Summary of the Conference Call Industry Overview - The document pertains to the power industry, specifically focusing on the State Grid Corporation of China and its upcoming bidding activities for 2026. Key Points and Arguments - The State Grid is initiating the bidding process for 2026, with a supplementary bid for 2025's third batch, maintaining the same bidding volume as previously announced for this batch [1]. - A total of approximately 16.95 million smart meters are to be bid on, categorized as follows: - Class A: 14.91 million units - Class B: 1.69 million units - Class C: 0.34 million units - Class D: 0.0102 million units - High-end electric meters: 2,915 units [1]. - For transformers, the current bidding includes 882 units, which represents 13% of the total planned for 2025 [1]. - The bidding for switchgear includes 1,472 units, accounting for 9% of the total for 2025 [1]. - In terms of protection and monitoring equipment, the bidding includes: - 3,952 units of protection devices, representing 10% of the total for 2025 - 284 sets of substation monitoring equipment, showing a year-on-year increase of 8%, which accounts for 12% of the total for 2025 [1]. - The expected opening date for both bidding processes is March 2, 2025 [1]. Additional Important Information - The document emphasizes the consistency in bidding volumes compared to previous announcements, indicating a stable demand in the power equipment sector [1].

国网2026年度总部集中采购批次安排 从招标总量来看，2026年国网总部集中采购规划共104批次，在项目结构上，2026年延续了核心业务布局，覆盖输 变电、特高压、数字化、营销、电源等板块，其中特高压（26批次）、输变电（24批次）仍是集采主力品类。 输变电设备安排6个批次，分别为2、3、6、7、9、11月 特高压设备安排6个批次，分别为2、4、6、8、9、11月 计量设备安排3个批次，分别为3、6、10月 数字化项目安排4个批次，分别为3、6、7、9月 以上招标计划批次数量均和2025年初计划数量一致 注：以上根据公开资料统计，不代表分析师观点 从时间分布来看，2026年招标节奏呈现"多节点密集释放"特征，2月、3月、4月、6月、9月、11月为核心招标窗口 期。 输变电设备安排6个批次，分别为2、3、6、7、9、11月 特高压设备安排6个批次，分别为2、4、6、8、9、11月 计量设备安排3个批次，分别为3、6、10月 数字化项目安排4个批次，分别为3、6、7、9月 以上招标计划批次数量均和2025年初计划数量一致 注：以上根据公开资料统计，不代表分析师观点 从招标总量来看，2026年国网总部集中采购 国网 ...

Fixed Income - In 2025, China's total foreign trade import and export reached 45.47 trillion yuan, a historical high, with a year-on-year growth of 3.8% [7] - The People's Bank of China announced a 0.25 percentage point reduction in various structural monetary policy tool rates starting January 19 [8] - The bond market is expected to perform better than anticipated in 2026, with a focus on potential rebounds in long-term bonds [10] - The average issuance rate for AA+ and below urban investment bonds and industrial bonds is in the range of 2.3-2.5% [13] New Consumption - In December 2025, the total retail sales of consumer goods reached 45,136 billion yuan, with a year-on-year growth of 0.9% [17] - Urban and rural retail sales in December were 38,429 billion yuan and 6,707 billion yuan, respectively, with year-on-year growth of 0.7% and 1.7% [18] - The growth rate of catering retail sales outpaced that of goods, indicating a shift in consumer spending patterns [19] Pharmaceutical Industry - The US tumor gene testing industry is accelerating, with significant opportunities in the domestic market [21] - The pharmaceutical index fell by 0.68%, with a relative underperformance compared to the CSI 300 index [22] - The report suggests focusing on innovative drug companies and medical technology sectors, highlighting companies like China Biologic Products and Shanghai Yizhong [25] - The domestic market for MRD and early tumor screening is expected to grow rapidly, mirroring trends in the US [23] Public Utilities and Environmental Protection - In 2025, China's total electricity consumption exceeded 10 trillion kWh for the first time, with the tertiary industry and urban residents contributing 50% to the growth [32] - The National Grid's investment plan for the "14th Five-Year Plan" is expected to reach 4 trillion yuan, marking the highest historical investment in the grid [35] - The report emphasizes the importance of enhancing power supply quality and the need for a robust grid to accommodate increasing electricity demand [34] Technology and Robotics - The global humanoid robot shipment is projected to reach 13,318 units in 2025, with significant contributions from Chinese manufacturers [27] - The report highlights key companies in the humanoid robot supply chain, including KAIT and Dingzhi Technology, which are making strides in product development [28] - The North Exchange technology growth stocks showed a median increase of +1.89% during the reporting period [28]

| 收盘点位 | | 10679.07 | | --- | --- | --- | | 52 | 周最高 | 10950.05 | | 52 | 周最低 | 6107.84 | 行业相对指数表现（相对值） 2025-01 2025-03 2025-06 2025-08 2025-11 2026-01 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 59% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 证券研究报告：电力设备|点评报告 行业投资评级 强于大市 |维持 行业基本情况 分析师:苏千叶 SAC 登记编号:S1340525110004 Email:suqianye@cnpsec.com 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:盛炜 SAC 登记编号:S1340525120008 Email:shengwei@cnpsec.com 近期研究报告 《核电产业报告 1： ——全球核电复兴 下的 4 代核电的投资机会》 - 2026.01.06 电网投资加速，看好跨区建设和电 ...

