广东明阳电气股份有限公司 关于为全资子公司提供担保的进展公告 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、担保情况概述 广东明阳电气股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开 第二届董事会第十二次会议和第二届监事会第十二次会议、于 2025 年 5 月 16 日召开 2024 年年度股东会，审议通过了《关于 2025 年度为合并报表范围内子公 司提供担保额度预计的议案》，同意公司为合并报表范围内的子公司提供预计合 计不超过 86,000 万元的担保额度，有效期限自 2024 年年度股东会审议通过之日 起至 2025 年年度股东会召开之日止。在上述担保额度和期限内，授权公司管理 层在担保额度内签署与担保相关的合同及法律文件，无需再逐项提请公司董事会 和股东会审批。具体内容详见公司在巨潮资讯网上披露的相关公告。 二、担保进展情况 （一）本次担保进展情况 1、近日，根据公司全资子公司广东博瑞天成能源技术有限公司（以下简称 "博瑞天成"）的实际生产经营需要，公司为博瑞天成向中国农业银行股份有限 公司中山火炬高技术产业开发区支行(以下 ...

华安证券（600909）股份有限公司研究员张志邦、郑洋2025年11月10日发布研报《明阳电气：计提减值 利润承压海外、数据中心业务扩展有望带来新增量》称，维持"买入"评级。 中国经济网北京12月31日讯明阳电气（301291）(301291.SZ)今日收报587.90元，跌幅3.50%。 2025年11月10日，明阳电气盘中达到近10个月股价最高点55.65元。 ...

12月30日恒生指数公司发文，根据日期为2025年12月15日的计划文件，关于根据《公司条例》第673条 以协议安排方式将恒生银行(00011)私有化之建议，该计划须(其中包括)获得将于2026年1月8日举行的法 院会议及股东大会的批准。若该计划于上述会议获得批准，恒生银行股份预期将于联交所撤销上市，最 后交易日为2026年1月14日(星期三)。 若获得相关批准，并根据计划文件所载的现行时间表，恒生银行将于2026年1月14日收市后以当天收市 价从下列指数及其分类指数中剔除。变动将于2026年1月15日起生效。 | | 将从下列有成份股备选名单的指数剔除 | | 成份股替换 | | --- | --- | --- | --- | | | | 股份代号 | 公司 | | . | 恒生香港 35 | 1208.HK | 五矿资源有限公司 | | . | 恒生内地及香港可持续发展企业指数 | 1113.HK | 长江实业集团有限公司 | | . | 恒生可持续发展企业指数 | | | | . | 恒生沪深港通大湾区综合指数系列 | 301291.SZ | 广东明阳电气股份有限公司 | | . | 恒生泸深港通大湾区 ...

智通财经APP获悉，12月30日恒生指数公司发文，根据日期为2025年12月15日的计划文件，关于根据 《公司条例》第673条以协议安排方式将恒生银行(00011)私有化之建议，该计划须(其中包括)获得将于 2026年1月8日举行的法院会议及股东大会的批准。若该计划于上述会议获得批准，恒生银行股份预期将 于联交所撤销上市，最后交易日为2026年1月14日(星期三)。 若获得相关批准，并根据计划文件所载的现行时间表，恒生银行将于2026年1月14日收市后以当天收市 价从下列指数及其分类指数中剔除。变动将于2026年1月15日起生效。 | | 将从下列没有成份股备选名单的指数及其分类指数剔除 | | --- | --- | | . | 恒生指数 | | | 恒生金融分类指数 | | . | 恒生综合指数 | | | 恒生综合行业指数 - 金融业 0 | | | 恒生综合大型股指数 | | | 恒生综合大中型股指数 0 | | . | 恒生可持续发展企业基准指数 | | . | 恒生等权重指数 | | . | 恒生高股息率指数 | | . | 恒生低波幅指数 | | . | 恒生港股通指数 | | . | 恒生港股 ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [1] Core Insights - The artificial intelligence (AI) industrialization wave is approaching, leading to a rapid increase in demand for Artificial Intelligence Data Centers (AIDC) [4][11] - Power distribution equipment is a crucial component of AIDC and is expected to benefit significantly from the high demand in AIDC [36] - Major companies involved in the AIDC sector are highlighted, indicating potential investment opportunities [3] Summary by Sections Section 1: AI Industrialization and AIDC Demand Growth - AI is at a critical turning point for commercial deployment, driving a rapid increase in demand for intelligent computing power [4][11] - AIDC serves as the physical carrier for intelligent computing power, benefiting from the AI industrialization wave [12] - AIDC is evolving towards high energy consumption and high density, necessitating continuous upgrades in power distribution equipment [30][35] Section 2: Power Distribution Equipment in AIDC - Power distribution equipment is a vital part of AIDC, accounting for approximately 13% of initial investment costs [42] - AIDC's power supply architecture typically employs redundancy designs to ensure high reliability [43][44] - Diesel generator sets are the most common backup power solution for AIDC [56][60] - The transition from UPS to high-voltage direct current (HVDC) systems is anticipated, with HVDC becoming the mainstream architecture in the future [68][86] - The market for server power supplies is projected to exceed 100 billion, with supercapacitors and battery backup units (BBU) being key growth areas [113]

