Group 1 - The A-share market experienced a collective pullback on November 17, with the only electric grid equipment ETF (159326) declining by 1.61% and achieving a trading volume of 177 million yuan, while some constituent stocks like Jingda Co. and Zhongyuan Co. saw significant gains [1] - The electric grid equipment ETF has attracted substantial capital, accumulating over 1.5 billion yuan in the last 12 trading days, reaching a total size of over 1.9 billion yuan, marking a record high since its inception and making it the largest electric grid equipment themed ETF in the market [1] - The long-term logic for the electric grid equipment sector remains solid due to ongoing global electricity shortages, presenting potential opportunities for investment despite short-term pullbacks [1] Group 2 - 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 equipment, cable components, and distribution equipment [2] - The index has a high weight of 64% in ultra-high voltage equipment, the highest in the market, and includes leading companies in its top ten holdings, such as Guodian NARI, TBEA, and Siyuan Electric [2]

Group 1 - The stock price of Sun Cable increased by 2.12% on November 17, reaching 8.18 CNY per share, with a trading volume of 395 million CNY and a turnover rate of 6.80%, resulting in a total market capitalization of 5.909 billion CNY [1] - Year-to-date, Sun Cable's stock price has risen by 56.41%, with a recent decline of 1.68% over the last five trading days, a 30.05% increase over the last 20 days, and a 26.63% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on November 10, where it recorded a net purchase of 16.5767 million CNY [1] Group 2 - Fujian Nanping Sun Cable Co., Ltd. was established on July 11, 1994, and listed on October 21, 2009, primarily engaged in the production and sales of wires and cables [2] - The main business revenue composition includes: copper processing (53.53%), special cables (27.80%), power cables (7.50%), building wires (6.26%), overhead wires (2.29%), and others [2] - As of November 10, the number of shareholders for Sun Cable was 69,800, an increase of 59.77% from the previous period, with an average of 10,344 circulating shares per person, a decrease of 37.41% [2] - For the period from January to September 2025, Sun Cable reported operating revenue of 8.941 billion CNY, a year-on-year decrease of 12.33%, and a net profit attributable to shareholders of 85.0097 million CNY, a decrease of 10.77% [2] - Since its A-share listing, Sun Cable has distributed a total of 1.5 billion CNY in dividends, with 261 million CNY distributed over the past three years [2]

金冠电气所属申万行业为：电力设备-电网设备-配电设备。所属概念板块包括：直流输电、虚拟电厂、 特高压、微盘股、小盘等。 截至9月30日，金冠电气股东户数5923.00，较上期减少4.08%；人均流通股23064股，较上期增加 4.25%。2025年1月-9月，金冠电气实现营业收入5.25亿元，同比增长11.85%；归母净利润5915.97万元， 同比减少10.67%。 11月17日，金冠电气盘中下跌2.04%，截至10:11，报17.29元/股，成交3964.95万元，换手率1.66%，总 市值23.62亿元。 资金流向方面，主力资金净流出569.88万元，特大单买入0.00元，占比0.00%，卖出159.39万元，占比 4.02%；大单买入440.33万元，占比11.11%，卖出850.82万元，占比21.46%。 金冠电气今年以来股价涨32.86%，近5个交易日跌6.89%，近20日涨11.05%，近60日涨10.06%。 今年以来金冠电气已经1次登上龙虎榜，最近一次登上龙虎榜为11月5日，当日龙虎榜净买入-568.15万 元；买入总计6068.72万元 ，占总成交额比15.08%；卖出总计6636.87 ...

Core Viewpoint - Huaming Equipment's stock price has experienced fluctuations, with a year-to-date increase of 55.57% but a recent decline of 6.79% over the past five trading days [2] Group 1: Stock Performance - As of November 17, Huaming Equipment's stock price was 25.54 CNY per share, with a market capitalization of 22.89 billion CNY [1] - The stock has seen a 6.79% decline in the last five trading days, an 11.53% increase over the last 20 days, and a 25.69% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Huaming Equipment reported a revenue of 1.815 billion CNY, representing a year-on-year growth of 6.87%, and a net profit attributable to shareholders of 581 million CNY, up 17.66% year-on-year [2] - The company has distributed a total of 2.468 billion CNY in dividends since its A-share listing, with 1.670 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of November 10, the number of Huaming Equipment's shareholders reached 38,500, an increase of 36.97% from the previous period, with an average of 23,305 circulating shares per shareholder, a decrease of 26.99% [2] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 193 million shares, an increase of 36.596 million shares from the previous period [3]

[Table_scode 公司研究丨点评报告丨平高电气（ Msg1] 600312.SH） [Table_Title] 特高压交付预计偏少，内部增效使毛利率持续提 升 丨证券研究报告丨 请阅读最后评级说明和重要声明 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 报告要点 [Table_Summary] 公司发布 2025 年三季报。公司 2025 前三季度营业收入 84.4 亿元，同比+7.0%；归母净利润 9.8 亿元，同比+14.6%；扣非净利润 9.8 亿元，同比+15.1%。单季度看，公司 2025Q3 营业收 入 27.4 亿元，同比-3.6%，环比-14.0%；归母净利润 3.2 亿元，同比-1.8%，环比+3.6%；扣非 净利润 3.2 亿元，同比-0.2%，环比+3.3%。 分析师及联系人 [Table_Author] research.95579.com 1 [Table_scodeMsg2] 平高电气（60031 ...

