Core Insights - Zhongrong Electric's stock increased by 0.91% on November 14, with a trading volume of 368 million yuan [1] - The company reported a net financing purchase of 731,500 yuan on the same day, with a total financing and securities balance of 286 million yuan [1][2] - For the period from January to September 2025, Zhongrong Electric achieved a revenue of 1.434 billion yuan, representing a year-on-year growth of 48.47%, and a net profit of 242 million yuan, reflecting a 101.77% increase [2] Financing and Securities - On November 14, Zhongrong Electric had a financing purchase of 34.6426 million yuan, with a current financing balance of 285 million yuan, accounting for 2.70% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company had no shares repaid in securities lending on November 14, with 1,300 shares sold, amounting to 139,500 yuan [1] Shareholder Information - As of November 10, the number of shareholders for Zhongrong Electric was 14,600, a decrease of 1.67% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.70% to 4,714 shares [2] - The company has distributed a total of 176 million yuan in dividends since its A-share listing, with 136 million yuan distributed in the last three years [2] Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 2.3996 million shares, a decrease of 101,900 shares from the previous period [2] - Hong Kong Central Clearing Limited is a new ninth largest circulating shareholder, holding 1.1889 million shares [2] - Invesco Great Wall New Energy Industry Stock A Class has exited the list of the top ten circulating shareholders [2]

Core Viewpoint - Zhongrong Electric (301031) reported that as of November 10, 2025, the number of shareholders is 14,596 [1] Summary by Categories - **Company Information** - Zhongrong Electric has a total of 14,596 shareholders as of the specified date [1]

Core Viewpoint - The company emphasizes that its E-fuse products are still in the development stage and that solid-state circuit breakers will not replace fuses in existing electrical systems [1] Group 1: Product Development - The company is currently developing its E-fuse products [1] - Solid-state circuit breakers are fundamentally designed to replace mechanical circuit breakers, not fuses [1] Group 2: Product Comparison - Mechanical circuit breakers and fuses work in a complementary manner within existing electrical systems [1] - Solid-state circuit breakers have advantages but are larger, more expensive, and have higher thermal current compared to mechanical circuit breakers, and significantly higher than fuses [1] - The short-circuit withstand capability of solid-state circuit breakers is weaker than that of mechanical circuit breakers, and their short-circuit interruption capacity is inferior to that of fuses [1] Group 3: Market Position and Strategy - Fuses serve as a last line of defense against extreme faults like short circuits, being a one-time protective component [1] - In data center power systems, multiple levels of protection exist, and while solid-state circuit breakers may have advantages in certain applications, they are not suitable for all positions [1] - The inherent passive, high-reliability protection characteristics, high interruption capacity, and small size of fuses ensure their value will not diminish but may become even more critical [1] - The company aims to strengthen its leading position in the traditional power fuse market while actively exploring other emerging products and closely monitoring cutting-edge technologies like solid-state circuit breakers [1]

中熔电气（301031.SZ）11月14日在投资者互动平台表示，尊敬的投资者您好，我司目前在特高压领域 暂未提供产品服务。在电压等级7.2kv，12kv，40.5kv高压领域有高压产品提供。感谢您的关注！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司产品有无应用于特高压项目？ ...

Core Viewpoint - The company emphasizes that its E-fuse products are still in the research and development phase and that solid-state circuit breakers will not replace fuses in existing electrical systems [1] Group 1: Product Development - The company is currently developing E-fuse products [1] - Solid-state circuit breakers primarily serve to replace mechanical circuit breakers, not fuses [1] Group 2: Product Comparison - Solid-state circuit breakers have advantages but are larger, more expensive, and have higher thermal current compared to mechanical circuit breakers and fuses [1] - The short-circuit withstand capability of solid-state circuit breakers is weaker than that of mechanical circuit breakers, and their short-circuit breaking capacity is inferior to that of fuses [1] Group 3: Market Positioning - Fuses are considered a last line of defense against extreme faults like short circuits, due to their inherent passive, high-reliability protection characteristics, high breaking capacity, and small size [1] - The company aims to maintain and strengthen its leading position in the traditional electrical fuse market while actively exploring emerging products and closely tracking cutting-edge technologies like solid-state circuit breakers [1]

格隆汇11月14日丨中熔电气(301031.SZ)在投资者互动平台表示,公司产品暂未应用于可控核聚变相关业 务。 ...

格隆汇11月14日丨中熔电气(301031.SZ)在投资者互动平台表示,我司目前在特高压领域暂未提供产品服 务。在电压等级7.2kv，12kv，40.5kv高压领域有高压产品提供。 ...

Market Overview - On November 13, the other electronics sector rose by 0.25% compared to the previous trading day, with ST Xin Ya leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - ST Xin Ya (002388) closed at 6.49, with a gain of 4.51% and a trading volume of 243,300 shares, amounting to a transaction value of 156 million yuan [1] - Other notable performers included: - Shi Shi (001287) at 26.50, up 4.00%, with a trading volume of 574,100 shares and a transaction value of 1.533 billion yuan [1] - Xu Guang Electronics (600353) at 15.59, up 2.63%, with a trading volume of 248,300 shares and a transaction value of 387 million yuan [1] - Zhongrong Electric (301031) at 106.30, up 1.93%, with a trading volume of 27,500 shares and a transaction value of 290 million yuan [1] Capital Flow - The other electronics sector experienced a net outflow of 1.526 billion yuan from institutional investors, while retail investors saw a net inflow of 1.116 billion yuan [2] - Notable capital flows included: - Xu Guang Electronics (600353) with a net inflow of 47.2845 million yuan from institutional investors [3] - ST Xin Ya (002388) with a net inflow of 31.2511 million yuan from institutional investors [3] - Ke Li Ke (002782) with a net inflow of 21.8314 million yuan from institutional investors [3]

Group 1 - The core point of the news is the significant trading activity of Zhongrong Electric on November 12, with a large block trade executed at a premium price compared to the closing price of the stock [2][3] - A total of 3,000 shares were traded in the block transaction, amounting to 3.24 million yuan, with a transaction price of 108.00 yuan, representing a 3.56% premium over the closing price [2][3] - Over the past three months, Zhongrong Electric has recorded 18 block trades, with a cumulative transaction amount of 189 million yuan [2] Group 2 - The stock closed at 104.29 yuan on the same day, reflecting a decline of 1.95%, with a turnover rate of 3.09% and a total trading volume of 22.2 million yuan [2] - The net outflow of main funds for the day was 17.78 million yuan, and over the past five days, the stock has decreased by 14.79% with a total net outflow of 261 million yuan [2] - The latest margin financing balance for Zhongrong Electric is 29.4 million yuan, which has increased by 5.67 million yuan over the past five days, marking a growth of 23.91% [3]

Group 1 - The core transaction on November 10 involved a block trade of 30,600 shares of Zhongrong Electric, with a transaction value of 3.5689 million yuan, at a price of 116.63 yuan, representing a premium of 6.91% over the closing price of the day [2][4] - In the last three months, Zhongrong Electric has recorded a total of 17 block trades, amounting to 186 million yuan [3] - The stock closed at 109.09 yuan on the same day, down 3.03%, with a turnover rate of 6.37% and a total trading volume of 480 million yuan, indicating a net outflow of 37.32 million yuan in main funds [3] Group 2 - The latest margin financing balance for Zhongrong Electric is 296 million yuan, with an increase of 52.2588 million yuan over the past five days, reflecting a growth rate of 21.42% [4] - Zhongrong Electric was established on April 20, 2007, with a registered capital of 98.32248 million yuan [4]