Investment Rating - The report maintains a strong buy rating for several key companies in the power equipment sector, including Guodian Nanrui, Siyuan Electric, and TBEA, while recommending an increase in holdings for others like Sifang Co. and China XD Electric [2][3]. Core Insights - The State Grid's planned investment of 4 trillion yuan during the 14th Five-Year Plan period represents a 40% increase compared to the previous plan, with an expected compound annual growth rate (CAGR) of 7% [1][9]. - The focus of this investment will be on green transformation, ultra-high voltage, distribution networks, energy storage, and digitalization, which is expected to significantly support the performance of related companies [1][9]. - The report highlights the increasing pressure on power consumption and the need for a new power system, emphasizing ultra-high voltage and energy storage as critical solutions to address this challenge [1][13][21]. Industry Overview - The total number of listed companies in the power equipment sector is 308, with a total market capitalization of 7,728.9 billion yuan [3]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 63.1% increase over 12 months [5]. Key Company Analysis - Guodian Nanrui is recognized as a leader in secondary equipment with strong technology barriers and stable operations, expected to see significant growth in high-voltage and system stability businesses [26]. - Siyuan Electric has established a comprehensive product system and service network in overseas markets, with a notable increase in overseas revenue [26]. - China XD Electric benefits from increased capital expenditure in domestic main networks and ultra-high voltage projects, with a growing presence in international markets [27]. - TBEA is experiencing rapid growth in orders, particularly in the Middle East and Europe, and is expected to benefit from ongoing power construction projects [28]. - Other notable companies include XJ Electric, Pinggao Electric, and Igor, each with unique strengths and growth prospects in the evolving power equipment landscape [29][30][31].

#重申26年AIDC中变压器、AI电源的确定性 【长江电新】继续强CALL"AI电力3+3"组合-变压器#思源/伊戈尔/金盘 +AI电源#四方/科士达/麦米 1、我们认为经过25年的布局，对于26年，会看到AIDC头部企业的订单和业绩持续催化；其中，变压器、AI电源 是目前AI电力中确定性最高的2条赛道。 2、变压器，北美AI缺电趋势明确，26年将进一步加剧；变压器作为海外产能紧缺的环 【长江电新】继续强CALL"AI电力3+3"组合-变压器#思源/伊戈尔/金盘 +AI电源#四方/科士达/麦米 2、变压器，北美AI缺电趋势明确，26年将进一步加剧；变压器作为海外产能紧缺的环节，中国企业是未来核心产 能增量，出口有望加速。 3、AI电源，26年核心在于"0-1"：柜外电源高压直流HVDC 26年有望0-1，且SST也在测试送样；柜内电源26年将看 到企业持续订单的0-1。 #3+3标的更新 1、思源电气：25年美国1+亿美元订单，26年变压器、AIS均有望爆发； 2、伊戈尔：25年北美订单+100%+，与T密切对接； 3、金盘科技：与海外终端CSP大厂等客户推进框架订单陆续落地； 4、四方股份：SST与V进入最 ...

【长江电新】继续强CALL"AI电力3+3"组合-变压器 +AI电源 1、我们认为经过25年的布局，对于26年，会看到AIDC头部企业的订单和业绩持续催化；其中，变压器、AI电源 是目前AI电力中确定性最高的2条赛道。 2、变压器，北美AI缺电趋势明确，26年将进一步加剧；变压器作为海外产能紧缺的环节，中国企业是未来核心产 能增量，出口 【长江电新】继续强CALL"AI电力3+3"组合-变压器 +AI电源 #重申26年AIDC中变压器、AI电源的确定性 3、AI电源，26年核心在于"0-1"：柜外电源高压直流HVDC 26年有望0-1，且SST也在测试送样；柜内电源26年将看 到企业持续订单的0-1。 1、思源电气：25年美国1+亿美元订单，26年变压器、AIS均有望爆发； 2、伊戈尔：25年北美订单+100%+，与T密切对接； 3、金盘科技：与海外终端CSP大厂等客户推进框架订单陆续落地； 4、四方股份：SST与V进入最终对接阶段； 5、科士达：北美ups放量，推出hvdc、布局sst技术落地。 6、麦格米特：规模化订单陆续落地，新产品送样顺利。 #重申26年AIDC中变压器、AI电源的确定性 1、我们认为 ...

