Core Viewpoint - The report from Dongwu Securities highlights significant regional power supply pressures in the U.S. due to the increasing establishment of data centers, particularly in Texas, California, and Virginia, with projections indicating a substantial power gap by 2030 [1][2]. Group 1: Supply and Demand Dynamics - Over 50% of data centers are projected to be built in Texas, California, and Virginia by 2024, leading to considerable regional power supply stress [1][2]. - The North American Electric Reliability Corporation (NERC) anticipates an average peak power gap of over 20 GW from 2027 to 2030, with Texas, the Mid-Atlantic, the Midwest, and California facing significant risks [1][2]. - The U.S. Department of Energy (DOE) forecasts an average peak power gap of 20-40 GW by 2030 [1][2]. Group 2: Supply Challenges - The U.S. power supply is facing long-term challenges, including a decline in stable supply due to aging infrastructure and frequent outages, which cannot meet the 100% reliability demands of AI data centers [2]. - The upcoming retirement of coal power plants and the instability of wind and solar energy further exacerbate the supply issues, necessitating reliance on natural gas for current gaps [2]. Group 3: Technology Solutions - Gas turbines are identified as the optimal solution for self-built power generation in AIDC, with combined cycle gas turbines achieving over 60% efficiency and the lowest cost per kilowatt-hour [3]. - Gas internal combustion engines, while slightly less efficient, offer rapid deployment capabilities, with a significant increase in orders reported by leading companies [3]. - Solid Oxide Fuel Cells (SOFC) have high efficiency but are still in early commercialization stages, making them less viable in the short term [3]. - Diesel generators are noted for their quick start-up advantages, serving as optimal backup power solutions [3]. Group 4: Investment Recommendations - Investment opportunities are shifting from gas turbines to gas internal combustion engines and SOFCs, as the current power deficit in North America exceeds the total production capacity of various technologies [4]. - Recommended companies for gas turbines include Jerry Holdings, Yingliu Co., Dongfang Electric, Linde Co., and Haomai Technology [4]. - For gas internal combustion engines, Linde Co. is recommended, with additional attention to Weichai Power and Weichai Heavy Machinery [4]. - SOFC investments should focus on Weichai Power, while diesel generator investments recommend Linde Co. and other related companies [4].

证券代码：600875 证券简称：东方电气 公告编号：2026-002 东方电气股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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。 ■ 上述减持主体无一致行动人。 二、减持计划的实施结果 (一)高级管理人员因以下事项披露减持计划实施结果： 重要内容提示： ● 高级管理人员持股的基本情况 东方电气股份有限公司（以下简称"公司）于2025年12月4日披露了《高级管理人员减持股份计划公告》 （以下简称《减持计划公告》（公告编号：2025-058）。公司高级副总裁王军先生、副总裁胡修奎先 生、副总裁但军先生因个人资金需求，自减持计划公告披露之日起15个交易日后的3个月内（有关法 律、行政法规、规范性文件规定的不得减持股份的期间除外），通过上海证券交易所证券交易系统以集 中竞价交易方式减持公司股份。王军先生减持不超过6250股、胡修奎先生减持不超过16250股、但军先 生减持不超过7500股。以上人士减持股数均不超过其本人上年末持股总数的25%，减持价格将按照减持 实施时的市场价格确定。 ...

（文章来源：证券日报） 证券日报网讯 2月9日，东方电气发布公告称，公司高级副总裁王军、副总裁胡修奎、副总裁但军减持 计划已实施完毕，三人分别减持6200股、16200股、7500股，合计占公司总股本的0.00087%，减持价格 区间为24.18元/股至27.07元/股。 ...

