证券代码：002028 证券简称：思源电气 公告编号：2025-043 思源电气股份有限公司 关于和第三方共同成立合资公司的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次投资有利于公司进一步强化产业链，符合公司发展战略和整体利益，本次投资 的资金来源于公司自有资金，预计对公司本年度的财务状况和经营成果不会产生重大影响。 2、本次合作不构成关联交易，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。 3、本次合作各方基于合作意愿已达成了框架性合作意向，最终方案将根据尽职调查、 评估工作完成后，由交易各方协商确定后签署正式合作协议。后续能否签订正式合作协议、 签订时间等存在不确定性。 4、本次设立合资公司尚需办理工商注册相关手续，能否完成相关审批手续存在不确定 性，公司将根据相关事项的进展情况，及时履行信息披露义务。 5、本次设立合资公司可能受到政策变化、市场竞争等因素影响导致收益存在不确定性， 敬请广大投资者理性投资，注意风险。 一、投资概述 1.1、基本情况 思源电气股份有限公司（下称"公司"）计划使用自有资金和第三方在北 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-044 思源电气股份有限公司第八届董事会第二十四次会议决议公告 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、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第二十四次会议的会议通知于 2025年9月17日分别以专人、电子邮件等形式送达公司全体董事。会议于2025年9月25采取 书面通讯表决的方式召开。会议由董事长董增平先生主持，会议应出席董事7人，实际出席 董事7人。会议的召开符合法律、法规、规章及《公司章程》的规定。 1 / 2 二〇二五年九月二十五日 二、董事会会议审议情况 1、以7票同意，0票反对，0票弃权，审议通过了《关于和第三方共同成立合资公司的 决议》。 为了共同推进IGCT阀组技术的产业化进程，加速实现技术创新突破和市场应用拓展， 以怀柔实验室为代表的技术方和以公司为代表的产业方拟在北京怀柔区怀柔科学城共同设 立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资，知识产权出资比 例暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70 ...

Core Insights - The signing ceremony for 13 major cooperation projects in Huairou Science City marks a significant step towards integrating technological and industrial innovation, with expected investments exceeding 5 billion yuan and generating over 40 billion yuan in output [1][3]. Group 1: Project Overview - The signed projects focus on four strategic areas: energy, information intelligence, life health, and instrument sensors, aiming for breakthroughs in core technologies such as new converter equipment and flexible coal-fired power generation [3][5]. - Six of the projects are transformation projects from Huairou Laboratory, involving leading companies like CRRC Times Semiconductor and Dongfang Electric, collaborating on cutting-edge technologies [5]. Group 2: Sector-Specific Developments - In the information intelligence sector, the focus is on aerospace industry innovation, enhancing independent research capabilities through collaboration with enterprises [7]. - The life health sector aims to accelerate the transformation of innovative results, particularly in the development of domestic innovative drugs and life science industry funds [9]. - The instrument and sensor sector emphasizes the localization of high-end scientific instruments, supporting Beijing's goal of becoming a hub for high-end scientific instrument innovation [9]. Group 3: Infrastructure and Ecosystem - Huairou Science City is evolving into a world-class original innovation hub, housing a national laboratory and multiple research institutions, providing comprehensive support for technology research and industrialization [11]. - The area has established 37 scientific facility platforms, making it one of the most densely populated regions for scientific infrastructure in the country [11]. Group 4: Future Prospects - The signing of these projects is seen as a new starting point for Huairou Science City to enhance its innovation ecosystem, ensuring rapid project implementation and effectiveness [14][16]. - The city plans to continue fostering an open cooperation model, optimizing support systems, and attracting more leading enterprises and research institutions to create a model for integrated development of scientific facilities and industrial ecosystems [16].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Clean Energy in China, focusing on wind and solar installations - **Target**: China aims to achieve 3,600GW of wind and solar installations by 2035 [1][2] Core Insights and Arguments - **Installation Projections**: - From 2026 to 2035, China is expected to add a total of 1,787GW of wind and solar installations, averaging 179GW annually [7] - In 2025 alone, the forecast is for 406GW of new installations, comprising 106GW from wind and 300GW from solar [7] - Cumulative installations are projected to reach 1,816GW by the end of 2025, with wind at 627GW and solar at 1,187GW [7] - **Market Dynamics**: - Wind power installations are anticipated to outpace solar installations during 2026-2035 due to a more favorable tariff outlook and better return profiles [2][7] - Significant advancements in deep-sea offshore wind technology are expected during the 15th five-year plan [2] - **Supporting Infrastructure**: - There is an expected robust demand for energy storage and power grid enhancements to accommodate the influx of renewable energy [3] - Energy storage will play a critical role in managing the intermittency of wind and solar power, necessitating investments in ultra-high voltage (UHV) transmission and smart grid upgrades [3] Additional Important Information - **Energy Consumption Goals**: - Non-fossil energy sources are projected to account for over 30% of total energy consumption by 2035 [7] - The national carbon emissions trading market is expected to encompass most high-emission sectors, contributing to a reduction of net greenhouse gas emissions by 7-10% from peak levels [7] - **Investment Outlook**: - The clean energy sector in China is viewed as attractive, with ongoing reforms and investments expected to drive growth [5] - **Analyst Ratings**: - Various companies within the clean energy sector have been rated by Morgan Stanley, indicating a mix of overweight and equal-weight ratings, reflecting a positive outlook on the industry [58] This summary encapsulates the critical insights and projections regarding China's clean energy sector, highlighting the ambitious targets set for wind and solar installations, the supporting infrastructure needed, and the overall investment attractiveness of the industry.

