本文源自：金融界AI电报 港股电力设备股盘中走强，金风科技(02208.HK)涨超4%，东方电气(01072.HK)、龙源电力(00916.HK)等 个股跟涨。 ...

Core Viewpoint - Oriental Electric (600875) has seen a stock increase of over 3%, currently at 24.76 HKD, with a trading volume of 80.49 million HKD, indicating positive market sentiment towards the company [1] Group 1: Company Developments - Oriental Electric has successfully achieved an overseas breakthrough with its self-developed F-class heavy-duty gas turbine G50, securing a core equipment order for a 50 MW combined cycle power generation project in Kazakhstan [1] - The company is in discussions with U.S. data center clients regarding potential sales of gas turbine generator sets, reflecting strong demand in the U.S. market [1] Group 2: Industry Trends - The rapid growth of AIDC (Artificial Intelligence Data Center) demand in the U.S. is driving the need for self-built power sources, with gas turbines being favored for their short construction cycles and stable power supply [1] - Major overseas tech giants like Google and Amazon are incorporating gas turbines as core backup or even primary power sources in their new data centers, indicating a strategic window for Chinese gas turbine manufacturers in the overseas market [1]

Core Viewpoint - The demand for gas turbines is increasing due to the rapid growth of AIDC in the US, positioning gas turbines as a preferred power solution for data centers, with companies like Google and Amazon adopting them as core backup or primary power sources [1] Company Summary - Dongfang Electric (01072) has seen its stock rise over 3%, currently at HKD 24.76, with a trading volume of HKD 80.49 million [1] - The company has achieved a breakthrough in overseas markets with its domestically developed F-class heavy gas turbine G50, securing a core equipment order for a 50 MW combined cycle power project in Kazakhstan, marking the first complete export of domestic heavy gas turbines [1] Industry Summary - The demand for gas turbine generator sets in US data centers is strong, with attractive pricing, prompting Dongfang Electric to enhance product reliability while addressing potential compliance risks and other challenges [1] - Citigroup has indicated that Dongfang Electric is in discussions with US data center clients regarding potential sales of gas turbine generator sets, although no specific timeline or details on new orders have been provided [1]

浙商证券指出，国内陆风招标价格持续回升，招标量维持高位。全球风电中长期需求保持稳健增长，中 国、欧洲、美洲是传统装机区域，拉美、中东、印度及其他亚太地区增长较快。该行预计2026年全球风 电新增装机有望达到186.2GW，同比增长14.0%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02208 | 金风科技 | 14.530 | 5.21% | | 01072 | 东方电气 | 24.840 | 3.59% | | 00527 | 瑞风新能源 | 0.620 | 3.33% | | 00579 | 京能清洁能源 | 2.360 | 1.29% | | 00916 | 龙源电力 | 6.750 | 0.90% | 港股风电股持续活跃，其中，金风科技涨超5%，东方电气、瑞风新能源涨超3%，京能清洁能源涨 1.3%，龙源电力跟涨。 消息上，国家能源局新能源和可再生能源司副司长桂小阳12月18日在2025光伏行业年度大会上表示，未 来十年我国风光装机每年还需增长2亿千瓦左右，在已有的高基数基础上继续保持较高增速。 ...

Core Viewpoint - Dongfang Electric has shown significant stock performance with a year-to-date increase of 53.48%, reflecting strong market interest and financial growth [1][2]. Group 1: Stock Performance - As of December 23, Dongfang Electric's stock price reached 23.77 CNY per share, with a trading volume of 3.14 billion CNY and a market capitalization of 82.205 billion CNY [1]. - The stock has experienced a 4.53% increase over the last five trading days, a 16.23% increase over the last twenty days, and a 27.11% increase over the last sixty days [1]. - The company has appeared on the "龙虎榜" (a stock market leaderboard) once this year, with the last appearance on July 22 [1]. Group 2: Company Overview - Dongfang Electric, established on December 28, 1993, and listed on October 10, 1995, is located in Chengdu, Sichuan Province [2]. - The company specializes in the research, manufacturing, sales, and service of various power generation equipment, including thermal, hydro, wind, nuclear, and gas power generation [2]. - The revenue composition includes 43.95% from clean and efficient energy equipment, 27.32% from renewable energy equipment, 11.52% from emerging growth industries, 8.98% from modern manufacturing services, and 8.23% from engineering and supply chain services [2]. Group 3: Financial Performance - For the period from January to September 2025, Dongfang Electric reported a revenue of 54.744 billion CNY, representing a year-on-year growth of 16.41% [2]. - The net profit attributable to shareholders reached 2.966 billion CNY, marking a year-on-year increase of 13.02% [2]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 146,900, a rise of 59.62% compared to the previous period [2]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 406 million shares, an increase of 6.80179 million shares from the previous period [3]. - Other significant shareholders include various ETFs, with notable decreases in holdings for some [3].

