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 Insights - The company reported a significant increase in both revenue and net profit for the first three quarters, with total revenue reaching 7.87 billion and net profit at 2.233 billion, marking a year-on-year growth of 2.3% and 53.73% respectively, achieving a record high since its listing [1] - The third quarter alone saw a net profit of 1.086 billion, reflecting a remarkable year-on-year increase of 102.49% [1] - The company aims to focus on high-quality development in the fourth quarter, enhancing its core business in the power grid and extending its energy industry chain [1] Financial Performance - The net profit margin stood at 58.23%, an increase of 46.7% year-on-year [1] - Total expenses for sales, management, and finance amounted to 1.041 billion, accounting for 13.22% of revenue, which is a decrease of 9.66% year-on-year [1] - Earnings per share reached 0.39, up 53.54% year-on-year, while net assets per share increased to 4.05, reflecting an 8.34% growth [1] Production Capacity and Technological Development - The company has a production capacity of 50,000 distribution transformers, 30,000 tons of amorphous steel cores, 20,000 switch products, and 1.5 million insulators, supported by four major production bases [3] - The company is actively engaged in research and development of solid-state transformers and has established a certain level of technical reserve in this area [3] - The company has made advancements in carbon asset management technology and has contributed to the publication of national standards for carbon asset management [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's profitability is stabilizing, and AIDC is expected to become a new growth curve. Revenue projections for 2025-2027 are estimated at 58.98 billion, 74.50 billion, and 91.64 billion yuan, with corresponding growth rates of 27.2%, 26.3%, and 23.0%. Net profit attributable to the parent company is projected to be 3.06 billion, 4.55 billion, and 5.88 billion yuan, with growth rates of 4.8%, 48.4%, and 29.3% respectively. The PE ratios for 2025-2027 are expected to be 36X, 24X, and 19X based on the closing price on October 30 [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 38.08 billion yuan, a year-on-year increase of 17.32%. The net profit attributable to the parent company was 1.78 billion yuan, a year-on-year decrease of 15.14%. The net profit excluding non-recurring items was 1.66 billion yuan, down 12.71% year-on-year. In Q3 2025, revenue was 13.41 billion yuan, up 12.43% year-on-year but down 3.06% quarter-on-quarter. The net profit for Q3 was 0.74 billion yuan, a year-on-year increase of 117.20% and a quarter-on-quarter increase of 17.54% [1][3]. Investment in Data Center - The company has focused its resources on investing in transformer products for data centers. In the first half of 2025, the production capacity for data center transformers gradually increased, with breakthroughs in product structure and market expansion. The product range has expanded from phase-shifting transformers to epoxy resin cast dry-type transformers and oil-immersed transformers, with sales extending from the domestic market to overseas markets such as Japan [2]. Global Expansion - The opening of a new smart manufacturing plant in Fort Worth, Texas, marks a significant milestone in the company's global strategy. This facility enhances the company's ability to serve North American customers more responsively and flexibly while mitigating potential trade and logistics risks [3].

Core Viewpoint - The article highlights the efforts of the State Grid Corporation of China in enhancing the electricity supply capacity in Yangying Village, addressing the increasing demand for electricity due to the rise in household electrical appliances and ensuring stable power supply for residents and local businesses [1][2]. Group 1: Electricity Supply Enhancement - The original transformer capacity in Yangying Village was 200 kVA, serving over 100 households and small businesses, but it could not meet the growing electricity demand, especially during peak load periods [1]. - A new 100 kVA transformer was installed to increase capacity and resolve low voltage issues, ensuring reliable electricity supply for the community [1][2]. Group 2: Service Philosophy and Management - The State Grid Corporation emphasizes a service philosophy of "Green Hope," prioritizing the electricity needs of the community and addressing low voltage problems through careful analysis and planning [1]. - The internal management model focuses on cost-effectiveness and precise strategies, which were applied during the planning and execution of the transformer installation [2]. Group 3: Construction and Implementation - The construction team efficiently completed the installation of the new transformer in over seven hours, demonstrating effective project management and adherence to safety measures [2]. - The successful implementation of the new transformer not only improved local power conditions but also marked a significant transition for villagers from merely having electricity to utilizing it effectively [2].

Core Insights - The articles highlight the importance of stable and reliable electricity supply for ensuring food security in China, particularly in the context of rice production in Qianjiang District [1][2][6]. Group 1: Electricity Supply and Infrastructure - Qianjiang Power Supply Company is actively upgrading the rural power grid to meet the electricity demands of high-standard farmland construction, which is crucial for food production [2][3]. - From January to August, the company constructed and upgraded 72.45 kilometers of 10 kV lines and 27.91 kilometers of low-voltage lines, adding 54 transformers with a capacity of 3,080 kVA to support agricultural electricity needs [2]. Group 2: Innovative Solutions for Harvesting - The company deployed drone technology to provide high-altitude lighting for nighttime rice harvesting, ensuring that 800 acres of high-quality rice were harvested before adverse weather conditions could affect yield [4][5]. - The use of tethered lighting drones allowed for safe and efficient harvesting operations while avoiding potential hazards from nearby power lines [5]. Group 3: Quality Assurance in Grain Processing - The transition from traditional drying methods to electric drying has significantly improved the resilience and quality of agricultural products, with the company implementing a power supply plan to support this process [6][8]. - The company conducted 16 special inspections of power lines during the harvest season, addressing five equipment defects to ensure uninterrupted power supply for grain drying and processing facilities [6][7]. Group 4: Community Engagement and Support - The company initiated a "Protecting Autumn Harvest" campaign, involving service teams to conduct on-site inspections of grain drying facilities, ensuring optimal operational conditions for electrical equipment [7][8]. - The commitment to providing reliable electricity and quality service is emphasized as a means to safeguard national food security and support local agricultural production [1][8].

