Core Viewpoint - The company and its executives received a warning from the Fujian Securities Regulatory Bureau due to violations related to related party transactions and failure to disclose significant event progress [1] Group 1: Regulatory Issues - The company failed to perform necessary reviews and disclosures regarding related party transactions [1] - The acquisition of 100% equity in Fujian Xiangrui Electric Power in June 2018 was not conducted according to regulations [1] - A planned transfer of 100% equity in Dalian Ruiyou for 30.7177 million yuan in 2019 was later reduced by 6.05 million yuan without disclosure [1] Group 2: Accountability - Chen Tianxu is primarily responsible for the first violation, while CHENMANHONG and Yu Chunjiang are mainly responsible for the second violation [1] - The company plans to rectify the issues identified by the regulatory body [1] Group 3: Operational Impact - The regulatory measures imposed will not affect the normal operations of the company [1]

Core Viewpoint - The Shenzhen Stock Exchange issued a regulatory letter to Zhongneng Electric Co., Ltd. and related parties due to violations of review procedures and information disclosure obligations regarding related party transactions [1] Group 1: Regulatory Actions - The Fujian Securities Regulatory Bureau determined that Zhongneng Electric failed to follow necessary review procedures and disclose information related to a related party transaction involving the acquisition of 100% equity in Fujian Xiangrui Power Engineering Co., Ltd. in June 2018 [1] - The company did not disclose significant developments regarding this major transaction [1] Group 2: Transaction Details - In September 2019, Zhongneng Electric announced the transfer of 100% equity in Dalian Ruiyou Energy Development Co., Ltd. to Zhang Jinjun for a price of 30.7177 million yuan [1] - In December 2019, a supplementary agreement was signed to reduce the transfer price by 6.05 million yuan, but this significant event was not disclosed in a timely manner [1]

中能电气收到深交所监管函。 ...

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].

Group 1 - The A-share market's smart grid concept stocks continue to perform strongly, with Wan Sheng Intelligent approaching a 20% limit up, and Can Energy Power rising over 13% [1] - The investment in China's power grid during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, with annual investments around 1 trillion yuan during the 15th Five-Year Plan [1] - The investment forecast for State Grid and Southern Grid in 2026 is expected to reach 700 billion yuan and 189 billion yuan, respectively, with year-on-year growth of 7.6% and 8.0% [1] Group 2 - European data centers are accelerating construction, revealing power supply and demand contradictions, which further stimulate the demand for offshore wind and power interconnection [1] - The continuous high growth in the demand for European grid renovation is beneficial for main grid transformers and switches [1] Group 3 - The stock performance of various companies in the smart grid sector shows significant increases, with Wan Sheng Intelligent up by 19.44%, Can Energy Power by 13.45%, and He Shun Electric by 12.49% [2] - The total market capitalization of Wan Sheng Intelligent is 7.876 billion yuan, while Can Energy Power stands at 2.447 billion yuan [2] - The year-to-date performance of these stocks indicates strong growth, with Wan Sheng Intelligent at 46.38% and Can Energy Power at 35.06% [2]

