研究报告 Research Report 18 Mar 2026 国际工业+能源 Global Industrials + Energy 中日韩电力设备公司对比：面对海外需求大浪，维持梯度分工还是逐步对齐颗粒度？ Comparison of Power Equipment Companies: In the Face of a Massive Wave of Overseas Demand, Will the Tiered Division Persist or Gradually Converge? | | | | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | | | | | 市盈率 P/E | | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | 中广核电力 | Outperform | 3.80 | 13 | 12 | | 东方电气 | Outperform | 11.24 | 24 | 22 | | 上海电气 | Outperform | 2.02 | 60 | 41 | | 电能实业 | Out ...

E s s e n t i a l s | 17 Mar 2026 05:00:09 ET │ 38 pages Harbin Electric (1133.HK) Initiate at Buy: Strong Domestic Demand and Attractive Valuation CITI'S TAKE We initiate on Harbin Electric (Harbin) with a Buy rating and TP of HK$32, preferring it to Dongfang Electric and Shanghai Electric – the other two leading manufacturers of power-generation equipment makers we cover. In favor of Harbin is its: (i) strong domestic demand for nuclear and hydropower equipment; (ii) potential overseas gas-fired exposure ...

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]

Group 1 - Korean investors have shown significant interest in A-shares, with top net purchases including SANY Heavy Industry, Power Construction Corporation of China, and Accelink Technologies, among others [1][3] - In the Hong Kong market, notable net purchases include China Energy Construction, MiniMax, and Harbin Electric, indicating a strong preference for energy and technology sectors [1] - The trend reflects a shift towards HALO assets, which are characterized by stability and growth potential, particularly in the context of rising global uncertainties [1] Group 2 - Over the past month, three ETFs have made it to the top 20 net purchases by Korean investors, with the Silverhua CSI Innovation Drug Industry ETF leading at a net purchase of $148.05 million [2] - The strong performance of the Korean stock market has encouraged local investors to allocate funds into Chinese assets, particularly in the innovative drug and artificial intelligence sectors [2][3]

哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 告，本 公 司 將 於 二 零 二 六 年 三 月 二 十 六 日（星 期 四）召 開 董 事 會 會 議，藉 此 考 慮 批 准（其 中 包 括）刊 發 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 經 審 核 年 度 業 績。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 董事會召開日期 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條之規定 而 發 佈。 二零二六年三月十二日 於本公告日期，本公司執行董事為：黃偉先生、劉清勇先生及都興開先生； 以 及 本 公 司 獨 立 非 執 行 董 事 為：賀 禹 先 生、牛 向 春 女 士、高 一 斌 先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 補充公告 與 哈 電 集 團 公 司 續 訂 新《產 品 與 服 務 框 架 協 議》 茲 提 述 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 十 二 月 三 十 日 之 有 關 本 公 司 與 哈 電 集 團 公 司 續 訂 新《產 品 與 服 務 框 架 協 議》的 公 告（「該公告」）。除 文 義 另 有 界 定 者 外，本 公 告 所 採 用 的 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 董 事 會 謹 此 提 供 有 關 續 訂 新《產 品 與 服 務 框 架 協 議》的 更 多 資 料： 該 公 告 指 出 本 集 團 與 哈 電 集 團 非 上 市 集 團 根 據 新《產 品 與 服 務 ...

