Summary of Conference Call Notes on Greater China Electrical Equipment Sector Industry Overview - The conference call discusses the Greater China Electrical Equipment sector, focusing on the State Grid's capital expenditure (capex) plans for the 15th Five-Year Plan (2026-2030E) [1][2]. Key Points State Grid Capex Plans - State Grid has budgeted its capex to reach Rmb4 trillion in the 15th Five-Year Plan, which is approximately 40% higher than the Rmb2.8 trillion allocated in the 14th Five-Year Plan (2021-2025) [1][2][9]. - This increase in capex is expected to facilitate the development of a new power grid platform aimed at enhancing clean energy usage [1][3]. Growth Projections - The projected capex translates to a compound annual growth rate (CAGR) of 7% over the next five years, which is higher than the 5.9% year-on-year growth of PRC power grid capex reported in the first eleven months of 2025 [1][9]. - The capex increase is anticipated to boost non-fossil energy consumption in China to 25% by 2030, up from 16% in 2020 and 20% in 2025 [3]. Infrastructure Development - The capex will be allocated towards building a new power grid platform that integrates main, distribution, and micro-grids, along with enhancing ultra-high voltage (UHV) DC transmission lines to improve inter-regional and inter-provincial power transmission capacity by over 30% compared to the end of the 14th FYP [4]. - There will also be a focus on accelerating the construction of distribution networks and off-grid micro-grid models, as well as developing digital and intelligent infrastructure [4]. Company Feedback - NARI Technology Co. and Pinggao Electric expressed that the Rmb4 trillion capex exceeds their previous estimates, indicating a positive outlook for new orders from State Grid [7][8]. - Both companies expect increased demand for high voltage and power distribution equipment over the next five years due to the capex increase [8]. Investment Recommendations - The report maintains a positive outlook on the PRC power grid equipment sector, identifying it as a preferred sub-sector within the renewable, utility, and power grid equipment space in PRC/HK [1]. - Buy ratings are reiterated for companies including Sieyuan, Pinggao, XJ Electric, and NARI, based on their expected benefits from the increased capex [1]. Risks - Key risks identified for Pinggao include potential delays in the approval process for UHV transmission line projects, lower-than-expected raw material cost reductions, and lower-than-expected PRC grid capex [12]. - For NARI, risks include lower-than-expected market demand and delays in project schedules [14]. - Sieyuan faces similar risks, including lower-than-expected PRC grid capex and higher raw material costs [16]. Conclusion - The significant increase in State Grid's capex is expected to drive growth in the electrical equipment sector, particularly benefiting companies closely tied to State Grid. The focus on clean energy and infrastructure development aligns with China's broader energy transition goals.

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies and institutions that have made significant contributions to ESG initiatives in China, reflecting a shift from voluntary practices to compliance requirements in ESG performance [1][12]. Group 1: ESG Development and Awards Overview - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with a comprehensive disclosure standard system being established [1][12]. - The award selection attracted over 5,000 companies, with results based on ESG performance, online voting, and professional evaluations [2][12]. Group 2: Award Categories and Winners - The award categories include Excellent Environmental Responsibility Award, Excellent Social Responsibility Award, Excellent Corporate Governance Responsibility Award, Excellent Responsibility Initiative Award, Excellent Sustainable Development Award, and various responsibility investment awards [1][12]. - Notable winners of the Excellent Environmental Responsibility Award include Great Wall Motors, Hikvision, and China Petroleum [7][24]. - The Excellent Social Responsibility Award was awarded to companies such as YF Communication, ZTE, and Ningde Times [7][24]. - Winners of the Excellent Corporate Governance Responsibility Award include China Petroleum, Hikvision, and WuXi AppTec [7][24]. - The Excellent Responsibility Initiative Award was given to companies like ZTE, Sunlight Power, and Industrial and Commercial Bank of China [7][24]. - The Excellent Sustainable Development Award included companies such as WanHua Chemical, China Bank, and China Petroleum [7][24]. Group 3: Responsibility Investment Awards - The Responsibility Investment Excellent Bank Award was given to institutions like CITIC Bank and Minsheng Bank [5][21]. - The Responsibility Investment Excellent Securities Company Award included firms such as Shenwan Hongyuan and CITIC Securities [5][22]. - The Responsibility Investment Excellent Insurance Company Award recognized companies like New China Life and AIA [5][26]. - The Responsibility Investment Excellent Fund Company Award included firms such as Xinhua Fund and Harvest Fund [5][27]. - The Responsibility Investment Excellent Asset Management Institution Award recognized institutions like Ping An Asset Management and Sunshine Asset Management [5][28]. Group 4: Call to Action and Future Directions - The award committee encourages more Chinese enterprises to integrate ESG principles into their operations and strategic planning, emphasizing the importance of balancing commercial and social values [10][29].

