Group 1 - The core viewpoint is that the telecommunications equipment stocks in Hong Kong are experiencing a general increase, driven by a global uptrend in power equipment demand [1] - Shanghai Electric leads the gains with an increase of over 6%, followed by Goldwind Technology at 3.6%, China High-Speed Transmission at 2.5%, and Fulaite Glass at 2% [2] - The report from CITIC Securities indicates that global investment in power grids is expected to exceed $400 billion by 2025, maintaining a high level of market activity [1] Group 2 - AI is projected to significantly boost global electricity demand, leading to a notable increase in the demand for supporting electrical equipment [1] - Major overseas companies are raising their capital expenditure forecasts and increasing investments in AIDC infrastructure [1] - The demand for transformers in the U.S. market continues to strengthen, with high transformer price indices, and the Middle East is experiencing rapid growth in transformer demand [1]

Core Viewpoint - The Hong Kong power equipment stocks are experiencing a general increase, driven by a global upturn in power equipment demand, with significant investments expected in the sector by 2025 [1] Group 1: Market Performance - Shanghai Electric leads the gains with a rise of over 6%, followed by Goldwind Technology at 3.6%, China High-Speed Transmission at 2.5%, and Flat Glass at 2% [1] - Other companies such as GCL-Poly Energy and Xinyi Solar also saw minor increases in their stock prices [1] Group 2: Industry Outlook - CITIC Securities predicts that global investment in power grids will exceed $400 billion by 2025, indicating sustained high demand in the sector [1] - The rise of AI is expected to significantly boost global electricity demand, leading to increased demand for supporting electrical equipment [1] - Major overseas companies are raising their capital expenditure forecasts and intensifying investments in AIDC infrastructure [1] Group 3: Market Demand - The demand for transformers in the U.S. market continues to strengthen, with transformer price indices remaining high [1] - The Middle East is experiencing rapid growth in transformer demand, with Chinese companies securing large orders worth billions [1] - By the first half of 2025, leading companies are expected to see rapid growth in export business, contributing to increased volume and profit [1]

每经AI快讯，9月24日，港股上海电气(02727.HK)涨超7%，截至发稿，涨5.99%，报3.89港元，成交额 2.34亿港元。 ...

Core Viewpoint - Shanghai Electric (601727)(02727) saw a stock increase of over 7%, currently trading at 3.89 HKD with a transaction volume of 234 million HKD, driven by developments in the nuclear fusion sector [1] Group 1: Company Developments - The China Fusion Company, with a registered capital of 15 billion RMB, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company plans to establish a fusion experimental device in Shanghai to validate its high-temperature superconducting magnets, named "China Circulation No. 4 (HL-4)" [1] - Shanghai Electric has successfully delivered the world's first cold test dewar for the ITER project and will deliver key components for major national scientific infrastructure projects, including CRAFT and the compact fusion experimental device BEST [1] Group 2: Industry Insights - According to a report from Everbright Securities, there is a focus on Shanghai Electric's advancements in emerging industries such as robotics and nuclear fusion [1] - In the gas turbine sector, Shanghai Electric's 500MW hydrogen-cooled generator has passed technical evaluation by experts, supporting the development of large-capacity clean gas power generation in China [1]

Core Viewpoint - Shanghai Electric (02727) has seen a stock price increase of over 7%, currently trading at 3.89 HKD with a transaction volume of 234 million HKD, driven by developments in the nuclear fusion sector and emerging industries [1] Group 1: Company Developments - The China Fusion Company, established with a registered capital of 15 billion RMB and only two months old, made its debut at the 25th China International Industry Fair in Shanghai, showcasing its technological roadmap and business layout [1] - The company plans to build a fusion experimental device in Shanghai to validate its high-temperature superconducting magnets, tentatively named "China Circulation No. 4 (HL-4)" [1] - Shanghai Electric has successfully delivered the world's first cold test dewar for the ITER project and will continue to deliver core components for major national scientific infrastructure projects, including the CRAFT project and the compact fusion experimental device BEST [1] Group 2: Industry Insights - According to a report from Everbright Securities, there is a focus on Shanghai Electric's breakthroughs in emerging industries such as robotics and nuclear fusion [1] - In the gas turbine sector, Shanghai Electric's 500MW hydrogen-cooled generator has successfully passed technical evaluation by experts from the Shanghai Electric Engineering Society, providing key equipment support for the development of large-capacity clean gas power generation in China [1]

