作者 | 第一财经 魏中原 在人工智能（AI）催化与能源变革的双重叙事下，11月首个交易周（11月3日~7日），A股市场电网设备板块异军突起，以 12.45%的涨幅领跑申万二级行业，变压器、智能电表等细分领域掀起涨停潮。 表面看，资金炒作逻辑直指AI产业高速发展引发的电力供需缺口，但热潮背后，行业是否具备真实的业绩支撑与成长潜力，是 投资者关注的焦点。 三季报数据显示，电网设备板块内部分化显著：非特高压主网环节凭借出海高景气与国内需求韧性，净利增速达38.2%；而配电 与电表企业受集采降价与交付节奏拖累，业绩增速欠佳。从机构持仓角度来看，公募基金第三季度重仓持股总市值中，电网设 备行业的比例同比下滑0.6个百分点。一项显著的特征是，公募基金与陆股通均更青睐电网设备的出海龙头以及具备数据中心业 务成长潜力的企业。 实际上，今年5月以来，电网设备的交易活跃度持续提升，申万电网设备指数已经持续7个月连阳，本周板块的加速上涨主要受 AI电力短缺事件催化。当前，一场由AI引发的"电力饥渴"正在全球范围内发酵，在AI尤其是生成式AI的加持下，数据中心的电 力消耗正以惊人的速度攀升。美国能源信息署（EIA）预期，美国的电力 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 35.70 [7]. Core Insights - The company aims to achieve new order targets exceeding RMB 10 billion for the year, with significant growth expected in the renewable energy sector and international business [1][2]. - The SST (Solid State Transformer) business is highlighted as a key area of growth, with the company providing a full range of critical equipment and solutions for data center power distribution systems [3][5]. Summary by Sections New Orders - In 2024, the new order amount is projected to be RMB 8.5 billion, with a target of exceeding RMB 10 billion in 2025, representing a year-on-year growth rate of approximately 20%. The growth rates for different sectors are: over 15% for the grid sector, around 30% for the renewable energy sector, and over 10% for traditional power generation and industrial sectors [2]. Renewable Energy Business - The renewable energy business is expected to maintain rapid growth due to several factors, including the impact of policy changes and the expansion of product offerings. The company is one of the candidates for a framework agreement for distributed phase-shifting transformers with Huaneng Group [2][4]. International Business - The strategic adjustments in international business are showing results, with overseas orders expected to reach RMB 500-600 million for the year, up from RMB 370 million in 2024. The company has already secured RMB 410 million in new orders in the first three quarters of 2025, a significant increase from RMB 150 million in the same period last year [2]. SST Business - The company offers a range of SST products with high efficiency (up to 99%) and reliability (99.99%). It has several benchmark projects demonstrating its capabilities in providing critical equipment and solutions for data center power distribution systems [3][5]. New Products - The company has launched the first energy-based SVG in Xinjiang, which is designed to support high proportions of renewable energy integration and enhance grid stability [4]. Profit Forecast and Valuation - The company’s net profit is projected to be RMB 845.59 million, RMB 988.59 million, and RMB 1.15 billion for the years 2025, 2026, and 2027, respectively, with a compound annual growth rate of 17.14%. The target price is based on a 30x PE ratio for 2026 [5][11].

登录新浪财经APP 搜索【信披】查看更多考评等级 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28日召开第八届董事会第三次会 议，审议通过了《关于启航2号限制性股票激励计划首次授予部分第二个解除限售期解除限售条件成就 的议案》。董事会认为公司启航2号限制性股票激励计划首次授予部分第二个解除限售期解除限售条件 已成就，同意为符合解除限售条件的445名激励对象所持共计556.92万股限制性股票办理解除限售的相 关事宜，现将本次解除限售有关事项说明如下： 证券代码：601126 证券简称：四方股份 公告编号：2025-050 北京四方继保自动化股份有限公司 关于启航2号限制性股票激励计划 首次授予部分第二个解除限售期限售 股份上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为5,569,200股。 本次股票上市流通总数为5,569,200股。 ● 本次股票上市流通日期为2025年11月13日。 一、本次限制性股 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-050 北京四方继保自动化股份有限公司 关于启航 2 号限制性股票激励计划首次授予部分 第二个解除限售期限售股份上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 5,569,200股。 本次股票上市流通总数为5,569,200股。 本次股票上市流通日期为2025 年 11 月 13 日。 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28日召 开第八届董事会第三次会议，审议通过了《关于启航2号限制性股票激励计划首次 授予部分第二个解除限售期解除限售条件成就的议案》。董事会认为公司启航2号 限制性股票激励计划首次授予部分第二个解除限售期解除限售条件已成就，同意为 符合解除限售条件的445名激励对象所持共计556.92万股限制性股票办理解除限售 的相关事宜，现将本次解除限售有关事项说明如下： 一、本次限制性股票激励计划批准及实施情况 （一）本次限制性 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-051 北京四方继保自动化股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 7 日（星期五）至 11 月 13 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@sf-auto.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 北京四方继保自动化股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日在上海证券交易所（www.sse.com.cn）及指定信息披露媒体发布《四方股份 2025 年第三季度报告》。为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划于 2025 年 11 月 14 日（星期五）11:00-12:00 举行 ...

