Core Insights - The successful delivery of a complete set of offshore core electrical equipment by the company marks a significant milestone, showcasing its capability in R&D, manufacturing, and system integration for large offshore booster platforms, transitioning from reliance on imports to full autonomy in this high-end equipment sector [1][2] - The delivery of high-value core equipment is expected to enhance the company's revenue and optimize its profit structure, opening up substantial growth opportunities for the listed company [1] - The project, being a key construction initiative in Guangdong and the first Sino-German cooperative offshore wind power project in China, has a total installed capacity of 500 megawatts, contributing to the development of a large offshore wind power base in western Guangdong [2] Company Strategy - The company emphasizes independent innovation as its core strategy, having recently achieved a significant breakthrough with its self-developed 110kV offshore wind power transformer, which has filled a domestic gap and is designed for deep-sea projects [3] - The company aims to continue iterating its product offerings to include higher voltage, larger capacity, and more environmentally friendly systems, thereby enhancing its market competitiveness and financial returns [3] - As the offshore wind power sector evolves towards larger, smarter, and deeper sea projects, the company's focus on self-controllable core processes is crucial for ensuring the security of the industrial chain [2]

Group 1 - The core viewpoint of the news is that Mingyang Electric has seen a stock price increase of 5.16%, reaching 47.70 CNY per share, with a total market capitalization of 14.892 billion CNY as of the report date [1] - Mingyang Electric, established on November 27, 2015, and listed on June 30, 2023, specializes in the research, production, and sales of power distribution and control equipment for the renewable energy and new infrastructure sectors [1] - The main revenue composition of Mingyang Electric includes: box-type substations (53.70%), transformers (16.36%), complete switchgear (14.76%), and other products (13.51%) [1] Group 2 - Among the top circulating shareholders of Mingyang Electric, a fund under Southern Fund, the Southern CSI 1000 ETF (512100), has entered the top ten shareholders, holding 1.4295 million shares, which is 0.89% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a total scale of 76.63 billion CNY and has achieved a year-to-date return of 8.51%, ranking 1463 out of 5531 in its category [2] - The fund has a one-year return of 44.65%, ranking 1681 out of 4215 in its category, and a return of 24.1% since its inception [2]

1.主讲人：申万宏源承销保荐代表人孙奥 申万宏源证券承销保荐有限责任公司 关于广东明阳电气股份有限公司 2025年度持续督导培训情况报告 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保荐人"） 作为广东明阳电气股份有限公司（以下简称"明阳电气"、"公司"）首次公开发行股票 并在创业板上市的保荐人，根据《深圳证券交易所上市公司自律监管指引第13号—— 保荐业务》的相关规定，于2025年12月31日对明阳电气董事、高级管理人员及其他相 关人员进行了培训，具体情况如下： 一、培训情况 （一）培训时间与地点 1.培训时间：2025年12月31日 2.培训地点：明阳电气会议室 3.培训方式：现场会议 （二）培训主讲人及培训对象 2.培训对象：公司董事、高级管理人员、证券事务代表、董秘办人员、财务人员 等中高层管理人员 （三）培训内容 本次培训内容主要为上市公司规范运作，本次培训涉及的主要法律法规及相关规 定包括《中华人民共和国公司法》《中华人民共和国证券法》《首次公开发行股票注 册管理办法》《上市公司证券发行注册管理办法》《上市公司信息披露管理办法》 《深圳证券交易所创业板股票上市规则（2025年 ...

申万宏源证券承销保荐有限责任公司 关于广东明阳电气股份有限公司 2025年度现场检查报告 | 保荐人名称：申万宏源证券承销保荐有限责任公司 | 被保荐公司简称：明阳电气 | | | --- | --- | --- | | 保荐代表人姓名：孙奥 联系电话：0755-23996949 | | | | 保荐代表人姓名：孙吉 联系电话：0755-23996949 | | | | 现场检查人员姓名：孙奥 | | | | 现场检查对应期间：2025年1月至2025年12月 | | | | 现场检查时间：2025年12月31日 | | | | 一、现场检查事项 现场检查意见 | | | | （一）公司治理 是 不适用 | | 否 | | 现场检查手段：1.查阅公司章程和公司治理相关制度；2.查阅三会文件及相关决议， | | | | 核查其执行情况；3.核查董监高人员变动及相关决策文件；4.核查控股股东、实际控 | | | | 制人的变动情况及其对外投资情况 | | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | | 2.公司章程和三会规则是否得到有效执行 √ | | | | 3.三会会议记录是否完整，时间 ...