Core Viewpoint - The investment plan of 4 trillion yuan by State Grid during the 14th Five-Year Plan period solidifies expectations for stable and strong growth in power grid investments over the next five years, while clarifying development directions such as ultra-high voltage, direct current transmission, and digital intelligence [1] Group 1: Investment Opportunities - Two key investment directions are recommended: 1) Domestic power equipment leading companies closely related to the domestic power grid investment climate and major projects like ultra-high voltage and flexible direct current [1] 2) Leading companies benefiting from significant domestic construction investments, while also considering high demand in overseas markets or emerging fields like AI [1]

Group 1 - The company emphasizes the importance of expanding its business in the core markets of State Grid and Southern Grid [1] - For the fiscal year 2025, the company has won multiple bids, with a total bid amount of approximately 350 million yuan in the State Grid marketing project for metering equipment [1] - The company also secured nearly 250 million yuan in the Southern Grid metering equipment framework bidding project [1] Group 2 - The bidding process for the power grid is characterized by multiple batches and detailed product categories, leading to fluctuations in market rankings for individual products based on different bidding items [1] - Overall, the company maintains stable market competitiveness in core product lines such as smart electric meters and continues to receive orders from grid customers [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint - In the short - term, copper prices are mainly oscillating weakly due to the enhanced market expectation of an economic downturn caused by Sino - US trade conflicts, although the fundamentals still support copper prices in the medium - term as domestic demand expectations during the "Golden September and Silver October" period are rising while domestic production is expected to decline slightly [6]. 3. Section Summaries 3.1 Market Review - During the National Day holiday, LME copper rose about 5% compared to before the holiday, driven by macro factors such as a 32,000 - person drop in ADP employment data, which strengthened the market's expectation of two Fed rate cuts within the year, and supply - side factors like the shutdown of the Grasberg copper mine and the fermentation of copper mine disruptions. The Shanghai copper main contract rose 4% on the first trading day after the holiday but weakened slightly on the 10th, closing at 85,910 yuan/ton. However, on the Friday night session, copper prices dropped significantly due to Trump's mention of imposing a 100% tariff on China, and are currently at the level of 83,000 yuan/ton [4]. 3.2 Supply and Demand - Supply: The Grasberg mine's output in Q4 2025 is nearly zero, about 200,000 tons less than the original guidance, and its 2026 output may drop about 35% from the original plan. Codelco in Chile had a significant year - on - year decline in August output, BHP's copper mine production disruptions increased, and Teck Resources lowered the production target of its large - scale mines. China's refined copper production in September was 1.121 million tons, a 4.31% month - on - month decrease, and is expected to decline 3.43% month - on - month in October. The China Nonferrous Metals Industry Association has proposed to strictly control the expansion of copper smelting capacity, and there may be a global copper mine supply gap in Q4 [4]. - Demand: After the holiday, the State Grid released some orders, and the resumption of work after the holiday is expected to further improve the downstream operating level, but high copper prices have a certain impact on market activity [4]. - Inventory: Global inventories have started to rise slightly. SMM expects an increase in imported and domestic copper supplies, and high copper prices will suppress downstream purchasing sentiment, so inventories are expected to increase this week [4]. 3.3 Macroeconomic Factors - On October 10th, the US announced a 100% tariff on China in response to China's export controls on rare earths and other related items and imposed export controls on all key software, which intensified market concerns about the global economic outlook and led to an increase in risk - aversion sentiment [5].

