证券代码：000400 证券简称：许继电气 公告编号：2026-06 许继电气股份有限公司 2.会议以9票同意、0票反对、0票弃权审议通过公司《关于调整董事会战略 委员会、提名委员会成员的议案》。 按照《公司法》《上市公司治理准则》等相关法律、法规的规定，经董事会 推选，公司第九届董事会战略委员会、提名委员会人员调整组成如下： 九届三十五次董事会决议公告 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。 一、会议召开情况 许继电气股份有限公司（以下简称"公司"）九届三十五次董事会于2026 年1月29日以电话和邮件方式发出会议通知，在保障董事充分表达意见的前提下， 于2026年2月5日以现场会议结合视频方式召开，现场会议地点为公司本部会议 室，会议由公司董事季侃先生主持；应参加表决的董事9人，实际参加表决的董 事9人（其中：以视频方式出席会议的董事5人），董事许涛先生、余明星先生、 张友鹏先生、邹永军先生、胡继晔先生视频出席本次会议；公司部分高级管理人 员列席本次会议。本次董事会的召开符合《公司法》《证券法》及《公司章程》 的有关规定。 二、会议审议情况 1.会 ...

证券研究报告 | 2026年02月05日 AIDC与电力设备2026年度投资策略 国内需求确定性夯实，出海与AIDC发展空间可期 行业研究 · 行业投资策略 电力设备新能源 · 电力设备 投资评级：优于大市 | 证券分析师：王蔚祺 | 证券分析师：王晓声 | 证券分析师：袁阳 | | --- | --- | --- | | 010-88005313 | 010-88005231 | 0755-22940078 | | wangweiqi2@guosen.com.cn | wangxiaosheng@guosen.com.cn | yuanyang2@guosen.com.cn | | S0980520080003 | S0980523050002 | S0980524030002 | 请务必阅读正文之后的免责声明及其项下所有内容 摘要 u "十四五"电力设备行业复盘：网内外需求景气共振，龙头企业出海加速 "十四五"以来，在新能源装机放量带动下，电源投资高速增长；电网投资保持稳健增长，但增速显著低于电源投资。在电源和电网投资带动下，"十四五"国内电力设备需求呈现网内外景 气共振态势。网内市场方面，变压器、组合电 ...

Group 1 - The industry has transitioned from a traditional "cyclical defensive" attribute to a "growth offensive" track, driven by the clearing of production capacity in the power grid equipment sector and multiple strategic benefits [1] - The latest investment plan from the State Grid for 2025 exceeds 650 billion yuan, marking an 8% year-on-year increase and a historical high, with significant changes in investment structure [2] - The construction of the power grid is shifting from merely pursuing transmission capacity to a comprehensive transformation focusing on "strong backbone + quality distribution network + intelligence" [2] Group 2 - The approval and construction of domestic UHV projects have significantly accelerated, with the bidding amounts for UHV materials and equipment expanding year by year, indicating a robust demand for UHV networks [3] - In the global context, the power grid is undergoing a historic restructuring, with developed countries facing mandatory asset updates and emerging economies needing to fill infrastructure gaps, leading to structural expansion in global grid investment [4] - China's key power equipment exports reached 71.5 billion USD from January to November 2025, a 20% year-on-year increase, with high-value transmission and transformation equipment driving export growth [4][5] Group 3 - The index selected 80 listed companies involved in UHV industry, smart grid construction, green energy, and energy storage, with a high weight of 88% in smart grid and 65% in UHV, indicating strong support from funds and policies [6] - The top three weight sectors of the index as of February 3, 2026, are transmission and transformation equipment (35.2%), grid automation equipment (21.7%), and cable components (12.6%) [8] - The Tianhong CSI Power Grid Equipment Theme Index Fund offers flexible share options suitable for long-term investors and those looking to capture industry fluctuations, providing a convenient tool for investing in the energy sector [9]

