保定天威保变电气股份有限公司 股东会议事规则 第一章 总则 第一条 为规范保定天威保变电气股份有限公司（以下简称"公 司"）的行为，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》）及中国证券监督管理委员会（以下简称中国证监会） 颁布的《上市公司股东会规则》的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、规范性文件、公司 章程及本规则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。 第三条 股东会应当在《公司法》和公司章程规定的范围内行使 职权。 第四条 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六个月内举行。临时股东会 不定期召开，出现《公司法》第一百一十三条规定的应当召开临时股 东会的情形时，临时股东会应当在两个月内召开。 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北 监管局和上海证券交易所，说明原因并公告。 第六条 董事会应当在本规则第四条规定的期 ...

1 | | | 保定天威保变电气股份有限公司 章程 2025 年修订 | 第三节 独立董事 . | | --- | | 第四节 董事会专门委员会 | | 第七章 高级管理人员 | | 第八章 职工民主管理与劳动人事制度 . | | 第九章 财务会计制度、利润分配和审计 | | 第一节 财务会计制度 | | 第二节 内部审计 . | | 第三节 会计师事务所的聘任 . | | 第十章 通知和公告 | | 第一节 通知 | | 第二节 公告 . | | 第十一章 合并、分立、增资、减资、解散和清算 . | | 第一节 合并、分立、增资和减资 | | 第二节 解散和清算 | | 第十二章 修改章程 | | 笼斗二音 附刚 91 | 第一章 总则 第一条 为维护保定天威保变电气股份有限公司（以下简 称"公司"）、股东、职工和债权人的合法权益，规范公司 的组织和行为，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》）、《上市公司章程指引》和其他有关规定，制订本 章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份 有限公司。 公司是经河北省人民政府股份制领导小 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-046 保定天威保变电气股份有限公司 关于取消监事会并修订《公司章程》 及相关议事规则的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 保定天威保变电气股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第八届董事会第三十九次会议，审议通过了《关于修 订<公司章程>的议案》《关于修订<股东大会议事规则>的议案》《关 于修订<董事会议事规则>的议案》，召开第八届监事会第十八次会议， 审议通过了《关于取消监事会并废止<监事会议事规则>的议案》，现 将相关事项公告如下： 一、取消监事会情况 根据《中华人民共和国公司法》《上市公司章程指引》及中国证 监会、上海证券交易所配套制度规则规定，结合公司实际情况，公司 将不再设置监事会和监事，由董事会审计与风险管理委员会履行《公 司法》规定的监事会职权，不会影响公司内部监督机制的正常运行。 保定天威保变电气股份有限公司董事会 监事会取消后，公司《监事会议事规则》等监事会相关制度相应 废止，公司各项制 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-047 本次交易构成关联交易，但不构成《上市公司重大资产重组管 理办法》规定的重大资产重组。 本次关联交易已经公司 2025 年第四次独立董事专门会议、第 八届董事会第三十九次会议审议通过，关联董事回避表决。 本次交易需提交公司 2025 年第三次临时股东大会审议。 保定天威保变电气股份有限公司 关于接受控股股东以委托贷款方式 拨付国有资本经营预算资金暨关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示 保定天威保变电气股份有限公司（以下简称"公司"或"本公 司"）拟接受控股股东中国电气装备集团有限公司（以下简称"中国 电气装备"）以委托贷款方式向公司拨付国有资本经营预算资金人民 币 3,690 万元，贷款利率 2.3%，贷款期限 3 年。 一、 关联交易的概述 公司通过控股股东中国电气装备集团有限公司（以下简称"中国 电气装备"）申请获批了 2025 年国有资本经营预算资金人民币 3,690 万元。根据《中央企业国有资本经营预算支出 ...

证券代码：600550 证券简称：保变电气 公告编号：临 2025-045 保定天威保变电气股份有限公司 第八届监事会第十八次会议决议公告 2.公司 2025 年第三季度报告的内容与格式符合中国证监会和上海证 1 券交易所的各项规定，所包含的信息能从各个方面真实地反映出公司 2025 年第三季度的经营管理和财务状况等事项。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 一、监事会会议召开情况 保定天威保变电气股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日以电子邮件方式发出召开公司第八届监事会第十八次会议的通 知，于 2025 年 10 月 24 日以通讯表决方式召开了第八届监事会第十八次 会议。公司 3 名监事全部出席了本次会议，本次会议召开符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 二、监事会会议审议情况 与会监事经过认真审议，通过了以下议案： （一）《关于<公司 2025 年第三季度报告>的议案》（该项议案同意 票 3 票，反对票 0 票，弃权票 0 票） 公司监事会根据《证 ...

Core Viewpoint - The transformer industry is experiencing a significant surge in demand due to global energy transitions and the increasing need for electric vehicles and AI data centers, leading to a supply crisis and substantial export growth from China [5][10][25]. Export Growth - In the first eight months of 2025, China's transformer exports reached 29.711 billion yuan, marking a year-on-year increase of 51.42%. August alone saw exports of 4.718 billion yuan, up 57.90% year-on-year [7][8]. - Exports to Asia, Africa, Europe, and North America grew by 65.39%, 28.03%, 138.03%, and decreased by 4.35% respectively, indicating strong demand from most regions [7]. Market Demand - The global transformer market is projected to reach $103 billion by 2031, with a compound annual growth rate (CAGR) of 6.1% from 2021 to 2031 [15][16]. - The demand for transformers is driven by the growth of renewable energy sources, which require 1.5 to 3 times more transformers compared to traditional power generation systems [10]. Supply Crisis - The average delivery time for transformers has increased to 115-130 weeks, with large transformers taking 120-210 weeks, significantly longer than previous timelines [26]. - Since 2020, transformer prices have risen by over 60%, with some categories increasing by more than 80% due to supply-demand imbalances [27]. Opportunities for China - China is the largest transformer manufacturing base, accounting for over 60% of global production in 2023, and has a complete and self-sufficient supply chain [37][40]. - Chinese companies like TBEA, Xidian, and Baobian Electric are consistently ranked among the top ten global transformer manufacturers [38]. - The recent global supply shortages present a valuable opportunity for Chinese manufacturers to expand their market share internationally [43].