1. Report Industry Investment Rating No content provided regarding the industry investment rating. 2. Core Views of the Report - The AH premium has significantly declined due to factors such as the acceleration of southbound capital inflows, the increasing attractiveness of Hong Kong stocks' dividend - paying sectors, and the improvement of the Hong Kong stock market structure. It may converge in the long - term but cannot be completely eliminated [24]. - The short - term bond market lacks a clear main line, with the 10 - year Treasury bond yield ranging between 1.6 - 1.8%. The short - end is benefited by loose liquidity, while the long - end is affected by the stock market and domestic demand policies. It is recommended to seize coupon opportunities of ordinary credit bonds, secondary perpetual bonds, and certificates of deposit [24]. - The margin trading balance has exceeded 2 trillion yuan again, reflecting the increasing market activity. The current A - share market has different characteristics from 2015, and the overall performance this year is expected to be better than that in 2013 [25]. - The short - term stock market may enter a consolidation period, and the focus may shift to style switching. For convertible bonds, it is recommended to reduce positions, take profits on high - priced varieties, and adjust the portfolio structure [25]. 3. Summary by Directory 3.1 Macro Data - In Q2 2025, GDP grew by 5.2% year - on - year, slightly lower than the previous quarter [1]. - In July 2025, the manufacturing PMI was 49.3%, down from the previous month; the non - manufacturing PMI was 50.1%, also lower than the previous month [1]. - In June 2025, the year - on - year growth rates of M0, M1, and M2 were 12.0%, 4.6%, and 8.3% respectively, showing different trends compared to the previous month and the same period last year [1]. - In July 2025, exports increased by 7.2% year - on - year, and imports increased by 4.1% year - on - year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The US will suspend the implementation of a 24% tariff on Chinese goods for another 90 days starting from August 12, 2025, while retaining a 10% tariff [2]. - Ant Group and China National Rare Earth Group have refuted the rumor of jointly building a rare - earth RMB stablecoin [2]. - The probability of the Fed cutting interest rates by 25 basis points in September is 85.9%, and the probability of cumulative rate cuts of 50 basis points in October is 55.1% [3]. 3.2.2 Metals - The suspension of lithium mine production by CATL has led to a full - board limit - up of lithium carbonate futures contracts, driving up the prices of domestic lithium carbonate spot and lithium mine stocks [4]. - The national standard for the transportation safety and multimodal transport of power lithium batteries will be implemented on February 1, 2026 [4]. - As of August 8, the inventories of various metals such as tin, zinc, and aluminum showed different changes [5]. 3.2.3 Coal, Coke, Steel, and Minerals - In June, the copper production of Escondida and Collahuasi mines in Chile decreased year - on - year [7]. - Codelco is gradually resuming the operation of its largest copper mine, El Teniente [7]. 3.2.4 Energy and Chemicals - The refined oil price may experience the fourth suspension of adjustment this year due to the rise and then fall of international oil prices during the current pricing cycle [8]. - Chongqing has issued regulations on the development and construction of distributed photovoltaic power generation [9]. - India plans to launch a credit guarantee plan and has released $3.4 billion in oil rescue compensation [9]. - In June, Colombia's natural gas and oil production decreased year - on - year [9]. - UBS expects Brent crude oil prices to fall to $62 per barrel by the end of this year and rise to $65 per barrel by mid - 2026 [10]. 3.2.5 Agricultural Products - Mexico has set a minimum export price for fresh tomatoes after the US imposed tariffs [11]. - Malaysia's palm oil exports in July increased by 3.82% compared to June [12]. 3.3 Financial News Compilation 3.3.1 Open Market - On August 11, the central bank conducted 112 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 432.8 billion yuan [13]. 3.3.2 Key News - The Ministry of Finance and the State Taxation Administration are soliciting public opinions on the implementation regulations of the VAT law [14]. - The central settlement company simplifies the investment process for overseas central bank - type institutions [14]. - The China Inter - bank Market Dealers Association strengthens the self - discipline management of underwriting quotes in the inter - bank bond market [15]. - The science and technology innovation bond market has expanded rapidly, and efforts are needed to improve the recognition of private enterprise science and technology innovation bonds [16]. - The debt risk of real estate enterprises is gradually being resolved, and the industry is moving towards a new stage [16]. 3.3.3 Bond Market Summary - Yields of major interest - rate bonds in the inter - bank market generally rose, and Treasury bond futures closed down [18]. - In the exchange bond market, some bonds of AVIC Industry - Finance Holdings Co., Ltd. and Treasury bonds rose, while some other bonds fell [18]. - The CSI Convertible Bond Index rose, and the performance of individual convertible bonds varied [19]. - Money market rates showed different trends, and the yields of financial bonds and Treasury bonds in auctions were announced [20]. - European and US bond yields showed different trends [22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, while the central parity rate was depreciated [23]. - The US dollar index rose, and most non - US currencies fell [23]. 3.3.5 Research Report Highlights - The AH premium has declined significantly, and it may converge in the long - term [24]. - The short - term bond market lacks a clear main line, and the 10 - year Treasury bond yield ranges between 1.6 - 1.8% [24]. - The margin trading balance has exceeded 2 trillion yuan again, and the A - share market is more active [25]. - The short - term stock market may enter a consolidation period, and convertible bond investment strategies need adjustment [25]. 3.4 Stock Market Key News - The A - share market was operating at a high level, with the Shanghai Composite Index rising for six consecutive days. Most stocks rose, and the trading volume expanded [30]. - The Hong Kong Hang Seng Index rose slightly, and the performance of different sectors varied [30]. - Many funds have suspended large - scale subscriptions due to the A - share market recovery [30]. - Four public funds have announced self - purchase plans for equity funds [31].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, with a focus on their growth potential and market positioning [5][6]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 1.39%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 4.14% [1]. - The photovoltaic industry is experiencing a price decline across the supply chain, but overseas demand remains strong, with several domestic companies securing significant international orders [3][29]. - The State Grid is accelerating major project constructions, enhancing the "West-to-East Power Transmission" initiative, which supports the green and low-carbon transition of the economy [4]. Summary by Sections New Energy Vehicles - Better Ray launched new products aimed at solid-state battery technology, providing high energy and safety material solutions [2][11]. - The solid-state battery materials include high-nickel cathodes and silicon-based anodes, which enhance performance and safety [11][19]. Photovoltaics - The price of the photovoltaic supply chain has decreased, starting from the component level and affecting upstream materials significantly [29]. - Domestic demand has not collapsed post-531 policy, but some orders may be canceled due to grid connection deadlines [29]. - Major companies like Longi and Trina Solar have secured substantial overseas contracts, indicating a robust international market presence [29][31]. Electric Equipment and Automation - The State Grid's recent advancements in ultra-high voltage power grid construction are pivotal for clean energy transmission and economic transformation [4]. - Key companies to watch include Ningde Times, Keda Li, and others involved in significant project developments [4]. Company Earnings Forecasts and Valuations - Key companies are projected to have strong earnings growth, with Ningde Times expected to achieve an EPS of 15.19 in 2025, maintaining a PE ratio of 17 [5]. - Other recommended companies include Keda Li, Zhongke Electric, and Hunan YN, all showing promising growth trajectories [5]. Market Trends - The report highlights the ongoing trends in the lithium battery materials market, with prices showing slight fluctuations but overall stability [24]. - The photovoltaic industry is expected to recover as supply chain prices stabilize, with a focus on companies that can innovate and differentiate themselves [38].

