Core Viewpoint - The introduction of the new "National Nine Articles" has led to an increase in the frequency and stability of interim dividends among listed companies in the Shanghai market, with a record number of companies announcing dividend plans in 2025 [1][3]. Group 1: Dividend Trends - As of August 30, 2025, 406 companies in the Shanghai market have announced interim dividend plans, setting new records for both the number of companies and the total dividend amount [1]. - Nearly 60% of these companies have consistently paid interim dividends for two consecutive years, with 233 companies accounting for 58% of the total, distributing a combined dividend of 488.4 billion yuan, which is nearly 90% of this year's interim dividends [2][3]. - The average cash dividend payout ratio for the 2025 interim reports is approximately 57.42%, a significant increase from 40.95% in 2024 [6]. Group 2: High Dividend Companies - Among the 233 companies, 55 have announced dividends exceeding 500 million yuan, with 76% maintaining or increasing their dividend amounts compared to the previous period [4]. - Notable companies with substantial interim dividends include China Mobile, which plans to distribute over 54 billion yuan, and China Telecom, which announced a dividend of 16.581 billion yuan, reflecting an 8% year-on-year increase [3][8]. Group 3: New Entrants to Dividend Payments - Of the 406 companies, 173 are making interim dividend payments for the first time since the introduction of the new policy, indicating a broadening of the dividend distribution landscape [5]. - Companies like Haier Smart Home and WuXi AppTec have initiated interim dividends, with Haier distributing over 2.5 billion yuan, representing 20.83% of its net profit [5]. Group 4: Exceptional Dividend Ratios - Fourteen companies have reported dividend payout ratios exceeding 100%, with over half of the listed companies having payout ratios between 30% and 100% [7]. - For instance, Henan Siwei Automation Equipment Co., Ltd. plans to distribute 8.01 billion yuan, which is 263.77% of its net profit for the period [7].

Core Viewpoint - The introduction of the new "National Nine Articles" has led to a significant increase in mid-term dividends among listed companies in the Shanghai market, enhancing the stability, sustainability, and predictability of dividend payouts [1][2]. Group 1: Dividend Distribution Trends - As of August 30, 406 listed companies in the Shanghai market have announced mid-term dividend plans, setting new records for both the number of companies and the total dividend amount [1]. - Among these, 233 companies have consistently paid mid-term dividends for two consecutive years, accounting for 58% of the total, with a combined dividend payout of 488.4 billion yuan, representing nearly 90% of this year's mid-term dividends [2]. - The total dividend amount from these 233 companies has increased by 1.6% year-on-year, indicating a stable upward trend in dividend payouts [2]. Group 2: High Dividend Payouts - 55 companies among the 233 have announced mid-term dividends exceeding 500 million yuan, with 76% maintaining or increasing their dividend amounts compared to the previous period [2]. - For instance, Shandong Gold and Zijin Mining reported significant growth in their mid-term dividends, with increases of 125% and 120% respectively [2]. - The trend of multiple dividend distributions within a year is also evident, with 26 companies having paid dividends in their last three reports, showcasing a commitment to shareholder returns [3]. Group 3: Expansion of Mid-term Dividends - The remaining 173 companies have initiated mid-term dividends for the first time following the new policy, contributing to the expansion of mid-term dividend distributions [4]. - Notable examples include Haier Smart Home, which implemented a mid-term dividend of over 2.5 billion yuan, and WuXi AppTec, which announced a mid-term dividend of approximately 1 billion yuan after a significant profit increase [4]. Group 4: Record Dividend Ratios - The average cash dividend ratio for mid-term dividends in 2025 is approximately 57.42%, a substantial increase from 40.95% in 2024 [5]. - 14 companies reported dividend ratios exceeding 100%, with over half of the listed companies having dividend ratios between 30% and 100% [5]. - Major companies like China Mobile, China Telecom, and China Unicom are set to distribute a combined total of over 74 billion yuan in mid-term dividends, with China Mobile alone contributing over 54 billion yuan [5].