Core Insights - The core issue highlighted is the significant delay in acquiring power transformers in North America, with wait times exceeding 100 weeks, which is severely impacting AI data centers [1] - Experts predict that this situation, termed "waiting for power," may persist until 2030 [1] Group 1: Company Analysis - TBEA (特变电工) is a leading player in the transformer industry, with a strong market share in high-voltage transformers and reactors. The company secured a major $2.4 billion order in Saudi Arabia, increasing its international product contract value by over 80% [3] - TBEA's revenue for Q3 2025 reached 24.588 billion, making it the largest in the high-voltage direct current sector, although its net profit is affected by market price fluctuations in its polysilicon business [3][12] - China XD Electric (中国西电) is recognized for its historical and technical strengths in the high-voltage sector, achieving significant breakthroughs in complex equipment. It won contracts worth 2.98 billion in a recent state grid tender, showcasing its comprehensive bidding capabilities [6][10] - Guodian NARI (国电南瑞) specializes in control systems and automation software for high-voltage projects, holding nearly 50% market share in critical components like converter valves and control protection systems, indicating its essential role in the industry [8][10] - Baobian Electric (保变电气) focuses on high-voltage transformers and has a solid market presence, winning contracts worth 1.138 billion in the recent state grid tender. Its high return on equity (ROE) of 21.11% is notable, although it operates with a high debt ratio [12][14] Group 2: Competitive Landscape - The analysis reveals no single dominant player among the four companies, as each occupies a unique position in the high-voltage industry. TBEA is seen as a diversified giant, China XD Electric as a technological leader, Guodian NARI as the core control system provider, and Baobian Electric as an aggressive specialist [13][16] - The competition and collaboration among these companies contribute to a robust high-voltage industry in China, which is advancing its standards and technologies globally, contrasting with the delays faced in North America [16]

Core Viewpoint - Guodian NARI's stock price has shown a modest increase this year, with a notable rise in revenue and net profit for the first nine months of 2025, indicating a positive financial performance despite recent stock fluctuations [1][2]. Group 1: Stock Performance - On January 14, Guodian NARI's stock price decreased by 2.01%, trading at 23.91 CNY per share, with a total transaction volume of 2.104 billion CNY and a market capitalization of 192.039 billion CNY [1]. - Year-to-date, Guodian NARI's stock has increased by 6.36%, with a 1.83% rise over the last five trading days, 3.87% over the last twenty days, and 3.37% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Guodian NARI achieved a revenue of 38.577 billion CNY, representing a year-on-year growth of 19.38%, while the net profit attributable to shareholders was 4.855 billion CNY, up 8.55% year-on-year [2]. - The company has distributed a total of 24.308 billion CNY in dividends since its A-share listing, with 12.674 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Guodian NARI had 150,100 shareholders, an increase of 49.47% from the previous period, with an average of 53,271 circulating shares per shareholder, down 33.09% [2]. - The second-largest circulating shareholder, Hong Kong Central Clearing Limited, holds 772 million shares, a decrease of 318 million shares from the previous period [3].

证券代码：600406 证券简称：国电南瑞 公告编号：临2026-002 国电南瑞科技股份有限公司 关于2021年限制性股票激励计划首次授予第二期解锁暨上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为11,658,996股。 本次股票上市流通总数为11,658,996股。 ● 本次股票上市流通日期为2026年1月19日。 国电南瑞科技股份有限公司（以下简称"公司"）第九届董事会第十次会议于2025年12月30日召开，会议 审议通过《关于2021年限制性股票激励计划首次授予及暂缓授予第二期、预留授予第一期解除限售条件 成就的议案》。根据《上市公司股权激励管理办法》、公司2021年限制性股票激励计划（以下简 称"2021年激励计划"）的规定，2021年激励计划首次授予第二个解除限售期解锁条件已成就，公司将为 1,253名符合解除限售条件的激励对象统一办理解除限售事宜。现将相关事项公告如下： 一、股权激励计划限制性股票批准及实施情况 1 ...

