Core Viewpoint - The stock of Zhejiang Chint Electrics Co., Ltd. has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 24.19% [1] Company Overview - Zhejiang Chint Electrics Co., Ltd. was established on August 5, 1997, and went public on January 21, 2010. The company specializes in low-voltage electrical equipment, including distribution, terminal, control, and power electronics, as well as solar energy products and services [2] - The main revenue sources for the company include: solar power station engineering contracting (32.76%), power station operation (18.79%), terminal electrical products (13.01%), and distribution electrical products (11.23%) among others [2] Financial Performance - As of September 30, 2025, the company reported a revenue of 46.396 billion yuan, a slight decrease of 0.03% year-on-year, while the net profit attributable to shareholders increased by 19.49% to 4.179 billion yuan [3] - The company has distributed a total of 15.650 billion yuan in dividends since its A-share listing, with 3.319 billion yuan distributed in the last three years [4] Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 85,600, with an average of 25,114 circulating shares per person, which is an increase of 3.30% from the previous period [3] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 123 million shares, a decrease of 8.4353 million shares from the previous period [4]

Group 1 - The company plans to repurchase shares through a centralized bidding method, with a total amount between 100 million and 200 million yuan, and a maximum repurchase price of 27.00 yuan per share, which is 44.15% higher than the current price of 18.73 yuan [1] - The company has seen a cumulative stock price increase of 11.21% this year [1] - The repurchased shares may be canceled or used for employee stock ownership plans or equity incentive plans [1] Group 2 - As of September 30, the number of shareholders increased by 11.11% to 23,000, while the average circulating shares per person decreased by 10.00% to 36,157 shares [2] - For the period from January to September 2025, the company achieved operating revenue of 2.374 billion yuan, a year-on-year increase of 16.49%, and a net profit attributable to shareholders of 316 million yuan, a year-on-year increase of 12.63% [2] Group 3 - Since its A-share listing, the company has distributed a total of 720 million yuan in dividends, with 292 million yuan distributed over the past three years [3]

11月20日，金利华电盘中下跌2.04%，截至14:03，报19.24元/股，成交6550.76万元，换手率2.88%，总 市值22.51亿元。 资金流向方面，主力资金净流出849.33万元，特大单买入112.69万元，占比1.72%，卖出543.85万元，占 比8.30%；大单买入886.58万元，占比13.53%，卖出1304.75万元，占比19.92%。 金利华电所属申万行业为：电力设备-电网设备-线缆部件及其他。所属概念板块包括：小盘、特高压、 智能电网、核电、影视传媒等。 截至11月10日，金利华电股东户数1.80万，较上期增加9.17%；人均流通股6498股，较上期减少8.40%。 2025年1月-9月，金利华电实现营业收入1.41亿元，同比减少13.63%；归母净利润725.42万元，同比减少 54.94%。 分红方面，金利华电A股上市后累计派现4515.00万元。近三年，累计派现0.00元。 责任编辑：小浪快报 金利华电今年以来股价涨46.09%，近5个交易日跌5.64%，近20日跌1.99%，近60日跌10.01%。 今年以来金利华电已经6次登上龙虎榜，最近一次登上龙虎榜为8月13日。 资料 ...

11月20日，保变电气盘中下跌2.03%，截至13:39，报10.13元/股，成交7.96亿元，换手率4.20%，总市值 186.55亿元。 资金流向方面，主力资金净流出3330.93万元，特大单买入1957.92万元，占比2.46%，卖出3302.61万 元，占比4.15%；大单买入1.65亿元，占比20.77%，卖出1.85亿元，占比23.27%。 保变电气今年以来股价涨29.04%，近5个交易日跌18.31%，近20日涨22.79%，近60日涨13.44%。 今年以来保变电气已经4次登上龙虎榜，最近一次登上龙虎榜为11月13日，当日龙虎榜净买入-6705.67 万元；买入总计3.09亿元 ，占总成交额比8.52%；卖出总计3.76亿元 ，占总成交额比10.37%。 资料显示，保定天威保变电气股份有限公司位于河北省保定市天威西路2222号，成立日期1999年9月28 日，上市日期2001年2月28日，公司主营业务涉及变压器、互感器、电抗器等输变电设备及辅助设备、 零部件的制造与销售。主营业务收入构成为：输变电产品99.30%，材料销售0.42%，其他0.28%。 责任编辑：小浪快报 保变电气所属申万行业为 ...

