来源：新浪财经-鹰眼工作室 市场风险：期货行情剧烈波动可能导致交易损失； 流动性风险：极端行情下或因保证金不足面临强行 平仓； 内部控制风险：操作不当或系统故障可能引发执行偏差； 技术风险：交易系统故障导致指令延 迟或数据错误； 政策风险：法律法规或交易规则调整引发市场波动。 严格遵循套期保值原则，禁止投机性交易； 设立期货套期保值领导小组统筹交易与风控； 动态监控资 金规模，市场剧烈波动时及时平仓； 配备冗余交易系统及应急处理机制； 内部审计部门定期核查业务 合规性； 依据《套期保值业务管理制度》建立止损机制。 审议程序合规 保荐机构出具肯定意见 本次议案经公司第七届董事会第二次会议审议通过，无需提交股东大会审议。保荐机构国泰海通证券股 份有限公司核查后认为，该业务旨在降低原料价格波动影响，不存在损害公司及股东权益的情形，审批 程序符合《深圳证券交易所股票上市规则》等相关规定。 伊戈尔电气股份有限公司（证券简称：伊戈尔，证券代码：002922）于2025年11月24日发布公告称，公 司第七届董事会第二次会议审议通过《关于开展铜期货保值业务的议案》，同意公司及子公司使用自有 资金开展铜商品期货期权和衍生品套期 ...

伊戈尔电气股份有限公司（证券简称：伊戈尔，证券代码：002922）于2025年11月24日发布公告称，公 司第七届董事会第二次会议审议通过《关于开展铜期货保值业务的议案》，同意公司及子公司使用自有 资金开展铜商品期货期权和衍生品套期保值业务，涉及保证金及权利金合计不超过1200万元，资金使用 期限为自董事会审议通过之日起12个月。 锁定原材料成本波动风险 聚焦主营业务稳健经营 严格遵循套期保值原则，禁止投机性交易； 设立期货套期保值领导小组统筹交易与风控； 动态监控资 金规模，市场剧烈波动时及时平仓； 配备冗余交易系统及应急处理机制； 内部审计部门定期核查业务 合规性； 依据《套期保值业务管理制度》建立止损机制。 审议程序合规 保荐机构出具肯定意见 本次议案经公司第七届董事会第二次会议审议通过，无需提交股东大会审议。保荐机构国泰海通证券股 份有限公司核查后认为，该业务旨在降低原料价格波动影响，不存在损害公司及股东权益的情形，审批 程序符合《深圳证券交易所股票上市规则》等相关规定。 市场分析人士指出，伊戈尔此次通过期货工具对冲原材料成本风险，有助于提升财务报表稳定性，尤其 在当前大宗商品价格波动加剧的背景下，此 ...

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]

Core Viewpoint - The company, TBEA Co., Ltd. (特变电工), has limited sales of transformers and reactors in North America, with a higher export volume to Asia and the Middle East [2]. Group 1 - The company has some sales of transformers and reactors in North America, but the order volume is relatively low [2]. - The majority of the company's international single-unit products are exported to Asia and the Middle East, which account for a significant portion of orders [2].

格隆汇11月18日丨特变电工(600089.SH)在投资者互动平台表示，公司变压器、电抗器等部分产品在北 美有销售，但订单相对较少。公司国际单机产品主要出口至亚洲及中东地区订单占比较大。 ...

格隆汇11月18日丨特变电工(600089.SH)在投资者互动平台表示，公司变压器、电抗器等部分产品在北 美有销售，但订单相对较少。公司国际单机产品主要出口至亚洲及中东地区订单占比较大。 ...

