山东山大电力技术股份有限公司（以下简称"山大电力"）于日前宣布与山东发展新能源有限公司（以下简称"山东发展新 能源"）达成战略合作，双方将重点围绕用户侧储能、虚拟电厂等领域，共同发掘电网负荷侧资源参与源网荷储协同互动的新 路径，协力打造综合能源示范性项目。 近段时间，多家电力设备领域上市公司动作频频，通过战略合作或业务延伸等方式积极布局综合能源服务。中关村物联网 产业联盟副秘书长袁帅在接受《证券日报》记者采访时表示："其背后核心商业吸引力源于AI算力需求驱动的电力系统升级加 速与新能源场景转化的迫切需求，电力设备行业正步入从单纯制造向综合能源服务转型的关键阶段。" 抢滩新增长极 本报记者 王僖 纵观各公司的布局，可以看出一条清晰的演进路径：电力设备行业正从传统的单一设备制造商，向提供"设备+系统+解决 方案"的综合能源服务商转型。 袁帅认为，随着AI算力爆发式增长，电力系统需要更高效、智能的升级支撑，综合能源服务不仅涵盖智能电网技术、电气 系统集成，更延伸至新能源融合应用场景，如山大电力与山东发展新能源合作推动技术成果向新能源场景转化，通过提供"设 备+服务"一体化解决方案获取持续收入与高附加值。 这种商业模 ...

截至9月30日，山大电力股东户数2.70万，较上期减少34.15%；人均流通股1285股，较上期增加 51.85%。2025年1月-9月，山大电力实现营业收入4.59亿元，同比增长12.81%；归母净利润8732.16万 元，同比增长4.96%。 机构持仓方面，截止2025年9月30日，山大电力十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股15.38万股，为新进股东。 责任编辑：小浪快报 融券方面，山大电力1月12日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，山东山大电力技术股份有限公司位于山东省济南历城区孙村街道飞跃大道以南、春晖路以东 山大电力产业园，成立日期2001年4月12日，上市日期2025年7月23日，公司主营业务涉及公司是一家致 力于电力系统相关智能产品技术研发与产业化的高新技术企业,基于在智能电网领域积累的电网监测技 术和电气系统设计及集成化能力,形成了电网智能监测和新能源两大业务板块,主要产品故障录波监测装 置、输电线路故障监测装置、时间同步装置处于细分行业领先地位。主营业务收入构成为：故 ...

1月7日，山大电力涨4.10%，成交额1.57亿元。两融数据显示，当日山大电力获融资买入额1341.37万 元，融资偿还1236.80万元，融资净买入104.57万元。截至1月7日，山大电力融资融券余额合计1.05亿 元。 机构持仓方面，截止2025年9月30日，山大电力十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股15.38万股，为新进股东。 责任编辑：小浪快报 资料显示，山东山大电力技术股份有限公司位于山东省济南历城区孙村街道飞跃大道以南、春晖路以东 山大电力产业园，成立日期2001年4月12日，上市日期2025年7月23日，公司主营业务涉及公司是一家致 力于电力系统相关智能产品技术研发与产业化的高新技术企业,基于在智能电网领域积累的电网监测技 术和电气系统设计及集成化能力,形成了电网智能监测和新能源两大业务板块,主要产品故障录波监测装 置、输电线路故障监测装置、时间同步装置处于细分行业领先地位。主营业务收入构成为：故障录波监 测装置63.61%，输电线路故障监测装置35.17%，其他(补充)1.22%。 截至9月30日，山大电力股东户数2.70万，较上期减少34.15%；人均流通股128 ...

在手订单保持稳定 2026年战略推进业务拓展 针对投资者关注的在手订单及2026年业绩规划，公司表示，截至目前电网智能监测和新能源两大核心业 务板块在手订单情况总体保持稳定。作为上市企业，公司已全面统筹未来发展战略与经营目标，将继续 稳步推进各项业务拓展。对于2026年具体业绩数据，公司提示投资者以后续发布的公告为准。 产品集中变电输电侧 二次设备市场增长空间广阔 关于产品在变输配电各环节的分布，公司介绍，当前电网智能监测产品主要集中在变电侧与输电侧，配 电侧占比相对较低。展望未来，随着国产化替代加速、存量市场更新迭代、增量市场扩容、特高压项目 密集建设及人工智能等新技术应用，电力系统对二次设备的需求将持续提升，二次设备投资占比有望进 一步加大，市场规模增长将更为迅速。公司将紧密围绕电网智能化与可靠性提升的核心需求，持续推进 产品技术升级与业务布局，把握结构性增长机遇以提升市场份额。 调研基本情况 2025年12月30日，山东山大电力技术股份有限公司（以下简称"山东山大电力"）以线下交流形式接待了 中信建投证券的特定对象调研。本次调研在济南市高新区孙村街道飞跃大道3916号山大电力会议室举 行，中信建投证券分 ...

