证券代码：600406 证券简称：国电南瑞 公告编号：临 2025-073 国电南瑞科技股份有限公司 关于部分股权激励限制性股票回购注销实施公告 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个别及连带责任。 重要内容提示： | 回购股份数量 | | 注销股份数量 | | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 332,103 | 股 | 332,103 | 股 | 2025 | 年 | 12 月 | 29 | 日 | 一、本次限制性股票回购注销的决策与信息披露 公司于 2025 年 10 月 30 日召开第九届董事会第八次会议和第九届监事会第 四次会议，审议通过了《关于回购并注销部分 2021 年限制性股票激励计划已获 授但尚未解锁的限制性股票及调整回购数量和回购价格的议案》。具体内容详见 2025 年 10 月 31 日上海证券交易所网站（www.sse.com.cn）、《中国证券报》、 《上海证券报》临 2025-057、20 ...

上海东方华银律师事务所 关于国电南瑞科技股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票实施情况 之 法律意见书 上海东方华银律师事务所 上海市虹桥路 1591 号虹桥迎宾馆 34 号楼 电话：(8621) 68769686 传真：(8621) 58304009 上海东方华银律师事务所 法律意见书 上海东方华银律师事务所 关于国电南瑞科技股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票实施情况 之法律意见书 致：国电南瑞科技股份有限公司 上海东方华银律师事务所（以下简称"本所"）接受国电南瑞科技股份有限 公司（以下简称"国电南瑞"或"公司"）的委托，担任国电南瑞公司 2021 年 限制性股票激励计划（以下简称《激励计划》）的法律顾问。 本所根据《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》）、《上市公司股权激励管理办法》（以 下简称《管理办法》）及其他有关法律、法规和规范性文件的规定和《国电南瑞 科技股份有限公司章程》（以下简称《公司章程》）的有关规定，就国电南瑞《激 励计划》回购注销部分限制性股票（以下简称"本次回购注销 ...

Industry Developments - The National Development and Reform Commission and the National Energy Administration aim to achieve a total installed capacity of approximately 15 million kilowatts for solar thermal power by 2030, with the goal of making the cost of electricity comparable to coal power and achieving international leadership in technology [2] - By 2026, China plans to build over 10,000 charging guns at national highway service areas, with at least 25% being high-power chargers [2] - The country aims to complete the renovation of 30,000 kilometers of various gas pipelines by 2026, focusing on the modernization of urban gas infrastructure [3] - As of November 2025, the total number of electric vehicle charging facilities in China reached 1,932,200, marking a year-on-year increase of 52.0%, with public charging facilities growing by 36.0% [3] - The International Electrotechnical Commission has officially released an international standard for small hydropower station electromechanical equipment, which is expected to enhance global operational efficiency and safety [4] - The first 750 kV power transmission and transformation project crossing the Qinling Mountains has been successfully put into operation, marking a significant milestone in China's power grid development [5] - The Yanmen Pass-Huai'an ±800 kV UHVDC transmission project has delivered over 300.16 billion kilowatt-hours of electricity to the Yangtze River Delta region since its commissioning in June 2017 [5] Corporate News - China Huaneng has officially commenced construction on the second phase of the Mendi battery storage project, with an installed capacity of 49.9 megawatts and a storage capacity of 149.7 megawatt-hours, aiming for grid connection by the end of 2026 [7]

Core Viewpoint - The "Electric Power Heterogeneous Intelligent Scheduling Technology" developed by Nanjing Nari Ruijun Technology Co., Ltd., a subsidiary of State Grid NARI Group, has achieved international leading standards, effectively addressing the power industry's computing resource supply-demand contradiction [1][2]. Group 1: Technology Development - The technology enables efficient collaboration of heterogeneous computing resources from different brands and models, overcoming the "computing island" phenomenon where high-end resources are over-utilized while mid-to-low-end resources remain idle [1]. - The team has innovated a series of technologies to achieve "interconnectivity" of heterogeneous computing resources, including a unified interface for management and a "network + computing" collaborative mechanism [1]. Group 2: Application and Performance - The "Ruiteng Intelligent Computing Scheduling Platform" has demonstrated outstanding performance, with an average work order response time of only 7.241 seconds and an increase in concurrent processing capacity from 40 to 800, effectively doubling the efficiency of grassroots business processing [2]. - The platform is currently operational in 11 provincial power companies, including those in Jiangsu and Shandong, and is gradually being promoted nationwide, with plans to expand into military, telecommunications, and public security sectors [2]. Group 3: Achievements and Future Plans - The project has secured 19 patent authorizations, published 19 high-level papers, and led the formulation of 3 national standards, with core technologies being industry-first innovations [2]. - The team aims to continuously optimize the technology system to create a self-controllable intelligent computing foundation platform, empowering more industries in their digital transformation and contributing to high-quality development of the digital economy [2].

