Core Viewpoint - The company, Siyuan Electric (002028.SZ), has submitted an application for the issuance of overseas listed foreign shares (H-shares) and for listing on the main board of the Hong Kong Stock Exchange on February 11, 2026 [1] Group 1 - The application materials were prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The published application materials are in draft form and may be updated and revised as necessary [1]

智通财经APP获悉，据港交所2月11日披露，思源电气股份有限公司(简称：思源电气，002028.SZ)向港交所主板递交上市申请，中信证券为其独家保荐人。 作为中国民营电力设备骨干企业，思源电气坚守长期主义，深耕能源领域三十余年，专注于输配电设备及其核心组件的研发、设计、制造与销售，并提供相 关工程总承包及全生命周期服务。 公司简介 招股书显示，思源电气是全球输配电设备制造商及电力能源综合解决方案提供商。根据弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入 计，思源电气在国际企业中排名第八、在国内企业中排名第五及在国内民营企业中排名第三，市场份额为3.5%。 作为行业内少数具备电力系统一次设备、二次设备及储能相关设备研发制造与一体化解决方案能力的企业之一，思源电气构建了覆盖开关类、变压器类、保 护及自动化类、电力电子类、储能系统及组件类、EPC类等六大核心业务线的产业链布局，形成"产品+解决方案+服务"的业务生态和丰富的产品矩阵，广泛 应用于电网、新能源(光伏、风电)、冶金、石化、交通、数据中心等多元行业应用场景。 公司的业务由六条业务线构成：(i)开关设备类业务；(ii)变压器类业务；(iii) ...

证券代码：002028 证券简称：思源电气 公告编号：2026-005 思源电气股份有限公司 关于向香港联合交易所有限公司递交 H 股发行上市的申请并 刊发申请资料的公告 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。 思源电气股份有限公司（以下简称"公司"）已于 2026 年 2 月 11 日向香港 联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股（H 股）股票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请， 并于同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上市的相 关申请资料为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"） 及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新 及修订。 https://www1.hkexnews.hk/app/sehk/2026/108195/documents/sehk26021100490.p df 英文： https://www1.hkexnews.hk/app/sehk/2026/108195/documents/sehk260211 ...

(於中華人民共和國註冊成立的股份有限公司) l 禮養l 据港交所2月11日披露，思源电气股份有限公司(简称：思源电气，002028.SZ)向港交所主板递交上市申 请，中信证券为其独家保荐人。招股书显示，思源电气是全球输配电设备制造商及电力能源综合解决方 案提供商。根据弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入计，公司在国际企业 中排名第八、在国内企业中排名第五及在国内民营企业中排名第三、市场份额为3.5%。作为行业内少 数具备电力系统一次设备、二次设备及储能相关设备研发制造与一体化解决方案能力的企业之一，思源 电气构建了覆盖开关类、变压器类、保护及自动化类、电力电子类、储能系统及组件类、EPC类等六大 核心业务线的产业链布局，形成"产品+解决方案+服务"的业务生态和丰富的产品矩阵。 Sievuan Electric Co., Ltd. 思 源 電 氣 股 份 有限公司 | | | 40中信证券 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀佣金、0.0027% 證監會交易徵費、0.00565%聯交所交易費及 0.00015%會財局交易徵費(須於申請時以港元繳 足,多繳股款可予退還 ...

智通财经APP获悉，据港交所2月11日披露，思源电气股份有限公司(简称：思源电气，002028.SZ)向港 交所主板递交上市申请，中信证券为其独家保荐人。招股书显示，思源电气是全球输配电设备制造商及 电力能源综合解决方案提供商。根据弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入 计，公司在国际企业中排名第八、在国内企业中排名第五及在国内民营企业中排名第三，市场份额为 3.5%。作为行业内少数具备电力系统一次设备、二次设备及储能相关设备研发制造与一体化解决方案 能力的企业之一，思源电气构建了覆盖开关类、变压器类、保护及自动化类、电力电子类、储能系统及 组件类、EPC类等六大核心业务线的产业链布局，形成"产品+解决方案+服务"的业务生态和丰富的产品 矩阵。 | [编纂]項下的 编纂 數目 | : | [编纂]股H股(視乎 编纂 獲行使與否而定) | | --- | --- | --- | | 编纂 數目 | . | 编纂]股H股(可予重新分配) | | 编纂 數目 | : | [编纂]股H股(可予重新分配及視乎 编纂 獲行使與否 | | | | 加定) | | 最高 编纂 | | : 每股H股[編 ...

