Group 1 - The core point of the news is that Shanghai Electric Group Co., Ltd. has won a procurement project from China General Nuclear Power Group for a gas power plant, with a contract value of 791 million yuan [1][2]. - The company operates in the industrial sector, with major product types including semiconductor solar photovoltaic, packaging machinery, ship parts and maintenance, low-voltage electrical equipment, power machinery, generators and auxiliary equipment, industrial control machinery, boilers and auxiliary equipment, environmental protection machinery, relay protection and dispatch automation, monitoring equipment and systems, gas turbines and auxiliary equipment, light construction machinery, flue gas desulfurization systems, heavy construction machinery, heavy trucks and special vehicles, and specialized equipment and components [2][3]. Group 2 - In 2024, the company's revenue is projected to be 116.186 billion yuan, with a revenue growth rate of 1.21%. The net profit attributable to the parent company is expected to be 752 million yuan, with a net profit growth rate of -6.33% and a return on equity of 1.42% [1][2]. - For the first half of 2025, the company reported a revenue of 54.303 billion yuan, with a revenue growth rate of 8.89%. The net profit attributable to the parent company is 821 million yuan, with a net profit growth rate of 7.32% [3]. - The main business composition for 2024 is as follows: sales of goods (76.75%), provision of services (9.94%), engineering construction (7.5%), and other businesses (5.81%) [2][3].

Group 1 - Citi has downgraded Shanghai Electric's net profit forecasts for 2022 and 2023 by 67% and 37% respectively, due to increased costs of raw materials, components, and logistics amid supply chain disruptions [1] - The target price for Shanghai Electric's H-shares has been reduced from HKD 3.4 to HKD 2.6, reflecting a projected price-to-book ratio of 0.4 times for this year, while maintaining a "Buy" rating [1] - Despite a disappointing performance in 2021, it is expected that the negative impacts from the Dubai project losses and previous management misconduct will not significantly affect future earnings, with profitability anticipated to recover by 2023 [1] Group 2 - Citi recommends increasing holdings in Shanghai Electric over a 12-month period while suggesting a reduction in holdings of Dongfang Electric [1]

Core Viewpoint - The company is establishing a wholly-owned subsidiary for gas turbine business in Shanghai by December 2025 to seize opportunities in the gas turbine industry and expand its high-end equipment manufacturing sector [2] Group 1: Strategic Positioning - The gas turbine business is one of the main focus areas for the company, alongside deep-sea wind power and nuclear power [2] - The establishment of the specialized subsidiary is a specific measure to extend the company's business from component supply to systematic solution provision, aligning with its strategic positioning as a "thick-walled sliding bearing and power equipment system solution provider" [2] Group 2: Partnerships and Collaborations - The company collaborates with major domestic power enterprises, including Shanghai Electric, Harbin Electric, and Dongfang Electric [2] - The company is recognized as an important qualified supplier of sliding bearings and structural components for Siemens in the Asia-Pacific region [2]

Market Overview - The other power equipment sector experienced a decline of 0.43% on February 4, with Kehua Data leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Xizi Clean Energy (002534) saw a closing price of 18.70, with an increase of 4.59% and a trading volume of 277,800 shares, amounting to a transaction value of 514 million [1] - China Power (600482) closed at 27.77, up 1.28%, with a trading volume of 344,100 shares and a transaction value of 953 million [1] - Dongfang Electric (600875) closed at 25.99, up 1.09%, with a trading volume of 430,500 shares and a transaction value of 1.119 billion [1] - Kehua Data (002335) experienced a significant drop of 4.79%, closing at 58.86, with a trading volume of 295,600 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 877 million from institutional investors, while retail investors had a net inflow of 589 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Dongfang Electric (600875) had a net inflow of 21.27 million from institutional investors, but a net outflow of 17.43 million from retail investors [3] - Keda Technology (300820) experienced a net inflow of 38.32 million from institutional investors, while retail investors saw a net outflow of 51.47 million [3] - The capital flow data suggests varying levels of confidence among different investor types within the sector [3]

Core Viewpoint - The 2026 China Wind Energy New Year Tea Party highlighted the achievements of Shanghai Electric Wind Power Group Co., Ltd., which won multiple awards for its contributions to industry expansion and technological innovation in the past year [1] Group 1: Awards and Recognition - Shanghai Electric Wind Power Group Co., Ltd. received the "Pioneer Award," "Youth Pioneer Award," and "Advanced Worker Award" at the event, showcasing external recognition of its achievements in zero-carbon technology research and talent development [1]

Core Viewpoint - Shanghai Electric Group Co., Ltd. reported a slight decline in stock price, with a closing price of 8.61 yuan as of February 2, 2026, reflecting a 1.15% decrease from the previous trading day [1] Group 1: Stock Performance - The stock opened at 8.71 yuan, reached a high of 8.85 yuan, and a low of 8.60 yuan during the trading session [1] - The total market capitalization of the company is 133.8 billion yuan [1] - The trading volume for the day was 11.45 billion yuan, with a turnover rate of 1.04% [1] Group 2: Securities Report - The company submitted a securities change monthly report as of January 31, 2026, indicating no change in the registered capital [1] - The number of ordinary shares for H-shares and A-shares is 2,924,482,000 and 12,615,639,636 respectively, with a total registered capital of 15,540,121,636 yuan [1] - The total number of issued shares remains unchanged, and there are no treasury shares for both H-shares and A-shares [1] - The public holding amount for H-shares meets the minimum requirement set by Hong Kong listing rules, which is 5% of the total issued H-shares [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海電氣集團股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02727 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02727 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | 2. 股份分類 | 普通股 | A 股份類別 | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The production of AC electric motors in China is projected to decline slightly in 2025, with a year-on-year decrease of 1.1% in December and a cumulative decrease of 0.5% for the entire year [1]. Group 1: Industry Overview - The total production of AC electric motors in China for the year 2025 is expected to reach 34,988.5 million kilowatts [1]. - The production volume in December 2025 is forecasted to be 33,220,000 kilowatts [1]. Group 2: Related Companies - Listed companies in the AC electric motor sector include Wolong Electric Drive (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1]. Group 3: Research Report - The report titled "2026-2032 China AC Electric Motor Industry Market Development Research and Investment Prospects" has been published by Zhiyan Consulting, a leading industry consulting firm in China [2].

（编辑 袁冠琳） 证券日报网1月29日讯 ，国机重装在接受调研者提问时表示，在国内市场领域，公司主要为东方电气、 上海电气、中国重燃等提供燃机锻件及铸件产品；在海外市场，公司是西门子能源全球的铸锻件供应 商，并为韩国斗山恒能供应燃气轮机铸锻件。 ...