Core Insights - The report highlights a significant decline in electricity generation in Sichuan Province, with a total generation of 550.4 billion kilowatt-hours in August 2025, representing a year-on-year decrease of 13.4% [1] - The overall electricity generation from January to August 2025 was 3,357.6 billion kilowatt-hours, showing a slight year-on-year decline of 0.6% [1] - The report categorizes electricity generation by type, noting that thermal power generation increased by 5.6% to 664 billion kilowatt-hours, while hydropower and wind power saw declines of 2.7% and 13% respectively [1] Electricity Generation Breakdown - In the first eight months of 2025, hydropower accounted for 2,489.4 billion kilowatt-hours, making up 74.1% of total generation, with a year-on-year decrease of 2.7% [1] - Wind power generation was recorded at 118.9 billion kilowatt-hours, constituting 3.5% of the total, with a year-on-year decline of 13% [1] - Solar power generation experienced significant growth, reaching 85.29 billion kilowatt-hours, which is 2.5% of the total generation, reflecting a year-on-year increase of 54.6% [1] Industry Context - The report is part of a broader analysis by Zhiyan Consulting, which provides insights into the energy sector in China from 2026 to 2032, focusing on market research and investment prospects [1][2] - The data is derived from the National Bureau of Statistics and is based on large-scale industrial enterprises with annual main business revenues of 20 million yuan or more [2]

Group 1 - The core point of the news is that Yingjie Electric experienced a decline of 5.02% in its stock price, reaching 55.11 yuan per share, with a trading volume of 293 million yuan and a turnover rate of 4.73%, resulting in a total market capitalization of 12.213 billion yuan [1] - Yingjie Electric, established on January 16, 1996, and listed on February 13, 2020, specializes in the research, production, and sales of industrial power supply equipment, particularly power control power supplies and special power supplies [1] - The main revenue composition of Yingjie Electric includes power control devices and systems at 61.71%, power supply modules and systems at 28.37%, and other sources at 9.84% [1] Group 2 - Among the top ten circulating shareholders of Yingjie Electric, the Noan Fund has a new entry with the Noan Hexin Mixed A Fund (002560), holding 776,100 shares, which accounts for 0.7% of the circulating shares [2] - The Noan Hexin Mixed A Fund, established on April 28, 2016, has a latest scale of 3.028 billion yuan, with a year-to-date return of 40.1%, ranking 1426 out of 8161 in its category, and a one-year return of 54.17%, ranking 635 out of 8015 [2] - The fund manager of Noan Hexin Mixed A is Chen Yanpeng, who has been in the position for 5 years and 99 days, with the fund's total asset scale at 3.078 billion yuan, achieving a best return of 84.04% and a worst return of 24.36% during his tenure [3]

Market Overview - The other power equipment sector experienced a decline of 2.64% on the previous trading day, with Shanghai Electric leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Yingkerui (300713) with a closing price of 19.86, up 5.19% on a trading volume of 180,000 shares and a turnover of 361 million yuan [1] - Jinshi Technology (002951) closed at 15.31, up 3.80% with a trading volume of 100,400 shares and a turnover of 152 million yuan [1] - Major decliners included: - Shanghai Electric (601727) which closed at 10.14, down 5.85% with a trading volume of 8.29 million shares and a turnover of 8.7 billion yuan [2] - Kehua Education (002335) closed at 62.63, down 5.71% with a trading volume of 349,100 shares and a turnover of 2.27 billion yuan [2] Capital Flow - The other power equipment sector saw a net outflow of 1.26 billion yuan from institutional investors, while retail investors had a net inflow of 894 million yuan [2] - Specific stock capital flows indicated: - Dongfang Electric (600875) had a net inflow of 1.04 billion yuan from institutional investors [3] - Yingkerui (300713) recorded a net inflow of 863.39 million yuan from retail investors [3]

英杰电气公告，董事兼副总经理陈金杰、副总经理崔连润的减持计划已完成。陈金杰通过集中竞价方式 减持公司股份4.5万股，减持均价为57.1元/股，占公司总股本的0.0203%。崔连润减持公司股份1.15万 股，减持均价为53.4元/股，占公司总股本的0.0052%。减持股份来源于公司首次公开发行前取得的股份 及2021年限制性股票激励计划获授并已上市流通的股份。此次减持符合相关法律法规，未超过计划减持 股份数量，不影响公司治理结构及持续经营。 ...

证券代码：300820 证券简称：英杰电气 公告编号：2025-045 四川英杰电气股份有限公司（以下简称"公司"）于2025年7月30日披露了《关 于部分董事、高级管理人员减持股份的预披露公告》（公告编号：2025-036），公 司董事兼副总经理陈金杰先生、副总经理崔连润先生、副总经理陈玉林先生计划在 该公告披露之日起15个交易日后的3个月内（即2025年8月21日至2025年11月20日， 相关法律法规规定禁止减持的期间除外）以集中竞价方式减持公司股份合计不超过 76,263股（占公司总股本比例0.0344%，占剔除公司回购专用账户中股份后总股本比 例0.0346%），其中，陈金杰先生拟减持公司股份不超过45,000股（占公司总股本比 例0.0203%，占剔除公司回购专用账户中股份后总股本比例0.0204%），崔连润先生 拟减持公司股份不超过11,500股（占公司总股本比例0.0052%，占剔除公司回购专用 账户中股份后总股本比例0.0052%）。在减持计划实施期间，公司若发生送红股、转 增股本、增发新股或配股等股本变动事项，减持数量将进行相应调整。 公司于近日收到陈金杰先生、崔连润先生分别出具的《关于减 ...

