Investment Rating - The report maintains a "Buy" rating for key companies in the power equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The global power battery installation volume reached 933.5 GWh from January to October 2025, marking a year-on-year growth of 34.7%. CATL leads with 355.2 GWh, followed by BYD with 157.9 GWh, indicating a strong competitive landscape dominated by Chinese companies [2][14]. - The price of photovoltaic components shows signs of stabilization, with recent bidding prices indicating a recovery trend. The average bid price for large-scale projects has risen to 0.756 yuan/W, reflecting a positive shift in the market [3][33]. - The South China Power Grid has awarded a contract worth 5.184 billion yuan for a ±800 kV DC transmission project, highlighting ongoing infrastructure investments in the power sector [4][39]. Summary by Sections 1. New Energy Vehicles - The global power battery installation volume for January to October 2025 reached 933.5 GWh, a 34.7% increase year-on-year. The top ten companies account for nearly 90% of the market share, with Chinese firms holding six spots and a combined market share of 68.9% [2][14]. - CATL's market share stands at 38.1%, while BYD holds 16.9%, showcasing the dominance of these companies in the global market [18][19]. 2. New Energy Generation - Photovoltaic component prices are stabilizing, with recent bidding prices indicating a recovery. The average bid price for large-scale projects has increased to 0.756 yuan/W, reflecting a positive market trend [3][33]. - The demand for high-power components is rising, with prices for 210N components reaching 0.72-0.75 yuan/W, driven by market demand [34][38]. 3. Power Equipment and Automation - The South China Power Grid has awarded a contract worth 5.184 billion yuan for a ±800 kV DC transmission project, which includes various equipment and materials [4][39]. - The report emphasizes the ongoing investments in infrastructure and the positive outlook for the power equipment sector [4][39]. 4. Weekly Sector Performance - The power equipment and new energy sector saw a weekly increase of 1.19%, outperforming the Shanghai Composite Index. The nuclear power index had the highest increase at 1.34%, while the solar energy index experienced a decline of 0.59% [1].

证券日报网讯 12月2日，特变电工在互动平台回答投资者提问时表示，公司围绕IGBT应用开展相关技 术研究。柔性直流换流阀由公司子公司特变电工西安柔性输配电有限公司研发生产。柔性直流输电技术 是构建新型电力系统的关键，在远距离输电、新能源并网等领域需求显著，发展前景较为广阔。 （文章来源：证券日报） ...

格隆汇12月2日丨特变电工(600089.SH)在投资者互动平台表示，公司围绕IGBT应用开展相关技术研 究。柔性直流换流阀由公司子公司特变电工西安柔性输配电有限公司研发生产。柔性直流输电技术是构 建新型电力系统的关键，在远距离输电、新能源并网等领域需求显著，发展前景较为广阔。 ...

Core Insights - Rongxin Huike Electric Co., Ltd. has been accepted for IPO on the Sci-Tech Innovation Board, aiming to raise 977 million yuan [1] - The company specializes in the research, manufacturing, sales, and service of core equipment for new power systems, providing high-end equipment and technical services [4] - Rongxin Huike holds over 25% market share in flexible DC converter valve equipment, ranking among the top in the industry [4] Company Overview - Rongxin Huike is a high-tech enterprise focused on core equipment for new power systems, including flexible transmission equipment and high-power converters [4] - The company's products are widely used in various sectors such as efficient power generation, power transmission and distribution, oil and gas pipelines, national defense, shipbuilding, metallurgy, and energy storage [4] - The flexible DC transmission technology is crucial for constructing new power systems dominated by renewable energy [4] Market Position - The company has participated in four out of five operational high-voltage flexible DC projects in China since 2020, supplying over 30% of the total operational capacity of converter products [4] - Rongxin Huike has successfully entered the overseas market with a contract for a ±500kV flexible DC converter station project in Saudi Arabia, marking a significant breakthrough for its proprietary technology [4] Product Range - The company offers a variety of flexible AC transmission products, including static synchronous compensators and flexible energy storage converters, primarily targeting overseas markets [5] - Its high-power converter products are utilized in critical industries such as aerospace testing, shipbuilding, and natural gas pipeline transportation, showcasing a leading advantage in specific segments [5][6] Financial Performance - The company reported revenues of 233 million yuan, 508 million yuan, and 234 million yuan for the years 2023 to the first half of 2025, with net profits of -56 million yuan, 35 million yuan, and -5 million yuan respectively [6] - The funds raised from the IPO will be allocated to the development and industrialization of offshore wind power transmission equipment, green low-carbon flexible power core equipment, and the establishment of a research and testing center [6] Future Outlook - Successful implementation of the fundraising projects is expected to solidify the company's leading position in the core equipment sector of new power systems, enhancing its market competitiveness and meeting current and potential market demands [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1-Q3 2025 is in line with market expectations, with revenue of 17 billion and a year-on-year increase of 11.5%, and a net profit of 940 million, up 19.3% year-on-year [8] - The company's main business shows stable growth, driven by accelerated approvals for ultra-high voltage projects, which are expected to boost order growth [8] - The company is a leader in solid-state transformer technology and has begun mass production, positioning itself for future demand in data center projects [8] - The company has good cost control, with a significant backlog of orders, indicating strong future revenue potential [8] - Profit forecasts for 2025-2027 show a net profit of 1.497 billion, 1.769 billion, and 2.052 billion respectively, with corresponding P/E ratios of 24x, 21x, and 18x [8] Financial Summary - Total revenue is projected to reach 24.476 billion in 2025, with a year-on-year growth of 9.85% [1] - The net profit attributable to shareholders is expected to be 1.497 billion in 2025, reflecting a year-on-year increase of 42.04% [1] - The latest diluted EPS is forecasted to be 0.29 in 2025, with a steady increase in subsequent years [1] - The company's asset-liability ratio is 46.26%, indicating a stable financial structure [6]

