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 - 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]

03 Feb 2026 11:18:42 ET │ 19 pages Vi e w p o i n t | China Diversified Utilities Higher Grid Capex Growth in 2026E; Lifting Solar & Wind Installations CITI'S TAKE PRC electricity demand growth in 2025 was +5.0% y/y, a deceleration of 1.8ppts from the previous year due to a warmer-than-usual winter in 1Q25. We expect electricity demand growth to accelerate to 6.5% y/y in 2026 based on a 1.3x multiple for annual electricity demand growth versus annual GDP growth, similar to those in 2020-24. Meanwhile, 2025 ...

思源电气的海外业务各地特征不同，呈现出"亚洲做总包/一带一路借船出海，美洲做本地化耕耘，欧洲做突破"的 差异化经营思路。 【HCDX】思源最新提单数据分析 思源电气的海外业务各地特征不同，呈现出"亚洲做总包/一带一路借船出海，美洲做本地化耕耘，欧洲做突破"的 差异化经营思路。 1. 亚洲：菲律宾&巴基斯坦 1）菲律宾-全产业链渗透与"类总包"模式： 经营特点：菲律宾是公司最活跃的市场。 不同于单纯卖设备，思源在菲律宾提供了"一站式"解决方案。 提单中不仅有核心设备（变压器 【HCDX】思源最新提单数据分析 1. 亚洲：菲律宾&巴基斯坦 1）菲律宾-全产业链渗透与"类总包"模式： 经营特点：菲律宾是公司最活跃的市场。 不同于单纯卖设备，思源在菲律宾提供了"一站式"解决方案。 提单中不仅有核心设备（变压器、断路器），还大量出现了钢管杆、龙门架、安装材料、光缆、数据机柜等产 品。 客户：主要是电网公司和大型电力IPP。 产品能力：展现了极强的成套集成能力。 不仅是设备供应商，而是深入到了工程建设环节，提供从高压设备到辅助通讯、基建材料的全套物资。 2）巴基斯坦-高压核心设备主导： 经营特点：以高压/超高压核心单机为 ...

公告显示，思源电气于2025年5月15日召开第八届董事会第二十次会议，并于2025年6月13日经2024年年 度股东大会审议通过回购方案。根据方案，公司计划使用自有资金以集中竞价交易方式回购部分股份， 回购资金总额不低于3亿元（含）且不高于5亿元（含），回购价格不超过109.45元/股。回购期限为股 东大会审议通过之日起12个月内，即截至2026年6月12日，所回购股份将用于注销以减少公司注册资 本。 公司已按规定在中国证券登记结算有限责任公司深圳分公司开立股份回购专用证券账户，并披露了《回 购报告书》。 当前回购进展 截至2026年2月3日收盘，思源电气股价为199.50元/股，已显著超过回购方案设定的109.45元/股价格上 限。基于此，公司通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份0股，占公司目前 总股本的0.00%。 后续安排 登录新浪财经APP 搜索【信披】查看更多考评等级 2月3日，思源电气股份有限公司（以下简称"思源电气"）发布回购股份进展公告，披露截至2026年2月3 日，公司因股价超过回购价格上限，尚未实施股份回购，累计回购股份数量为0股。 回购方案回顾 思源电气表示，将根据 ...

格隆汇2月3日丨思源电气(002028.SZ)公布，截至2026年2月3日收盘，公司股价为199.50元/股，已超过 公司回购股票价格上限，公司通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份0股， 占公司目前总股本0.00%。 ...

证券代码：002028 证券简称：思源电气 公告编号：2026-004 思源电气股份有限公司 关于回购公司股份的进展公告 截至 2026 年 2 月 3 日收盘，公司股价为 199.50 元/股，已超过公司回购股票价格上限， 公司通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份 0 股，占公司目前总 股本 0.00%。 二、后续回购安排 1 / 2 公司后续将根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定及公司股份回购方案，结合公司资金安排情况、资本市场及 公司股价的整体表现，在回购期限内按股东大会审批的回购方案择机实施回购。公司将严格 按照相关法律法规的要求及时履行信息披露义务。敬请广大投资者关注后续公告，并注意投 资风险。 特此公告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 思源电气股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开第八届董事会第 二十次会议、于 2025 年 6 月 13 日召开 2024 年年度股东大会，审议通过了《关于回购公司 股份的议案》，同意 ...

