公司财务负责人肖崴先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 新华都特种电气股份有限公司（以下简称"公司"或"本公司"）于 2025 年 11 月 13 日披露了《关于部分高级管理人员减持股份预披露的公告》（公告编号： 2025-064），财务负责人肖崴先生自公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 12 月 5 日至 2026 年 3 月 4 日），通过集中竞价方式减持公司股份数量不 超过 104,000 股，占公司总股本剔除回购专用证券账户的股本的比例为 0.03%。 近日，公司收到财务负责人肖崴先生出具的《关于减持计划实施完成的告知 函》，上述股东于 2025 年 12 月 5 日至 2025 年 12 月 12 日期间，通过集中竞价交 易方式累计减持公司股份 103,963 股，占公司总股本的比例为 0.03%，占剔除公 司回购股份数量后总股本比例为 0.03%，本次减持计划实施完成。现将相关情况 公告如下： 一、股东减持股份的情况 | 股东名 | 变动方式 | 变动 ...

国联民生证券承销保荐有限公司 根据公司披露的 2025 年三季度财务数据，公司 2025 年前三季度归属于上市公司股东的 扣除非经常性损益的净利润及经营活动产生的现金流量净额较上年同期有较大程度下滑。 关于新华都特种电气股份有限公司 2025 年定期现场检查报告 | 保荐机构名称：国联民生证券承销保荐有限公司 被保荐公司简称：新特电气 | | | --- | --- | | 保荐代表人姓名：肖兵 联系电话：021-6045 3962 | | | 保荐代表人姓名：张海东 联系电话：021-6045 3962 | | | 现场检查人员姓名：肖兵、张海东、王立宇 | | | 现场检查对应期间：2025 年度 | | | 现场检查时间：2025 年 12 月 1 日-5 日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 否 | 不适用 | | 现场检查手段：1、查阅公司工商登记文件、公司章程及公司治理等有关文件；2、查阅历次 | | | 公司股东大会、董事会、监事会的会议文件和公告文件，并核查其执行情况；3、核查控股 股东、实际控制人的变动情况及其对外投资情况；4、核查董监高人员变动及相 ...

Group 1: Market Performance - The three major indices strengthened, with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.97%, while the Sci-Tech Innovation 50 Index increased by 1.74% [2] - Over 2,500 stocks in the two markets saw gains, with a total trading volume reaching approximately 2.09 trillion yuan [2] Group 2: Precious Metals Sector - The precious metals sector was notably strong, with stocks like Zhaojin Mining (000506.SZ) rising by 7.8%, and other companies such as Xiaocheng Technology (300139.SZ), Western Gold (601069.SH), Shandong Gold (600547.SH), and Hunan Silver (002716.SZ) also experiencing increases [2] - The Federal Reserve's decision to cut interest rates by 25 basis points on December 11, 2025, cumulatively lowering rates by 75 basis points, has boosted precious metal prices, alongside heightened expectations for future rate cuts and rising inflation [2] Group 3: Electric Grid Equipment Sector - Electric grid equipment stocks also performed well, with Tongguang Cable (300265.SZ) and Zhongneng Electric (300062.SZ) both rising by 20%, while companies like Xinte Electric (301120.SZ), Jiusheng Electric (301082.SZ), and China Western Power (601179.SH) saw significant gains [2] - The global energy transition and AI computing power growth are driving the evolution of electric grid systems towards smarter and more resilient designs, creating historic opportunities for domestic power equipment leaders with technological advantages and export capabilities [3] Group 4: Commercial Aerospace Sector - The commercial aerospace sector remained active, with stocks such as Superjet Co. (301005.SZ) rising by 20%, Srey New Materials (688102.SH) by 17.58%, and Aerospace Power (600343.SH) by 10% [3] - A successful launch of the Long March 12 rocket on December 12, 2025, which placed 16 low-orbit satellite internet satellites into orbit, highlights the growth potential of China's commercial aerospace industry, projected to reach a scale of 2.8 trillion yuan by 2025 [3] Group 5: Computing Hardware Sector - The computing hardware sector showed repeated activity, with stocks like Lian Te Technology (301205.SZ) increasing by 15.87%, and others such as Changxin Bochuang (300548.SZ), Dongtianwei (301183.SZ), and Tengjing Technology (688195.SH) also performing well [4] - According to TrendForce, the global market for optical transceiver modules over 800G is expected to grow significantly, with projections of 24 million units by 2025 and nearly 63 million by 2026, indicating a growth rate of 2.6 times [4]