Investment Rating - The report assigns an "Increase" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [26]. Core Views - The company has shown robust performance in Q3 2025, with a significant net profit increase of 81.51% year-on-year, primarily driven by substantial fair value changes from the listing of Huadian New Energy [6][9]. - The company's diverse business segments, including power transmission and transformation, new energy, and new materials, are expected to sustain growth due to strong competitive advantages and market demand [9]. - The recovery in polysilicon prices and industry capacity reduction are anticipated to enhance the performance of the polysilicon segment, with expectations of improved profitability as excess supply conditions gradually change [9]. - The company plans to raise up to 8 billion RMB through convertible bonds to fund a coal-to-gas project, which is expected to optimize its energy business structure and enhance operational efficiency [11]. Summary by Sections Financial Performance - In Q3 2025, the company achieved total revenue of 24.566 billion RMB, a year-on-year increase of 0.31%, and a net profit attributable to shareholders of 2.3 billion RMB, up 81.51% [6]. - For the first three quarters of 2025, total revenue reached 72.918 billion RMB, a 0.84% increase year-on-year, while net profit attributable to shareholders was 5.484 billion RMB, reflecting a 27.55% increase [6]. Business Segments - The company maintains a strong competitive position in the power transmission sector, with a market share of nearly 30% in the ultra-high voltage transformer and reactor markets [9]. - The international market for the company's power transmission products is expanding, with over 5 billion USD in unconfirmed revenue contracts and pending contracts as of June 2025 [9]. Future Outlook - The company forecasts net profits of 6.915 billion RMB, 7.622 billion RMB, and 9.564 billion RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.37 RMB, 1.51 RMB, and 1.89 RMB [11]. - The report highlights the company's low valuation levels and strong growth expectations, reinforcing the "Increase" investment rating [11].

Core Viewpoint - The company, Jinbei Electric, is a leading player in the flat electromagnetic wire sector, focusing on transformers, inverters, and reactors, and is recognized for its product quality and customer relationships [2] Group 1: Company Strengths - The company has established strong competitive advantages in the flat electromagnetic wire market through product quality, customer accumulation, and economies of scale [2] - Jinbei Electric has gained widespread recognition from notable domestic and international clients, including China Electric Equipment Group, TBEA, Siemens Energy, Hitachi Energy, and Igor [2] Group 2: Market Opportunities - The company is capitalizing on strategic opportunities arising from global energy transformation and increasing electricity demand [2] - Jinbei Electric is actively expanding its overseas market presence, having directly exported to regions such as Europe, Japan, Southeast Asia, Central Asia, India, the Middle East, and South America [2] - Europe has been selected as the first destination for the company's capacity expansion, with plans to establish an intelligent production base with an annual capacity of 20,000 tons of electromagnetic wire [2]

Group 1 - The electrical equipment sector experienced significant gains, with companies like Zhongneng Electric rising over 12% and Moen Electric hitting the daily limit, reflecting strong market performance [1] - The State Grid Corporation of China completed fixed asset investments exceeding 420 billion yuan from January to September, marking an 8.1% year-on-year increase [1] - The State Grid announced a procurement plan for various core transmission and transformation equipment, with a total procurement amount exceeding 3 billion yuan [1] Group 2 - CICC anticipates a new peak in equipment bidding for UHV (Ultra High Voltage) projects, with ongoing high demand for main network bidding [2] - Several UHV projects are expected to enter the approval and equipment bidding stages by the end of this year, providing new performance support for leading UHV equipment companies [2] - The "14th Five-Year Plan" aims for significant growth in renewable energy installations, with an estimated addition of at least 1 billion kilowatts of wind and solar capacity, driving investment in grid infrastructure [2]

Core Viewpoint - The power sector is experiencing a strong market performance, with over 20 stocks hitting the daily limit up, driven by multiple favorable factors including policy support and market growth [1][2]. Market Performance - On November 5, the power equipment index rose by 3.40%, with significant gains in stocks such as Shuangjie Electric, Arctech, and Jinguang Electric, all reaching the 20% limit up [2]. - The cumulative electricity market transaction volume from January to September 2025 reached 49,239 billion kilowatt-hours, a year-on-year increase of 7.2%, accounting for 63.4% of total electricity consumption [2]. Investment Trends - The State Grid's fixed asset investment exceeded 420 billion yuan from January to September, marking an 8.1% year-on-year increase, with a focus on high-voltage and inter-regional transmission projects [3]. - The procurement for core transmission and transformation equipment is ongoing, with a recent procurement amounting to over 3 billion yuan [3]. Future Opportunities - The power sector is expected to see profit improvements and value reassessment due to rapid growth in new energy installations and ongoing energy policies emphasizing supply security [4]. - The integration of coal and electricity enterprises is anticipated to enhance profitability, supported by stable coal supply agreements [4]. Wind Power Sector - The domestic and international demand for wind power is expected to drive growth in both onshore and offshore installations, benefiting component manufacturers [5]. - The outlook for the electricity market in 2025 includes a potential reduction in long-term contract prices, while coal-fired capacity prices are expected to rise [5].