方正证券研报认为，展望2026年，人工智能数据中心行业仍将保持高景气。一方面，国内外头部互联网厂商公布 的资本开支计划普遍显示较高增长预期；另一方面，海外头部电力设备厂商业绩表现亮眼，行业高成长性已在业 绩端有所体现。从产业链受益环节来看，直接为数据中心提供供电、配电设备的企业将率先获得订单增长；围绕 智能电网、储能系统、电力调度系统等领域的技术服务企业，也将随着电网智能化改造的深入而迎来发展机遇。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | | --- | --- | --- | --- | --- | --- | --- | | 688191 | 智洋创新 | 1 | 11.64 | 99.33亿 | 33.25 | 42.88 | | 300265 | 通光线缆 | | 10.81 | 87.25亿 | 39.25 | 18.66 | | 002350 | 北京科锐 | 1 | 10.02 | 60.74 Z | 37.59 | 11.20 | | 603618 | 杭电股份 | 1 | 9.97 | 115亿 | 106.58 | 16.65 | | 603530 ...

Group 1 - The core viewpoint of the news is the issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council, aiming to establish a unified electricity market system by 2030, with a target of market-based trading volume accounting for about 70% [1] - The policy is designed to break down market barriers and promote the entry of diverse entities, providing institutional support for the construction of a new power system, which directly benefits sectors such as ultra-high voltage, smart grids, and virtual power plants [1] Group 2 - In the recent stock performance, Guodian Nanzi (600268) experienced significant fluctuations, with a notable increase of 5.38% on February 12, closing at 13.13 yuan, with a trading volume of 676 million yuan and a net inflow of main funds amounting to 31.27 million yuan, indicating a positive market reaction to the policy [2] - On February 13, the stock price corrected by 1.90%, closing at 12.88 yuan, with a shift to net outflow of main funds, although the overall 5-day fluctuation remained at 3.04% with an amplitude of 8.08%, reflecting intensified short-term capital speculation [2] - The change in fund flow showed a net outflow of 13.49 million yuan on February 9, contrasting with the net inflow on February 12, highlighting the shift in market sentiment driven by the policy [2]

Core Insights - The global wind power installed capacity is expected to reach 117 GW in 2024, marking a historical high, with onshore wind contributing 109 GW and offshore wind 8 GW [1] - The global wind power EPC market is projected to reach approximately $57.9 billion in 2024, driven by increasing demand for clean and renewable energy [3] - Onshore wind EPC projects dominate the market, accounting for about 59% of the global share due to lower installation costs and shorter project delivery times [6] - The Asia-Pacific region is a leading market for wind power EPC, with market shares of 39% in Europe, 25% in North America, and 23% in Asia-Pacific [8] - By 2030, the global wind power EPC market is expected to exceed $82 billion, supported by government policies promoting renewable energy and advancements in wind technology [10] Market Distribution - The global wind power EPC market is segmented into onshore and offshore projects, with onshore projects being favored due to their cost-effectiveness and familiarity among developers [6] - The geographical distribution of the wind power EPC market shows Europe as the largest market, followed by North America and the Asia-Pacific region [8] Future Projections - The wind power EPC market is anticipated to grow significantly, with projections indicating a market size exceeding $82 billion by 2030, driven by technological advancements and a focus on sustainability [10]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released a public list of green factories and green industrial parks for the year 2025, highlighting the importance of sustainable development in the manufacturing sector [2]. Group 1: Green Factories and Industrial Parks - The list includes newly cultivated green factories and industrial parks, as well as those undergoing dynamic management adjustments, which were recommended by provincial industrial and information departments and reviewed by experts [4]. - Notable companies included in the list are Beijing Haibo Sichuang Technology Co., Ltd., Envision Energy Technology (Jiangsu) Co., Ltd., and Honeycomb Energy Technology Co., Ltd. [3][4]. Group 2: Contact Information and Public Notice - The public notice period for the list is from February 5, 2026, to February 19, 2026, during which any objections can be submitted to the MIIT [5]. - The contact unit for inquiries is the Energy Conservation and Comprehensive Utilization Department of the MIIT, with a provided contact number for further communication [5].

Industry Overview - The Chinese wind power EPC industry is dominated by large state-owned enterprises, with the top tier consisting of China Power Construction and China Energy Engineering, which hold over 90% of the comprehensive and first-class qualifications in the power engineering sector [1][6] - The second tier includes city-level design institutes and some capable private enterprises, while the third tier consists of numerous companies with lower qualifications competing in smaller projects [1] Market Share - In 2025, among 132 projects in the Chinese wind power EPC bidding, China Power Construction won 24 projects (18% market share), followed by China Energy Engineering with 19 projects (14% market share) [4] - The overall market share is primarily held by large state-owned enterprises, indicating a high concentration in the industry [4][6] Market Concentration - The market concentration in the wind power EPC industry is high, with a CR2 of 32% and a CR5 of 54%, indicating that the top two companies dominate the market significantly [6] Company Layout and Competitiveness - Most listed companies in the wind power EPC sector have both domestic and international operations, with China Power Construction and China Energy Engineering having a high proportion of their business in these areas [7] - China Energy Engineering focuses on renewable energy development, with 85.81% of its engineering construction business related to wind power EPC [9] - China Power Construction covers the entire wind power EPC process, focusing on deep-sea wind power and high-altitude land wind power, with 90.74% of its business in this area [9] - Other companies like Huadian Technology and Yongfu Co. also have specific regional focuses and capabilities in the wind power EPC sector [10] Competitive Landscape - The wind power EPC industry exhibits a high degree of customization and low homogeneity, with moderate competition levels [11] - The bargaining power of upstream suppliers is strong due to reliance on imported core components for wind turbines, while downstream buyers have moderate bargaining power due to the technical requirements of projects [11]