北京海润天睿律师事务所 关于新华都特种电气股份有限公司 2025 年第四次临时股东会的 法律意见书 中国·北京 朝阳区建外大街甲 14 号广播大厦 5 层、9 层、10 层、13 层、17 层 邮政编码：100022 电话(Tel)：86-10-65219696 传真(Fax)：86-10-88381869 二〇二五年十二月 见证意见 北京海润天睿律师事务所 关于新华都特种电气股份有限公司 2025 年第四次临时股东会的法律意见书 致：新华都特种电气股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》以及《新华都特种电气股份有限公司章程》（以下简称《公司章程》） 的规定，北京海润天睿律师事务所接受新华都特种电气股份有限公司（以下简称 公司）的委托，指派律师出席并见证公司于 2025 年 12 月 3 日召开的 2025 年第 四次临时股东会。 本法律意见书仅就本次股东会的召集和召开程序、会议召集人和出席人员资 格、会议表决程序和表决结果的合法有效性发表意见，并不对股东会所审议的议 案内容和该等议案中所表述的事实和数据的真实性和准确性发表意见。 本所及经办律师依据《中华人民 ...

证券代码：301120 证券简称：新特电气 公告编号：2025-068 新华都特种电气股份有限公司 2025 年第四次临时股东会决议公告 3. 会议召开时间： （1）现场会议召开时间：2025 年 12 月 3 日下午 14:30 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统 进行网络投票的具体时间为：2025 年 12 月 3 日 9:15—9:25，9:30—11:30 和 13:00—15:00。 通过互联网投票系统进行网络投票的具体时间为：2025 年 12 月 3 日 9:15—15:00 期间的任意时间。 4. 现场会议地点：北京市北京亦庄经济技术开发区融兴北三街 50 号。 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。 一、召开会议的基本情况 1. 会议召集人：新华都特种电气股份有限公司（以下简称"公司"）董事会 2. 会议召开方式：现场投票和网络投票相结合的表决方式 的股份不享有股东会表决权，应当从总股本中剔除，即本次股东会公司有表决权 总股份数量为 371,086,005 股。 股东出席的总体情况： 截至本次股东会的 ...

证券日报网讯12月3日，新特电气（301120）在互动平台回答投资者提问时表示，公司目前生产经营正 常，产能充足；公司以境内销售为主，部分项目面向配套客户出口销售，也有海外直接出口业务，有关 具体订单情况请关注公司在深交所指定信息披露平台披露的相关公告或定期报告。 ...

Core Viewpoint - The company, New Special Electric (301120.SZ), is currently experiencing normal production operations with sufficient capacity to meet demand despite the global shortage of transformers driven by the rapid development of energy storage needs [1] Company Operations - The company primarily focuses on domestic sales, with some projects aimed at supporting export customers and direct overseas exports [1] - Specific details regarding the company's order situation are available through announcements on the Shenzhen Stock Exchange's designated information disclosure platform or regular reports [1]

Group 1 - The core viewpoint of the news is the performance and market position of Xinhua Special Electric Co., Ltd., which saw a stock price increase of 5.5% to 18.40 CNY per share, with a total market capitalization of 6.835 billion CNY [1] - The company specializes in the research, production, and sales of various special transformers and reactors, with its main business revenue composition being 77.75% from transformers, 19.04% from other sources, 2.34% from reactors, and 0.87% from supplementary products [1] Group 2 - From the perspective of fund holdings, Guoshou Anbao Fund has a significant position in Xinhua Special Electric, with its fund "Guoshou Anbao Low Carbon Economy Mixed A" holding 234,500 shares, accounting for 2.72% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a return of 93.83% year-to-date, ranking 60 out of 8127 in its category, and a one-year return of 87.29%, ranking 93 out of 8059 [2] Group 3 - The fund manager of Guoshou Anbao Low Carbon Economy Mixed A is Yan Yang, who has been in the position for 1 year and 337 days, with the fund's total asset size being 432 million CNY [3] - During Yan Yang's tenure, the best fund return was 14.11%, while the worst return was 0.91% [3]

Group 1 - The core viewpoint of the news is that Xinhua Special Electric Co., Ltd. has seen a stock price increase of 5.29%, reaching 18.12 CNY per share, with a total market capitalization of 6.731 billion CNY [1] - The company specializes in the research, production, and sales of various special transformers and reactors, with its main business revenue composition being 77.75% from transformers, 19.04% from other income, 2.34% from reactors, and 0.87% from supplementary sources [1] Group 2 - From the perspective of fund holdings, Guoshou Anbao Fund has a significant position in Xinhua Special Electric, with its fund holding 234,500 shares, accounting for 2.72% of the fund's net value, making it the tenth largest holding [2] - The Guoshou Anbao Low Carbon Economy Mixed A Fund (012102) has achieved a year-to-date return of 86.76%, ranking 47th out of 8,136 in its category [2] Group 3 - The fund manager of Guoshou Anbao Low Carbon Economy Mixed A is Yan Yang, who has been in the position for 1 year and 334 days, with the fund's total asset size being 432 million CNY [3]

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]