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。 证券代码：300820 证券简称：英杰电气 公告编号：2025-046 四川英杰电气股份有限公司 关于高级管理人员辞职的公告 四川英杰电气股份有限公司（以下简称"公司"）董事会于近日收到公司副总 经理陈玉林先生的书面辞职报告，陈玉林先生因个人原因辞去公司副总经理职务。 离职后，陈玉林先生不再担任公司及控股子公司任何职务。陈玉林先生原定任期至 2026 年 7 月 2 日止，根据《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等法律法规的规定，陈玉林先生的辞职自公司董事会收到辞 职报告之日起生效，辞职后不会影响公司的正常经营。 截至本公告披露日，陈玉林先生持有公司股份 59,287 股，其离职后所持公司股 份将严格按照《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等相关规定进行管 理。另外，陈玉林先生为公司 2023 年限制性股票激励计划的激励对象，其在以上限 制性股票激励计划中已获授尚未解除限售的第一类限制性 ...

Core Viewpoint - The company announced that its Q3 financial report for 2025 will be disclosed on October 28 [1] Group 1 - Investors inquired about the disclosure date of the company's Q3 earnings report [1] - The company confirmed the Q3 report will be released on October 28 [1]

Group 1 - The company has been asked by investors about its solid-state transformer technology reserves [2] - The main products of the company are industrial power supplies, and transformers are important components of these power products [2] - The company primarily sources transformers externally rather than manufacturing them in-house [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The controlled nuclear fusion sector is experiencing steady progress in research and construction, with continuous order releases, indicating a positive long-term development outlook [8][35] - The BEST device construction has fully commenced, and the core component bidding is expected to accelerate [6][22] - Recent breakthroughs in plasma discharge frequency and intensity by Zap Energy mark significant advancements towards commercialization [20][21] Summary by Sections Sector Review - In the week of October 9-10, 2025, most segments within the controlled nuclear fusion sector saw price increases, with notable gains in individual stocks such as Hahai Huadong (+29.6%), Hezhuan Intelligent (+21.0%), and Antai Technology (+21.0%) [5][15] - The magnetic materials segment rose by 10.9%, vacuum chamber and metal forgings by 10.8%, and upstream metal materials by 7.6% [17] Industry Dynamics - The BEST device's key component, the Dewar base, has been successfully installed, marking a new phase in the project [22] - Germany announced a €2 billion fusion action plan aimed at establishing a demonstration reactor by the 2040s [25] - Gauss Fusion released a concept design report for Europe's first commercial fusion power plant, with an estimated investment of €15-18 billion [31] Company Developments - Hangyang Group won a bid for a low-temperature liquid helium testing system project, which is crucial for the controlled nuclear fusion low-temperature system [34] Weekly Perspective - The ongoing development of nuclear fusion devices and the release of orders are viewed positively for the sector's long-term prospects, with a focus on core components such as magnets, main units, and power supplies [35]

Core Insights - The recent breakthrough in China's compact fusion energy experimental device (BEST) marks a significant advancement, paving the way for the world's first fusion energy demonstration in 2027 [3] - Controlled nuclear fusion is considered the "ultimate energy solution," comparable to historical revolutions like the steam engine and electrification, with the potential to transform the global energy landscape [3] - The fusion reactor market is projected to be a trillion-dollar opportunity, with upstream materials and key components expected to benefit first [3] Company Highlights - **Ingeteam**: This company has been providing critical power supply services for national fusion projects, covering essential systems such as magnetic field and heating power supplies, successfully applied in multiple key national projects [4] - **Xiamen Tungsten**: The first domestic company to develop and produce ITER filter tungsten probe components, possessing precision processing capabilities for large-scale ITER-grade tungsten materials, supplying core tungsten components for various fusion devices [5] - **China Nuclear Technology**: Supplies 80% of the vacuum sealing valves and connectors for the Chinese Circulation III project, with products capable of withstanding plasma impacts of 160 million degrees and a lifespan of 100,000 hours, breaking the technical monopoly of France's Framatome [6] - **Western Superconducting Technologies**: Achieved significant breakthroughs in NbTi superconducting wire for nuclear fusion, developing engineering production technology that produces superconducting wire lengths of up to 90,000 meters, meeting ITER project requirements [7] - **Potential Leading Company**: The only global company capable of full industrial chain manufacturing for fusion reactors, securing orders for core components like ITER superconducting coils and vacuum chambers, with proprietary micron-level precision vacuum chamber welding technology [8]