2月11日，A股市值1752亿元的输配电龙头思源电气正式向港交所递交H股招股书，由中信证券独家保荐。 这家2025年营收突破212亿元、净利超31亿元（同比+54%）的民企巨头，携手中宁德时代签订50GWh储能盟约，依托覆盖100+国家的全球网络冲 刺"A+H"双资本平台，既是资本结构的优化升级，更是从"国内设备商"向"全球能源解决方案提供商"的战略跃升，为电力装备行业全球化树立全新样本。 攻坚全球化扩张瓶颈 此次IPO募资绝非单纯补充现金流，而是精准直击全球化战略的核心短板。 招股书明确，资金将投向高压开关、变压器及储能产能扩张，750kV GIS等核心技术研发，以及全球服务网络搭建三大关键领域。 数据显示，思源电气2025年海外收入占比已达34%，同比激增89%，但与国际巨头相比仍存差距。 通过港股融资平台，其不仅能降低美元债务成本，更能深度对接全球资本，支撑北美、欧洲高端市场的本地化快速交付。 行业格局层面，身为国内民企第三、国际第八的输配电设备商（市占率3.5%），思源正通过产能升级突破增长天花板。 目前其750kV GIS市场份额已从2024年的1.3%飙升至20%，成为国内唯一掌握该技术的民企，此 ...

2月24日，平高电气涨5.16%，截至发稿，报23.03元/股，成交6.15亿元，换手率2.00%，总市值312.50亿 元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 从基金十大重仓股角度 责任编辑：小浪快报 数据显示，汇丰晋信基金旗下1只基金重仓平高电气。汇丰晋信价值先锋股票A（004350）四季度持有 股数33.28万股，占基金净值比例为3.92%，位居第一大重仓股。根据测算，今日浮盈赚取约37.61万 元。 汇丰晋信价值先锋股票A（004350）成立日期2018年11月14日，最新规模9695.03万。今年以来收益 7.08%，同类排名1810/5580；近一年收益30.03%，同类排名2073/4297；成立以来收益194.56%。 资料显示，河南平高电气股份有限公司位于河南省平顶山市南环东路22号，成立日期1999年7月12日， 上市日期2001年2月21日，公司主营业务涉及业务范围涵盖输配电设备及其核心零部件的研 ...

2月24日，思源电气涨5.01%，截至发稿，报223.28元/股，成交6.72亿元，换手率0.50%，总市值1746.18 亿元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 诺德品质消费（011078）成立日期2021年2月10日，最新规模2.62亿。今年以来收益3.65%，同类排名 4754/8994；近一年收益24.96%，同类排名4333/8199；成立以来亏损22.54%。 诺德品质消费（011078）基金经理为谢屹。 资料显示，思源电气股份有限公司位于上海市闵行区华宁路3399号,香港湾仔皇后大道东183号合和中心 46楼，成立日期1993年12月2日，上市日期2004年8月5日，公司主营业务涉及输变电设备的研发、生 产、销售及服务。主营业务收入构成为：输配电设备行业99.47%，汽车电子电器0.53%。 从基金十大重仓股角度 截至发稿，谢屹累计任职时间10年234天，现任基金资产总规模2.89亿 ...

星标★IPO日报 精彩文章第一时间推送 日前，在亮眼的业绩和股价表现的惊叹声中，A股千亿龙头公司思源电气（002028，全称"思源电气股份有限公司"）趋势向港交所递交上市申请，独家保 荐人为中信证券。 这家在深交所上市20多年的上海公司业绩高速增长，其海外收入亦大幅增长，股票备受摩根士丹利等投资方青睐，被外资"买爆"。 如今，登陆港股，思源电气的业绩和股价能否再创新高？ 张力制图 业绩持续爆发 招股书显示，思源电气成立于1993年，现如今是全球输配电设备制造商及电力能源综合解决方案提供商，其产品广泛应用于电网、新能源（光伏、风 电）、冶金、石化、交通、数据中心等领域，形成"产品+解决方案+服务"的业务生态。 根据咨询机构弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入计，思源电气在国际企业中排名第八，在国内企业中排名第五，在国内民 营企业中排名第三，市场份额为3.5%。 思源电气是输配电设备行业中少数几家具备电力系统一次设备（传统机械类电力设备）、二次设备（控制类电力设备）、储能及电能质量治理相关设备等 产品的研发、制造和解决方案能力的厂家之一，具有一定的民营龙头地位。 思源电气已于2004年8 ...

