人民财讯12月3日电，三星医疗（601567）12月3日公告，公司下属全资子公司宁波奥克斯智能科技股份 有限公司近日在国家电网有限公司2025年华中、川渝区域第二次联合采购10kV柱上变压器台成套设备 协议库存招标采购，国家电网有限公司2025年华中、川渝区域第二次联合采购10kV变压器协议库存招 标采购项目中被推荐为中标候选人，预计合计中标总额约1.52亿元。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The company reported a year-on-year revenue increase of 19.29% for the first three quarters of 2025, with a gross margin of 22.14%, reflecting improved profitability [1][3]. - The company is expected to benefit from the high demand for high-voltage equipment, with significant investments in the national grid projected to exceed 650 billion yuan in 2025 [1][10]. - The core products, including switches and transformers, are anticipated to contribute significantly to revenue growth [4][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 17.004 billion yuan, a year-on-year increase of 11.54%, and a net profit attributable to shareholders of 939 million yuan, up 19.29% [2]. - The gross margin for the first three quarters was 22.14%, an increase of 1.66 percentage points year-on-year, attributed to scale effects and cost reduction efforts [3]. Product Contribution - In the first half of 2025, the revenue from the transformer segment was 4.94 billion yuan, up 10.4%, while the switch segment generated 4.25 billion yuan, a 4% increase [4]. - The company’s core products, including power transformers and high-voltage switches, are expected to see substantial revenue growth [4]. Market Outlook - The investment in the national grid is projected to continue at a high level, with the first nine months of 2025 seeing an investment completion of 398.2 billion yuan, a 21.1% increase year-on-year [10]. - The demand for high-voltage equipment remains strong, with significant procurement planned by the State Grid, including approximately 119 billion yuan for transformers and 135 billion yuan for combination electrical equipment [10].

东莞证券表示，"十五五"规划建议提出加快建设新型能源体系，持续提高新能源供给比重，推进化石能 源安全可靠有序替代，着力构建新型电力系统，建设能源强国。坚持风光水核等多能并举，统筹就地消 纳和外送，促进清洁能源高质量发展。加强化石能源清洁高效利用，推进煤电改造升级和散煤替代。全 面提升电力系统互补互济和安全韧性水平，科学布局抽水蓄能，大力发展新型储能，加快智能电网和微 电网建设。 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65%，全市场最高。 12月3日，A股三大指数涨跌不一，电网设备板块企稳明显，截止10点07分，全市场唯一的电网设备ETF （159326）涨幅0.43%，成交额达4303万元，持仓股永福股份、思源电气、华通线缆、双杰电气、东材 科技、海兴电力等股涨幅居前。 电网设备ETF（159326）近期持续获资金关注，已连续4个交易日净流入，合计"吸金"超2.41亿元，最新 规模21.06亿元，创成立以来新高。 ...

证券之星消息，12月2日电网设备板块较上一交易日下跌0.89%，宏力达领跌。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。电网设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002300 | 太阳电缆 | 7.78 | 10.04% | 55.43万 | 4.17亿 | | 603829 | 溶凯股份 | 26.99 | 5.93% | 13.40万 | 3.52亿 | | 300427 | 红相股份 | 9.27 | 5.58% | 134.08万 | 12.08亿 | | 300932 | 三友联众 | 12.70 | 5.31% | 15.56万 | 1.95亿 | | 002451 | 摩恩电气 | 11.02 | 4.55% | 81.53万 | 8.88亿 | | 300141 | 和顺电气 | 11.85 | 3.13% | 12.57万 | 1.48亿 | | 605196 | 不要线流 | 34.48 ...

中信证券表示，"十五五"规划建议中进一步明确了新型能源体系的重要地位，针对电力系统建设指引了 消纳、韧性、电气化等中长期的发展重心。该机构认为，政策进一步指引和夯实了特高压、柔性直流输 配电、数智化电网等环节的中长期机遇。同时，中短期来看，输变电设备内外需景气共振，结构性需求 持续显现，特高压、智能电网等环节有望迎来景气反转。 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65%，全市场最高。 12月2日，A股三大指数集体回调，近日企稳明显的电网设备板块跟随下跌，截至13:18，全市场唯一的 电网设备ETF(159326)跌幅1.34%，成交额达1.26亿元，持仓股永福股份（300712）、中能电气 （300062）、智光电气（002169）、通光线缆（300265）、天正电气（605066）等股涨幅居前。 电网设备ETF已连续3个交易日净流入，合计"吸金"超2.08亿元，最新规模达20.96亿元，创成立以来新 高。 AI ...