11月20日，海兴电力盘中下跌2.02%，截至10:57，报34.49元/股，成交7057.39万元，换手率0.41%，总 市值167.71亿元。 截至9月30日，海兴电力股东户数2.48万，较上期减少7.43%；人均流通股19642股，较上期增加8.02%。 2025年1月-9月，海兴电力实现营业收入33.69亿元，同比减少1.19%；归母净利润7.32亿元，同比减少 7.48%。 分红方面，海兴电力A股上市后累计派现23.03亿元。近三年，累计派现12.13亿元。 机构持仓方面，截止2025年9月30日，海兴电力十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股827.54万股，相比上期减少215.01万股。南方中证500ETF（510500）位居第十大流通股 东，持股281.66万股，相比上期减少4.23万股。 责任编辑：小浪快报 今年以来海兴电力已经2次登上龙虎榜，最近一次登上龙虎榜为10月29日。 资料显示，杭州海兴电力科技股份有限公司位于浙江省杭州市莫干山路1418-35号(上城工业园区)，成立 日期2001年7月6日，上市日期2016年11月10日，公司主营业务涉及智能用电业务、智能 ...

国能日新所属申万行业为：计算机-软件开发-垂直应用软件。所属概念板块包括：储能、智能电网、光 伏玻璃、太阳能、养老金概念等。 截至9月30日，国能日新股东户数7073.00，较上期增加7.39%；人均流通股12049股，较上期减少 6.89%。2025年1月-9月，国能日新实现营业收入5.00亿元，同比增长36.97%；归母净利润7543.24万元， 同比增长41.75%。 分红方面，国能日新A股上市后累计派现1.93亿元。近三年，累计派现1.61亿元。 机构持仓方面，截止2025年9月30日，国能日新十大流通股东中，诺德价值优势混合（570001）位居第 四大流通股东，持股326.05万股，相比上期增加86.91万股。 责任编辑：小浪快报 11月20日，国能日新盘中下跌2.02%，截至10:37，报55.16元/股，成交2172.07万元，换手率0.46%，总 市值73.13亿元。 资金流向方面，主力资金净流出53.45万元，大单买入281.17万元，占比12.94%，卖出334.63万元，占比 15.41%。 国能日新今年以来股价涨47.90%，近5个交易日跌11.60%，近20日涨2.17%，近60日涨 ...

11月20日，海联讯盘中上涨2.22%，截至10:40，报13.35元/股，成交1.00亿元，换手率2.26%，总市值 45.62亿元。 资金流向方面，主力资金净流出133.37万元，大单买入1690.14万元，占比16.82%，卖出1823.50万元， 占比18.15%。 责任编辑：小浪快报 资料显示，杭州海联讯科技股份有限公司位于浙江省杭州市拱墅区庆春路60号东清大厦206-6室,广东省 深圳市南山区粤海街道高新区社区高新南七道206号高新工业村R2-B座301，成立日期2000年1月4日， 上市日期2011年11月23日，公司主营业务涉及电力信息化系统集成、软件开发与销售、技术及咨询服 务。主营业务收入构成为：系统集成81.40%，技术及咨询服务18.46%，租赁收入0.14%。 海联讯所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：小盘、人工智能、国资改 革、华为概念、智能电网等。 截至9月30日，海联讯股东户数3.16万，较上期增加22.71%；人均流通股10815股，较上期减少18.51%。 2025年1月-9月，海联讯实现营业收入1.25亿元，同比减少4.72%；归母净利润39 ...

