智通财经APP获悉，中金发布研报称，海外数据中心正在面临"找电难"的困境，欧美部分电网拥堵的区 域排队时间可达7年以上。电网能力正在决定资金流向，北欧、南欧以及新兴市场获得大型开发商关 注，同时美国和欧洲FLAP-D市场部分区域自备电源由可选转向必选，多种新供电方案同步探索。海外 供需矛盾突出，中国厂商迎来加速出海窗口期，捕捉高弹性市场机会。建议持续关注具备出海潜力的现 场供电(燃机等)、电网设备、固态变压器(SST)三大投资方向。 一方面，SST适配算电协同场景，可配合储能系统实现电网调峰调频等辅助服务，实现电网灵活交互。 另一方面，SST依靠电力电子技术快速响应、主动控制，平抑AI模型训练时对电网的冲击，看好具备强 电网理解能力+强市场渠道能力的中国厂商有望脱颖而出。 标的方面 推荐：出海实力强的电网设备公司，包括思源电气(002028.SZ)、伊戈尔(002922.SZ)、明阳电气 (301291.SZ)、金盘科技(688676.SH)、华明装备(002270.SZ)、中国西电(601179.SH)、特变电工 (600089.SH)等，以及出口有望突破的四方股份(601126.SH)、东方电气(6008 ...

证券代码：601126 证券简称：四方股份 公告编号：2026-002 北京四方继保自动化股份有限公司 关于变更审计机构项目质量复核人的公告 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。 三、其他说明 本次变更过程中，相关工作安排已有序交接，变更事项不会对公司2025年度 财务报表审计及内部控制审计工作产生不利影响。 一、本次变更项目质量复核人的情况 中证天通会计师事务所（特殊普通合伙）为公司2025年度财务审计机构和内 控审计机构，原委派牛浩先生担任项目质量控制复核人为公司提供2025年度审计 服务，经中证天通内部工作安排，现委派项目质量复核合伙人刘雪明先生接替牛 浩先生担任项目质量控制复核人，继续完成相关工作。 二、变更后项目负责人情况 1、基本信息 刘雪明先生，2008年成为注册会计师，2012年开始从事上市公司审计及与资 本市场相关的专业服务工作，2017年开始在中证天通执业，具备相应专业胜任能 力。近3年签署过4家上市公司审计报告。 2、独立性和诚信记录 刘雪明先生，近三年不存在因执业行为受到刑事处罚，或受到 ...

推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 2026 年 03 月 01 日 Token 出海调用量爆发拉动国产算力需求，涨价 推动 IDC 与电力设备景气上行 行业相对表现 表现 1M 3M 12M 电力设备(申万) 5.3 10.3 51.6 沪深 300 0.1 2.9 21.1 相关研究 1、《电力设备行业周报：北美 CSP 大厂资本开支再加速，国内 AI 应用 裂变进入"商业化拐点期"》2026- 02-10 2、《电力设备行业周报：太空光伏 打开新空间，设备环节率先受益》 2026-01-27 3、《电力设备行业周报：国内数据 中心迎扩容与升级新周期，直流供 电设备有望率先受益》2026-01-12 ▌Token 出海调用量爆发拉动国产算力需求，涨价推 动 IDC 与电力设备景气上行 需求端，中国模型周调用量在 2 月 16~22 日冲高至 5.16 万亿 Token，三周增长 1 ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [17] Core Viewpoints - The explosive growth in Token usage abroad is driving domestic computing power demand, leading to price increases that boost the IDC and electric power equipment sectors [5][15] - The demand side shows that China's Token usage surged to 51.6 trillion in the week of February 16-22, marking a 127% increase over three weeks, surpassing the U.S. usage of 27 trillion [5][15] - The domestic AI models are leading globally, with four out of the top five models in terms of usage being Chinese, contributing to 85.7% of the total [5][15] - The tight supply of computing power is causing some manufacturers to raise prices, which is expected to improve profitability across the industry chain [5][15] Summary by Sections Investment Insights - The current domestic computing power market has shifted from "external replacement" to "demand-driven active selection" [16] - The explosive growth in Token usage is expected to drive demand for GPU servers, IDC cabinets, and high-power density data centers, enhancing the industry's outlook [16] - The report suggests focusing on AI infrastructure construction, particularly in the IDC sector, with recommended companies including Dazhi Technology, Runze Technology, and Kehua Data [6][16] Industry Dynamics - The electric power equipment sector has shown strong performance, with a 1.89% increase last week, ranking 13th among 28 sub-industries [35] - The report highlights significant investments in high-voltage projects, including a 43.74 billion yuan investment in the Daqing-Mongolia 1000 kV project [20] - The National Grid has completed investments of 12.48 billion yuan in grid production and infrastructure projects, reflecting a year-on-year increase of over 120% [20] Key Companies and Profit Forecasts - The report provides profit forecasts for key companies, with recommendations for investment: - Liangxin Co., Ltd. (Buy) with an EPS forecast of 0.28 in 2024, increasing to 0.44 in 2026 [10] - Sifang Co., Ltd. (Buy) with an EPS forecast of 0.86 in 2024, increasing to 1.19 in 2026 [10] - Jinpan Technology (Buy) with an EPS forecast of 1.26 in 2024, increasing to 2.20 in 2026 [10]

