Group 1 - The core viewpoint of the article highlights the performance of the Electric Grid Equipment ETF Guangfa (159320), which rose by 1.27% to 1.908 yuan with a trading volume of 25.56 million yuan as of the midday close on February 6 [1] - The major holdings of the Electric Grid Equipment ETF include companies such as Tebian Electric Apparatus, which increased by 0.94%, and Zhongtian Technology, which rose by 4.79%, among others [1] - The performance benchmark for the Electric Grid Equipment ETF is the return rate of the Hang Seng A-share Electric Grid Equipment Index, with a return of 88.21% since its establishment on December 12, 2024, and a one-month return of 12.09% [1]

Group 1 - The ultra-high voltage index declined by 2% on February 5, indicating a downward trend in the sector [1] - Most constituent stocks experienced a drop, with Hengtong Optic-Electric, Zhongtian Technology, Changgao Electric, and Jinpan Technology all falling over 4% [1] - Trina Solar also saw a decrease, with its stock down by 3% [1]

Summary of Conference Call on Transformer Industry Industry Overview - The global transformer market is experiencing strong demand, with China accounting for 60% of global production capacity. The North American data center infrastructure supply chain is inadequate, leading to increased demand for Chinese transformers and extended delivery times of 2-3 years, indicating a severe market shortage [1][2][3]. Key Insights and Arguments - Domestic transformer factories are expected to remain at full production capacity until 2027. In the U.S., delivery times have increased from 50 weeks to 127 weeks, reflecting a continuous rise in demand for electrical equipment driven by data center construction and the aging power grid replacement cycle [1][5]. - The transformer industry is witnessing significant changes, particularly due to the growth in AI computing center demand, especially in overseas markets. Domestic companies are also seeing notable developments, including increased capital expenditures from major players like Alibaba [2][11]. - The AIDC sector is projected to have a positive development trend, with domestic bidding signals and events like NVIDIA's GTC conference expected to further drive technological upgrades [7]. Company Performance - **Siyuan Electric**: Historically high performance realization, benefiting from U.S. AIGC incremental orders. Expected to achieve a profit of 6 billion by 2027, with a market value potentially reaching 180 billion, and an additional 50 billion from AIGC options, totaling a market cap of 230 billion [1][9]. - **Jinpan**: Holds a first-mover advantage in the North American market, projected to achieve a profit of 1.6 billion by 2027, with a market value close to 50 billion. The overall reasonable market value is estimated to be around 80 billion, indicating a potential 70% growth [1][9]. - **Igor**: Highly linked to the North American market, expected to achieve a production value of 10 billion by 2027, with a profit of 800 million, leading to a reasonable market value exceeding 30 billion, indicating significant growth potential [1][9][10]. Market Dynamics - The investment growth rate in the transformer sector is maintained at 5-10%, with user-side demand growth significantly driven by data center construction [4]. - The U.S. market's delivery cycle extension and the ongoing replacement of aging power grids since 2021 indicate a sustained increase in demand for electrical equipment [5]. Future Trends - The year 2026 is anticipated to be a pivotal year for 800V high-voltage direct current (HVDC) technology, with multiple overseas projects expected to materialize. Chinese power companies are well-positioned to collaborate with international firms, indicating a promising growth outlook [3][14][16]. - Domestic data center bidding is entering a high-growth cycle, with order growth rates outpacing revenue growth, suggesting an optimistic future outlook [11]. Competitive Landscape - Chinese companies like Zhongheng Electric are expected to leverage their rapid product iteration capabilities to compete effectively with foreign firms, which typically have longer product development cycles [12][13][15]. - The collaboration between Chinese companies and international giants is expected to enhance competitiveness and foster innovation in new products and technologies [15]. Conclusion - The transformer industry is poised for significant growth driven by domestic and international demand, technological advancements, and strategic collaborations. Companies like Siyuan Electric, Jinpan, and Igor are well-positioned to capitalize on these trends, with substantial market value growth anticipated by 2027 [1][9][10].

