关于首次减持回购股份的公告 本公司及全体董事会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。 长缆科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 了第五届董事会第十四次会议，审议通过了《关于减持公司已回购股份的议案》， 根据公司于 2024 年 2 月 8 日披露的《回购股份报告书》之用途约定，同意公司 通过集中竞价交易方式减持已回购股份，实施期限为自发布减持公告之日起 15 个交易日后的 6 个月内，拟减持回购股份不超过 3,862,152 股（即不超过公司总 股本的 2%），减持价格根据减持时的二级市场价格确定。具体内容详见公司刊登 在巨潮资讯网上（www.cninfo.com.cn）的相关公告。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，上市公司采用集中竞价交易方式出售回购股份的，应当在首次出售回购股 份事实发生的次一交易日予以披露。现将有关情况公告如下： 证券代码：002879 证券简称：长缆科技 公告编号：2026-006 长缆科技集团股份有限公司 本次减持符合公司既定的减持计划，符合《深圳证券交易 ...

Core Viewpoint - The news highlights a significant increase in the power equipment sector, with a notable rise in stock prices for several companies, particularly XinFengGuang, which led the gains with a 15.55% increase [1]. Group 1: Market Performance - The power equipment sector rose by 1.87% on the trading day, while the Shanghai Composite Index fell by 0.26% to close at 4101.91, and the Shenzhen Component Index decreased by 0.18% to 14281.08 [1]. - XinFengGuang (688663) closed at 55.00, up 15.55%, with a trading volume of 117,200 shares and a transaction value of 608 million yuan [1]. - Other notable gainers included Hongxiang Co. (300427) with an 11.33% increase, Hanlan Co. (002498) and Guangdian Electric (601616) both up by 10.10%, and several others showing increases around 10% [1]. Group 2: Fund Flow Analysis - The power equipment sector experienced a net outflow of 3.512 billion yuan from institutional investors, while retail investors saw a net inflow of 2.207 billion yuan [2]. - The data indicates that speculative funds had a net inflow of 1.305 billion yuan into the sector [2]. - Specific stocks like SiYuan Electric (002028) and Guangdian Electric (601616) showed varying levels of net inflow and outflow from different investor types, with SiYuan Electric having a net inflow of 2.57 billion yuan from institutional investors [3].

Core Viewpoint - The State Grid's fixed asset investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, marking a historical high in investment [2]. Investment Focus - The investment will focus on creating a smarter and greener grid system, emphasizing energy green transition, strengthening grid platforms, and enhancing technological empowerment [3]. - Key investment directions include promoting renewable energy consumption and improving the reliability of cross-regional power transmission [3]. Energy Distribution Challenges - The uneven distribution of energy resources and load centers in China necessitates a long-term "West-to-East Power Transmission" and "North-to-South Supply" energy allocation pattern [3]. - Data from the Power Industry Planning Research and Monitoring Center indicates that in 2025, the utilization rates for photovoltaic power in Tibet, Gansu, and Qinghai are only 65.8%, 89.6%, and 83.5% respectively, with wind power utilization in Tibet at 69.3%, highlighting the mismatch between rapid renewable energy installation and grid consumption capacity [3]. Grid Development Plans - The State Grid plans to establish a new type of grid platform during the "14th Five-Year Plan," enhancing the "West-to-East" and "North-to-South" energy transmission network [4]. - The investment strategy aims to ensure the construction of a new power system, with a target of optimizing grid resource allocation capabilities by 2030 [4]. Industry Impact - Following the announcement of increased investment, the electric grid equipment sector saw significant stock price increases, with companies like Baobian Electric and TBEA rising over 8% [5]. - The increased investment in the grid is expected to directly benefit related companies in the supply chain, with historical investment records showing a consistent rise in funding [6]. Future Projections - The State Grid's investment in 2025 is projected to exceed 650 billion yuan, with a cumulative completion of 42 ultra-high voltage projects, enhancing cross-regional transmission capacity to 370 million kilowatts [6]. - The expected increase in investment will catalyze orders and performance for companies closely related to ultra-high voltage and distribution network construction [6]. Strategic Directions - The State Grid emphasizes the need for a collaborative development approach across its four major sectors: transmission and transformation, renewable energy, energy, and new materials [7]. - The approval and commencement of cross-regional transmission projects are anticipated to accelerate due to the pressure of renewable energy consumption [7].

