平高电气（600312）(600312.SH)发布公告，日前，国家电网有限公司电子商务平台发布了"国家电网有 限公司2025年第七十四批采购(输变电项目第五次变电设备(含电缆)招标采购)中标公告""国家电网有限 公司2025年第七十五批采购(输变电项目第五次变电设备单一来源采购)成交公告"。公司及子公司为相 关项目中标单位，中标金额合计约为8.58亿元，占2024年营业收入的6.92%。 ...

Core Viewpoint - Pinggao Electric (600312.SH) has won bids for two procurement projects from State Grid Corporation of China, with a total bid amount of approximately 858 million yuan, which accounts for 6.92% of the company's projected revenue for 2024 [1] Group 1 - The State Grid Corporation of China announced the 74th and 75th batches of procurement for 2025, which includes the fifth round of bidding for substation equipment and single-source procurement [1] - The total bid amount won by the company and its subsidiaries is approximately 858 million yuan [1] - The awarded contracts represent a significant portion of the company's expected revenue for the upcoming fiscal year [1]

Core Viewpoint - Pinggao Electric has won bids for two procurement projects from State Grid Corporation of China, with a total bid amount of approximately 858 million yuan, which accounts for 6.92% of the company's projected revenue for 2024 [1] Group 1 - The State Grid Corporation of China announced the results of its 74th and 75th procurement batches for 2025, focusing on substation equipment and cables [1] - Pinggao Electric and its subsidiaries are the winning bidders for the relevant projects [1] - The total bid amount of 858 million yuan is significant for the company's financial outlook, representing a notable percentage of its expected revenue [1]

Core Viewpoint - The company has provided water cooling products for numerous ultra-high voltage direct current transmission projects both domestically and internationally, with relevant project information available through official channels [1] Group 1 - The company has engaged in multiple ultra-high voltage direct current transmission projects, indicating a strong market presence in this sector [1] - Information regarding ongoing projects is not fully disclosed due to some being in the contract execution or dynamic progress stages [1]

Group 1 - The core point of the article highlights the significant stock price increase of TBEA Co., Ltd., which rose by 5.07% to 26.73 CNY per share, with a total market capitalization of 135.06 billion CNY and a cumulative increase of 29.93% over the past four days [1] - TBEA's main business segments include electrical equipment products (27.64%), coal products (18.27%), wires and cables (16.22%), and new energy products and engineering (13.06%), among others [1] - The trading volume for TBEA reached 15.176 billion CNY with a turnover rate of 11.68% [1] Group 2 - The fund "Puyin Ansheng CSI Photovoltaic Industry ETF" holds TBEA as its third-largest position, with a current holding of 1.1975 million shares, representing 7.26% of the fund's net value [2] - The fund has seen a year-to-date return of 40.2% and a one-year return of 18.68%, ranking 1181 out of 4216 and 2454 out of 3913 in its category, respectively [2] - The fund manager, Gao Gangjie, has a tenure of over 6 years, with the best fund return during his management being 48.66% [3]

（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 方正证券认为，受国内外共振，电力设备与储能有望持续受益。海关总署数据显示，2025年1-9月 我国电力设备累计出口金额达655.96亿元，同比增长36.33%。国内电力设备厂商的核心优势在于成本和 交期，从交期来看，海外厂商扩产和交付周期长，从制造端成本来看，国内厂商也具备优势，因此，在 海外电力供需不平衡的节点，这样的优势将更加凸显。 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。持仓股特高压权重占比高达64%，为全市场最高。 每日经济新闻 11月7日，A股三大指数低开震荡，截至10点43分，全市场唯一的电网设备ETF（159326）涨近 0.58%，换手率达23 ...

Core Viewpoint - The stock of Teriade has shown significant growth this year, with a 41.78% increase, and the company is actively involved in the power equipment sector, focusing on smart manufacturing and electric vehicle charging networks [1][2]. Financial Performance - For the period from January to September 2025, Teriade reported a revenue of 9.834 billion yuan, a year-on-year decrease of 6.25%, while the net profit attributable to shareholders was 686 million yuan, reflecting a year-on-year increase of 53.55% [2]. - Cumulative cash dividends since the A-share listing amount to 684 million yuan, with 314 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 7, Teriade's stock price reached 30.91 yuan per share, with a market capitalization of 32.627 billion yuan. The stock has seen a trading volume of 1.053 billion yuan and a turnover rate of 3.36% [1]. - The stock has experienced a net inflow of 5.2852 million yuan from main funds, with significant buying and selling activities recorded [1]. Shareholder Structure - As of September 30, 2025, Teriade had 58,500 shareholders, an increase of 24.56% from the previous period. The average number of circulating shares per shareholder decreased by 19.37% to 17,643 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 46.5151 million shares, an increase of 17.0536 million shares from the previous period [3].

