Core Viewpoint - The skepticism surrounding the commercialization of controlled nuclear fusion is diminishing due to advancements in high-temperature superconductors, increased commercial investments, and rapid developments in artificial intelligence, making the dream of ultimate energy more attainable [1]. Group 1: Industry Developments - The global race for "artificial sun" represents a multidimensional competition involving strategic determination, endurance, and strength, as controlled nuclear fusion transitions from basic research to engineering practice and commercial application [3]. - Shanghai Electric is one of the leading manufacturers of core equipment for nuclear fusion systems in China, having participated in major domestic and international fusion device constructions such as EAST, CRAFT, BEST, and ITER [3][5]. - The matrix of fusion devices covers various technological routes and engineering stages, providing Shanghai Electric with a significant competitive advantage in the fusion technology landscape [5]. Group 2: Technological Advancements - Shanghai Electric has a long history of involvement in fusion technology, dating back to the 1980s when it supplied two sets of pulse generator units for China's first Tokamak device [6]. - In 2025, significant breakthroughs in domestic fusion research devices are expected, including the achievement of a fusion triple product of 10^20 for the HL-3 device and the installation of key components for the BEST device [6]. - The company has developed the world's largest toroidal field magnet coil box, which is 21 meters high and weighs 400 tons, showcasing its advanced manufacturing capabilities [7]. Group 3: Strategic Initiatives - In July 2023, China Fusion Energy Co., a major player in fusion engineering, was established with a registered capital of 15 billion yuan, indicating a strategic move towards fusion commercialization [8]. - Shanghai Electric's long-term investments in cutting-edge technologies are expected to yield competitive advantages and collaborative synergies in the fusion energy sector [10]. - The company aims to explore new thermal conversion systems and efficient heat exchange devices while advancing into the supply of main equipment for controlled nuclear fusion [11]. Group 4: Future Outlook - The Chinese government has included nuclear fusion energy in its 14th Five-Year Plan, indicating a clear policy direction and stable long-term expectations for the industry [12]. - The industry is currently in the "burning experiment" phase, with plans to enhance plasma parameters significantly by the end of 2027 and to develop the first engineering experimental reactor by around 2035 [12]. - Shanghai Electric is committed to deepening its involvement in the national fusion strategy and accelerating the transition of fusion technology from laboratory feasibility to industrial application [13].

Core Viewpoint - Shanghai Electric has shown a positive stock performance with a year-to-date increase of 6.41% and a recent trading volume indicating strong investor interest [1][2]. Group 1: Stock Performance - As of December 31, Shanghai Electric's stock price increased by 2.01% to 8.63 CNY per share, with a trading volume of 9.18 billion CNY and a turnover rate of 0.85%, resulting in a total market capitalization of 134.11 billion CNY [1]. - The stock has experienced a 1.17% increase over the last five trading days and a 2.37% increase over the last twenty days, while it has decreased by 8.58% over the last sixty days [1]. - The company has appeared on the "龙虎榜" (a trading leaderboard) once this year, with a net buy of 759 million CNY on September 25, accounting for 11.62% of total trading volume [1]. Group 2: Financial Performance - For the period from January to September 2025, Shanghai Electric reported a revenue of 81.789 billion CNY, reflecting a year-on-year growth of 7.50%, and a net profit attributable to shareholders of 1.065 billion CNY, which is a 40.49% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 9.973 billion CNY, with no dividends distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shanghai Electric increased to 727,700, marking a 3.31% rise from the previous period [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 166 million shares, which is an increase of 28.285 million shares from the previous period [3].

Group 1 - The establishment of the Controlled Nuclear Fusion Innovation Consortium aims to advance fusion energy as a key future energy source in China, aligning with the country's strategic development plan for nuclear energy [1][2] - The consortium, formed by China National Nuclear Corporation and 25 other entities, will focus on building a technological innovation hub for fusion engineering, integrating technology needs with industrial advantages [1][2] - Shanghai Electric, a leading manufacturer in nuclear power equipment, has developed critical core devices and possesses comprehensive capabilities in the supply of fusion equipment, supporting the industrialization process of fusion energy [2][3] Group 2 - The forum highlighted the transition of fusion technology from scientific research to engineering applications, marking a crucial period for commercialization [3][4] - The event featured 18 thematic reports focusing on advanced technologies such as fusion energy conversion, energy storage, and special power sources, fostering collaboration among academia, industry, and research [4] - Shanghai Electric plans to leverage decades of technological accumulation to collaborate with various sectors in advancing fusion technology from laboratory validation to industrial application [3]

Core Viewpoint - Shanghai Electric (601727)(02727) has announced the nomination of candidates for its sixth board of directors, indicating a strategic move in governance and leadership [1] Group 1: Board of Directors Nominations - The board has approved the nomination of Dr. Wu Lei and Mr. Zhu Zhaokai as executive director candidates [1] - Ms. Lu Wen and Mr. Zhu Jiaqi have been nominated as non-executive director candidates [1] - Dr. Liu Yunhong, Dr. Du Zhaohui, and Dr. Chen Xinyuan have been nominated as independent non-executive director candidates [1]

Core Viewpoint - Shanghai Electric (02727) has announced the approval of a proposal to transfer its property located at No. 188, Linchun Road, Shanghai, and to purchase new office land for the construction of an office building, aiming to enhance operational efficiency and reduce rental costs [1] Group 1: Transaction Details - The property will be publicly listed for transfer at a valuation of RMB 166 million as of August 31, 2025, with the final price subject to approval by the relevant state-owned asset authorities [1] - The transaction is expected to increase the company's net profit attributable to shareholders by approximately RMB 105 million, pending confirmation from an auditing agency [1] Group 2: Strategic Rationale - The current office conditions are limiting for the Electric Power Group, prompting the need for relocation and consolidation of office spaces to achieve centralized management [1]

