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]

Group 1 - The core issue is the increasing electricity shortage in North America driven by the rising demand for AI, with major tech companies being urged to take responsibility for their high-energy data centers [1] - From 2025 to 2028, the compound annual growth rate (CAGR) for electricity capacity demand due to AI in the U.S. is projected to be approximately 55%, with a total demand exceeding 150 GW in the next three years [1][2] - The trend towards self-built power sources is becoming prominent, with gas turbines being favored 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 [2] - There are opportunities for domestic gas turbine manufacturers and core component supply chains due to the current market conditions [2] - Companies in the electric power equipment and gas turbine-related industry chain include Dongfang Electric, Harbin Electric, Shanghai Electric, Weisheng Holdings, and Chongqing Machinery [3]

Group 1 - The aging infrastructure of the European and American power grids is increasing systemic risks, leading to a favorable outlook for a global investment cycle in electricity [2][3] - Recent severe weather events, including snowstorm warnings, have resulted in significant power outages, with over one million households affected in the U.S. on January 25, 2026, and expected outages of 100,000 to 150,000 households in Rhode Island due to worsening conditions [2] - Domestic electricity cost advantages are becoming more prominent, with Chinese models like MiniMax, Kimi, Zhiyu, and DeepSeek capturing four out of the top five spots in global token usage, indicating rapid growth in domestic model adoption [2][3] Group 2 - Chinese power infrastructure is well-developed, allowing domestic computing power to leverage low electricity costs for cross-border delivery, which promotes domestic electricity consumption and equipment demand [3] - Major internet companies are accelerating their global expansion, with Alibaba Cloud announcing new data centers in Malaysia and other countries, and ByteDance establishing data centers in Southeast Asia, Northern Europe, and South America [3] - Collaboration between domestic model vendors and global cloud service providers is expected to benefit domestic power equipment companies that have established stable partnerships and overseas production capabilities [3] Group 3 - Recommended companies include Mingyang Smart Energy (301291), Jinpan Technology (688676), Igor (002922), Sifang Co., Ltd. (601126), and others, which are positioned to benefit from overseas orders and rapid growth in AIDC orders [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]

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] - 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] Group 2 - 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] - In December 2025, the export values of key electrical equipment products such as transformers, wires and cables, copper winding wires, low-voltage switches, and insulators showed significant year-on-year growth rates [1] - The AIDC sector is expected to maintain high growth in 2026, driven by increased capital expenditure plans from leading domestic and international internet companies [2] - The contradiction between the rising electricity demand from data centers and the aging power equipment in the U.S. presents opportunities for Chinese electrical equipment exporters [2] Group 3 - Relevant Hong Kong-listed companies in the electrical equipment sector include Dongfang Electric (01072), Harbin Electric (01133), Shanghai Electric (02727), Weichai Power (02338), and Chongqing Machinery and Electric (02722) [3]

Investment Rating - The report does not explicitly state an investment rating for the company, but it highlights significant developments that could positively influence the stock's performance. Core Insights - The inclusion in the Hang Seng Composite Index is expected to enhance liquidity premium, attracting passive investment from ETFs and institutional investors [2] - The planned spin-off of Weiyuan Energy Technology Co., Ltd. aims to unlock the valuation of AI energy solutions, providing existing shareholders with a safety net through guaranteed allocations in the upcoming IPO [3] - The company is transitioning from a traditional power equipment provider to an AI-driven digital energy holding platform, with a focus on monitoring fund flows post-index inclusion and the regulatory progress of the spin-off [4] Summary by Relevant Sections Inclusion in Hang Seng Composite Index - The company will be included in the Hang Seng Composite Index effective March 9, 2026, which is anticipated to trigger buying from ETFs and passive funds [1][2] Spin-off of Weiyuan Energy - The spin-off is seen as a restructuring move to unlock the valuation of high-growth AI energy assets, allowing shareholders to benefit from both the parent company's potential stock price increase and the growth of the subsidiary [3] Strategic Focus - The company emphasizes its positioning in the "AI era digital energy solutions" and is advised to closely monitor the inflow of southbound funds and the regulatory status of the spin-off [4]