Core Insights - The "Cyber-Physical Energy Systems in the Era of Energy Revolution" forum was successfully held in Hong Kong, organized by Guodian Nanjing Automation Co., Ltd. (referred to as Guodian Nanzi) [1] - The forum gathered top scholars in the field of cyber-physical energy systems, focusing on the latest research trends and future development directions amid a new energy revolution [1][4] - The CPES journal, initiated by Guodian Nanzi, was officially launched in August 2024 and has achieved significant recognition and development in its first year [3] Group 1 - The CPES journal was included in the "China Science and Technology Journal Excellence Action Plan Phase II" in November 2024, marking a strong start [3] - In 2025, the journal made notable progress, being recognized by the "Jiangsu Science and Technology Journal Excellence Action Plan" and becoming the only non-Ministry of Education supervised journal in that batch [3] - The first issue of the CPES journal was published in October 2025, covering various topics such as electric vehicle optimization and blockchain cloud storage management, featuring contributions from top scholars across seven countries [3] Group 2 - The core mission of the CPES journal is to provide a high-quality academic exchange platform for researchers in the field during a critical period of global energy transition [4] - The forum included a roundtable discussion led by prominent experts, focusing on key technologies and practical paths for the implementation of cyber-physical energy systems [4] - The forum marked the first specialized academic event held outside mainland China by the CPES journal, indicating a significant step in building an international academic exchange platform [6]

Core Viewpoint - The company has achieved financial management informatization and established standardized financial management systems and processes to enhance efficiency and ensure sustainable development [1] Group 1 - The company responded to investor inquiries on an interactive platform regarding its financial management practices [1] - The implementation of informatization in financial management aims to improve operational efficiency [1] - The establishment of standardized systems and processes is intended to support the company's long-term growth [1]

Core Viewpoint - The company emphasizes its commitment to equal information disclosure for all investors, adhering to relevant regulations regarding shareholder information disclosure [1] Group 1: Information Disclosure - The company stated that it discloses shareholder information in its periodic reports according to the relevant disclosure requirements [1] - For inquiries regarding the number of shareholders outside of periodic reporting, the company requires written documentation proving the type and quantity of shares held by the shareholder [1] - The company will verify the identity of the shareholder before providing the requested information in accordance with the Company Law and its articles of association [1]

Core Viewpoint - The electric grid equipment sector is experiencing a significant surge, driven by substantial investments from the State Grid and Southern Power Grid, marking a new phase in China's energy transition [1] Investment and Market Dynamics - The State Grid announced a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, while Southern Power Grid disclosed an investment scale of 180 billion yuan for 2026, indicating a shift towards annual investments nearing 1 trillion yuan [1] - This investment not only sets a historical high but also signifies the acceleration of new power system construction from planning to implementation, providing crucial support for China's energy transition [1] Industry Trends and Future Outlook - The consensus in the industry is that "the end of AI is electricity," highlighting the critical role of power supply in the development of AI technologies, especially with the increasing energy demands of large models like GPT-5 [1] - Goldman Sachs predicts that by 2030, AI data centers will increase global electricity demand by 175% compared to 2023, emphasizing the mismatch in the speed of data center construction and transmission line installation [1] - Dongguan Securities notes that significant projects in China, such as smart grids and urban-rural grid renovations, require substantial electric grid equipment, leading to a demand for efficient, energy-saving, and environmentally friendly transformers [1] Investment Products - The Tianhong CSI Electric Grid Equipment Theme Index closely tracks the performance of 80 listed companies involved in ultra-high voltage and smart grid construction, reflecting the overall performance of electric grid equipment stocks [2] - Investors interested in capitalizing on the growth of AI computing power may consider the Tianhong CSI Electric Grid Equipment Index [2]

Group 1 - The A-share market saw a collective surge in smart grid stocks, with companies like China Xidian, Xinlian Electronics, Dingxin Communications, and others hitting the daily limit up [1] - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), representing a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan [1] - Southern Power Grid is expected to invest around 1 trillion yuan during the same period, leading to a total investment of nearly 5 trillion yuan from both major grids, significantly exceeding the 2.64 trillion yuan and 2.85 trillion yuan investments during the 13th and 14th Five-Year Plans, respectively [1] Group 2 - China Xidian's stock rose by 10.03%, with a total market value of 81 billion yuan and a year-to-date increase of 73.63% [2] - Xinlian Electronics experienced a 10.01% increase, with a market capitalization of 8.34 billion yuan and a year-to-date rise of 43.06% [2] - Dingxin Communications, Hanlan Co., and other companies also saw significant stock price increases, with various percentages ranging from 5.19% to 10% [2]