另外，北美市场受电网老化更新与AI数据中心用电需求驱动，电力设备需求激增，欧美电力变压器和 高压电缆交付周期近乎翻番。2025年1-11月，我国变压器、高压开关、电线电缆出口额分别同比增长 35.3%、29.4%、22.9%，出海态势强劲。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300444 | 双杰电气 | t | 17.65 | 116亿 | 50.88 | | 300215 | 电科院 | 4 | 15.20 | 70.41亿 | 47.80 | | 300427 | 红相股份 | 4 | 10.95 | 88.13 乙 | 41.47 | | 300490 | 华自科技 | 演 | 10.39 | 57.61亿 | 20.52 | | 002498 | 汉缆股份 | 1 | 10.09 | 160亿 | 25.33 | | 002606 | 大连电瓷 | | 10.05 | 47.60亿 | 24.03 | | 601616 | 广电电气 | 1 | 10.04 | 43.03亿 | ...

| 代码 | 名称 | 相关 | | रे 醫療校 潘联唱 | | --- | --- | --- | --- | --- | | 300215 | 电科院 | 详情 数据 股吧 | 9.33 | 14.34% | | 002498 | 汉缆股份 | 详情 数据 股吧 | 4.80 | 10.09% | | 002358 | 森源电气 | 详情 数据 股幅 | 7.10 | 10.08% | | 002606 | 大连电瓷 | 详情 数据 股吧 | 10.84 | 10.05% | | 002339 | 积成电子 | 详情 数据 股吧 | 11.40 | 10.04% | | 601179 | 中国西电 | 详情 数据 股吧 | 14.36 | 10.04% | | 601700 | 风范股份 | 详情 数据 股吧 | 6.73 | 9.97% | | 601096 | 宏盛华源 | 详情 数据 股吧 | 5.31 | 9.94% | | 002270 | 夜明装备 | 详情 数据 股吧 | 32.40 | 9.68% | | 600312 | 平高电气 | 详情 数据 股吧 | 22.57 | 9.09% ...

技术的革新也进一步拓宽了行业成长空间。业内人士分析，固态变压器、柔性直流输电等新型技术加速 落地应用，2026年进入关键验证导入阶段，推动行业从传统制造向高端智造转型。 从行业格局来看，2025年国内电网设备行业市场规模突破2万亿元，板块呈现总量稳步增长、结构分化 加剧的特点。龙头企业凭借技术积累与渠道优势，订单储备充足，业绩稳定性较强，竞争优势持续凸 显。2025年，特变电工、中国西电等多只个股股价创新高。 此外，多家机构测算，若加上南方电网公司的投资规模，"十五五"期间全国电网年均固定资产投资额将 突破1万亿元，特高压、电网数智化、设备出海等细分领域将成为增长核心，相关个股具备增长潜力。 华泰证券认为，在全国统一电力市场建设加速推进下，十五五期间电网投资将保持稳步增长态势，跨省 输电通道建设与西部薄弱电网补强需求明确，特高压建设需求处于高位，主网投资有望继续保持较快增 长，思源电气、特变电工、中国西电、平高电气、四方股份等相关个股将持续受益。 1月16日，A股电网设备板块逆势走强，迎来集体爆发。东方财富数据显示，截至发稿，电网设备板块 整体上涨2.83%，板块内超百只个股上涨，其中21只个股涨停或涨超5% ...