Core Viewpoint - Xinjiang New Energy has signed a share transfer agreement with its controlling shareholder, Tebian Electric Apparatus, to acquire 100% of Xuyi Gaochuan for RMB 136.8 million, which will enhance the company's renewable energy operations and financial performance [1]. Group 1: Acquisition Details - The share transfer agreement was signed on September 26, 2025, with a transaction value of RMB 136.8 million [1]. - Xinjiang New Energy currently holds a 91.26% stake in Xuyi Gaochuan, which primarily engages in wind power generation and related equipment sales [1]. Group 2: Business Operations - Xinjiang New Energy focuses on the development, construction, and operation of wind and photovoltaic resources, as well as the research, manufacturing, and sales of inverters and other electrical equipment [1]. - The acquisition will allow Xuyi Gaochuan's financial performance to be consolidated into the group's financial statements, thereby expanding the scale of the renewable energy station operations [1]. Group 3: Strategic Implications - The acquisition is aimed at enhancing the overall competitiveness and profitability of the group, particularly in the renewable energy sector [1]. - The Xuyi project had previously faced land use issues, which have now been rectified, facilitating the A-share listing process [1].

Core Viewpoint - Xinjiang New Energy has signed a share transfer agreement with its controlling shareholder, Tebian Electric Apparatus, to acquire 100% of the equity of Xuyi Gaochuan for RMB 136.8 million, which will enhance the company's renewable energy station operations and overall competitiveness [1][1][1] Group 1: Acquisition Details - The share transfer agreement was signed on September 26, 2025, with a transaction value of RMB 136.8 million [1] - Xinjiang New Energy currently holds a 91.26% stake in the target company, which primarily engages in wind energy and photovoltaic resource development, construction, and operation [1][1] - The acquisition will allow the financial performance of Xuyi Gaochuan to be consolidated into the group's financial statements, thereby expanding the scale of the renewable energy station operations [1][1] Group 2: Operational Context - The target company, Xuyi Gaochuan, is involved in wind power generation and the sale of wind power generation equipment and electrical control devices [1] - In 2023, due to land issues related to the Xuyi project, the company temporarily divested the project to Tebian Electric to facilitate an A-share listing [1] - As of the announcement date, the land issues have been rectified, allowing for the integration of Xuyi Gaochuan's operations into the company's renewable energy segment [1][1]

