特别提示： 1、本次交易的具体事宜以最终签署的相关协议、合同或文件为准，请广大投资 者注意投资风险； 2、本次交易完成后，公司持有特来电78.9608%的股权，特来电仍为公司的控股 子公司，不会导致公司合并报表范围发生变化，不会对公司经营产生不利影响。 一、关联交易概述 基于对新能源汽车和充电基础设施产业发展前景的认可以及对控股子公司特来 电新能源股份有限公司（以下简称"特来电"）未来发展的信心，青岛特锐德电气股 份有限公司（以下简称"特锐德"或"公司"）拟以自有资金人民币5,516.46万元收 购上海久事产业投资基金合伙企业（有限合伙）（以下简称"上海久事"）持有的特 来电0.3677%的股权。 证券代码：300001 证券简称：特锐德 公告编号：2025-079 青岛特锐德电气股份有限公司 关于收购控股子公司少数股东股权暨关联交易的公告 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。 因公司实际控制人、董事长于德翔先生持有青岛特来劲一号管理咨询有限公司 （以下简称"特来劲一号"）31.9489%的股权，公司原董事陈忠强先生持有特来劲一 号17.3582%的 ...

Core Viewpoint - The stock of Tereader has shown a mixed performance in recent trading sessions, with a year-to-date increase of 22.33% but a decline of 8.19% over the past 20 days, indicating volatility in its market performance [1]. Group 1: Stock Performance - As of November 28, Tereader's stock price increased by 2.03%, reaching 26.67 CNY per share, with a trading volume of 3.31 billion CNY and a turnover rate of 1.22%, resulting in a total market capitalization of 281.51 billion CNY [1]. - Year-to-date, Tereader's stock has risen by 22.33%, with a 1.06% increase over the last five trading days, an 8.19% decrease over the last 20 days, and a 10.30% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Tereader reported a revenue of 9.834 billion CNY, reflecting a year-on-year decrease of 6.25%, while the net profit attributable to shareholders increased by 53.55% to 686 million CNY [2]. - The company has distributed a total of 684 million CNY in dividends since its A-share listing, with 314 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, Tereader had 58,500 shareholders, an increase of 24.56% from the previous period, with an average of 17,643 circulating shares per shareholder, a decrease of 19.37% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 46.515 million shares, an increase of 17.0536 million shares from the previous period [3]. - The third-largest circulating shareholder is E Fund's ChiNext ETF, holding 15.3008 million shares, which decreased by 2.546 million shares from the previous period [3].

Group 1 - A-shares indices collectively rose, with the Electric Grid Equipment ETF (159326) showing signs of stabilization after a phase adjustment, experiencing a strong rally in the afternoon and aiming for a three-day winning streak [1] - The Electric Grid Equipment ETF has seen significant capital inflow, accumulating over 1.4 billion yuan since November, with the latest scale reaching 1.866 billion yuan, making it the largest electric grid-themed ETF in the market [1] - Goldman Sachs reported that electricity supply has become a major obstacle for AI development, with global data center electricity demand expected to surge by 160% by 2030 [1] Group 2 - CITIC Securities indicated that global investment in electric grids will exceed 400 billion dollars, with high growth momentum continuing, driven by AI's strong demand for electricity and a significant increase in the demand for supporting electrical equipment [1] - The Electric Grid Equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, and distribution equipment [1] - The weight of ultra-high voltage in the ETF is as high as 64%, the highest in the market, with top ten holdings including industry leaders such as State Grid NARI, TBEA, and Sifang Electric [1]

