AI数据中心爆发式增长提振电气设备股，东方电气(01072)涨超17%；哈尔滨电气（01133）涨超6%。 智通财经APP获悉，港股恒生指数跌0.39%，跌104点，报26661点；恒生科技指数跌1.65%。港股早盘成 交1309亿港元。 重庆机电(02722)涨超11%，美国科技巨头将承诺自供电力，AIDC拉动大马力发动机需求。 博彩股继续走低，春节假期澳门赌收不及预期，小摩轻微下调2月赌收预测。新濠国际发展(00200)跌 5.2%；银河娱乐(00027)跌4.7%。 宁德时代(03750)跌5.5%，津巴布韦收紧锂精矿出口或推升锂价，下游电池厂家成本增加。 MINIMAX(00100)涨超3%，推出MaxClaw模式，高盛指其正处于高速增长阶段。 稳定币概念股活跃。美股Circle绩后暴涨35%，香港将于下月发出首批牌照。国富量子(00290)涨6%；连 连数字(02598)涨2%。 万咖壹联(01762)涨超10%，预期年度溢利同比增幅至多约795.7%，AI商业化服务平台实现精准投放。 金风科技(02208)涨7%，全年中国风电吊装达130GW，风机价格有望继续小幅修复。 光通信概念股走高，2026 ...

消息面上，近日，西门子能源披露2026年第一财季财报，得益于燃气轮机和电网设备需求持续旺盛，该 公司本财季的订单额大增34%至176.09亿欧元，使得积压订单达到创纪录的1460亿欧元。财通证券认 为，当前海外重燃主机厂扩产节奏克制，供需硬缺口将长期延续。估计2025年全球重燃意向订单已超 80GW，而实际可交付产能仅约50GW，三菱重工测算GTCC联合循环重燃市场需求或接近100GW，供 需矛盾显著。核心原因在于头部厂商扩产周期(3-5年)滞后于AIDC、调峰等需求爆发。 华泰证券指出，数据中心Time to power诉求下，轻燃、内燃机成为多元化的主供电新方案。头部重燃扩 产仍待2027年后释放，30%+的供需缺口下需求外溢趋势短期内仍将加强。一方面，国内轻燃已实现自 主知识产权和热部件自供能力，看好国产燃机出海趋势。另一方面，传统用于备电和船舶的内燃机在电 力短缺下亦有望提供主供电解决方案，看好国内内燃机及相关产业链出海。 电力设备股逆市上扬，截至发稿，东方电气(01072)涨13.8%，报39.9港元；哈尔滨电气(01133)涨 4.15%，报27.08港元；上海电气(02727)涨3.66%，报4 ...

Group 1 - Global grid investment has been rapidly increasing since 2020, with projections of reaching $390 billion in 2024 and exceeding $400 billion in 2025 [1][2] - The condition of the U.S. energy infrastructure is largely below standard, and the significant increase in AI electricity demand is expected to initiate a mandatory upgrade cycle for U.S. grid equipment [1][2] - The delivery cycle for transformers in the U.S. has extended from 50 weeks to over 120 weeks, indicating supply chain challenges [1] Group 2 - Chinese companies in the grid equipment sector have advantages in delivery time, technology, and cost, leading to sustained export orders for transformers and other equipment [1] - In 2025, the cumulative export value of transformers is projected to reach $9.036 billion, with a growth rate of 34.83%, marking a historical high [1] - Key export products in December 2025, including transformers, wires and cables, copper winding wires, low-voltage switches, and insulators, showed significant year-on-year growth rates [1] Group 3 - The AIDC industry is expected to maintain high prosperity in 2026, driven by capital expenditure plans from leading domestic and international internet companies, with overseas CAPEX guidance generally exceeding 50% [2] - The growth in electricity demand from data centers in the U.S. and the aging of power equipment present opportunities for Chinese power equipment exporters [2] - Notable Hong Kong-listed companies in the power equipment sector include Dongfang Electric, Harbin Electric, Shanghai Electric, Weidong Holdings, Chongqing Machinery, and Weichai Power [3]