Core Viewpoint - The successful operation of the world's first commercial supercritical carbon dioxide power generation unit, "Super Carbon No. 1," marks a significant advancement in efficient power generation technology with promising commercial prospects [1][3]. Group 1: Technology Overview - "Super Carbon No. 1" utilizes supercritical carbon dioxide as a new working fluid, replacing traditional steam in power generation, leading to improved performance metrics [3]. - The technology has achieved over 85% in waste heat utilization and a net power generation increase of over 50% compared to existing steam generation methods [5]. - The supercritical carbon dioxide state allows for higher energy storage capacity and lower flow resistance, enhancing the efficiency of the power generation process by 5-8 percentage points compared to traditional methods [11][13]. Group 2: Economic Impact - The project is expected to generate an annual cash flow increase of nearly 50 million yuan, with a payback period of approximately three years [7]. - The potential market size for retrofitting traditional sintering machines in the steel metallurgy industry is estimated to be around 100 billion yuan, with over 300 units available for modification [25]. Group 3: Future Applications - Future projects, such as the "molten salt storage + supercritical carbon dioxide power generation" demonstration project, are set to begin construction in Xinjiang in mid-2026, utilizing surplus wind and solar power [21]. - The technology has broad application prospects in offshore oil and gas drilling platforms and large vessels, significantly reducing equipment size to about one-fourth of conventional units [23]. - The successful demonstration of this technology is seen as a milestone that could drive the adoption of similar projects in the future [9].

机构：华鑫证券 风险提示 下游需求不及预期风险、竞争加剧风险、海外贸易风险、原材料价格大幅上涨风险、大盘系统性风险。 燃气轮机需求爆发，公司出海迎来机遇 美国AIDC 需求快速增长，推高自建电源需求。燃气轮机凭借建设周期短、供电稳定等优势，成为数据 中心短期优选供电方案，谷歌、亚马逊等海外科技巨头新建数据中心时，已将燃气轮机作为核心备用电 源甚至主电源之一。供需趋紧背景下，GE Vernova（通用电气能源业务板块）、西门子能源、三菱重工 等全球龙头均呈订单加速、产能紧张态势，多家宣布扩产计划。 中国燃气轮机制造企业依托技术积累、成本优势及产业链协同能力，有望迎来海外市场战略窗口期。公 司凭借自主研制的F 级重型燃气轮机G50 成功实现海外突破，已获取哈萨克斯坦江布尔州50 兆瓦联合 循环发电项目核心设备订单，标志着国产重型燃机首次实现整机出口。 盈利预测 预测公司2025-2027 年收入分别为812、883、896 亿元，EPS分别为1.15、1.37、1.52 元，当前股价对应 PE 分别为19.6、16.5、14.8 倍，公司在手订单充足，有望迎来煤电、核电等行业交付高峰，同时燃气轮 机出海值得关注， ...

格隆汇12月19日｜华鑫证券研报指出，东方电气业绩持续向好，饱满订单支撑未来成长。前三季度实现 归母净利润29.66 亿元，同比增长13.02%；新增生效订单885.83亿元，同比增加9.0%。燃气轮机需求爆 发，公司出海迎来机遇。中国燃气轮机制造企业依托技术积累、成本优势及产业链协同能力，有望迎来 海外市场战略窗口期。公司凭借自主研制的F 级重型燃气轮机G50 成功实现海外突破，已获取哈萨克斯 坦江布尔州50 兆瓦联合循环发电项目核心设备订单，标志着国产重型燃机首次实现整机出口。公司在 手订单充足，有望迎来煤电、核电等行业交付高峰，同时燃气轮机出海值得关注，给予"买入"投资评 级。 ...

华鑫证券研报指出，东方电气业绩持续向好，饱满订单支撑未来成长。前三季度实现归母净利润29.66 亿元，同比增长13.02%；新增生效订单885.83亿元，同比增加9.0%。燃气轮机需求爆发，公司出海迎来 机遇。中国燃气轮机制造企业依托技术积累、成本优势及产业链协同能力，有望迎来海外市场战略窗口 期。公司凭借自主研制的F 级重型燃气轮机G50 成功实现海外突破，已获取哈萨克斯坦江布尔州50 兆 瓦联合循环发电项目核心设备订单，标志着国产重型燃机首次实现整机出口。公司在手订单充足，有望 迎来煤电、核电等行业交付高峰，同时燃气轮机出海值得关注，给予"买入"投资评级。 ...

2025 年 12 月 19 日 饱满订单支撑成长，燃机出海迎来机遇 —东方电气（600875.SH）公司动态研究报告 买入(维持) 投资要点 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 分析师：罗笛箫 | S1050525070001 | | luodx@cfsc.com.cn | | 2025 年前三季度，公司实现营收 555.22 亿元，同比增长 16.03%；实现归母净利润 29.66 亿元，同比增长 13.02%；新 增生效订单 885.83 亿元，同比增加 9.0%，其中以煤电为主的 清洁高效能源装备订单 326.52 亿元（占比 36.86%），可再生 能源装备订单 269.20 亿元（占比 30.39%），工程与国际供应 链产业订单 97.26 亿元（占比 10.98%），现代制造服务业订 单 78.57 亿元（占比 8.87%），新兴成长产业订单 114.27 亿 元（占比 12.90%）。 ▌燃气轮机需求爆发，公司出海迎来机遇 | 基本数据 | 2 0 2 5-1 2-1 8 | | --- ...