Core Points - The company has provided guarantees for its subsidiaries to support their operational and business development needs [1][14] - The total amount of guarantees provided by the company and its subsidiaries is 1.4608 billion RMB, which accounts for 50.31% of the company's latest audited net assets [14][15] Group 1: Guarantee Details - The company has signed a maximum guarantee contract with Zheshang Bank for its subsidiary Suzhou Jingying Optoelectronics, with a maximum debt principal amount of 50 million RMB [1][8] - The company has also signed a maximum guarantee contract with Jiangsu Changshu Rural Commercial Bank for its wholly-owned subsidiary Jiangsu Fenghua Energy, with a maximum debt principal amount of 35 million RMB [1][14] - The guarantees are structured as joint liability guarantees, ensuring that the company is responsible for the debts of its subsidiaries [1][9] Group 2: Internal Decision-Making Process - The company held its sixth board meeting on December 12, 2024, and a temporary shareholders' meeting on December 30, 2024, to approve the guarantee plan for 2025 and the application for a comprehensive credit limit [1][14] Group 3: Guarantee Necessity and Reasonableness - The board of directors has assessed the repayment ability of the guaranteed subsidiaries and determined that the guarantees are necessary for their daily operations and will not affect shareholder interests [14][15] - The company has no overdue guarantees as of the announcement date [15]

Core Viewpoint - The announcement details a share reduction plan by GE SMALLWORLD (SINGAPORE) PTE LTD, a major shareholder of China Xidian Electric Co., Ltd, indicating a strategic decision based on the company's operational needs. Group 1: Shareholder Information - As of the announcement date, GE SMALLWORLD (SINGAPORE) PTE LTD holds 358,811,768 shares, representing 7% of the total share capital of China Xidian Electric, acquired through a private placement [2]. Group 2: Reduction Plan Details - The reduction plan allows GE SMALLWORLD to sell up to 153,776,470 shares, which is 3% of the total share capital, within three months from December 12, 2025, to March 11, 2026 [2]. - The shares will be sold through two methods: a maximum of 51,258,823 shares via centralized bidding and up to 102,517,647 shares through block trading [2]. Group 3: Compliance and Commitments - GE SMALLWORLD has previously committed to not transferring the shares acquired in the private placement for 36 months post-registration, and further commitments extend to 120 months post-registration, with exceptions only for wholly-owned subsidiaries of GE [6]. - The planned reduction aligns with previously disclosed commitments, which have now expired [6].

证券日报网讯 11月20日晚间，中国西电发布公告称，截至本公告披露之日，中国西电电气股份有限公 司（以下简称公司）股东GESMALLWORLD（SINGAPORE）PTELTD（以下简称通用电气新加坡公 司）持有公司股份数量为358，811，768股，占公司总股本的7%。通用电气新加坡公司因自身经营发展 需要，拟于本公告披露之日起十五个交易日后的三个月内，即2025年12月12日至2026年3月11日期间， 合计减持公司股份不超过153，776，470股，即不超过公司总股本的3%。其中，拟通过集中竞价交易方 式减持不超过51，258，823股，拟通过大宗交易方式减持不超过102，517，647股。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 11月20日晚间，凯发电气发布公告称，公司于2025年11月20日召开第六届董事会第十七 次会议，审议通过了《关于第二期限制性股票激励计划第一个归属期归属条件成就的议案》。 ...

（文章来源：证券日报） 证券日报网讯 11月20日晚间，凯发电气发布公告称，根据天津凯发电气股份有限公司（以下简称"公 司"）2024年第一次临时股东大会的授权，公司于2025年11月20日召开了第六届董事会第十七次会议， 审议通过了《关于调整第二期限制性股票激励计划第二类限制性股票授予价格的议案》，同意根据《天 津凯发电气股份有限公司第二期限制性股票激励计划》（以下简称"激励计划"）的相关规定，对公司第 二期限制性股票激励计划第二类限制性股票授予价格进行调整。 ...

