转自：贵州日报 该局聚焦配网自愈复电成效提升，全面提升配网自愈有效覆盖率，推进配网供电安全能力分析系统全面实用 化，全面推进应用主配网协同自愈技术，打造高水平自愈配电网。加大农网升级改造投入，农网投资占比不 低于60%，更好地服务特色农业、乡村旅游等产业发展。通过持续投入，优化网架，不断夯实电网基础设 施，以更坚强的智能电网服务地方高质量发展与民生改善。 （李泵 吴金娟） 春节前夕，在六盘水市钟山区荷城街道，南方电网贵州六盘水供电局工作人员将一台10千伏开关箱更换为自 动化程度更高的开关箱，有效保障市民欢度温暖祥和的春节。 本次升级改造解决了附近纳电小区、太阳石小区、宝圣国际、馨居苑等几个大型小区供电线路不能互供互倒 问题，惠及2000余户居民。 据了解，六盘水供电局近年来持续稳增长扩投资，大力推进配网建设，着力提升配网自动化水平和供电保障 能力。"十五五"开局之年，该局坚持"电等项目、电促发展"，重点提升产业园区、新型城镇化区域和乡村振 兴重点区域的供电能力和可靠性，将投入3.85亿元，实施640个配网基建项目。 六盘水供电局工作人员在安装新的开关箱。 李泵 摄 ...

Group 1: Industry Overview - The Chinese power equipment sector has shown strong performance since the beginning of 2026, with an average stock price increase of approximately 20%, significantly outperforming the Shanghai Composite Index's 5% rise during the same period [1] - The robust performance is supported by unexpected capital expenditure in the power grid and sustained strong export demand, indicating a new golden development cycle for the power equipment industry [1] Group 2: Investment Outlook - The "14th Five-Year Plan" outlines a clear investment blueprint for the power grid, with a significant increase in investment in ultra-high voltage (UHV) projects, expected to rise from 380 billion yuan to over 500 billion yuan during the "15th Five-Year Plan" [2] - The investment structure will focus on three core areas: UHV projects, secondary equipment, and distribution network construction, with a projected annual growth rate of 8%-10% in grid investment during the first two years of the "15th Five-Year Plan" [2] Group 3: Key Companies - Morgan Stanley has given an "overweight" rating to four leading power equipment companies, ranking them based on business layout, growth potential, and valuation advantages: NARI Technology/Siyuan Electric > Huaming Equipment > XJ Electric [3] Group 4: NARI Technology - NARI Technology, a core enterprise under the State Grid, is expected to benefit significantly from the acceleration of grid automation and digital transformation, with a projected average net profit growth rate rising from below 10% to mid-double digits from 2023-2025 to 2026-2028 [4] - The current valuation of NARI Technology is attractive, with a projected P/E ratio of 21 times for 2026, offering a 30% discount compared to peers [4] Group 5: Siyuan Electric - Siyuan Electric, a leading private power equipment company, is expected to maintain a high profit growth rate of 40% in 2026, driven by capacity expansion in high-voltage transformers and the launch of a new energy storage factory [5][6] - The company is expanding its overseas market presence, with plans for new factories in Saudi Arabia and potential expansions in Mexico and Hungary [6] Group 6: Huaming Equipment - Huaming Equipment is the absolute leader in the transformer tap changer market, with over 60% market share, and is expected to achieve a net profit compound growth rate of about 20% during the "15th Five-Year Plan" [7] - The company has a stable profit foundation due to high entry barriers in the industry, although its stock price may have less upward elasticity compared to NARI Technology and Siyuan Electric [7] Group 7: XJ Electric - XJ Electric, a key supplier in the power equipment sector, is expected to benefit from overall increases in China's grid investment and improvements in average selling price and gross margin from new generation electric meters [8] - The company's net profit growth rate is projected to reach 28% in 2026, with a P/E ratio of 19.7 times, indicating a relatively low valuation within the industry [8]

