更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 March 24, 2026 04:44 AM GMT 中国新兴前沿 新型电力系统将驱动中国电力 设备资本开支 在2026–30年中国加快电力基础设施投资的背景下，我们预 计中国电网设备供应商将整体受益。 | shuimu2026 | | | shuimu2026 | | shuimu2026 | | --- | --- | --- | --- | --- | --- | | 手调研纪要和海外投行研报数据加V： 手调研纪要和海外投行研报数据加V： 更多一 更多一 | | | 更多一 | 手调研纪要和海外投行研报数据加V： | | | M 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 | | | | | | | Asia Pacific Insight March 24, 2026 04:44 AM GMT | | | | | | | Morgan Stanley Asia Limited+ 中国新兴前沿 | | | | | | | 侯婧 | | | | | | | 股票分析师 Eva.Hou@morganstanley.com 新型电力系统 ...

March 20, 2026 07:26 PM GMT China's Emerging Frontiers New Power System to Fuel China's Power Equipment Capex We expect Chinese power grid equipment suppliers to benefit broadly from China's accelerated power infrastructure spending during 2026-30. Key Takeaways We reiterate Sieyuan Electric as our preferred play: We cite: 1) ongoing market share gain in China via its diversified product portfolio, 2) strong overseas order growth outlook amid ongoing global market penetration and transformer supply tightnes ...

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 ...

证券代码：600312 证券简称：平高电气 公告编号：2026-002 河南平高电气股份有限公司 关于开展外汇金融衍生业务计划的公告 重要内容提示： 交易主要情况 | 交易目的 | □获取投资收益 √套期保值（合约类别：□商品；√外汇；□其他：________） | | --- | --- | | | □其他：________ | | 交易品种 | 远期结售汇、掉期、外汇期权等业务或业务组合。 新增444万美元、新增 | | 交易金额 | 预计任一交易日持有的最高合约 390万欧元、2025年实际 价值 执 行 未 交 割 1796 万 欧 元。 | | 资金来源 | √自有资金 □借贷资金 □其他：___ | | 交易期限 | 自公司董事会审议通过之日起12个月内有效。 | 已履行的审议程序：该事项已经第九届董事会审计委员会 2026 年第 一次会议、第九届董事会第十六次会议审议通过。 特别风险提示：河南平高电气股份有限公司（含所属子公司，以下简 称"公司"）开展外汇金融衍生业务不以投机为目的，主要为有效规避汇率波 动对公司带来的不利影响，但同时也会存在市场风险、履约风险及其他风险， 敬请广大投资者充分关注 ...

河南平高电气股份有限公司（以下简称"公司"）第九届董事会第十六次会议于 2026年3月3日以电子邮件、手机短信发出会议通知,并于 2026年3月9日以通讯 方式召开,会议应到董事9人,实到孙继强、张国跃、刘刚、赵建宾、樊占峰、刘 克民、吕文栋、何平林、孙丽 9人。本次会议的召集、召开符合《公司法》和《公 司章程》的规定。会议经过有效表决,形成以下决议: 一、会议以9票赞成,0票反对,0票弃权审议通过了《关于公司开展外汇金融 衍生业务计划的议案》。 公司编制的开展外汇金融衍生业务可行性分析报告作为议案附件与本议案一并 经董事会审计委员会审议通过,并同意提交董事会审议。公司开展金融衍生业务是 为有效规避外汇市场的风险,防范汇率大幅波动对公司经营业绩和股东权益造成不 利影响,有利于增强公司经营稳健性。同意公司开展外汇金融衍生业务额度新增 444 万美元、新增 390 万欧元、2025年实际执行未交割 1796 万欧元。交易期限为自公司 董事会审议通过之日起 12个月内有效。 河南平高电气股份有限公司董事会文件 平高董字[2026]2 号 河南平高电气股份有限公司 第九届董事会第十六次会议决议 (本页无正文,为《河南 ...

