事件：公司发布2025 年中报。 2025H1，营业收入84.97 亿元，同比+37.80%；归母净利润12.93 亿元，同比+45.71%；扣非净利润12.36 亿元，同比+47.04%。 2025H1，公司海外市场收入28.62 亿，同比+88.91%。出海收入占比达33.68%，创历史新高。海外市场 销售毛利率35.69%，同比+1.87pct。 海外市场中欧洲、北美洲等电力发达地区输配电设备运行多年，有较大的改造更换空间；东南亚、中 东、非洲等地区电力基础设施建设落后，存在较大的新建业务机会。公司长期坚持海外战略，持续进行 产品和市场投入。公司多款产品在英国、意大利、沙特、科威特等多个国家市场实现了突破。 持续拓展汽车电子、柔性直流输电等新产品： 2025H1,公司汽车电子业务实现收入4545 万元，同比+216.58%。报告期内，公司持续拓展以超级电容 （含混合超容）、锂电池等高倍率储能元件为核心的汽车电子电器类业务；持续突破柔直相关业务。 投资建议：公司作为民营输变电设备龙头，有望持续受益海外+国内电网建设高景气，同时中压开关、 高压GIS、储能、超级电容、静止同步调相机、汽车电子等新产品有望持续 ...

许继电气（证券代码：000400）公告，2025年8月11日，董事会和监事会同意回购注销已授予未解锁的 2022年限制性股票激励计划限制性股票127,060股，占回购注销前公司总股本的0.0125%，涉及14人，回 购金额1,447,066.16元。因2人岗位调动、3人离职、9人考核部分达标或不达标，公司对其未解锁股票进 行回购。9月23日完成验资，截至公告披露日，已办理完成回购注销手续。回购后，公司总股本减至 1,018,622,249股，不影响控股股东、实际控制人及股权上市条件，对财务和经营无重大影响。 ...

Core Points - C Haocreat (301668) experienced a significant increase of 190.76% on its first trading day, with a turnover rate of 81.60% and a transaction volume of 1.188 billion yuan [2] - The stock's first-day margin trading saw a buy amount of 45.4771 million yuan, accounting for 3.83% of the total trading volume, with a latest margin balance of 41.9169 million yuan, representing 2.98% of the circulating market value [2] - The company specializes in the research, production, and sales of smart distribution equipment, including smart ring network cabinets, smart pole-mounted switches, and box-type substations [2] - On its debut, the stock attracted a net inflow of 355 million yuan from major funds, with large orders contributing 172 million yuan and 183 million yuan respectively [2] - The top five trading departments on the stock's first day had a total transaction of 94.3824 million yuan, with a net purchase of 49.5319 million yuan [2] Financial Data Summary - C Haocreat's first-day financing balance was 41.9169 million yuan, which is 2.98% of its circulating market value [2] - The stock's first-day performance was significantly higher compared to other recent IPOs, such as Jin Hua New Materials (133.00% increase) and C United Dynamics (147.60% increase) [2] - The stock's first-day margin trading details indicate no short selling balance, highlighting strong investor confidence [2]

Group 1: Company Overview and Market Position - Huaming Equipment is a leading domestic manufacturer of tap changers, with a significant market share in China [24]. - The company has established a presence in over 100 countries, with Europe being the largest market, followed by Asia and the Middle East [6][7]. - The company’s products are primarily exported to regions with high demand, such as Southeast Asia and the Middle East, including recent progress in the U.S. market [7][10]. Group 2: Export Dynamics - As of June 30, 2025, the ratio of direct to indirect exports is approximately 1:1, indicating a balanced approach to market penetration [4]. - Indirect exports have seen rapid growth due to increased opportunities for Chinese transformer manufacturers in overseas markets [4][5]. - The company’s products are increasingly accepted by end-users, reflecting a growing market presence [4]. Group 3: Future Market Trends - The company anticipates sustained growth in overseas markets, driven by low initial market penetration and rising demand [10][11]. - Long-term growth is expected to align with industry natural growth rates and changes in the company’s market share [11]. - The company aims to leverage current market opportunities to enhance its overseas revenue and customer base [11]. Group 4: Competitive Landscape - The company faces competition from established players with decades of experience, but it maintains a competitive edge through faster delivery and a high self-sufficiency rate of 80% in components [18][19]. - Price differences exist in various markets, with the company’s pricing being competitive in regions where it has established a presence [20][21]. - The company’s strategy focuses on long-term market share growth rather than short-term profit maximization [14]. Group 5: Operational Efficiency - The company’s current production capacity is relatively saturated, with ongoing efforts to enhance production efficiency through process optimization and automation [29]. - Delivery timelines are approximately 1 month domestically and 2-3 months internationally, indicating a robust operational framework [27]. - The company is exploring local manufacturing opportunities in markets like Indonesia to enhance competitiveness and reduce costs [17][13]. Group 6: Financial Performance and Strategy - The company has committed to a dividend policy of distributing at least 60% of distributable profits annually, reflecting a stable financial outlook [53]. - Recent improvements in cash flow and financial health are attributed to successful project recoveries and increased domestic market growth [46]. - The company’s gross margin is influenced by revenue structure changes, with a focus on maintaining stability despite market fluctuations [52].

