Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

本周低空经济指数涨3.70%，相对涨幅4.32%，日均成交额3653亿元。较上周而言，本周成交额下降。 个股表现： 本周涨幅前五个股为北摩高科（002985）、信维通信（300136）、航发动力（600893）、超捷股份 （301005）、宝武镁业（002182）；跌幅前五个股为海格通信（002465）、盛路通信（002446）、小鹏 汽车-W、莱斯信息、光启技术（002625）。 行业动态： 1.蓝霄航空发布800V航空增程器； 2.eVTOL试飞与运行研讨会在成都召开； 3.深圳超高层建筑灭火救援测试成功； 金元证券近日发布低空经济周报（第4周）：本周低空经济指数涨3.70%，相对涨幅4.32%，日均成交额 3653亿元。较上周而言，本周成交额下降。 以下为研究报告摘要： 板块行情回顾： 4.RX1E-A获生产许可证，开启量产时代。 政策动态： 1.东莞市交通运输局就《东莞市低空经济交通基础设施发展研究(草案)》公开征求意见； 2.《上海市民用无人驾驶航空器飞行安全管理暂行办法》发布。 公司动态： 1.Eve Air Mobility：1月23日完成1.5亿美元五年期债务融资（花旗、三菱、日联等联合提供） ...

报载：最近，江苏省盐城市220千伏陈堡变1号主变耐压及局放试验数据精准达标，标志着海翔电气公司 自主实施的大型主变试验任务顺利收官。此次试验是该公司试验业务回归后，首次配合主业完成的主变 大型检修核心环节，标志着其试验团队已具备独立承接高电压设备关键试验的能力，既以专业技术赋能 主业，更用青年人才培育夯实了产业发展底气。 由此，我们要像海翔电气公司那样，持续推动试验业务多元化、专业化发展，逐步拓宽高电压设备试验 业务范围，聚焦更复杂的电力设备检测需求开展技术攻坚。同时，深化青年人才培育体系，搭建更广阔 的成长平台，着力打造一支"懂技术、能吃苦、善攻坚"的试验铁军，以更坚实的人才支撑推动产业高质 量升级，从而为区域电网安全稳定运行贡献海翔力量。 主变耐压及局放试验是保障变压器安全投运的"关键体检"，耐压试验可检验设备绝缘强度能否抵御额定 电压冲击，局放试验则能精准捕捉设备内部潜在绝缘缺陷，两项试验的精准实施直接决定主变运行可靠 性，是电力设备检修中技术要求极高的核心环节。此前，此类大型试验多依赖外部协作，海翔电气此次 自主攻坚，不仅打破了技术依赖，更以产业单位的专业实力，为电网设备安全运维注入强劲支撑。 为确保 ...

"今天会议很重要的一点就是统一思想，要凝聚在党和国家对能源安全的战略部署上。"吴家来强调，贵 州既是能源大省，又是战略腹地省份，要通过能源产业发展强化贵州在能源供应、保障方面的国家层面 地位，凸显在煤炭供应、电力支持等方面对国家战略安排的作用。在具体措施上，要加大技术投入和能 源开发建设创新，同时以优化培育壮大经营主体为导向，提升行业运行效率和发展效能。 谈及贵州能源的独特优势，吴家来指出："贵州属于西南地区的枢纽位置，相当于西南东西向、南北向 交汇的地理位置。同时我们的能源产业资源比较富集，有水电、有煤炭，尤其是煤炭储量处于全国第五 位。"他表示，未来将进一步加强资源禀赋利用，促进全省"富矿精开"战略实施。 "十五五"三大方向：总量、结构、竞争力协同推进 对于"十五五"时期贵州能源产业发展的规划，吴家来系统阐述了三个重点方向：一是做大总量，煤炭产 能预计达到2.6亿吨/年，2030年原煤产量达2.2亿吨，电力装机达1.4亿千瓦以上，新能源装机达6500万 千瓦；二是调优结构，提高露天煤矿产能，通过"六个一批"优化井工煤矿产能，提升新能源装机比重； 三是提高价格竞争力，持续优化煤炭优势产能释放，推动煤炭由单一 ...

天眼查App显示，近日，九江鼎成启航股权投资基金合伙企业(有限合伙)成立，执行事务合伙人为国新 国证投资管理有限公司，出资额5亿人民币，经营范围为以私募基金从事股权投资、投资管理、资产管 理等活动，由九江市工业产业投资引导基金合伙企业(有限合伙)、九江市产投资本运营控股集团有限公 司、中国国新旗下国新国证投资管理有限公司共同出资。 ...

