证券代码：300001 证券简称：特锐德 公告编号：2026-015 青岛特锐德电气股份有限公司 关于预中标中国华能预制舱变电站框架采购项目的提示性公告 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。 近日，中国华能集团有限公司电子商务平台（http://ec.chng.com.cn）发布了《中 国华能集团有限公司2026-2027年升压站预制舱框架协议采购中标候选人公示》，青 岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）为中国华能预制舱 变电站框架协议采购项目第一中标候选人，预计中标金额约9亿元，现将有关预中标 情况提示如下： 一、中标项目概况 项目名称：中国华能集团有限公司2026-2027年升压站预制舱（变电站）框架协 议采购 招标人：华能能源交通产业控股有限公司 公示期：2026年03月19日--2026年03月23日 根据招标文件规定，原则上按照设备需求套数5:3:2的比例向第一、第二、第三 中标供应商授予订单。公司为本项目中标候选人第一名，预中标份额为50%，预计中 标金额约90,980.11万元，实际金额以后续执行情况为准。 二、本次 ...

证券研究报告 | 2026年03月20日 优于大市 电力设备新能源行业点评 四部门发文加快大容量固态变压器应用，产业化进程有望提速 行业研究·行业快评 电力设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 事项： 3 月 20 日，工信部、国家发改委、国务院国资委、国家能源局联合印发《节能装备高质量发展实施方案（2026 —2028 年）》。《方案》在"加快先进节能装备研发推广"中明确提出，1）推动环保型绝缘油变压器、 大容量固态变压器、柔性直流变压器等推广应用；2）提高风电、光伏、氢能、新型储能等新能源领域变 压器能效和系统适配性，并推动大功率电解水制氢用整流变压器、新能源并网用高频变压器、集成化一体 式变压器等产品研发与应用；3）到 2028 年，新增节能变压器占比超过 75%，在役节能变压器占比达到 15%。 国信电新观点：1）该政策将大容量固态变压器纳入重点推广方向，并将新能源领域变压器的能效提升与 系统适配性放在更加突出的位置，表明固态变压器从前期技术验证阶段逐步走向政策支持+场 ...

证券代码：300001 证券简称：特锐德 公告编号：2026-014 青岛特锐德电气股份有限公司 关于预中标新能源项目的提示性公告 招标人：中国三峡新能源（集团）股份有限公司 招标代理机构：三峡国际招标有限责任公司 投标报价：238,092,710元 公示期：2026年03月13日--2026年03月16日 根据招标文件规定，第一中标人、第二中标人、第三中标人原则上按全部容量 的50%、30%、20%进行分配。公司为本项目中标候选人第二名，预计中标金额约 7,142.78万元，实际金额以后续执行情况为准。 2、项目二 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。 近日，中国三峡集团电子采购平台（https://eps.ctg.com.cn）发布了《三峡能源 2026-2027年35kV箱式变压器框架采购中标候选人公示》、中国石油招标投标网 （https://www.cnpcbidding.com）发布了《吐哈油田吐鲁番鄯善100万千瓦风电项目预 装式变电站带量采购中标候选人公示》，青岛特锐德电气股份有限公司（以下简称 "公司"或"特锐德"）为上述项目中标候选 ...

青岛特锐德电气股份有限公司 关于中标青海油田风电项目的提示性公告 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。 近日，中国石油招标投标网（https://www.cnpcbidding.com）发布了青海油田海 西200万千瓦风电项目预装式变电站带量采购中标结果公告，青岛特锐德电气股份有 限公司（以下简称"公司"或"特锐德"）为该项目中标人，中标金额约14,998.08 万元，现将有关中标情况提示如下： 一、中标项目概况 项目名称：青海油田海西200万千瓦风电项目预装式变电站带量采购 招标人：中国石油天然气股份有限公司青海油田分公司 招标代理机构：中国石油物资公司 标段：青海油田海西200万千瓦风电项目预装式变电站带量采购 标段报价：149,980,832元 证券代码：300001 证券简称：特锐德 公告编号：2026-013 二、本次中标项目对公司业绩的影响 公司作为国内领先的高、中压预制舱变电站制造商，致力于为新型电力系统建 设提供安全、高效、智能、可靠的整体解决方案。产品广泛应用于新能源发电、电 网输配、数据中心、轨道交通、石油化工、煤炭矿山、工商业园 ...