Summary of TBEA Conference Call Company Overview - **Company**: TBEA Co., Ltd. - **Industry**: Power transmission and transformation, new energy, coal, and coal chemical industry Key Points Financial Performance - **Total Revenue Growth**: Over 30% year-on-year for the first three quarters of 2025 [2][3] - **Electrical Equipment Revenue**: Increased by 24% [2][3] - **Complete Engineering Revenue**: Grew by 17.86% [2][3] - **Domestic Market Contracts**: Grew by 9.4% [2][3] - **International Market Contracts**: Increased by over 80%, with new orders reaching $1.24 billion [2][3][7] New Energy Sector - **Polysilicon Production**: 59,400 tons produced, with sales of 54,700 tons, generating revenue of 1.753 billion yuan [3] - **EPC/BT Business**: Revenue from photovoltaic and wind power projects reached 4.813 billion yuan [3] - **Profit from Power Station Operations**: Total profit of 1.166 billion yuan [2][3] High Voltage Projects - **Progress**: Slow due to inter-provincial coordination and government approvals, but bidding has started for several projects [4] - **Future Construction**: Expected to start 4-5 new DC lines annually to meet increasing electricity demand [4] Profit Growth Factors - **Profit Growth vs. Revenue Growth**: Profit growth outpaced revenue growth due to product and market structure adjustments [5][6] - **Export Contribution**: Increased export ratio with higher profitability compared to domestic sales [6] International Market Strategy - **Current International Revenue**: Approximately 11% of total revenue [8] - **Future Target**: Aim to increase international revenue share to over 30% by 2030 [8][20] - **Market Focus**: Emphasis on grid upgrades in developed countries and renewable energy needs in developing countries [2][9] Coal Supply and Pricing - **Stability in Xinjiang Coal Supply**: Minimal impact from national supply tightening due to Xinjiang's abundant resources [13][15] - **Coal Pricing**: Prices remained stable with slight seasonal increases expected [15] Strategic Development - **Future Plans**: Focus on expanding polysilicon capacity, developing new energy projects, and enhancing coal production [24][38] - **New Materials Sector**: Expected growth driven by rising aluminum prices and new projects [38] Challenges and Opportunities - **Global Power Supply Challenges**: Aging grids and insufficient dispatch technology for high renewable energy ratios [28] - **AI Data Center Demand**: Increased demand for power equipment due to the growth of AI data centers [26][27] Product Development and Innovation - **New Product Lines**: Plans to develop new products for energy quality management and storage solutions [22] - **Research and Development**: Continuous investment in R&D to enhance product offerings and meet market demands [32][33] Market Expansion - **Overseas Production Strategy**: Establishing assembly plants in high-demand regions like the Middle East to reduce costs [23] - **Collaboration with Multinational Corporations**: Potential partnerships with companies like Siemens and ABB to enhance production capacity [11] Future Outlook - **Overall Growth Confidence**: Positive outlook for 2026 with expected improvements across various sectors [39]

Core Viewpoint - Jin Guan Electric has successfully won a bid for a State Grid project, amounting to 21.7976 million yuan, which is expected to drive the company's performance growth [1][3]. Group 1: Project Bid and Financial Impact - The company and its subsidiary, Nanyang Jin Guan Intelligent Switch Co., Ltd., won two packages for lightning arresters and switchgear products, representing approximately 2.93% of the company's projected revenue for 2024 [3]. - The lightning arrester business contributes over 60% to Jin Guan Electric's revenue, with a bid amount of 348 million yuan in the first three quarters of 2025, reflecting a 50% year-on-year increase [1][4]. - Jin Guan Electric reported total revenue of 525 million yuan in the first three quarters of 2025, an 11.85% increase year-on-year, while net profit decreased by 10.67% [3][4]. Group 2: Research and Development Focus - The company has invested significantly in R&D, with cumulative expenses reaching 171 million yuan over the past six years, showcasing its commitment to innovation [4]. - As of June 30, 2024, Jin Guan Electric holds 17 invention patents, 152 utility model patents, and 32 software copyrights, indicating strong technical capabilities [4]. Group 3: Strategic Market Positioning - Jin Guan Electric is strategically positioned in both the ultra-high voltage and charging pile markets, which are expected to support long-term growth [2][5]. - The company is actively developing its new energy heavy-duty truck charging pile product line, capitalizing on policy incentives and expanding its market presence [4][5].

Core Viewpoint - The company is actively focusing on emerging technologies such as solid-state transformers to seize market opportunities in the distribution equipment sector [1] Group 1: Company Products and Services - The company's distribution equipment business includes high and low voltage busbars, medium and low voltage complete equipment, transformers, and smart components [1] - The company can provide a variety of products for data centers, including power busbars, smart busbars, complete equipment, and components [1]