Summary of Key Points from Conference Call Industry Overview - The conference call discusses the electric grid equipment industry, highlighting significant growth driven by multiple factors including government policies and technological advancements in AI [1][2]. Core Insights and Arguments - Electric grid equipment has seen a surge in demand, primarily due to: 1. The release of a prospectus by Si Yuan Electric for its Hong Kong IPO 2. The State Council's issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" 3. Continuous advancements in AI technology impacting the electricity sector [1] - In North America, the logic of AI-related electricity shortages is becoming clearer, with demand consistently exceeding expectations. This is compounded by rigid supply capacities and delays in production expansions by major overseas manufacturers. By 2030, there is projected to be a 10% shortage of electric transformers in Europe and North America [1]. - Domestic companies are expected to benefit from the overflow of overseas orders, with leading firms in international markets likely to continue outperforming expectations [1]. Investment Recommendations - The call provides specific investment suggestions based on the anticipated growth in the electric grid sector: 1. High-voltage equipment exports and components: Si Yuan Electric, TBEA, Huaming Equipment, etc. 2. Domestic ultra-high voltage and main grid: Pinggao Electric, China XD Electric, XJ Electric, Guodian NARI, etc. 3. Companies focused on the electricity market: Guoneng Rixin, Oriental Electronics, etc. [2]. Additional Important Content - The "14th Five-Year Plan" outlines a total investment of 5 trillion yuan, establishing a foundation for long-term high prosperity in the domestic electricity market [2]. - The goal is to fully establish a national unified electricity market system by 2035, promoting the participation of various power sources from the "Shagehuang" renewable energy base in the electricity market [2].

格隆汇2月12日丨中国西电(601179.SH)在投资者互动平台表示，公司不涉及太空光伏业务。 （原标题：中国西电(601179.SH)：不涉及太空光伏业务） ...

格隆汇2月12日丨中国西电(601179.SH)在投资者互动平台表示，公司不涉及太空光伏业务。 ...

2026年01月21日，公司董事马玎、沈志翔及副总经理余明星因工作原因辞职。2026年01月23日，董事会 决议将现有营销中心拆分为营销中心与国际营销中心，并调整子公司投资计划等。公司确认生产经营正 常，但滚动市盈率68.18高于行业均值。 产能扩充 西安智慧产业园于2025年10月投产，设计年产值超100亿元，覆盖特高压设备制造。截至2025年三季 度，公司在手订单约84亿元，合同负债50.66亿元，同比增长29%。 经济观察网 中国西电（601179）近期股价出现异动，同时公司发生高管变动，行业政策背景亦带来发 展预期。 股票近期走势 2026年02月12日，中国西电股价上涨5.18%，报收15.22元/股，成交额25.50亿元，换手率3.35%，总市值 780.16亿元。 高管变动 行业政策与环境 以上内容基于公开资料整理，不构成投资建议。 有研报指出，"十五五"期间全国电网投资规模可能达4.1万亿元以上，年均增速5%-6%，新型电力系统 建设持续推进，可能为设备商带来机遇。 ...

Group 1 - The core viewpoint of the article is that China Xidian's solid-state transformer revenue currently constitutes a low percentage of the overall operating income, and it will not significantly impact the company's performance at this time [2] - The company will continue to monitor market dynamics and promote the industrialization of relevant technological achievements [2]

每经AI快讯，有投资者在投资者互动平台提问：近期有消息称变压器产品供不应求，请问贵公司变压 器订单情况如何？是否饱满？产能可否跟的上？谢谢。 中国西电（601179.SH）2月11日在投资者互动平台表示，目前公司变压器在手订单充裕，将按照订单交 期合理排产并动态调整。 （记者 张明双） ...

Group 1 - The company has started operating solid-state transformers in 2023, but the revenue from this segment is currently low and will not significantly impact overall performance [2] - The company is committed to monitoring market trends and advancing the industrialization of relevant technological achievements [2] - The company expressed gratitude for investor interest in the solid-state transformer business [2]