Core Insights - The concept of the "new generation power grid" is centered around the "energy internet," which utilizes interconnected technologies and is based on distribution networks to integrate a large amount of distributed renewable energy, enhancing electricity efficiency through intelligent energy management systems [1][2] Group 1: Market Opportunities - The power equipment industry is experiencing a dual boost from policy support and surging demand, with a clear growth trajectory. The global power market size surpassed $350 billion in 2023 and is expected to exceed $450 billion by 2025, with a compound annual growth rate (CAGR) of nearly 12%. The clean power conversion equipment sector is projected to have a CAGR of 23.8% from 2024 to 2030 [3] - The demand for power equipment is driven by multiple sectors, including 5G infrastructure, where the number of national base stations is expected to exceed 4.5 million by 2025, increasing the value of power per station by 60% compared to 4G. Additionally, the number of ultra-large data centers is projected to reach 120, with power investment accounting for 18% of total costs [3] Group 2: Investment Trends - In August 2025, the national power engineering investment reached 70.4 billion yuan, a year-on-year decrease of 14%. However, the cumulative investment from January to August 2025 was 499.2 billion yuan, showing a slight increase of 0.3% year-on-year. The "East Data West Computing" project has seen over 15 billion yuan in power investment, with total support for green communication projects reaching 67.5 billion yuan by 2025 [6] - The power grid equipment sector is witnessing a strong correlation between high investment and demand, with total investments from the State Grid and Southern Grid expected to reach 825 billion yuan in 2025, marking a historical high. The investment in ultra-high voltage projects is projected to be 112 billion yuan, a year-on-year increase of 34% [10][9] Group 3: Technological Advancements - The power electronic transformer (PET) is a core device for the new generation of power conversion, benefiting from technological breakthroughs and increasing downstream demand. The global market for PETs in renewable energy grid integration is expected to reach 4.8 billion yuan by 2025, with a CAGR of 25% [15] - Technological advancements in PETs include high-frequency and modular designs, with efficiency exceeding 98% and a 50% reduction in size and weight compared to traditional transformers. Domestic companies have achieved industrialization of PET technology at the 10kV/2MVA level, with a domestic production rate exceeding 85% and costs down by 30% since 2020 [18] Group 4: Investment Outlook - The new generation power grid is entering a golden investment period, with total investments from the State Grid and Southern Grid expected to exceed 825 billion yuan in 2025. Key investment areas include ultra-high voltage and intelligent distribution networks, with the former projected to receive 112 billion yuan in investment and the latter achieving over 90% automation coverage [18]

中熔电气（301031.SZ）11月14日在投资者互动平台表示，尊敬的投资者您好，我司目前在特高压领域 暂未提供产品服务。在电压等级7.2kv，12kv，40.5kv高压领域有高压产品提供。感谢您的关注！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司产品有无应用于特高压项目？ ...

格隆汇11月14日丨中熔电气(301031.SZ)在投资者互动平台表示,我司目前在特高压领域暂未提供产品服 务。在电压等级7.2kv，12kv，40.5kv高压领域有高压产品提供。 ...

Core Viewpoint - The A-share market is experiencing slight fluctuations, with the Electric Grid Equipment ETF (159326) showing a decline of 1.96% but attracting significant capital inflow, indicating a potential investment opportunity in the sector [1] Group 1: Market Performance - As of 14:12 on November 14, the Electric Grid Equipment ETF (159326) recorded a trading volume of 2.41 billion yuan, with notable stocks like Neng Electric, Yongfu Shares, Jinlihua Electric, Jinlongyu, and others rising against the market trend [1] - On November 13, the ETF saw a net inflow of over 1.48 billion yuan, bringing its total scale to over 18 billion yuan, a record high since its inception [1] Group 2: Investment Outlook - According to China International Capital Corporation (CICC), the electric grid is in a post-cycle phase of renewable energy development, with a significant investment gap that needs to be filled as the country aims for future renewable energy goals [1] - For the "14th Five-Year Plan," the expected national grid investment scale is projected to exceed 4.1 trillion yuan, with a compound annual growth rate of 5-6%, focusing on enhancing the main grid framework and smart upgrades to the distribution network [1] Group 3: ETF Composition - 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 equipment, cable components, and distribution equipment [1] - The ETF has a high weight of 64% in ultra-high voltage stocks, the highest in the market, and includes leading companies like Guodian NARI, TBEA, Siyuan Electric, and Trina Solar among its top ten holdings [1]

Core Viewpoint - Jinlihua Electric's stock has shown significant volatility, with a year-to-date increase of 58.24%, despite a recent decline in revenue and profit [1][2]. Group 1: Stock Performance - As of November 14, Jinlihua Electric's stock price rose by 2.21% to 20.84 CNY per share, with a trading volume of 70.05 million CNY and a turnover rate of 2.93%, resulting in a total market capitalization of 2.438 billion CNY [1]. - The stock has experienced a 6.00% increase over the last five trading days and an 8.26% increase over the last 20 days, while it has decreased by 1.61% 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]. Group 2: Financial Performance - For the period from January to September 2025, Jinlihua Electric reported a revenue of 141 million CNY, a year-on-year decrease of 13.63%, and a net profit attributable to shareholders of 7.25 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 distributed in the last three years [3]. Group 3: Business Overview - Jinlihua Electric, established on April 15, 2003, and listed on April 21, 2010, is located in Jinhua City, Zhejiang Province. Its main business includes 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 revenue composition of the company is as follows: glass insulators account for 82.19%, drama performances for 15.92%, and other services for 1.90% [1]. - The company belongs to the Shenwan industry category of power equipment, specifically in grid equipment, cable components, and others, and is associated with concepts such as ultra-high voltage, nuclear power, small-cap stocks, smart grids, and micro-cap stocks [1].