Core Insights - The Kunliulong Direct Current Project, the world's first ±800 kV ultra-high voltage flexible direct current transmission project, marks a significant milestone in China's power industry, having operated safely for five years and demonstrating advanced technology in global power transmission [1][7] Group 1: Project Achievements - Over the past five years, the Kunliulong project has delivered more than 113.5 billion kilowatt-hours of clean electricity, equivalent to a reduction of 87 million tons of CO2 emissions, contributing significantly to low-carbon development [1] - The project has achieved 19 world-firsts, showcasing its scale, reliability, and technological maturity, and providing critical technical support for large-scale renewable energy transmission [1][7] Group 2: Technological Innovations - The flexible direct current converter, described as the "heart" of the project, utilizes over 5,000 IGBT modules that operate with high precision, adjusting every 100 microseconds, thus overcoming a major challenge in the global power industry [2] - The control and protection system, referred to as the "super brain," can manage 17,000 control objects with ultra-fast, high-precision coordination, achieving a control response time of under 150 microseconds, setting a new global record [3] - A hybrid topology structure was developed to address lightning strike issues, allowing for rapid fault clearance and restoration of power supply within 0.5 seconds, significantly enhancing grid reliability [4][5] Group 3: Emergency Response and Stability - The flexible direct current technology features an "emergency rescue" capability, enabling quick transitions to support modes during grid faults, thus providing voltage support and ensuring grid safety [6] - The technology has proven to stabilize the integration of renewable energy sources like wind and solar power, addressing challenges in connecting these variable power sources to the grid [6] Group 4: Recognition and Future Prospects - The Kunliulong project has received multiple accolades, including being named one of the "Top Ten Super Projects" by state-owned enterprises and winning the "National Quality Engineering Gold Award" [7] - The project exemplifies China's leadership in high-end power equipment and is seen as a significant contribution to global sustainable energy development, with ongoing advancements supporting the construction of a new energy system and achieving carbon neutrality goals [7]

Core Viewpoint - The company, TBEA Co., Ltd., reported a steady performance in the first half of 2025, achieving revenue of 48.401 billion yuan, a year-on-year increase of 1.12%, and a net profit of 3.184 billion yuan, reflecting a growth of 5% despite challenges in the industry cycle and resource price declines [1] Group 1: Financial Performance - The company achieved a total profit of 4.423 billion yuan, marking a year-on-year increase of 15.62% [1] - The revenue growth was driven by strategic focus on core businesses and high-potential sectors [1] Group 2: Market Demand and Growth - The demand for power equipment is steadily increasing both domestically and internationally, driven by global carbon neutrality goals and rising electricity needs from emerging industries [2] - Domestic signed contracts for power transmission and transformation reached 27.3 billion yuan, a year-on-year increase of 14.08%, while international contracts exceeded 900 million USD, growing by 88.10% [2] Group 3: Technological Innovation and Product Development - The company launched 22 new products, with 16 achieving international leading standards, contributing to its competitive edge in the market [8] - The company has successfully developed key equipment such as inverters and flexible direct current converters, with inverter shipments increasing by 40% year-on-year [6][8] Group 4: Sustainable Development and ESG Efforts - The company invested over 400 million yuan in energy management and climate change initiatives, achieving annual energy savings equivalent to 14.48 million tons of standard coal, which reduced carbon emissions by 37.66 million tons [9] - The company has integrated sustainable development into its corporate strategy, enhancing its ESG ratings and establishing a zero-carbon operation center recognized as a best practice case [9] Group 5: Industry Position and Future Outlook - The company is well-positioned to benefit from the ongoing construction of high-voltage transmission lines and the increasing electricity demand projected to grow by 5%-6% annually until 2025 [4] - The company aims to leverage its full industry chain capabilities to capture long-term growth opportunities in both domestic and international markets [4][5]

Core Insights - The company reported a total revenue of 48.401 billion yuan for the first half of 2025, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 3.184 billion yuan, up 5% year-on-year [1] - The company is focusing on core business areas and enhancing efficiency while actively exploring high-potential sectors to achieve high-quality development despite challenges such as price declines in polysilicon and coal [1] Group 1: Business Performance - The company achieved a total profit of 4.423 billion yuan, reflecting a year-on-year growth of 15.62% [1] - The domestic market for power transmission and transformation signed contracts worth 27.3 billion yuan, a year-on-year increase of nearly 14.08%, while international market contracts exceeded 900 million USD, up 88.10% [2] Group 2: Industry Trends - The global push for "carbon neutrality" and the increasing demand for electricity from emerging industries are driving steady growth in the demand for electrical equipment [2] - The company is leveraging strategic opportunities from the construction of new power systems and expanding international market demand [2] Group 3: Technological Innovation - The company has developed and implemented several innovative technologies, including high-voltage direct current transmission and new products that have achieved international leading standards [8] - The company has invested over 400 million yuan in energy management and climate change initiatives, achieving significant energy savings and reducing carbon emissions [9] Group 4: Sustainable Development - The company is deeply integrating sustainable development concepts into its corporate strategy and operations, enhancing governance effectiveness [9] - The company has established a comprehensive energy and carbon management system, increasing the proportion of green electricity used in production [9]