Core Viewpoint - The establishment of China Logistics Group Equipment Logistics Co., Ltd. marks a significant collaboration between China Electric Equipment and China Logistics, aiming to enhance the integration of high-end equipment manufacturing and modern logistics, thereby contributing to national strategic goals and the modernization of the industrial system [2][3][4]. Group 1: Company Overview - China Logistics Group Equipment Logistics Co., Ltd. is a joint venture established by state-owned enterprises China Electric Equipment and China Logistics [2]. - China Electric Equipment Group is a major state-owned enterprise formed from the restructuring of several companies, including China West Electric Group and State Grid Corporation subsidiaries, and is responsible for managing domestic standards in the power distribution industry [4]. - China Logistics Group, established in December 2021, is a wholly state-owned enterprise with a registered capital of 30 billion yuan, operating a global network across five continents [4]. Group 2: Strategic Goals and Objectives - The new company aims to focus on energy equipment logistics and special oversized logistics, prioritizing the security of industrial and supply chains [4]. - It seeks to create a customized service system covering the entire lifecycle of power distribution equipment, leveraging technological innovation to enhance logistics productivity [4]. - The collaboration is positioned as a strategic move to lower logistics costs and improve efficiency, aligning with national policies to build a modern industrial system [3][4]. Group 3: Leadership and Vision - Key leaders from both companies attended the unveiling ceremony, emphasizing the importance of this partnership in driving high-quality development and innovation in logistics and manufacturing [2][3]. - The partnership is expected to set a benchmark for the integration of logistics and manufacturing services, contributing to the construction of a modern industrial and circulation system in China [3].

