证券代码：000400 证券简称：许继电气 公告编号：2025-32 许继电气股份有限公司 关于回购并注销部分2022年限制性股票激励计划已获授 但尚未解锁的限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 3. 2023 年 5 月 31 日召开九届二次董事会、九届二次监事会，审议通过了 《关于公司 2022 年限制性股票激励计划（草案修订稿）及其摘要的议案》《关 于公司 2022 年限制性股票激励计划管理办法（修订稿）的议案》《关于公司 2022 年限制性股票激励计划实施考核管理办法（修订稿）的议案》。独立董事、监事 会对激励计划相关事项发表了意见，律师事务所就本激励计划相关事项出具了法 律意见书，独立财务顾问就本激励计划出具了独立财务顾问报告。 4. 2023 年 5 月 31 日至2023 年 6 月 9 日，公司在公司内部公示栏公示了《2022 年限制性股票激励计划首次授予激励对象名单》。公示期满，未收到任何异议。 公司于 2023 年 6 月 10 日披露了《监事会关于公司 2022 年限制性股票激励计划 首次授予激励对象名单的公示 ...

许继电气股份有限公司 监事会关于 2022 年限制性股票激励计划相关事项的 核查意见 许继电气股份有限公司（以下简称"公司"）监事会依据《公司 法》《证券法》《上市公司股权激励管理办法》《国有控股上市公司（境 内）实施股权激励试行办法》《中央企业控股上市公司实施股权激励 工作指引》等有关规定，对公司 2022 年限制性股票激励计划相关事 项进行了核查，发表核查意见如下： 1.关于调整 2022 年限制性股票激励计划回购价格的核查意见： 经审核，监事会认为，公司完成 2024 年年度权益分派事项，根 据 2022 年限制性股票激励计划等相关规定，公司将回购价格调整为 11.235 元/股。公司调整回购价格不存在损害公司及全体股东利益的 情形，监事会同意对 2022 年限制性股票激励计划回购价格进行调整。 2.关于回购并注销部分 2022 年限制性股票激励计划已获授但尚 未解锁的限制性股票的核查意见： 经审核，监事会认为，公司 2022 年限制性股票激励计划激励对 象中有 2 人岗位调动、3 人离职、第一个解除限售期的 9 人考核部分 达标或不达标，公司拟回购其持有的尚未解锁的限制性股票 127,060 股。因岗 ...

上海上正恒泰事务所 关于许继电气股份有限公司 调整 2022 年限制性股票激励计划回购价格、回购并注销部分已获授 但尚未解锁的限制性股票及第一期解除限售条件成就相关事项的法律意见书 致：许继电气股份有限公司 上海上正恒泰律师事务所（以下简称"本所"）接受许继电气股份有限公司 （以下简称"公司"）的聘请，指派本所程晓鸣律师、刘云律师（以下简称"本 所律师"）为公司 2022 年限制性股票激励计划（以下简称"本激励计划"）相关 事宜提供专项法律服务，就调整 2022 年限制性股票激励计划回购价格（以下简 称"本次回购价格调整"）、回购并注销部分 2022 年限制性股票激励计划已获授 但尚未解锁的限制性股票（以下简称"本次回购注销"）及第一期解除限售条件 成就（以下简称"本次解除限售"）相关事项出具本法律意见书。 为出具本法律意见书，本所律师审阅了《许继电气股份有限公司 2022 年限 制性股票激励计划（草案修订稿）》（以下简称 "《激励计划（草案修订稿）》"） 《许继电气股份有限公司 2022 年限制性股票激励计划管理办法（修订稿）》（以 下简称 "《激励计划管理办法（修订稿）》"）《许继电气股份有限公司 202 ...

许继电气股份有限公司 2022 年限制性股票激励计划 上海荣正企业咨询服务（集团）股份有限公司 关于 第一个解除限售期解除限售条件成就及调整回 购价格并回购注销部分限制性股票相关事项 之 独立财务顾问报告 二〇二五年八月 | 2 | 一、释义 | | --- | --- | | 4 | 二、声明 | | 三、基本假设 5 | | | 6 | 四、本激励计划已经履行的审批程序 | | 五、独立财务顾问意见 9 | | | （一）本次调整回购价格的说明 9 | | | 9 | （二）本次回购注销部分限制性股票相关事项的说明 | | （三）公司本激励计划第一个解除限售期解除限售条件成就情况的说明 10 | | | 11 | （四）公司本激励计划第一个解除限售期解除限售情况 | | 12 | （五）结论性意见 | | 六、备查文件及咨询方式 13 | | | 13 | （一）备查文件 | | 13 | （二）咨询方式 | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 一、释义 1、上市公司、本公司、公司、许继电气：指许继电气股份有限公司。 2、本计划、激励计划、《激励计划》：指许继电气股份有限公司 20 ...