Core Viewpoint - The National Grid's fixed asset investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, marking a historical high in investment [3]. Investment Focus - The investment will focus on creating a smarter and greener grid system, emphasizing energy green transformation, strengthening the grid platform, and enhancing technological empowerment [4]. - Key investment directions include promoting renewable energy consumption and improving the reliability of cross-regional electricity transmission [4][5]. Energy Distribution Challenges - The uneven distribution of energy resources and load centers in China necessitates a long-term energy allocation pattern of "West-to-East Power Transmission" and "North-to-South Supply" [4]. - Data from the Power Industry Planning Research and Monitoring Center indicates that the utilization rates of photovoltaic power in Tibet, Gansu, and Qinghai are only 65.8%, 89.6%, and 83.5%, respectively, with wind power utilization in Tibet at 69.3% and abandonment rates exceeding 10% [4]. Grid Development Plans - The National Grid plans to establish a new grid platform during the "14th Five-Year Plan," enhancing the "West-to-East Power Transmission" network and increasing cross-regional transmission capacity by over 30% compared to the end of the previous plan [5][6]. - The investment strategy aims to ensure effective utilization of the 4 trillion yuan investment by controlling construction costs, optimizing resource allocation, and focusing on quality and efficiency [6]. Industry Benefits - Following the announcement of increased investment, the grid equipment sector saw significant stock price increases, with companies like Baobian Electric and TBEA rising over 8% [8]. - The continuous growth in investment during the "14th Five-Year Plan" has led to record-breaking investment amounts, with 2022 surpassing 500 billion yuan and projections for 2025 exceeding 650 billion yuan [8][9]. - The investment is expected to directly benefit related companies in the supply chain, with significant profit growth reported by companies like TBEA and China XD Electric [9]. Future Outlook - The National Grid's chairman emphasized the importance of leveraging grid infrastructure to stimulate domestic demand and stabilize growth, aligning with national strategic initiatives [10].

Core Viewpoint - The State Grid's fixed asset investment during the "14th Five-Year Plan" period is expected to reach 4 trillion yuan, a 40% increase compared to the "13th Five-Year Plan," marking a historical high in investment [1] Investment Focus - The investment will focus on creating a smarter and greener grid system, emphasizing energy green transformation, strengthening grid platforms, and enhancing technological empowerment [2] - Key investment directions include promoting renewable energy consumption and improving the reliability of cross-regional electricity transmission [2] - The investment aims to address the mismatch between rapid growth in renewable energy installations and the grid's capacity to absorb this energy, particularly in regions like Tibet, Gansu, and Qinghai [2] Infrastructure Development - The State Grid plans to accelerate the construction of distribution networks in urban, rural, and remote areas, exploring models for end-user supply and off-grid microgrids [3] - By 2030, the grid's resource optimization capacity is expected to significantly enhance, with the "West-to-East Power Transmission" scale exceeding 420 million kilowatts and new inter-provincial power exchange capacity of around 40 million kilowatts [3] Industry Impact - Following the announcement of increased investment, the electric grid equipment sector saw significant stock price increases, with companies like Baobian Electric and TBEA rising over 8% [4] - The continuous growth in investment during the "14th Five-Year Plan" has led to record-breaking investment figures, with 2022 seeing investments surpassing 500 billion yuan and projections for 2025 exceeding 650 billion yuan [4][5] - The investment surge is expected to catalyze orders and performance for companies in the supply chain, with notable profit growth reported by companies like TBEA and China XD Electric [5] Future Outlook - The approval and commencement of cross-regional transmission channels are anticipated to accelerate due to the pressure of renewable energy consumption, with a focus on high-voltage direct current (HVDC) projects [6] - The State Grid emphasizes the importance of leveraging its foundational support and investment to stimulate domestic demand and stabilize growth, aligning closely with national strategic initiatives [6]

Core Viewpoint - The State Grid is expected to invest 4 trillion yuan during the 14th Five-Year Plan period, marking a 40% increase compared to the previous plan, which is a historical high for investment [1][7]. Investment Focus - The investment will focus on creating a smarter and greener grid system, emphasizing energy green transformation, strengthening the grid platform, and enhancing technological empowerment [2][8]. - The investment aims to address the mismatch between rapid growth in renewable energy installations and the grid's capacity to absorb this energy, particularly in regions like Tibet, Gansu, and Qinghai, where solar and wind energy utilization rates are low [2][8]. Infrastructure Development - The State Grid plans to establish a new type of grid platform during the 14th Five-Year Plan, enhancing the "West-to-East Power Transmission" and "North-to-South Power Supply" networks, with a target to increase cross-regional transmission capacity by over 30% compared to the end of the previous plan [2][9]. - The investment will also accelerate the construction of distribution networks in urban, rural, and remote areas, exploring models for microgrids [3][9]. Industry Impact - The announcement of increased investment has positively impacted the stock prices of companies in the grid equipment sector, with several stocks rising over 8% [4][10]. - The investment is expected to directly benefit various upstream and downstream enterprises in the energy supply, electrical equipment, and raw materials sectors [4][10]. - The State Grid's investment has been consistently increasing, with significant milestones reached in recent years, including surpassing 500 billion yuan in 2022 and 600 billion yuan in 2024 [4][10]. Performance Metrics - The cumulative capacity for cross-regional power transmission has reached 370 million kilowatts, with a projected bidding amount for transmission and transformation equipment of 918.8 billion yuan in 2025, reflecting a 25.3% year-on-year increase [5][11]. - Companies in the grid equipment sector have shown significant profit growth, with net profits for major players increasing by 28%, 20%, and 73% year-on-year in the first three quarters of 2025 [11]. Strategic Alignment - The State Grid aims to leverage its foundational support and investment to stimulate domestic demand and stabilize growth, aligning closely with national strategic initiatives [6][12].

