投资者关系活动记录表 证券代码：300932 证券简称：三友联众 三友联众集团股份有限公司 | | 握产业黄金发展期。 | | | --- | --- | --- | | | 6、公司的未来规划和业绩增长主要是在哪个方向？ | | | | 回复：未来三年，公司将不断加大研发投入，在以下方面实现 | | | | 发展目标：①做强做大通用功率继电器，磁保持继电器，互感 | | | | 器和磁性材料，汽车继电器、新能源继电器、光伏继电器、储 | | | | 能继电器优势领域，保持盈利能力的同时；高质量发展信号继 | | | | 电器、电感等领域，形成新的利润增长中心；并根据市场需求， | | | | 结合公司自身优势，进行相关多元化发展。②在境外主要继电 | | | | 器销售地区成立销售公司或生产基地，大幅度提升境外市场的 | | | | 销售额与市场占有率，让境外销售成为公司利润增长新的支撑 | | | | 点；积极出海布局，拓展全球市场新格局，为公司全球化战略 | | | | 提供强有力的支撑。③强化智能装备研发设计制造组装能力， | | | | 探索智能制造，形成"自动化+数字化的生产模式"，进一步 | | ...

南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年16天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 180.57%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，保定天威保变电气股份有限公司位于河北省保定市天威西路2222号，成立日期1999年9月28 日，上市日期2001年2月28日，公司主营业务涉及变压器、互感器、电抗器等输变电设备及辅助设备、 零部件的制造与销售。主营业务收入构成为：输变电产品99.30%，材料销售0.42%，其他0.28%。 从保变电气十大流通股东角度 数据显示，南方基金旗下1只基金位居保变电气十大流通股东。南方中证1000ETF（512100）三季度减 持11.14万股，持有股数841.82万股，占流通股的比例为0.46%。根据测算，今日浮亏损失约429.33万 元。连续5天下跌期间浮亏损失1919.35万元。 南方中证1000ETF（5121 ...

Core Viewpoint - Baobian Electric experienced a decline of 2.03% in stock price on November 20, with a trading volume of 796 million yuan and a market capitalization of 18.655 billion yuan [1] Group 1: Stock Performance - Year-to-date, Baobian Electric's stock price has increased by 29.04%, but it has dropped by 18.31% over the last five trading days [1] - The stock has seen a 22.79% increase over the past 20 days and a 13.44% increase over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on November 13, where it recorded a net buy of -67.0567 million yuan [1] Group 2: Financial Performance - For the period from January to September 2025, Baobian Electric achieved a revenue of 4.502 billion yuan, representing a year-on-year growth of 41.90% [2] - The net profit attributable to shareholders for the same period was 146 million yuan, showing a year-on-year increase of 72.91% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Baobian Electric was 138,500, a decrease of 14.36% from the previous period [2] - The average number of circulating shares per shareholder increased by 16.77% to 13,294 shares [2] - The top ten circulating shareholders include Southern CSI 1000 ETF and Hong Kong Central Clearing Limited, with notable changes in their holdings [3]

Group 1: Company Overview - The company is a high-tech enterprise specializing in the research, development, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2] - The company's relay products include six categories: general power relays, magnetic latching relays, automotive relays, new energy relays, photovoltaic relays, and signal relays, along with inductors and transformers [2] - Future plans include strengthening the core areas of general power relays, magnetic latching relays, transformers, and magnetic materials while maintaining profitability and developing new profit growth centers [2] Group 2: Production and Capacity - The company has a mature production line for high-voltage direct current relays, primarily used in industries such as new energy vehicles, photovoltaics, energy storage, and charging piles [3] - Current production lines have been upgraded through intelligent transformation and lean management, ensuring the ability to meet order demands in core business areas [3] Group 3: Market Expansion - The company aims to increase its overseas market revenue share, focusing on general and electric board products, which currently have a high revenue proportion in overseas markets [3] - As of the first half of 2025, domestic revenue accounted for 71.92%, while overseas revenue made up 28.08%, with significant progress in regions like India, Europe, Central Asia, and Southeast Asia [4] Group 4: Risk Management - To address the risk of product concentration, the company is optimizing its product structure and accelerating revenue growth in automotive, new energy, photovoltaic, and energy storage applications [4] - The company plans to diversify through acquisitions and mergers to reduce risks associated with concentrated product lines [4]

