机械设备行业 行业研究 | 动态跟踪 美国数据中心建设加剧用电紧张，燃机板 块景气度上升，产业链迎来投资机会 核心观点 投资建议与投资标的 美国数据中心的快速建设带来电力建设需求，但我们看到了美国政策导向将推动科技公 司更大规模投建发电设备，我们认为行业的景气度有望继续走强。从目前产业链公司财 报看，海外燃机公司的订单已经进入高景气状态，且进入产能扩张期。在此背景下，我 们认为产业链公司有望获得更多市场份额，带来投资机会。相关标的：杰瑞股份 (002353，买入)、联德股份(605060，未评级)、应流股份(603308，未评级)、冰轮环境 (000811，未评级)、迪威尔(688377，未评级)。 风险提示 宏观经济波动导致投资不及预期、数据中心建设不及预期、海外竞争加剧，原材料价格 上涨拖累企业盈利 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 07 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 特斯拉 V3 即将落地，有望成为明星产品， | ...

Investment Rating - The report does not explicitly state an investment rating for the gas turbine industry Core Insights - Gas turbines have a wide range of downstream applications, with F-class being the current mainstream model [6] - AI is driving the gas turbine market into a prosperous cycle, with significant order increases from overseas leaders [6] - The overall capacity of the supply chain is tight, and domestic suppliers are expected to increase their global market share [9] Summary by Sections 1. Gas Turbines: Wide Downstream Applications, F-Class as the Mainstream Model - Gas turbines convert thermal energy into mechanical work and consist of three main components: compressor, combustion chamber, and turbine [7] - Heavy gas turbines are primarily used in fixed power generation units for urban grids, while light gas turbines are used in industrial power generation, marine propulsion, oil and gas transportation, distributed generation, and military applications [7][26] - The global gas turbine market is expected to see a significant increase in installed capacity, reaching over 100 GW in the next decade, with the U.S. adding 250 GW in the next five years [41][43] 2. Demand: AI Drives the Gas Turbine Market into a Prosperous Cycle - The global data center demand is expected to grow significantly, with AI data centers in the U.S. requiring an additional 31 GW of power over the next five years [31][36] - The electricity consumption of global data centers is projected to rise from 415 TWh in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand [36] 3. Supply: Overall Capacity of the Supply Chain is Tight - The gas turbine OEM market is highly concentrated, with GEV, Siemens Energy, and Mitsubishi holding 34%, 27%, and 24% of the global market share, respectively [44] - The report highlights the increasing order intake for gas turbines, with GEV expecting to sign contracts for 24 GW in Q4 2025, and Siemens Energy forecasting 26 GW in the same period [55] 4. Investment Suggestions - The report suggests focusing on domestic suppliers' opportunities to increase their global market share and progress in the gas turbine supply chain [10] - The domestic suppliers are positioned to benefit from the ongoing expansion of the gas turbine market, particularly in high-temperature alloy components and blades [80]

（来源：淘金ETF） 1. 中航成飞（302132） 作为中国航空工业集团核心子公司，国内歼击机、教练机等主战装备的核心研制单位，军工背景深厚且 技术积累雄厚，在航空装备制造领域占据绝对龙头地位。主营业务聚焦军用战斗机、教练机研发制造， 同时延伸至民用航空零部件加工与航空技术服务，客户覆盖国内军方及航空工业全产业链企业。依托军 用航空领域的大尺寸模锻、精密加工等核心技术，深度切入商业航天赛道，为商业火箭提供高端结构 件、航空级特种材料及定制化加工服务，尤其在重型火箭箭体部件制造方面具备独特优势。已成功为国 内多家商业火箭企业提供关键结构件支持，深度参与多个商业航天发射任务，技术可靠性与产品稳定性 获行业高度认可。未来随着商业航天规模化发展，重型火箭、可回收火箭等新型装备研发加速，公司将 进一步推动航空航天技术跨界融合，充分受益于太空算力、低轨卫星星座建设带来的增量需求，在航天 结构件、特种材料等领域持续扩大市场份额，成长空间极具想象力。 2. 中航西飞（000768） 隶属于中国航空工业集团，是国内大型运输机、轰炸机、预警机等核心军用飞机的主要制造商，具备全 产业链研发、生产与集成能力，在航空装备制造领域技术 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [5][10]. Core Insights - Meta's projected capital expenditure for 2026 is expected to reach between $115 billion and $135 billion, nearly double that of the previous year, driven by AI-enhanced advertising business [17]. - Figure's Helix02 humanoid robot has achieved significant breakthroughs in large models and neural networks, enhancing its applicability in household scenarios [3][18]. - The commercial aerospace sector is experiencing intensified competition for orbital resources, with SpaceX applying to deploy a constellation of up to 1 million satellites, which may accelerate advancements in space traffic management technology [2]. Summary by Sections Key Events - Meta's capital expenditure forecast for 2026 is between $115 billion and $135 billion, significantly exceeding analyst expectations [17]. - Figure has launched the Helix02 humanoid robot, which integrates long-range fine manipulation and motion control through a novel three-layer architecture [18]. - SpaceX is seeking approval to deploy a satellite constellation of up to 1 million satellites, enhancing its computational capabilities for advanced AI [2]. Commercial Aerospace Insights - The limited capacity of near-Earth orbit satellites will intensify competition for orbital resources, leading to a "first-come, first-served" effect [2]. - Long-term investment opportunities in commercial aerospace are promising, particularly in the rocket segment, with a focus on key players like SpaceX and domestic companies such as Landspace and CASIC [2]. Humanoid Robotics Insights - The advancements in Figure's Helix02 are expected to unlock new applications in domestic environments as the versatility of humanoid robots increases [3]. - Investment opportunities in humanoid robotics should focus on companies with strong supply chains and market positioning, such as Hengli Hydraulic and Wison Group [3][8]. AI Infrastructure Insights - Meta's capital expenditure forecast indicates a robust outlook for AI infrastructure, particularly in gas turbine and liquid cooling sectors [4]. - Key investment areas include the gas turbine supply chain and high-value segments in liquid cooling systems [4][8]. Company Profit Forecasts - Several companies are rated "Outperform," including: - Green Harmony (688017.SH) with a projected EPS of 0.67 for 2025 and a PE ratio of 342 [10]. - Huichuan Technology (300124.SZ) with an EPS of 2.06 for 2025 and a PE ratio of 36 [10]. - Hengli Hydraulic (601100.SH) with an EPS of 1.87 for 2024 and a PE ratio of 58 [10].

