2月24日，马年新春开工第一天，中央政治局委员、上海市委书记陈吉宁赴正泰智电港园区调研，听取正泰集团董事长南存辉关于松江区新能源电力装备产 业集聚区相关情况的汇报。 松江区新能源电力装备产业集聚区聚焦绿色能源、智能电气、工业自动化、智能低碳、总部研发贸易等板块，依托链主企业构建上下游配套产业链，着力打 造国内领先的新能源电力装备产业基地。陈吉宁来到正泰创新体验中心，调研正泰电气及上下游企业参与集聚区及产业生态建设情况，了解企业下一步发展 布局及推进产学研合作等方面的计划打算，询问原创技术突破和所需支持事项，勉励企业持续深耕主业，更好发挥链主企业作用，助力构建更具竞争力的产 业生态，形成上下游产业相互衔接、各展其长、同向发力的生动局面。 现场，南存辉围绕"绿色化、数字化、智能化"等关键词，详细介绍正泰深耕电力新能源产业并推动实数融合的实践探索，重点汇报企业创新发展新质生产 力，前沿布局石墨烯新材料、柔性直流、固态变压器、储能系统、虚拟电厂等关键技术的最新成果。多年来，正泰积极践行"地瓜经济"理念，主动融入长三 角一体化发展，依托上海经济、金融、贸易、航运、科技等五大中心优势，构建了国际贸易、全球研发、高端智造、 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：今日正泰 2月24日，马年新春开工第一天，中央政治局委员、上海市委书记陈吉宁赴正泰智电港园区调研，听取 正泰集团董事长南存辉关于松江区新能源电力装备产业集聚区相关情况的汇报。 松江区新能源电力装备产业集聚区聚焦绿色能源、智能电气、工业自动化、智能低碳、总部研发贸易等 板块，依托链主企业构建上下游配套产业链，着力打造国内领先的新能源电力装备产业基地。陈吉宁来 到正泰创新体验中心，调研正泰电气及上下游企业参与集聚区及产业生态建设情况，了解企业下一步发 展布局及推进产学研合作等方面的计划打算，询问原创技术突破和所需支持事项，勉励企业持续深耕主 业，更好发挥链主企业作用，助力构建更具竞争力的产业生态，形成上下游产业相互衔接、各展其长、 同向发力的生动局面。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：今日正泰 2月24日，马年新春开工第一天，中央政治局委员、上海市委书记陈吉宁赴正泰智电港园区调研，听取 正泰集团董事长南存辉关于松江区新能源电力装备产业集聚区相关情况的汇报。 松江区新能源电力装备产业集聚区 ...

春节期间，海外贵金属、原油价格集体上涨，现货黄金向上触及5200美元/盎司，WTI原油期货3月合约 收涨1.9%，布伦特原油期货4月合约收涨1.86%。消息面上，美伊谈判反复波动，全球地缘局势升温。 国金证券指出， 原油市场当前脱离供需，转为地缘政治风险驱动。预计未来一个月内价格的高波动率 将不可避免。在美伊局势尚未明朗化前，原油价格处于易涨难跌的状态。短期原油价格如因地缘问题继 续上行，建议关注拥有油气资源的上游企业以及长期受益于行业高景气度的海上油气服务工程板块。 数据显示，截至2026年1月30日，中证全指自由现金流指数(932365)前十大权重股分别为中国海油、格 力电器、上汽集团、中国铝业、中远海控、TCL科技、牧原股份、白银有色、宝钢股份、正泰电器，前 十大权重股合计占比51.19%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2026年2月24日 10:02，中证全指自由现金流指数(932365)强势上涨2.22%，成分股白银有色上涨 9.93%，招商南油上涨9.89%，云天化上涨7.18%，中国海油，春风动力等个股跟涨。全指现金流ETF鹏 华(512130)上 ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]

Core Insights - The core viewpoint of the analysis is that Chint Electric (601877) is a leading player in the low-voltage electrical equipment sector, experiencing rapid growth in its new energy business and significant success in expanding its overseas market [1] Company Performance - Chint Electric's stock price has shown a fluctuation range over the past week (February 9 to 13, 2026), with a cumulative increase of 4.99% over five days [2] - On February 12, the stock saw a single-day increase of 3.03%, but it experienced a pullback of 0.88% on February 13, with the latest price at 31.36 yuan [2] - The company's stock performance has been relatively strong compared to the overall decline of 1.88% in the power equipment sector during the same period [2] Financial Metrics - The comprehensive target price set by institutions for Chint Electric is 38.00 yuan, indicating potential upside compared to the latest price [1] - The company's gross margin for the third quarter of 2025 is reported at 27.51%, which is above the industry average [1]

Group 1 - The 800 Cash Flow ETF managed by Huatai-PineBridge opened at 1.317 yuan, experiencing a decline of 1.42% [1] - Major holdings in the ETF include China National Offshore Oil Corporation (CNOOC) down 2.93%, SAIC Motor Corporation down 0.14%, and China Aluminum Corporation down 1.82% [1] - The ETF's performance benchmark is the CSI 800 Free Cash Flow Index, with a return of 33.50% since its inception on April 30, 2025, and a return of 5.17% over the past month [1]