Core Insights - Mingyang Smart Energy has successfully delivered a complete set of offshore core electrical equipment for the Zhanjiang Xuwen Dongsan offshore wind power demonstration project, marking a significant milestone in the company's capabilities [1] - This project is recognized as the first approved Sino-German cooperation offshore wind power project in China, indicating the strategic importance of this collaboration [1] - The achievement signifies Mingyang's transition from reliance on imported high-end equipment to full autonomy in the research, manufacturing, and system integration of key offshore substation equipment [1]

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]

证券代码：301291 证券简称：明阳电气 公告编号：2026-002 广东明阳电气股份有限公司 一、股东减持情况 （一）股东减持股份情况 | 股东名称 | 减持方式 | 减持时间 | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- | | | | | （元/股） | （股） | | | 华慧咨询 | 集中竞价 | 2025/12/9-2026/1/13 | 42.9855 | 1,000,000 | 0.32% | 注：1、上述股东减持股份来源为首次公开发行股票前持有的公司股份； 2、计算占比时，按截至本公告披露日公司总股本 312,200,000 股计算（无 回购专用证券账户），下同； 3、如相关数据存在尾数差异，为小数位数保留及四舍五入原因造成，下同。 关于股东股份减持计划实施完成的公告 信息披露义务人中山华慧企业管理咨询合伙企业（有限合伙）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。 近日，广东明阳电气股份有限公司（以下简称"公司" ...

Group 1 - The core view of the report indicates that domestic wind power demand is steadily increasing, with a significant focus on offshore wind development, which is expected to accelerate under the "14th Five-Year Plan" [1][47] - The report anticipates that the installed capacity of wind power during the "14th Five-Year Plan" will reach 130GW annually, with the proportion of wind power in new energy installations expected to rise from 25% to 50% [1][38] - The report highlights that the European offshore wind market is expected to continue its rapid growth, with a total planned capacity of nearly 100GW, supported by government policies and subsidies [2][51] Group 2 - The domestic wind turbine market is experiencing price increases, with an average bidding price for onshore wind turbines rising by approximately 12% in 2025 compared to 2024 [3][13] - The report notes that the domestic turbine manufacturers are gaining market share in overseas markets, with a projected overseas market share of about 14% in 2024 [3][41] - The report emphasizes the importance of high-voltage direct current (HVDC) technology in the domestic submarine cable market, predicting a significant increase in demand for submarine cables due to the growth of offshore wind and power interconnection projects [4][47] Group 3 - The report identifies a turning point in profitability for domestic marine engineering companies, with increased capacity utilization expected to enhance profitability [5][47] - The report suggests that the domestic marine engineering sector is well-positioned to expand in the European market, where demand for offshore wind foundations is high [5][51] - The report highlights the tight supply of offshore wind foundations in Europe, indicating a potential for domestic companies to capture significant market share [5][51] Group 4 - The report recommends focusing on key companies in the wind power sector, including Goldwind Technology, Yunda Co., and Mingyang Smart Energy, among others [6][10] - The report also highlights the importance of companies involved in submarine cables and marine engineering, such as Daikin Heavy Industries and Dongfang Cable [6][10] - The report indicates that component manufacturers, including Delijia and Weili Transmission, are expected to see increased demand due to the growth of the wind power sector [6][10]

Core Viewpoint - Mingyang Smart Energy (301291) is intensifying its overseas capacity expansion, with a new equipment investment officially launched at its Malaysia base, positioning overseas business as a new growth driver for future performance [1] Group 1: Company Strategy - The company is actively increasing its overseas production capacity [1] - The investment in Malaysia is part of the company's broader strategy to enhance its international presence [1] Group 2: Business Performance - The company assures that its production and operations are normal [1] - Investors are encouraged to await the upcoming periodic reports for detailed annual operational performance [1]

证券日报网讯1月6日，明阳电气（301291）在互动平台回答投资者提问时表示，目前公司按照既定战略 目标，有序开展重点项目，大力拓展海外业务，培育公司长期增长性，提升公司核心竞争力。 ...