Core Points - On September 29, a total of 25 listed companies had their restricted shares unlocked, with a total market value of approximately 24.818 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - Luzhou Laojiao (000568) with 102,700 shares from equity incentive restrictions - East China Pharmaceutical (000963) with 215,000 shares from equity incentive restrictions - Taiyuan Heavy Industry (600169) with 11.6502 million shares from equity incentive restrictions - Jinfat Technology (600143) with 7.406 million shares from equity incentive restrictions - Guotai Junan (601211) with 3.2495 million shares from equity incentive restrictions - Guanglian Da (002410) with 3.2334 million shares from equity incentive restrictions - Ningbo Port (601018) with 3.647 billion shares from A-share issuance to legal person allocation - Zhongjin Environment (300145) with 852,070 shares from equity incentive restrictions - Keli Ke (002782) with 768,000 shares from equity incentive restrictions - Yingjie Electric (300820) with 62,500 shares from equity incentive restrictions - Laobaixing (603883) with 868,400 shares from equity incentive restrictions - Zhaoxun Media (301102) with 218 million shares from extended lock-up period - Zhongjing Technology (003026) with 20,000 shares from equity incentive restrictions - Woge Optoelectronics (603773) with 14.8003 million shares from A-share issuance to original shareholders allocation - Hanrui Cobalt (300618) with 104,670 shares from equity incentive restrictions - Fujilai (301258) with 55.362 million shares from extended lock-up period - Wankai New Materials (301216) with 225 million shares from extended lock-up period - Weiteou (301319) with 29.8 million shares from pre-issue share restrictions - Guanshi Technology (605588) with 19,870 shares from equity incentive restrictions - Sanwang Communication (688618) with 13,500 shares - Xidi Micro (688173) with 771,800 shares - Rendu Biology (688193) with 8.4316 million shares - Jinchang Protein (688137) with 7.145 million shares - Jiao Cheng Ultrasound (688392) with 43.8612 million shares - Aike Saibo (688719) with 824,800 shares [1]

Core Insights - The investment in the nuclear fusion industry is highly differentiated, with significant funding concentrated in core areas such as magnet systems, power supplies, and superconducting materials, which have high technical barriers [1][2] - The magnet system accounts for the largest share of the budget at 287 million yuan, representing 42.34% of the total investment, indicating its critical role in nuclear fusion device funding [1] - The CFEDR project is expected to have a substantial investment of around 120 billion yuan, with equipment costs estimated at 72 billion yuan, suggesting significant future value release in the industry chain from 2030 to 2033 [2] Investment Opportunities - Current investment opportunities in the nuclear fusion industry chain are primarily focused on two areas: 1. Segments with clear performance delivery rhythms, such as the magnet system with a cumulative budget of 370 million yuan and the power supply system exceeding 100 million yuan, providing strong performance locking for related manufacturers [3] 2. Manufacturers that have established good verification and customer connections during the BEST phase are expected to maintain advantages in the CFEDR pre-research and subsequent construction [3]

证券日报网讯英杰电气9月25日在互动平台回答投资者提问时表示，工业电源领域涉及行业众多，各个 电源类公司涉及的细分领域也是有很大区别的，不同企业基于技术路径、资源禀赋与市场定位形成了差 异化发展格局，需以系统化思维结合各自细分行业的产业周期、技术演进与场景需求进行综合研判，而 非单一时点的静态评价，公司会尽最大努力克服当前的行业中出现的短暂困难，搞好公司的经营。 （文章来源：证券日报） ...

数据显示，南方基金旗下1只基金位居英杰电气十大流通股东。南方中证1000ETF（512100）二季度新 进十大流通股东，持有股数81.97万股，占流通股的比例为0.74%。根据测算，今日浮盈赚取约213.11万 元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益27.85%，同 类排名1954/4220；近一年收益63.96%，同类排名1325/3820；成立以来收益13.14%。 南方中证1000ETF（512100）基金经理为崔蕾。 9月25日，英杰电气涨5.32%，截至发稿，报51.50元/股，成交1.27亿元，换手率2.29%，总市值114.13亿 元。 资料显示，四川英杰电气股份有限公司位于四川省德阳市金沙江西路686号，成立日期1996年1月16日， 上市日期2020年2月13日，公司主营业务涉及以功率控制电源、特种电源为代表的工业电源设备研发、 生产与销售。主营业务收入构成为：功率控制装置及系统61.71%，电源模块及系统28.37%，其他 9.84%，其他(补充)0.08%。 从英杰电气十大流通股东角度 截至发稿，崔蕾累计任职时间6年 ...

投资者提问： 之前董秘提到，一季度射频电源订单量已经超过去年全年，又说射频电源结算方式改变导致中报营收降 低。请问，结算方式具体发生了什么变化，单纯付款周期延长还是说深化合作导致的。一季度的订单增 长能体现在三季报里吗？还是说需要更长远 董秘回答(英杰电气SZ300820)： 您好，公司并没有披露过您所谓"2025年一季度射频电源订单量已经超过2024年全年"这样的信息，2025 年4月28日披露的2024年年度和2025年一季度经营情况的交流内容，其中关于半导体射频电源的相关回 答内容如下： 问题9：半导体先进制程方面，公司的电源产品已经实现量产， 2024年半导体收入达到 3.5亿元，同比2023年实现增长，2025年一季度的半导体行业的收入和订单情况较为理想，增长幅度变 大，根据一季度营收确认、目前在手订单情况以及公司重点客户的需求看，预计2025年半导体业务是可 以实现增长的。 问题10：为什么半导体先进制程行业电源订单增速不及预期？ 答：这个行业不及预期 的原因是多方面的。首先，技术突破后的稳定性是需要时间去验证的，其次，也有设备中其他备件的国 产制造能力匹配问题，客户也有原来储备的存量备件的消化， ...