Group 1 - Guodian NARI (600406) is a state-owned enterprise based in Nanjing, recognized as a benchmark for scientific reform among central enterprises, with a strong research and development system and significant achievements in grid technology [1] - The company has a market share of over 75% in dispatch automation systems and over 50% in UHV converter valves, with its products addressing grid stability issues caused by renewable energy generation [1] - The demand for AI computing power and electricity is driving the construction of new power systems, and the company is expanding its overseas business, exporting products like distribution transformers to multiple countries [1] Group 2 - Suyuan Electric (002028) is a comprehensive supplier of power transmission and distribution based in Shanghai, focusing on UHV and energy storage sectors, and is the largest manufacturer of high-voltage packages and coils in China [2] - The company expects 60% of its overseas revenue in 2024 to come from transformers, with overseas orders growing over 50% and a remarkable 89% growth in the first half of 2025 [2] - The surge in demand for high-voltage transmission and distribution equipment driven by AI computing centers and new energy projects presents significant growth opportunities for the company [2] Group 3 - China XD Electric (601179) is a state-owned enterprise based in Xi'an, specializing in high and ultra-high voltage transformers and power transmission and distribution equipment, capable of producing products across a voltage range of 10kV to 1000kV [3] - The company has a significant market share in UHV projects and has seen an increase in exports to Europe, with its technology reaching international advanced levels [3] - The demand for UHV technology is increasing due to the need for long-distance power transmission, and the company is well-positioned to meet both domestic and international market needs [3] Group 4 - Baobian Electric (600550) is a core supplier of UHV DC transformers based in Baoding, with a strong position in high-end transformers and a market share of 30% in UHV products [4] - The company has unique technologies that reduce material costs and has participated in major projects, exporting to over 40 countries [4] - The urgent demand for high-reliability transformers driven by AI computing centers and new energy power stations positions the company to benefit from both domestic and international projects [4] Group 5 - Jinpan Technology (688676) is a leading global manufacturer of dry-type transformers based in Haikou, focusing on wind and solar energy applications, with 98% of its products supporting renewable energy [5] - The company has a significant order backlog of 2.85 billion yuan for 2025, reflecting a substantial year-on-year growth of 180% [5] - The increasing demand for efficient dry-type transformers from AI computing centers and the proliferation of renewable energy generation presents a strong growth opportunity for the company [5] Group 6 - Mingyang Electric (301291) is a leader in offshore wind power transformers based in Zhongshan, specializing in dry-type transformers and prefabricated substations [6] - The company has developed products that meet the extreme conditions of offshore environments and is expected to achieve significant sales in North America by 2026 [6] - The growing demand for offshore wind power and the urgent need for grid upgrades in North America provide ample order support for the company [6] Group 7 - Teruid (300001) is a pioneer in outdoor box-type power equipment based in Qingdao, recognized as a champion enterprise in manufacturing [7] - The company has a complete technology system for modular prefabricated substations and has a leading market share in the new energy sector [7] - The demand for modular products from AI computing centers and the need for grid upgrades position the company to capture significant market growth [7] Group 8 - XJ Electric (000400) is a high-tech enterprise based in Xuchang, focusing on UHV and smart grid technologies, with a comprehensive industrial chain covering all aspects of power transmission and distribution [8] - The company has participated in all domestic UHV DC transmission projects and has a strong patent portfolio [8] - The growth in AI computing and electricity demand is accelerating the construction of smart grids, providing competitive advantages for the company [8] Group 9 - Sifang Co., Ltd. (601126) is based in Beijing and has a strong advantage in smart distribution networks, providing a full range of products for self-healing control and primary and secondary integration [9] - The company has implemented its products in over 30 provinces and cities, significantly improving efficiency in power distribution [9] - The demand for reliable power supply from AI computing centers and the ongoing digital transformation of distribution networks present broad development opportunities for the company [9] Group 10 - Samsung Medical (601567) is based in Ningbo and operates in both smart power distribution and medical services, covering a wide range of products in the power equipment sector [10] - The company has established manufacturing bases in multiple locations and has a marketing presence in over 70 countries [10] - The construction of AI computing centers and new energy projects requires substantial power distribution equipment, positioning the company to benefit from global demand growth [10]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：600406 证券简称：国电南瑞 公告编号：临2026-002 国电南瑞科技股份有限公司 关于 2021 年限制性股票激励计划首次授予第二期解锁 暨上市的公告 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 11,658,996股。 一、股权激励计划限制性股票批准及实施情况 本次股票上市流通总数为11,658,996股。 本次股票上市流通日期为2026 年 1 月 19 日。 国电南瑞科技股份有限公司（以下简称"公司"）第九届董事会第十次会议 于 2025 年 12 月 30 日召开，会议审议通过《关于 2021 年限制性股票激励计划首 次授予及暂缓授予第二期、预留授予第一期解除限售条件成就的议案》。根据《上 市公司股权激励管理办法》、公司 2021 年限制性股票激励计划（以下简称"2021 年激励计划"）的规定，2021 年激励计划首次授予第二个解除限售期解锁条件已 成就，公司将为 1,253 名符合解除限售条件的激励对象统一办理解 ...