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

证券代码：601126 证券简称：四方股份 公告编号：2026-001 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 14,000 | 14,000 | 2026 | 年 3 | 月 | 4 日 | 一、本次限制性股票回购注销的决策与信息披露 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： 回购注销原因： 鉴于公司启航 2 号限制性股票激励计划（以下简称"《激励计划》"）中 1 名激励对象离职，不再具备激励对象资格，经公司第八届董事会第四次会议审议 通过，同意对其持有的已获授但尚未解除限售的限制性股票共计 14,000 股予以 回购注销。 本次注销股份的有关情况： 2025年12月26日，公司召开第八届董事会第四次会议，审议通过了《关于回 购注销部分激励对象已获授但尚未解除限售的限制性股票的议案》。 北京四方继保自动化股份有限公司 关于部分限制性股票回购注销实施公告 2025 年 12 月 27 ...

Core Insights - The report highlights a positive outlook for various industries in March 2026, driven by domestic demand policies and sector-specific growth opportunities [2][3] - Key stocks recommended across different sectors are expected to show significant profit growth and favorable valuations, indicating potential investment opportunities [2][3] Industry Summaries Social Services - China Oriental Education is positioned to benefit from the growth in new service consumption, with a projected net profit of 1.1 billion yuan in 2026, reflecting a 40% increase and a PE ratio of approximately 11 times [2][3] Construction - Yaxin Integration is expected to gain from significant investments in the cleanroom industry, with orders and performance not fully anticipated, particularly from major clients like Micron and TSMC [2][3] Non-Bank Financials - CITIC Securities is recommended as a leading brokerage benefiting from market recovery and favorable policy environments, with valuations not reflecting the improving profit trends [2][3] Agriculture - Youran Dairy, a leader in dairy farming, is set to benefit from rising beef and milk prices, with expectations of high earnings recovery due to favorable market conditions [2][3] Power Equipment and New Energy - Delijia is expanding its capacity in wind power gearbox projects, with a strong order backlog and projected profit growth of 55% in 2025 [2][3] - Sifang Co. is actively expanding its overseas presence and has secured multiple projects, with a focus on cutting-edge technologies like solid-state transformers [2][3] Automotive - Xingyu Co. is positioned in a high-growth segment of automotive lighting, with a focus on smart products and expanding its global customer base, projecting revenues of 16 billion yuan in 2025 [2][3] Home Appliances - Haier Smart Home is benefiting from domestic policies promoting appliance upgrades and is enhancing operational efficiency through digital transformation, with a stable increase in market share [2][3] Basic Chemicals - Chuanheng Co. is expected to increase its phosphate mining capacity significantly by 2028, with a strong dividend payout history and high-quality product offerings [2][3] Military Industry - Lianchuang Optoelectronics is experiencing substantial growth in laser products and is entering the commercial space launch market, indicating a broad market potential [2][3]