展望2026年，AIDC行业仍将保持高景气，一方面国内外头部互联网厂商纷纷公布2026年资本开支计 划，海外厂商CAPEX指引普遍高于50%，另一方面维谛、西门子、Flunce等海外头部电力设备厂商业绩 表现亮眼，AIDC行业高成长性或已反应在业绩端。而美国需求端因数据中心增长带来的用电量增长与 供给端电力设备老旧现象严重的矛盾为国内电力设备出海厂商带来机会。 根据IEA数据，2020年以来全球电网投资额快速增长，2024年全球电网投资达到3900亿美元，2025年预 计超过4000亿美元。美国能源基础设施状况大多处于标准以下水平，叠加AI用电需求明显增加，美国 电网设备有望开启强制更新周期。 美国变压器的交付周期已经从50周延长至120周以上。中国电网设备相关企业在交付时间、技术、成本 等方面具备相对优势，变压器等设备的出口订单有望持续受益。 根据海关总署数据，2025年全年变压器累计出口金额为90.36亿美元，累计增速34.83%，金额创历史新 高。2025年12月重点电力设备出口产品中，变压器、电线电缆、铜制绕组电线、低压开关、绝缘子的出 口金额当月同比分别为31.92%、22.20%、11.71%、1 ...

Core Viewpoint - The Hong Kong stock market has seen a rise in electric equipment stocks, indicating positive investor sentiment in this sector [1] Group 1: Company Performance - Shanghai Electric (02727.HK) has increased by 7.38%, reaching a price of 4.8 HKD [1] - Harbin Electric (01133.HK) has risen by 4.45%, with its stock priced at 23.92 HKD [1] - Dongfang Electric (01072.HK) has experienced a growth of 3.29%, trading at 33.92 HKD [1]

此外，今年1月15日，国家电网公司表示，"十五五"期间，国家电网公司固定资产投资预计达到4万亿 元，较"十四五"投资增长40%，以扩大有效投资带动新型电力系统产业链供应链高质量发展。1月15 日，国家电网公司表示，"十五五"期间，国家电网公司固定资产投资预计达到4万亿元，较"十四五"投 资增长40%，以扩大有效投资带动新型电力系统产业链供应链高质量发展。 光大证券发布研报称，美国缺电的结构性问题正转化为长期、确定性强的投资机会，燃气轮机、电力设 备、储能均是受益方向。燃气轮机方面，市场高景气背景下海外燃气轮机头部企业产能存在瓶颈，看好 中国企业持续提升份额，建议关注东方电气、上海电气等。 智通财经APP获悉，电力设备股走高，截至发稿，上海电气(02727)涨7.38%，报4.8港元；哈尔滨电气 (01133)涨4.45%，报23.92港元；东方电气(01072)涨3.29%，报33.92港元。 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index halting a three-day rally, closing at 27,032.54, down 0.86% [1][2] - The Hang Seng Tech Index fell by 1.65%, while the Hang Seng China Enterprises Index dropped by 1% [1][2] Sector Performance Technology Sector - Major tech stocks saw significant declines, with Meituan and NetEase both dropping over 4%, and Baidu and Tencent falling more than 2% [2][4] - Other tech companies like Kuaishou, Xiaomi, JD.com, and Alibaba also reported losses [2][4] Financial Sector - Financial stocks, including banks, Chinese brokerage firms, and insurance companies, mostly declined, adding pressure to the market [2] Consumer Sector - The restaurant sector faced downturns, with Jiumaojiu falling over 5% and Haidilao dropping more than 3% [6] - The overall consumer demand in the restaurant industry is stabilizing, with expectations for improvement in 2026 [6] Entertainment Sector - The film and entertainment sector was weak, with Emperor Culture Industries dropping nearly 6% [7] Energy Sector - The power equipment sector showed strength, with Harbin Electric rising over 13% [9] - The oil sector was active, with China Petroleum and Sinopec both gaining over 2% [14] Heavy Machinery Sector - Heavy machinery stocks continued to rise, with China National Heavy Duty Truck Group and Sany International both increasing over 5% [12] Semiconductor Sector - Semiconductor stocks saw gains, with Tensun Zhixin and Zhaoyi Innovation both rising over 20% [10] Notable Stocks - Dipo Technology surged by 8.34%, reaching a market value of 29.707 billion HKD [16] - The stock has increased 2.46 times since its IPO price of 26.66 HKD [21]