格隆汇9月26日丨思源电气(002028.SZ)公布，公司计划使用自有资金和第三方在北京市怀柔区共同设立 合资公司，其中公司投资额不超过4亿元。以怀柔实验室为代表的技术方和以公司为代表的产业方拟在 北京怀柔区怀柔科学城共同设立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资， 知识产权出资比例暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70%，且公司的 现金出资额不超过4亿元。最终股权比例以知识产权评估结果为准。思源电气与怀柔实验室，双方合作 具备显著的协同效应和战略互补性。双方通过资源共享和能力协同，可以共同推进IGCT阀组技术的产 业化进程，加速实现技术创新突破和市场应用拓展。 ...

智通财经APP讯，思源电气(002028.SZ)公告，公司计划使用自有资金和第三方在北京市怀柔区共同设立 合资公司北京思源怀实能源技术有限公司，其中公司投资额不超过4亿元。合资公司业务范围为：基于 IGCT器件平台的电力电子相关技术产品研发、生产、销售等。 据公告所示，本次投资系以怀柔实验室为代表的技术方和以公司为代表的产业方拟在北京怀柔区怀柔科 学城共同设立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资，知识产权出资比例 暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70%，且公司的现金出资额不超过 4亿元。本次投资暂未签署正式协议。 ...

Group 1 - The company received a notification from the Shanghai Stock Exchange on September 26, 2025, regarding the acceptance of its application for issuing securities on the main board [1] - The Shanghai Stock Exchange has verified the company's prospectus and related application documents, deciding to accept and review them according to the law [1] - The issuance of convertible bonds is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission before implementation [1] Group 2 - The company will fulfill its information disclosure obligations in a timely manner based on the progress of the matter [1]

Group 1 - The core point of the article is that Changgao Electric New Technology Co., Ltd. has received an inquiry letter from the Shenzhen Stock Exchange regarding its application to issue convertible bonds to unspecified investors, which requires further review and approval from regulatory authorities [1] - The company is working with relevant intermediaries to address the inquiries and update the application documents, including the 2025 semi-annual report [1] - The issuance of the convertible bonds is contingent upon approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty regarding the approval timeline [1]

输变电设备毛利率分析 2022 - 2024年，长高电新输变电设备中高压开关、封闭式组合电器、成套电器三类产品毛利率整体呈上 升趋势，2025年1 - 6月部分产品毛利率有所波动。其驱动因素包括产品结构优化、国家电网政策驱动单 价上涨、原材料价格下降及规模效应摊薄成本等。 近日，长高电新科技股份公司针对深圳证券交易所下发的《关于长高电新科技股份公司申请向不特定对 象发行可转换公司债券的审核问询函》进行了详细回复，就公司业务依赖、募投项目等诸多关键问题作 出说明，引发市场关注。 客户依赖与应对策略 长高电新主营业务涵盖输变电设备业务以及电力勘察设计和工程总包服务，其中输变电设备为核心业 务。报告期内，公司对国家电网及其下属企业的销售收入占比达85%以上。不过，公司认为这种客户集 中度较高的情况符合行业特点，因输变电设备下游主要为电网建设行业，国家电网占据绝大部分市场份 额。同时，国家电网投资计划与招标政策具有稳定性，2022 - 2024年电网投资金额逐年上升，2025年国 家电网、南方电网计划总投资超8250亿元。 面对可能的业绩波动风险，长高电新已从产品、技术、市场三大维度构建应对策略。产品方面，通过三 大 ...

格隆汇9月26日丨特变电工(600089.SH)在投资者互动平台表示，公司目前在稀土永磁市场无布局。 ...