Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others, indicating a positive outlook for their performance [6][7]. Core Insights - The global power battery installation volume reached 1,046 GWh from January to November 2025, marking a year-on-year growth of 32.60%, with CATL leading the market with a share of 38.2% [2][15][19]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, is expected to increase direct costs for companies and reduce price competitiveness in the global market [3][34][37]. - The Chinese government aims to establish a new type of power grid by 2030, enhancing resource allocation capabilities and supporting a renewable energy generation share of around 30% [4][52][53]. Summary by Sections 1. New Energy Vehicles - The global power battery installation volume reached 1,046 GWh from January to November 2025, with a year-on-year growth of 32.60% [2][15]. - CATL leads the market with 400 GWh, followed by BYD with 175.2 GWh, and LG Energy with 96.9 GWh [16][19]. - The market concentration is high, with the top ten companies holding nearly 90% of the market share, and Chinese companies occupying six spots in the top ten [15][16]. 2. New Energy Generation - The cancellation of export tax rebates for photovoltaic products will lead to increased costs for companies and a decrease in price competitiveness [3][34]. - The expected impact includes a rise in global photovoltaic component prices and a potential clearing of outdated production capacity [35][37]. 3. Electric Equipment and Automation - The Chinese government plans to build a new type of power grid by 2030, which will significantly enhance resource allocation capabilities [4][52]. - The "West-East Power Transmission" project is expected to exceed 420 million kilowatts, supporting a renewable energy generation share of about 30% [52][53]. 4. Commercial Aerospace - China has submitted an application for an additional 203,000 satellites, which is expected to stimulate demand for rockets and satellites [5]. 5. Weekly Sector Performance - The electric equipment and new energy sector rose by 5.02% this week, outperforming the Shanghai Composite Index [1].

Core Viewpoint - The electric grid equipment sector has shown strong performance, with significant stock price increases and a favorable investment outlook driven by rising electricity demand from AI data centers and supportive government policies [2][3]. Group 1: Market Performance - As of January 14, 2026, the electric grid equipment index has risen by 10.2% this year, outperforming the Shanghai Composite Index by over 6 percentage points [2]. - Since 2025, 17 stocks in the electric grid equipment sector have doubled in price, with several reaching historical highs, including Jinpan Technology, Sifang Co., Tebian Electric Apparatus, and China XD Electric on January 14, 2026 [2]. - The stock of Tebian Electric Apparatus reached a market capitalization of over 150 billion yuan, with a peak increase of over 9% before closing down by 1.97% due to overall market corrections [1]. Group 2: Investment Drivers - The demand for electricity in data centers is expected to double by 2030, reaching approximately 945 TWh, with the U.S. projected to account for the largest share of this increase [2]. - Goldman Sachs estimates that investments in global digital infrastructure and energy systems driven by AI will reach $5 trillion over the next decade, with electric grid equipment being a primary beneficiary [2]. - The "14th Five-Year Plan" is expected to boost investment in electric grid infrastructure, with projected basic construction investments reaching 3.8 trillion yuan [3]. Group 3: Company Insights - Among the electric grid equipment stocks, 31 have a rolling P/E ratio below 30, with 9 stocks below 20, including Xinyuan Electronics, Chint Electric, and Juhua Technology [3][4]. - Xinyuan Electronics has the lowest rolling P/E ratio at 8.5, reporting a net profit of 535 million yuan for the first three quarters of 2025, a year-on-year increase of 421.43% [4]. - In terms of trading activity, 19 of the 31 low P/E stocks saw average daily trading volumes increase by over 50% in January, with Xuchang Electric leading at a 142.41% increase [4].

格隆汇1月14日丨许继电气(000400.SZ)公布，公司董事会于2026年1月14日收到董事、总经理许涛先生 提交的书面辞职报告，因工作变动，许涛先生提出辞去公司总经理职务（其原定任期至公司第九届董事 会届满之日止）。辞去以上职务后，许涛先生在公司不再担任除董事以外的其他行政职务。根据《公司 法》及《公司章程》等有关规定，辞职报告自送达公司董事会之日起生效。许涛先生已按照公司离职管 理制度进行工作交接，不会影响公司正常生产经营和管理。截止本公告日，许涛先生未持有公司股份。 ...

关于总经理辞职的公告 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。 许继电气股份有限公司（以下简称"公司"）董事会于 2026 年 1 月 14 日收 到董事、总经理许涛先生提交的书面辞职报告，因工作变动，许涛先生提出辞去 公司总经理职务（其原定任期至公司第九届董事会届满之日止）。辞去以上职务 后，许涛先生在公司不再担任除董事以外的其他行政职务。根据《公司法》及《公 司章程》等有关规定，辞职报告自送达公司董事会之日起生效。许涛先生已按照 公司离职管理制度进行工作交接，不会影响公司正常生产经营和管理。 证券代码：000400 证券简称：许继电气 公告编号：2026-01 许继电气股份有限公司 特此公告。 许继电气股份有限公司董事会 2026 年 1 月 15 日 截止本公告日，许涛先生未持有公司股份。公司董事会对许涛先生在任职公 司总经理期间的勤勉工作和为公司发展做出的贡献表示衷心感谢！ ...