11月20日，广电电气盘中下跌2.16%，截至10:38，报4.07元/股，成交3734.33万元，换手率1.06%，总市 值34.74亿元。 资金流向方面，主力资金净流出418.43万元，特大单买入0.00元，占比0.00%，卖出131.66万元，占比 3.53%；大单买入485.77万元，占比13.01%，卖出772.54万元，占比20.69%。 广电电气今年以来股价跌5.79%，近5个交易日跌10.55%，近20日跌3.78%，近60日涨2.26%。 今年以来广电电气已经3次登上龙虎榜，最近一次登上龙虎榜为9月25日，当日龙虎榜净买入686.58万 元；买入总计4765.66万元 ，占总成交额比10.39%；卖出总计4079.08万元 ，占总成交额比8.89%。 资料显示，上海广电电气(集团)股份有限公司位于上海市奉贤区环城东路123弄1号4幢三层，成立日期 1995年12月12日，上市日期2011年2月1日，公司主营业务涉及 高低压输配电成套设备、各类元器件及 零配件的生产销售。主营业务收入构成为：成套设备及电力电子产品71.67%，元器件25.48%，其他(补 充)2.85%。 广电电气所属申万行业 ...

Core Viewpoint - The modular multilevel converter (MMC) market is rapidly growing due to the increasing demand for efficient, flexible, and reliable power conversion technologies, driven by the transition to renewable energy and advanced transmission systems [3][4]. Market Overview - The MMC market is becoming a significant segment within the global power electronics industry, characterized by its modular architecture and high scalability, which allows for superior voltage and current control while minimizing harmonic distortion [3][4]. - The global MMC market is projected to reach approximately $2.33 billion by 2024, with a compound annual growth rate (CAGR) of 7.12% in the coming years [10]. Current Development Status - The MMC technology has matured from experimental applications to widespread use in high-voltage direct current (HVDC) transmission, flexible AC transmission systems, and medium-voltage industrial drives [4]. - Major manufacturers are focusing on enhancing converter efficiency, modular scalability, and fault-tolerant control capabilities to meet the growing demands for grid reliability and flexibility [4][8]. Future Trends - The integration of MMC with renewable energy sources, such as wind and solar, is increasing to efficiently manage variable energy inputs into the grid [5]. - The rise of smart grids and digitalization is driving the deployment of MMC for advanced grid management and real-time monitoring, improving grid stability and operational efficiency [5]. Advantages - MMC systems benefit from advanced modular architecture, offering superior scalability, high efficiency, and low harmonic distortion compared to traditional converter technologies [7]. - They provide excellent flexibility in voltage and power control, enabling stable operation under various grid conditions [7]. Disadvantages - Despite its technological advantages, MMC faces challenges such as high initial costs, complex control systems, and demanding maintenance requirements [8]. - The modular design increases the number of components, complicating fault detection and extending system integration time [8]. Opportunities - The global shift towards renewable energy, electrification, and smart grids presents strong growth opportunities for MMC [9]. - Continuous advancements in semiconductor materials, cooling systems, and control algorithms are expected to drive innovation and reduce costs, expanding market access [9]. Threats - The MMC market faces competitive pressure from alternative power conversion technologies that may offer lower costs or simpler designs for specific applications [9]. - Supply chain disruptions in semiconductor components and economic uncertainties in infrastructure investments could hinder market growth [9]. Regional Insights - North America is experiencing steady growth due to modernization of aging grid infrastructure and expansion of renewable energy projects [19]. - Europe leads in technological innovation and deployment, supported by strong regulatory frameworks and offshore wind expansion [19]. - The Asia-Pacific region is the fastest-growing area, driven by industrialization, urbanization, and significant investments in HVDC systems to enhance grid reliability and integrate renewable energy [21].

Core Viewpoint - The company has products that are already utilized in smart grids, specifically vacuum switch tubes in their contactors, which enhance performance and longevity [2] Group 1 - The company’s products, including交流接触器 (AC contactors), utilize vacuum switch tubes as arc extinguishing components [2] - These products are characterized by strong breaking capacity and long service life [2] - The applications of these products are widespread in flexible direct current transmission, ultra-high voltage, and national grid construction [2]