行业政策现状 电网设备板块整体走强：今日电网设备板块表现强势。直接催化因素包括国务院办公厅于2月11日发布 的《关于完善全国统一电力市场体系的实施意见》，该文件系统谋划了全国统一电力市场未来5-10年的 目标任务，提出到2030年市场化交易电量占全社会用电量70%左右，直接利好电网建设、储能等相关板 块。同时，全球AI算力建设爆发加剧了电力设备供需紧张，海关总署数据显示2025年我国变压器出口 总值达646亿元，同比增长近36%，出口景气度为国内具备完整产业链的企业带来显著出海机遇。 经济观察网新特电气（301120）(301120.SZ)今日(2026年2月12日)股价上涨主要受行业政策利好、AI算 力需求推动的电网设备板块热度以及自身资金与技术面因素共同影响。 资金与技术面支撑：今日新特电气主力资金净流入4791.55万元，换手率高达24.83%，成交额11.94亿 元，量比2.91，显示资金活跃度显著提升。技术面上，股价突破布林带上轨(22.658元)，MACD柱状图 转正(0.041)，KDJ指标呈多头排列，短期动能较强。此外，公司布局固态变压器配套研发且产品具备北 美UL认证，与AI算力驱动的电力需 ...

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the Shenzhen Component and ChiNext indices saw upward movements, with the Shanghai and Shenzhen markets recording a half-day trading volume of 1.33 trillion yuan, an increase of 30.7 billion yuan from the previous trading day [1] - Over 2,700 stocks in the market rose, with notable strength in the electric grid equipment sector, where companies like Suyuan Electric and Sifang Co. reached new highs [1] - The non-ferrous metals sector remained active, with Xianglu Tungsten and Zhangyuan Tungsten achieving consecutive gains [1][7] - The CPO concept stocks surged again, with Tianfu Communication rising over 10% to set a new historical high [1] - The gas turbine concept stocks exploded, with Yingliu Co. and Changbao Co. hitting the daily limit [1] Electric Grid Equipment Sector - The electric grid equipment sector showed strong performance, with stocks like Suyuan Electric, Sifang Co., Shun Sodium Co., and Senyuan Electric hitting the daily limit [1][12] - The sector's growth is supported by a significant increase in transformer exports, which reached a record value of 64.6 billion yuan in 2025, marking a nearly 36% increase from the previous year [2][3] Non-Ferrous Metals Sector - The non-ferrous metals sector saw a notable increase, with black tungsten concentrate prices rising by 25.19% to 671,000 yuan per ton, and ammonium paratungstate prices increasing by 24.68% to 985,000 yuan per ton [7][17] - The Producer Price Index (PPI) showed a positive growth of 0.4% month-on-month in January 2026, the highest growth rate since May 2022, indicating potential price increases in the non-ferrous, electronics, and chemical industries [7] Liquid Cooling and Computing Power Rental Sector - The liquid cooling concept stocks also performed well, with companies like Chuanrun Co., Bojie Co., and Yingwei Co. hitting the daily limit [3][10] - The computing power rental sector remained active, with stocks like Dazhi Technology achieving four consecutive gains, and UCloud announcing a price increase for all cloud products and services starting March 1, 2026, due to rising costs [6][20] Media and Entertainment Sector - The media and entertainment sector faced a collective decline, with companies like Huanrui Century and Hengdian Film experiencing significant drops [1] Summary - Overall, the market continued to show a mixed trend, with the ChiNext index gaining over 1%. Technology growth stocks, particularly in electric grid equipment, liquid cooling, gas turbines, and computing power rental, led the gains, while the media and consumer sectors faced adjustments [9]

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。 一、召开会议的基本情况 1. 会议召集人：新华都特种电气股份有限公司（以下简称"公司"）董事会 2. 会议召开方式：现场投票和网络投票相结合的表决方式 3. 会议召开时间： （1）现场会议召开时间：2026 年 2 月 6 日下午 14:30 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统 进行网络投票的具体时间为：2026 年 2 月 6 日 9:15—9：25，9：30—11:30 和 13:00—15:00。 证券代码：301120 证券简称：新特电气 公告编号：2026-006 新华都特种电气股份有限公司 2026 年第一次临时股东会决议公告 通过互联网投票系统进行网络投票的具体时间为：2026 年 2 月 6 日 9:15—15:00 期间的任意时间。 4. 现场会议地点：北京市亦庄经济技术开发区融兴北三街 50 号。 5. 现场会议主持人：董事长谭勇先生 6. 会议召开的合法、合规性：本次股东会的召集及召开符合《公司法》《深 圳证券交易所创业板股票上市规则》《上市公司股东会规则》 ...

