Core Viewpoint - The stock of Jinzhu Pipeline has shown a significant increase of 45.52% year-to-date, despite a recent slight decline in the last five trading days, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Jinzhu Pipeline reported a revenue of 3.179 billion yuan, representing a year-on-year decrease of 6.73% [2]. - The net profit attributable to the parent company for the same period was 93.7451 million yuan, down 23.75% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinzhu Pipeline was 28,100, a decrease of 17.01% from the previous period [2]. - The average number of circulating shares per shareholder increased by 20.49% to 18,467 shares [2]. Dividend Distribution - Since its A-share listing, Jinzhu Pipeline has distributed a total of 1.106 billion yuan in dividends, with 160 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the fifth largest circulating shareholder is Guotai Zhongxin Steel ETF, holding 4.1532 million shares as a new shareholder [3]. - The fund "Guangfa Multi-Factor Mixed" has exited the list of the top ten circulating shareholders [3].

11月5日，A股三大指数集体回调，全市场唯一的电网设备ETF（159326）逆市拉升，截至10点35 分，涨幅1.66%，在全市场ETF中涨幅居首，成交额达1.4亿元，稳居同类第一，持仓股中能电气、神马 电力、保变电气等股涨停，双杰电气涨超15%，特变电工涨超6%，金盘科技、宏发股份、伊戈尔、金 冠股份等股涨幅居前。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上 看，指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电 设备为主，拥有较强的代表性。特高压权重占比高达64%，全市场最高。前十大重仓股中囊括了国电南 瑞、特变电工、思源电气、特锐德等行业龙头。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 电网设备ETF已连续7个交易日获资金净流入，近一个月合计"吸金"达5.82亿元，最 ...

Market Overview - On November 5, A-shares opened lower but rebounded, with the Shanghai Composite Index and ChiNext Index closing up by 0.05% and 0.17% respectively, while the Shenzhen Component Index fell by 0.15% [1] - The market turnover was 1.15 trillion yuan, a decrease of over 80 billion yuan compared to the previous trading day [1] - Sectors such as Hainan Free Trade Port, ultra-high voltage, and charging piles saw strong performance, with over 16 billion yuan of net inflow into the power equipment industry [1] - Concepts like rare earths, optical modules, and semiconductors experienced significant declines [1] Company Performance - On November 5, Seres (赛力斯) listed on the Hong Kong Stock Exchange, becoming the first "A+H" luxury new energy vehicle company [2] - The stock price fell below the issue price on its first day, reaching a low of 118 HKD, nearly 10% lower than the issue price of 131.5 HKD, and closing down nearly 3% [2] - Seres' A-shares also declined, closing down over 4% [2] - The company raised a net amount of 14.016 billion HKD, marking the largest IPO for a Chinese car company to date and the largest global car company IPO in Hong Kong since 2025 [3] IPO Market Context - Seres' global offering consisted of 108.6 million H-shares, with 10% allocated for public offering, and the offering was oversubscribed by 133 times, raising over 170 billion HKD in financing [4] - In 2023, 83 new stocks were listed on the Hong Kong Stock Exchange, with 17 experiencing a drop on their first day, resulting in a 20% first-day drop rate [4] - Despite the challenges, the overall performance of new stocks in Hong Kong has been strong, with 13 stocks seeing first-day gains exceeding 100% [4]

Core Viewpoint - The Shenzhen Component Index rebounded after previously declining over 1.68%, while the Shanghai Composite Index rose by 0.11% and the ChiNext Index increased by 0.38% [1] Market Performance - The Shenzhen Component Index experienced a significant recovery, moving from a decline of over 1.68% to a positive performance [1] - The Shanghai Composite Index showed a slight increase of 0.11% [1] - The ChiNext Index, which focuses on innovative and high-growth companies, rose by 0.38% [1] Sector Performance - Key sectors that led the gains included Hainan Free Trade Zone, titanium dioxide, and ultra-high voltage industries [1]

（文章来源：每日经济新闻） 11月5日，电网设备ETF（159326）强势上涨，截至13点05分，涨幅达5.31%，在全市场ETF中涨幅第 一。成交额达3.14亿元，创上市以来新高。持仓股中能电气、智光电气、宏发股份、神马电力、保变电 气、特变电工等多股涨停。 电网设备ETF近期持续获资金关注，近一个月规模增长超480%，最新规模达7.28亿元，创成立以来新 高。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。特高压权重占比高达64%，全市场最高。前十大重仓股中囊括了国电南瑞、 特变电工、思源电气、特锐德等行业龙头。 随着AI技术的快速发展，全球数据中心的电力需求正在爆炸式增长，高盛预计，未来10年，AI推动的 全球数字基础设施+能源体系的投资规模将高达5万亿美元，其中，电网设备将是这场投资浪潮中最直 接的受益者。微软首席执行官纳德拉近期在BG2播客中也表示，当前AI算力扩张的真正瓶颈并非芯片供 应，而在于"电力供给"。 东吴证券认为，20 ...

①近期市场对"AI导致电力紧缺"的情况关注度越来越高，电网设备ETF更是"越涨越吸金"，连续7日获 资金净申购，合计净流入超3亿元。微软CEO纳德拉的表态，证实微软目前确实因为"电力短缺和物理空 间不足"导致"GPU 闲置在库存中"，这被视为北美储能的强力催化剂 。 "特高压权重超60%+可控核聚变含量超19%"：电网设备ETF(159326)，+5.38%，是全市场唯一跟踪中证 电网设备主题指数的ETF，权重股包括国电南瑞（国内电网智能龙头）、特变电工（全球特高压设备核 心供应商）、思源电气（电力设备研发与制造）等。 格隆汇11月5日｜今日A股低开高走，电工电网概念股掀涨停潮，全市场独家品种·电网设备ETF午后开 盘继续上涨5.38%，盘中获资金净申购8000万份，创业板新能源ETF华夏上涨2.99%之际，盘中同样获得 资金净申购1000万份。 储能+固态电池含量超70%"：创业板新能源ETF华夏（159368），+2.99%，跟踪创业板新能源指数，权 重股包括宁德时代（全球动力电池提供商）、汇川技术（自动化设备业务龙头）、阳光电源（逆变器龙 头）、亿纬锂能、欣旺达（锂电巨头）、先导智能（固态电池龙头）。 ...