l 繼景I 据港交所2月11日披露，思源电气（002028）股份有限公司(简称：思源电气，002028.SZ)向港交所主板 递交上市申请，中信证券为其独家保荐人。招股书显示，思源电气是全球输配电设备制造商及电力能源 综合解决方案提供商。根据弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入计，公司 在国际企业中排名第八、在国内企业中排名第五及在国内民营企业中排名第三、市场份额为3.5%。 作 为行业内少数具备电力系统一次设备、二次设备及储能相关设备研发制造与一体化解决方案能力的企业 之一，思源电气构建了覆盖开关类、变压器类、保护及自动化类、电力电子类、储能系统及组件类、 EPC类等六大核心业务线的产业链布局，形成"产品+解决方案+服务"的业务生态和丰富的产品矩阵。 Sievuan Electric Co., Ltd. 思 源 電 氣 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) | | | 獨家保薦人、[編纂]、[編纂]、 【编纂】 40中信证券 I编纂|數目 .. |编纂|股H股(可予重新分配) I编纂|數目 :: |编纂|股H股(可予重新分配及視乎|编纂|獲行使與否 血定) 最 ...

每经AI快讯，2月11日，港交所文件显示，思源电气（002028）股份有限公司向港交所提交上市申请 书，独家保荐人为中信证券。 ...

Core Viewpoint - The core reason for the electricity shortage in the U.S. is the continuous increase in capital expenditure expectations for data centers, leading to a significant upward revision of peak load growth forecasts for summer from 64GW in 2024 to 166GW in 2025 by GridStrategies [2] Group 1: Electricity Shortage Causes - The mismatch between capital expenditure expectations for data centers and actual demand, as well as the mismatch between actual demand and infrastructure capacity, creates uncertainty in the actual deployment pace of data centers [2] - The projected capacity of data center reserve projects in the U.S. has reached 245GW as of mid-October 2025, which will lead to increased peak load as data centers continue to operate [3] Group 2: Future Power Supply and Load Gap - The future new power installations in the U.S. will primarily be gas-fired, with the EIA estimating an addition of 7GW of gas power installations in 2026-2030 under current project plans, while other stable power sources will see no new additions [3] - Different scenarios for the pace of data center construction indicate varying load gaps by 2030, ranging from 2GW to 157GW, depending on whether regulatory power sources are considered [4] Group 3: Regional Load Growth Characteristics - The growth in peak load will be concentrated in areas with dense data center construction, particularly in ERCOT and PJM regions, driven by data center demand [5] - In PJM, the summer peak load is expected to rise from 156GW in 2026 to 222GW in 2036, with a significant drop in power reserve margins leading to a surge in capacity prices [6] - ERCOT's summer peak load is projected to grow from 87GW in 2025 to 138GW in 2030, with a focus on enhancing power system reliability through the construction of storage and gas-fired power sources [7] Group 4: Investment Opportunities - In the context of high market demand for gas turbines, there are bottlenecks in production capacity among leading overseas gas turbine companies, suggesting a favorable outlook for Chinese companies like Dongfang Electric and Shanghai Electric [8] - The increasing demand for U.S. power grid infrastructure presents opportunities in the transformer segment, with companies like Jinpan Technology and Siyi Electric being highlighted [8] - The short-term effectiveness of storage solutions in enhancing power system reliability points to investment potential in companies like Sungrow Power and Canadian Solar [8]