关于新华都特种电气股份有限公司 2026 年第一次临时股东会的 法律意见书 中国·北京 朝阳区建外大街甲 14 号广播大厦 5 层、9 层、10 层、13 层、17 层 邮政编码：100022 电话(Tel)：86-10-65219696 传真(Fax)：86-10-88381869 北京海润天睿律师事务所 二〇二六年二月 见证意见 北京海润天睿律师事务所 关于新华都特种电气股份有限公司 2026 年第一次临时股东会的法律意见书 致：新华都特种电气股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）《上市公司股东会规则》及《新华都特种电 气股份有限公司章程》（以下简称《公司章程》）的规定，北京海润天睿律师事 务所接受新华都特种电气股份有限公司（以下简称公司）的委托，指派律师出席 并见证公司于 2026 年 2 月 6 日召开的 2026 年第一次临时股东会。 本法律意见书仅就本次股东会的召集和召开程序、会议召集人和出席人员资 格、会议表决程序和表决结果的合法有效性发表意见，并不对股东会所审议的议 案内容和该等议案中所表述的事实和数据的真实性和准确性 ...

Market Overview - A-shares showed resilience against external market pressures, with major indices recovering after a low opening, resulting in the Shanghai Composite Index rising by 4.40 points (0.11%) to 4080.31 points, the Shenzhen Component Index increasing by 90.46 points (0.65%) to 14043.17 points, and the ChiNext Index up by 21.17 points (0.65%) to 3281.45 points [1] Sector Performance - The chemical sector saw strong performance, with stocks like Cangzhou Dahua, Jinniu Chemical, Baichuan Co., and Baihehua hitting the daily limit [1] - The humanoid robot concept stocks were active, with companies such as Wuzhou Xinchun, Liancheng Precision, and Tianqi Co. also reaching the daily limit [1] - The non-ferrous metals sector showed signs of recovery, with Hunan Gold and Xianglu Tungsten hitting the daily limit [1] - The traditional Chinese medicine sector opened strong, with stocks like Te Yi Pharmaceutical reaching the daily limit [1] Policy Support - The Chinese government, through the Ministry of Industry and Information Technology and other departments, issued a development plan for the traditional Chinese medicine industry, aiming for a collaborative development system by 2030, which is expected to boost the sector's growth [2] Price Dynamics - The price of disperse dyes surged due to a significant increase in the cost of upstream key intermediates, rising from 25,000 yuan/ton to 38,000 yuan/ton, a more than 50% increase, which is expected to drive up prices in the textile dyeing industry as demand increases post-Spring Festival [3] Market Challenges - The liquor sector faced downward pressure, with stocks like Huangtai Liquor hitting the daily limit down, attributed to a decline in demand following the consumption peak around the Spring Festival and increased competition leading to price cuts [4] - AI application stocks experienced declines, with companies like Yaowang Technology and Zhejiang Wenhu falling to the daily limit due to concerns over technology maturity and unclear business models [5] - The optical module and CPO sectors continued to adjust, with stocks like Yuanjie Technology and Xinyisheng dropping over 6% as market expectations normalized [6] Institutional Insights - Zhongjin Securities noted that despite external pressures, there are no typical bull market top signals in Chinese stocks, with ample liquidity and improving earnings, suggesting a continued positive outlook for Chinese asset revaluation [7] - Tianfeng Securities highlighted the fragility of market sentiment, indicating that any news could trigger short-term sell-offs, particularly in the gold market [7] - Huachuang Securities observed a strong recovery in consumer markets expected for the 2026 Spring Festival, driven by government-led consumption initiatives, suggesting potential growth in sectors like dining, tourism, and retail [7]

Group 1 - The company is closely monitoring national investment policies and industry developments to optimize its business layout [1] - The company is expanding its product applications in energy storage and renewable energy sectors [1] - The company is accelerating digital and intelligent upgrades to support future industry investment opportunities [1]

Market Overview - The grid equipment sector increased by 1.97% compared to the previous trading day, with YN Power leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down by 2.48%, while the Shenzhen Component Index closed at 13824.35, down by 2.69% [1] Top Performers in Grid Equipment Sector - YN Power (Code: 920046) closed at 29.15, up by 21.97% with a trading volume of 210,900 shares and a transaction value of 596 million [1] - Tongguang Cable (Code: 300265) closed at 15.66, up by 20.00% with a trading volume of 1,020,800 shares and a transaction value of 1.503 billion [1] - Shuangjie Electric (Code: 300444) closed at 15.12, up by 16.58% with a trading volume of 1,674,400 shares and a transaction value of 2.477 billion [1] Other Notable Performers - Ankao Smart Electric (Code: 300617) closed at 46.20, up by 14.02% with a trading volume of 238,300 shares and a transaction value of 1.108 billion [1] - Hongxiang Co. (Code: 300427) closed at 15.54, up by 11.96% with a trading volume of 1,267,500 shares and a transaction value of 1.943 billion [1] - New Special Electric (Code: 301120) closed at 20.88, up by 10.89% with a trading volume of 510,600 shares and a transaction value of 1.074 billion [1] Market Capital Flow - The grid equipment sector saw a net inflow of 5.634 billion in main funds, while retail funds experienced a net outflow of 4.184 billion [2][3] - The main funds' net inflow and retail funds' net outflow indicate a shift in investor sentiment towards institutional buying [2][3] Individual Stock Fund Flows - Zhongchao Holdings (Code: 002471) had a main fund net inflow of 14.35 million, with a retail net outflow of 7.69 million [3] - Shuangjie Electric (Code: 300444) experienced a main fund net inflow of 5.98 million, while retail funds saw a net outflow of 2.91 million [3] - Baobian Electric (Code: 600550) had a main fund net inflow of 5.45 million, with a retail net outflow of 2.56 million [3]

