Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The expansion of the company's overseas business and high - voltage business is expected to drive future growth. The 80,000 - ton high - end magnetic new material project is in full production and sales, and the proportion of high - grade output has increased, which may alleviate profit pressure. The price of grain - oriented silicon steel is expected to stabilize after market adjustment, and the demand for high - magnetic - induction grain - oriented silicon steel will increase [23][25][26]. 3. Summary of Directory Content 3.1. Research Basic Situation - The research object is Wangbian Electric, belonging to the power grid equipment industry. The reception time was February 10, 2026, and the reception personnel were the company's secretary of the board and relevant personnel in the securities department [16]. 3.2. Detailed Research Institutions - The research institutions include securities companies such as Changjiang Securities, Dongwu Securities, and industrial funds such as Western Lide Fund, Yongying Fund, etc [17]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Business Operation in Q4 2025**: The power transmission, distribution and control equipment business was stable, while the grain - oriented silicon steel business saw a price decline at the end of Q3, which may affect profits, but the increase in the proportion of high - grade output of the 80,000 - ton high - end magnetic new material project alleviated some profit pressure [23]. - **Overseas Business**: The export of grain - oriented silicon steel decreased year - on - year, while the export orders of transformers increased significantly. The company plans to increase the proportion of overseas business in the next three years. The company manages exchange rate risks through real - time monitoring and foreign exchange hedging [23]. - **Grain - Oriented Silicon Steel Overseas Orders**: Affected by comprehensive factors, the company adjusts its export strategy in real - time. Customer orders have increased compared with the same period, and future overseas prices and demand need to be continuously monitored [23]. - **Overseas Orders of Power Transmission, Distribution and Control Equipment**: The company's product orders cover South America, Texas in the US, Oman, etc., all for data center projects. There is room for export performance growth, and the company will continue to expand the international market [25]. - **Output of 80,000 - Ton High - End Magnetic New Material Project**: The project has been in full production since June 2024. It is currently in full production and sales, and the proportion of high - grade output has increased. The output proportion of grade 085 and above varies according to market demand, with a maximum of about 60% [25]. - **CGO Production Line Transformation Plan**: The company will comprehensively evaluate the technical transformation plan and start - up time based on the global production capacity layout of grain - oriented silicon steel and its own financial plan [25]. - **2026 Grain - Oriented Silicon Steel Price Outlook**: The price of grain - oriented silicon steel fluctuates every 3 - 5 years. The price increase of 100 yuan/ton announced by Baowu in 2026 is considered a turning point. The demand for general grain - oriented silicon steel will decrease, while that for high - magnetic - induction grain - oriented silicon steel will increase, and the price will gradually stabilize [26]. - **Solid - State Transformer R & D**: The company pays attention to the development of solid - state transformers and relevant policies, and the specific R & D progress will be announced [26]. - **Overseas Layout**: The company promotes the "Belt and Road" business layout in the power transmission, distribution and control equipment field and expands the market scale of grain - oriented silicon steel materials [27]. - **Gross Margin of Overseas Transformer Orders**: The gross margin of overseas transformers varies by market. After deducting overseas labor costs, the advantage is limited. The gross margin is expected to be relatively stable and increase in the future [27]. - **High - Voltage Development Plan**: After the acquisition of Yunbian Electric in 2024, the company can supply power transmission and distribution equipment for voltage levels of 500kV and below. It will focus on R & D of high - voltage core equipment to obtain more orders [27]. - **220kV Order Visibility**: The orders for 220kV and below (35 - 220kV) transformers are saturated, and the reserve orders are for 6 months [27]. - **Characteristics of Plateau Transformers**: They have low loss, low noise, low partial discharge, high insulation, strong short - circuit resistance, strong overload capacity, and require low maintenance [28]. - **Downstream Market of Yunbian Electric**: The downstream markets are mainly railways, power grids, new energy, and overseas [28]. - **Performance Development Plan of Yunbian Electric**: It exceeded 1 billion yuan in revenue in 2024 and aims to exceed 2 billion yuan in 2026. It will expand to 330kV and 500kV to improve performance [29]. - **Mega - Watt - Level Intelligent Super - Charging Network Project**: The project is under construction as planned. The benchmark station was put into use in December 2025, and it is expected to bring stable charging service revenue and enhance the company's market position [29]. - **Impact of Copper Price Increase**: Copper price affects the company's production cost. The company transfers cost pressure through negotiation, technological innovation, and inventory optimization [29]. - **Cost - Reduction Measures**: The company reduces costs through technological innovation and refined management [30]. - **Strategic Investment Planning**: The company's major investment plans will be announced [30]. - **Risk Management of Accounts Receivable**: The company will adjust the risk control system in real - time and consider using insurance tools for risk hedging [30]. - **Purpose of Stock Issuance to Specific Objects**: It can strengthen the controlling position of the controlling shareholder, send positive signals to the market, and raise funds to optimize the capital structure and support business development [31].