Market Overview - In November, the A-share market exhibited a downward trend, contrasting with optimistic expectations at the beginning of the month [1] - Major indices, including the Shanghai Composite Index, fell by 1.67%, the CSI 300 by 2.46%, and the Wind All A Index by 2.22% [2] - The ChiNext Index dropped by 4.23%, and the Sci-Tech 50 fell by 6.24%, indicating a significant adjustment in growth-style sectors [2] Sector Performance - Defensive sectors such as comprehensive services, banking, textiles, petrochemicals, and light manufacturing showed relative stability, while sectors like computers, automobiles, electronics, and non-bank financials experienced substantial declines [2] - Over 60% of stocks recorded negative returns, highlighting a marked reduction in market profitability [2] Market Adjustment Reasons - The decline in the market is attributed to multiple factors, including a cooling global AI investment theme, which negatively impacted growth sectors [3] - Concerns over the domestic economic recovery were underscored by a manufacturing PMI drop to 49.0 in October and a 5.5% year-on-year decline in industrial profits [3] - An unexpected tightening of overseas liquidity, driven by strong U.S. employment data, has also contributed to market pressures [3] December Market Outlook - The A-share market is expected to maintain a volatile pattern in December, with a focus on economic fundamentals and liquidity events [4] - The upcoming Federal Reserve meeting in mid-December and the Central Economic Work Conference in China are critical for market direction [4] Investment Strategy Recommendations - A "defensive + growth" allocation strategy is recommended, focusing on high-dividend, low-valuation sectors such as banking and utilities for stability [5] - Growth sectors with reasonable valuations, including energy storage, military, AI computing, power grid equipment, and semiconductors, are identified as having mid-term investment value [5][6] Sector-Specific Insights - The energy storage sector is projected to grow over 40% due to increased demand and policy support [6] - The military sector benefits from the transition between the 14th and 15th Five-Year Plans, showing high earnings visibility [6] - The AI computing sector has seen a doubling in domestic server shipments year-on-year, driven by surging demand [6] - The power grid equipment sector is supported by accelerated construction and increased overseas exports [6] - The semiconductor sector is driven by demand from AI chips and automotive semiconductors, indicating strong earnings elasticity [6] Conclusion - The market will continue to navigate between "overseas liquidity pressures" and "domestic policy support capabilities" in December [7] - Investors are advised to monitor key domestic and international policy signals while maintaining a defensive position and gradually increasing allocations in high-growth areas [7]