此次首台套应用的成功，为铁路供电系统的智能化升级提供了可复制、可推广的实践范例，对提升我国 铁路供电保障能力、推动行业技术进步具有重要意义。 8月4日，由许继电气所属交大许继、德理施尔公司联合研制的国内首台套27.5千伏智能移动高压室，在 西安铁路局延安变电所正式投入运行。这一创新成果的落地，标志着我国铁路电力保护系统在智能化、 集成化领域取得重大突破，为铁路供电保障开辟了高效灵活的新路径。 据介绍，在核心性能上，该智能移动高压室展现出多重技术优势：一是具备快速应急能力，可替代既有 牵引变电所高压室功能，在设备大修期间实现不停电改造；二是构建智能运维体系，集成综合自动化系 统实现远程监控和无人值守，年维护成本可降低40%；三是适应复杂场景灵活部署，节省约60%的土建 成本；四是大幅提升施工效率，运维操作难度低，可靠性强。 ...

金融界8月11日消息，有投资者在互动平台向许继电气提问：尊敬的董秘，您好！我是贵公司的一名投 资者，十分关注公司的业务布局和发展动态。想向您咨询几个问题：公司目前是否已在西藏设立子公司 或者分公司？近期备受瞩目的雅下电站水利工程，贵公司相关产品及业务是否已经介入其中？对于这一 具有重大意义的雅下电站水利工程，贵公司是否已开展相关布局及规划？期待您的回复，非常感谢！ 公司回答表示：您好！公司未在西藏设立子公司或者分公司。该工程尚处于初期阶段，公司将关注该项 目进展情况。感谢您的关注！责任编辑：栎树 ...

Core Viewpoint - The distribution network is becoming the core of the power system, driven by the national strategy for carbon peak and carbon neutrality, with a significant increase in demand for smart distribution equipment, projected to reach a market size of 86.724 billion yuan in 2024, a year-on-year growth of 24.28% [1][12]. Overview - The distribution network plays a crucial role in receiving and redistributing electricity to various sectors, impacting power supply reliability and quality, and is a vital public infrastructure for economic and social development [2][3]. Market Policy - The development of smart distribution equipment is supported by various national policies aimed at enhancing the safety and efficiency of the power system, including guidelines for rural power grid upgrades and promoting intelligent manufacturing [5][7]. Industry Chain - The upstream of the smart distribution equipment industry includes suppliers of electrical components, metal parts, and electronic components, while the downstream focuses on the power market, particularly in upgrading distribution networks and supporting new energy integration [8]. Current Development - The smart distribution equipment market is rapidly growing due to increasing user demands for power supply quality and reliability, with a projected market size of 86.724 billion yuan in 2024, reflecting a 24.28% increase year-on-year [12][1]. Competitive Landscape - The industry is categorized into three types of participants: large enterprises with significant capital and diversified operations, medium-sized enterprises with focused business areas, and small enterprises with limited market competitiveness [14][16]. Representative Companies - XJ Electric Co., Ltd. is a leading player in the power equipment industry, focusing on high-end technology and products across various sectors, with projected revenues of 17.09 billion yuan in 2024 [16]. - Pinggao Group Co., Ltd. specializes in high and ultra-high voltage equipment, with expected revenues of 12.4 billion yuan in 2024, primarily from its high voltage segment [18]. Development Trends - The trend towards smart distribution network upgrades is expected to accelerate, driven by increased investment in smart grid construction and user demands for improved power supply quality, with a focus on energy efficiency and environmental sustainability [20].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with several new players achieving record sales in July 2025, particularly Leap Motor, which delivered 50,129 units, marking a significant increase [2][10]. - Turkey's photovoltaic battery import prices have been raised significantly, from USD 85/kg to USD 170/kg, indicating a 100% increase, which will impact the supply chain dynamics [3][32]. - The report highlights the ongoing digitalization efforts within the State Grid, with a total of 1.75 billion yuan awarded in contracts for digital equipment [4]. Summary by Sections New Energy Vehicles - In July 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Leap Motor leading at 50,129 units, followed by Zeekr and Xpeng with 44,193 and 37,717 units respectively [2][10]. - BYD continues to dominate the market with 344,296 units delivered in July, totaling over 2.49 million units for the year [2][18]. New Energy Generation - Turkey's trade department announced a significant increase in the import reference price for photovoltaic batteries, which will take effect 60 days after the announcement, reflecting a major shift in the market [3][32]. - The report notes that despite Turkey's efforts to localize production, the current domestic battery capacity is insufficient, leading to continued reliance on Chinese imports [3][37]. Electric Power Equipment and Automation - The State Grid has publicly announced the results of its digital equipment bidding, with a total contract value of 1.75 billion yuan across various categories, including servers and network equipment [4][22]. - Key companies to watch in this sector include CATL, Keda, and others, which are expected to benefit from ongoing digitalization and infrastructure investments [4][22]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 1.94%, with the new energy vehicle index showing the highest growth at 4.71% [1][4]. - The report emphasizes the competitive landscape in the new energy vehicle market, with increasing delivery volumes indicating a robust demand [2][10].