Summary of Low Altitude Economy Conference Call Industry Overview - The conference focused on the **low altitude economy**, which encompasses various sectors including **general aviation**, **electric vertical takeoff and landing (eVTOL)**, **drone logistics**, and **low altitude tourism** [1][2][4]. Key Points and Arguments 1. **Understanding Low Altitude Economy**: - The low altitude economy can be categorized into three main scenes: **low altitude transportation**, **low altitude logistics**, and **low altitude digital economy**. The digital economy serves as the foundational infrastructure for the other two [2][4]. 2. **Importance of Infrastructure**: - Establishing robust infrastructure is crucial for the development of logistics and manned flights. Without it, these sectors cannot thrive [3][4]. - The integration of drone inspection services with low altitude infrastructure is essential for creating a commercial ecosystem [3][8]. 3. **Technological Advancements**: - The development of **AI** and **big data** is pivotal in enhancing low altitude operations, including air traffic management and data processing [6][18]. - The evolution of **battery technology** and **electric propulsion** is necessary for the advancement of flying vehicles [15][16]. 4. **Application Scenarios**: - Various application scenarios were discussed, including **agricultural monitoring**, **power line inspections**, and **emergency response** [10][37]. - The potential for **urban air mobility** using eVTOLs is seen as a significant growth area within the low altitude economy [9][12]. 5. **Regulatory Environment**: - The development of the low altitude economy is heavily influenced by government policies and regulations. There is a need for coherent policies that facilitate the growth of this sector [47][50]. - The establishment of industry standards and safety regulations is critical for ensuring safe operations in low altitude airspace [49][52]. 6. **Challenges and Future Outlook**: - The industry faces challenges such as the need for patience in development and the importance of sustained investment over time [27][30]. - The integration of low altitude operations with **satellite technology** and **5G** is expected to enhance communication and operational efficiency [44][46]. Other Important but Overlooked Content - The discussion highlighted the necessity for **collaboration** among various stakeholders, including government, industry players, and investors, to create a conducive environment for the low altitude economy [47][48]. - The role of **emergency response** applications for drones was emphasized, showcasing their importance in disaster management and recovery efforts [37][39]. - The potential for **cross-industry collaboration** was noted, particularly in leveraging technologies from sectors like **commercial space** to enhance low altitude operations [43][44]. This summary encapsulates the key discussions and insights from the conference, providing a comprehensive overview of the low altitude economy's current state and future potential.