Group 1 - The core viewpoint of the news highlights the active performance of the electric grid equipment sector, driven by significant infrastructure demands stemming from the AI wave, with the only electric grid equipment ETF (159326) showing a slight increase of 0.22% and a trading volume of 1.48 billion yuan [1][3] - The AI infrastructure investments are substantial, with OpenAI planning a $1.4 trillion infrastructure project and Anthropic, supported by Amazon, proposing to invest $50 billion in AI infrastructure in the U.S., particularly focusing on power supply [1] - A report from Western Securities indicates that most industries in the AI supply chain, except for the internet and high-end chips, rely on external imports due to the hollowing out of U.S. industries, which may lead to increased industrial demand for data centers penetrating into China [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2] - The index has a high weight of 64% in ultra-high voltage, the highest in the market, and includes leading companies such as Guodian NARI, TBEA, Siyuan Electric, and Trina Solar among its top ten holdings [2]

Core Viewpoint - The market sentiment is improving, with the electric grid equipment sector continuing its rebound, highlighted by the performance of the only electric grid equipment ETF (159326), which rose over 1.68% on November 25, with a daily trading volume of 210 million yuan [1] Group 1: ETF Performance - The electric grid equipment ETF (159326) has a solid long-term investment logic, attracting significant capital inflow, with over 1.6 billion yuan raised in the last 20 trading days, bringing its total size to 1.866 billion yuan, making it the largest electric grid equipment ETF in the market [1] - The ETF tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [1] Group 2: Industry Demand and Growth - There is a pressing need for grid upgrades in Europe and the U.S., as indicated by the American Society of Civil Engineers (ASCE), which reports that 70% of transformers have exceeded their 25-year design life, and transmission lines have an average lifespan of 40 years [1] - A report from China Merchants Securities highlights that the demand for overseas grid upgrades supports performance elasticity, with a year-on-year increase of 37.8% in cumulative exports of electrical equipment in October, driven by new power system construction policies and the power demand from AI data centers [1] - The industry is transitioning from traditional equipment to an "energy internet," with high growth potential in segments such as ultra-high voltage, smart distribution, and energy storage converters [1] Group 3: ETF Composition - The ETF has a high weight of 64% in ultra-high voltage components, the highest in the market, and includes leading companies such as State Grid NARI, TBEA, Sifang Electric, and Trina Solar among its top ten holdings [1]

Group 1 - The market continues to show volatility, with the only electricity grid equipment ETF (159326) rising by 1.90% and a trading volume exceeding 1.79 billion yuan as of 13:57 on November 25 [1] - The surge in electricity demand from data centers has put pressure on the U.S. power system, with Texas seeing a 170% increase in monthly connection applications, totaling over 220 gigawatts, 73% of which comes from data centers [1] - Grid Strategies warns of potential power shortages and rolling blackouts in certain regions of the U.S. due to demand growth outpacing supply [1] Group 2 - The electricity grid equipment ETF (159326) tracks the China Securities Electricity Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation, and distribution equipment [2] - The index has a high weight of 64% in ultra-high voltage, the highest in the market, and includes leading companies like State Grid NARI, TBEA, and Siyuan Electric in its top ten holdings [2]

Core Viewpoint - The report highlights a significant increase in electricity consumption across various sectors, with a total electricity consumption of 857.2 billion kWh in October, representing a year-on-year growth of 10.4% [2][3]. Summary by Category Electricity Consumption - In the first ten months of 2025, total electricity consumption reached 8.17 trillion kWh, showing a year-on-year increase of 5.1%. The breakdown by sector includes: - Primary industry: 1.262 billion kWh, up 10.5% - Secondary industry: 54.781 billion kWh, up 3.7% - Tertiary industry: 16.671 billion kWh, up 8.4% - Urban and rural residents: 353.2 billion kWh, up 6.9% [2][3]. Electricity Pricing and Coal Prices - The national average electricity purchase price in November 2025 decreased by 2% year-on-year but increased by 2.8% month-on-month. The price of thermal coal remained stable at 821 yuan/ton as of November 21, 2025 [3]. Hydropower Data - As of November 21, 2025, the water level at the Three Gorges Reservoir was 174 meters, consistent with previous years. The inflow and outflow rates showed significant increases of 41% and 70% year-on-year, respectively [3]. Generation Capacity and Power Generation - Cumulative power generation for the first ten months of 2025 was 7.43 trillion kWh, reflecting a year-on-year growth of 2.3%. The breakdown of generation sources includes: - Thermal power: -0.4% - Hydropower: -1.6% - Nuclear power: +8.7% - Wind power: +7.6% - Solar power: +23.2% [3]. Investment Recommendations - The report suggests focusing on undervalued thermal power investments, particularly in the Beijing-Tianjin-Hebei region, and highlights opportunities in charging pile and photovoltaic infrastructure investments. Key companies to watch include: - Thermal power: Jingtou Energy, Jingneng Power, Datang Power - Charging pile equipment: Teradyne, Shenghong Co. - Photovoltaic assets: Nanshan Energy, Longxin Group - Hydropower: Changjiang Power [4].