Core Viewpoint - The company held an online performance briefing on September 19, 2025, where it discussed its financial results and future strategies with investors [1] Financial Performance - The company's incubation business revenue reached 194 million yuan, a year-on-year increase of 67.43% [1] - Other products, including vehicle power supplies and inductors, accounted for 7.84% of total revenue in the first half of 2025 [1] - Overall revenue grew by 20.16% year-on-year, despite significant increases in costs, including a 30.20% rise in R&D expenses and a 43.53% increase in sales expenses [1] Business Development - The company is focusing on the data center transformer market, expanding its product range from phase-shifting transformers to epoxy-encapsulated dry transformers and oil-immersed transformers [1] - The company has begun to expand its sales regions from domestic markets to overseas markets, including Japan [1] R&D and Product Development - The company is developing a 35KV/10MVA solid-state transformer prototype, with plans to send samples for testing in Q4 2025 [2] - The company aims to create more reliable and energy-efficient products and solutions for the data center business [2] Manufacturing and Capacity - The U.S. factory is gradually coming online, with a planned annual production capacity of 21,000 distribution transformers [2] - The Mexican facility has completed main construction and is set to produce new energy transformers with an annual capacity of 6,000 units [2] - The domestic facility in Jizhou, Jiangxi, has been completed and is operating at a good capacity utilization rate [2] Market Outlook - The company acknowledges a decline in gross margin due to falling product prices and rising raw material costs, but it reported a 3.28% increase in gross margin from Q1 to Q2 2025 [2] - The company plans to invest more resources in expanding its power supply business in Panama and believes that the growing global electricity demand presents opportunities for the power equipment manufacturing industry [2]

Core Viewpoint - The company is focusing on the development of solid-state transformers, which are currently in the research and development phase [1] Group 1: Product Development - The company has been emphasizing the development of various transformer products, including phase-shifting transformers, dry-type transformers, oil-immersed transformers, and distribution transformers [1] - The company plans to allocate more resources to actively explore key product categories in the market [1]

Core Insights - The company reported a revenue of 193 million yuan for H1 2025, representing a year-on-year increase of 16.10% [1] - The net profit attributable to shareholders was 5 million yuan, compared to a breakeven in H1 2024 [1] - The company is focusing on the AIDC sector and has made advancements in solid-state transformer (SST) solutions [2] Financial Performance - In Q2 2025, the company achieved a revenue of 104 million yuan, showing a year-on-year growth of 13.02% and a quarter-on-quarter increase of 18.51% [1] - The gross margin for Q2 2025 decreased to 22.29%, down approximately 4 percentage points from Q1 2025, while the core product gross margin remained above 30% for H1 2025 [1] - The company’s core product, transformers, generated 193 million yuan in revenue, accounting for about 80% of total revenue [1] Strategic Initiatives - The company is actively investing in the AIDC field and has initiated research and development for SST-compatible transformers [2] - The storage business has shown significant improvement, with a revenue increase of 1509.13% year-on-year in H1 2025, and the losses from the storage subsidiary have been reduced to 11.12 million yuan [2] - The company anticipates that the storage business will become a new positive profit growth point as it continues to scale and improve efficiency [2] Future Projections - Revenue projections for 2025-2027 are estimated at 498 million, 587 million, and 694 million yuan, with corresponding growth rates of 32.2%, 17.8%, and 18.3% [3] - Net profit projections for the same period are 58 million, 94 million, and 113 million yuan, with growth rates of 219.3%, 63.0%, and 19.8% [3] - The company maintains a "recommended" rating based on its strategic positioning in the data center sector and its technological advantages in special transformers [3]

Core Insights - The article emphasizes the transformation of Foshan's manufacturing sector, particularly in Lishui Town, as it aims to accelerate the development of new productive forces through traditional industry upgrades, emerging industry growth, and future industry cultivation [1][2]. Group 1: Industrial Development - Lishui Town has over 8,000 industrial enterprises, with industrial output exceeding 100 billion yuan for eight consecutive years, indicating a robust industrial base [2]. - In the past three years, Lishui has launched 30 industrial projects with a total investment of 33.1 billion yuan, with over 67% allocated to strategic emerging industries [1][11]. - The establishment of an electricity industry alliance in Lishui aims to enhance technological innovation and support the integration of AI across various sectors [3][6]. Group 2: Investment and Projects - Key projects in Lishui include the new headquarters of Paiya Windows and the listing headquarters of Delong Magnetic Electric, reflecting a trend of significant investment in high-end manufacturing [7][10]. - The local government has streamlined land supply and project approval processes, enhancing the business environment and attracting investments [11][12]. - Lishui plans to focus on 60 major projects in 2024, with a total investment exceeding 33 billion yuan, targeting new materials, healthcare, high-end equipment manufacturing, and electronic information [5][12]. Group 3: Energy and Power Supply - The demand for stable and sufficient electricity is critical for the growth of AI and data centers, which are expanding rapidly in Lishui [3][6]. - Lishui's electricity supply is projected to reach 4.57 billion kWh in 2024, marking a year-on-year increase of 7.43% [5]. - The local electricity industry is evolving towards high-end, intelligent, and green solutions, aligning with the broader goals of Foshan's industrial upgrade [6][12].