Group 1 - The aging infrastructure of the European and American power grids is increasing systemic risks, leading to a favorable outlook for a global investment cycle in electricity [2][3] - Recent severe weather events, including snowstorm warnings, have resulted in significant power outages, with over one million households affected in the U.S. on January 25, 2026, and expected outages of 100,000 to 150,000 households in Rhode Island due to worsening conditions [2] - Domestic electricity cost advantages are becoming more prominent, with Chinese models like MiniMax, Kimi, Zhiyu, and DeepSeek capturing four out of the top five spots in global token usage, indicating rapid growth in domestic model adoption [2][3] Group 2 - Chinese power infrastructure is well-developed, allowing domestic computing power to leverage low electricity costs for cross-border delivery, which promotes domestic electricity consumption and equipment demand [3] - Major internet companies are accelerating their global expansion, with Alibaba Cloud announcing new data centers in Malaysia and other countries, and ByteDance establishing data centers in Southeast Asia, Northern Europe, and South America [3] - Collaboration between domestic model vendors and global cloud service providers is expected to benefit domestic power equipment companies that have established stable partnerships and overseas production capabilities [3] Group 3 - Recommended companies include Mingyang Smart Energy (301291), Jinpan Technology (688676), Igor (002922), Sifang Co., Ltd. (601126), and others, which are positioned to benefit from overseas orders and rapid growth in AIDC orders [4]

Group 1 - The core viewpoint is that the electric grid equipment sector is experiencing strong performance despite a general decline in the A-share market, driven by increased global energy infrastructure upgrades and rising demand for new data centers [1] - The electric grid equipment ETF (159326) has seen a significant increase of 1.93% with a trading volume of 8.22 billion yuan, and has recorded a net inflow of 1.982 billion yuan over the past five days, reaching a historical high in scale [1] - Major stocks in the sector, such as Zhongtian Technology and Hengtong Optic-Electric, have hit the daily limit, indicating strong investor interest and confidence in the sector's growth potential [1] Group 2 - The electric grid equipment ETF (159326) is the only product tracking the China Securities Electric Grid Equipment Theme Index, focusing on ultra-high voltage and smart grid sectors, with a 90% weight on smart grid and 67% on ultra-high voltage, leading the market [2] - The ETF covers key industry leaders like Tebian Electric Apparatus and State Grid NARI, aligning with the high growth trajectory of ultra-high voltage projects and overseas exports, making it a vital tool for investors [2] - Global investment in electric grids is projected to exceed 400 billion USD, with AI expected to significantly boost electricity demand and related equipment needs, sustaining high industry prosperity [1]

Core Viewpoint - The A-share market has seen a collective surge in power grid equipment stocks, driven by the increasing demand for AI and the recognition of electricity as a foundational element for technological advancement [1] Group 1: Market Performance - Zhiyang Innovation rose over 11.64%, with a total market value of 9.933 billion [2] - Tongguang Cable increased by 10.81%, reaching a market value of 8.725 billion [2] - Beijing Keri and Hangdian Co. both hit the daily limit, with market values of 6.074 billion and 11.5 billion respectively [2] - Shunma Electric grew by 7.10%, with a market value of 23 billion [2] - Sifang Co. increased by 5.92%, with a market value of 37.3 billion [2] - Other notable performers include Anke Rui, Wankong Zhizao, and Zhezhong Co., all showing gains above 4% [1][2] Group 2: Industry Outlook - The AI data center industry is expected to maintain high growth through 2026, supported by robust capital expenditure plans from leading internet companies [1] - Overseas power equipment manufacturers have shown strong performance, indicating high growth potential in the industry [1] - Companies providing power supply and distribution equipment for data centers are likely to see a surge in orders [1] - Technical service firms involved in smart grids, energy storage systems, and power dispatch systems will benefit from the ongoing smart grid transformation [1]