国寿安保低碳经济混合A（012102）成立日期2022年6月1日，最新规模1.14亿。今年以来收益86.76%， 同类排名47/8136；近一年收益80.83%，同类排名93/8058；成立以来收益3.78%。 国寿安保低碳经济混合A（012102）基金经理为闫阳。 截至发稿，闫阳累计任职时间1年334天，现任基金资产总规模4.32亿元，任职期间最佳基金回报 12.8%， 任职期间最差基金回报0.77%。 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。 责任编辑：小浪快报 11月25日，新特电气涨5.29%，截至发稿，报18.12元/股，成交1.64亿元，换手率4.23%，总市值67.31亿 元。 资料显示，新华都特种电气股份有限公司位于北京市北京经济技术开发区融兴北三街50号，成立日期 1985年3月16日，上市日期2022年4月19日，公司主营业务涉及以变频用变压器为核心的各式特种变压 器、电抗器的研发、生产与销售及配套产品的销售。主营业务收入构成为：变压器77.75 ...

Core Viewpoint - The company, New Special Electric, focuses on the research, production, and sales of special transformers and reactors, primarily centered around variable frequency transformers, with applications in various sectors including power, energy efficiency, and new infrastructure [2] Group 1: Company Overview - New Special Electric has been dedicated to developing and manufacturing special transformers and reactors since its establishment [2] - The company's products are applicable in sectors such as power, energy efficiency, new energy (wind power, solar energy, energy storage, nuclear power, hydropower), and new infrastructure (rail transit, data centers) [2] - The specific application areas of the company's products are determined by the downstream high-voltage variable frequency electrical system manufacturers and the end-users in their respective industries [2] Group 2: Market Segmentation - The company has had a minor presence in the military sector, with revenue from this area being relatively low [2]

Group 1 - The core point of the news is that Xinte Electric has experienced a significant decline in stock price, dropping 5.01% to 20.08 CNY per share, with a total market capitalization of 7.459 billion CNY and a cumulative drop of 9.11% over three consecutive days [1] - Xinte Electric specializes in the research, production, and sales of various special transformers and reactors, with its main business revenue composition being 77.75% from transformers, 19.04% from other income, 2.34% from reactors, and 0.87% from supplementary sources [1] - The company is located in Beijing Economic and Technological Development Zone and was established on March 16, 1985, with its stock listed on April 19, 2022 [1] Group 2 - According to data, Guoshou Anbao Fund has a significant holding in Xinte Electric, with its fund "Guoshou Anbao Low Carbon Economy Mixed A" holding 234,500 shares, accounting for 2.72% of the fund's net value, ranking as the tenth largest holding [2] - The fund has incurred a floating loss of approximately 248,600 CNY today, with a total floating loss of 497,100 CNY during the three-day decline [2] - The fund was established on June 1, 2022, with a current scale of 114 million CNY, achieving a year-to-date return of 95.32% and a one-year return of 72.07% [2]

Core Insights - The company, New Special Electric, is a leading domestic manufacturer of frequency conversion transformers with a market share exceeding 25% [1][5] - The company was established in March 1985 and went public on April 19, 2022, on the Shenzhen Stock Exchange [1] Financial Performance - For Q3 2025, New Special Electric reported revenue of 324 million yuan, ranking 28th in the industry, significantly lower than the industry leader, TBEA, which had revenue of 72.918 billion yuan [2] - The net profit for the same period was 36.2955 million yuan, ranking 19th in the industry, again far below TBEA's net profit of 5.735 billion yuan [2] Financial Ratios - The company's debt-to-asset ratio stood at 8.17% in Q3 2025, an increase from 4.78% year-on-year, but still well below the industry average of 50.78%, indicating low financial risk [3] - The gross profit margin was 24.08%, down from 29.03% year-on-year, yet still above the industry average of 22.99%, suggesting a competitive edge in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 25.94% to 26,300, while the average number of shares held per shareholder decreased by 20.63% to 8,324.21 [5] - The top ten circulating shareholders saw a change, with one major fund exiting the list [5] Future Outlook - The company is expected to generate revenues of 478 million yuan, 623 million yuan, and 833 million yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 42 million yuan, 82 million yuan, and 130 million yuan [5] - The company is actively exploring new sectors such as data centers and has products in development for solid-state transformers [5][6] - The core product, transformers, accounted for approximately 80% of revenue, with a gross margin of over 30% [6]

