融券方面，南网数字1月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，南方电网数字电网研究院股份有限公司位于广东省广州市黄埔区光谱中路11-1号，成立日期 2017年3月31日，上市日期2025年11月18日，公司主营业务涉及公司主营业务按照业务类别可以分为电 网数字化、企业数字化、数字基础设施及其他业务。主营业务收入构成为：电网数字化-数字电网物联 感知设备30.37%，电网数字化-数字电网智能运行系统18.11%，企业数字化-企业运营管理系统15.76%， 数字基础设施-云数一体的基础平台13.48%，数字基础设施-数据中心(IDC)业务11.33%，企业数字化-企 业资产管理系统10.54%，其他(补充)0.34%，其他主营业务0.07%。 1月5日，南网数字涨4.36%，成交额7.49亿元。两融数据显示，当日南网数字获融资买入额4340.42万 元，融资偿还6069.49万元，融资净买入-1729.07万元。截至1月5日，南网数字融资融券余额合计2.63亿 元。 融资方面，南网数字当日融资买入4340.42万元。当 ...

（文章来源：证券日报） 证券日报网讯 12月11日，南网数字在互动平台回答投资者提问时表示，公司暂未直接涉及通用量子计 算机的研发或技术输出。目前公司量子技术应用聚焦电力能源行业特定需求，公司已掌握电力量子传感 器的设计制造与应用关键技术。公司主营业务包括电网数字化、企业数字化和数字基础设施三大业务体 系，其中数字基础设施业务类别中的数据中心（IDC）业务包含算力投资、建设、运营服务，具体情况 参见公司招股说明书。 ...

格隆汇12月11日丨南网数字(301638.SZ)在投资者互动平台表示，公司暂未直接涉及通用量子计算机的 研发或技术输出。目前公司量子技术应用聚焦电力能源行业特定需求，公司已掌握电力量子传感器的设 计制造与应用关键技术。公司主营业务包括电网数字化、企业数字化和数字基础设施三大业务体系，其 中数字基础设施业务类别中的数据中心（IDC）业务包含算力投资、建设、运营服务，具体情况参见公 司招股说明书。 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Nanfang Electric Power Digital Grid Research Institute Co., Ltd. on November 21, with a stock price increase of 0.91% and a trading volume of 2.832 billion yuan [1] - On November 21, the company had a financing buy-in amount of 91.25 million yuan and a financing repayment of 118 million yuan, resulting in a net financing buy of -27.20 million yuan [1] - As of November 21, the total balance of margin trading for the company was 130 million yuan, which accounts for 2.49% of its circulating market value [1] Group 2 - The company, established on March 31, 2017, is located in Guangzhou, Guangdong Province, and was listed on November 18, 2025 [2] - The main business segments include digital grid, enterprise digitalization, digital infrastructure, and other services, with revenue contributions from various segments such as digital grid IoT sensing devices (30.37%) and digital grid intelligent operation systems (18.11%) [2] - For the period from January to September 2025, the company reported a revenue of 2.779 billion yuan, representing a year-on-year growth of 31.88%, and a net profit attributable to the parent company of 158 million yuan, reflecting a significant year-on-year increase of 464.76% [2]

Group 1 - The company, Southern Power Grid Digital Research Institute Co., Ltd. (referred to as "Southern Digital"), plans to issue shares on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 2.554 billion yuan [1] - The public offering will consist of no more than 47,694,750 shares, with specific allocations for various projects, including 780.4 million yuan for a digital energy technology research base and 256.6 million yuan for a data circulation and service platform [1] - Other allocations include 507.2 million yuan for a new generation of domestic intelligent management systems and 410.6 million yuan for an advanced AI platform [1] Group 2 - The chairman of the company is Liu Yuquan, with an annual salary of 1.0301 million yuan for 2024, holding a doctoral degree in power systems and automation [2] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council, with the largest shareholder being Southern Power Grid Digital Electric Group Co., Ltd., holding a 74% stake [2] Group 3 - As of 2025, the company employs 2,576 people, with 31.68% holding master's degrees and 63.00% holding bachelor's degrees [3] - The company reported revenue per employee of 241.27 million yuan and profit per employee of 22.76 million yuan for 2024 [3] - The main business segments of Southern Digital include grid digitization, enterprise digitization, digital infrastructure, and other services [3]

