Core Viewpoint - The A-share market is experiencing a significant adjustment, with major indices declining, while the electric grid equipment ETF shows a mixed performance but has seen consistent net inflows, indicating strong investor interest in this sector [1][2]. Group 1: Market Performance - As of November 21, 2025, the three major A-share indices have all declined, with the Shanghai Composite Index down 2.43%, the Shenzhen Component Index down 3.37%, and the ChiNext Index down 3.91% [1]. - The electric grid equipment ETF (159326) has decreased by 4.91%, with a latest price of 1.355 yuan and a trading volume reaching 305 million yuan, resulting in a turnover rate of 16.52% [1]. Group 2: Fund Flows and ETF Performance - The electric grid equipment ETF has seen net inflows for six consecutive trading days, with a maximum single-day net inflow of 148 million yuan, totaling 308 million yuan in net inflows, averaging 51 million yuan per day [1]. - As of November 20, 2025, the latest share count for the electric grid equipment ETF reached 1.33 billion, marking a new high since its listing [1]. Group 3: Industry Outlook - The largest U.S. grid operator, PJM, is facing a significant increase in electricity demand from data centers, which is expected to account for nearly all of the 32 gigawatts of new demand anticipated by 2030 [1]. - Citic Securities projects that global investment in electric grids will exceed 400 billion USD, with high growth potential continuing, driven by AI's strong impact on global electricity demand and a significant increase in the demand for electrical equipment [1]. Group 4: ETF Composition - The electric grid equipment ETF is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2]. - The ultra-high voltage sector holds a weight of 64% in the ETF, the highest in the market [2].

Core Insights - The electric grid equipment ETF (159326) has shown resilience despite recent market adjustments, with a significant net inflow of over 300 million yuan over the past six trading days, reaching a historical high of 1.916 billion yuan in total assets [1] - The long-term value of the electric grid equipment industry remains solid, supported by domestic demand from AI electricity consumption and renewable energy integration, as well as strong external demand driven by the replacement of aging grids in overseas markets [1] - The U.S. power equipment industry is poised for growth due to a peak in coal-fired power plant retirements, with an expected retirement of 12.3 GW by 2025, alongside a slow increase in net generation capacity, creating a supply-demand gap [1] Industry Overview - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation, cable components, and distribution equipment [2] - The index has a high concentration in ultra-high voltage equipment, accounting for 64% of its weight, the highest in the market [2]

Group 1 - The high-voltage index experienced a decline of 2% during intraday trading, with most constituent stocks falling [1] - China XD Electric saw a significant drop of 6.90%, while TBEA and Jinpan Technology fell by 4.78% and 4.01% respectively [1] - Hongfa Technology and Sifang Holding also reported declines of 3.47% and 3.28% respectively [1]

Core Viewpoint - Jinlihua Electric's stock has experienced a decline recently, with a notable drop in both share price and trading volume, despite a significant increase in stock price year-to-date [1][2]. Group 1: Stock Performance - As of November 20, Jinlihua Electric's stock price was 19.24 CNY per share, down 2.04% during the trading session, with a total market capitalization of 2.251 billion CNY [1]. - Year-to-date, the stock price has increased by 46.09%, but it has seen a decline of 5.64% over the last five trading days, 1.99% over the last 20 days, and 10.01% over the last 60 days [1]. Group 2: Financial Metrics - For the period from January to September 2025, Jinlihua Electric reported operating revenue of 141 million CNY, a year-on-year decrease of 13.63%, and a net profit attributable to shareholders of 7.2542 million CNY, down 54.94% year-on-year [2]. - The company has cumulatively distributed 45.15 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of November 10, the number of shareholders for Jinlihua Electric was 18,000, reflecting an increase of 9.17% from the previous period, while the average number of tradable shares per shareholder decreased by 8.40% to 6,498 shares [2]. Group 4: Business Overview - Jinlihua Electric, established on April 15, 2003, and listed on April 21, 2010, is primarily engaged in the research, production, and sales of insulators, as well as related technical services and cultural services such as drama production and performance [1]. - The company's main revenue sources include glass insulators (82.19%), drama performances (15.92%), and other services (1.90%) [1]. - Jinlihua Electric operates within the power equipment industry, specifically in the cable components and other sectors, and is associated with concepts such as small-cap stocks, ultra-high voltage, smart grids, nuclear power, and film and television media [1].

