025 [2] - The meeting agenda included the proposal for the appointment of senior management personnel [2]

Group 1 - The core point of the article is that Hanlan Co., Ltd. (SZ 002498) held its first board meeting of the seventh session on December 26, 2025, where it reviewed the proposal for the appointment of senior management personnel [1] - For the first half of 2025, Hanlan Co., Ltd. reported that its revenue composition was entirely from the wire and cable industry, accounting for 100.0% [1] - As of the time of reporting, Hanlan Co., Ltd. had a market capitalization of 12.9 billion yuan [1]