1月13日，从国家电网有限公司西北分部获悉，西北电网新能源装机规模已突破4亿千瓦，占总电源装机 的60%。2025年，西北电网新增新能源装机首次突破1亿千瓦，新能源年发电量超4300亿千瓦时，可满 足约1.6亿户家庭全年用电。 资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

Core Insights - Northbound capital has shown significant growth in trading activity and investment preferences, particularly favoring hard technology and non-ferrous metals sectors in 2025 [1][2][3][7]. Group 1: Market Performance - By the end of 2025, northbound capital held nearly 1.08 trillion shares of A-shares, with a market value surpassing 2.59 trillion yuan, marking a nearly 20% increase from the previous year [2]. - The total trading volume of northbound capital exceeded 50.33 trillion yuan in 2025, representing a more than 40% increase year-on-year, contributing nearly 6% to the overall A-share market trading volume [3]. - The trading activity of northbound capital reached new heights, with 33 trading days exceeding 300 billion yuan, 27 of which occurred in 2025 [3]. Group 2: ETF Trading - Northbound capital's ETF trading volume surpassed 810 billion yuan in 2025, a 76% increase from 2024, indicating a growing preference for ETF investments among foreign investors [4]. - The proportion of ETF trading in the total northbound capital trading volume reached 1.62%, setting a historical high [4]. Group 3: Sector Preferences - The hard technology and non-ferrous metals sectors emerged as the new favorites for northbound capital, with 14 industries seeing holdings exceed 50 billion yuan, and 10 industries surpassing 100 billion yuan [7]. - The electric equipment sector led with a holding value of over 449.6 billion yuan, followed by the electronics sector at over 387 billion yuan, and the non-ferrous metals sector at over 185.5 billion yuan [7]. - The non-ferrous metals sector saw a remarkable growth of over 172% in holdings compared to the end of 2024, reflecting a shift in investment focus [8]. Group 4: Stock Concentration - The concentration of holdings by northbound capital reached a five-year low in 2025, indicating a trend towards diversification in investment strategies [10]. - The top 20 companies held by northbound capital accounted for less than 36% of total holdings, a decrease of over 2 percentage points from 2021 [11]. Group 5: Popular Investment Themes - In 2025, eight out of ten popular investment themes, including commercial aerospace and semiconductor sectors, saw over 50% of their constituent stocks receiving increased holdings from northbound capital [9]. - The commercial aerospace sector, in particular, had over 80% of its stocks increased in holdings, driven by strong market performance and supportive policies [9]. Group 6: Long-term Trends - Eighteen stocks have been consistently increased in holdings for five consecutive quarters, primarily in the machinery, electric equipment, and automotive sectors, indicating strong institutional confidence [12]. - Conversely, 26 stocks have seen reductions in holdings over the same period, mainly in the pharmaceutical, banking, and consumer sectors, reflecting a shift in investment focus [12][13].

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