Group 1 - The company announced the transfer of its 47.4% stake in Shanghai Electric Guoxuan New Energy Technology Co., Ltd. and the waiver of the priority purchase right for a 3.6% stake [1] - The transfer will be conducted through a public listing on the Shanghai United Assets and Equity Exchange, with a listing price set at RMB 1 [1] - The decision was made due to the misalignment of the subsidiary's business focus with the company's strategic direction and its ongoing operational losses since establishment [2] Group 2 - The target market for the company's energy storage business is domestic power storage projects, primarily utilizing lithium iron phosphate batteries with a capacity of over 280Ah [2] - Shanghai Electric Guoxuan's main business involves lithium energy storage based on 100Ah capacity lithium iron phosphate batteries, which are more suitable for backup power and overseas household storage markets [2] - The company plans to allow the employee stock ownership platform, Haohua New Energy, to exit its 3.6% stake in Guoxuan during the transfer process [2]

上海电气（601727）(02727)发布公告，2025年12月30日，本公司董事会五届一百一十七次会议审议通 过《关于公司转让所属上海市临春路188号房地产及附属设施以及购置办公用地并建设办公大楼的议 案》，同意本公司通过上海联合产权交易所公开挂牌转让本公司所属上海市闵行区临春路188号房地产 及附属设施(标的资产)，挂牌价格为2025年8月31日标的资产的评估值人民币1.66亿元(最终以经国资有 权部门备案的评估值为准)(本次交易)。 经本公司财务部门初步测算，如本次交易以挂牌底价完成，预计将增加本公司归母净利润约人民币1.05 亿元，具体以审计机构审计确认后的结果为准。 标的资产现作为本公司下属上海电气电站集团(电站集团)办公场所使用，由于现有办公条件制约，电站 集团计划另迁新址，并通过整合下属企业办公场所，实现集约化管控，提升运营效率，降低外租成本。 ...

证券代码：601727 证券简称：上海电气 公告编号：临 2025-067 关于挂牌转让房地产的公告 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、准确性和完整性承担法律责任。 重要内容提示： 2025 年 12 月 30 日，上海电气集团股份有限公司（以下简称"公司"）董 事会五届一百一十七次会议审议通过《关于公司转让所属上海市临春路 188 号 房地产及附属设施以及购置办公用地并建设办公大楼的议案》，同意公司通过上 海联合产权交易所（以下简称"联交所"）公开挂牌转让公司所属上海市闵行区 临春路 188 号房地产及附属设施（以下简称"标的资产"），挂牌价格为 2025 年 8 月 31 日标的资产的评估值人民币 16,634.06 万元（最终以经国资有权部门备案 的评估值为准）（以下简称"本次交易"）。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，亦不构成关联交易。 本次交易未达到股东会审议标准。 鉴于本次交易需履行公开挂牌程序，交易能否达成及最终成交价格均存 在不确定性。 一、交易概述 上海电气集团股份有限公司 （一）本次交易 ...

证券代码：601727 证券简称：上海电气 公告编号：临 2025-066 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、准确性和完整性承担法律责任。 重要内容提示： 2025 年 12 月 30 日，上海电气集团股份有限公司（以下简称"公司"）董 事会五届一百一十七次会议审议通过《关于公司转让所持有的上海电气国轩新 能源科技有限公司 47.4%股权及放弃上海电气国轩新能源科技有限公司 3.6%股 权的优先购买权的议案》，同意公司通过上海联合产权交易所（以下简称"联交 所"）公开挂牌转让公司所持上海电气国轩新能源科技有限公司（以下简称"电 气国轩"或"标的公司"）47.4%股权，以电气国轩股东全部权益价值预评估值为 依据（以经国资备案的评估值为准），挂牌价格为人民币 1 元（以下简称"本次 转让"），并放弃对上海昊豪新能源科技合伙企业（有限合伙）（以下简称"昊 豪新能源"）转让其持有电气国轩 3.6%股权的优先购买权。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，亦不构成关联交易。 本次交易未达到股东会审议标准。 鉴于本次交易需履 ...

证券代码：601727 证券简称：上海电气 编号：临 2025-065 上海电气集团股份有限公司 关于董事会换届选举的公告 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、准确性和完整性承担法律责任。 上海电气集团股份有限公司（以下简称"公司"）第五届董事会于 2021 年 9 月 17 日任期届满。公司于 2021 年 9 月 17 日发布了关于董 事会延期换届的提示性公告。根据《公司法》、《公司章程》等有关规 定，公司拟进行董事会换届选举。现将相关情况公告如下： 一、董事会换届选举情况 公司于 2025 年 12 月 30 日召开公司董事会五届一百一十七次会 议，审议通过《关于公司董事会换届选举的议案》。 经公司董事会提名委员会对董事候选人的任职资格审核，公司董 事会同意提名吴磊先生、朱兆开先生为公司第六届董事会执行董事候 选人，提名陆雯女士、朱佳琪先生为公司第六届董事会非执行董事候 选人，提名刘运宏先生、杜朝辉先生、陈信元先生为公司第六届董事 会独立非执行董事候选人，自公司股东会选举通过之日起就任，任期 三年。董事候选人简历详见附件。 2 附件：董事 ...