Group 1 - Guodian NARI (600406) is a state-owned enterprise based in Nanjing, recognized as a benchmark for scientific reform among central enterprises, with a strong research and development system and significant achievements in grid technology [1] - The company has a market share of over 75% in dispatch automation systems and over 50% in UHV converter valves, with its products addressing grid stability issues caused by renewable energy generation [1] - The demand for AI computing power and electricity is driving the construction of new power systems, and the company is expanding its overseas business, exporting products like distribution transformers to multiple countries [1] Group 2 - Suyuan Electric (002028) is a comprehensive supplier of power transmission and distribution based in Shanghai, focusing on UHV and energy storage sectors, and is the largest manufacturer of high-voltage packages and coils in China [2] - The company expects 60% of its overseas revenue in 2024 to come from transformers, with overseas orders growing over 50% and a remarkable 89% growth in the first half of 2025 [2] - The surge in demand for high-voltage transmission and distribution equipment driven by AI computing centers and new energy projects presents significant growth opportunities for the company [2] Group 3 - China XD Electric (601179) is a state-owned enterprise based in Xi'an, specializing in high and ultra-high voltage transformers and power transmission and distribution equipment, capable of producing products across a voltage range of 10kV to 1000kV [3] - The company has a significant market share in UHV projects and has seen an increase in exports to Europe, with its technology reaching international advanced levels [3] - The demand for UHV technology is increasing due to the need for long-distance power transmission, and the company is well-positioned to meet both domestic and international market needs [3] Group 4 - Baobian Electric (600550) is a core supplier of UHV DC transformers based in Baoding, with a strong position in high-end transformers and a market share of 30% in UHV products [4] - The company has unique technologies that reduce material costs and has participated in major projects, exporting to over 40 countries [4] - The urgent demand for high-reliability transformers driven by AI computing centers and new energy power stations positions the company to benefit from both domestic and international projects [4] Group 5 - Jinpan Technology (688676) is a leading global manufacturer of dry-type transformers based in Haikou, focusing on wind and solar energy applications, with 98% of its products supporting renewable energy [5] - The company has a significant order backlog of 2.85 billion yuan for 2025, reflecting a substantial year-on-year growth of 180% [5] - The increasing demand for efficient dry-type transformers from AI computing centers and the proliferation of renewable energy generation presents a strong growth opportunity for the company [5] Group 6 - Mingyang Electric (301291) is a leader in offshore wind power transformers based in Zhongshan, specializing in dry-type transformers and prefabricated substations [6] - The company has developed products that meet the extreme conditions of offshore environments and is expected to achieve significant sales in North America by 2026 [6] - The growing demand for offshore wind power and the urgent need for grid upgrades in North America provide ample order support for the company [6] Group 7 - Teruid (300001) is a pioneer in outdoor box-type power equipment based in Qingdao, recognized as a champion enterprise in manufacturing [7] - The company has a complete technology system for modular prefabricated substations and has a leading market share in the new energy sector [7] - The demand for modular products from AI computing centers and the need for grid upgrades position the company to capture significant market growth [7] Group 8 - XJ Electric (000400) is a high-tech enterprise based in Xuchang, focusing on UHV and smart grid technologies, with a comprehensive industrial chain covering all aspects of power transmission and distribution [8] - The company has participated in all domestic UHV DC transmission projects and has a strong patent portfolio [8] - The growth in AI computing and electricity demand is accelerating the construction of smart grids, providing competitive advantages for the company [8] Group 9 - Sifang Co., Ltd. (601126) is based in Beijing and has a strong advantage in smart distribution networks, providing a full range of products for self-healing control and primary and secondary integration [9] - The company has implemented its products in over 30 provinces and cities, significantly improving efficiency in power distribution [9] - The demand for reliable power supply from AI computing centers and the ongoing digital transformation of distribution networks present broad development opportunities for the company [9] Group 10 - Samsung Medical (601567) is based in Ningbo and operates in both smart power distribution and medical services, covering a wide range of products in the power equipment sector [10] - The company has established manufacturing bases in multiple locations and has a marketing presence in over 70 countries [10] - The construction of AI computing centers and new energy projects requires substantial power distribution equipment, positioning the company to benefit from global demand growth [10]

Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][17]. Core Viewpoints - The domestic data center industry is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment expected to benefit first. The market size of China's data center industry is projected to exceed 318 billion yuan in 2025, representing a year-on-year growth of approximately 14.7%. By 2030, it may reach 1.2 trillion yuan, with a compound annual growth rate (CAGR) of about 25%-28% [5][15]. - The load scale of data centers is expected to be around 7.05 GW in 2025, increasing to 9.37 GW by 2030, with a CAGR of approximately 5.85%. The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure in 2026, and Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027 [5][15]. - The industry is experiencing an unexpected expansion, with infrastructure technology upgrades creating investment opportunities in IDC-compatible DC power supply equipment [5][15]. Summary by Sections Investment Viewpoints - The report suggests focusing on the IDC sector, recommending companies such as Kehua Data and Jinpan Technology, as well as Sifang Co. and Liangxin Co. for their potential in the HVDC/SST industry. It also highlights the importance of high-voltage circuit breakers and suggests monitoring companies like Zhongheng Electric, Magmeter, and Oulu Tong in the power supply sector [6][16]. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with notable mentions: - Kehua Data (002335.SZ): EPS forecast of 1.86 yuan for 2026, currently unrated [18]. - Liangxin Co. (002706.SZ): Rated "Buy" with an EPS forecast of 0.44 yuan for 2026 [19]. - Magmeter (002851.SZ): Rated "Buy" with an EPS forecast of 2.07 yuan for 2026 [19]. - Sunshine Power (300274.SZ): Rated "Buy" with an EPS forecast of 7.74 yuan for 2026 [19]. - Jinpan Technology (688676.SH): Rated "Buy" with an EPS forecast of 2.20 yuan for 2026 [19]. Market Performance - The power equipment sector saw a 5.02% increase last week, ranking 12th among 28 sub-industries, outperforming the Shanghai Composite Index by 1.21 percentage points [46].

Core Insights - The Ministry of Industry and Information Technology, along with four other departments, has issued the "Guidelines for the Construction and Application of Industrial Green Microgrids (2026-2030)" to promote the development and application of green microgrids in the industrial sector, aiming to enhance the use of green electricity and reduce carbon emissions in key industrial areas [1] Group 1: Industry Overview - In the past six months, 40 listed companies have disclosed their involvement in microgrid-related businesses through investor Q&A platforms or research activities, primarily in the power equipment sector with 19 companies [1] - Other sectors involved include machinery equipment, construction decoration, and telecommunications, with 4, 3, and 3 companies respectively [1] Group 2: Company Performance and Predictions - Among the concept stocks, 20 have received institutional ratings, with 10 stocks attracting significant attention from institutions, having ratings from five or more agencies [1] - According to consensus forecasts, 8 out of the 10 stocks are expected to achieve year-on-year growth in net profit attributable to shareholders by 2025, with Teruide (300001) projected to have the highest net profit growth rate of 30.4%, and Dongfang Electronics (000682) expected to increase by over 20% [1] Group 3: Stock Performance Data - The table lists various companies along with their stock performance on January 9, including: - Guodian Nari (600406) with a 0.55% increase and a projected net profit growth of 9.73% [2] - Weisheng Information (688100) with a 1.32% decrease and a projected growth of 14.97% [2] - Sifang Co. (601126) showing a 5.08% increase with a 17.98% growth forecast [2] - Teruide (300001) with a slight increase of 0.19% and a projected growth of 30.4% [2] - Dongfang Electronics (000682) with a 0.48% increase and a forecasted growth of 23.78% [2]

国家知识产权局信息显示，北京四方继保自动化股份有限公司取得一项名为"一种通过流设备接口实现 外设的快速操作的方法和系统"的专利，授权公告号CN115658573B，申请日期为2022年9月。 来源：市场资讯 北京四方继保自动化股份有限公司，成立于1994年，位于北京市，是一家以从事计算机、通信和其他电 子设备制造业为主的企业。企业注册资本83343.6万人民币。通过天眼查大数据分析，北京四方继保自 动化股份有限公司共对外投资了22家企业，参与招投标项目5000次，财产线索方面有商标信息42条，专 利信息1778条，此外企业还拥有行政许可41个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，北京四方继保工程技术有限公司，成立于2003年，位于北京市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本105000万人民币。通过天眼查大数据分析，北京四方继保工 程技术有限公司共对外投资了5家企业，参与招投标项目5000次，专利信息904条，此外企业还拥有行政 许可13个。 ...