Investment Scale - The State Grid Corporation's fixed asset investment is expected to reach 4 trillion yuan during the "14th Five-Year Plan" period, a 40% increase compared to the "13th Five-Year Plan" [1][9] - In recent years, the investment in the power grid has been increasing, with 2022's investment at 509.4 billion yuan, surpassing 500 billion yuan for the first time, and projections for 2023 exceeding 520 billion yuan [10][11] - By 2025, the investment is expected to exceed 650 billion yuan, with forecasts indicating acceleration in 2026 [10][11] Investment Directions - Key investment areas include the construction of a new power system, with an annual increase of approximately 20 million kilowatts in wind and solar energy capacity, aiming for electricity to account for 35% of terminal energy consumption [1][9] - The construction of ultra-high voltage direct current transmission channels will enhance cross-regional and cross-provincial transmission capacity by over 30% compared to the end of the "13th Five-Year Plan" [1][9] - The electrification level of terminal energy use will be improved to accommodate 35 million charging facilities [1][9] Regulatory Guidance - The National Development and Reform Commission and the National Energy Administration issued guidelines for high-quality development of the power grid, aiming for a new power grid platform to be established by 2030 [3][11] - The guidelines set targets for optimizing resource allocation, with "West-to-East Power Transmission" capacity exceeding 420 million kilowatts and supporting renewable energy generation to reach 30% of total generation [3][11] Company Performance - Long Cable Technology has forecasted a net profit of 130 to 160 million yuan for 2025, representing a year-on-year growth of 74.07% to 114.24% [16] - Seven power grid equipment companies reported a doubling of net profits in the first three quarters of 2025, with Beijing Keri showing a growth of over 14 times [16] - Companies with a stock price increase of less than 30% since 2025 and a rolling P/E ratio below 30 include 16 firms, with some like Juhua Technology and Kai Fa Technology having P/E ratios below 20 [16][17] Bid Announcements - In 2025, there were 51 bid announcements related to the State Grid, the highest since 2019, with over 40 announcements in both 2024 and 2023 [12][14] - Ten companies have issued more than ten bid announcements since 2019, with Dalian Electric Porcelain, Changgao Electric, and Tongda Co., Ltd. leading in the number of announcements [14]

1月15日，A股三大指数集体下跌，电网设备板块震荡下跌。截至10:55，全市场唯一的电网设备 ETF（159326）跌幅0.06%，成交额达5.76亿元，持仓股东材科技领涨超7%，三晖电气、长缆科技、华 通线缆、科陆电子、思源电气等股跟涨。 电网设备ETF连续5个交易日获得资金净流入，合计"吸金"19.21亿元。 近日，工信部、国家发展改革委等五部门联合印发《工业绿色微电网建设与应用指南（2026—2030 年）》，旨在贯彻落实"十五五"规划建议中"加快智能电网和微电网建设"及中央经济工作会议"扩大绿 电应用"要求，引导工业企业和园区推进工业绿色微电网建设，扩大工业绿电应用，促进重点行业节能 降碳，支撑工业用能向高效化、低碳化、智能化转型。 中信证券表示，预计2026-2030年国家能源局口径下的电网基本建设投资完成额将达到约3.8万亿 元，对应年均投资额约7500亿元。核心驱动因素来自用电量的持续增长，预计"十五五"期间用电量年均 增速为5%-6%，增速相较GDP增速弹性维持在1.2-1.25区间。市场对内需的交易呈现明显的预期前置特 征，特高压、数智化等在2025年面临较大压力后已出现触底反转预期，主网架 ...

1月15日，国家电网官网发布消息称，"十五五"期间，国家电网公司固定资产投资预计达到4万亿元，较"十四五"投资增长40%，以扩大有效投资带动新型电 力系统产业链供应链高质量发展。 2023年6月发布的《新型电力系统发展蓝皮书》指出，新型电力系统是以确保能源电力安全为基本前提，以满足经济社会高质量发展的电力需求为首要目 标，以高比例新能源供给消纳体系建设为主线任务，以源网荷储多向协同、灵活互动为坚强支撑，以坚强、智能、柔性电网为枢纽平台，以技术创新和体制 机制创新为基础保障的新时代电力系统，是新型能源体系的重要组成和实现"双碳"目标的关键载体。 图片来源：国家电网官网 高达4万亿元的投资规模堪称史无前例，迅速引发市场关注——1月15日午后，多只电网设备概念股异动拉升，三变科技回封涨停，思源电气盘中涨超4%， 创历史新高，长缆科技、保变电气、特变电工、望变电气跟涨。 中国化学与物理电源行业协会储能应用分会秘书长刘勇当日在接受《每日经济新闻》记者（以下简称"每经记者"）电话采访时指出，提出建设新型电力系统 意味着新能源消纳的需求更加受到重视。厦门大学中国能源政策研究院院长林伯强则表示，4万亿元的投资规模其实是和全社 ...

Group 1 - Sanbian Technology has reached a limit-up, achieving four consecutive trading days of gains within a week [1] - Siyuan Electric has increased by over 4%, setting a new historical high [1] - Changlan Technology, Baobian Electric, and TBEA have also seen gains [1]