Core Viewpoint - The company has confirmed that its digital factory project in Xi'an is progressing as planned, with an increase in inverter production capacity compared to the previous year [1] Group 1 - The company is expanding its production capacity to 50GW for inverters and 10GW for energy storage in its Xi'an digital factory [1] - The third phase of the Xi'an Technology Industrial Park, which includes the digital factory project, has commenced operations as scheduled [1] - The current inverter production capacity has seen a certain level of improvement compared to the previous year [1]

Core Viewpoint - The company TBEA (特变电工) has successfully launched its Xi'an Technology Industrial Park Phase III and digital factory project, which has increased production capacity compared to the previous year [1] Group 1 - The Xi'an Technology Industrial Park Phase III project has commenced operations as planned [1] - The digital factory project is part of the company's ongoing efforts to enhance production capabilities [1] - There has been a notable increase in production capacity compared to the previous year [1]

Core Viewpoint - The company, TBEA Co., Ltd., has provided insights into its production capacity and future output expectations for transformers and reactors by the end of 2025 [2]. Group 1: Production Capacity - By the end of 2025, the company's production capacity for transformers and reactors is expected to reach approximately 500 million kVA per year [2]. Group 2: Future Output - Specific data regarding the production volumes of transformers and inverters will be detailed in the company's annual report for 2025 [2].

Group 1 - The A-share market showed mixed results on February 10, with the Shanghai Composite Index rising by 0.13%, the Shenzhen Component Index increasing by 0.02%, while the ChiNext Index fell by 0.37% [1] - The electric grid equipment sector performed strongly, with the electric grid equipment ETF (159326) closing up by 0.95% and a total trading volume of 884 million yuan [1] - Key stocks in the sector included Hengtong Optic-Electric, which rose by 7.29%, and Sifang Co., which increased by 5.37% [1] Group 2 - The demand for electricity in data centers has surged due to the explosion of AI computing power, leading to a critical shortage of high-performance transformers [1] - According to Guojin Securities, transformer exports have remained high, with power transformer exports reaching 5.5 billion USD from January to November 2025, a year-on-year increase of 49%, while distribution transformer exports were 2.5 billion USD, up by 13% [1] - The higher growth rate of power transformers is attributed to their greater technical difficulty and longer production expansion cycles [1] Group 3 - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, and distribution equipment [2] - The smart grid sector has a weight of 90%, and the ultra-high voltage sector has a weight of 67%, both being the highest in the market [2] - Leading companies in the sector include Tebian Electric Apparatus, China XD Electric, and others, which are significant players in the export market [2]

Group 1 - The A-share market showed mixed performance on February 10, with the ChiNext index experiencing a slight pullback while the power grid equipment sector performed strongly [1] - The only power grid equipment ETF (159326) rose by 1.06%, with a trading volume of 837 million yuan, and leading stocks included Hengtong Optic-Electric, Sifang Co., Zhongtian Technology, and others [1] - Domestic investment in power grids is increasing, with the State Grid's "14th Five-Year" fixed asset investment plan reaching 4 trillion yuan, a 40% increase from the previous plan, coinciding with a global surge in AI computing power and data center electricity demand [1] Group 2 - The power grid equipment ETF (159326) has become a core tool for investing in the sector, with its latest scale exceeding 17.5 billion yuan, having tripled this year and attracting over 12.4 billion yuan in capital [2] - The ETF's constituent stocks cover key areas such as transmission and transformation equipment and grid automation, with the highest weightings in smart grids and ultra-high voltage [2] - This ETF allows investors to effectively manage individual stock volatility risks while capturing the high prosperity dividends of the sector [2]