Investment Rating - The report recommends a positive investment outlook for the energy sector, particularly focusing on gas turbines and energy storage solutions due to the increasing demand from AI data centers [2]. Core Insights - The explosion of AI computing power is significantly widening the electricity supply gap in the U.S., with a projected cumulative AI computing power of 153GW by 2030, leading to a peak load of 963GW and a required generation capacity of 1751GW [2][27]. - Gas turbines are favored for their stability and cost-effectiveness, while solar storage is seen as a complementary solution. The trend indicates that CSP manufacturers are increasingly opting for self-built power sources [2][34]. - Chinese companies are expected to benefit from the surge in overseas orders for gas turbines, with significant technological breakthroughs in the domestic supply chain [2][34]. Summary by Sections PART 1: AI Data Centers Intensify Power Shortages and Increase Demand for Various Power Sources - The U.S. electricity supply gap is expanding due to the rapid growth of AI computing power, necessitating an average annual addition of 100GW of generation capacity over the next five years [2][27]. - The current registered new generation capacity in the U.S. is insufficient to meet this demand, with only 50GW being added annually [2][30]. PART 2: AI Data Centers Prefer Stable Power Sources, Prioritizing Gas Turbines and Solar Storage - Gas turbines are the primary choice for data centers due to their reliability and lower cost per MWh, while solar storage is increasingly adopted for its green attributes [34][35]. - The report highlights the economic advantages of gas and solar power compared to traditional fossil fuels and nuclear energy [35]. PART 3: Chinese Companies Fully Benefit from Significant Order Increases - The global gas turbine market is experiencing a surge in demand, with a projected increase in orders from 58GW in 2024 to over 90GW in 2025, driven largely by the U.S. AI data center sector [53]. - Chinese manufacturers have achieved breakthroughs in gas turbine technology, positioning them to capture a larger share of the growing market [34][53]. PART 4: Investment Recommendations - The report recommends focusing on key players in the gas turbine market, such as Dongfang Electric, and highlights the potential of solar storage leaders like Sungrow Power and CATL [2][34].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 哈爾濱電氣股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01133 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 675,571,000 | RMB | | 1 RMB | | 675,571,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 675,571,000 | RMB | | 1 RMB | | 675,571,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ( ...

Group 1 - The issue of electricity shortage in North America is becoming increasingly severe due to the pressure from AI, with plans for major tech companies like Amazon, Meta, Microsoft, and Google to sign commitments to bear the electricity costs of their high-energy data centers [1] - Institutions estimate that the CAGR of electricity capacity demand driven by AI in the U.S. from 2025 to 2028 will be approximately 55%, with total demand exceeding 150 GW over the next three years, indicating significant electricity demand and opportunities for supporting equipment [1][2] - The construction of AI Data Centers (AIDC) is entering a phase of rapid growth, with gas turbines emerging as the preferred primary power source due to their quick response, high power adaptability, lower generation costs, and high reliability [1] Group 2 - Global gas turbine leaders are expanding their production capacity, but the upstream supply chain is expanding cautiously, leading to increasing tightness in the industry chain, which presents opportunities for domestic gas turbine manufacturers and core component supply chains [2] - Companies involved in the electric equipment and gas turbine-related industry chain include Dongfang Electric (01072), Harbin Electric (01133), Shanghai Electric (02727), Weisheng Holdings (03393), and Chongqing Machinery and Electric (02722) [3]

Core Insights - The increasing demand for electricity in North America is driven by the growth of AI, with a projected CAGR of approximately 55% from 2025 to 2028, leading to a cumulative demand exceeding 150 GW in the next three years [1] - Major tech companies like Amazon, Meta, Microsoft, and Google are expected to sign commitments to bear the electricity costs of their high-energy data centers, highlighting the ongoing electricity shortage in North America [1] Industry Analysis - The construction of AI Data Centers (AIDC) is entering a phase of rapid growth, with significant electricity capacity demand anticipated due to AI requirements [1] - Gas turbines are emerging as the preferred primary power source for AIDC due to their quick response, high power adaptability, lower generation costs, and high reliability [1] - Global leaders in gas turbines are expanding their production capacity, but the upstream supply chain remains cautious, leading to ongoing tightness in the industry [1] Company Focus - Companies involved in the power equipment and gas turbine industry include Dongfang Electric (600875), Harbin Electric (01133), Shanghai Electric (601727), Weichai Power (03393), and Chongqing Machinery (02722) [2]