Core Viewpoint - The stock of Siyuan Electric has shown significant growth this year, with a year-to-date increase of 39.99%, and the company is involved in the research, production, and sales of power transmission and transformation equipment [1][2]. Group 1: Stock Performance - On September 25, Siyuan Electric's stock price decreased by 2.04%, closing at 101.07 CNY per share, with a trading volume of 3.86 billion CNY and a turnover rate of 0.62% [1]. - The company has experienced a net outflow of 29.98 million CNY in principal funds, with large orders accounting for 19.21% of total purchases and 26.18% of total sales [1]. - Over the past five trading days, the stock has increased by 5.10%, and over the past 20 and 60 days, it has risen by 18.63% and 37.42%, respectively [1]. Group 2: Financial Performance - For the first half of 2025, Siyuan Electric reported a revenue of 8.497 billion CNY, representing a year-on-year growth of 37.80%, and a net profit attributable to shareholders of 1.293 billion CNY, up 45.71% year-on-year [2]. - The company has distributed a total of 2.509 billion CNY in dividends since its A-share listing, with 930 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders of Siyuan Electric increased by 7.37% to 20,000, while the average circulating shares per person decreased by 6.82% to 30,409 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 155 million shares, a decrease of 1.4071 million shares from the previous period [3].

Core Insights - The introduction of a comprehensive financial policy on September 24 has led to a significant increase in the holdings of patient capital, which has reached historical highs, providing stability to the A-share market [1][2][6] Group 1: Patient Capital Growth - As of the end of August, the total market value of various long-term funds holding A-shares has reached 21.4 trillion yuan, a 32% increase compared to the end of the 13th Five-Year Plan [2] - The "national team," including central financial institutions, has a combined A-share holding value exceeding 3.7 trillion yuan, nearing historical peaks [2] - Insurance funds and social security funds have also reached record high holdings, surpassing 2 trillion yuan [2] Group 2: Investor Activity - The number of new individual investor accounts has surged, with 6.8468 million new accounts opened in October 2024, a 274.67% increase month-on-month, marking the highest level since June 2015 [3] - Since September 24, 2024, the total number of new A-share accounts has increased by over 80% compared to the previous 11 months, totaling 28.79 million [3] Group 3: Margin Financing Expansion - The margin financing balance has increased from 1.39 trillion yuan on September 24 to 2.42 trillion yuan, a growth of 41.97% [4] - The financing balance has reached a historical high of over 2.4 trillion yuan, with the financing buy-in amount consistently representing about 12% of A-share trading volume [4] Group 4: Foreign Capital Inflow - As of the end of the second quarter of 2025, the total market value of northbound funds has reached 2.29 trillion yuan, reflecting a more than 2% increase from the previous quarter [5] - Foreign capital is increasingly focusing on long-term and value investments, with significant holdings in companies like Ningde Times and WuXi AppTec [5] Group 5: Market Stability and Future Outlook - The combined efforts of various patient capital sources have led to a qualitative transformation in the market ecosystem, with the annualized volatility of the Shanghai Composite Index decreasing from 18.7% to 15.9% [5][6] - The market is expected to transition from scale expansion to quality improvement, supported by the influx of long-term capital [6]

Group 1 - The core viewpoint of the news is that Siyuan Electric has seen a significant increase in its stock price, rising 2.12% to 102.00 CNY per share, with a total market capitalization of 79.397 billion CNY and a cumulative increase of 6.06% over three days [1] - Siyuan Electric, established on December 2, 1993, and listed on August 5, 2004, specializes in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector [1] - The trading volume for Siyuan Electric reached 729 million CNY, with a turnover rate of 1.19% [1] Group 2 - Jihe Fund has a significant holding in Siyuan Electric, with its Jihe Jinpeng Tianli Mixed A Fund (008905) holding 150,000 shares, representing 1.52% of the fund's net value, ranking as the tenth largest holding [2] - The Jihe Jinpeng Tianli Mixed A Fund has generated a floating profit of approximately 318,000 CNY today and 874,500 CNY during the three-day increase [2] - The fund was established on April 29, 2020, with a current scale of 305 million CNY, and has achieved a year-to-date return of 14.82% [2]

