Core Insights - The report highlights a significant increase in the power equipment sector, with the power equipment index rising by 36.37% as of December 16, 2025, driven by the surge in power demand from AI and the robust domestic energy storage needs [1][12][14] - The outlook for 2026 anticipates continued growth in global power infrastructure investment, focusing on two main themes: overseas expansion of power equipment and domestic market reforms [1][18] Group 1: Global Power Demand and Investment - The AI wave is driving an increase in global power demand, leading to higher requirements for power grids, particularly in North America, where aging infrastructure needs replacement [2][20] - Global power grid investment is projected to reach $413.3 billion in 2025, a 6.63% increase from 2024, with North America, Europe, and China being the primary growth regions [20][21] - The report recommends companies such as Sanyuan Electric, Dongfang Electric, and Shunhua Power as potential beneficiaries of this trend [2][18] Group 2: Domestic Market Reforms and Opportunities - The introduction of policies requiring all renewable energy to enter market trading is expected to enhance investment in power grids, particularly in high-voltage and distribution networks [19][39] - The report emphasizes the need for companies that can address regional resource mismatches through high-voltage and main grid construction, recommending firms like XJ Electric and Pinggao Electric [19][39] - The ongoing reforms in the electricity market are anticipated to create new opportunities for investment in power grid infrastructure, particularly in digitalization and resource optimization [19][39] Group 3: Export Opportunities and Market Dynamics - The report notes a strong performance in exports of power equipment, with transformers, high-voltage switches, insulators, and cables showing over 30% growth, indicating a robust overseas demand [20][22] - Companies with overseas capabilities, such as Dongfang Electric and Siemens Energy, are expected to benefit from the increasing backlog of orders in the global gas turbine market [25][33] - The report highlights that the demand for gas-fired power generation equipment is rising due to the growing electricity needs in North America, particularly from data centers [31][33]

Core Viewpoint - The power grid and industrial control sectors are expected to show steady growth through 2025, with a focus on structural investment opportunities, particularly in high-elasticity areas such as AIDC and overseas expansion [2][4]. Power Grid - The investment in the national power grid during the 14th Five-Year Plan is projected to grow at an average annual rate of over 5%, driven by high-intensity construction of ultra-high voltage projects and sustained high levels of main network investment [4][6]. - The total investment in the power grid during the 14th Five-Year Plan is estimated to be around 2.8 trillion yuan, with an average annual investment of approximately 550 billion yuan [6]. - The ultra-high voltage construction is expected to maintain high intensity, with a total investment of over 800 billion yuan anticipated during the 14th Five-Year Plan [8][10]. - The main network investment has shown strong growth, with a year-on-year increase of nearly 20% in the first five batches of equipment tenders [10][12]. - The digitalization of the power grid is expected to continue growing, with significant increases in tender amounts for digital equipment and services [14][15]. Industrial Control - The industrial control sector is currently in a phase of internal recovery, with moderate market improvement observed in demand and inventory levels [16][17]. - The OEM market has shown a year-on-year increase, driven by demand from the energy storage and new energy sectors [20][21]. - Structural growth opportunities are anticipated in the industrial control sector, particularly in the context of the ongoing expansion of the new energy industry [21][22]. AIDC - The AIDC sector is expected to focus on high-slope directions in both strong and weak power supply, with significant advancements anticipated in power density and efficiency [22][24]. - The strong power side is evolving towards more efficient systems, while the weak power side is seeing upgrades that could significantly increase product average selling prices (ASP) [26][28]. Overseas Expansion - The global power investment cycle is expected to create opportunities for the export of power equipment, particularly in regions facing electricity shortages [30][31]. - The demand for gas turbines and SOFCs is anticipated to rise, with China positioned to benefit from these trends through increased exports [47][48]. - China's transformer exports have seen significant growth, with a year-on-year increase of 40% in the first ten months of 2025, reflecting a strong international demand [39][40].