股票简称：平高电气 股票代码：600312 编号：2026—001 1 一、会议以 9 票赞成，0 票反对，0 票弃权审议通过了《关于公司开展外汇金融 衍生业务计划的议案》： 公司编制的开展外汇金融衍生业务可行性分析报告作为议案附件与本议案一并 经董事会审计委员会审议通过，并同意提交董事会审议。具体内容详见公司披露于 上海证券交易所网站（http://www.sse.com.cn）的《河南平高电气股份有限公司关 于开展外汇金融衍生业务计划的公告》。 特此公告。 河南平高电气股份有限公司董事会 2026 年 3 月 10 日 河南平高电气股份有限公司 第九届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 河南平高电气股份有限公司（以下简称"公司"）第九届董事会第十六次会议于 2026 年 3 月 3 日以电子邮件、手机短信发出会议通知，并于 2026 年 3 月 9 日以通讯 方式召开，会议应到董事 9 人，实到 9 人。本次会议的召集、召开符合《公司法》 和《公司章程》的规定。会议经过有效表决，形成 ...

Investment Rating - The report does not provide a specific investment rating for the industry [6] Core Insights - The European Commission released the draft of the "Industrial Acceleration Act," which mandates the use of locally produced clean energy equipment in public procurement and government subsidy projects to reduce reliance on imports and strengthen domestic manufacturing [15] - The report highlights the strategic importance of hydrogen and green alcohol in energy security, with significant government focus on their development [39] Lithium Battery Sector - The battery industry index decreased by 1.18%, underperforming the CSI 300 by 0.11 percentage points, with core stocks like Wanrun New Energy (+7.9%) and Penghui Energy (+7.2%) showing significant gains [13][14] - The report recommends focusing on companies such as CATL and Yiwei Lithium Energy, and suggests monitoring new technologies in solid-state batteries [8] Energy Storage Sector - In February, the energy storage market completed orders totaling 52.7GWh, with average prices for battery cells rising to 0.35 yuan/Wh [21][22] - Major procurement results from China Huadian Group for a 12GWh energy storage project included candidates like Electric Power Era and CRRC Zhuzhou Institute [23][24] Power Equipment Sector - Gansu plans to add two new UHV projects, with significant investments aimed at enhancing energy transmission capabilities [26][27] Photovoltaic Sector - The report notes a decrease in silicon material prices, with multi-crystalline silicon averaging 48 yuan/kg, and a significant drop in silicon wafer prices due to high inventory levels [28][29] - The introduction of new regulations marks a shift towards market-oriented development in the photovoltaic industry, emphasizing the importance of operational efficiency over mere construction [36][37] Wind Power Sector - Recent approvals for offshore wind projects in Jiangsu and Guangdong indicate a robust growth trajectory for the sector, with significant capacity planned for the coming years [39][40] - The report highlights the global expansion of offshore wind projects, with notable developments in the UK and Germany [41][42] Hydrogen and Green Alcohol Sector - The strategic emphasis on hydrogen and green alcohol has been elevated, with government reports indicating their critical role in energy security and the transition to a low-carbon economy [39]

Core Viewpoint - The United States has initiated the construction of 765kV ultra-high voltage transmission lines to alleviate congestion in existing infrastructure and enhance grid reliability and long-term system stability [2]. Group 1: Infrastructure Development - The 765kV is the highest transmission voltage level in the U.S., with major lines primarily located in the Eastern Interconnection, covering approximately 2,000 miles. By the end of 2025, Texas, the Mid-Atlantic, and the Midwest grid operators have been approved for a total of about $75 billion in transmission expansion projects, with the 765kV lines being a key focus, expected to extend to 10,000 miles [2]. - The introduction of competitive bidding and other models is aimed at accelerating grid construction due to the increasing electricity demand from AI data centers and the manufacturing sector, which has led to a growing conflict between electricity demand and aging grid infrastructure [3]. Group 2: Opportunities for Chinese Companies - The U.S. power system is entering a new investment cycle not seen since the 1970s, coupled with increased electricity demand from the AI industry, making it difficult to complete grid construction in the short term. Currently, overseas high-voltage equipment companies have the longest lead times for high-voltage transformers extending to 2030, and the supply-demand situation for high-voltage switches and insulators will also tighten further, with 765kV ultra-high voltage capacity being particularly scarce [4]. - Demand for high-voltage and ultra-high-voltage equipment may spill over to companies in Japan, South Korea, and China, as overseas high-voltage equipment verification cycles are longer, typically taking 5-10 years. Companies with established product layouts and good reputations are expected to seize opportunities [4]. Group 3: Recommended Companies - Companies that have gained a foothold in overseas markets and are entering the localization phase in the end market, or those deeply integrated into the supply chains of large overseas enterprises, are recommended. Notable mentions include Si Yuan Electric (002028), Shenma Electric (603530), Jinpan Technology (688676), and Igor (002922), with additional attention to Tebian Electric (600089), China XD Electric (601179), Pinggao Electric (600312), Anke Intelligent Electric (300617), Baiyun Electric (603861), Huaming Equipment (002270), and Changgao Electric (002452) [5].

