上市企业：中钢国际（000928）,中信重工（601608）,大连重工（002204）,太原重工（600169）,中国一 重（601106）,上海电气（601727）,东方电气（600875） 相关报告：智研咨询发布的《2025-2031年中国有色金属冶炼和压延加工行业市场动态分析及未来趋势 研判报告》 根据国家统计局数据显示：2025年9月中国金属冶炼设备产量为5.5万吨，同比下降27.3%；2025年1-9月 中国金属冶炼设备累计产量为50.8万吨，累计下降15.8%。 2020-2025年1-9月中国金属冶炼设备产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

上市企业：金风科技（002202）,明阳智能（601615）,运达股份（300772）,上海电气（601727）,中材科 技（002080）,节能风电（601016）,泰胜风能（300129）,东方电气（600875）,湘电股份（600416）,天 顺风能（002531） 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国风力发电行业市场竞争策略及未来发展潜力报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年9月中国风力发电量产量为672亿千瓦时，同比下降7.6%；2025年1-9 月中国风力发电量累计产量为7673亿千瓦时，累计增长10.1%。 2020-2025年1-9月中国风力发电量产量统计图 ...

人民财讯11月30日电，11月27日，由上海电气（601727）电站集团设计制造的1200兆瓦等级VVER核电 项目汽轮发电机组徐大堡4号汽轮机LP2低压转子顺利发运。该项目是辽宁"十四五"期间单体投资较大 的清洁能源项目组成部分。此次低压转子的按期交付，对保证项目整体进度具有重要意义，为后续常规 岛安装工程的顺利推进以及实现3、4号机组后续投产总体目标创造了有利条件。 ...

Core Insights - The report highlights the growth in China's AC motor production, with a total output of 31.49 million kilowatts in September 2025, reflecting a year-on-year increase of 0.5% [1] - Cumulative production from January to September 2025 reached 260.419 million kilowatts, showing a cumulative growth of 1.1% [1] Company Insights - Listed companies in the AC motor sector include Wolong Electric (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1] Industry Insights - The report titled "2026-2032 China AC Motor Industry Market Development Research and Investment Outlook" by Zhiyan Consulting provides a comprehensive analysis of the market trends and investment opportunities in the AC motor industry [1][2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing tailored consulting services [2]

Core Viewpoint - The successful launch of the first wind turbine unit at the Shanghai Electric Guizhou Longli Industrial Park marks a significant milestone in establishing a complete wind power industry chain in the region, showcasing the efficiency and resource integration capabilities of Shanghai Electric Wind Power [4][7][14]. Group 1: Project Milestones - The first wind turbine unit was unveiled in Longli, Guizhou, after the successful launch of the first blade in October 2024, demonstrating rapid project execution within a year [4][6]. - The project timeline includes key milestones such as project signing in November 2023, construction commencement in March 2024, and the first blade's production in October 2024, culminating in the first unit's launch in November 2025 [6][8]. Group 2: Industry Chain Development - Shanghai Electric Wind Power has established a comprehensive wind power industry chain in Longli, covering upstream materials, core components, complete machine manufacturing, and post-operation services [7][12]. - The successful launch of the first unit is a tangible result of efficient collaboration across all segments of the industry chain, laying a solid foundation for large-scale production and capacity release [7][8]. Group 3: Future Plans and Regional Impact - The company plans to enhance the Longli base into a comprehensive ecosystem for the renewable energy industry, integrating various functional modules to support the development of a complete wind power equipment manufacturing cluster [8][14]. - The initiative aims to contribute to the regional "dual carbon" goals and high-quality economic development by creating a green energy network across five provinces and one municipality in Southwest China [8][10].

Core Viewpoint - The joint cycle expansion project of the Euphrates River basin, undertaken by Shanghai Electric Group, aims to enhance Iraq's power generation capacity and efficiency, addressing the long-standing electricity shortage in the country [2][4]. Group 1: Project Overview - The joint cycle expansion project officially commenced in four provinces: Najaf, Karbala, Hillah, and Qadisiyyah, with a total capacity expansion of 625 megawatts [2]. - The project upgrades existing simple cycle gas turbine generators to combined cycle gas turbine generators, utilizing high-temperature flue gas to generate additional electricity without increasing fuel consumption [2][3]. Group 2: Economic and Environmental Impact - The project is expected to increase the power generation capacity of the existing plant by approximately 50%, adding around 5 billion kilowatt-hours of electricity annually, which will significantly improve local living conditions and support post-war reconstruction [4]. - It will reduce Iraq's dependence on imported natural gas and lower fuel expenditure for power generation, thus optimizing the country's energy infrastructure [4]. Group 3: Technological and Collaborative Aspects - The project is notable for being one of the first in Iraq to fully adopt Chinese equipment and standards, with all core components designed and produced by Chinese companies [3][4]. - The use of Chinese technology for secondary utilization of high-temperature flue gas is expected to mitigate environmental pollution caused by existing power generation methods [3].