Core Viewpoint - The electric power equipment sector is experiencing growth driven by the rapid development of AI, increased electricity demand, and the need for upgrading aging grid infrastructure [1][32]. Company Overview - Siyi Electric Co., Ltd. (referred to as "Siyi Electric") is focused on the manufacturing of power transmission and distribution equipment and is pursuing a dual listing on the Hong Kong Stock Exchange [3][4]. - The company was founded in December 1993 and has been listed on the Shenzhen Stock Exchange since August 2004, with a current market capitalization of 166.1 billion RMB [4][9]. - Siyi Electric has a diverse product portfolio that includes six core business lines: switchgear, transformers, protection and automation, power electronics, energy storage systems, and EPC services [11][36]. Financial Performance - Siyi Electric's revenue for 2023, 2024, and the first nine months of 2025 was 12.46 billion RMB, 15.46 billion RMB, and 13.83 billion RMB, respectively, with net profits of 1.61 billion RMB, 2.08 billion RMB, and 2.25 billion RMB [23][24]. - The company expects a revenue of 21.21 billion RMB for 2025, representing a year-on-year growth of 37.18%, and a net profit of 3.16 billion RMB, reflecting a 54.35% increase [23][24]. - The gross profit margins have improved from 29% in 2023 to an expected 32% in 2025 [23]. Market Dynamics - The global market for power transmission and distribution equipment is projected to grow from 580.8 billion RMB in 2020 to 863.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of 10.4% [38]. - In China, the market size for power transmission and distribution equipment is expected to reach 3.11 trillion RMB in 2024, with a CAGR of 9.4% until 2029 [38][40]. - Siyi Electric holds a market share of approximately 3.5% in the Chinese market, ranking eighth among competitors [31][40]. Competitive Landscape - The competition in the power equipment sector is concentrated, with the top five companies holding 61.1% of the market share [40]. - Major competitors include TBEA, Chint Electric, State Grid Corporation, Schneider Electric, ABB Group, Siemens, Eaton, and Hitachi Energy [40][41]. Industry Trends - The acceleration of electrification is driving global electricity demand, with a projected total generation of 31,256 TWh in 2024, a 4.4% increase year-on-year [32][33]. - The increasing reliance on renewable energy sources like wind and solar is reshaping the global electricity structure, necessitating improvements in grid infrastructure to handle the variability of these energy sources [33][34].

Group 1: IPO Market Activity - The Hong Kong IPO market remained active from February 9 to 15, with 18 companies submitting listing applications, 1 company passing the hearing, and 2 companies completing their public offerings [1] - Six new stocks were listed during this period, with several A-share listed companies initiating "A+H" dual listing processes [1] Group 2: Notable Listings - Haizhi Technology Group (02706.HK) was listed on February 13, with an initial price of HKD 27.06 per share, closing at HKD 92.60 on its first day, marking a 242.20% increase and a market capitalization exceeding HKD 37 billion [4] - The company received a subscription rate of 5065.06 times during the public offering phase and raised approximately HKD 655.4 million [4] Group 3: Company Submissions - Siyuan Electric (002028.SZ) submitted its listing application to the Hong Kong Stock Exchange on February 11, with CITIC Securities as the sole sponsor. The company ranks third among private enterprises in China's power distribution and control equipment market, holding a market share of 3.5% [3] - Other companies that submitted applications include Jingxin Pharmaceutical (002020.SZ) and Xinlitai (002294.SZ), both focusing on central nervous and cardiovascular diseases [3] Group 4: Market Trends - The IPO submissions included companies from various sectors, such as VDL Technology in consumer electronics, Helian Group in bulk commodity services, and Hai Rou Innovation in warehouse robotics [3] - In the biopharmaceutical sector, multiple companies, including Vimo Bio, Yimufeng Bio, Plai Medical, and Noling Bio, also submitted applications [3]

Group 1 - The core viewpoint of the news is that Siyuan Electric experienced a stock price increase of 5.27%, reaching 217.49 CNY per share, with a trading volume of 803 million CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 170.09 billion CNY [1] - Siyuan Electric Co., Ltd. is located at 3399 Huanning Road, Minhang District, Shanghai, established on December 2, 1993, and listed on August 5, 2004. The company's main business involves the research, development, production, sales, and service of power transmission and transformation equipment [1] - The revenue composition of Siyuan Electric is primarily from the power distribution and transmission equipment industry, accounting for 99.47%, while automotive electronics and electrical products contribute 0.53% [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has a significant position in Siyuan Electric. Jiashi Rui Xiang Regular Mixed Fund (160726) held 175,100 shares in the fourth quarter, representing 2.52% of the fund's net value, making it the seventh-largest holding [2] - The Jiashi Rui Xiang Regular Mixed Fund (160726) was established on August 3, 2018, with a current scale of 1.073 billion CNY. Year-to-date returns are 6.41%, ranking 3423 out of 8882 in its category; the one-year return is 19.68%, ranking 5154 out of 8127; and since inception, the return is 73.22% [2] - The fund manager of Jiashi Rui Xiang Regular Mixed Fund is Zhang Yuchi, who has been in the position for 3 years and 122 days, with the total asset scale of 1.073 billion CNY. The best and worst fund returns during his tenure are both 17.49% [2]