Core Viewpoint - New Asia Cable's stock has shown a slight recovery after a significant decline this year, with recent trading activity indicating a mixed sentiment among investors [1][2]. Company Overview - New Asia Cable, established on July 2, 1999, is located in Qinyuan City, Guangdong Province, and specializes in the research, production, and sales of electrical wires and cables [1]. - The company's main revenue sources are: power cables (39.94%), overhead wires (36.68%), electrical equipment wires and cables (22.94%), cable pipes (0.23%), and others (0.21%) [1]. Financial Performance - For the period from January to September 2025, New Asia Cable reported a revenue of 2.257 billion yuan and a net profit attributable to shareholders of 77.1823 million yuan, reflecting a year-on-year decrease of 14.56% [2]. - The company has distributed a total of 1.03 billion yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for New Asia Cable is 25,800, a decrease of 22.76% from the previous period, with an average of 2,407 circulating shares per shareholder, an increase of 33.47% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 713,500 shares, which is an increase of 289,200 shares compared to the previous period [3]. Market Activity - New Asia Cable's stock price has decreased by 25.02% year-to-date, but has seen a slight increase of 2.25% over the last five trading days [1]. - The stock has appeared on the "Dragon and Tiger List" 14 times this year, with the most recent appearance on July 22, where it recorded a net buy of -158.672 million yuan [1].

Core Viewpoint - The stock of Guodian NARI has shown a slight increase of 0.08% year-to-date, with recent fluctuations indicating a 1.08% decline over the past five trading days, while experiencing a 7.40% increase over the last 20 days and a 13.25% increase over the last 60 days [1] Company Overview - Guodian NARI Technology Co., Ltd. is located in Nanjing, Jiangsu Province, and was established on February 28, 2001, with its listing date on October 16, 2003. The company specializes in power grid automation, industrial control (including rail transit), power generation and renewable energy, and energy-saving and environmental protection [1] - The main business revenue composition includes: Smart Grid 50.43%, Low Carbon Energy 26.98%, Digital Energy Integration 16.09%, Industrial Interconnection 5.13%, Integration and Others 1.24%, and Other (Supplementary) 0.13% [1] Financial Performance - For the period from January to September 2025, Guodian NARI achieved operating revenue of 38.577 billion yuan, representing a year-on-year growth of 19.38%. The net profit attributable to the parent company was 4.855 billion yuan, reflecting a year-on-year increase of 8.55% [2] - Since its A-share listing, Guodian NARI has distributed a total of 24.308 billion yuan in dividends, with 12.674 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders of Guodian NARI reached 150,100, an increase of 49.47% compared to the previous period. The average circulating shares per person decreased by 33.09% to 53,271 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 772 million shares (a decrease of 318 million shares), and China Securities Finance Corporation, holding 237 million shares (unchanged) [3]

Company Overview - Jinhui Electric is located in Jinhua City, Zhejiang Province, and was established on April 15, 2003, with its listing date on April 21, 2010 [1] - The company specializes in the research, production, and sales of insulators, as well as related technical services, drama investment, production, and performance, and film investment and related cultural services [1] - The main revenue composition includes glass insulators (82.19%), drama performances (15.92%), and other services (1.90%) [1] Financial Performance - For the period from January to September 2025, Jinhui Electric reported operating revenue of 141 million yuan, a year-on-year decrease of 13.63% [2] - The net profit attributable to the parent company was 7.25 million yuan, reflecting a year-on-year decline of 54.94% [2] - Since its A-share listing, the company has distributed a total of 45.15 million yuan in dividends, with no dividends paid in the last three years [3] Stock Market Activity - As of November 5, Jinhui Electric's stock price increased by 2.06%, reaching 20.31 yuan per share, with a total market capitalization of 2.376 billion yuan [1] - The stock has seen a year-to-date increase of 54.21%, with a 6.78% rise over the last five trading days and a 6.45% increase over the last 20 days, although it has decreased by 20.79% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 13 [1] Shareholder Information - As of October 31, the number of shareholders for Jinhui Electric was 16,500, a decrease of 4.86% from the previous period [2] - The average number of tradable shares per shareholder increased by 5.11% to 7,094 shares [2]

Core Insights - The only ETF tracking power grid equipment (159326) has seen a net inflow of funds for seven consecutive days, with a growth of over 480% in size over the past month, and a single-day trading volume exceeding 238 million yuan, setting a historical record [1] Group 1: Market Trends - Microsoft CEO Nadella stated that despite the high demand for AI chips, the real bottleneck is not chip supply but rather the power supply and physical space in data centers, leading to many AI chips remaining in inventory and unable to operate [1] - CITIC Securities noted that in the short to medium term, the demand for transmission and transformation equipment is expected to resonate positively, with structural demand continuing to emerge, particularly in ultra-high voltage and smart grid sectors, which are likely to see a turnaround in market conditions [1] Group 2: ETF Characteristics - The power grid equipment ETF (159326) is the only ETF tracking the CSI Power Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, communication cables and accessories, and distribution equipment [1] - The ultra-high voltage segment has a weight of 64%, the highest in the market, and the top ten holdings include industry leaders such as State Grid NARI, TBEA, Siyuan Electric, and Trina Solar [1]