Core Viewpoint - Jiangsu Yunyong Electronic Technology Co., Ltd. reported a significant increase in revenue but faced a net loss due to increased expenses related to market expansion and R&D efforts [2][4]. Financial Performance - The company achieved operating revenue of 129.98 million yuan, a year-on-year increase of 26.55% [2][4]. - The net profit attributable to the parent company was -8.86 million yuan, indicating a decline compared to the previous year [2][4]. - The net profit after deducting non-recurring gains and losses was -10.99 million yuan, reflecting a substantial decrease of 362.98% [4]. Expense Analysis - Sales expenses increased by 34.60% due to a strategic focus on domestic substitution, new energy, and automated distribution networks [2]. - R&D expenses grew by 3.95% as the company emphasized core technologies such as virtual power plants and energy management [2]. - Management expenses rose by 16.27% as the company improved its organizational structure and internal management [2]. Asset and Equity Status - Total assets at the end of the reporting period were approximately 989.13 million yuan, a decrease of 3.02% from the previous year [3]. - The net assets attributable to shareholders of the listed company showed stability, with no significant adverse changes in core business or competitive position [2][3]. Shareholder Information - The total number of shareholders at the end of the reporting period was 4,993 [4]. - Major shareholders include individuals with significant stakes, such as Gao Nan (33.64%) and Jiao Fu Wei (22.43%) [4].

Core Viewpoint - YunYong Technology announced a revenue of 130 million yuan for the first half of 2025, representing a year-on-year growth of 26.55%. However, the net profit attributable to shareholders was a loss of 8.86 million yuan, compared to a profit of 5.73 million yuan in the same period last year [1]. Group 1: Financial Performance - The company's revenue for the first half of 2025 reached 130 million yuan, marking a 26.55% increase year-on-year [1]. - The net profit attributable to shareholders was a loss of 8.86 million yuan, a decline from a profit of 5.73 million yuan in the previous year [1]. Group 2: Reasons for Profit Decline - The decline in net profit is primarily due to a strategic focus on high-market sectors such as domestic substitution, new energy, and distribution network automation, leading to a 34.60% increase in sales expenses compared to the previous year [1]. - The company set clear technology development goals, emphasizing new energy technologies like virtual power plants and energy storage, resulting in a 3.95% increase in R&D expenses year-on-year [1]. - Organizational structure improvements and enhanced internal management led to a 16.27% rise in management expenses compared to the previous year [1]. - The company has strengthened its assessment of credit and asset impairment losses, with a provision for credit and asset impairment losses of 1.98 million yuan, primarily due to bad debt losses from accounts receivable [1].

Core Viewpoint - The company is actively enhancing its power supply capabilities in response to extreme heat conditions, ensuring reliable electricity supply and safety for critical facilities and the general public [1][3][4]. Group 1: Power Load and Consumption - On July 19, the maximum temperature in Tianshui exceeded 36°C, leading to a significant increase in electricity load, with the daily maximum load reaching 1.5267 million kilowatts, a year-on-year increase of 13.03% [1]. - The daily maximum electricity consumption was 28.5975 million kilowatt-hours, reflecting a year-on-year growth of 7.85% [1]. Group 2: Operational Measures - The company is closely monitoring weather changes and load trends, enhancing load forecasting, and adjusting grid operations to alleviate equipment overload [3]. - Special inspections, infrared temperature checks, and live-line testing are being conducted to ensure the safe operation of equipment, focusing on weak points in the grid and heavily loaded devices [3][4]. Group 3: Technology and Innovation - The company is integrating advanced technologies such as distribution automation systems and intelligent inspection robots to improve fault detection and response efficiency [4]. - Data analysis is being utilized to identify equipment issues, transitioning from traditional manual operations to data-driven management [4]. Group 4: Community Engagement and Support - The company has launched a "High-Temperature Power Protection Green Channel" to provide dedicated power supply services to key locations such as nursing homes and hospitals, ensuring uninterrupted service [4]. - Staff are conducting summer electricity inspections and safety awareness campaigns in local communities to enhance public awareness of electricity safety [3].