Group 1 - The A-share market showed mixed performance on February 11, with the Shanghai Composite Index slightly up while the Shenzhen Component and ChiNext Index retreated. The electric grid equipment sector rose against the trend, with the electric grid equipment ETF (159326) increasing by 0.17% and achieving a transaction volume of 683 million yuan. Key stocks such as Huaming Equipment hit the daily limit, while Ping An Electric, Hangdian Co., Mingyang Electric, State Grid Information, and Dongcai Technology also saw gains [1] - The global AI computing power surge has led to electricity shortages, particularly in North America, which has become a systemic challenge affecting generation, transmission, and end-use. Reports indicate that the global AI computing infrastructure is entering an explosive growth phase, with transformers becoming core components of this infrastructure. In regions like Guangdong and Jiangsu, transformer factories are operating at full capacity, with some orders for data center-related businesses extending to 2027 [1] - According to China International Capital Corporation (CICC), global investment in electric grids is entering a prosperous cycle, driven by the need for upgrades in Europe and North America, which aligns with China's "14th Five-Year Plan" investments. This opens up long-term growth opportunities for the industry. Domestic electric grid equipment companies possess technological and cost advantages, with potential for overseas expansion, particularly for those with high overseas revenue ratios and well-established overseas production capacities. Additionally, the demand for grid upgrades driven by AI computing power is underestimated, with expectations that global data center-related grid investments will exceed 500 billion USD from 2026 to 2030, benefiting related power equipment and dispatch system companies [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with over 78% of its holdings in the electric grid equipment sector. It has the highest weightings in smart grid (90%) and ultra-high voltage (67%) among all market indices. This ETF provides exposure to leading companies such as TBEA, China XD Electric, Baobian Electric, Siyuan Electric, Guodian NARI, and Igor, which are prominent players in overseas markets [2]

Group 1: Global AIDC and CAPEX Trends - The global demand for intelligent computing (AIDC) is experiencing significant growth, with major cloud companies increasing their capital expenditures (CAPEX). The top three global cloud providers are expected to cumulatively spend nearly $300 billion in CAPEX for the fiscal year 2025. Domestic companies in China are also accelerating their CAPEX, with Tencent's forecast raised from 300 billion yuan to 350 billion yuan for the fiscal years 2025-2027, and Alibaba's forecast increased to 460 billion yuan for the same period [1][2] Group 2: High Voltage Direct Current (HVDC) Technology - High Voltage Direct Current (HVDC) is emerging as a superior solution for powering next-generation data centers. The shift towards high-density and high-energy consumption data centers is driving the upgrade of power distribution systems. The expected market size for global HVDC is projected to reach 2.45 billion yuan, 14.49 billion yuan, and 30.26 billion yuan for the years 2025-2027 respectively [2][3] Group 3: Photovoltaic Industry Developments - The photovoltaic (PV) industry is transitioning towards high-quality development, with domestic PV installations reaching a record high in 2025. The cumulative new PV installations in China from January to November 2025 amounted to 274.89 GW, a year-on-year increase of 33.2%. However, global installation growth is expected to slow down after 2026, with projections indicating a decrease of 6 GW in global installations from 655 GW in 2025 to 649 GW in 2026 [3][4] Group 4: Industry Price Trends and Supply Chain Adjustments - The PV industry is witnessing a price turning point, with new technologies still commanding a premium. After a period of price fluctuations, the prices of PV products began to stabilize in late 2025. The price of BC components is currently at 0.76 yuan/W, showing a premium over TOPCon technology. The upstream segment is expected to benefit first, with significant profit recovery potential in the mid and downstream segments [4][5] Group 5: Investment Recommendations - The focus is on recommending investments in the AIDC sector, particularly in HVDC, SST, and energy storage solutions. Key recommended companies include Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others. In the PV sector, recommendations include supply-side improvements and new BC technologies, with key companies such as Flat Glass and Quartz Shares highlighted [5][6]