Group 1 - The first candidate for the EPC project of the 270MW/1080MWh lithium iron phosphate battery system in Shaanxi is Shaanxi Construction New Energy Co., Ltd., with a bid price of 90119.9 million yuan, equivalent to 0.8344 yuan/Wh [1][6] - The second candidate for the same project is China State Construction Third Engineering Division Corp., with a bid price of 94750.48 million yuan, equivalent to 0.8773 yuan/Wh [1][6] - The third candidate is Rongao Power Construction Co., Ltd., with a bid price of 88630.33 million yuan, equivalent to 0.8207 yuan/Wh [1][6] Group 2 - The first candidate for the 200MW/400MWh independent energy storage project in Fengnan is Guangzhou Zhiguang Energy Storage Technology Co., Ltd., with a bid price of 2.12 billion yuan, equivalent to approximately 0.53 yuan/Wh [2] - The second candidate is Guodian NARI Technology Co., Ltd., with a bid price of 2.20 billion yuan, equivalent to approximately 0.55 yuan/Wh [2] - The third candidate is Jiangsu Trina Storage Co., Ltd., with a bid price of 2.28 billion yuan, equivalent to approximately 0.57 yuan/Wh [2] Group 3 - The first candidate for the EPC project of the 800MW/1.6GWh energy storage project in Jinzhong is China Electric Power Construction (Nanjing) Engineering Co., Ltd., with a bid price of 16.0288 billion yuan, equivalent to 1.002 yuan/Wh [3][7] - The second candidate is Ningxia Baichuan Electric Power Co., Ltd., with a bid price of 17.0034 billion yuan, equivalent to 1.063 yuan/Wh [3][7] - The third candidate is Jiangsu Pengzhi Electric Power Technology Co., Ltd., with a bid price of 16.5688 billion yuan, equivalent to 1.036 yuan/Wh [3][7] Group 4 - The winning bid for the EPC of the 200MW/800MWh independent energy storage project in Minle is China Energy Engineering Group Gansu Electric Power Design Institute Co., Ltd., with a bid price of 643.20056 million yuan, equivalent to 0.804 yuan/Wh [5][9] - The project is located in Zhangye City, Gansu Province, and involves the construction of a new 200MW/800MWh independent energy storage station and supporting facilities [5][9]

Core Insights - As of November 2025, China's electric vehicle charging infrastructure has reached a total of 19.322 million charging guns, marking a year-on-year increase of 52.0% [1][2] - Public charging facilities account for 4.625 million guns, with a year-on-year growth of 36.0%, while private charging facilities have reached 14.697 million guns, growing by 57.8% [1][2] - The total charging power of public charging facilities is approximately 210 million kilowatts, with an average power of about 45.34 kilowatts [1] Charging Infrastructure Overview - The top 10 regions for public charging facility construction, including Guangdong, Zhejiang, and Jiangsu, contribute to 66.0% of the total [1] - The total charging electricity nationwide is approximately 8.44 billion kWh, which is a year-on-year increase of 62.5% and a month-on-month increase of 4.3% [1] - The number of charging piles operated by the top 15 charging operators accounts for 83.3% of the total, with the leading operator, Telai Electric, managing 871,000 charging piles [2] Growth Comparison with Electric Vehicles - From January to November 2025, the increase in charging infrastructure was 6.504 million, while domestic sales of new energy vehicles reached 12.466 million [3] - The ratio of charging infrastructure growth to new energy vehicle sales is 1:1.9, indicating that the development of charging infrastructure is keeping pace with the rapid growth of new energy vehicles [3]

Core Viewpoint - In 2025, the number of A-share listed companies controlled by seven major state-owned enterprises in the power sector will increase to 37, with an average of more than five companies per enterprise, following the listings of Huadian New Energy and Southern Network Digital on the Shanghai and Shenzhen stock exchanges [1] Group 1: Company Listings - The number of A-share listed companies controlled by major state-owned enterprises will rise to 37, with State Grid and China Huadian having the most at 7 each [1] - Southern Power Grid's number of listed companies increased to 4 with the listings of Southern Network Technology and Southern Network Digital [1] Group 2: Management Changes - In 2025, there will be significant management changes among the listed companies controlled by the two networks and five major power generation companies, with 131 high-level personnel changes reported across 30 listed companies [1] - Specifically, there were 12 changes in chairpersons and 8 changes in general managers among the listed companies [1] Group 3: Individual Company Changes - State Grid: 36 personnel changes across 7 listed companies, including chairperson and general manager adjustments in four companies [5] - China Huadian: 34 personnel changes across 6 listed companies, with significant changes in chairpersons and general managers in three companies [58] - China Huaneng: 24 personnel changes across 4 listed companies, with new general managers appointed in three companies [38] - National Energy Group: 20 personnel changes across 5 listed companies, including chairperson and general manager changes in three companies [86]