Investment Rating - The report maintains an "Overweight" rating for the nuclear fusion industry, indicating a positive outlook for investment opportunities in this sector [6]. Core Insights - Nuclear fusion is expected to become the ultimate energy source, with accelerated industrial progress driven by policy, capital support, and advancements in AI technology [1][6]. - The industry is optimistic about the feasibility of nuclear fusion power generation, with approximately 84% of surveyed companies believing it can be achieved by 2040 [1]. - Various technical routes for nuclear fusion are being explored, with the Tokamak being the most mature and widely applied technology [2][6]. Summary by Sections 1. Nuclear Fusion as the Ultimate Energy Source - Nuclear fusion combines light atomic nuclei under high temperature and pressure to release significant energy, offering high energy density and safety advantages [1][18]. - The industry is optimistic about the engineering feasibility of nuclear fusion, with AI developments accelerating the commercialization process [30][36]. - Current challenges include energy balance, material performance, and tritium self-sustainability, which are being addressed through increased industrial efforts [41][42]. 2. Diverse Technical Routes for Nuclear Fusion - Nuclear fusion can be categorized into gravitational, magnetic, and inertial confinement, with magnetic confinement being the most viable option [46]. - The Tokamak technology is highlighted as the most mature and widely used, with significant advancements in plasma stability and engineering feasibility [55]. 3. Cost Structure of Tokamak Components - Major cost components of Tokamak include magnets, vacuum chambers, and other supporting systems, with superconducting magnets being a key focus for enhancing plasma confinement [3][4]. - The report emphasizes the importance of high-temperature superconducting materials in improving fusion reaction rates and reducing cooling costs [3]. 4. Global Support for Nuclear Fusion Industry - Governments and capital markets worldwide are increasingly investing in nuclear fusion, with several demonstration projects planned for construction between 2035 and 2040 [36]. - Key companies to watch include those involved in superconducting magnets, vacuum chambers, and other critical components, such as Western Superconducting Technologies and Shanghai Electric [4]. 5. Related Companies - The report suggests monitoring companies like Western Superconducting Technologies, Lianchuang Optoelectronics, and others involved in various aspects of the nuclear fusion supply chain [4].

Core Insights - Nuclear fusion is expected to become the ultimate energy source due to its high energy density and safety advantages, with significant support from policies and capital accelerating the industrial process [2][5] - Major global economies are strategically focusing on the prospects of nuclear fusion, providing support in terms of policies and funding to expedite industrialization [2][5] Group 1: Industry Overview - Nuclear fusion involves the combination of two light atomic nuclei under high temperature and pressure, releasing a large amount of energy, and is seen as a potential ultimate energy source for humanity [2] - Despite existing technical challenges such as energy balance and material performance, strong policy and capital support will drive the acceleration of research and development in the industry [2] - The CFETR in China, EU-DEMO in Europe, and K-DEMO in South Korea are planned to begin construction between 2035 and 2040, with operations expected to start by 2050 [2] Group 2: Technological Developments - Various technological routes for nuclear fusion exist, with the Tokamak being the most mature, while other routes like Z-pinch also show potential [3] - The Tokamak technology, which uses magnetic fields to confine plasma, is the most widely applied and developed, with significant milestones such as the EAST achieving high-quality burning at 100 million degrees Celsius for 1000 seconds [3] Group 3: Cost Structure - The main cost components of Tokamak systems include the magnetic system, vacuum chamber, and other supporting systems, with the magnetic system accounting for 28% of costs, vacuum chamber 8%, and internal components 17% [4] - The industry is focusing on superconducting magnets to enhance plasma confinement time, with high-temperature superconductors expected to improve fusion reaction rates and reduce cooling costs as technology matures [4] Group 4: Investment Opportunities - With major fusion devices like BEST in planning or construction phases and large-scale bidding imminent, investment opportunities are emerging in related sectors [5] - Companies to watch include those involved in low-temperature superconductors, high-temperature superconductors, vacuum chambers, and power systems, such as Western Superconducting, Lianchuang Optoelectronics, and others [5]

Core Viewpoint - The company announced the resignation of its Vice President, Liu Haiming, due to work-related changes [2] Company Summary - Liu Haiming submitted a written resignation report to the company's board of directors [2] - The resignation is attributed to work changes, indicating potential shifts in the company's management structure [2]

证券代码：600550 证券简称：保变电气 公告编号：临 2025-043 保定天威保变电气股份有限公司 关于公司高级管理人员离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 保定天威保变电气股份有限公司（以下简称"公司"）董事会于 近日收到公司副总经理刘海明先生递交的书面辞职报告。因工作变动， 刘海明先生申请辞去公司副总经理职务，具体情况如下。 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续在上 市公司及其控 股子公司任职 具体职务 （如适用） 是否存在 未履行完 毕的公开 承诺 刘海明 副总经理 2025 年 10 月 20 日 不适用 工作变动 否 不适用 否 一、提前离任的基本情况 根据《中华人民共和国公司法》和《公司章程》等相关规定，刘 海明先生的辞职报告自送达董事会之日起生效。 刘海明先生所负责的工作已完成交接，其离任不会影响公司正常 的生产经营。截至本公告披露日，刘海明先生持有公司股票 600 股， 不存在未履行完毕的公开承诺，其离任后将严格遵守《上市公司董事 和高级管理人员所持本公司 ...