Core Viewpoint - The company has a long-term technological accumulation in the research and development of power electronics and transformers, and has initiated research on solid-state transformers, although it currently does not supply any related products [1]. Group 1 - The company is engaged in the research and development of power electronics and transformers [1]. - The company has started research on solid-state transformers [1]. - There are currently no solid-state transformer products available for supply [1].

格隆汇2月12日丨许继电气(000400.SZ)在投资者互动平台表示，公司暂无商业航空领域相关业务。 ...

格隆汇2月12日丨许继电气(000400.SZ)在投资者互动平台表示，公司暂无商业航空领域相关业务。 ...

资金流向方面，主力资金净流入695.10万元，特大单买入2194.43万元，占比6.64%，卖出2325.46万元， 占比7.04%；大单买入7676.12万元，占比23.22%，卖出6849.99万元，占比20.72%。 2月12日，许继电气盘中上涨2.06%，截至10:14，报30.78元/股，成交3.31亿元，换手率1.07%，总市值 313.53亿元。 截至9月30日，许继电气股东户数11.46万，较上期增加0.49%；人均流通股8831股，较上期减少0.16%。 2025年1月-9月，许继电气实现营业收入94.54亿元，同比减少1.38%；归母净利润9.01亿元，同比增长 0.75%。 分红方面，许继电气A股上市后累计派现22.71亿元。近三年，累计派现11.12亿元。 机构持仓方面，截止2025年9月30日，许继电气十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2935.81万股，相比上期减少125.53万股。南方中证500ETF（510500）位居第七大流通股 东，持股1039.69万股，相比上期减少21.26万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不 ...

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]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The global photovoltaic market is expected to maintain high growth during the "14th Five-Year Plan" period, with annual new installations projected to reach 725-870 GW globally and 238-287 GW domestically [3][39]. - The electric power equipment sector is witnessing significant developments, including the approval of major grid projects and the awarding of contracts for high-voltage equipment [4][39]. - The new energy vehicle market continues to show strong momentum, with major manufacturers reporting significant year-on-year delivery increases [2][14]. Summary by Sections New Energy Vehicles - In January 2026, several new energy vehicle manufacturers reported substantial delivery growth, with NIO delivering 27,182 units (+96.1% YoY) and BYD maintaining a leading position with 210,051 units delivered [2][14][24]. - The third China All-Solid-State Battery Innovation Development Summit was held, focusing on key materials and technological advancements [2][27]. New Energy Generation - The photovoltaic industry is transitioning from scale expansion to high-quality development, with a focus on technological integration and new application scenarios [39][40]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, marks a shift to full market competition, pushing companies towards innovation and sustainable competitiveness [45][48]. Electric Power Equipment and Automation - The State Grid's recent tender for ultra-high voltage equipment involved 119 packages, with 115 awarded, indicating robust demand in the sector [4][39]. - The approval of the first major grid project by the National Development and Reform Commission signifies a positive outlook for infrastructure development in the electric power sector [4][39]. Commercial Aerospace - The domestic first "one rocket, 36 satellites" satellite launch technology facility has been accepted, indicating advancements in commercial aerospace capabilities [5]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 2.20%, outperforming the Shanghai Composite Index, with lithium battery and solar indices showing significant gains [1].

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

许继电气2月6日公告，许继电气九届三十五次董事会已审议通过公司《关于选举第九届董事会董事长的议案》，即， 公司董事会选举季侃先生为公司第 九届董事会董事长，任期至第九届董事会届满之日止，同时为代表公司执行公司事务的董事。在公司总经理空缺期间，由季侃先生代行公司总经理职责。 季侃的职业生涯始终围绕电力系统核心技术领域展开。1969年出生的他拥有教授级高级工程师职称和博士学位，早年在国网电力科学研究院担任城乡电网 自动化研究所所长，随后进入国内电网自动化领域龙头企业国电南瑞科技股份有限公司，从副总经理逐步晋升至总经理，并担任党委副书记等职务。这段 经历使其积累了深厚的电网自动化技术背景和大型科技企业管理经验。 此后他调任山东电工电气集团有限公司，先后担任副总经理、总经理等职务，进一步拓展了在电气装备制造领域的实践视野。 季侃目前仍兼任中国电气装备集团储能科技有限公司党委书记、董事长，这种跨公司、跨领域的双重任职模式，体现了当前能源产业变革对复合型领导人 才的特殊需求。 中国电气装备集团于2021年正式成立，由许继集团、山东电工电气等企业重组组建，核心目标是提升输配电装备产业链的整体竞争力，季侃的任职正是这 一战略 ...

许继电气股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 许继电气股份有限公司董事会 2026年2月7日 公司董事会对许涛先生在任职期间的勤勉工作和为公司发展做出的贡献表示衷心感谢！ 特此公告。 许继电气股份有限公司（以下简称"公司"）于2026年2月6日收到许涛先生提交的书面辞职报告，因工作 调动，许涛先生提出辞去公司董事及董事会专门委员会委员相关职务（其原定任期至公司第九届董事会 届满之日止）。辞去以上职务后，许涛先生不再担任公司任何职务。 截止本公告日，许涛先生未持有公司股份，辞职未导致公司董事会成员低于法定人数。根据《公司法》 及《公司章程》等有关规定，辞职报告自送达公司之日起生效。许涛先生已按照公司离职管理制度进行 工作交接，辞职不会影响公司正常生产经营和管理。公司将按照《公司法》《公司章程》等有关规定尽 快完成增补董事的相关事宜。 ...

证券日报网讯 2月6日，许继电气发布公告称，公司于2026年2月6日收到许涛先生提交的书面辞职报 告，因工作调动，许涛先生提出辞去公司董事及董事会专门委员会委员相关职务（其原定任期至公司第 九届董事会届满之日止）。辞去以上职务后，许涛先生不再担任公司任何职务。 （文章来源：证券日报） ...