Core Viewpoint - The report highlights the trends and forecasts in the Chinese electrical instrumentation market from 2026 to 2032, indicating a slight growth in production despite a recent decline in cumulative output [1] Industry Overview - According to the National Bureau of Statistics, the production of electrical instruments in China is projected to reach 27.84 million units by December 2025, reflecting a year-on-year increase of 1.8% [1] - However, the cumulative production for the entire year of 2025 is expected to decline by 5.9% compared to previous years [1] Company Insights - Listed companies in the electrical instrumentation sector include Weisheng Information (688100), Linyang Energy (601222), Samsung Medical (601567), Haixing Electric Power (603556), XJ Electric (000400), Pinggao Electric (600312), Guodian Nanzi (600268), *ST Huayi (600290), Dongfang Electronics (000682), and Kelun Electronics (002121) [1] Market Research - The report by Zhiyan Consulting provides a comprehensive analysis of supply and demand in the electrical instrumentation market, emphasizing the importance of industry insights for investment decisions [1]

Summary of Conference Call Notes Industry Overview - The transformer manufacturing sector in China is experiencing a surge in demand, with factories in Guangdong and Jiangsu operating at full capacity, and some orders for data center projects extending to 2027 [1] - The delivery cycle for the U.S. market has increased from 50 weeks to 127 weeks, indicating a significant backlog in supply [1] Core Insights and Arguments - The demand side is exceeding expectations due to the initiation of new energy construction and grid upgrades since 2023, alongside an anticipated AI boom in 2025 that is accelerating data center development [1] - On the supply side, there is a rigid production capacity, and delays in expansion plans from overseas manufacturers are contributing to a high dependency on electric transformers [1] - The industry has faced long periods of low profit margins prior to 2023, leading to a reduction in production capacity and a loss of skilled labor [1] - Major companies like Siemens Energy and Hyundai Electric are experiencing delays in capacity expansion due to postponed training for technical personnel [1] Additional Important Points - China's transformer production capacity accounts for 60% of the global market, with delivery cycles being less than one-fifth of that of European and American companies, which aligns with the urgent need for AI computing power and data center construction [2] - A review of current expansion plans from overseas manufacturers indicates that by 2030, there will still be a 10% shortage of electric transformers in Europe and the U.S., suggesting continued benefits for domestic companies from overseas orders [2] Investment Recommendations - Suggested investments include high-voltage equipment exports and components from companies such as Siyi Electric, TBEA, and Huaming Equipment [2] - Domestic investment opportunities are identified in companies like Pinggao Electric, China West Electric, XJ Electric, and Guodian NARI [2]

【中泰电新】特高压项目规划加速，重点关注电网板块 #事件。 #电网4万亿预期下，特高压表现有望加速。 "十四五"期间国家电网固定资产完成度125%，"十五五"有望继续超额完成，预计国网固定资产投资复合增速在6.2- 13%。 历史上看，电网投资增长主要由特高压拉动，十五五期间特高压年度投资有望突破2500亿，较当前水平有望翻 倍。 #特高压项目储备丰富，26年待核准项目较多。 1月30日，记者从自治区政府新闻办组织举行的"国网内蒙古东部电力有限公司社会责任报告"新闻发布会上获 悉："十五五"期间，内蒙古特高压电网外送电需求大幅增长，计划开工建设"六交六直"12项特高压输电线路工程， 分别为达拉特—蒙西、达拉特—大同、乌兰察布—大同、巴彦淖尔—包头—乌兰察布（2项）、达拉特—包头6项 特高压交流输电线路工程和蒙西—京津冀、腾格 【中泰电新】特高压项目规划加速，重点关注电网板块 #事件。 1月30日，记者从自治区政府新闻办组织举行的"国网内蒙古东部电力有限公司社会责任报告"新闻发布会上获 悉："十五五"期间，内蒙古特高压电网外送电需求大幅增长，计划开工建设"六交六直"12项特高压输电线路工程， 分别为达拉特—蒙西 ...