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index down by 0.64% to 4138.76, the Shenzhen Component Index down by 1.37% to 14169.40, and the ChiNext Index down by 1.96% to 3321.89, while the total market turnover reached 3.7 trillion yuan [1][2][8]. Sector Performance - Sectors such as pharmaceuticals, precious metals, electric grid equipment, and oil service engineering showed positive performance, while previously popular sectors like commercial aerospace, controllable nuclear fusion, low-altitude economy, and chips faced declines [2][9]. - The electric grid equipment sector saw a significant rebound, with some stocks like YN Power and Double Jet Electric hitting their daily limit up by 20% and 30% respectively, indicating strong market interest [4][11]. Capital Flow - Major capital inflows were observed in the media sector with over 15.8 billion yuan, pharmaceuticals with over 9.1 billion yuan, and non-ferrous metals with over 5.3 billion yuan. Conversely, the electronics sector faced a net outflow exceeding 36 billion yuan [3][10]. Future Outlook - Analysts from Guangfa Securities suggest that if the spring market rally occurs earlier, it may indicate a favorable economic cycle, with potential adjustments in mid-January providing good investment opportunities [3][10]. - Haitong Securities noted that while the spring market may still have room for growth, the concentration of trading structures could lead to a rotation in market trends, advising investors to focus on high-value sectors with improving external demand [3][10]. Industry Developments - The Ministry of Industry and Information Technology and other departments released guidelines for the construction and application of industrial green microgrids, aiming to enhance green electricity usage in industrial sectors [6][13]. - The global demand for electricity in data centers is projected to increase significantly due to AI applications, with estimates suggesting an additional 325 to 580 TWh by 2028, which will elevate overall electricity demand [6][13]. - Goldman Sachs forecasts that investments in global digital infrastructure and energy systems driven by AI could reach 5 trillion USD over the next decade, with electric grid equipment being a primary beneficiary [6][13]. Transformer Industry Insights - Data from the General Administration of Customs indicates that transformer exports from January to November 2025 reached 57.86 billion yuan, marking a year-on-year increase of 36.3% [14]. - The transformer industry is currently facing significant order backlogs, leading to supply chain bottlenecks and market shortages [14]. Commercial Aerospace Sector - The commercial aerospace sector experienced a sharp decline, with the sector index dropping by 5.01%, and numerous stocks within the sector facing significant losses, including Aerospace Huan Yu and Aerospace Software [6][14][15].

Group 1 - Guodian NARI (600406) is a state-owned enterprise based in Nanjing, recognized as a benchmark for scientific reform among central enterprises, with a strong research and development system and significant achievements in grid technology [1] - The company has a market share of over 75% in dispatch automation systems and over 50% in UHV converter valves, with its products addressing grid stability issues caused by renewable energy generation [1] - The demand for AI computing power and electricity is driving the construction of new power systems, and the company is expanding its overseas business, exporting products like distribution transformers to multiple countries [1] Group 2 - Suyuan Electric (002028) is a comprehensive supplier of power transmission and distribution based in Shanghai, focusing on UHV and energy storage sectors, and is the largest manufacturer of high-voltage packages and coils in China [2] - The company expects 60% of its overseas revenue in 2024 to come from transformers, with overseas orders growing over 50% and a remarkable 89% growth in the first half of 2025 [2] - The surge in demand for high-voltage transmission and distribution equipment driven by AI computing centers and new energy projects presents significant growth opportunities for the company [2] Group 3 - China XD Electric (601179) is a state-owned enterprise based in Xi'an, specializing in high and ultra-high voltage transformers and power transmission and distribution equipment, capable of producing products across a voltage range of 10kV to 1000kV [3] - The company has a significant market share in UHV projects and has seen an increase in exports to Europe, with its technology reaching international advanced levels [3] - The demand for UHV technology is increasing due to the need for long-distance power transmission, and the company is well-positioned to meet both domestic and international market needs [3] Group 4 - Baobian Electric (600550) is a core supplier of UHV DC transformers based in Baoding, with a strong position in high-end transformers and a market share of 30% in UHV products [4] - The company has unique technologies that reduce material costs and has participated in major projects, exporting to over 40 countries [4] - The urgent demand for high-reliability transformers driven by AI computing centers and new energy power stations positions the company to benefit from both domestic and international projects [4] Group 5 - Jinpan Technology (688676) is a leading global manufacturer of dry-type transformers based in Haikou, focusing on wind and solar energy applications, with 98% of its products supporting renewable energy [5] - The company has a significant order backlog of 2.85 billion yuan for 2025, reflecting a substantial year-on-year growth of 180% [5] - The increasing demand for efficient dry-type transformers from AI computing centers and the proliferation of renewable energy generation presents a strong growth opportunity for the company [5] Group 6 - Mingyang Electric (301291) is a leader in offshore wind power transformers based in Zhongshan, specializing in dry-type transformers and prefabricated substations [6] - The company has developed products that meet the extreme conditions of offshore environments and is expected to achieve significant sales in North America by 2026 [6] - The growing demand for offshore wind power and the urgent need for grid upgrades in North America provide ample order support for the company [6] Group 7 - Teruid (300001) is a pioneer in outdoor box-type power equipment based in Qingdao, recognized as a champion enterprise in manufacturing [7] - The company has a complete technology system for modular prefabricated substations and has a leading market share in the new energy sector [7] - The demand for modular products from AI computing centers and the need for grid upgrades position the company to capture significant market growth [7] Group 8 - XJ Electric (000400) is a high-tech enterprise based in Xuchang, focusing on UHV and smart grid technologies, with a comprehensive industrial chain covering all aspects of power transmission and distribution [8] - The company has participated in all domestic UHV DC transmission projects and has a strong patent portfolio [8] - The growth in AI computing and electricity demand is accelerating the construction of smart grids, providing competitive advantages for the company [8] Group 9 - Sifang Co., Ltd. (601126) is based in Beijing and has a strong advantage in smart distribution networks, providing a full range of products for self-healing control and primary and secondary integration [9] - The company has implemented its products in over 30 provinces and cities, significantly improving efficiency in power distribution [9] - The demand for reliable power supply from AI computing centers and the ongoing digital transformation of distribution networks present broad development opportunities for the company [9] Group 10 - Samsung Medical (601567) is based in Ningbo and operates in both smart power distribution and medical services, covering a wide range of products in the power equipment sector [10] - The company has established manufacturing bases in multiple locations and has a marketing presence in over 70 countries [10] - The construction of AI computing centers and new energy projects requires substantial power distribution equipment, positioning the company to benefit from global demand growth [10]