Core Points - Sifang Co., Ltd. experienced a stock price increase of 5.23%, reaching 32.82 CNY per share, with a trading volume of 2.179 billion CNY and a turnover rate of 8.42%, resulting in a total market capitalization of 27.346 billion CNY [1] Company Overview - Sifang Co., Ltd. is located in Haidian District, Beijing, and was established on April 8, 1994. The company was listed on December 31, 2010. Its main business involves the research, development, production, sales, and technical services of relay protection, power grid automation, and power plant automation products [1] - The revenue composition of Sifang Co., Ltd. is as follows: 49.82% from power plant and industrial automation, 42.94% from power grid automation, 7.09% from other sources, and 0.15% from rental income, technical services, and material sales [1] Fund Holdings - According to data from the top ten holdings of funds, Guojin Fund has one fund heavily invested in Sifang Co., Ltd. The Guojin Guoxin Initiated A Fund (762001) reduced its holdings by 108,900 shares in the third quarter, now holding 200,300 shares, which accounts for 4.89% of the fund's net value, making it the second-largest holding [2] - The Guojin Guoxin Initiated A Fund (762001) was established on August 28, 2012, with a latest scale of 74.7632 million CNY. Year-to-date returns are 12.82%, ranking 5345 out of 8149 in its category; the one-year return is 9.36%, ranking 5446 out of 8053; and since inception, the return is 346.77% [2]

Core Insights - On November 5, a total of 36 stocks were identified with institutional activity, with 22 showing net buying and 14 showing net selling [1] Institutional Buying - The top three stocks with the highest net buying by institutions were: - Arctech (阿特斯) with a net buying amount of 391 million yuan - China Tungsten High-Tech (中钨高新) with a net buying amount of 168 million yuan - Sifang Co., Ltd. (四方股份) with a net buying amount of 132 million yuan [1] Institutional Selling - The top three stocks with the highest net selling by institutions were: - Zhenhua Heavy Industries (振华股份) with a net outflow of 197 million yuan - Shunfa Power (神马电力) with a net outflow of 124 million yuan - Jishi Media (吉视传媒) with a net outflow of 98.63 million yuan [1]

Core Insights - Sifang Co., Ltd. (601126) experienced a significant stock price increase of 8.19% with a trading volume of 3.67 billion yuan and a turnover rate of 15.10% on the day of reporting [1][2] - The stock was listed on the Shanghai Stock Exchange's "龙虎榜" due to a daily price fluctuation of 16.80%, indicating high trading activity [1] - Institutional investors showed strong interest, with a net purchase of 132 million yuan, while the Shanghai-Hong Kong Stock Connect recorded a net purchase of 47.82 million yuan [1][2] Trading Activity - The top five trading departments accounted for a total transaction volume of 844 million yuan, with a net purchase of approximately 78.98 million yuan [1] - The main buying departments included two institutional specialized seats, which collectively bought 132 million yuan, while the Shanghai-Hong Kong Stock Connect was both the largest buyer and seller [1][2] - The stock saw a net inflow of 280 million yuan from major funds, with large orders contributing 182 million yuan to this inflow [1] Financial Performance - As of November 4, the margin trading balance for Sifang Co., Ltd. was 750 million yuan, with a financing balance of 747 million yuan, reflecting a recent increase of 148 million yuan or 24.64% over the past five days [2] - The company's Q3 report indicated a revenue of 6.132 billion yuan, representing a year-on-year growth of 20.39%, and a net profit of 704 million yuan, up 15.57% year-on-year [2] - Five institutions rated the stock as a buy in the last five days, with the highest target price set at 32.08 yuan by China International Capital Corporation [2]

Core Insights - On November 5, a total of 36 stocks were involved with institutional investors, with 22 showing net buying and 14 showing net selling [1] - The top three stocks with the highest net buying by institutions were Aters (阿特斯) at 391.14 million yuan, Zhongtung High-tech (中钨高新) at 168.33 million yuan, and Sifang Co., Ltd. (四方股份) at 132.32 million yuan [1][2] - The top three stocks with the highest net selling by institutions were Zhenhua Holdings (振华股份) at 197.47 million yuan, Shunma Electric (神马电力) at 124.44 million yuan, and Jishi Media (吉视传媒) at 98.63 million yuan [1][3] Institutional Buying Summary - Aters (阿特斯) had a daily increase of 20.02% with a net buying amount of 391.14 million yuan [2] - Zhongtung High-tech (中钨高新) increased by 10.01% with a net buying of 168.33 million yuan [2] - Sifang Co., Ltd. (四方股份) rose by 8.19% with a net buying of 132.32 million yuan [2] - Other notable stocks with net buying included Dawi Co., Ltd. (大为股份) at 93.10 million yuan and Igor (伊戈尔) at 80.84 million yuan [2] Institutional Selling Summary - Zhenhua Holdings (振华股份) experienced a net outflow of 197.47 million yuan with a daily increase of 7.23% [3] - Shunma Electric (神马电力) had a net outflow of 124.44 million yuan with a daily increase of 10.00% [3] - Jishi Media (吉视传媒) saw a net outflow of 98.63 million yuan with a daily increase of 10.04% [3] - Other stocks with significant net selling included Hainan Development (海南发展) at 22.81 million yuan and Tongrun Equipment (通润装备) at 24.58 million yuan [3]

四方股份今日涨8.19%，成交额36.70亿元，换手率15.10%，盘后龙虎榜数据显示，沪股通专用席位买入 2.03亿元并卖出1.55亿元，2家机构专用席位净买入1.32亿元。 ...