Group 1 - The core point of the article is that Siyuan Electric (002028) has submitted an application for issuing overseas listed foreign shares (H shares) and for listing on the Hong Kong Stock Exchange [1] - Siyuan Electric specializes in the energy sector, with its main business covering the research, design, manufacturing, sales, and service of power distribution equipment and its core components, as well as engineering contracting [1] - As of the market close on February 11, Siyuan Electric's stock price was 206.6 yuan per share, with a total market capitalization of 161.4 billion yuan [1]

Core Viewpoint - Siyuan Electric Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, highlighting its long-term commitment and expertise in the energy sector over the past 30 years [2][4]. Company Overview - Siyuan Electric is a leading manufacturer of power transmission and distribution equipment and a provider of integrated energy solutions, ranking eighth globally and fifth domestically in the power transmission and control equipment market, with a market share of 3.5% [4]. - The company operates across six core business lines: switchgear, transformers, protection and automation, power electronics, energy storage systems and components, and EPC services, forming a comprehensive business ecosystem [4][6]. Strategic Focus - The company is strategically positioning itself to capitalize on opportunities in renewable energy transformation and industrial upgrades, particularly in energy storage systems and components, electric power distribution, and automotive electronics [6]. - Siyuan Electric has developed a full-time domain energy storage system integrating supercapacitor and lithium battery technologies, achieving significant advancements in smart grid and data center applications [6]. Global Market Presence - The company has established a global market network, covering over 100 countries and regions, with increasing overseas revenue contributing significantly to its financial performance [7]. Financial Performance - For the fiscal years 2023 and 2024, the company reported revenues of approximately RMB 12.46 billion and RMB 15.46 billion, respectively, with projected revenues of RMB 10.41 billion and RMB 13.83 billion for the nine months ending September 30, 2024, and 2025 [8]. - The gross profit for the same periods was approximately RMB 3.61 billion (29.0% gross margin) for 2023 and RMB 4.74 billion (30.6% gross margin) for 2024, with a consistent increase in gross margin expected [9][10]. Industry Overview - The global power generation volume is projected to reach 31,256.0 TWh in 2024, with a year-on-year growth of 4.4%, driven by the increasing demand for renewable energy sources [13]. - The global market for power transmission and control equipment is expected to grow from RMB 580.8 billion in 2020 to RMB 863.6 billion in 2024, with a compound annual growth rate (CAGR) of 10.4% [13]. - In China, the market for power transmission and control equipment is anticipated to grow from RMB 225.1 billion in 2020 to RMB 311.3 billion in 2024, with a CAGR of 8.4% [14]. Energy Storage Market - The global lithium battery energy storage system (BESS) market is expected to see a significant increase, with new installations projected to reach 187.2 GWh in 2024, reflecting a CAGR of 100.7% from 2020 to 2024 [17]. - The market for lithium battery energy storage systems in China is projected to grow from RMB 1.5 billion in 2020 to RMB 35.1 billion in 2024, with a CAGR of 120.6% [17].

智通财经APP获悉，据港交所2月11日披露，思源电气股份有限公司(简称：思源电气，002028.SZ)向港交所主板递交上市申请，中信证券为其独家保荐人。 作为中国民营电力设备骨干企业，思源电气坚守长期主义，深耕能源领域三十余年，专注于输配电设备及其核心组件的研发、设计、制造与销售，并提供相 关工程总承包及全生命周期服务。 公司简介 招股书显示，思源电气是全球输配电设备制造商及电力能源综合解决方案提供商。根据弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入 计，思源电气在国际企业中排名第八、在国内企业中排名第五及在国内民营企业中排名第三，市场份额为3.5%。 作为行业内少数具备电力系统一次设备、二次设备及储能相关设备研发制造与一体化解决方案能力的企业之一，思源电气构建了覆盖开关类、变压器类、保 护及自动化类、电力电子类、储能系统及组件类、EPC类等六大核心业务线的产业链布局，形成"产品+解决方案+服务"的业务生态和丰富的产品矩阵，广泛 应用于电网、新能源(光伏、风电)、冶金、石化、交通、数据中心等多元行业应用场景。 公司的业务由六条业务线构成：(i)开关设备类业务；(ii)变压器类业务；(iii) ...