Group 1 - Zhongke Shuguang, based in Beijing, is a leading enterprise in high-performance computing, cloud computing, and big data, with a comprehensive self-developed technology system in computing infrastructure [1][29] - The company collaborates with top research institutions to develop quantum computing supporting technologies and has launched dedicated computing infrastructure for quantum computing [1][29] - Future prospects include becoming a core service provider for quantum computing industrialization, leveraging national computing network construction and quantum technology policies [1][29] Group 2 - iFlytek, located in Hefei, is a leader in intelligent voice and AI, focusing on the integration of quantum computing and AI applications [2][30] - The company aims to optimize AI model training efficiency using quantum computing's parallel processing advantages and explores quantum algorithms in various fields [2][30] - Future developments may lead to differentiated advantages in quantum intelligent interaction and optimization algorithms [2][30] Group 3 - Hengtong Optic-Electric, based in Suzhou, is a global leader in optical communication and energy interconnection, with a significant market share in quantum communication [3][31] - The company has developed quantum key distribution (QKD) equipment and has a market share of over 40% in quantum optical cables [3][31] - Future strategies include enhancing core devices and exploring the integration of quantum communication with marine communication [3][31] Group 4 - Aerospace Electronics, located in Beijing, is a core enterprise in aerospace electronic information, focusing on quantum sensing and navigation technologies [4][32] - The company develops high-precision aerospace sensors based on quantum effects and supports the construction of space-based quantum communication networks [4][32] - Future advancements may position the company as a key supplier in aerospace quantum technology applications [4][32] Group 5 - Zhongtian Technology, based in Nantong, specializes in optical cables and renewable energy, focusing on the infrastructure for quantum key distribution networks [5][34] - The company collaborates with other quantum technology firms to provide supporting equipment for quantum communication systems [5][34] - Future efforts may include the development of specialized optical devices and solutions for quantum communication [5][34] Group 6 - Huagong Technology, located in Wuhan, is a leader in laser processing and optoelectronic devices, focusing on core optical devices needed for quantum communication [6][35] - The company aims to become a key supplier of quantum communication components and explore quantum sensing technology applications [6][35] - Future developments may enhance the company's position in the quantum communication market [6][35] Group 7 - China West Electric, based in Xi'an, focuses on quantum sensing technology applications in power systems, developing high-precision monitoring sensors [7][36] - The company aims to enhance the stability and intelligence of power systems through quantum sensing technology [7][36] - Future strategies may solidify the company's core advantages in quantum monitoring and precision measurement [7][36] Group 8 - AVIC Optoelectronics, located in Luoyang, specializes in high-precision connectors and optoelectronic components for quantum communication and computing [8][37] - The company aims to support the miniaturization and integration of quantum devices through its advanced manufacturing capabilities [8][37] - Future developments may expand the company's role in the quantum technology supply chain [8][37] Group 9 - Southern Power Grid Digital, based in Guangzhou, focuses on digital power grid solutions and quantum key distribution technology in power systems [9][38] - The company aims to establish a quantum security protection system for critical power infrastructure [9][38] - Future initiatives may position the company as a benchmark in quantum security applications within the power industry [9][38] Group 10 - China Great Wall, located in Beijing, is a leader in self-controlled computing and information security, focusing on post-quantum cryptography [10][39] - The company develops solutions to ensure information system security in the quantum computing era [10][39] - Future advancements may enhance the company's offerings in quantum security solutions [10][39] Group 11 - Kehua Data, based in Xiamen, specializes in data center infrastructure and energy management, providing power solutions for quantum computing facilities [11][41] - The company aims to become a core supplier for quantum computing infrastructure as the industry grows [11][41] - Future developments may optimize energy solutions for quantum computing centers [11][41] Group 12 - State Grid Information Communication, located in Beijing, focuses on digital power and information communication, exploring quantum key distribution in power networks [12][42] - The company aims to enhance the security of power communication networks through quantum technology [12][42] - Future strategies may solidify the company's role in promoting quantum communication applications in the power sector [12][42] Group 13 - Tiantong Co., based in Haining, specializes in magnetic materials and sapphire crystals, focusing on high-performance sapphire substrates for quantum computing [13][43] - The company aims to become a key supplier of materials essential for quantum chip manufacturing [13][43] - Future developments may expand the application of quantum materials in various quantum devices [13][43] Group 14 - Shenzhou Information, a leader in financial technology, focuses on quantum key distribution in the financial sector [14][44] - The company aims to build a quantum security financial service system to protect financial data [14][44] - Future initiatives may enhance the integration of quantum technology in financial services [14][44] Group 15 - Qiming Star, located in Beijing, is a leader in network security, focusing on the development of post-quantum cryptography technologies [15][45] - The company aims to provide comprehensive network security solutions to protect against quantum computing threats [15][45] - Future advancements may position the company as a core service provider in post-quantum security [15][45] Group 16 - Electric Science Network Security, based in Chengdu, focuses on quantum security technologies, including quantum key distribution and post-quantum cryptography [16][47] - The company aims to become a key player in quantum security for critical information infrastructure [16][47] - Future developments may enhance the company's capabilities in quantum security solutions [16][47] Group 17 - Keda Guokai, located in Hefei, focuses on the intersection of quantum computing and big data, developing algorithms for quantum data processing [17][48] - The company aims to accelerate the industrialization of quantum computing technologies [17][48] - Future initiatives may open new growth opportunities in the intelligent software industry [17][48] Group 18 - Guangdong Measurement, based in Guangzhou, specializes in calibration and testing services for quantum technology products [18][49] - The company aims to ensure the measurement accuracy and stability of quantum devices [18][49] - Future developments may position the company as a core calibration service provider in the quantum technology sector [18][49] Group 19 - Dongxin Peace, located in Zhuhai, focuses on quantum key distribution technology for IoT security applications [19][50] - The company aims to enhance the security of IoT devices and data transmission through quantum technology [19][50] - Future initiatives may solidify the company's position in the quantum security market for IoT [19][50] Group 20 - Hengbao Co., based in Zhenjiang, specializes in smart cards and financial technology, focusing on quantum security in financial transactions [20][51] - The company aims to develop quantum secure payment systems to protect financial data [20][51] - Future developments may enhance the company's offerings in quantum security applications within the financial sector [20][51] Group 21 - Datang Telecom, located in Beijing, focuses on integrated circuit design and quantum communication chip development [21][52] - The company aims to support the miniaturization and integration of quantum devices through specialized chips [21][52] - Future advancements may position the company as a key supplier in the quantum chip market [21][52] Group 22 - Guomin Technology, based in Shenzhen, focuses on post-quantum cryptography for security chips in various industries [22][54] - The company aims to ensure the security of devices and data in the quantum computing era [22][54] - Future developments may enhance the company's capabilities in the quantum security chip market [22][54]

Group 1 - The core viewpoint of the report indicates that the power industry is expected to undergo high-quality development due to accelerated marketization and ongoing reforms in the electricity system in China, particularly in the context of the "dual carbon" strategy [2] - The report highlights that the investment in the power grid is anticipated to increase, with significant growth in transformer exports to the U.S. and other countries in the first nine months of 2025 [4] - The report emphasizes the importance of gas turbines as a primary solution for addressing electricity shortages in the U.S., with Chinese companies expected to expand their presence in international markets [4] Group 2 - The report notes that the construction of ultra-high voltage (UHV) power lines is likely to accelerate due to the rising demand for green electricity, despite a slowdown in construction during the latter part of the 14th Five-Year Plan [3] - The investment in distribution networks is expected to become a key focus during the 15th Five-Year Plan, as the reliability of power supply is challenged by the rapid growth in peak electricity load [3] - The profitability of wind power equipment is projected to continue improving, with domestic companies accelerating their international expansion, supported by high bidding volumes and rising prices [5]