Group 1 - The core viewpoint of the news is that Jinpan Technology's stock has seen a significant increase, with a rise of 5.04% to 95.22 CNY per share, and a total market capitalization of 43.781 billion CNY [1] - Jinpan Technology, established on June 3, 1997, primarily engages in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other (supplementary), and 0.19% from digital overall solutions [1] Group 2 - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Jinpan Technology, having increased its holdings by 44,100 shares in the third quarter, totaling 4.061 million shares, which represents 0.88% of circulating shares [2] - The Southern CSI 500 ETF has achieved a year-to-date return of 11.57% and a one-year return of 44.6%, ranking 574 out of 5569 and 1201 out of 4295 respectively [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 300 days, with a total fund asset size of 171.358 billion CNY and a best return of 185.79% during his tenure [2] Group 3 - Southern Fund's Southern Digital Economy Mixed A (019410) holds 34,700 shares of Jinpan Technology, making it the fourth-largest holding in the fund, accounting for 5.01% of the fund's net value [3] - The fund has achieved a year-to-date return of 6.94% and a one-year return of 60.09%, ranking 3055 out of 8882 and 897 out of 8127 respectively [3] - The fund manager, Wang Bo, has a tenure of 6 years and 96 days, with a total fund asset size of 6.309 billion CNY and a best return of 116.75% during his tenure [4]

Group 1 - The core point of the article is the establishment of China Electric Equipment Group Tibet Co., Ltd. with a registered capital of 100 million yuan [1] - The company's business scope includes manufacturing of electrical equipment, research and development of energy-efficient technologies in the power industry, and manufacturing of distribution switch control equipment [1] - The company is wholly owned by China Electric Equipment Group Co., Ltd. [1]

Core Viewpoint - The company, Green Energy Wisdom Charging Technology Co., Ltd., has completed the registration capital change and obtained a new business license, reflecting its updated registered capital and operational scope [1][2]. Group 1: Company Information - The company held a board meeting on January 29, 2026, where it approved the proposal for changing the registered capital and amending certain provisions of the Articles of Association [1]. - The new registered capital is 70,415,021.30 yuan [1]. - The company is classified as a listed joint-stock company and is located in Linyi City, with its business scope including manufacturing and sales of power distribution and control equipment, charging piles, and electric vehicle charging infrastructure operations [1]. Group 2: Business License Details - The company has received a new business license from the Linyi Administrative Approval Service Bureau, which includes updated information such as the unified social credit code and the legal representative [1]. - The company was established on December 14, 1992, and its operational activities are subject to relevant approvals as required by law [1].

Group 1 - The core viewpoint of the news is that Jinpan Technology's stock has increased by 5.79%, reaching 103.89 CNY per share, with a total market capitalization of 47.767 billion CNY [1] - Jinpan Technology, established on June 3, 1997, is located in Haikou, Hainan Province, and primarily engages in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's main business revenue composition includes: power distribution equipment 87.05%, energy storage series 9.59%, photovoltaic power station business 1.90%, installation engineering business 0.73%, other (supplementary) 0.54%, and digital overall solutions 0.19% [1] Group 2 - From the perspective of fund holdings, one fund under Great Wall Fund has Jinpan Technology as a significant holding, with a reduction of 221,400 shares in the fourth quarter, leaving 263,600 shares, which constitutes 2.88% of the fund's net value [2] - The Great Wall Industry Rotation Mixed A Fund (002296) has a current scale of 762 million CNY and has achieved a year-to-date return of 4.72%, ranking 3959 out of 8873 in its category [2] - Over the past year, the fund has generated a return of 50.24%, ranking 1908 out of 8119 in its category, and since its inception, it has achieved a return of 128.29% [2]

Core Viewpoint - Jinpan Technology's stock price has shown fluctuations, with a recent decline of 2.02% and a year-to-date increase of 6.60%, indicating volatility in the market [1]. Company Overview - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, is located in Haikou, Hainan Province. The company specializes in the research, production, and sales of power distribution and control equipment used in renewable energy, high-end equipment, and energy-saving environmental protection sectors [1]. - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other sources, and 0.19% from digital overall solutions [1]. Financial Performance - For the period from January to September 2025, Jinpan Technology achieved an operating income of 5.194 billion yuan, representing a year-on-year growth of 8.25%. The net profit attributable to the parent company was 486 million yuan, reflecting a year-on-year increase of 20.27% [2]. - Since its A-share listing, Jinpan Technology has distributed a total of 713 million yuan in dividends, with 543 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinpan Technology was 14,900, a decrease of 19.18% from the previous period. The average circulating shares per person increased by 23.87% to 30,893 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 11.6391 million shares, a decrease of 1.0884 million shares from the previous period. New shareholder Qianhai Kaiyuan Public Utilities Stock holds 8.184 million shares [3].