Summary of TBEA Co (600089.SS) Conference Call Company Overview - **Company**: TBEA Co (600089.SS) - **Industry**: Transformer manufacturing and electrical equipment - **Market Position**: Leading transformer maker in China with over 20% market share in 2025 based on State Grid tendering [1][2] Key Points Financial Performance - **1H25 Segmental Gross Profits**: - Coal Sales: 29% - Electrical Equipment: 28% - Electricity Sales: 19% - Gold Sales: 5% [1] - **2026-27E Net Profits**: Expected to increase by 5% with significant contributions from transformer and gold sales [1] - **DCF Target Price**: Increased by 38% to Rmb36/share due to profit rises and rollover [1] - **2025-27E Net Profits**: Projected to be 11-17% above consensus estimates [1] Market Dynamics - **State Grid Investment**: - Budgeted Rmb4 trillion in capex for the 15th Five-Year Plan, a 40% increase from the previous plan, leading to a 7% CAGR from 2025-2030E [2] - TBEA holds approximately 30% market share in transformers for UHV power transmission projects in China [2] - **Export Growth**: - PRC transformer export value rose by 36% YoY to Rmb64.6 billion in 2025, with unit export prices increasing by 33% YoY to Rmb205,000 [2] - New overseas power T&D equipment orders surged 88% YoY to US$1.24 billion in 9M25 [2] Business Segments - **Polysilicon Business**: Expected to return to profitability in 2026E with a market price of Rmb52.5/kg and 30-40% capacity utilization [3] - **Gold Sales**: - Annual output capacity goal of 2.5-3 tons - Gross profit from gold sales increased by 74.4% YoY to Rmb420 million in 1H25, with average gold prices rising significantly [4] Valuation Metrics - **Current Price**: Rmb27.55 - **Target Price**: Rmb36.00, indicating a potential upside of 30.7% [5] - **Market Capitalization**: Rmb139.204 billion (US$20.061 billion) [5] - **Expected Dividend Yield**: 2.1% [5] Earnings Summary - **2023-2027E Net Profit Forecast**: - 2023: Rmb10.703 billion - 2024: Rmb4.135 billion - 2025E: Rmb7.411 billion - 2026E: Rmb9.107 billion - 2027E: Rmb10.362 billion [6] Growth Projections - **Sales Revenue Growth**: - 2025E: Rmb99.159 billion - 2026E: Rmb112.476 billion - 2027E: Rmb125.358 billion [19] Risks and Considerations - **Polysilicon Market Volatility**: The turnaround of the polysilicon business is contingent on market prices and capacity utilization [3] - **Global Demand Fluctuations**: The company's growth is also dependent on global demand for transformers and electrical equipment [2] Conclusion - TBEA Co is positioned for growth with strong demand in the transformer market, a potential recovery in polysilicon, and increased profitability from gold sales. The company's valuation remains attractive compared to global peers, making it a compelling investment opportunity.

截至2026年2月10日 09:46，中证光伏产业指数(931151)成分股方面涨跌互现，阳光电源领涨3.37%，协 鑫集成上涨2.78%，德业股份上涨1.90%；奥特维领跌。光伏ETF基金(516180)最新报价0.93元。 光伏板块今日震荡调整，资金持续关注，光伏ETF基金盘中换手3.6%，成交342.38万元。拉长时间看， 截至2月9日，光伏ETF基金近1周日均成交1561.53万元。 中信证券研报称，太空光伏需求有望迎来指数级增长。马斯克下注光伏制造，为轨道算力和AI供电铺 路。中国头部光伏设备厂商具备极强的高效迭代和快速响应能力，有望跻身特斯拉和SpaceX等相关设 备供应链，并收获高额订单，打开全新成长空间。此外，太空光伏设备或具备明显通胀效应，价值量或 将实现跃迁式提升。重点推荐具备技术、产品和份额优势的光伏各环节设备龙头厂商。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - This week, there were rumors that the second - phase roasting furnaces of a large alumina plant in North China were shut down for maintenance, leading to inventory backlog and suspension of front - end feeding, to be verified next week [4]. - The supply and demand of caustic soda are both weak. The supply - side device load decreased slightly, with the chlor - alkali operating load rate dropping 0.81 percentage points to 90.63%, and the caustic soda output in terms of 100% purity being 881,400 tons, a 0.89% decrease from the previous week. Although some device overhauls led to a slight reduction in supply, the overall supply was still sufficient [4]. - The demand side showed a differentiated operation, with rigid demand coming to an end. The operating capacity of the main downstream alumina dropped to 75.42% (a 2.34 - percentage - point decrease), weakening demand support; although the operating rate of viscose staple fiber increased to 83.78%, due to the approaching Spring Festival, downstream stocking was basically over, and the overall willingness to receive goods became weaker [4]. - Inventory was depleted, and losses widened. The pressure on the upstream was relieved. The inventory of 32% liquid caustic soda factories in Shandong dropped to 109,800 tons, a significant 8.88% decrease from the previous week. Traders maintained low inventories due to risk - aversion sentiment, and the social inventory changed little. Profits were severely in the red, and the willingness to raise prices was strong. The average loss of chlor - alkali enterprises (including self - owned power plants) in Shandong expanded to 91.17 yuan/ton, with the loss increasing by over 60% [4]. - It is expected that the prices of liquid caustic soda and flake caustic soda will remain stable next week, with little room for significant fluctuations. Attention should be paid to the resumption of work progress of downstream enterprises after the festival and changes in alumina procurement prices [4]. - For trading strategies, the caustic soda is expected to be weak in the single - side trading; for arbitrage and options, it is recommended to wait and see [5]. Summary by Directory Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis**: The supply and demand of caustic soda are both weak. Supply decreased slightly due to some device overhauls, but overall it was still sufficient. Demand was differentiated, with alumina demand weakening and viscose staple fiber demand tapering off. Inventory decreased, and losses widened. It is expected that prices will remain stable next week [4]. - **Trading Strategies**: Single - side: Caustic soda is weak; Arbitrage: Wait and see; Options: Wait and see [5] Core Logic Analysis - **Alumina in Shandong**: The delivery volume of liquid caustic soda to large alumina plants in Shandong was at a high level, and the price continued to decline. From January 4th to January 24th, the purchase price of 32% ion - exchange membrane caustic soda by major alumina manufacturers in Shandong was successively reduced by 15 yuan/ton each time, and the current delivery volume is 13,812 tons [7][10]. - **Alumina Operation**: This week, domestic overhauls and production cuts were frequent, and the operating capacity fluctuated. As of Friday, the national alumina built - in capacity was 114.62 million tons, and the operating capacity was 94.25 million tons, a decrease of 800,000 tons from the previous week. Next week, two alumina enterprises in Guangxi will resume production, and two in Shanxi will enter the overhaul state. It is expected that the national operating level will fluctuate around 94 million tons. The spot trading atmosphere is expected to be lighter, and the spot price will maintain a narrow - range fluctuation [17]. - **Caustic Soda Operation**: This week, the average utilization rate of the production capacity of caustic soda sample enterprises with a capacity of 100,000 tons and above in China was 87.8%, a 0.1% increase from the previous week. Regionally, the chlor - alkali loads in Central and South China increased, while those in North, East, and Southwest China slightly decreased, and those in Northwest and Northeast China were basically stable. The weekly production capacity utilization rate in Shandong was 90.1%, a 1% decrease from the previous week [19]. Weekly Data Tracking - **Inventory**: As of February 5, 2026, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 471,400 tons (wet tons), a 9.41% decrease from the previous week and a 2.97% increase from the same period last year. The national liquid caustic soda sample enterprise storage capacity ratio was 27.47%, a 2.56% decrease from the previous week. The storage capacity ratios in North, East, and South China decreased, while those in Northwest, Central, Northeast, and Southwest China increased [11]. - **Price**: The prices of 32% liquid caustic soda, 50% liquid caustic soda, flake caustic soda, and their regional and variety spreads are presented in the form of charts, reflecting the price trends from 2020 - 2026 [30][33][35]. - **Profit**: The profit charts of caustic soda and chlor - alkali in Shandong and Jiangsu from 2022 - 2026 are provided, showing the profit trends and the prices of liquid chlorine [43]. - **Production**: The production capacity utilization rate, production volume, and provincial - level production volume of caustic soda from 2019 - 2026 are presented in the form of charts [52][55]. - **Consumption**: The demand, weekly consumption (including exports) of caustic soda, liquid caustic soda, and flake caustic soda from 2019 - 2026 are presented in the form of charts [57][58]. - **Alumina**: The production, operating capacity, operating rate, and planned new production capacity of alumina from 2019 - 2026 are presented in the form of charts and tables. In the first quarter of 2026, there will be more new alumina production capacity, especially in Guangxi, which will drive the demand for 50% and flake caustic soda in Shandong and other places [61][66]. - **Viscose Staple Fiber and Printing and Dyeing**: The factory - level inventory and weekly operating rate of viscose staple fiber from 2019 - 2026, and the operating rates of printing and dyeing in East China, Jiangsu, and Zhejiang from 2019 - 2026 are presented in the form of charts [69][70][72]. - **Export**: The export volume, FOB price in North China, and export profit of caustic soda from 2019 - 2026 are presented in the form of charts [74][75].