Core Viewpoint - Shanghai Electric has shown a significant increase in stock price and financial performance, indicating potential growth opportunities in the energy and equipment sectors [1][2]. Financial Performance - As of June 30, 2025, Shanghai Electric achieved a revenue of 543.03 billion yuan, representing a year-on-year growth of 8.89% [2]. - The net profit attributable to shareholders reached 8.21 billion yuan, marking a substantial increase of 36.40% compared to the previous period [2]. Stock Market Activity - On September 25, Shanghai Electric's stock price rose by 2.03%, reaching 9.05 yuan per share, with a trading volume of 11.47 billion yuan and a turnover rate of 1.01% [1]. - The company's market capitalization stands at 140.638 billion yuan [1]. - Year-to-date, the stock price has increased by 11.59%, with a 5-day increase of 11.18% and a 60-day increase of 23.30% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 704,400, a reduction of 6.70% [2][3]. - The top ten circulating shareholders include significant entities such as China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3]. Dividend History - Since its A-share listing, Shanghai Electric has distributed a total of 99.73 billion yuan in dividends, although there have been no dividends paid in the last three years [3]. Business Overview - Shanghai Electric, established on March 1, 2004, and listed on December 5, 2008, operates in sectors including renewable energy, environmental equipment, and industrial services [1]. - The company's revenue composition includes 77.23% from product sales, 10.01% from service provision, 7.55% from engineering construction, and 5.21% from other sources [1].

Core Insights - The 25th China International Industry Fair showcases Shanghai Electric's comprehensive path towards "new productive forces" in industrial evolution, emphasizing "extreme intelligence, extreme greenness, and extreme precision" [1][9] - The event highlights the integration of seven key sectors: energy, industry, drive, basic components, medical, environmental protection, and heating/cooling, forming a cohesive vision for future industrial development [1] Energy Evolution - Shanghai Electric presents a clear technological evolution path from "coal, nuclear" as a stable foundation to "hydrogen, ammonia, and methanol" as strategic extensions, integrating "source, network, load, storage, and control" [3] - The company showcases its unique capabilities in nuclear power, including high-temperature gas-cooled reactor equipment, and emphasizes its advancements in nuclear fusion technology [5] - A significant highlight is the green methanol project in Jilin, which is the first large-scale commercial operation in China, demonstrating key technologies and achieving EU ISCC certification [5] Industrial Intelligence Transformation - The industrial segment illustrates how Shanghai Electric injects intelligence into the entire manufacturing process, transitioning from "large manufacturing" to "large cities" [6] - The focus on smart robotics, including various specialized robots, showcases the company's ability to achieve a full-chain layout through multi-industry collaboration [6] - The "Lingke" dual-arm robot exemplifies a closed-loop learning system that optimizes skills in real tasks, reflecting the core demands of flexible manufacturing [6] Historical Context and Future Direction - The "Centennial Transmission" exhibition contrasts historical artifacts with cutting-edge technology, illustrating the evolution from "self-reliance" to "intelligent leadership" in China's power equipment sector [7][9] - Shanghai Electric aims to continue leveraging energy and industry as dual engines, focusing on system integration and ecological collaboration to drive new productive forces in China's industrialization [9]