Investment Rating - The industry investment rating is "Buy" with an expectation of stock performance exceeding the market by over 10% in the next 12 months [4]. Core Insights - The report emphasizes the acceleration of comprehensive green transformation in response to domestic and international trends, particularly highlighted by recent government meetings and policies aimed at promoting green energy [3][8]. - The report identifies significant opportunities in the energy sector due to increasing energy security demands and the urgent need for green energy development, driven by recent power shortages globally [8]. - The "14th Five-Year Plan" outlines major goals for economic and social development, focusing on accelerating the growth of strategic emerging industries, including renewable energy, hydrogen energy, and nuclear fusion [8]. Summary by Sections Industry Overview - The report discusses the pressing need for energy security and the potential for green energy to fill this gap, especially in light of recent global power outages [8]. - It highlights the increasing pressure on renewable energy sources and the necessity for advancements in energy storage solutions to meet future carbon neutrality goals [8]. Market Mechanisms - The report notes a significant transformation in the pricing mechanisms of the electricity sector, with the potential for green energy values to be effectively priced, thus promoting its development [8]. - New business models and market practices are emerging, such as direct connections for green electricity, which enhance the competitiveness of renewable energy pricing [8]. Investment Recommendations - The report suggests focusing on specific companies within the energy storage, hydrogen energy, nuclear fusion, and green electricity sectors, including HaiBo SiChuang, NanWang KeJi, and others [8][9]. - It recommends monitoring companies like SiYuan Electric and TeRuiDe for their potential in the electric equipment sector [9].

Group 1 - Lynk & Co apologized for a car accident caused by a voice command that mistakenly turned off the headlights of a Lynk Z20 vehicle, and they have implemented a cloud-based update to prevent this issue in the future [1] - OpenAI announced a significant funding round of $110 billion, with major contributions from SoftBank, NVIDIA, and Amazon, and a pre-money valuation of $730 billion [1] - MiHoYo responded to the unexpected death of a 36-year-old programmer, clarifying that the employee did not work excessive hours and that rumors about compensation were false [1] Group 2 - Doubao Mobile addressed claims of security vulnerabilities, stating that they have upgraded protective measures and have not received detailed reports of any issues [2] - Yingshi Innovation announced the conclusion of a 337 investigation by the US International Trade Commission, confirming that their products do not infringe on GoPro patents, allowing them to continue importing and selling in the US [3] - Meizu denied rumors of exiting the smartphone market, stating they are seeking third-party hardware partnerships while their existing business remains unaffected [5] Group 3 - The Shanghai police reported the arrest of three individuals for leaking unreleased game content from MiHoYo, marking a significant case in combating illegal game leaks [6] - China Post has halted a collaboration with the mobile game "Dust White Zone" following public controversy over the game's content [7] - ByteDance's subsidiary, Dongche Emperor, is reportedly considering an IPO in Hong Kong, aiming to raise between $1 billion and $1.5 billion [7] Group 4 - NVIDIA warned of a potential shortage of gaming GPUs in the first half of the fiscal year, which may lead to price increases [8] - Tesla completed road tests of its latest autonomous driving technology in Abu Dhabi under regulatory supervision [8] - The first generic versions of the weight-loss drug Semaglutide are expected to enter the Chinese market soon, potentially leading to a price war [8] Group 5 - Warner Bros. has signed a $110 billion agreement with Paramount for acquisition, which includes approximately $29 billion in debt, marking one of the largest mergers in Hollywood [8] - The Hong Kong Stock Exchange reported a net profit of HKD 17.75 billion for 2025, a 36% increase year-on-year, with a dividend of HKD 12.52 per share [16] - JinkoSolar reported its first loss in 12 years, with a net loss of CNY 6.786 billion for 2025, a significant decline from previous profits [17]