Market Performance - The other power equipment sector increased by 2.1% on September 24, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Haibo Sichuang (688411) closed at 268.98, up 4.30% with a trading volume of 47,300 shares and a transaction value of 1.27 billion [1] - Shanghai Electric (601727) closed at 8.87, up 4.11% with a trading volume of 8.15 million shares and a transaction value of 7.25 billion [1] - Other notable performers include Kewell (688551) up 3.94%, Yingjie Electric (300820) up 3.45%, and Futec Technology (832110) up 2.52% [1] Fund Flow Analysis - The other power equipment sector experienced a net outflow of 205 million from institutional investors, while retail investors saw a net inflow of 333 million [2][3] - Major stocks like Shanghai Electric and Haibo Sichuang had mixed fund flows, with Shanghai Electric seeing a significant net outflow from both institutional and retail investors [3]

9月24日，英杰电气涨5.42%，截至发稿，报49.83元/股，成交1.31亿元，换手率2.45%，总市值110.43亿 元。 责任编辑：小浪快报 从英杰电气十大流通股东角度 诺安和鑫混合A（002560）基金经理为陈衍鹏。 截至发稿，陈衍鹏累计任职时间5年78天，现任基金资产总规模30.78亿元，任职期间最佳基金回报 86.09%， 任职期间最差基金回报25.05%。 资料显示，四川英杰电气股份有限公司位于四川省德阳市金沙江西路686号，成立日期1996年1月16日， 上市日期2020年2月13日，公司主营业务涉及以功率控制电源、特种电源为代表的工业电源设备研发、 生产与销售。主营业务收入构成为：功率控制装置及系统61.71%，电源模块及系统28.37%，其他 9.84%，其他(补充)0.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，诺安基金旗下1只基金位居英杰电气十大流通股东。诺安和鑫混合A（002560）二季度新进 十大流通股东，持有股数77. ...

英杰电气今年以来股价跌12.09%，近5个交易日跌1.87%，近20日跌4.40%，近60日涨1.03%。 资料显示，四川英杰电气股份有限公司位于四川省德阳市金沙江西路686号，成立日期1996年1月16日， 上市日期2020年2月13日，公司主营业务涉及以功率控制电源、特种电源为代表的工业电源设备研发、 生产与销售。主营业务收入构成为：功率控制装置及系统61.71%，电源模块及系统28.37%，其他 9.84%，其他(补充)0.08%。 英杰电气所属申万行业为：电力设备-其他电源设备Ⅱ-其他电源设备Ⅲ。所属概念板块包括：核聚变、 西部开发、核电、中盘、专精特新等。 9月24日，英杰电气盘中上涨2.01%，截至10:57，报48.22元/股，成交6957.86万元，换手率1.31%，总市 值106.86亿元。 资金流向方面，主力资金净流入211.34万元，特大单买入105.56万元，占比1.52%，卖出0.00元，占比 0.00%；大单买入1181.90万元，占比16.99%，卖出1076.13万元，占比15.47%。 截至8月29日，英杰电气股东户数1.51万，较上期减少10.75%；人均流通股7352股， ...

内容概况：射频电源作为半导体设备的核心零部件之一，其发展与半导体市场的整体扩张紧密相连。近 年来，受益于国内半导体产业的迅速崛起以及市场对高端射频电源需求的持续提升，中国半导体射频电 源行业展现出强劲的增长势头，已成为全球半导体射频电源的主要市场之一。然而，目前全球半导体射 频电源供应仍高度集中于美国、日本等发达地区，国内市场也长期被国外企业主导，国产化率处于较低 水平。在半导体设备国产化战略的推动下，北方华创、英杰电气、恒运昌等国内企业逐渐崭露头角，凭 借下游设备厂商的支持，陆续实现了批量订单的突破，推动国产替代进程不断加速。在此背景下，中国 半导体射频电源行业市场规模呈现出稳步增长的态势。据统计，中国半导体射频电源行业市场规模从 2022年的6.52亿元增长至2024年的8.55亿元，年复合增长率为14.48%。未来，随着5G、物联网、自动驾 驶等技术的快速发展，半导体射频电源行业将迎来更加广阔的发展前景，预计2026年中国半导体射频电 源行业市场规模将增长至10.98亿元。 一、半导体射频电源行业概述 射频电源（RF电源）是一种利用射频电流（RF）的高频电磁波（频率范围300KHz-30GHz）实现能量 ...

Core Insights - The report highlights the growth in electricity generation in Sichuan Province, with a total generation of 332.9 billion kWh in April 2025, representing a year-on-year increase of 4.6% [1] - From January to April 2025, the total electricity generation reached 1,390.8 billion kWh, showing a year-on-year growth of 4.1% [1] Generation Breakdown - In the first four months of 2025, thermal power generation was 364.7 billion kWh, accounting for 26.2% of total generation, which is a decrease of 2.1% year-on-year [1] - Hydropower generation was 911.3 billion kWh, making up 65.5% of total generation, with an increase of 8.4% year-on-year [1] - Wind power generation was 78.1 billion kWh, representing 5.6% of total generation, showing a decline of 16.1% year-on-year [1] - Solar power generation reached 36.7 billion kWh, accounting for 2.6% of total generation, with a significant increase of 27.5% year-on-year [1] Industry Context - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2] - The report covers large-scale industrial enterprises with annual main business revenues of 20 million yuan or more, ensuring comparability of data across years [2]