Market Overview - The state-owned enterprise reform sector declined by 0.4% compared to the previous trading day, with Jiuzhiyang leading the decline [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Top Performers in State-Owned Enterprise Reform Sector - Huashu Holdings (000509) closed at 4.03, up 10.11% with a trading volume of 296,500 shares and a turnover of 116 million yuan [1] - Teda Co., Ltd. (000652) closed at 4.59, up 10.07% with a trading volume of 828,800 shares and a turnover of 376 million yuan [1] - Te Fa Information (000070) closed at 13.92, up 10.04% with a trading volume of 2,296,300 shares and a turnover of 3.122 billion yuan [1] - Shanghai Mechanical & Electrical (600835) closed at 33.00, up 10.00% with a trading volume of 537,500 shares and a turnover of 1.703 billion yuan [1] Underperformers in State-Owned Enterprise Reform Sector - Jiuzhiyang (300516) closed at 53.35, down 12.83% with a trading volume of 263,100 shares and a turnover of 1.451 billion yuan [2] - Aerospace Development (000547) closed at 12.69, down 10.00% with a trading volume of 4,955,900 shares and a turnover of 6.514 billion yuan [2] - China Shipbuilding Defense (600685) closed at 29.89, down 9.34% with a trading volume of 832,200 shares and a turnover of 2.503 billion yuan [2] Capital Flow Analysis - The state-owned enterprise reform sector experienced a net outflow of 8.337 billion yuan from institutional investors, while retail investors saw a net inflow of 5.888 billion yuan [2] - Notable net inflows from retail investors were observed in Shanghai Mechanical & Electrical (600835) with 250 million yuan and Huagong Technology (000988) with 216 million yuan [3]

Market Overview - The other power equipment sector increased by 0.59% compared to the previous trading day, with ST Huaxi leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - ST Huaxi (002630) closed at 2.87, up 5.13% with a trading volume of 604,700 shares and a turnover of 172 million yuan [1] - Aikesaibo (688719) closed at 44.63, up 3.62% with a trading volume of 59,300 shares and a turnover of 263 million yuan [1] - Shanghai Electric (601727) closed at 8.88, up 3.14% with a trading volume of 2,667,600 shares and a turnover of 2.348 billion yuan [1] - Other notable stocks include Keda (002518) at 45.06 (+2.88%), Oulu Tong (300870) at 220.99 (+2.81%), and ST Yishite (300376) at 5.78 (+1.58%) [1] Capital Flow - The other power equipment sector experienced a net outflow of 415 million yuan from institutional investors, while retail investors saw a net inflow of 342 million yuan [2] - The capital flow for key stocks shows that Shanghai Electric had a net inflow of 17.5 million yuan from institutional investors, while ST Huaxi had a net inflow of 27.7 million yuan [3] - Aikesaibo and Keda also saw net inflows from retail investors, indicating interest in these stocks despite the overall sector outflow [3]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [6]. Core Insights - The geopolitical uncertainty, particularly regarding Japan's shift from "strategic ambiguity" to potential military intervention in the Taiwan Strait, has heightened the focus on the military industry [19][20]. - The defense sector is expected to see increased attention and potential investment opportunities due to the evolving geopolitical landscape [11][20]. Market Overview - The defense and military index of Shenwan fell by 1.72% this week, while the Shanghai Composite Index dropped by 3.90% [29]. - The defense and military sector's PE (TTM) stands at 67.3 times, with sub-sectors like aviation equipment at 71.5 times and aerospace equipment at 271.2 times [36]. Key Sector Dynamics Controlled Nuclear Fusion - Shanghai Electric has disclosed its involvement in multiple major fusion projects, including the domestic first plasma burning experiment device BEST and the international ITER project [21]. Low-altitude Economy - The 27th High-Tech Fair's low-altitude economy exhibition in Shenzhen showcased over 200 companies, covering the entire supply chain from eVTOL to drone components [22]. Aviation Engines & Turbines - China Aviation Power showcased 19 types of power products at the Dubai Airshow, marking the first appearance of the C919 in the Middle East [23]. Satellite Internet - The World Internet Conference highlighted the application of satellite internet in enhancing county-level economic development [26]. Suggested Focus Areas - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Huada Electronics are recommended for investment [16]. - **Aviation Engines**: Focus on companies like AVIC Engine and AVIC Control [16]. - **Military Trade**: Companies such as AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an are highlighted [16]. - **New Domains and Quality Construction**: Emphasis on commercial aerospace and low-altitude economy companies [16].

1991年海湾战争结束后的30余年里，作为中东产油大国的伊拉克长期深陷"电力短缺"困境。伊拉克 多数电厂以天然气为主要发电燃料，但本国伴生气放空燃烧现象严重，天然气开发水平较低，发电长期 依赖进口天然气，电力供应不足已成为多年难解的民生痛点，也成为制约国家重建和经济发展的瓶颈。 纳杰夫燃机电厂联合循环扩建项目常务副经理高守江告诉记者，该项目利用电厂现有单循环燃机发 电机组产生的高温烟气作为热源，借助国产余热锅炉设备生成高温高压蒸汽，驱动新建的蒸汽汽轮机发 电机组工作产生电能，能够在不增加燃料消耗的情况下增加电力输出，提升发电效率。 新华社巴格达11月25日电 通讯｜构筑幼发拉底河畔的"电力方舟"——访中企承建燃机电厂联合循 环扩建项目 新华社记者段敏夫 李军 清晨的阳光倾泻在伊拉克纳杰夫燃机电厂高耸的发电机组上，金色的光影在钢结构外壁上流动，映 照着一个个忙碌的身影。在中企承建的燃机电厂联合循环扩建项目施工现场，中伊员工密切配合，紧锣 密鼓地开展各项建设工作，在幼发拉底河畔携手共筑"电力方舟"。 今年年初，由上海电气集团股份有限公司（以下简称"上海电气"）总承包建设的幼发拉底河流域联 合循环扩建项目在纳杰夫、 ...