Core Viewpoint - Teruid (300001.SZ) announced that it has been shortlisted for several projects, indicating a strong position in the market for new energy transformers and railway construction materials [1] Group 1: Company Developments - Teruid has been selected as a candidate for the procurement of 35kV box transformers by China Huadian Group's e-commerce platform for the years 2025-2026 [1] - The company is also a shortlisted candidate for certain projects under the second batch of materials managed by the China National Railway Group for railway construction in 2025 [1] Group 2: Financial Implications - The total pre-bid amount for the aforementioned projects is approximately 697.93 million yuan [1]

Group 1 - The company, Jinguang Electric (SH 688517), announced a share buyback of approximately 390,000 shares, representing 0.29% of its total share capital of about 137 million shares, with a total expenditure of approximately 6.05 million RMB [1] - The highest and lowest prices for the repurchased shares were 15.97 RMB and 14.33 RMB per share, respectively [1] - As of the report, the market capitalization of Jinguang Electric is 2.1 billion RMB [1] Group 2 - For the fiscal year 2024, the revenue composition of Jinguang Electric is as follows: surge protectors account for 57.57%, distribution network products 33.62%, charging piles 5.28%, resistors 1.93%, and energy storage devices 1.08% [1]

Core Viewpoint - The company, Teruid, has been announced as a candidate for several procurement projects, indicating potential growth opportunities in the renewable energy sector [1] Group 1 - On September 1, Teruid announced that it is a candidate for the procurement of 35kV box transformers as part of a project by China Huadian Group's e-commerce platform [1] - The total pre-bid amount for the projects in which the company is a candidate is approximately 697.93 million yuan [1] - Additionally, the company is also a candidate for the second batch of materials managed by the China National Railway Group for railway construction projects in 2025 [1]

Core Viewpoint - A significant block trade of 440,000 shares of Siyuan Electric occurred on September 1, with a transaction value of 38.544 million yuan, reflecting a discount of 9.09% compared to the closing price of the day [2]. Group 1: Block Trade Details - The block trade had a transaction price of 87.60 yuan per share, which is lower than the closing price of 96.36 yuan [2]. - The buyer and seller for this transaction were both from the same brokerage, Everbright Securities Co., Ltd., Ningbo Liuting Street Securities Branch [2]. - Over the past three months, Siyuan Electric has recorded three block trades, totaling 74.1815 million yuan [2]. Group 2: Stock Performance - On the same day, Siyuan Electric's stock closed at 96.36 yuan, marking a 10.00% increase, with a turnover rate of 2.52% and a total transaction volume of 1.443 billion yuan [2]. - The net inflow of main funds for the day was 29.8674 million yuan, while the stock experienced a cumulative increase of 12.07% over the past five days, with a total net outflow of 92.1607 million yuan [2]. Group 3: Margin Trading Data - The latest margin financing balance for Siyuan Electric is 345 million yuan, which has increased by 13.7735 million yuan over the past five days, representing a growth rate of 4.16% [2].

Summary of Key Points Core Viewpoint - Longgao Electric New Technology Co., Ltd. has shown mixed financial performance with a slight increase in revenue but a decrease in net profit, alongside notable trading activity in its stock. Group 1: Financial Performance - For the first half of 2025, the company achieved operating revenue of 732 million yuan, representing a year-on-year growth of 0.40% [2] - The net profit attributable to shareholders was 106 million yuan, reflecting a year-on-year decrease of 13.12% [2] Group 2: Stock Trading Activity - On August 29, the stock price of Longgao Electric New remained unchanged at 0.00%, with a trading volume of 78.03 million yuan [1] - The financing buy-in amount for the day was 5.54 million yuan, while the financing repayment was 6.74 million yuan, resulting in a net financing buy of -1.20 million yuan [1] - As of August 29, the total balance of margin trading was 264 million yuan, accounting for 5.73% of the market capitalization, indicating a high level compared to the past year [1] Group 3: Shareholder Information - As of July 31, the number of shareholders increased to 39,800, up by 2.08% from the previous period [2] - The average number of circulating shares per shareholder decreased by 2.04% to 12,948 shares [2] Group 4: Dividend Information - Since its A-share listing, the company has distributed a total of 390 million yuan in dividends, with 105 million yuan distributed over the past three years [3]