Group 1 - The core point of the news is the recognition of advanced collectives and individuals in Xuchang City, with the Pang Donglai Commercial Group being highlighted as an exemplary enterprise for its contributions to high-quality economic development and efficient grassroots governance [1][3] - The announcement includes a list of 50 advanced collectives and 150 advanced individuals, with the public notice period set from February 1 to February 5, 2026 [2] - Pang Donglai is noted for its exceptional customer service, employee benefits, and transparent business practices, which have helped it thrive in a challenging retail environment, marking it as a benchmark in the regional retail industry [3] Group 2 - The company achieved sales revenue exceeding 23.5 billion yuan in 2025, reflecting a growth of approximately 38% compared to 2024 [3] - Pang Donglai's internal governance and corporate social responsibility practices provide insights into effective grassroots governance from a corporate perspective, contributing to a cohesive and efficient internal ecosystem [3]

◎记者 王文嫣 在"双碳"目标下，新能源继续保持较大投产规模。中电联专家预计，2026年全年新增发电装机有望超过 4亿千瓦。其中：新增新能源发电装机有望超过3亿千瓦；新增有效发电能力1亿千瓦左右，与最大负荷 增量基本持平；风、光装机合计占比有望达到总装机的一半左右，其中太阳能发电装机规模预计将首次 超过煤电装机。此外，专家预计，到2026年底，全国发电装机容量将达到43亿千瓦左右。其中：非化石 能源发电装机为27亿千瓦，占总装机的63%左右；煤电装机占总装机比重将降至31%左右。 业界对此的解读是，我国的能源结构转型将持续提速，未来的能源系统将以风电、光伏等清洁能源为主 力。但由于新能源发电具有不稳定性，电网的作用就显得尤为重要。 中电联规划发展部副主任刘志强对上海证券报记者表示，在能源强国建设中，要进一步发挥电力在国民 经济中的基础和先导作用。一体推进主配微网协同的新型电网平台建设，增强电网智能化调度能力，保 障新型电力系统安全稳定运行等。 电网投资方向进一步细化 近期，国家电网公司宣布，"十五五"期间固定资产投资预计将达到4万亿元，较"十四五"增长40%。南 方电网公司则宣布，2026年固定资产投资将安排 ...

Core Viewpoint - The pumped storage concept is gaining strength in the market, with several companies experiencing significant stock price increases on February 2nd [1] Group 1: Company Performance - ShunNa Co., Ltd. (000533) saw its stock price rise to 9.22, with a gain of 10.02% [1] - Hangdian Co., Ltd. (603618) reached a stock price of 9.94, reflecting a 9.96% increase [1] - American Technology (688676) achieved a stock price of 97.85, marking a 6.92% rise [1] - Shenling Environment (301018) recorded a stock price of 68.78, with a 4.98% increase [1] - Southern Power Storage (600995) had a stock price of 14.18, up by 4.65% [1] - Guodian Nanzi (600268) reached a stock price of 13.34, reflecting a 4.38% increase [1] - XJ Electric (000400) saw its stock price at 31.10, with a 4.26% rise [1] Group 2: Market Trends - The early morning of February 2nd witnessed a strong performance in the pumped storage sector, with stocks like ShunNa and Hangdian hitting the daily limit [1] - Other companies such as Jinpan Technology and Shenling Environment also experienced upward movement in their stock prices [1]

Group 1 - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1461.35 points, down 2.08%, with a trading volume of 52.363 billion yuan and a turnover rate of 1.8% [1] - Among the index constituents, 10 stocks rose, with XJ Electric leading at a 3.12% increase, while 39 stocks fell, with Shenzhen Technology leading the decline at a 10.0% drop [1] Group 2 - The net outflow of main funds from the Shenzhen State-owned Enterprise ESG Index constituents totaled 2.587 billion yuan, while the net inflow from speculative funds was 758 million yuan, and the net inflow from retail investors was 1.828 billion yuan [2] - Detailed fund flow information for the index constituents is available in the accompanying table [2]