Core Viewpoint - The rapid construction and project initiation in Xiangcheng District are driven by reforms in processes and proactive services, significantly reducing approval times and enhancing project efficiency [1][2][5]. Group 1: Project Initiation - In 2023, Xiangcheng District has seen 30 projects achieve "land acquisition and immediate commencement," with average approval times cut by nearly half [1]. - The district has implemented a "pre-approval intervention" strategy, allowing for early initiation of planning and construction permits even before land is officially transferred [2]. - The Suzhou Dingdi Electric project exemplifies this new model, receiving essential permits within days of land acquisition, showcasing the shift from "waiting for land" to "accelerated project initiation" [2]. Group 2: Project Acceptance - The introduction of a "Segmented Acceptance" guideline allows for partial completion of buildings to be accepted, enabling companies to begin operations sooner rather than waiting for full project completion [3]. - This approach has allowed companies like Suzhou Xingdesheng Intelligent Electric Co., Ltd. to start equipment testing five months earlier than before, translating to tangible benefits and market advantages [3]. - The district has also streamlined various acceptance processes, moving from a sequential to a parallel approach, facilitating immediate property registration upon project completion [3]. Group 3: Service Enhancement - A team known as "Red Pioneer Agents" has been established to provide proactive support to projects, transitioning from a reactive to a proactive service model [4]. - This team engages with projects when they reach approximately 80% completion, offering guidance on necessary approvals to ensure a smooth process [4]. - Since the beginning of the year, this team has conducted nearly a hundred early support sessions, significantly improving the first-time approval rates for project applications [5].

Core Viewpoint - Goldman Sachs has increased its stake in Dongfang Electric Corporation, acquiring 485,200 shares at a price of HKD 20.7115 per share, totaling approximately HKD 10.0492 million, resulting in a new holding of about 24.7231 million shares, representing a 6.06% ownership [1] Summary by Category Company Actions - Goldman Sachs increased its holdings in Dongfang Electric by 485,200 shares [1] - The purchase price per share was HKD 20.7115, leading to a total investment of approximately HKD 10.0492 million [1] - Following this transaction, Goldman Sachs' total shares in Dongfang Electric reached approximately 24.7231 million [1] Ownership Structure - After the increase, Goldman Sachs now holds a 6.06% stake in Dongfang Electric [1]

Core Viewpoint - Beijing Vito Electric Co., Ltd. (referred to as "Vito") has disclosed its first-round response to the Shenzhen Stock Exchange's IPO inquiry, indicating its intention to raise approximately 1.594 billion yuan through its IPO process [1] Group 1: Company Overview - Vito's main business includes the research, production, and sales of a series of electrical connection products such as hard connections, flexible connections, contact components, laminated busbars, and CCS, as well as synchronous decomposers [1] Group 2: IPO Details - The IPO application was accepted on June 21, 2025, and entered the inquiry phase on July 4, 2025 [1] - The company is seeking to raise around 1.594 billion yuan through this IPO [1] Group 3: Regulatory Inquiry - The first-round inquiry raised questions regarding Vito's industry and business model, competition with peers, and related party transactions [1]

Market Overview - The A-share market experienced an overall pullback in the third week of November 2025, with the average daily trading amount on the Beijing Stock Exchange (BSE) falling to 214 billion yuan, a decrease of 5.86% from the previous week[1] - The BSE 50 Index declined by 0.56%, which is less than the declines seen in other major indices, indicating relative stability[1] Trading Activity - The average daily trading volume on the BSE was 213.92 billion yuan, with a turnover rate of 22.52%[1][8] - The BSE's trading volume accounted for 1.05% of the total market, reflecting a further decrease in trading activity compared to the previous week[11] Sector Performance - Among the 24 sectors on the BSE, 13 sectors had a positive median return, with the utilities sector leading at a median increase of 4.54%[18] - The automotive sector had the largest median decline at -2.22%[18] Valuation Insights - The computer sector had the highest trailing twelve months (TTM) price-to-earnings (P/E) ratio at 141.58 times, followed by the communication sector at 129.85 times, while the construction and decoration sector had a relatively low P/E ratio of 28.08 times[18] New Listings and IPOs - During the week, there was one IPO on the BSE, with no new stocks listed[36] Risks - There is a noted risk of further pullback in BSE stock performance, particularly following the historical high of the BSE 50 Index on September 8, 2025[38]

Core Viewpoint - Goldman Sachs has increased its stake in Dongfang Electric Corporation, acquiring 485,200 shares at a price of HKD 20.7115 per share, totaling approximately HKD 10.0492 million, resulting in a new holding of about 24.7231 million shares, representing 6.06% of the company [1] Summary by Category Company Actions - Goldman Sachs increased its holdings in Dongfang Electric by 485,200 shares [1] - The purchase price per share was HKD 20.7115, leading to a total investment of approximately HKD 10.0492 million [1] Shareholding Structure - After the acquisition, Goldman Sachs holds approximately 24.7231 million shares of Dongfang Electric [1] - The new shareholding percentage stands at 6.06% [1]