Company Overview - Zhongneng Electric Co., Ltd. is located in Fuzhou, Fujian Province, established on December 2, 2002, and listed on March 19, 2010. The company specializes in the development, manufacturing, and sales of power cable distribution systems related to voltage levels of 35kV and below [1] - The main business revenue composition includes: 87.99% from smart grid products, 8.41% from power construction services, 2.18% from photovoltaic power generation services, and 1.42% from other supplementary services [1] Stock Performance - On January 13, Zhongneng Electric's stock fell by 5.05%, trading at 8.84 CNY per share, with a transaction volume of 496 million CNY and a turnover rate of 12.01%. The total market capitalization is 5.569 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Zhongneng Electric, one fund from Huaxia Fund, Huaxia CSI 500 Index Enhanced A (007994), has recently entered the list, holding 2.7408 million shares, which accounts for 0.71% of the circulating shares. The estimated floating loss today is approximately 1.2882 million CNY [2] - Huaxia CSI 500 Index Enhanced A (007994) was established on March 25, 2020, with a current scale of 3.308 billion CNY. Year-to-date returns are 6.48%, ranking 2307 out of 5517 in its category; the one-year return is 48.77%, ranking 1720 out of 4203; and since inception, the return is 157.8% [2]

（文章来源：证券日报） 证券日报网讯 1月8日，中能电气发布公告称，公司2026年第一次临时股东会审议通过《关于变更募集 资金用途并用于永久补充流动资金的议案》《关于调整公司及下属公司融资额度和担保额度预计的议 案》。 ...

上海锦天城（厦门）律师事务所 关于中能电气股份有限公司 地址：福建省厦门市思明区湖滨东路 95 号华润大厦 B 座 12-13 层 上海锦天城（厦门）律师事务所 法律意见书 2026 年第一次临时股东会的 法律意见书 上海锦天城（厦门）律师事务所 关于中能电气股份有限公司 电话：0592-3261888 传真：0592-3261922 邮编：361004 2026 年第一次临时股东会的 法律意见书 致：中能电气股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他规范性文件及 《中能电气股份有限公司章程》（以下简称"《公司章程》"）的有关规定，上海 锦天城（厦门）律师事务所（以下简称"本所"）接受中能电气股份有限公司（以 下简称"公司"）的委托，就公司召开 2026 年第一次临时股东会（以下简称"本 次股东会"）的有关事宜，出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《证券法》《律师事务所从事证 券法律业务管理办法》《律师事务所证券法 ...