Group 1: SAIC Motor Corporation - In November, SAIC Motor's total vehicle sales reached 460,800 units, a year-on-year decrease of 3.75% [1] - New energy vehicle sales were 209,400 units, showing a year-on-year increase of 19.75% [1] - Cumulative vehicle sales from January to November reached 4,108,100 units, a year-on-year increase of 16.38% [1] - SAIC's subsidiary plans to establish a private equity fund focused on the smart electric vehicle industry with an initial subscription size of 1.09 billion yuan [1] Group 2: Top Group - Top Group is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] - The company is in discussions with relevant intermediaries regarding the specifics of the H-share listing [2] Group 3: Ningbo Fuda - Ningbo Fuda's subsidiary intends to publicly sell 100% equity of its subsidiary, Hekou Yingzhou Cement Company, with an assessed value of 1.5752 million yuan [4] Group 4: Fuguang Co., Ltd. - Fuguang Co., Ltd. plans to sell a 25% stake in its associate company, Xiaotunpai, for 67.2636 million yuan [5] Group 5: Puluo Pharmaceutical - Puluo Pharmaceutical's subsidiary received a drug registration certificate for Amoxicillin and Clavulanate Potassium Tablets, used for various infections [6][7] Group 6: Fosun Pharma - Fosun Pharma's subsidiary received approval to conduct Phase I clinical trials for a dual-specific antibody injection for treating advanced solid tumors [8] Group 7: Far East Group - Far East Group's subsidiaries won contracts totaling 2.383 billion yuan in November [9] Group 8: Samsung Medical - Samsung Medical's subsidiary is expected to win a procurement project from the State Grid worth approximately 124 million yuan [10] Group 9: Changhua Group - Changhua Group received a development notification from a domestic automaker, with an expected total sales amount of approximately 732 million yuan over five years [12] Group 10: Xinbang Intelligent - Xinbang Intelligent's application for issuing shares to acquire Wuxi Yindichip Microelectronics has been accepted by the Shenzhen Stock Exchange [14] Group 11: Jinjing Development - Jinjing Development's subsidiary won a residential and commercial land bid in Tianjin for 474 million yuan [16] Group 12: Guohong Holdings - Guohong Holdings signed an investment framework agreement to develop a strategic emerging industry park in Tanzhou Town [17] Group 13: Hanma Technology - Hanma Technology reported a 149.94% year-on-year increase in truck sales in November, totaling 2,002 units [22] Group 14: Yufeng Group - Yufeng Group decided to terminate its plan to issue A-shares due to the expiration of authorization and market conditions [24] Group 15: Zhenhua Electric - Zhenhua Electric's subsidiary plans to invest up to 201 million yuan in a private equity fund focused on specific industries, including new energy [28] Group 16: Fuao Co., Ltd. - Fuao Co., Ltd. completed the transfer of 40% equity in Fuao Wan'an for 26.222 million yuan [29] Group 17: Baotailong - Baotailong plans to acquire an additional 2.83% stake in its subsidiary, totaling 15 million yuan [31] Group 18: Zhongchao Holdings - Zhongchao Holdings' subsidiaries won projects totaling 1.318 billion yuan [32] Group 19: Annie Co., Ltd. - Annie Co., Ltd. announced a potential change in control, leading to a temporary suspension of its stock [34] Group 20: Ganfeng Lithium - Ganfeng Lithium's subsidiary plans to issue $100 million in exchangeable notes [38]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002927 | 泰永长征 | 17.21 | -3.59% | 17.75万 | 3.11亿 | | 603097 | 江苏华辰 | 27.40 | -3.56% | 6.32万 | + 1.73亿 | | 301120 | 新特电气 | 17.90 | -3.09% | 18.89万 | 3.42 Z | | 301012 | 扬电科技 | 25.48 | -2.52% | 7.55万 | 1.93亿 | | 688676 | 金盘科技 | 79.83 | -2.48% | 18.86万 | 15.19 Z | | 688191 | 智洋创新 | 36.07 | -2.36% | 3.23万 | 1.18亿 | | 600885 | 宏发股份 | 28.53 | -1.99% | 17.32万 | 4.95 Z | | 301002 | 崧盛股份 | 29.90 | -1.77% | 1.93万 | 5797.39万 | | 002451 | ...

12月1日，A股三大指数集体飘红，截止14点，电网设备ETF（159326）涨幅0.64%，成交额达1.96亿 元，持仓股中天科技、电科院、金龙羽、电工合金、海兴电力、四方股份、神马电力、中能电气、特变 电工等股涨幅居前。 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65%，全市场最高。 （文章来源：每日经济新闻） 电网设备ETF（159326）经历前期回调后，企稳反弹迹象明显，近两日获净流入合计1.39亿元，最新规 模突破20亿元，创成立以来新高。 AI算力爆发，引发全球用电紧张，高盛近期报告明确指出，电力供应已成为AI发展的重大阻碍，到 2030年，全球数据中心的用电需求预计将暴涨160%。而欧美国家电网老化严重，亟待升级。 中信证券表示，全球电网投资将超过4000亿美元，高景气度延续。AI将强势带动全球用电需求增长， 配套电气设备需求显著增加。 ...

Core Viewpoint - The new power system in China is undergoing an accelerated transformation, driven by policies aimed at achieving carbon peak and carbon neutrality goals by 2030 and 2060 respectively [1] Group 1: Industry Development - The development of the new power system focuses on supporting the achievement of carbon peak as the main goal, promoting a clean and low-carbon transition [1] - The central government has outlined a "two-step" strategy to achieve carbon peak by 2030 and carbon neutrality by 2060, with specific milestones set for 2030, 2045, and 2060 [1] Group 2: Investment Opportunities - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies involved in key areas such as power transmission and transformation equipment, and grid automation [1] - This index reflects the overall performance of listed companies related to electric grid equipment, indicating potential investment opportunities in this sector [1]