Group 1 - Intercontinental Oil and Gas focuses on oil exploration and development, with significant operations in Kazakhstan and the Malacca Strait, benefiting from the Hainan Free Trade Port's zero-tariff policy which will reduce equipment import costs and enhance cross-border energy trade efficiency, with a projected 30% increase in trade scale over the next three years [1][34] - Jinpan Technology, a leading manufacturer of high-end power distribution equipment, will benefit from reduced raw material costs and a 15% corporate income tax reduction, enhancing profitability and enabling expansion into the ASEAN power equipment market [2][35] - Hainan Airlines, a major player in the aviation sector, expects a significant increase in passenger traffic due to the visa-free policy for 86 countries and duty-free upgrades, with projected passenger volume exceeding 80 million by 2026 [3][36] Group 2 - Junda Co., a top photovoltaic cell manufacturer, anticipates growth in its solar business due to reduced equipment costs and tax incentives, with plans to participate in Hainan's integrated wind and solar storage projects [4][37] - Caesar Travel, a comprehensive tourism service provider, expects a doubling of cross-border tourism business and a significant increase in tourist arrivals, with projections of 180 million visitors by 2026 [5][38] - Xinda A, a diversified company focusing on motorcycle manufacturing and coal mining, aims to leverage the zero-tariff policy to enhance profitability and expand into the electric vehicle market [6][39] Group 3 - ST Huluwawa, a leading pediatric pharmaceutical company, will benefit from reduced raw material costs and tax incentives, with plans to expand into the ASEAN pharmaceutical market [8][40] - Hainan Ruize, a construction industry leader, anticipates a surge in infrastructure demand with projected investments exceeding 100 billion by 2026, benefiting from the Hainan Free Trade Port's policies [9][42] - Hainan Airport, a key player in airport operations, expects a doubling of cargo business and significant passenger growth due to the visa-free policy and duty-free upgrades [10][43] Group 4 - Hainan Development, an investment platform, anticipates a substantial increase in duty-free sales, projected to exceed 100 billion by 2026, benefiting from the Hainan Free Trade Port's policies [11][45] - Hainan Highway, a major highway operator, expects a significant increase in traffic volume, projected to exceed 200 million vehicles by 2026, benefiting from the integration of tourism and real estate [20][56] - Hainan Rubber, the world's largest natural rubber producer, aims to expand its market presence in ASEAN due to favorable trade policies and tax incentives [21][57]

海南金盘智能科技股份有限公司 2026 年第一次临时股东会会议资料 海南金盘智能科技股份有限公司 2026 年第一次临时股东会会议资料 股票简称：金盘科技 股票代码：688676 2026 年 2 月 1 海南金盘智能科技股份有限公司 2026 年第一次临时股东会会议资料 目录 | 2026 | 年第一次临时股东会须知 3 | | --- | --- | | 2026 | 年第一次临时股东会会议议程 5 | | | 议案一：《关于修订公司<董事及高级管理人员薪酬考核管理办法>的议案》 ... 7 | | 附件 | 1：《董事及高级管理人员薪酬考核管理办法》 8 | 2 三、诚请出席会议的股东或股东代表或其他出席者于会议召开前半小时到 达会议现场办理签到、确认参会资格的手续，并出示身份证明文件或营业执照/ 注册证书复印件（加盖公章）、授权委托书原件（有权人签名并加盖公章）等， 上述用于登记及核验的资料均需同时提供复印件一份交由公司存档，个人登记材 料复印件须由本人签字，法定代表人证明文件复印件须加盖公司公章，经核对验 证符合参会资格后领取会议资料，方可出席会议。 四、在会议主持人宣布现场出席会议的股东和股东代表 ...

Core Viewpoint - The performance of the storage battery ETF Guangfa (159305) shows a slight decline, indicating market volatility in the energy storage sector [1] Group 1: ETF Performance - As of the midday close on February 4, the storage battery ETF Guangfa (159305) decreased by 0.63%, priced at 1.883 yuan, with a trading volume of 6.08 million yuan [1] - The performance benchmark for the storage battery ETF Guangfa is the return rate of the National Securities New Energy Battery Index during the same period [1] - Since its establishment on September 18, 2024, the fund has achieved a return of 89.55%, with a one-month return of 2.46% [1] Group 2: Major Holdings - Key stocks in the storage battery ETF include: - Contemporary Amperex Technology Co., Ltd. (宁德时代) increased by 1.58% - Sungrow Power Supply Co., Ltd. (阳光电源) decreased by 0.27% - EVE Energy Co., Ltd. (亿纬锂能) decreased by 1.24% - Inovance Technology Co., Ltd. (英维克) decreased by 3.55% - Guoxuan High-Tech Co., Ltd. (国轩高科) decreased by 1.82% - Magpower Technology Co., Ltd. (麦格米特) decreased by 1.40% - Sunwoda Electronic Co., Ltd. (欣旺达) decreased by 0.73% - Deyi Co., Ltd. (德业股份) increased by 0.35% - Keda Technology Co., Ltd. (科达利) increased by 0.01% - Jinpan Technology Co., Ltd. (金盘科技) increased by 2.42% [1]