12月19日，山大电力涨1.21%，成交额3648.05万元。两融数据显示，当日山大电力获融资买入额226.44 万元，融资偿还430.81万元，融资净买入-204.37万元。截至12月19日，山大电力融资融券余额合计1.06 亿元。 截至9月30日，山大电力股东户数2.70万，较上期减少34.15%；人均流通股1285股，较上期增加 51.85%。2025年1月-9月，山大电力实现营业收入4.59亿元，同比增长12.81%；归母净利润8732.16万 元，同比增长4.96%。 机构持仓方面，截止2025年9月30日，山大电力十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股15.38万股，为新进股东。 融资方面，山大电力当日融资买入226.44万元。当前融资余额1.06亿元，占流通市值的7.25%。 融券方面，山大电力12月19日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 资料显示，山东山大电力技术股份有限公司位于山东省济南历城区孙村街道飞跃大道以南、春晖路以东 山大电力产业园，成立日期2001年4月12日，上市日期2 ...

11月18日，山大电力跌1.60%，成交额8592.75万元。两融数据显示，当日山大电力获融资买入额862.76 万元，融资偿还656.32万元，融资净买入206.44万元。截至11月18日，山大电力融资融券余额合计1.18 亿元。 截至9月30日，山大电力股东户数2.70万，较上期减少34.15%；人均流通股1285股，较上期增加 51.85%。2025年1月-9月，山大电力实现营业收入4.59亿元；归母净利润8732.16万元，同比增长4.96%。 机构持仓方面，截止2025年9月30日，山大电力十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股15.38万股，为新进股东。 责任编辑：小浪快报 融资方面，山大电力当日融资买入862.76万元。当前融资余额1.18亿元，占流通市值的7.03%。 融券方面，山大电力11月18日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 资料显示，山东山大电力技术股份有限公司位于山东省济南历城区孙村街道飞跃大道以南、春晖路以东 山大电力产业园，成立日期2001年4月12日，上市日期2025 ...

Company Overview - Shandong University Power Technology Co., Ltd. focuses on power monitoring and has a strategic plan aligned with the national energy transition goals [1]. - The company’s products are primarily utilized in the power grid sector, with approximately 90% of revenue derived from substation and transmission products [2]. Market Opportunities - The "14th Five-Year Plan" period marks a transition towards better electricity usage and green energy, while the "15th Five-Year Plan" is critical for achieving carbon peak goals, presenting significant market opportunities for the power monitoring industry [1]. - The investment in smart and digital technologies by State Grid and Southern Grid is expected to enhance the demand for power monitoring equipment [1]. Competitive Landscape - Key competitors include Wuhan Zhongyuan Huadian Technology Co., Ltd., Shandong Kehui Power Automation Co., Ltd., and others in specific segments [2]. - The company maintains a competitive edge through continuous innovation in R&D, ensuring products meet market demands [3]. Customer Base and Service - The company has established long-term relationships with major clients such as State Grid and Southern Grid, which underscores the reliability and quality of its products [3]. - A nationwide service network with 17 contact offices enables rapid local support, enhancing customer satisfaction [4]. New Energy and Storage Business - Future plans for the new energy sector focus on integrated solutions for energy storage and charging stations, with a stable order backlog supporting growth [5][6]. - The energy storage business targets large-scale enterprises and aims to develop products that meet the requirements of the new power system [6]. Financial Outlook - The company anticipates stable order conditions across its two main business segments: power monitoring and new energy, providing a solid foundation for future growth [6]. - The management is optimistic about future performance, with strategic planning in place to drive business expansion [6].