Core Insights - The establishment of China Fusion Energy Company marks a significant milestone in China's efforts to commercialize nuclear fusion energy, with over 10 billion yuan in investments from major energy firms and capital institutions [2][11] - The global fusion industry has seen explosive growth, with total investments reaching $9.766 billion, a 414% increase since 2021, indicating strong investor confidence and technological advancements [4] - The competition in the fusion energy sector is intensifying, with significant breakthroughs in China's fusion projects and international collaborations accelerating the path to commercialization [5][7] Investment and Market Dynamics - China Fusion Energy Company is positioned as a national strategic player, with investments from key state-owned enterprises and private capital, reflecting a robust investment structure [11][12] - The supply chain for nuclear fusion is maturing, with several A-share listed companies entering the supply chain, indicating a growing interest in the fusion energy sector [14][15] - The fusion industry is expected to enter a critical decade, with many companies planning to operate commercial demonstration plants by 2035 [8][10] Technological Advancements - Major advancements in China's fusion devices have been reported, including record plasma confinement times and temperature achievements, positioning the country as a leader in plasma technology [5][6] - Internationally, significant projects like ITER and commercial agreements for fusion energy procurement are paving the way for the practical application of fusion technology [7][8] Future Outlook - The timeline for commercial fusion energy is becoming clearer, with expectations that the first fusion power plant could be operational by 2030 [7][8] - The integration of AI and high-temperature superconductors is expected to further accelerate the development of fusion technology, enhancing feasibility and cost-effectiveness [16]

Core Viewpoint - The establishment of China Fusion Energy Company marks a significant milestone in advancing nuclear fusion commercialization in China, supported by major state-owned and private enterprises [2][10]. Group 1: Industry Growth and Investment - The global fusion industry has seen explosive growth, with total investments reaching $9.766 billion, a 414% increase since 2021 [3][4]. - The investment surge indicates increased investor confidence, technological advancements, and a maturing supply chain in the fusion sector [3][4]. Group 2: Technological Advancements - Major breakthroughs in China's nuclear fusion projects include the EAST achieving 1 million degrees Celsius for 1066 seconds, and the "China Circulation No. 3" reaching dual billion-degree operation [5][6]. - The international ITER project has completed all components for its superconducting magnet system, marking significant progress in global fusion efforts [6]. Group 3: Commercialization Timeline - The industry anticipates that the first commercial fusion power plants will begin operations between 2030 and 2035, with 35 companies planning to operate net energy gain demonstration plants by this timeframe [7][8]. Group 4: Capital and Investment Structure - The fusion industry in China is characterized by a collaborative structure involving national strategic capital, local industrial capital, and private innovation capital [10][11]. - The establishment of China Fusion Company, with over 11.469 billion yuan in registered capital, reflects a strategic move to solidify the central enterprises' role in the fusion sector [10]. Group 5: Supply Chain Development - The supply chain for nuclear fusion is maturing, with several A-share listed companies entering the sector, including Antai Technology and West Superconducting [12][13]. - The fusion industry is expected to drive demand across various supply chain segments as it transitions from technology validation to engineering implementation [13].