Company Overview - Suyuan Electric Co., Ltd. is located at 3399 Huanning Road, Minhang District, Shanghai, established on December 2, 1993, and listed on August 5, 2004. The company specializes in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector and 0.53% from automotive electronics [1][2]. Stock Performance - As of September 23, Suyuan Electric's stock price increased by 2.03%, reaching 101.91 CNY per share, with a trading volume of 482 million CNY and a turnover rate of 0.79%, resulting in a total market capitalization of 79.327 billion CNY [1]. - Year-to-date, the stock price has risen by 41.15%, with a 9.42% increase over the last five trading days, a 20.08% increase over the last 20 days, and a 40.35% increase over the last 60 days [1]. Financial Performance - For the first half of 2025, Suyuan Electric reported a revenue of 8.497 billion CNY, representing a year-on-year growth of 37.80%, and a net profit attributable to shareholders of 1.293 billion CNY, reflecting a year-on-year increase of 45.71% [2]. - The company has distributed a total of 2.509 billion CNY in dividends since its A-share listing, with 930 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Suyuan Electric had 20,000 shareholders, an increase of 7.37% from the previous period, with an average of 30,409 circulating shares per shareholder, a decrease of 6.82% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 155 million shares, a decrease of 1.4071 million shares from the previous period [3].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Clean Energy, specifically focusing on solar products in China and the Asia Pacific region [1][4] Core Insights and Arguments - **Polysilicon Prices**: - Average price for chunk polysilicon reached Rmb51/kg, reflecting a 2.0% increase week-over-week (WoW) [3][7] - Granular polysilicon prices remained stable at Rmb49/kg [7] - **Wafer and Cell Prices**: - Domestic wafer prices increased by 0-3.8% WoW, with prices ranging from Rmb1.35 to Rmb1.70 per piece [7] - Domestic cell prices remained flat WoW, priced between Rmb0.285 and Rmb0.31 per watt [7] - **Module Prices**: - TOPCon module prices for ground-mounted and distributed projects were stable at Rmb0.67/W and Rmb0.70/W, respectively [7] - Prices for TOPCon modules in the US, EU, and India also remained unchanged, with US prices at US$0.30/W [7] - **Solar Film and Resin Prices**: - Prices for solar films increased by 0-8.1% WoW, while EVA resin prices rose by 0.9-3.5% WoW [7] - POE resin prices remained stable [7] Year-over-Year and Month-over-Month Changes - **Year-over-Year (YoY) Changes**: - Polysilicon prices increased by 27.5% YoY, while wafer prices rose by 25.0% YoY [2] - Cell prices saw a 10.7% increase YoY [2] - TOPCon bifacial module prices decreased by 8.0% YoY [2] - **Month-over-Month (MoM) Changes**: - Polysilicon prices increased by 15.9% MoM, while wafer prices rose by 12.5% MoM [2] - Cell prices increased by 6.9% MoM [2] Additional Important Information - **Market Sentiment**: The clean energy sector, particularly solar products, is viewed as attractive for investment [4] - **Analyst Contacts**: Key analysts involved in the report include Eva Hou, Albert Li, and Estelle Wang, providing insights into the clean energy market [3] Conclusion The clean energy sector, particularly solar products in China, is experiencing price increases across various components, indicating a robust market environment. The stability in module prices and the increase in polysilicon and wafer prices suggest a positive outlook for the industry moving forward.

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The AIDC power equipment sector has seen a general increase in the past two weeks, with the top three performers being Uninterruptible Power Supply (UPS) (+21.0%), High Voltage Direct Current (HVDC) (+20.7%), and Battery Backup Unit (BBU) (+15.9%) [4] - The industry perspective indicates that global giants like Vertiv, Eaton, and Schneider have established strong product lines and solution capabilities in the data center power equipment sector, while domestic companies are gaining competitive advantages in various segments [4] - The year 2025 is anticipated to be a pivotal year for global AIDC construction, with significant capital expenditures expected from major cloud providers [4] - The report suggests focusing on technological innovations in data center power distribution, particularly the adoption of 800V HVDC and solid-state transformers [4] Summary by Sections AIDC Power Equipment - The demand for AIDC power equipment is projected to grow significantly, with an expected annual average growth rate of 20% from 2025 to 2030 [12] - The estimated market space for various AIDC power equipment by 2030 includes: transformers (85 billion), medium and low voltage switchgear (341 billion), UPS (41 billion), HVDC (380 billion), and solid-state transformers (239 billion) [12] - The report highlights the importance of focusing on four key areas: transformer/switchgear, UPS/HVDC, active power filters (APF), and server power supply [4] Grid Industry - The national power engineering investment completion amount for July 2025 was 65.3 billion, a year-on-year decrease of 8.9%, while the cumulative investment from January to July was 428.8 billion, an increase of 3.1% [31] - The national grid engineering investment completion amount for July 2025 was 40.4 billion, a year-on-year decrease of 0.7%, with a cumulative investment of 331.5 billion from January to July, reflecting a 12.5% year-on-year increase [32] - The report indicates that the bidding for ultra-high voltage projects is expected to see a concentrated release in the second half of 2025, with related companies maintaining strong performance certainty and scarcity [4] - The report recommends focusing on three main areas in the grid sector: ultra-high voltage orders and deliveries, virtual power plants, and the international expansion of power equipment [4]