Group 1 - The core point of the news is that Xinhua Special Electric Co., Ltd. experienced a 5.13% drop in stock price, trading at 18.32 yuan per share, with a total market capitalization of 6.803 billion yuan as of the report date [1] - The company specializes in the research, production, and sales of various special transformers and reactors, with its main business revenue composition being 77.75% from transformers, 19.04% from other income, 2.34% from reactors, and 0.87% from supplementary sources [1] Group 2 - From the perspective of fund holdings, Guoshou Anbao Fund has a significant position in Xinhua Special Electric, with its fund holding 234,500 shares, representing 2.72% of the fund's net value, ranking as the tenth largest holding [2] - The Guoshou Anbao Low Carbon Economy Mixed A Fund (012102) has achieved a year-to-date return of 108.64%, ranking 80 out of 8,152 in its category, and a one-year return of 95.88%, ranking 148 out of 8,038 [2] Group 3 - The fund manager of Guoshou Anbao Low Carbon Economy Mixed A Fund is Yan Yang, who has been in the position for 1 year and 308 days, with the fund's total asset size being 432 million yuan [3] - During Yan Yang's tenure, the best fund return was 26.95%, while the worst return was 1.45% [3]

Core Viewpoint - New Special Electric experienced a stock price decline of 2.00% on October 23, 2023, with a current price of 16.62 CNY per share and a total market capitalization of 6.173 billion CNY [1] Financial Performance - For the first half of 2025, New Special Electric reported a revenue of 193 million CNY, representing a year-on-year growth of 16.10%, and a net profit attributable to shareholders of 5.33 million CNY, showing a significant increase of 49,775.01% [2] - The company has distributed a total of 101 million CNY in dividends since its A-share listing, with 51.13 million CNY distributed over the past three years [3] Stock Market Activity - The stock has seen a year-to-date increase of 68.22%, but has declined by 15.16% over the last five trading days [1] - New Special Electric has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on October 16, 2023, where it recorded a net buy of -107 million CNY [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 20,800, while the average number of circulating shares per person increased by 40.29% to 10,487 shares [2] - Among the top ten circulating shareholders, the "Fuguo Optimized Enhanced Bond C" fund holds 2.0274 million shares, having decreased its holdings by 772,600 shares compared to the previous period [3]

Core Insights - New Special Electric Co., Ltd. experienced a stock price increase of 5.37%, reaching 19.63 CNY per share, with a trading volume of 590 million CNY and a turnover rate of 14.32%, resulting in a total market capitalization of 7.291 billion CNY [1] Company Overview - New Special Electric Co., Ltd. was established on March 16, 1985, and went public on April 19, 2022. The company is located in Beijing Economic and Technological Development Zone [1] - The main business involves the research, production, and sales of various special transformers and reactors, with a core focus on frequency conversion transformers. The revenue composition is as follows: transformers 77.75%, other income 19.04%, reactors 2.34%, and others 0.87% [1] Shareholder Information - Among the top ten circulating shareholders of New Special Electric, a fund under the Fortune Fund holds a position. The Fortune Optimized Enhanced Bond C (100037) reduced its holdings by 772,600 shares in the second quarter, now holding 2.0274 million shares, which accounts for 0.93% of the circulating shares. The estimated floating profit today is approximately 202,740 CNY [2] - The Fortune Optimized Enhanced Bond C (100037) was established on June 10, 2009, with a latest scale of 553 million CNY. Year-to-date returns are 17.51%, ranking 85 out of 6235 in its category; one-year returns are 25.8%, ranking 43 out of 6000; and since inception, the return is 137.88% [2]