Group 1 - The virtual power plant index experienced a strong surge, with a daily increase of 3% [1] - Component stocks showed active performance, with Zhongneng Electric reaching the daily limit up [1] - Zhaoxin Co. and Great Wall Electric also hit the daily limit up, while Pinggao Electric rose by 7.49% and Sifang Co. increased by 5.65% [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the power and coal sectors, including Harbin Electric, China Shenhua, and Zhongmei Energy [7][9][30]. Core Insights - The electricity demand in November 2025 is expected to continue its high growth rate, with a projected increase of 6.6% year-on-year, reaching 8,364 billion kWh [1]. - The report highlights a significant rebound in exports, particularly in integrated circuits and automobiles, which is expected to support electricity demand growth [3]. - The heating season is anticipated to be longer this year due to the late timing of the Spring Festival, potentially leading to higher-than-expected heating demand [4]. - The report emphasizes the resilience of domestic demand driven by government policies aimed at stabilizing growth and reducing competition [5]. Summary by Sections Electricity Generation Forecast - The estimated national electricity generation for November 2025 is 7,898 billion kWh, reflecting a year-on-year increase of 3.9% [1][10]. - The breakdown of generation includes thermal power at 5,069 billion kWh (down 2.1%), hydropower at 1,138 billion kWh (up 38.3%), wind power at 955 billion kWh (up 16.0%), solar power at 336 billion kWh (up 12.8%), and nuclear power at 400 billion kWh (up 6.4%) [10][14]. Coal Consumption Trends - Thermal coal consumption has shown a decline, with coastal provinces averaging 1.84 million tons per day (down 2.5% year-on-year) and inland provinces averaging 3.35 million tons per day (down 5.6% year-on-year) [2][10]. - The report suggests that improved water conditions and seasonal wind energy output may lead to a reduction in thermal power generation [2]. Company Recommendations - Harbin Electric is recommended due to its leading position in traditional power equipment and expected benefits from ongoing nuclear power approvals and global electricity shortages [30]. - Zhongmei Energy is highlighted for its effective cost control and expected recovery in coal prices, maintaining a "Buy" rating [31]. - China Shenhua is noted for its strong cost management and improved profitability, with a target price increase to 51.3 yuan [35]. Market Outlook - The report anticipates that electricity demand will outpace GDP growth for the year, supported by both domestic and export recovery [5]. - The potential for higher-than-expected coal demand during the heating season is emphasized, suggesting a bullish outlook for coal prices [4][5].

河南平高电气股份有限公司 股东会议事规则 - 1 - 公司在上述期限内不能召开股东会的，应当报告中国证 监会河南监管局和上海证券交易所，并说明原因并公告。 第六条 公司召开股东会，应当聘请律师对以下问题出 具法律意见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、 本规则和公司章程的规定； 第一章 总则 第一条 为规范公司行为，保证股东会依法行使职权， 根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司股东会规则》等规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项 适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及 公司章程的相关规定召开股东会，保证股东能够依法行使权 利。 公司董事会应当切实履行职责，认真、按时组织股东会。 公司全体董事应当勤勉尽责，确保股东会正常召开和依法行 使职权。 第四条 股东会应当在《公司法》和公司章程规定的范 围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股 东会每年召开一次，应当于上一会计年度结束后的 6 个月内 举行。临时股东会不定期召开，出现《公司法》第 ...

河南平高电气股份有限公司 控股股东、实际控制人行为规范 第一章 总则 第一条 为进一步完善河南平高电气股份有限公司（以下简 称"公司"）的法人治理结构，规范公司控股股东及实际控制人 的行为，切实保护公司和中小股东的合法权益，根据《中华人 民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证 券法》（以下简称"《证券法》"）《上市公司治理准则》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号—规范运作》及《公司章程》的规定，制定本规范。 第二条 控股股东是指持有公司股份占公司股本总额 50% 以上的股东，或者持有股份的比例虽然不足 50%，但依其持有 的股份所享有的表决权已足以对股东会的决议产生重大影响的 股东。 第三条 实际控制人是指虽不是公司股东，但通过投资关系、 协议或者其他安排，能够实际控制、影响公司行为的人。 第四条 控股股东、实际控制人直接或间接控制的法人、非 法人组织及证券交易所认定的其他主体的行为视同控股股东、 实际控制人行为，适用本制度相关规定。 第五条 控股股东、实际控制人及其相关人员应当遵守证券 市场有关法律法规的规定，促使公司规范运作，提高公司质量 ...