Group 1: Core Objectives - The Ministry of Transport issued a notice to ensure comprehensive service and safety measures for the 2026 Spring Festival transportation, focusing on road and waterway travel [1] - Emphasis on optimizing transportation organization based on predicted passenger flow trends during peak travel times [1] Group 2: Passenger Transport Organization - Transportation operators are encouraged to enhance service by increasing ticket sales windows, extending sales hours, and expanding online ticketing options [2] - Special attention is given to vulnerable groups such as the elderly, disabled, and military personnel, ensuring their travel needs are prioritized [2] Group 3: Self-Driving Travel Support - The use of navigation tools and social media is promoted to help travelers plan their routes effectively [3] - Implementation of policies to waive toll fees for small vehicles during the holiday period to facilitate smoother travel [3] Group 4: Logistics and Supply Chain Management - Coordination among departments is crucial for the transportation of essential goods like energy, food, and medical supplies during the Spring Festival [4] - The "green channel" policy is enforced to ensure efficient transportation of perishable agricultural products [4] Group 5: Safety and Regulatory Compliance - Strict enforcement of safety regulations and monitoring of passenger transport vehicles, particularly those that are older or have higher passenger capacities [5] - A robust emergency response mechanism is established to handle unexpected incidents during the holiday period [5]

Group 1 - A new company named Shanghai Zhangjiang Artificial Intelligence Innovation Town Ecological Service Co., Ltd. has been established with a registered capital of 100 million RMB [1] - The legal representative of the company is Chen Heng [1] - The business scope includes services related to artificial intelligence innovation and entrepreneurship, conference and exhibition services, cultural and artistic exchange activities, and technology intermediary services [1] Group 2 - The company is jointly held by Shanghai Zhangjiang (Group) Co., Ltd. and Shanghai Lujiazui (Group) Co., Ltd. [1]

务单元分散资金，实行统一调度、统筹使用，盘活存量资金，降低融资成本；数据支撑'一库建'，搭建 成本核算资源库，整合行业标杆数据、历史执行情况等信息，为成本分析、预算编制提供科学依据；预 算管控'一计划定'，围绕年度经营目标制定资金使用计划，明确支出节点、额度及效益目标，实现资金 投放与业务发展精准匹配。 该机制打破传统粗放式管理模式，将"精打细算、厉行节约"理念转化为具体行动。通过精准配置资金资 源，推动资金向核心业务、重点项目倾斜，有效降低运营成本，实现"花小钱办大事"的管理目标，为公 司提质增效注入长效动力。（肖坤勇） 为深化成本管控、赋能高质量发展，国网重庆潼南供电公司的创新推行"一池一库一计划"资金管理机 制，通过全流程精细化管控规范资金运作，切实提升资金使用效率，为增收节支提供坚实支撑。 "一池一库一计划"机制聚焦资金管理痛点难点，打出精准管控"组合拳"。资金归集'一池化'，整合各业 ...

大会由1场主论坛和2场闭门研讨会构成，主论坛将于中国能源报官方网站、微信、抖音等账号同步直 播。全方位展现AI与能源产业融合发展的最新成果与未来方向。圆桌对话环节将聚焦"大国能源治理现 代化""AI在传统能源与新能源领域的应用"等核心议题，邀请政产学研用代表深入研讨，凝聚发展共 识。同时，大会还将举行"AI+能源绿色产业万里行""中关村科学城AI数字能源产业园揭牌""2026年中国 —非洲经贸博览会(摩洛哥专场)"等多项重要启动仪式，推动一批重大合作项目落地，构建开放包容的 创新生态。两场平行闭门研讨会将分别围绕"商业模式落地与安全监管协同""数据治理关键问题与解决 方案"展开深度研讨，破解体制机制与技术壁垒，推动产业融合从"简单叠加"迈向"化学反应"。 此次AI+能源发展大会的举办，既是响应全球能源转型与科技革命的时代号召，也是落实国家战略、推 动高质量发展的关键举措。大会将打造常态化、品牌化的国际交流机制，促进创新成果规模化应用，全 面提升我国能源产业自主创新能力与国际竞争力，为实现高水平科技自立自强和产业安全提供有力支 撑。同时，大会也将向世界展示中国推进智慧能源建设、践行全球可持续发展承诺的坚定决心， ...

不仅如此，甘肃电通设计公司让工作既有"精度"更有"温度"。该公司深度参与国网甘肃省电力公司牵头 的2025年环保管理研究重点任务报告编写，顺利通过国家电网公司质量检验并获"点赞认可，也为公司 在环保治理与电力工程融合领域积累了宝贵经验；推动数智监理助力培育电网建设新质生产力，全面推 广无人机辅助监理，统筹6台无人机进行精准调配和跨区作业，全年在21项工程中的多个工况、多个场 景推广，精准管控敦煌、白银、临洮等生态敏感区，减少生态扰动。 数字融智激活精益管理效能 2025年12月，甘肃电通设计公司架空线路设计造价一体化技术通过验收，成为国家电网"数字赋能、精 益造价"战略落地的关键抓手，为输变电工程管理注入数字动能。该技术构建起统一的数据交互标准， 推动输变电工程完成从"经验驱动"到"数据驱动"、"专业割裂"到"协同融合"的根本性转型。 数字化施工已成为各项领域的共识与趋势，甘肃电通设计公司深刻认识到，数字化不仅是技术手段的升 级，更是施工管理模式、产业发展形态的全方位变革。该公司入围国家电网公司三维设计深化应用攻关 小组，牵头制定工程示范方案与工作计划，开展多电压等级工程三维设计实践；落地AI大模型本地化 部 ...