Core Viewpoint - Baobian Electric experienced a decline of 2.03% in stock price on November 20, with a trading volume of 796 million yuan and a market capitalization of 18.655 billion yuan [1] Group 1: Stock Performance - Year-to-date, Baobian Electric's stock price has increased by 29.04%, but it has dropped by 18.31% over the last five trading days [1] - The stock has seen a 22.79% increase over the past 20 days and a 13.44% increase over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on November 13, where it recorded a net buy of -67.0567 million yuan [1] Group 2: Financial Performance - For the period from January to September 2025, Baobian Electric achieved a revenue of 4.502 billion yuan, representing a year-on-year growth of 41.90% [2] - The net profit attributable to shareholders for the same period was 146 million yuan, showing a year-on-year increase of 72.91% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Baobian Electric was 138,500, a decrease of 14.36% from the previous period [2] - The average number of circulating shares per shareholder increased by 16.77% to 13,294 shares [2] - The top ten circulating shareholders include Southern CSI 1000 ETF and Hong Kong Central Clearing Limited, with notable changes in their holdings [3]

Core Insights - The A-share market experienced a high opening followed by a decline, with the Electric Grid Equipment ETF (159326) seeing a reduced increase of 0.07% by 10:47 AM, despite active trading with a transaction volume of 83.14 million yuan [1] - The Electric Grid Equipment ETF has undergone a phase of correction recently, but there is a trend of increasing investment as it has seen a net inflow of 285 million yuan over the last five trading days, bringing its total size to over 1.9 billion yuan, making it the largest electric grid equipment-themed ETF in the market [1] - The demand for electric grid equipment is supported by global electricity shortages due to AI computing power surges and the need for renewable energy integration, alongside aging overseas grid infrastructure and the transition to new energy sources, positioning China's electric grid equipment as cost-effective and technologically advanced for international expansion [1] - China is continuously promoting electricity system reforms, accelerating the construction of ultra-high voltage and main grid systems, which sustains high demand for electric grid equipment [1] - The Electric Grid Equipment ETF tracks the CSI Electric Grid Equipment Theme Index, with a significant representation in sectors such as power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment, where ultra-high voltage components account for 64% of the index [1]

华安证券指出，特高压环评、核准等预计将在今年年底到明年年初期间有较快的加速期，同时电网 作为电力设备稳增长的必备环节，历来直接受益于投资拉动，相关标的值得关注。 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。 每日经济新闻 11月20日，A股三大指数高开，市场情绪整体回暖，截至10点08分，全市场唯一的电网设备ETF （159326）涨0.84%，交投持续活跃，盘中实时成交额已达5578万元，持仓股中，东材科技涨停，双杰 电气、金龙羽、特变电工、华明装备等股涨势靠前。 （责任编辑：董萍萍 ） 消息面持续催化下，电网设备ETF近期持续获资金关注，近一个月净流入超15.7亿元，最新规模超 19亿元，为全市场规模最大的电网设备主题ETF。 【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 ...

Group 1 - The core business of Qingdao Huijintong Electric Equipment Co., Ltd. includes the research, design, manufacturing, and sales of power transmission equipment such as angle steel towers, steel pipe towers, and substation structures [2] - The revenue composition of the company is as follows: angle steel towers 74.45%, steel pipe towers 11.27%, other (supplementary) 6.11%, steel structures and contact network supports 5.66%, engineering projects 1.58%, and fasteners 0.93% [2] - As of November 10, the number of shareholders of Huijintong increased by 23.35% to 23,500, with an average of 14,445 circulating shares per person, a decrease of 18.93% [2] Group 2 - For the period from January to September 2025, Huijintong achieved operating revenue of 2.902 billion yuan, a year-on-year decrease of 10.31%, and a net profit attributable to the parent company of 82.2755 million yuan, a year-on-year decrease of 21.55% [2] - The company has cumulatively distributed cash dividends of 172 million yuan since its A-share listing, with 58.6032 million yuan distributed in the past three years [3] Group 3 - As of November 20, Huijintong's stock price decreased by 2.02% to 9.69 yuan per share, with a total market capitalization of 3.286 billion yuan [1] - The stock has seen a year-to-date increase of 22.61%, but has dropped 9.61% in the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on June 6, where it recorded a net purchase of 1.4011 million yuan [1]

11月19日，A股三大指数小幅震荡，前期表现强势的电网设备板块阶段回调，截止收盘，全市场唯一的 电网设备ETF（159326）跌幅0.97%，交投持续活跃，单日成交额达1.91亿元。 电网设备ETF近期获资金持续青睐，近一个月净流入超15.7亿元，最新规模超19亿元，为全市场规模最 大的电网设备主题ETF。 天风证券表示，以变压器为代表的一次设备出海逻辑仍然强势，无论主网、配网，从订单及收入来看仍 然呈现高速增长态势。国内方面，特高压进入密集建设期、"十五五"项目规划有望持续；新一轮配网投 资周期有望启动。 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。 （文章来源：每日经济新闻） 消息面上，全球AI基础设施投资如火如荼，加拿大资管巨头布鲁克菲尔德资产管理公司正推出一支新 AI基础设施基金，计划募集100亿美元股权资金，资金将主要用于在未开发土地上从零开始建设数据中 心、电力设施。 ...

Core Viewpoint - The company, Guokong Electronics, highlighted the advantages of its products, particularly vacuum switch tubes used in their contactors, emphasizing their strong breaking capacity and long service life, which are widely applied in various sectors including flexible direct current transmission, ultra-high voltage, and national grid construction [1] Group 1 - The company's products utilize vacuum switch tubes as arc extinguishing components [1] - The vacuum switch tubes provide strong breaking capacity and long service life [1] - The applications of these products include flexible direct current transmission, ultra-high voltage, and national grid construction [1]