Group 1 - The rapid development of AI has led to a surge in electricity demand, resulting in a strong performance in the power grid equipment sector since the beginning of 2026, with a cumulative increase of nearly 21% [1] - The power equipment theme index rose nearly 3% on February 9, 2026, with significant gains in electrical equipment, thermal power, and wind power indices [1] - The surge is attributed to a combination of the State Grid's 4 trillion yuan fixed asset investment plan during the 14th Five-Year Plan, global "electricity anxiety" driven by AI computing power, and urgent needs for grid upgrades in Europe and the US [1][2] Group 2 - In the AI investment chain, electricity is identified as the highest certainty factor, with constraints on funding and energy being critical issues [2] - The International Energy Agency (IEA) projects that global data center electricity consumption will double to 945 terawatt-hours by 2030, driven by data center expansion and AI technology development [2] - The State Grid's announcement of a 4 trillion yuan investment plan for the 14th Five-Year Plan, a 40% increase from the previous plan, has directly stimulated the power equipment sector [2] Group 3 - Domestic gas turbine technology has made significant breakthroughs and is beginning to export to markets like the Middle East, positioning China's capacity as a potential supplement to the US's electricity shortfall [3] - China holds a dominant position in the global power equipment sector, making power equipment and technology a highly certain investment direction amid the AI wave [3] Group 4 - Despite electricity becoming a new hard constraint, the long-cycle trend of the AI computing power industry chain is expected to continue [4] - The investment logic is shifting as the industry evolves, with a strong capital expenditure forecast for AI-related sectors from 2026 to 2030, particularly in areas facing capacity constraints [4] - Concerns about an "AI bubble" are considered premature, as the technology continues to advance and leading global tech companies remain at reasonable valuation levels [4] Group 5 - The long-term value of the computing power sector is viewed positively, as the AI industry transitions from technological penetration to large-scale performance realization [5] - The rapid iteration of industry chain technology and the narrowing supply chain mean that only a limited number of companies can enter the global core customer system, enhancing the competitive advantage of leading firms [5]

2026.02. 09 本文字数：1509，阅读时长大约3分钟 作者 | 第一财经 齐琦 受益AI快速发展带来的电力需求暴增，2026年开年以来电网设备板块持续强势行情。2月9日，电网 设备主题指数收涨近3%，2026年以来累计上涨近21%。 在陆文杰看来，中国制造在全球电力设备领域占据绝对优势，无论新能源装备还是传统能源技术均无 例外，电力设备和技术由此成为AI浪潮中一个确定性高的投资方向。 板块方面，电气设备、火电、风电指数均大面积收涨。个股方面，东方电气（600875.SH）收盘涨 停、思源电气（002028.SZ）川润股份（002272.SZ）等多股涨停。 "这一轮行情的背后，是国家电网"十五五"期间4万亿元固定资产投资计划、AI算力爆发引发的全 球'电力焦虑'，以及欧美电网升级需求迫切的三重共振。"一位公募基金经理对第一财经表示，电力 正成为科技股的新制约，也是AI浪潮中确定性最高的衍生投资方向。 电力成为"新制约" "在AI投资链条中，确定性最高的并非算法或芯片，而是电力。"贝莱德大中华区投资策略师陆文杰 近日在"贝莱德中国2026年投资展望分享会上表示，目前AI扩张面临两大根本限制——资金与能 ...

Core Viewpoint - The stock of Dongfang Electric (01072) has surged over 11%, reaching HKD 27.96 with a trading volume of HKD 269 million, driven by the increasing demand for natural gas power generation in the U.S. due to a construction boom in data centers [1][1]. Group 1: Company Performance - Dongfang Electric's stock rose by 11.39% as of the latest report, indicating strong market interest and confidence in the company's future prospects [1][1]. - The company has been collaborating with Mitsubishi Heavy Industries since the early 2000s to enhance its gas turbine manufacturing capabilities, which has positioned it well in the market [1][1]. Group 2: Industry Trends - The global energy monitoring agency reports that the U.S. is set to have over 29 GW of natural gas power generation capacity under construction by January 2026, more than doubling within a year [1][1]. - Domestic advancements in gas turbine technology are expected to provide effective support to the U.S. electricity supply chain, particularly as the country faces power shortages exacerbated by data center construction [1][1]. - Tianfeng Securities projects that Dongfang Electric's market share in the gas-electric sector will reach 70% by October 2025, with the localization rate increasing from 46.5% at the start of the partnership to an anticipated 90% by the end of 2025 [1][1].