Core Insights - The 2025 China International Industrial Expo, themed "Industrial New Quality, Intelligent Manufacturing Without Boundaries," was held in Shanghai, showcasing the evolution of China's industrial sector from "Made in China" to "Intelligent Manufacturing" [1] - Shanghai Electric presented its latest technological achievements and solutions in new power systems and integrated high-end equipment, emphasizing its commitment to high-end, intelligent, and green manufacturing [1][3] Energy Sector Developments - Shanghai Electric has strategically positioned itself in the energy sector, focusing on a comprehensive new power system integrated equipment solution, which includes coal, nuclear, wind, solar, and hydrogen technologies [3] - The company showcased its capabilities in high-temperature gas-cooled reactor equipment, highlighting its unique position as the only domestic manufacturer capable of supplying complete sets of nuclear island equipment [3] Green Energy Initiatives - Shanghai Electric is advancing its green energy initiatives with a full-chain solution from green hydrogen production to methanol synthesis, exemplified by its integrated demonstration project for green methanol [4] - The project is notable for being the first in China to achieve large-scale commercial operation and has received EU ISCC certification, marking its entry into international markets [4] Industrial Manufacturing Innovations - The company is focusing on the integration of various industrial sectors, providing solutions from industrial plant design to automation equipment and environmental protection [5] - Shanghai Electric displayed a range of intelligent robots and key components, showcasing its comprehensive capabilities in robot manufacturing and application [5] Advanced Machinery and Technology - Shanghai Electric's industrial mother machine sector is represented by high-precision grinding centers capable of nanometer-level precision, suitable for critical aerospace and robotics applications [6] - The company hosted a significant industry event to promote collaboration and innovation within the industrial sector [6] Historical Significance and Legacy - The "Centennial Transmission" exhibition highlighted Shanghai Electric's historical contributions to China's industrial development, showcasing significant artifacts that represent milestones in the nation's manufacturing history [7] - The exhibition aimed to unlock the historical charm and evolution of Shanghai Electric, emphasizing its role in the modernization of China's industrial landscape [7] Future Outlook - Shanghai Electric plans to continue its dual evolution in energy and industry, focusing on upgrading core technologies to drive high-quality development and support China's new industrialization efforts [10]

（股份代號: 02727） 於二零二五年九月二十二日舉行之股東特別會議投票表決結果 上海電氣集團股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈已於二零二五年九 月二十二日正式召開股東特別會議（「股東特別會議」），股東特別會議上提呈的決議案獲本 公司股東以投票表決方式正式通過。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 SHANGHAI ELECTRIC GROUP COMPANY LIMITED 上海電氣集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） * 概無股東須根據上市規則就股東特別會議提呈的任何決議案放棄投票。概無有權出席股東特別會 議的股東須根據上市規則第 13.40 條於會上就任何決議案放棄投贊成票。概無任何股東於通函中 表明有意就股東特別會議提呈的任何決議案投反對票或放棄投票。 有關決議案的全文請參閱通函。股東特別會議提呈的決議案表決結果如下： 茲提述本公司日期為二零二五年九月一日的通函（「通函」），其中載有供本 ...

国浩律师（上海）事务所 法律意见书 本所同意将本法律意见书作为公司本次会议公告的法定文件，随公司其他公 告一并提交上海证券交易所审查并予公告。 在本法律意见书中，本所律师仅对本次会议的召集和召开程序、出席会议人 员的资格、召集人的资格、会议表决程序及表决结果是否符合《公司法》、《证券 法》、《股东会规则》以及《公司章程》的规定发表意见，并不对本次会议所审议 的提案内容以及这些提案所表述的事实或者数据的真实性、准确性和完整性发表 意见。本所律师假定公司提供的与本次会议有关的文件、资料（包括但不限于有 关人员的身份证明、股票账户卡、授权委托书、营业执照等）是真实、完整的， 该等文件、资料上的签字和/或印章均为真实的，并据此出具法律意见。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 本次会议的相关法律问题发表如下意见： 国浩律师（上海）事务所 关于上海电气集团股份有限公司 2025 年第二次临时股东会的法律意见书 致：上海电气集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受上海电气集团股份有限 公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第二次临时股 ...