Core Viewpoint - The global power grid is facing unprecedented pressure and opportunities due to the simultaneous arrival of the energy revolution and computing power revolution, with significant investments expected in the coming years [1] Group 1: Global Power Grid Investment - In China, the State Grid announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous plan, with an average annual investment of 800 billion yuan [2] - Southern Power Grid plans to invest 180 billion yuan in fixed assets in 2026, marking a continuous five-year high with an average growth rate of 9.5% [2] - The urgent need for energy infrastructure upgrades and the challenges posed by high-density computing power are driving accelerated grid construction to keep pace with power supply developments [2][3] Group 2: Global Electricity Shortage - Developed economies, particularly in Europe and North America, are facing severe aging of power grid infrastructure, with average service years reaching 50 years in Europe and 40 years in North America [3] - The U.S. Department of Energy reported a 60% increase in power outages from 2013 to 2023, with outage durations nearly doubling, and projections suggest a further 100% increase in outages by 2030 [2][3] Group 3: AI and Power Demand - The AI computing revolution is reshaping electricity demand, with significant power consumption expected from AI model training and inference [5] - For instance, training OpenAI's GPT-3XL model could consume up to 1.183 billion kilowatt-hours annually, highlighting the substantial energy requirements of AI applications [5][6] - The U.S. data center capacity is projected to reach 245 GW by October 2025, with an expected annual growth rate of 2%-3% in electricity demand driven by AI [6] Group 4: Investment Opportunities in Power Equipment - Fund managers are increasingly investing in the power equipment supply chain, with notable increases in holdings for companies like Siyi Electric, TBEA, and Jinpan Technology [7] - Siyi Electric's overseas revenue share reached 33.68% in the first half of 2025, while TBEA secured a local procurement project in Saudi Arabia worth approximately 16.4 billion yuan [7] - The demand for transformers and switches in North America presents a significant opportunity for Chinese power equipment manufacturers, who have surpassed U.S. companies in technology and cost competitiveness [8]

Core Viewpoint - The Hong Kong IPO market is experiencing a surge of activity from leading companies in the renewable energy sector, with multiple firms submitting listing applications to the Hong Kong Stock Exchange in early 2026, reflecting a trend towards "A+H" dual-platform listings [2][19]. Group 1: Companies Submitting IPO Applications - EVE Energy submitted its listing application to the Hong Kong Stock Exchange on January 2, aiming to raise funds for overseas capacity construction, including a factory in Hungary [2]. - Wanbang Digital Energy submitted its listing application on January 4, having restructured its business to focus on smart charging equipment and microgrid systems [5]. - Penghui Energy announced its H-share issuance and submitted its main board listing application on January 5, focusing on energy storage, power, and consumer batteries [7]. - Chint Electric announced its plan to issue H-shares and aims to become the first "A+H" listed company in Wenzhou, enhancing its international strategy and financing channels [9]. - Yuanxin Energy submitted its main board listing application on January 9, showing significant revenue growth from 435 million yuan in 2023 to 1.144 billion yuan in 2024 [11]. - Huichuan Technology disclosed its plan to issue H-shares on January 19, potentially joining the "A+H" listing trend [12]. Group 2: Industry Trends and Strategic Considerations - The collective move of energy companies to list in Hong Kong reflects deep strategic considerations regarding transformation and globalization [14]. - Companies are transitioning from merely selling equipment to providing comprehensive solutions, enhancing their business models to be scalable and replicable [15]. - Global expansion is a key driver for these companies, with Yuanxin Energy expecting overseas revenue to exceed 30% by 2026, having already signed contracts with clients in multiple countries [16]. - The "A+H" dual-platform model is becoming standard for many A-share listed companies, with several firms planning H-share listings in early 2026 [18]. - The surge in IPOs is influenced by favorable policies, improved market conditions, and the need for companies to optimize their capital structures and financing strategies [19]. - The increasing number of energy companies joining the "A+H" model is reshaping the global competitiveness of Chinese energy firms, transitioning from product exports to operational services [20].

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [4][15]. Core Insights - North American CSP companies are significantly increasing their capital expenditures, with Meta's Q4 2025 capex reaching $22.14 billion and projected to rise to $115-135 billion in 2026. Microsoft, Amazon, and Google are also increasing their capex, indicating a robust demand for AI training and inference [3][12][13]. - Domestic AI applications are entering a commercialization inflection point, with companies like Tencent and Alibaba launching significant promotional campaigns to stimulate user engagement and application usage [12][13]. - The AI industry is transitioning from a focus on computational power to a collaborative expansion involving infrastructure and application ecosystems, benefiting sectors such as servers, power equipment, data centers, and liquid cooling systems [14]. Summary by Sections Investment Views - The report suggests focusing on the IDC sector, highlighting companies like Kehua Data and Jinpan Technology due to their growth potential. It also recommends monitoring high-voltage circuit breakers and power supply sectors, with specific mentions of companies like Liangxin and Sunshine Power [4][14]. Industry Dynamics - The report notes that the domestic data center sector is beginning to expand and upgrade, with significant opportunities in direct current power supply equipment. The power equipment sector is expected to benefit from these trends [4][17]. - The report highlights that the State Grid's fixed asset investment grew by over 35% year-on-year in January, indicating strong infrastructure investment [18][19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including Kehua Data, Liangxin, and Sunshine Power, with specific EPS and PE ratios outlined for 2024 to 2026 [7][16].

Core Viewpoint - Zhengtai Electric (601877.SH) experienced a stock price decline of 3.76%, closing at 29.96 yuan, following a peak of 64.12 yuan on September 3, 2021, marking its historical high [1] Group 1: Company Performance - Zhengtai Electric's stock price reached a historical high of 64.12 yuan on September 3, 2021 [1] - The current stock price is 29.96 yuan, reflecting a significant decrease from its peak [1] Group 2: Analyst Ratings - Analysts from GF Securities, including Chen Zikun, Ji Chengwei, and Li Meng, published a report on August 31, 2021, maintaining a "buy" rating for Zhengtai Electric [1]