Core Insights - New Special Electric experienced a 3.84% decline in stock price on October 13, with a trading volume of 1.09 billion yuan [1] - The company reported a financing net purchase of 31.91 million yuan on the same day, with a total financing and securities balance of 153 million yuan [1] Financing Overview - On October 13, New Special Electric had a financing purchase of 105 million yuan, with a current financing balance of 153 million yuan, accounting for 2.39% of the circulating market value [1] - The financing balance is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - In terms of securities lending, there were no shares sold or repaid on October 13, with a remaining balance of 1729 yuan, also above the 80th percentile level over the past year [1] Business Performance - As of June 30, the number of shareholders for New Special Electric was 20,800, a decrease of 1.05% from the previous period [2] - The average number of circulating shares per person increased by 40.29% to 10,487 shares [2] - For the first half of 2025, the company achieved operating revenue of 193 million yuan, a year-on-year increase of 16.10%, and a net profit attributable to shareholders of 5.33 million yuan, a significant increase of 49,775.01% [2] Dividend and Shareholding - Since its A-share listing, New Special Electric has distributed a total of 101 million yuan in dividends, with 51.13 million yuan distributed over the past three years [3] - As of June 30, 2025, among the top ten circulating shareholders, the largest holder, Fu Guo Optimized Enhanced Bond C, reduced its holdings by 772,600 shares [3] - Fu Guo Jiu Li Steady Allocation Mixed A has exited the list of top ten circulating shareholders [3]

Group 1 - The core viewpoint of the news is that Xinhua Special Electric Co., Ltd. has seen a stock price increase of 5.2%, reaching 14.15 yuan per share, with a total market capitalization of 5.256 billion yuan [1] - The company, established on March 16, 1985, specializes in the research, production, and sales of various special transformers and reactors, with its main business revenue composition being 77.75% from transformers, 19.04% from other income, 2.34% from reactors, and 0.87% from supplementary sources [1] - The trading volume for the stock was 1.26 billion yuan, with a turnover rate of 4.15% [1] Group 2 - Among the top ten circulating shareholders of Xinhua Special Electric, the Fuqua Fund holds a position, having reduced its holdings by 772,600 shares to 2.0274 million shares, representing 0.93% of the circulating shares [2] - The Fuqua Optimized Enhanced Bond C fund has achieved a year-to-date return of 18.49%, ranking 87 out of 6,588 in its category, and a one-year return of 37.15%, ranking 35 out of 6,318 [2] Group 3 - The fund manager of Fuqua Optimized Enhanced Bond C is Liu Xingwang, who has a tenure of 14 years and 237 days, with the fund's total asset size being 15.234 billion yuan [3] - During Liu's tenure, the best fund return was 56.85%, while the worst was 0.3% [3]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 16.43 CNY, based on a PEG valuation method [6][4]. Core Viewpoints - The company is positioned as a leader in the variable frequency transformer market, benefiting from the steady growth in demand for high-voltage variable frequency drives driven by energy efficiency needs and policy support [2][40]. - The company has a strong market presence with over 25% market share in the variable frequency transformer sector, being one of the earliest manufacturers in China [2][47]. - The company is expanding into new business areas such as data centers, with products like phase-shifting transformers and solid-state transformers under development, which are expected to contribute to future revenue growth [3][50]. Summary by Sections Company Overview - Established in 1985, the company specializes in various types of special transformers, power transformers, reactors, and energy storage products, with a focus on variable frequency transformers [1][13]. - The company has a concentrated ownership structure, with the actual controllers holding 56.75% of the shares [13]. Main Business - The company is a leading manufacturer of variable frequency transformers, which are essential components of high-voltage variable frequency drives, accounting for approximately 29% of their cost structure [2][44]. - The demand for high-voltage variable frequency drives is expected to continue growing, which will drive the demand for variable frequency transformers upward [2][42]. Incremental Business - Data Centers - The company is developing products for data centers, including phase-shifting transformers and solid-state transformers, which are anticipated to enhance efficiency and meet the evolving needs of modern data centers [3][50]. - The phase-shifting transformer is already being applied in Panama's power supply systems, demonstrating significant efficiency improvements [51]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 478.3 million, 623.4 million, and 833.18 million CNY, with year-on-year growth rates of 26.9%, 30.3%, and 33.6% respectively [4][5]. - The company is expected to return to profitability in 2025, with a net profit forecast of 42.4 million CNY, following a loss in 2024 [4][36].