明阳电气公告，中山明阳将300万股首发前限售股质押给渤海国际信托股份有限公司，质押期自2025年 12月25日至办理解除质押登记为止，占其持股2.30%、占公司总股本0.96%，用于偿还贷款。截止公告 披露日，中山明阳及一致行动人持股1.37亿股，占44.02%，累计质押4930万股，占其持股35.87%、占公 司总股本15.79%。 ...

证券代码：301291 证券简称：明阳电气 公告编号：2025-064 广东明阳电气股份有限公司 关于控股股东部分股份新增质押的公告 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。 广东明阳电气股份有限公司（以下简称"公司"）近日接到控股股东中山市 明阳电器有限公司（以下简称"中山明阳"）的函告，获悉其所持有本公司的部 分股份办理了质押登记，具体事项如下： 一、股东股份质押基本情况 1、本次股份质押基本情况 | 股东 | 是否为控 股股东或 | 本次质押 | 占其所持 | 占公司总 | 是否为 | 是否为 | | | 质押到 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | | | | 补充质 | 质押起始日 | | | 质权人 | | | 名称 | 东及其一 | 数量（股） | 股份比例 | 股本比例 | 限售股 | 押 | | | 期日 | | 用途 | | | 致行动人 | | | | | | | | | | | ...

Core Viewpoint - The data center dry-type transformer industry is experiencing unprecedented growth opportunities and technological innovations driven by the acceleration of global digitalization and the explosive development of artificial intelligence (AI) technology [5][7]. Product Definition - Data center transformers are crucial devices designed for power distribution systems, responsible for voltage conversion, electrical isolation, and power protection. They are essential for reducing high or medium voltage electricity to the low voltage required by servers and related loads [2]. - Compared to ordinary transformers, data center transformers emphasize high reliability, low energy consumption, fire safety, and environmental adaptability. Common types include dry-type transformers and oil-immersed transformers, each suited for different power supply stages and environmental needs [2][3]. Industry Development Overview - The dry-type transformer market for data centers is projected to grow significantly, with global sales expected to reach $888 million in 2024 and $2.463 billion by 2031, reflecting a compound annual growth rate (CAGR) of 14.53% from 2025 to 2031. The Chinese market is anticipated to account for 31.46% of the global market in 2024, increasing to 33.62% by 2031 [7][8]. - Major international manufacturers include Schneider Electric, Siemens Energy, GE Vernova, Hitachi Energy, and Hyosung Heavy Industries, which collectively hold 56.80% of the market share in 2024 [7]. Industry Growth Drivers - The demand for data centers is surging due to advancements in cloud computing, AI, and big data technologies, particularly with the rise of hyperscale data centers. In 2023, over 300 data centers are under construction globally [10]. - China's "East Data West Computing" initiative is expected to drive over 100 billion yuan in new infrastructure investments annually, significantly increasing transformer demand in western hub nodes [11]. - The need for energy efficiency upgrades is pressing, with the EU's Energy Efficiency Directive mandating that new data centers achieve a Power Usage Effectiveness (PUE) of ≤1.3 by 2025, and China's requirement for eastern hubs set at ≤1.25 [11]. Technological Innovations - The industry is focusing on new materials like amorphous alloys and optimizing designs to reduce no-load and load losses, meeting higher energy efficiency standards [15]. - Integration of sensors and monitoring systems for real-time parameter tracking is becoming standard, enabling predictive maintenance and remote management [16]. - Modular designs are increasingly favored for their rapid deployment and scalability, catering to the dynamic needs of data centers [17]. Market Challenges - Fluctuations in raw material prices, such as copper and silicon steel, can directly impact manufacturing costs and profit margins [19]. - High R&D costs for developing energy-efficient and intelligent transformers pose significant challenges, especially for small and medium-sized enterprises [19]. - The tightening delivery timelines for data center construction necessitate optimized supply chain management to meet customer demands [19]. Competitive Landscape - The market is characterized by high entry barriers due to stringent efficiency, safety, and environmental standards that transformers must meet [20]. - Established brands enjoy strong customer loyalty and trust, making it difficult for new entrants to gain market share despite potential price advantages [20].