Core Viewpoint - Xuji Electric's stock price has shown a positive trend this year, with a year-to-date increase of 10.50% and notable gains over various trading periods, indicating a potentially favorable market sentiment towards the company [2]. Group 1: Stock Performance - As of January 14, Xuji Electric's stock price was 28.41 yuan per share, with a trading volume of 1.467 billion yuan and a turnover rate of 5.02%, resulting in a total market capitalization of 28.939 billion yuan [1]. - The stock has increased by 4.37% over the last five trading days, 6.84% over the last 20 days, and 13.10% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Xuji Electric reported a revenue of 9.454 billion yuan, a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 901 million yuan, reflecting a year-on-year increase of 0.75% [2]. - The company has distributed a total of 2.271 billion yuan in dividends since its A-share listing, with 1.112 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Xuji Electric was 114,600, an increase of 0.49% from the previous period, with an average of 8,831 circulating shares per shareholder, a slight decrease of 0.16% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 29.3581 million shares, which is a decrease of 1.2553 million shares from the previous period [3].

Core Insights - The transformer industry is gaining significant attention as a critical component in the energy sector, particularly with the rise of AI and data centers [1][2] - Elon Musk has highlighted the shift in bottlenecks from chips to transformers, emphasizing their importance in the future of AI and energy distribution [1] - The demand for transformers is expected to increase due to the growing energy needs of data centers and the need for grid upgrades [1][2] Industry Overview - Since 2026, the A-share transformer concept has been on the rise, with key companies like China XD Electric, XJ Electric, and TBEA seeing stock price increases [1] - The U.S. is heavily reliant on imports for transformers, with about 80% of its supply coming from abroad, and a projected 30% supply gap by 2025 [2] - Europe is investing €584 billion to expand its grid but is facing delays due to transformer shortages [2] Market Dynamics - China, which accounts for 60% of global transformer production capacity, is positioned to be a key player in the global grid upgrade and AI expansion [2] - The increase in orders and extended delivery times for domestic transformer companies indicate a robust market driven by infrastructure investments and AI data center expansions [2] - According to customs data, China's transformer exports reached 2.872 billion units in 2025, a year-on-year increase of 4.6%, with total export value rising by 36.3% to 57.86 billion yuan [2] Future Projections - The transformer and grid equipment industry is expected to maintain a positive outlook, with an average annual growth rate of over 5% in national grid investment during the 14th Five-Year Plan period [2] - The combination of rising electricity demand and supply constraints in regions like the U.S. and the Middle East is likely to drive further investment in global grid equipment, potentially entering a super cycle [2]

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]

根据国家统计局数据显示：2025年11月中国电工仪器仪表产量为2757万台，同比增长7.5%；2025年1-11 月中国电工仪器仪表累计产量为24781.6万台，累计下降6.7%。 上市企业：威胜信息（688100）,林洋能源（601222）,三星医疗（601567）,海兴电力（603556）,许继电 气（000400）,平高电气（600312）,国电南自（600268）,*ST华仪（600290）,东方电子（000682）,科陆 电子（002121） 相关报告：智研咨询发布的《2026-2032年中国仪器仪表市场供需预测及未来发展趋势报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-11月中国电工仪器仪表产量统计图 ...

（编辑 任世碧） 证券日报网讯 1月12日，许继电气在互动平台回答投资者提问时表示，为保证所有投资者可以平等获悉 股东人数信息，公司会在定期报告中按要求披露对应时点的股东信息。此外作为公司股东，如需查询特 定时点的股东人数，需将查询日个人身份证明文件、持股证明以及联系方式发送至公司邮箱 xjec@xj.cee-group.cn，公司核实股东身份后予以回复。 ...

Investment Rating - The report rates the relay industry with a positive outlook, highlighting significant growth potential driven by various factors [4]. Core Insights - The relay industry is characterized by its cyclical nature, technological intensity, and flexible business models, with a projected market size growth from 361.09 billion to 606.10 billion from 2025 to 2029, reflecting a compound annual growth rate (CAGR) of 13.82% [4][53]. - Key growth drivers include advancements in new energy and grid sectors, policy support, export opportunities, and technological iterations [4][56]. Industry Definition - Relays are electronic control devices that can be categorized into electrical and non-electrical types, serving critical functions in various applications such as power protection and automation [5]. Industry Characteristics - **Cyclical Nature**: The relay industry is closely tied to macroeconomic trends, with demand fluctuations reflecting economic conditions [13]. - **Technological Intensity**: The industry requires high levels of technical integration across multiple disciplines, demanding advanced manufacturing technologies [14]. - **Flexible Business Models**: The prevalent operational model combines order-based production with appropriate inventory management to meet customer demands efficiently [15]. Development History - The relay industry in China has evolved through several phases: a nascent stage (1950-1979), a startup phase (1980-2000), a turbulent period (2001-2015), and a high-growth phase (2016-present), transitioning from a labor-intensive to a technology and capital-intensive industry [16][21]. Industry Chain Analysis - The relay industry chain consists of upstream raw material suppliers, midstream design and manufacturing, and downstream application sectors, with significant reliance on materials like copper and engineering plastics [23][24]. Market Size and Growth - The relay market size grew from 227.60 billion to 317.45 billion from 2019 to 2024, with a CAGR of 6.88%, and is expected to continue expanding significantly through 2029 [53][54]. Downstream Demand - The automotive and home appliance sectors are the largest consumers of relays, accounting for over 50% of total demand, with automotive applications projected to grow significantly due to the rise of electric vehicles [50][51].