Group 1 - Tsugami Machine Tool China (01651) saw a nearly 6% increase, reaching a historical high, with revenue of 81.58 billion yen in China, up 28.3% year-on-year, and segment profit of 22.534 billion yen, up 51.2% [1] - Zhizhu (02513) surged over 26%, with a 25.8% increase reported, following the launch of its flagship model GLM-5, which achieved state-of-the-art performance in coding and agent capabilities [1] - China Nuclear International (02302) rose over 7%, with a forecasted revenue of no less than 2.46 billion HKD for 2025, driven by increased uranium trading volume [1] Group 2 - Tianyu Semiconductor (02658) increased nearly 8% after announcing a strategic partnership with EYEQ Lab Inc., a leader in third-generation semiconductors in South Korea [2] - Harbin Electric (01133) rose 7.95% after announcing an expected net profit of 2.65 billion yuan for 2025, a year-on-year increase of approximately 57.2% [2] - Weichai Power (02338) increased over 5.6%, with Morgan Stanley raising the projected cumulative power gap for U.S. data centers from 44 GW to 47 GW for 2025-2028 [2] Group 3 - SOLV Energy (MWH.US) debuted on the U.S. stock market with a 22.68% increase, focusing on large-scale solar power and battery storage projects [4] - Gilead Sciences (GILD.US) rose 5.82%, with a reported revenue growth of 2.4% year-on-year and a significant net profit increase of approximately 16.73 times [4] - TSMC (TSM.US) increased by 3.37%, reporting a January revenue growth of 36.8% year-on-year, marking its strongest monthly revenue ever [5] Group 4 - Bilibili (BILI.US) rose 2.84% after announcing collaboration with the Spring Festival Gala, marking the first involvement of UP owners in the event [6] - Micron Technology (MU.US) surged 9.94% as the memory market experienced a rapid increase, with prices rising 80%-90% since the end of Q4 2025 [7] - Kingsoft Cloud (KC.US) increased by 9.98%, with Goldman Sachs predicting Xiaomi's investment in AI to reach approximately 10 billion yuan in 2026, benefiting Kingsoft Cloud [8]

Core Viewpoint - Harbin Electric (01133) has announced a positive earnings forecast for 2025, expecting a net profit of 2.65 billion yuan, representing a year-on-year increase of approximately 57.2%, surpassing previous expectations of 2.5 billion yuan [2][4]. Group 1: Company Performance - The significant increase in net profit is attributed to revenue growth and improved product profitability [2][4]. - The company is expected to benefit from the gradual release of high-value orders and an increase in gross margin [2][4]. - Enhanced production scale and intelligent manufacturing capabilities have led to substantial improvements in operational efficiency and economies of scale [2][4]. Group 2: Industry Context - As of mid-October 2025, the planned capacity for data center reserve projects in the U.S. has reached 245 GW, indicating a rising peak load demand [2][4]. - The ongoing electricity shortage in the U.S. is driving the need for reliable power systems, which is expected to benefit sectors such as gas turbines, power equipment, and energy storage [2][4]. - There are bottlenecks in the production capacity of leading overseas gas turbine companies, suggesting a favorable environment for Chinese companies to increase their market share [2][4].

Core Viewpoint - Harbin Electric (01133) has seen a stock price increase of over 5%, currently at 22.28 HKD, following the announcement of a positive earnings forecast for 2025, projecting a net profit of 2.65 billion CNY, a year-on-year increase of approximately 57.2% [1][1][1] Company Summary - Harbin Electric expects to achieve a net profit of 2.65 billion CNY in 2025, exceeding previous profit expectations of 2.5 billion CNY [1][1] - The significant growth in net profit is attributed to increased operating revenue and improved product profitability [1][1] - The company benefits from high-value orders being gradually released and an anticipated increase in gross margin [1][1] - Enhanced production scale and intelligent manufacturing capabilities have led to significant improvements in operational efficiency and economies of scale [1][1] Industry Summary - As of mid-October 2025, the planned capacity for data center reserve projects in the U.S. has reached 245 GW since January 2023, indicating a growing demand for stable power sources [1][1] - The increasing peak load from operational data centers highlights the reliability needs of the power system, suggesting that gas turbines, power equipment, and energy storage sectors are likely to benefit [1][1] - There are capacity bottlenecks among leading overseas gas turbine manufacturers, presenting an opportunity for Chinese companies to increase their market share in a high-demand environment [1][1]