证券代码：300001 证券简称：特锐德 公告编号：2025-077 青岛特锐德电气股份有限公司 关于控股股东部分股份质押及解除质押的公告 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。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）于近日接到控 股股东青岛德锐投资有限公司（以下简称"德锐投资"）将其持有的公司部分股份办 理了质押及解除质押业务的通知，现将有关情况说明如下： 一、股东股份质押及解除质押的基本情况 1、本次股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为 补充质 | 质押起 | | 质押到 | | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 量（股） | | | | | 始日 | | 期日 | | | 用途 | | | 一致行动人 | | 比例 | 比例 | 售股 | 押 | | ...

11月20日，山东省人民政府网站对外发布《山东省人民政府关于表彰第十届山东省省长质量奖及提 名奖获奖单位和个人的通报》，山东省港口集团有限公司、山东新华制药股份有限公司、山东核电有限 公司、特变电工山东鲁能泰山电缆有限公司、招商局工业集团威海船舶有限公司等5家单位，以及济南 莱电新源投资有限公司装表接电班电工、正高级工程师、高级技师任杰，山东海科控股有限公司总裁张 在忠，得利斯集团有限公司党委书记、董事长郑思敏，华电国际电力股份有限公司邹县发电厂生技部精 密诊断中心组长、正高级工程师曹景芳，山东有研半导体材料有限公司总经理、正高级工程师张果虎等 5名个人，获第十届山东省省长质量奖。 此外，山东福瑞达生物股份有限公司、青岛特锐德电气股份有限公司等10家单位，以及青岛地铁运 营有限公司工程车运维检修工、高级工程师尹星，中国石油化工股份有限公司胜利油田分公司桩西采油 厂中石化技能大师毕新忠等5名个人，获第十届山东省省长质量奖提名奖。（记者 王鹤颖） ...

Group 1 - The stock price of Teruid has dropped by 5.04% to 26.21 CNY per share, with a trading volume of 753 million CNY and a turnover rate of 2.74%, resulting in a total market capitalization of 27.666 billion CNY [1] - Teruid's stock has experienced a continuous decline over three days, with a cumulative drop of 5.99% during this period [1] - Teruid Electric Co., Ltd. specializes in outdoor box-type electrical equipment and indoor switchgear, focusing on the research, design, and manufacturing of power distribution products rated at 220kV and below, with main business revenue composition being 70.57% from smart manufacturing and integrated services, and 29.43% from electric vehicle charging networks [1] Group 2 - HSBC Jintrust Fund holds a significant position in Teruid, with its fund "HSBC Jintrust Value Pioneer Stock A" (004350) owning 183,500 shares, accounting for 3% of the fund's net value, making it the fourth-largest holding [2] - The fund has incurred a floating loss of approximately 255,100 CNY today, with a total floating loss of 323,000 CNY during the three-day decline [2] - The fund "HSBC Jintrust Value Pioneer Stock A" was established on November 14, 2018, with a current size of 125 million CNY, and has achieved a year-to-date return of 27.64%, ranking 1646 out of 4208 in its category [2]