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 威胜控股（03393）盘初涨超5%，截至发稿，股价上涨4.38%，现报28.14港元，成交额2883.08万港元。 威胜控股发布公告，根据恒生指数有限公司于2026年2月13日公布的恒生指数系列季度检讨结果，公司 被纳入恒生综合指数成份股，2026年3月6日（星期五）收市后实施，并于2026年3月9日（星期一）起生 效。董事会认为，此次公司股份获纳入此重要指数，充份体现投资者对公司价值与成长发展潜力表现的 认可，并有助吸引更广泛的市场关注，从而拓宽公司的投资者基础及提升公司股份交易流动性。 值得一提的是，近期，威胜控股公告旗下ADO业务非全资子公司惟远能源引入战略股东博裕投资。 威胜控股（03393）盘初涨超5%，截至发稿，股价上涨4.38%，现报28.14港元，成交额2883.08万港元。 威胜控股发布公告，根据恒生指数有限公司于2026年2月13日公布的恒生指数系列季度检讨结果，公司 被纳入恒生综合指数成份股，2026年3月6日（星期五）收市后实施，并于20 ...

消息面上，威胜控股发布公告，根据恒生指数有限公司于2026年2月13日公布的恒生指数系列季度检讨 结果，公司被纳入恒生综合指数成份股，2026年3月6日(星期五)收市后实施，并于2026年3月9日(星期 一)起生效。董事会认为，此次公司股份获纳入此重要指数，充份体现投资者对公司价值与成长发展潜 力表现的认可，并有助吸引更广泛的市场关注，从而拓宽公司的投资者基础及提升公司股份交易流动 性。 智通财经APP获悉，威胜控股(03393)涨超5%，截至发稿，涨4.67%，报28.22港元，成交额2584.36万港 元。 值得一提的是，近期，威胜控股公告旗下ADO业务非全资子公司惟远能源引入战略股东博裕投资。国 投证券(国际)此前指出，威胜控股持有惟远能源约65%股份。受益于AI的爆发式增长，国内及海外数据 中心需求进入爆发期。公司已取得万国数据、字节等战略客户订单，并积极开拓大型客户。2025年公司 已取得数据中心订单达23亿，预期10亿在今年确认收入。该行认为，明年公司的数据中心业务订单及收 入均有翻倍增长的空间；ADO业务正进入爆发式增长阶段。 ...

Core Viewpoint - 威胜控股 has been included in the Hang Seng Composite Index, effective from March 9, 2026, following the quarterly review by Hang Seng Indexes Company on February 13, 2026, which reflects investor recognition of the company's value and growth potential [1] Group 1 - The inclusion in the Hang Seng Composite Index is expected to attract broader market attention [1] - This development will help expand the company's investor base and enhance the liquidity of its shares [1]

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 本公司獲納入恒生綜合指數成份股 本公告乃由威勝控股有限公司（「本公司」），連同其附屬公司（「本集團」）自願刊發，以知會 本公司股東及潛在投資者有關本公司最新發展的資料。 本公 司董 事會（「董 事會」）欣 然宣 佈， 根據 恒生 指數 有限 公司 於2026 年2 月 13 日 公佈 的恒 生 指數系列季度檢討結果，本公司被納入恒生綜合指數成份股，2026年3月6日（ 星期五 ）收市 後實施，並於2026年3月9日（ 星期一）起生效。 恒生綜合指數作為港股綜合性基準指標，全面覆蓋在香港聯交所主板上市、累計市值位列 前95%的上市企業，廣泛適用於指數基金、互惠基金及投資表現評估的基準參考。獲納入 恒 生 綜 合 指 數 ， 將 令 本 公 司 股 票 符 合 資 格 於 香 港滬港 通 及 深 港 通（ 中 國 香 港 與 中 國 大 陸 投 資者進行股份交易的渠道）進行買賣。 董事會認為，此次本公司股份獲 ...