Core Viewpoint - The Shaanxi Hanzhong 750 kV transmission and transformation project is a key initiative in the State Grid's "14th Five-Year Plan" for grid development, significantly enhancing the power transmission capacity in southern Shaanxi and facilitating the integration of clean energy sources like wind and solar power across the province [2] Group 1 - The project spans a total length of 459 kilometers and successfully traverses the uninhabited areas of the Qinling Mountains [2] - Upon commissioning, the project will greatly improve the transmission capacity of the southern Shaanxi power grid [2] - It will enable the integration and optimization of clean energy resources, including wind and solar power, throughout Shaanxi province [2]

Group 1: Quantum Technology Industry - The Chinese quantum technology industry is transitioning from academic research to commercialization, marking a significant shift in focus towards industrial application as outlined in the "14th Five-Year Plan" [6][10]. - Various provinces, including Jiangsu, Anhui, and Shanxi, are actively promoting the development of quantum technology and related industries, aiming to establish production capabilities in quantum computing, communication, and precision measurement [7][8][9]. - According to a report by Galaxy Securities, the global quantum technology industry is projected to reach a scale of $8 billion by 2024, with an average annual growth rate of 76.27% from 2024 to 2030, potentially reaching $908.9 billion by 2035 [9]. Group 2: Company Performance and Stock Market - Yaxing Integrated (603929) has seen its stock price reach a historical high of 108.31 yuan per share, representing an increase of 8.97 times compared to its low point over the past three years [2][3]. - The company reported a net profit of 442 million yuan for the first three quarters of the year, reflecting a year-on-year growth of 0.78% [3]. - Shareholder EVER CREATIVE has completed a reduction of approximately 1.16 million shares, accounting for 0.5446% of the company's total share capital [4]. Group 3: Research and Development in Quantum Technology - The research team at the University of Science and Technology of China has made significant advancements in quantum error correction, achieving a "below threshold, increasingly correct" outcome with their superconducting quantum processor [5]. - The new "full microwave quantum state leakage suppression architecture" developed by the team shows a significant reduction in logical error rates, demonstrating the potential for building scalable quantum computers [5]. - The R&D expenses of quantum technology-related stocks in the A-share market reached 70.814 billion yuan in the first three quarters, accounting for 3.83% of total revenue, with 18 stocks having R&D expenses exceeding 20% of their revenue [10][12].

Core Insights - The Chinese energy sector has shown resilience and progress amidst global supply chain disruptions, focusing on stable supply and green transformation to drive high-quality development [1] Group 1: Supply Assurance - The electricity load in China reached new highs during the summer, with national electricity consumption exceeding 1 trillion kilowatt-hours in July and August, marking a historical first [2] - Total installed power generation capacity is expected to exceed 3.8 billion kilowatts, a year-on-year increase of 14%, with total electricity consumption surpassing 10 trillion kilowatt-hours [2] - The coal production is projected to exceed 4.8 billion tons, maintaining a reasonable supply margin, while oil and gas production is set to reach historical highs by 2025 [2][3] Group 2: Green Transition Achievements - As of September 2023, the total installed capacity of renewable energy reached 2.198 billion kilowatts, a year-on-year increase of 27.2%, accounting for 59.1% of the total power generation capacity [4] - The Dashi Gorge Hydropower Project, a significant water conservancy project, is expected to generate over 1.8 billion kilowatt-hours of clean electricity annually, meeting the needs of 650,000 households [4] - The government aims to achieve a total installed capacity of wind and solar power reaching six times the 2020 level by 2035, requiring an annual addition of approximately 200 million kilowatts over the next decade [5][6] Group 3: Winter Supply Readiness - The energy supply for the winter peak is a top priority, with significant improvements in power grid reliability and efficiency through innovative maintenance practices [7] - Coal supply remains robust, with daily production levels exceeding 12 million tons since October [8] - Natural gas supply is stable, with continuous production increases and enhanced storage capabilities, ensuring adequate supply during peak demand [8]