Group 1 - The core viewpoint of the article highlights that the global AI computing power infrastructure is entering a period of rapid growth, with power supply becoming critical for data centers [2] - The electric equipment sector saw significant gains, with companies like YN Power rising over 20%, Tongguang Cable hitting the daily limit, and several others experiencing substantial increases in stock prices [2] - Major transformer factories in regions like Guangdong and Jiangsu are operating at full capacity, with some orders for data center-related transformers extending to 2027 [2] Group 2 - According to CITIC Securities, the increasing power requirements of AI chips and computer cabinets are driving the evolution of AIDC power supplies towards higher power, direct current, and high voltage [2] - It is projected that by 2028, the power capacity of newly added AI data centers in North America could reach 71 GW [2]

Core Viewpoint - The energy storage industry is experiencing significant differentiation among listed companies, with most companies forecasting profitability for 2025, while only one company, 东方日升, is expected to incur losses due to price pressures in the photovoltaic supply chain [2] Group 1: Tesla - Tesla's energy business achieved a gross profit of $12.8 billion in 2025, representing a year-on-year increase of 26.6%, driven by strong demand for its Megapack and Powerwall products [3] - The company anticipates further growth in energy deployment with the introduction of new products, although management warns of potential short-term profit margin pressures due to increased competition and policy uncertainties [3] Group 2: 南网储能 - 南网储能 expects a net profit of between 1.667 billion and 1.727 billion yuan for 2025, marking an increase of approximately 5.41 billion to 6.01 billion yuan compared to the previous year, with a year-on-year growth rate of 47.98% to 53.31% [4] - The company is also expanding its project portfolio, including a 720MW/1440MWh battery storage project set to be operational by mid-2026 [6] Group 3: 智光电气 - 智光电气 forecasts a turnaround with a net profit of 110 million to 160 million yuan for 2025, a significant increase of 133.69% to 149.01% compared to a loss of 326 million yuan in the previous year [7] - The growth is attributed to rapid development in the energy storage sector and improved performance of independent energy storage stations [7][9] Group 4: 远东股份 - 远东股份 anticipates a net profit of 45 million to 65 million yuan for 2025, indicating a turnaround from previous losses, driven by improvements in its smart battery business [10] - The company plans to expand its core technology products and services related to energy and AI [10] Group 5: 东方日升 - 东方日升 expects a loss of between 2.3 billion and 2.9 billion yuan for 2025, primarily due to challenges in the industry cycle [11] - The company aims to enhance its value proposition through integrated solutions in the photovoltaic and energy storage sectors [11] Group 6: 新特电气 - 新特电气 projects a net profit of 40 million to 50 million yuan for 2025, recovering from a loss of 48.51 million yuan in the previous year, driven by growth in its energy storage business [12] - The company is leveraging its expertise in special transformers to expand into energy storage system integration [12] Group 7: 赣锋锂业 - 赣锋锂业 forecasts a net profit of 1.1 billion to 1.65 billion yuan for 2025, recovering from a loss of 2.074 billion yuan, largely due to gains from stock price increases and strategic investments [13] - However, the company still anticipates losses when excluding non-recurring items, indicating ongoing challenges in its core lithium product business [13] Group 8: 多氟多 - 多氟多 expects a net profit of 200 million to 280 million yuan for 2025, recovering from a loss of 308 million yuan, driven by increased demand in the energy storage and electric vehicle markets [14] - The company is actively promoting its battery products for energy storage applications and has achieved significant production capacity [14]

格隆汇1月26日丨新特电气(301120.SZ)公布，预计2025年归属于上市公司股东的净利润4,000万元~5,000 万元，同比扭亏为盈，扣除非经常性损益后的净利润-400万元~800万元。1、报告期内，公司业绩实现 扭亏为盈，一方面受益于公司依托在变频领域的技术积累与行业经验，积极开拓变频用变压器等特种变 压器的下游应用市场，带动业务回温；另一方面受益于公司把握储能行业成长的市场机遇，持续加强研 发投入与市场开拓，储能业务步入良性发展轨道，亏损幅度显著收窄。此外，报告期内公司不存在大额 的资产减值情况。报告期内，公司攻克中压中、高频变压器关键技术，实现适配固态变压器（SST）、 直流变压器及快充设备的最严苛电气标准的应用需求的技术储备。面向未来，公司坚持以技术创新驱动 长期发展，在巩固现有业务优势的基础上，布局行业前沿技术，推动公司可持续发展。 2、报告期内，公司实施了股权激励以及员工持股计划，确认股份支付费用约为1,382万元，对公司归母 净利润的影响约为1,382万元左右，具体数据以2025年度报告中披露的数据为准。3、经初步测算，本报 告期内非经常性损益对净利润的影响金额预计为4,400万元左右， ...