Group 1 - The A-share market showed mixed performance on February 4, with the Shanghai Composite Index slightly up while the ChiNext Index declined, and the electric grid equipment sector experienced a brief surge before retreating [1] - The only ETF tracking the CSI Electric Grid Equipment Theme Index, the electric grid equipment ETF (159326), fell by 0.61% with a trading volume of 558 million yuan, while stocks like Hangzhou Electric and Hongsheng Huayuan hit the daily limit [1] - According to the General Administration of Customs, key power equipment exports are projected to reach 71.5 billion USD from January to November 2025, representing a year-on-year increase of 20%, with transformers, winding wires, insulators, and switchgear showing significant growth rates of 35%, 24%, 45%, and 29% respectively [1] Group 2 - China Galaxy Securities anticipates a potential acceleration in electric grid investment, with overseas supply unable to meet demand, leading to extended delivery times for power transformers and high-voltage cables in Europe and the U.S., which could extend into the 2030s [1] - The company believes that Chinese electric equipment manufacturers are entering a golden development period for overseas exports, with expectations for continued growth in both volume and price in 2026 [1] - According to Chengtong Securities, there is a pressing need for the replacement of aging electric grid equipment in developed economies, where over 20% of equipment has exceeded its 20-year lifespan, benefiting domestic electric grid companies amid increasing investment growth [1] Group 3 - The electric grid equipment ETF (159326) is the only ETF in the market tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2] - The ETF includes leading companies in overseas markets such as Tebian Electric, China XD Electric, and Baobian Electric, showcasing its comprehensive industry coverage [2]

Group 1 - The core viewpoint of the news is that Jinpan Technology's stock has increased by 5.79%, reaching 103.89 CNY per share, with a total market capitalization of 47.767 billion CNY [1] - Jinpan Technology, established on June 3, 1997, is located in Haikou, Hainan Province, and primarily engages in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's main business revenue composition includes: power distribution equipment 87.05%, energy storage series 9.59%, photovoltaic power station business 1.90%, installation engineering business 0.73%, other (supplementary) 0.54%, and digital overall solutions 0.19% [1] Group 2 - From the perspective of fund holdings, one fund under Great Wall Fund has Jinpan Technology as a significant holding, with a reduction of 221,400 shares in the fourth quarter, leaving 263,600 shares, which constitutes 2.88% of the fund's net value [2] - The Great Wall Industry Rotation Mixed A Fund (002296) has a current scale of 762 million CNY and has achieved a year-to-date return of 4.72%, ranking 3959 out of 8873 in its category [2] - Over the past year, the fund has generated a return of 50.24%, ranking 1908 out of 8119 in its category, and since its inception, it has achieved a return of 128.29% [2]

Summary of Key Points Core Viewpoint - Jinpan Technology (688676.SH) has completed a share buyback, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Group 1: Buyback Details - The company repurchased a total of 959,036 shares, which represents 0.21% of the total share capital [1] - The highest price paid for the shares was 32.68 yuan per share, while the lowest price was 30.31 yuan per share [1] - The average price of the repurchased shares was 31.29 yuan per share, with a total expenditure of 30,008,372.74 yuan (excluding transaction fees) [1]

| 证券代码：688676 | 证券简称：金盘科技 | 公告编号：2026-014 | | --- | --- | --- | | 债券代码：118063 | 债券简称：金 05 转债 | | 海南金盘智能科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2025/4/10 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 4 4 | 9 | 日~2026 | 年 | 日 8 | | 预计回购金额 | 3,000万元~5,000万元 | | | | | | 回购价格上限 | 41.22元/股 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 95.9036万股 ...