Performance - The company reported a revenue of 5.696 billion yuan for H1 2025, representing a year-on-year growth of 12.96% [1] - The net profit attributable to shareholders for H1 2025 was 666 million yuan, an increase of 24.59% year-on-year, while the net profit excluding non-recurring items was 661 million yuan, up 24.24% year-on-year [1] - In Q2 2025, the company achieved a revenue of 3.185 billion yuan, with a year-on-year growth of 6.23%, and a net profit attributable to shareholders of 306 million yuan, reflecting a growth of 0.88% year-on-year [1] - The high-voltage segment maintained a stable revenue share, with overall gross margin improving to 24.72%, an increase of 1.19 percentage points year-on-year [1] Segment Performance - Revenue from the high-voltage segment reached 3.264 billion yuan, growing by 7.58% year-on-year, with a gross margin of 29.79%, up by 2.20 percentage points [1] - The distribution network segment generated 1.596 billion yuan in revenue, increasing by 14.57% year-on-year, with a gross margin of 15.32%, down by 0.53 percentage points [1] - The international segment saw significant growth, with revenue of 167 million yuan, up 288.37% year-on-year, and a gross margin of 9.68%, an increase of 63.64 percentage points [1] - The operation and maintenance segment contributed 634 million yuan in revenue, growing by 20.08% year-on-year, with a gross margin of 24.32%, down by 1.26 percentage points [1] Investment Outlook - Given the acceleration in ultra-high voltage and main network construction, the company is positioned as a leading player in the ultra-high voltage sector, with expected continuous growth in performance [2] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 1.395 billion yuan, 1.618 billion yuan, and 1.844 billion yuan, respectively, corresponding to PE ratios of 15, 13, and 12 times [2]

Core Points - The company has implemented a restricted stock incentive plan, distributing a total of 500,000 shares, which represents 1.089% of the company's total equity at the time of the announcement [1][2] - The plan includes two categories of incentive recipients: A Class (executives and core technical personnel) and B Class (mid-level management and key business personnel) [1] - A total of 400,000 shares, or 80% of the plan, are initially granted, with an additional 100,000 shares reserved for future allocation [1] Distribution Details - A Class recipients include executives and core technical personnel, while B Class consists of 17 mid-level managers and key personnel [1] - The shares allocated to B Class recipients amount to 12,200 shares, which is 2.44% of the total shares granted [1] - The reserved portion of the plan accounts for 20% of the total shares, equating to 100,000 shares [1]

（五）公司实行本次员工持股计划有利于进一步促进公司建立和完善劳动者与所有 者的利益共享机制，有效地将股东利益、公司利益和员工利益相结合，完善公司薪酬激 励机制，提高员工的凝聚力和公司竞争力，充分调动员工积极性和创造性，有利于进一 步提升公司治理水平，实现公司的长远可持续发展。 海南金盘智能科技股份有限公司 董事会薪酬与考核委员会关于 2025 年员工持股计划相关事项的 核查意见 （三）公司本次员工持股计划拟定的首次授予份额的持有人均符合《指导意见》及 其他法律、法规和规范性文件规定的持有人条件，符合本次员工持股计划规定的持有人 范围，其作为公司本次员工持股计划持有人的主体资格合法、有效。 （四）公司推出本次员工持股计划前，已召开职工代表大会充分征求员工意见。本 次员工持股计划遵循公司自主决定、员工自愿参加的原则，不存在以摊派、强行分配等 方式强制员工参加的情形；公司亦不存在向本次员工持股计划持有人提供贷款、贷款担 保或任何其他财务资助的计划或安排。 海南金盘智能科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简 ...