应用端：模型数量稳步增长，应用落地增多。1）调用量：OpenRouter平台统计，12月2日-12月8日 Token调用量为5.78T，环比下降6.62%。2）价格：2025年第三季度，随着Grok4Fast、GPT-5nano和gpt- oss-20B的发布，ArtificialAnalysis智能指数上得分超过40分的模型Tokens价格下降超50%。 数据中心已成为电力设备行业核心增量应用场景，其发展趋势直接驱动电力设备需求增长与技术迭代。 然而，数据中心行业具有资本开支规模大、投资回报周期长、技术迭代速度快的特点，若仅依赖数据中 心自身维度指标，难以精准把握供配电设备需求的拐点与强度。因此，需引入AI行业多维度指标，通 过其前瞻性判断为数据中心供配电设备赛道投资决策提供支撑。具体从三方面构建指标体系：1）需求 端：数据中心行业景气度由下游资本开支直接驱动并向上游传导，头部云厂商资本开支作为需求最直接 的"风向标"，可直观反映供配电设备短期需求潜力；2）供应链端：数据中心投资节奏受制于GPU供 给，跟踪供应链关键节点数据，可前瞻判断GPU供给能力，同步验证数据中心需求落地进度；3）AI应 用端：应用层发 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-052 一、本次限制性股票回购注销的决策与信息披露 2025年10月28日，公司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》《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 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 名激励对象因离职不再具备激励对象资格，经公司第八届董事会第三次会议审议 通过，同意对其持有的已获授但尚未解除限售的全部限制性股票共计 10,000 股 进行回购注销；1 名激励对象 2024 年度个人考核结果不符合第二个解除限售期 解除限售条件，经公司第八届董事会第三次会议审议通过，同意对其持有的第二 个解除限售期限制性股票 15,000 股进行回购注销；本次将对上述 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

（文章来源：每日经济新闻） 每经AI快讯，12月12日，虚拟电厂指数强势拉升，日涨幅达3%。成分股表现活跃，中能电气涨停，兆 新股份、长城电工亦强势涨停，平高电气上涨7.49%，四方股份上涨5.65%。 ...

Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].

据交易所数据显示，截至2025年12月8日收盘，四方股份（601126）报收于29.27元，下跌0.1%，换手率 3.83%，成交量31.61万手，成交金额9.21亿元。 资金流向方面，今日主力资金净流入4895.53万元，占比成交额5.32%。其中，超大单净流入2306.81万 元、占成交额2.5%，大单净流入2588.72万元、占成交额2.81%，中单净流出流入1118.45万元、占成交 额1.21%，小单净流出6013.97万元、占成交额6.53%。 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，知识产权方面有商标信息42条，专利信息1764条，此外企业还拥有行政许可41个。 四方股份最新一期业绩显示，截至2025三季报，公司营业总收入61.32亿元、同比增长20.39%，归属净 利润7.04亿元，同比增长15.57%，扣非净利润6.80亿元，同比增长14.49%，流动比率1.497、速动比率 1.198、资产负债率60.10%。 天眼查商业履历信息显示，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 ...

电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上 看，指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电 设备为主，拥有较强的代表性。特高压权重占比高达65%，全市场最高。 每日经济新闻 （责任编辑：董萍萍 ） 12月4日，A股三大指数集体走低，电网设备板块逆市上涨，截至10:34，全市场唯一的电网设备 ETF（159326）涨幅1.44%，在全市场ETF中涨幅居前，成交额达1.31亿元，持仓股中能电气涨超14%， 宝胜股份涨停，双杰电气、华通线缆、永福股份、四方股份、远东股份、华菱线缆等股跟涨。 电网设备ETF（159326）已连续6个交易日实现资金净流入，合计"吸金"超3.33亿元，最新规模达 21.94亿元，创成立以来新高。 AI产业爆发引发的全球性"电力饥渴"。高盛近期报告明确指出，电力供应已成为AI发展的重大阻 碍，到2030年，全球数据中心的用电需求预计将暴涨160%。 中信证券表示，"十五五"规划建议中进一步明确了新型能源体系的重要地位，针对电力系统建设指 引了消纳、韧性、电气化等中长期的发展重心。该机构认为，政 ...

Core Insights - China CRRC Group has significantly improved local infrastructure and living conditions in Tianshui, Gansu, through targeted assistance programs, enhancing agricultural supply chains and access to clean water [2][3][4][5][6] Infrastructure Development - The company has constructed 18 water storage tanks in Gangu County, benefiting 2,817 households and 11,981 residents by providing reliable water supply [3][4] - CRRC has built roads connecting remote villages to external markets, facilitating better transportation for agricultural products [2][4] Educational Initiatives - CRRC has established 22 "CRRC Reading Rooms" in local schools, providing access to books and fostering a culture of reading among children [5] - The company organizes educational trips for students to experience advanced technology, inspiring them to pursue careers in fields like artificial intelligence [4][5] Economic Empowerment - The company promotes local industries by transforming agricultural products into profitable ventures, such as the development of high-value crops and employment opportunities in processing facilities [6] - CRRC has supported the establishment of employment workshops, enabling local residents to earn stable incomes, with some workers reporting monthly earnings of 4,000 yuan [6] Community Engagement - The company emphasizes a dual approach of "intellectual and motivational support," integrating cultural and industrial resources to enhance community development [5][6] - CRRC's initiatives have led to a significant transformation in local economies, with products like Maiji flower apples and Gangu chili gaining recognition in broader markets [6]

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。 来源：市场资讯 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"适用于调相机启动的电流 源型静止变频器控制方法与装置"的专利，授权公告号CN115664262B，申请日期为2022年10月。 天眼查资料显示，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1762条，此外企业还拥有行政许可41个。 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887条，此外企业还拥有行政许可13个。 ...

Core Viewpoint - Sifang Co., Ltd. has shown significant stock performance with a year-to-date increase of 76.17%, indicating strong market interest and potential growth in the automation and power equipment sector [1][2]. Financial Performance - For the period from January to September 2025, Sifang Co., Ltd. achieved a revenue of 6.132 billion yuan, representing a year-on-year growth of 20.39%. The net profit attributable to shareholders was 704 million yuan, reflecting a 15.57% increase compared to the previous year [2]. - The company has distributed a total of 4 billion yuan in dividends since its A-share listing, with 1.599 billion yuan distributed over the last three years [3]. Stock Market Activity - As of December 1, Sifang Co., Ltd.'s stock price reached 28.61 yuan per share, with a market capitalization of 23.838 billion yuan. The stock has seen a trading volume of 3.23 billion yuan and a turnover rate of 1.39% [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on November 5, where it recorded a net purchase of 78.9767 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Sifang Co., Ltd. was 33,800, a decrease of 14.71% from the previous period. The average circulating shares per person increased by 17.34% to 24,274 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 17.3728 million shares, while E Fund Environmental Theme Mixed A has increased its holdings by 179,220 shares [3].