Market Overview - The A-share market experienced a strong rally on February 9, with major indices rising across the board and over 4600 stocks increasing in value, indicating active trading sentiment [1][12] - A total of 99 stocks hit the daily limit up, with high-end manufacturing sectors emerging as the primary focus for capital [1] Sector Performance - The high-end manufacturing sector, particularly the electrical equipment industry, showed significant activity, with 17 stocks reaching the limit up, outperforming other sectors [1] - The market displayed a preference for "arbitrage" rather than "creating new trends," with institutions and retail investors not forming a cohesive strategy [2] Key Investment Themes - The core investment themes identified include photovoltaic technology, AI applications, and nuclear fusion, with a notable focus on technology leaders rather than mere capacity expansion [1] - The CPO (Co-Packaged Optics) concept surged by 7.20%, driven by multiple factors including policy support, technological breakthroughs, and increased overseas demand [10][11] Capital Flow Analysis - Significant capital inflow was observed in the communication sector, which rose by 5.17% with nearly 20 billion yuan entering the market, reflecting strong investor interest [5][6] - The top five stocks receiving major capital inflows were primarily in the communication and AI sectors, with NewEase and Tianfu Communication leading the way [7][9] Stock Performance - The stock performance analysis indicated that 79 stocks reached the first limit up, while only 10 advanced to the second limit up, showing a cautious approach from investors [4] - The CPO concept stocks, which have a high weight in the ChiNext 50 index, contributed to a 2.95% increase in the ChiNext 50 ETF, enhancing the attractiveness of the sector [12]

受益AI快速发展带来的电力需求暴增，2026年开年以来电网设备板块持续强势行情。2月9日，电网设 备主题指数收涨近3%，2026年以来累计上涨近21%。 板块方面，电气设备、火电、风电指数均大面积收涨。个股方面，东方电气（600875.SH）收盘涨停、 思源电气（002028.SZ）川润股份（002272.SZ）等多股涨停。 国内市场上，国家电网近期宣布，"十五五"期间固定资产投资规模将达4万亿元，较"十四五"投资增长 40%，年均投资强度创历史新高。这一投资计划直接点燃了电网设备板块的行情。 东吴证券指出，国内自主燃气轮机技术持续突破且已开始出口中东等市场，国内产能有望成为美国缺电 链条的有效补充。 在陆文杰看来，中国制造在全球电力设备领域占据绝对优势，无论新能源装备还是传统能源技术均无例 外，电力设备和技术由此成为AI浪潮中一个确定性高的投资方向。 算力长周期行情未改 尽管电力成为新的硬约束，机构普遍认为AI算力产业链的长周期行情并未结束。 "这一轮行情的背后，是国家电网"十五五"期间4万亿元固定资产投资计划、AI算力爆发引发的全球'电 力焦虑'，以及欧美电网升级需求迫切的三重共振。"一位公募基金经理对第 ...

资金流向方面，国企改革（399974）指数成份股当日主力资金净流入合计74.37亿元，游资资金净流出 合计38.4亿元，散户资金净流出合计35.97亿元。成份股资金流向详情见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，2月9日，国企改革（399974）指数报收于1994.88点，涨1.67%，成交1603.78亿元，换 手率0.75%。当日该指数成份股中，上涨的有87家，东方电气以10.02%的涨幅领涨，下跌的有12家，中 海油服以0.83%的跌幅领跌。 国企改革（399974）指数十大成份股详情如下： ...

东方电气（600875）(01072)发布公告，公司于2025年12月4日披露了《高级管理人员减持股份计划公 告》(以下简称《减持计划公告》(公告编号：2025-058)。公司高级副总裁王军先生、副总裁胡修奎先 生、副总裁但军先生因个人资金需求，自减持计划公告披露之日起15个交易日后的3个月内(有关法律、 行政法规、规范性文件规定的不得减持股份的期间除外)，通过上海证券交易所证券交易系统以集中竞 价交易方式减持公司股份。 截至本公告披露日，王军先生通过集中竞价交易方式合计减持公司股份数量为6200股，合计减持股份数 量占公司总股本的0.00018%;胡修奎先生通过集中竞价交易方式合计减持公司股份数量为1.62万股，合 计减持股份数量占公司总股本的0.00047%;但军先生通过集中竞价交易方式合计减持公司股份数量为 7500股，合计减持股份数量占公司总股本的0.00022%。 本次减持计划已实施完毕。 ...