Group 1: Industry Insights - The State Grid's third batch of metering equipment bidding for 2025 has seen a price increase of 47% and 44% for electric meters and transformers compared to the second batch, marking a recovery in prices [1] - National grid engineering investment reached 437.8 billion yuan from January to September 2025, reflecting a year-on-year increase of 9.9% [1] - Huatai Securities is optimistic about the new standard for electric meters, predicting stable volume and rising prices in the industry by 2026, which will enhance corporate profitability [1] - The global demand for AI computing power continues to drive electricity shortages, accelerating overseas grid investments, which may benefit Chinese grid equipment exports [1] - CICC forecasts that grid investment is expected to maintain high single-digit growth in the coming years, with strong overseas demand for Chinese power equipment [1] Group 2: Company Developments - Weisheng Holdings (03393) anticipates over 500 million yuan in orders from national tenders, with additional contracts worth approximately 150 million yuan from provincial grid companies [2] - Weisheng's collaboration with Siemens and DayOne in Singapore has resulted in a significant increase in electricity consumption, with a 110.9% year-on-year rise in Q2 2025 [2] - Chongqing Machinery and Electric (02722) is positioned to benefit from the AIDC's requirements for stable power output and durability in diesel generators, enhancing its market value [2] - Chongqing Machinery and Electric holds a 50% stake in Chongqing Cummins, which is the only large engine production base for Cummins in China, currently experiencing strong market demand [2] - Chongqing Hitachi Energy is one of the largest transformer manufacturing bases globally and the largest for Hitachi Energy in China, focusing on ultra-high voltage transformers [2]

Group 1: Industry Overview - The State Grid's third batch of metering equipment bidding for 2025 has seen a price increase of 47% and 44% for electric meters and transformers compared to the second batch, marking a recovery in prices [1] - National grid engineering investment reached 437.8 billion yuan from January to September 2025, reflecting a year-on-year increase of 9.9% [1] - Huatai Securities is optimistic about the new standard for electric meters, predicting stable volume and rising prices in the industry by 2026, which will enhance corporate profitability [1] - The global power shortage, driven by AI computing demand, is expected to accelerate overseas grid investments, benefiting Chinese grid equipment exports [1] - CICC forecasts that grid investment will maintain high single-digit growth in the coming years, with continued overseas demand supporting the performance of Chinese power equipment companies [1] Group 2: Company Insights - Weisheng Holdings (03393) anticipates over 500 million yuan in orders from national tenders, with an additional 150 million yuan expected from provincial grid companies and local utilities [2] - Weisheng's collaboration with Siemens and DayOne in Singapore has resulted in a significant increase in electricity consumption, with a 110.9% year-on-year rise in Q2 2025 [2] - Chongqing Machinery (02722) is positioned to benefit from the AIDC's requirements for stable power output and durability in diesel generators, enhancing its market value [2] - Chongqing Machinery holds a 50% stake in Chongqing Cummins, which is the only large engine production base for Cummins in China, meeting strong market demand [2] - Chongqing Hitachi Energy is one of the largest transformer manufacturing bases globally and the largest for Hitachi in China, focusing on ultra-high voltage transformers [2]

Group 1 - The core point of the news is that Baobian Electric experienced a stock price increase of 7.09%, reaching 12.08 CNY per share, with a trading volume of 1.326 billion CNY and a turnover rate of 6.31%, resulting in a total market capitalization of 22.246 billion CNY [1] - Baobian Electric, officially known as Baoding Tianwei Baobian Electric Co., Ltd., is located in Baoding, Hebei Province, and was established on September 28, 1999. The company was listed on February 28, 2001, and its main business involves the manufacturing and sales of power transmission and transformation equipment, including transformers, current transformers, and reactors [1] - The revenue composition of Baobian Electric shows that 99.30% comes from power transmission and transformation products, while material sales account for 0.42% and other revenues for 0.28% [1] Group 2 - Among the top circulating shareholders of Baobian Electric, a fund under Southern Fund ranks as a significant stakeholder. The Southern CSI 1000 ETF (512100) reduced its holdings by 111,400 shares in the third quarter, now holding 8.4182 million shares, which represents 0.46% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date, it has achieved a return of 28.07%, ranking 1919 out of 4216 in its category, and a one-year return of 16.08%, ranking 2359 out of 3937 [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 7 days, managing a total fund asset size of 122.76 billion CNY. During this tenure, the best fund return was 179.77%, while the worst was -15.93% [2]