Group 1 - The core viewpoint of the news is that Jinpan Technology has shown a positive stock performance and financial growth, with significant increases in revenue and net profit year-on-year [1][2]. - As of January 23, Jinpan Technology's stock price increased by 2.16% to 100.76 CNY per share, with a total market capitalization of 46.328 billion CNY [1]. - The company has experienced a stock price increase of 11.53% year-to-date, with notable gains of 33.28% over the past 60 days [1]. Group 2 - For the period from January to September 2025, Jinpan Technology achieved a revenue of 5.194 billion CNY, representing a year-on-year growth of 8.25%, and a net profit of 486 million CNY, which is a 20.27% increase compared to the previous year [2]. - The company has distributed a total of 713 million CNY in dividends since its A-share listing, with 543 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 19.18% to 14,900, while the average number of circulating shares per person increased by 23.87% to 30,893 shares [2].

Core Viewpoint - Hunan Honglian Electric Intelligent Equipment Co., Ltd. has been established with a registered capital of 30 million RMB, fully owned by Hunan Honglian Electric Co., Ltd. [1] Company Overview - The legal representative of the company is Zhou Bin [1] - The registered capital is 30 million RMB [1] - The company is located in Xiangtan Economic Development Zone, Heping Street, Bonded Sixth Road, Xiangtan Comprehensive Bonded Zone [1] - The company type is a limited liability company (wholly owned by a natural person) [1] - The business duration is from January 16, 2026, to an indefinite period [1] - The registration authority is Xiangtan Market Supervision Administration [1] Business Scope - The business scope includes manufacturing of transformers, rectifiers, and inductors; manufacturing of power distribution and control equipment; manufacturing of industrial automatic control systems; manufacturing of distribution switch control equipment; sales of industrial control computers and systems; energy storage technology services; energy management services; sales of advanced power electronic devices; software development; information system integration services; import and export of goods; technology import and export; research and development of motors and their control systems; manufacturing of generators and generator sets; manufacturing of power electronic components; manufacturing of marine supporting equipment; and import and export agency services [1] - The company is also involved in the installation, maintenance, and testing of power facilities for transmission, supply, and reception, which requires approval from relevant authorities [1]

Group 1 - The core point of the article is the establishment of a new company,沃尔法电力设备（阿拉善盟）有限公司, which is fully owned by沃尔核材 [1] - The legal representative of the new company is 钟金城 [1] - The business scope of the new company includes manufacturing of power transmission and distribution equipment, fiberglass and products, rubber products, wind power technology services, and promotion of new material technology [1]

Group 1 - The core point of the news is that Wangbian Electric has seen a stock price increase of 5.08%, reaching 18.20 CNY per share, with a trading volume of 372 million CNY and a turnover rate of 6.37%, resulting in a total market capitalization of 6.049 billion CNY [1] - Wangbian Electric, established on August 16, 1994, and listed on April 28, 2022, is primarily engaged in the research, production, and sales of power distribution and control equipment, as well as oriented silicon steel [1] - The revenue composition of Wangbian Electric includes 62.23% from power distribution and control equipment, 34.65% from oriented silicon steel, and 3.12% from other sources [1] Group 2 - According to data, a fund under Southern Fund holds a significant position in Wangbian Electric, with the Southern Quantitative Growth Stock Fund (001421) owning 95,200 shares, accounting for 1.02% of the fund's net value, making it the ninth-largest holding [2] - The Southern Quantitative Growth Stock Fund (001421) has a current scale of 148 million CNY and has achieved a return of 6.85% this year, ranking 2085 out of 5525 in its category; over the past year, it has returned 58.98%, ranking 785 out of 4208 [2] - The fund manager of Southern Quantitative Growth Stock Fund (001421) is Xu Gonglei, who has been in the position for 2 years and 222 days, with the fund's total asset size at 942 million CNY and a best return of 50.13% during his tenure [3]