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Siyuan Electric, Shenma Power, Jinpan Technology, and Igor [2]. Core Insights - The U.S. has initiated the construction of a 765kV ultra-high voltage transmission network, which aims to enhance grid reliability and long-term system stability. This expansion plan involves a total investment of approximately $75 billion, focusing on alleviating congestion in existing infrastructure and integrating new power generation resources into the grid [6][7]. - The introduction of competitive bidding and other models is expected to accelerate grid construction, addressing the growing electricity demand driven by AI data centers and manufacturing sector recovery [6]. - The Chinese high-voltage transmission and transformation equipment industry may have opportunities due to the new investment cycle in the U.S. power system, which is expected to face supply constraints in high-voltage equipment [6]. - Companies with established reputations and product lines in high-voltage equipment are likely to benefit from this demand overflow, particularly those with a strong presence in overseas markets [6]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 784.35 billion and a circulating market value of 686.41 billion [3]. - The absolute performance of the industry has shown significant growth, with a 58.7% increase over 12 months [5]. Company Summaries - **Siyuan Electric**: A leading player in high-voltage equipment with a comprehensive product line, expected to benefit from the demand for high-voltage equipment in the U.S. market [15]. - **Shenma Power**: A leader in composite insulators and new insulation materials, with a strong overseas presence and high market share in domestic ultra-high voltage substations [16]. - **Jinpan Technology**: Established in the U.S. market with strong brand recognition in dry-type transformers, actively expanding overseas [17]. - **Igor**: Holds a significant market share in renewable energy transformers in the U.S., with potential for growth in overseas markets [18]. - **Ankao Smart Electric**: Recently secured orders for data center transformers in the U.S., marking a breakthrough in its overseas expansion [20]. - **Baiyun Electric**: Has a diverse product range in the power equipment sector and is focusing on expanding into international markets [21]. - Other companies to watch include TBEA, China XD Electric, Pinggao Electric, and Changgao Electric [22].

Investment Rating - The report maintains an "Overweight" investment rating for the power equipment industry [1] Core Insights - The power equipment industry is experiencing a supercycle driven by electricity shortages, with a positive outlook for household energy storage systems [1] - The report highlights significant growth in energy storage demand, particularly in the U.S. and Australia, with expectations of over 60% growth in global energy storage installations in 2026 [3][6] - The electric vehicle sector is projected to recover in sales, with a forecasted 5% growth in domestic electric vehicle sales in 2026 [3][24] Industry Trends - Energy Storage: The National Energy Administration has approved 43 pilot projects for new power systems with a total investment of 3.968 billion yuan, indicating strong government support for energy storage [3] - Electric Vehicles: January 2026 saw domestic electric vehicle sales of 945,000 units, with expectations for recovery in March due to the arrival of subsidies [3][24] - Market Prices: Lithium carbonate prices have increased by 21.3% to 165,000 yuan/ton, reflecting rising demand in the battery sector [3] Company Performance - Ningde Times is highlighted as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [3][5] - Trina Solar is expected to enter a harvest period for energy storage, with significant revenue projections for 2025 [3] - Other companies such as Gotion High-tech and BYD are also noted for their strong performance and growth potential in the electric vehicle and energy storage markets [3][5] Investment Strategy - The report recommends focusing on leading companies in energy storage and lithium battery sectors, including Ningde Times, Gotion High-tech, and others, due to their strong market positions and growth potential [3][5] - The report emphasizes the importance of technological advancements and market expansion opportunities in the robotics and automation sectors, particularly with the anticipated launch of Tesla's Gen3 robot [3][9]