Key Points - The article discusses various significant events and developments in the tech and automotive industries, highlighting issues related to employee welfare, product safety, and financial performance of companies [5][21][27][45]. Group 1: Employee Welfare and Company Responses - A 36-year-old programmer from miHoYo died suddenly after returning to work, raising concerns about workplace pressure and employee welfare. The company stated that there was no overtime during the Spring Festival and has set up a special team to assist the family [5][6]. - miHoYo's internal communication emphasized their employee care policies, including insurance and support for the family, while disputing claims about excessive work hours [6][10]. Group 2: Automotive Industry Developments - Multiple car brands, including Lynk & Co and Zeekr, faced issues with voice commands inadvertently turning off headlights, leading to safety concerns. Lynk & Co has apologized and implemented a fix, while other brands are reviewing their systems [12][13]. - Xiaomi announced plans to rebuild its automotive safety advisory committee and establish a public safety communication mechanism to enhance vehicle safety standards [23][24]. Group 3: Financial Performance and Strategic Changes - Cambrian Technology reported its first annual profit post-IPO, with a net profit of 2.059 billion yuan and revenue of nearly 6.497 billion yuan, marking a year-on-year increase of 453% [27]. - Meizu announced a strategic shift, pausing its smartphone hardware development due to intense market competition and rising component costs, and will focus on AI-driven software products [21][22]. - Kingsoft Office reported a revenue of 5.929 billion yuan for 2025, a 15.78% increase year-on-year, with net profit reaching 1.843 billion yuan, reflecting steady growth in its AI office solutions [41][42]. Group 4: Major Investments and Market Movements - OpenAI secured a new investment round totaling $110 billion from major players like Amazon, Nvidia, and SoftBank, significantly increasing its valuation to $730 billion [45][46]. - The EU has approved new regulations to eliminate the tax exemption for small packages under 150 euros, which is expected to impact cross-border e-commerce significantly [47][48].

Core Viewpoint - Qingdao Teread Electric Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, signaling a new chapter in capital operations after over a decade in the A-share market, with a focus on international expansion and enhancing core equipment capabilities in the new power system [1] Group 1: Business Structure and Growth - The company has established a dual-driven growth model centered on high-voltage prefabricated substations and electric vehicle charging networks, positioning itself as the largest manufacturer of high-voltage prefabricated substations globally and one of China's largest electric vehicle charging equipment manufacturers [2] - In 2023, the company achieved a revenue of approximately 12.691 billion yuan, projected to increase to 15.374 billion yuan in 2024, representing a year-on-year growth of 21.1%, while net profit is expected to rise from 527 million yuan to 939 million yuan, a growth of 78.3% [2] Group 2: Industry Environment - The global energy structure transformation and power system upgrades provide significant opportunities for the prefabricated substation business, with a projected compound annual growth rate of over 27% in the global prefabricated substation market from 2020 to 2024 [3] - China has become the largest market for electric vehicles, with the charging network evolving from a basic infrastructure to an energy regulation node, benefiting the company through its advanced charging technology and platform operations [3] Group 3: Strategic Intent and International Expansion - The company plans to use the funds raised to develop high-voltage AC/DC prefabricated substations for data center power supply, enhance technical research capabilities, and establish a global operations center, focusing on integrated solutions for artificial intelligence data centers [4] - The company has already sold products to over 60 countries and regions, establishing a marketing and service network in areas such as the Middle East and Southeast Asia, which will enhance brand recognition and facilitate future overseas projects [5]

Core Viewpoint - Qingdao Teruid Electric Co., Ltd. (referred to as Teruid) has submitted an application for an IPO on the Hong Kong Stock Exchange, indicating its intention to expand its capital base for future growth [1][5]. Company Overview - Teruid is recognized as the world's largest manufacturer of high-voltage prefabricated substation and the largest provider of electric vehicle charging equipment and charging network operator in China [4][8]. - The company's business encompasses the research, development, manufacturing, and sales of high and medium voltage prefabricated substations, transformers, switchgear, and electric vehicle charging equipment, as well as the construction and operation of electric vehicle charging networks [4][8]. Financial Performance - Teruid has demonstrated steady growth in recent years, with total revenue increasing from RMB 12,690.6 million in 2023 to RMB 15,374.5 million in 2024, representing a growth of 21.1% [9]. - For the ten months ending October 31, 2024, total revenue rose by 8.7% from RMB 10,425.8 million to RMB 11,328.7 million in the same period of 2025 [9]. - Net profit surged from RMB 526.8 million in 2023 to RMB 939.4 million in 2024, marking an increase of 78.3% [10]. - For the ten months ending October 31, 2024, net profit increased by 65.5% from RMB 504.6 million to RMB 835.1 million in the same period of 2025 [10]. - The company's return on capital for 2023, 2024, and the ten months ending October 31, 2025, were 6.6%, 11.3%, and 11.1%, respectively [10].

Core Viewpoint - The company, Teruid (300001.SZ), has submitted an application for the issuance of overseas listed foreign shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on February 26, 2026 [1] Group 1 - The application materials for the issuance and listing have been prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The published application materials are in draft form and may be updated and revised as necessary [1]