11月4日，保变电气盘中上涨2.14%，截至09:37，报9.07元/股，成交1.75亿元，换手率1.06%，总市值 167.03亿元。 保变电气所属申万行业为：电力设备-电网设备-输变电设备。所属概念板块包括：核电、央企改革、雄 安新区、太阳能、特高压等。 保变电气今年以来股价涨15.54%，近5个交易日涨5.96%，近20日涨11.02%，近60日涨4.61%。 今年以来保变电气已经2次登上龙虎榜，最近一次登上龙虎榜为5月26日，当日龙虎榜净买入1.31亿元； 买入总计2.20亿元 ，占总成交额比17.40%；卖出总计8948.85万元 ，占总成交额比7.07%。 截至9月30日，保变电气股东户数13.85万，较上期减少14.36%；人均流通股13294股，较上期增加 16.77%。2025年1月-9月，保变电气实现营业收入45.02亿元，同比增长41.90%；归母净利润1.46亿元， 同比增长72.91%。 分红方面，保变电气A股上市后累计派现6.75亿元。近三年，累计派现0.00元。 资金流向方面，主力资金净流入226.90万元，特大单买入427.14万元，占比2.44%，卖出322.24万元，占 比 ...

Core Viewpoint - Baobian Electric has shown a significant increase in stock price and revenue, indicating strong performance in the power equipment sector, particularly in the transmission and transformation equipment market [1][2]. Company Performance - As of October 28, Baobian Electric's stock price rose by 2.01% to 8.63 CNY per share, with a total market capitalization of 15.892 billion CNY [1]. - Year-to-date, the stock price has increased by 9.94%, with a 3.98% rise over the last five trading days and a 5.50% increase over the last 20 days [1]. - For the period from January to September 2025, Baobian Electric reported a revenue of 4.502 billion CNY, representing a year-on-year growth of 41.90%, and a net profit attributable to shareholders of 146 million CNY, up 72.91% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 138,500, a reduction of 14.36%, while the average number of circulating shares per person increased by 16.77% to 13,294 shares [2]. - The company has cumulatively distributed 675 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders, the Southern CSI 1000 ETF holds 8.4182 million shares, a decrease of 111,400 shares compared to the previous period [3]. - The Hong Kong Central Clearing Limited increased its holdings to 8.4125 million shares, an increase of 1.8253 million shares [3].

Core Viewpoint - The energy storage sector has seen a significant rebound in Q3, with many companies emerging from a competitive downturn, leading to new growth opportunities and increased market valuations [1]. Group 1: Company Performance - In Q3, the company reported a revenue of 53.3 billion yuan, marking a historical high with a year-on-year growth of 25.7%, and a net profit of 9.0 billion yuan, up 48.7% [1]. - For the first three quarters, the company achieved a revenue of 138.3 billion yuan, a 32.9% increase year-on-year, and a net profit of 21.9 billion yuan, growing by 46.9% [1]. - The surge in revenue and profit is primarily driven by the gradual release of overseas orders, with overseas revenue reaching 28.6 billion yuan in the first half of the year, an increase of 88.9% [1][3]. Group 2: Market Trends - The global investment in power grids is currently in a favorable cycle, with significant opportunities for infrastructure upgrades in developed regions and new construction in underdeveloped areas [6]. - Domestic grid investment has accelerated, with a year-on-year increase of 14.6% in the first half of the year, and the company has seen a rapid growth in its bidding amounts for state grid projects [6][12]. Group 3: Business Expansion - The company has made significant strides in the energy storage sector, launching a full range of energy storage products and planning a total investment of 1 billion yuan for new energy storage and power electronics projects [9][20]. - The company has established a competitive edge through integrated production systems and experience in grid-side energy storage projects, with a cumulative bid of approximately 2.4 GWh in energy storage systems [10][11]. Group 4: Future Outlook - The company is well-positioned to benefit from the ongoing global energy storage and grid investment cycles, with a notable increase in market capitalization and foreign investment participation [21][23]. - The company’s focus on high-voltage and energy storage solutions is expected to enhance its competitive advantage in the market, particularly against strong competitors [20][21].