南方电网数字电网研究院股份有限公司 上市公告书 股票简称：南网数字 股票代码：301638 南方电网数字电网研究院股份有限公司 CSG Digital Power Grid Research Institute Co.,Ltd. （广州市黄埔区中新广州知识城亿创街 1 号 406 房之 86） 首次公开发行股票并在创业板上市之 上市公告书 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 二〇二五年十一月 南方电网数字电网研究院股份有限公司 上市公告书 特别提示 南方电网数字电网研究院股份有限公司（以下简称"南网数字""本公司" "发行人"或"公司"）股票将于 2025 年 11 月 18 日在深圳证券交易所创业板 上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板 ...

Summary of Southern Power Grid Expert Call Takeaways Industry Overview - **Industry**: Power Equipment Sector in China - **Company**: Southern Power Grid Key Insights 1. **Rising Capital Expenditures (Capex)**: - Southern Power Grid's capex is projected to increase from Rmb120–130 billion (2021–2024) to Rmb172 billion in 2024, with expectations of Rmb175 billion in 2025 and Rmb178 billion in 2026. [2][2][2] - State Grid's capex is also expected to rise, reaching Rmb520–550 billion in 2025 from Rmb500 billion in 2024. [2][2][2] 2. **Investment Allocation**: - 80% of total grid capex is allocated to transmission and distribution networks. [3][3][3] - In 2025, Southern Power Grid plans to allocate Rmb120 billion for transmission and distribution, with Rmb57 billion for transmission and Rmb64 billion for distribution. [3][3][3] 3. **Transmission Projects**: - The ±800-kilovolt UHV DC transmission project from Xizang to the Guangdong-Hong Kong-Macao Greater Bay Area is expected to accelerate investment growth by 15-20% year over year in 2025. [4][4][4] - Planned transmission capacity is anticipated to double to around 110-120 GW by the end of the 15th FYP (2026-2030). [4][4][4] 4. **Distribution Network Investments**: - Investment completion rates for distribution networks are historically lower than for transmission networks. [5][5][5] - From 2025, distribution network investments are expected to exceed those in transmission networks, with a projected Rmb64 billion for distribution in 2025. [5][5][5] 5. **Digital Transformation**: - The penetration rate of digitalized distribution networks is projected to rise from 7% to 100% by the end of the 15th FYP, potentially increasing investment in this area tenfold. [8][8][8] - Capex in digitalization has increased from 1% to 5%-7% of total grid capex, with a focus on applications and digital transformation. [9][9][9] 6. **Technological Transformation**: - Southern Power Grid plans to spend Rmb18.2 billion on technological transformation in 2025, increasing to Rmb20 billion in 2026. [10][10][10] - Major spending will focus on production technology transformation, with Rmb12 billion planned for 2025. [11][11][11] 7. **Research and Development (R&D)**: - R&D capex is expected to grow from Rmb500 million at the beginning of the 14th FYP to Rmb4 billion in 2025, representing 1.5% of revenue. [12][12][12] 8. **Energy Storage Systems (ESS)**: - Southern Power Grid plans to grow pumped storage capacities from 10 GW to 30 GW during the 15th FYP. [13][13][13] - Demand for new types of ESS, particularly BESS, is accelerating, with significant growth expected in both power supply and grid-side installations. [14][15][15] 9. **Virtual Power Plants (VPP)**: - VPP development is shifting from local projects to national strategies, with a target load adjustment capacity of 5% of maximum load by the end of the 15th FYP. [17][17][17] - Investment in VPPs is expected to diversify revenue models beyond subsidies, focusing on electricity trading and ancillary services. [17][17][17] Additional Considerations - **Strategic Shift**: There is a strategic pivot in capital allocation towards grid digitalization and modernization, particularly in distribution networks, driven by national policy mandates. [18][18][18] - **Investment Opportunities**: Related stocks include Nari Tech, Southern Power Grid Tech, and Dongfang Electronics, among others. [18][18][18] - **Risks**: Potential risks include slower-than-expected growth in grid investment and technological development. [19][19][19]