Core Viewpoint - Three companies from Jinan, namely Lingong Heavy Machinery, Kexing Biopharmaceutical, and Jianbang High-tech, have simultaneously submitted IPO applications to the Hong Kong Stock Exchange, highlighting the industrial vitality and potential for transformation in this traditional manufacturing city [3][4][8]. Group 1: Companies Involved - Lingong Heavy Machinery is a leading manufacturer in the mining machinery and aerial work machinery sectors, established in 2012, and ranks third among domestic companies in the global mining transport equipment and excavator market as of 2024 [4][5]. - Jianbang High-tech, a well-known silver powder supplier, has over ten years of operational experience and ranks first in China's silver powder sales revenue for 2022 and 2023, with a market share of 10.1% and 10.0% respectively [5][6]. - Kexing Biopharmaceutical, founded in 1989, previously listed on the Shanghai STAR Market in December 2020 and is now seeking to establish an "A+H" dual financing platform by applying for a listing on the Hong Kong Stock Exchange [7]. Group 2: Jinan's Industrial Landscape - Jinan has a unique industrial foundation, being the only province in China with all 41 major industrial categories, which supports its economic development [3]. - The simultaneous IPO applications from these companies signal Jinan's potential to transition from traditional manufacturing to high-end intelligent manufacturing [4][5]. - The city has seen a rise in the number of listed companies, with 46 domestic listed companies and 18 companies planning to go public as of June 30, 2025, indicating a growing presence in the capital market [15]. Group 3: Financial Ecosystem and Support - Jinan has established itself as a national pilot zone for sci-tech financial reform since November 2021, enhancing the synergy between the market and government to support the growth of sci-tech enterprises [16]. - The city has implemented various financial initiatives, including a 50 billion yuan "Central Bank Sci-tech Loan" and a 20 billion yuan risk compensation fund, to improve financing efficiency for sci-tech companies [16][17]. - The number of sci-tech enterprises in Jinan has increased significantly, from over 6,800 in 2021 to over 10,000 currently, reflecting a robust growth in the innovation sector [18].

Core Viewpoint - Three companies from Jinan, Shandong, namely Lingong Heavy Machinery, Kexing Biopharmaceutical, and Jianbang High-tech, have simultaneously submitted IPO applications to the Hong Kong Stock Exchange, highlighting the industrial vitality and potential transformation of this traditional manufacturing city [4][5]. Group 1: Company Profiles - Lingong Heavy Machinery is a leading manufacturer in the mining machinery and aerial work machinery sectors, established in 2012, and ranks third among domestic companies in the global mining transport equipment and excavator market as of 2024 [5][6]. - Jianbang High-tech, a well-known silver powder supplier, has over ten years of operational experience and ranks first in China's silver powder sales revenue for 2022 and 2023, with market shares of 10.1% and 10.0% respectively [6][7]. - Kexing Biopharmaceutical, founded in 1989, was one of the first companies to go public on the Shanghai STAR Market in December 2020, and is now seeking to establish an "A+H" dual financing platform by applying for an H-share listing [7][8]. Group 2: Market Context - The simultaneous IPO applications from these three companies signify Jinan's industrial economy's vibrancy and serve as a window to observe the city's industrial transformation and upgrade [5][8]. - Jinan has a unique industrial foundation, being the only province in China with all 41 major industrial categories, which supports its economic development [4][5]. - The city has seen a surge in IPO activities, with a notable increase in the number of listed companies and those preparing for IPOs, reflecting a growing trend in capital market engagement [12][14]. Group 3: Financial Ecosystem - Jinan's unique science and technology financial ecosystem has been bolstered by the establishment of the national first science and technology financial reform pilot zone, enhancing the synergy between technology and finance [14][15]. - The city has implemented various financial support measures, including a 50 billion yuan "Central Bank Science and Technology Loan" and a 20 billion yuan risk compensation fund, to facilitate the growth of science and technology enterprises [14][15]. - The number of science and technology enterprises in Jinan has increased significantly, with loans to these enterprises rising from 109.84 billion yuan at the end of 2021 to 303.98 billion yuan by mid-2023 [15][16].

Core Viewpoint - Shandong Shanda Electric Power Technology Co., Ltd. has shown a decline in stock performance, with a drop of 1.99% on October 28, 2023, and a significant net financing outflow, indicating potential investor concerns about the company's financial health and market position [1][2]. Group 1: Company Overview - Shandong Shanda Electric Power was established on April 12, 2001, and is located in Jinan, Shandong Province. The company focuses on the research and development of intelligent products related to power systems and has two main business segments: smart grid monitoring technology and new energy [2]. - The company's main products include fault recording monitoring devices (63.61% of revenue) and transmission line fault monitoring devices (35.17%), positioning it as a leader in its niche market [2]. Group 2: Financial Performance - For the period from January to September 2025, Shanda Electric Power reported a revenue of 459 million yuan and a net profit attributable to shareholders of 87.32 million yuan, reflecting a year-on-year growth of 4.96% [2]. - As of September 30, 2025, the number of shareholders decreased by 34.15% to 27,000, while the average circulating shares per person increased by 51.85% to 1,285 shares [2]. Group 3: Market Activity - On October 28, 2023, the company experienced a financing buy-in of 11.15 million yuan, with a net financing outflow of 8.24 million yuan, indicating a potential lack of investor confidence [1]. - The total financing and securities balance for Shanda Electric Power stood at 113 million yuan, accounting for 6.60% of its market capitalization [1].