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 3.12% in the week from December 15 to December 19, 2025, underperforming the Shanghai Composite Index [1]. - QuantumScape (QS) signed a joint development agreement with a global top ten automotive manufacturer, marking significant progress in its commercial expansion goals for 2025 [2]. - China's photovoltaic module exports reached approximately 20.29 GW in October 2025, a year-on-year increase of 17% [3]. - The completion of the Jinshang-Hubei ±800 kV UHVDC project marks a historical high in grid construction intensity, with an investment of 33.4 billion yuan [4]. Summary by Sections 1. New Energy Vehicles - QS's partnership with a major automotive manufacturer signifies a key advancement in its business expansion for 2025, with ongoing collaborations with several top car manufacturers [14]. - The energy density of QS's solid-state battery reaches 844 Wh/L, supporting fast charging and high discharge rates [17]. - The company is focused on expanding its cooperative ecosystem and accelerating the commercialization of solid-state batteries [24]. 2. New Energy Generation - China's photovoltaic module exports in October 2025 were approximately 20.29 GW, reflecting a 17% year-on-year growth [35]. - The cumulative export volume reached 226.45 GW by the end of October, with a year-on-year increase of 11% [35]. - The European market remains the largest, but exports have declined for two consecutive months, with a 31% decrease month-on-month [36]. 3. Electric Equipment and Automation - The Jinshang-Hubei ±800 kV UHVDC project has been officially completed, with a total investment of 33.4 billion yuan, capable of transmitting approximately 40 billion kWh of clean electricity annually [54]. - The project enhances the capacity for large-scale development of hydropower and renewable energy in the upper reaches of the Jinsha River [54]. - The National Grid has completed 42 UHV projects, significantly supporting the large-scale delivery of clean energy from the western and northern regions [55]. 4. Weekly Sector Performance - The electric equipment and new energy sector saw a decline of 3.12%, ranking 30th in performance, with the new energy vehicle index showing the largest increase of 0.14% [1]. - The nuclear power index experienced the largest decline of 4.07% during the same period [1].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The European Union announced a comprehensive plan for grid upgrades, expecting to invest €1.2 trillion by 2040, with €730 billion allocated for distribution networks and €240 billion for hydrogen networks. The plan anticipates an average annual investment of €80 billion, compared to the current annual investment of €50-60 billion. This investment will cover power interconnection, energy storage, and hydrogen sectors. The EU aims to reduce industrial electricity prices to enhance the export competitiveness of its industrial products [2][3] Summary by Sections Investment Opportunities - Domestic manufacturers are well-positioned in high-voltage transmission, smart meters, and wind power, with advanced technologies. China's high-voltage technology enables large-scale, long-distance power transmission, effectively addressing energy distribution issues, making it highly competitive in overseas grid construction. The global power grid upgrade cycle is expected to significantly benefit these companies [4] Recommendations - The report suggests focusing on investment opportunities in power equipment exports and recommends companies such as Siyi Electric, Igor, Jinpan Technology, TBEA, China XD Electric, Huaming Equipment, Shunma Power, Mingyang Electric, and Samsung Medical [4]