Summary of Conference Call on Power Equipment Industry Industry Overview - The power equipment industry showed significant differentiation in performance during Q3 2025, with high-pressure networks, ultra-high voltage, and overseas business performing well, achieving double-digit revenue growth and profit improvements [2][3][4] - The digitalization of the power grid and low-voltage electrical equipment remained relatively stable, while the electric meter and distribution sectors faced operational pressures [2][3] Key Points High-Pressure Networks - Q3 saw a slowdown in grid investment growth, yet it maintained a high single-digit growth rate [2][3] - Companies like NARI, Xidian, and Changgao experienced rapid growth, but a decrease in ultra-high voltage deliveries led to a year-on-year decline in gross margins [2][3] - Despite this, improved expense management allowed overall profits to remain stable [2][3] Export Performance - Transformer product exports maintained a growth rate of around 50%, marking it as one of the best-performing products [3][5] - The overseas segment saw revenue growth exceeding 10% in the first three quarters, particularly for BRT-related companies like Siyuan, Huaming, and Shenma [3][4] Digitalization and Electric Meters - The digitalization of the power grid primarily focused on hardware deliveries, which have lower gross margins, resulting in weak profit responses [3][4] - An increase in software deliveries is expected to improve profitability in the future [3] - The new standard electric meter bidding is anticipated to restore prices and gross margins, with a projected operational turning point in 2026 [3][4] Distribution and Low-Voltage Equipment - Revenue in the distribution segment remained stable, but some companies faced declining growth rates due to impacts from new energy support businesses [2][3] - Overall gross margins decreased, with profit growth mainly driven by fair value changes and credit impairment reversals, indicating ongoing operational pressures [3][4] AIDC Sector - The AIDC (Artificial Intelligence Data Center) sector continued to show growth, with a clearer upward trend in Q3 [2][3] - Companies in this sector are not only rapidly developing their AIDC business but also recovering their main operations, with breakthroughs in the North American market being a key focus for future growth [2][3][6] Future Growth Prospects - The outlook for the electrical and power equipment sectors, particularly transformers, is optimistic due to rising demand in the North American market, which is experiencing severe electricity shortages [5][6] - The AIDC electrical equipment segment is expected to benefit from increased capital expenditures by major North American companies, particularly in the data center power supply segment [6] - Domestic companies are actively developing and aligning with this demand, indicating potential for significant growth [6] Investment Opportunities - The current valuations of some ultra-high voltage and electric meter-related companies have adjusted to historical lows, presenting a good opportunity for left-side positioning [7][8] - These companies have ample orders, equivalent to two to three times their annual delivery capacity, ensuring strong performance growth in the coming year [8]

Group 1: Company Overview - Nanfang Digital focuses on providing comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [2] - The company is expanding its products and services into various sectors, including transportation, water supply, gas, public administration, and urban construction, leveraging its experience in digital transformation within the power energy industry [2] - As of the signing date of the prospectus, Digital Group holds 200 million shares, accounting for 74% of the total share capital, making it the controlling shareholder [2] Group 2: IPO Details - Nanfang Digital plans to raise approximately 255.45 million yuan for various projects, including the construction of a spatial intelligent digital twin platform and an advanced power AI platform [3] - The company announced an issuance price of 5.69 yuan per share, with an expected total fundraising amount of about 271.38 million yuan, after deducting estimated issuance costs of approximately 7.54 million yuan [3]

Group 1 - The Shenzhen Stock Exchange's listing review committee approved the initial public offering (IPO) of Southern Power Grid Digital Grid Research Institute Co., Ltd. (referred to as "Southern Grid Digital"), marking it as the 56th company approved for listing this year [1] - Southern Grid Digital aims to provide comprehensive digital construction solutions for clients in the power energy sector, focusing on building a world-class digital and intelligent innovation platform for power grids [1][2] - The company plans to raise approximately 255.45 million yuan for various projects, including the construction of a spatial intelligent digital twin platform and an advanced power artificial intelligence platform [2] Group 2 - Southern Grid Digital is controlled by Southern Power Grid Digital Group Co., Ltd., which holds 74% of the shares, while the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council [2] - The company has a strong focus on expanding its products and services beyond the power energy sector into areas such as transportation, water supply, gas, public security, and urban construction [1][2] - The underwriting institution for the IPO is China Merchants Securities, which has successfully sponsored four IPO projects this year [1]