2026 年 02 月 10 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 1、《双融日报》2026-02-09 2、《双融日报》2026-02-06 3、《双融日报》2026-02-05 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 77 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低于预期。 c 策 略 研 究 证 券 研 究 报 告 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中 ...

Investment Rating - The report assigns a rating of "middle to upper level" based on the AHP score of 2.24, which places the company in the 30.4% percentile of the non-technology innovation system AHP model [5][10]. Core Insights - The company is positioned as a leader in the thermal runaway protection for power batteries, with a diversified business structure that supports stable growth. It has established itself as a primary supplier to major global automotive manufacturers and battery producers, capturing a market share of 15%-20% in the global battery system mica material safety protection market, ranking second [5][12]. - The company has successfully entered the supply chain of CATL and achieved scale production in its copper-aluminum composite materials business, which is expected to see significant revenue growth in the coming years [5][14]. - The company anticipates a revenue of 1.08998 billion yuan for 2025, representing a year-on-year growth of 20.05%, with a net profit forecast of 177.47 million yuan, up 3.32% year-on-year [5][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 2.24, with an expected allocation ratio of 0.0226% for Class A and 0.0194% for Class B investors under a neutral scenario [10][11]. Fundamental Highlights and Features - The company focuses on thermal runaway protection for power batteries and has a stable business in electrical insulation, while also accelerating the development of new products like copper-aluminum composites [12][20]. - The company has diversified its operations to reduce reliance on any single business or customer, enhancing its overall risk resilience [12][20]. Financial Comparison with Peers - The company has shown significant revenue growth from 475 million yuan in 2022 to 908 million yuan in 2024, with a compound annual growth rate (CAGR) of 38.24% to 63.75%, outperforming comparable companies [25][26]. - The gross margin has increased from 28.40% in 2022 to 37.02% in 2024, although it experienced a decline to 33.92% in the first half of 2025 due to changes in sales mix and external factors [30][31]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 20.7 million new shares, with proceeds allocated to the production of 7.25 million sets of new thermal runaway protection components and the construction of a new production base [35][36].