Group 1 - The A-share market saw a collective rebound on February 3, with the only electric grid equipment ETF (159326) rising by 3.38% and achieving a trading volume of 1.514 billion yuan, driven by news catalysts [1] - The global AI computing power construction is entering an explosive phase, with high-power and stable power supply becoming essential for computing clusters, leading to an upgrade of power transformers as core infrastructure [1] - In regions like Guangdong and Jiangsu, many transformer factories are operating at full capacity, with some orders for data center-related businesses scheduled as far out as 2027 [1] Group 2 - The electric grid equipment ETF (159326) tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, and distribution equipment [2] - The smart grid sector holds a significant weight of 88% in the index, while ultra-high voltage equipment accounts for 65%, both being the highest in the market [2] - Leading companies in the export market include TBEA, China XD Electric, and others, indicating a strong presence in the international market [2]

2月3日，思源电气涨5.08%，截至发稿，报196.56元/股，成交20.50亿元，换手率1.74%，总市值1537.21 亿元。 资料显示，思源电气股份有限公司位于上海市闵行区华宁路3399号，成立日期1993年12月2日，上市日 期2004年8月5日，公司主营业务涉及输变电设备的研发、生产、销售及服务。主营业务收入构成为：输 配电设备行业99.47%，汽车电子电器0.53%。 从基金十大重仓股角度 数据显示，泰信基金旗下1只基金重仓思源电气。泰信中证200指数（290010）四季度持有股数600股， 占基金净值比例为1.24%，位居第七大重仓股。根据测算，今日浮盈赚取约5700元。 泰信中证200指数（290010）成立日期2011年6月9日，最新规模747.6万。今年以来收益3.39%，同类排 名2202/5562；近一年收益32.52%，同类排名2047/4285；成立以来收益49.2%。 泰信中证200指数（290010）基金经理为张海涛。 截至发稿，张海涛累计任职时间1年26天，现任基金资产总规模17.87亿元，任职期间最佳基金回报 38.17%， 任职期间最差基金回报0%。 声明：市场有风险，投 ...

Summary of Conference Call Records Industry: Energy Storage and Lithium Battery Key Points 1. **Energy Storage Policy**: The national capacity compensation electricity price policy has been introduced, with provinces expected to follow up with detailed regulations and lists. There is a strong demand for large-scale energy storage, with an expected growth of over 60% in 2026. The U.S. Inflation Reduction Act has led to unexpected installations in 2025, and data center energy storage is anticipated to explode starting Q4 2025, with 2026 expected to exceed forecasts. Emerging markets in Europe and the Middle East are also projected to see significant growth in energy storage demand, contributing to a global installation growth of over 60% in 2026 and a compound annual growth rate of 30-50% over the next three years. The focus remains on large-scale energy storage integration and leading energy storage battery companies [1][1][1] 2. **Lithium Battery Market**: The China Passenger Car Association anticipates a recovery in electric vehicle sales in late January, with retail sales expected to reach 800,000 units, a year-on-year increase of 8%, which is better than pessimistic forecasts. Domestic sales in 2026 are expected to grow by 5-10%, with battery capacity increasing by 10%. The national energy storage capacity price policy is expected to be followed by multiple provinces, and the recent decline in lithium carbonate prices may lead to the suspension or restart of some projects. Production is expected to decrease by over 10% in February due to the Spring Festival, but recovery is anticipated post-holiday. Battery prices have been adjusted to 0.38 yuan/wh, with price increases for small and medium customers already implemented, and larger customers expected to see gradual price adjustments after March. The battery sector is strongly recommended, with top picks including CATL and EVE Energy, along with other quality material leaders [2][2][2] 3. **Industrial Control and Wind Power**: The industrial control sector is experiencing a weak recovery in demand, with positive trends in lithium battery demand, wind power, and machine tools. The domestic offshore wind power capacity is projected to exceed 8GW in 2025, with a three-year action plan to enhance domestic offshore wind potential. The European offshore wind sector is entering a sustained boom cycle, and the domestic onshore wind power capacity is expected to exceed 100GW, a 25% year-on-year increase. Wind turbine prices are expected to rise by 3-5%, with profit margins gradually recovering. Recommendations include companies involved in offshore cables, foundations, and complete machines [3][3][3] 4. **Solar Power and Grid Investment**: Demand in the solar power sector is currently weak, with rising silver prices pushing battery prices up significantly. The component sector is facing pressure, and demand is expected to decline for the first time in 2026. However, space solar power presents significant growth potential, with gallium arsenide, P-type HJT, and space perovskite expected to benefit first. The grid investment is projected to grow in 2025, with opportunities in overseas transformer markets. Key recommendations include leading companies in various segments of the energy sector [3][3][3] 5. **Company Recommendations**: - CATL: Global leader in power and energy storage batteries, with confirmed growth and low valuation - Sungrow: Global leader in inverters, with strong overseas energy storage integration capabilities - Sifang Electric: Domestic leader in power equipment with strong overseas orders and profitability - EVE Energy: Strong growth in power and energy storage lithium batteries, with a stable consumer battery segment - Other notable companies include Ganfeng Lithium, BYD, and LONGi Green Energy, which are expected to perform well in their respective sectors [3][3][3] Additional Insights - The energy storage market is expected to see a significant increase in demand driven by new policies and technological advancements - The lithium battery sector is poised for growth, with a focus on production recovery and price adjustments - The industrial control and renewable energy sectors are experiencing a gradual recovery, with specific companies positioned to benefit from these trends - The solar power market faces challenges but also opportunities in emerging technologies like space solar power [1][2][3][4][5]