河南平高电气股份有限公司 累积投票制实施细则 第一章 总则 第一条 为进一步完善河南平高电气股份有限公司（以下简 称"公司"）的公司治理结构，规范公司董事的选举程序，切 实保障股东选举公司董事的权利，维护中小股东利益，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司治理准则》等相关法律法规、规范性文件以及《河南平高 电气股份有限公司章程》（以下简称"《公司章程》"）的规 定，特制订本细则。 第二条 公司单一股东及其一致行动人拥有权益的股份比 例在 30%以上时，应当采取累积投票制。股东会选举两名以上 独立董事时，应当实行累积投票制。 第三条 本细则所称累积投票制，是指公司股东会在选举董 事时，有表决权的每一股份与拟选出的董事人数相同的表决权， 股东拥有的投票权数等于其所持有的股份数与该次股东会应选 董事人数的乘积。股东既可以用所有的投票权集中投票选举一 位董事候选人，也可以分散投票给多位董事候选人，董事由获 得赞同投票数较多者当选。 第四条 为保障公司中小股东有机会将代表其利益和意见 的董事候选人选入公司董事会。公司应在召开股东会的通知中 第九条 经审核符合任职资格的被提名人成为董事候选 ...

河南平高电气股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范河南平高电气股份有限公司（以下简称 "公司"）及其他信息披露义务人的信息披露行为，加强信 息披露事务管理，促进公司依法规范运作，保护公司和投资 者的合法权益，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司信息披露管理办法》《上海证券 交易所股票上市规则》等法律、行政法规、部门规章、规范 性文件及《公司章程》的有关要求，制定本制度。 第二条 本制度所称信息披露是指发生可能对公司股票 价格产生较大影响而投资者尚未得知的重大事件信息，在规 定时间内，通过规定的媒体，以规定的方式向社会公众公布， 并向证券监管部门备案的工作。 第三条 本制度所称信息披露义务人是指公司及其董事、 高级管理人员、股东、实际控制人，收购人，重大资产重组、 再融资、重大交易有关各方等自然人、单位及其相关人员， 破产管理人及其成员，以及法律、行政法规和中国证监会规 定的其他承担信息披露义务的主体。 第二章 信息披露的基本原则 - 1 - 第四条 信息披露是公司的持续责任，公司应该诚信履 行持续信息披露的义务，严格按照有关规定如实披露信息， 并将公告和相关备 ...

河南平高电气股份有限公司 董事会经费制度 第一章 总则 第一条 为了保证公司股东会、董事会顺利开展工作和履行 各项职责，规范董事会等相关事务运作费用的使用，建立健全 公司有关内部控制制度，特制定本制度。 第二条 董事会经费是用于公司股东会、董事会及其下属专 门委员会（含独立董事专门会议）等执行决策和监控职能、开 展相关活动及事项的专项费用。 第三条 董事会经费应本着合法合规、勤俭节约的原则，根 据本制度的规定提取、使用。 第二章 经费来源 第四条 公司董事会经费来源由公司董事会日常办公机构 根据往年运行情况和本年度预计情况，提出年度预算，纳入公 司预算管理体系，在公司管理费用中列支。 第五条 经费不进行年初预提，也不做年终节余处理，以在 年度预算额度内日常实际发生额支付。 第三章 经费支出范围及原则 第六条 经费支出项目分为刚性费用和非刚性费用。 （一）刚性费用指历年发生，一般变化范围不大的费用， - 1 - 主要包括以下项目： 1.与日常信息披露相关的费用； 2.在中国证券登记结算有限责任公司上海分公司的查询费 用； 3.在上海证券交易所挂牌上市的服务年费； 4.公司聘请的常年法律顾问费用； 5.定期报告必 ...

第一章 总则 第三条 董事会是公司经营管理的决策机构，负责公司 发展目标和重大经营活动的决策，维护公司和全体股东的合 法权益。 第二章 董事会组成及职权 第一条 为进一步规范本公司董事会的议事方式和决策 程序，促使董事和董事会有效地履行其职责，提高董事会规 范运作和科学决策水平，根据《公司法》《证券法》《上市公 司治理准则》和《上海证券交易所股票上市规则》等有关规 定，制订本规则。 河南平高电气股份有限公司 董事会议事规则 第二条 董事会下设董事会办公机构，负责处理董事会 日常事务，保管董事会和董事会办公机构印章。 第四条 董事会由 9 名董事组成，董事会由内部董事和 外部董事组成，其中外部董事人数应当超过董事会全体成员 的半数。设董事长 1 人，独立董事 3 人（至少包括 1 名会计 专业人员），职工董事 1 人。董事长由董事会以全体董事的 过半数选举产生。 第五条 董事会下设发展战略与 ESG、提名、审计、薪 酬与考核等专门委员会，对董事会负责。专门委员会就专业 性事项进行研究，提出意见及建议，供董事会决策参考。 - 1 - 第六条 专门委员会全部由董事组成，其中提名、审计、 薪酬与考核委员会中独立董事应 ...