We turn more bullish on China's power grid equipment names, underpinned by our assumed 11% China grid CAPEX CAGR in 2026-30E, up from 9% previously. While we highlighted upside to grid CAPEX (volume) and T&D tariffs (price) in our previous note, we now believe actual grid CAPEX could again exceed official plans, driven by accelerated backbone and distribution grid build-out enhancing system stability and reliability. This could translate into earnings upgrades and valuation re-ratings for power grid equipme ...

证券代码：603308 证券简称：应流股份 公告编号：2026-001 债券代码：113697 债券简称：应流转债 安徽应流机电股份有限公司 关于控股股东解除质押及再质押的公告 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： ● 截至本公告披露日，安徽应流机电股份有限公司（以下简称"公司"）控股股东霍山应流投资管理有限 公司（以下简称"应流投资"）持有公司股份 18,582.50万股，均为无限售条件的流通股，占公司总股本 27.37%。本次解除质押及再质押后，应流投资累计 7,000万股股份被质押，占其持有公司股份的 37.67%，占公司总股本的 10.31%；应流投资及其一致行动人累计质押8,300万股，占其持股数量比例为 35.19%，占公司总股本比例 12.22%。 公司于近日收到控股股东应流投资关于股份解除质押及再质押的通知，具体情况如下： 一、控股股东股份解除质押具体情况 二、控股股东股份再质押具体情况 ■ 本次再质押的股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保障用途。 三、股东累 ...

每经AI快讯，应流股份1月30日晚间发布公告称，截至本公告披露日，安徽应流机电股份有限公司控股 股东霍山应流投资管理有限公司持有公司股份约1.86亿股，均为无限售条件的流通股，占公司总股本 27.37%。本次解除质押及再质押后，应流投资累计7000万股股份被质押，占其持有公司股份的 37.67%，占公司总股本的10.31%；应流投资及其一致行动人累计质押8300万股，占其持股数量比例为 35.19%，占公司总股本比例为12.22%。 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 （记者 曾健辉） ...

| 证券代码：603308 | 证券简称：应流股份 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：113697 | 债券简称：应流转债 | | 安徽应流机电股份有限公司 关于控股股东解除质押及再质押的公告 1 股东名称 本次解除 质押股数 （万股） 占其所 持股份 比例（%） 占公司 总股本 比例（%） 解除质押 时间 股东持股 数量（万 股） 股东持 股占公 司总股 本比例 （%） 剩余被质押 股份数量 （万股） 剩余被 质押股 份占其 所持股 份比例 （%） 剩余被 质押股 份占公 司总股 本比例 （%） 应流投资 6,000 32.29 8.84 2026/1/28 18,582.50 27.37 3,000 16.14 4.42 3,000 16.14 4.42 2026/1/29 6,000 32.29 8.84 合计 9,000 48.43 13.25 / 18,582.50 27.37 / / / 一、控股股东股份解除质押具体情况 "剩余被质押股份占公司总股本比例"不包含本次再质押股份的数量。 | 股东 | 是否为 | 本次质 | 是否 | 是否 为补 ...

Group 1: Strategy Overview - The report emphasizes the resilience of the A-share market amidst multiple overseas risks and signals of regulatory easing in China, suggesting that the relationship between market performance and regulatory changes warrants further consideration [5][12] - It highlights the significant outperformance of the A-share market compared to other major indices, particularly the CSI 300, which has faced substantial redemption pressure [5][12] - The report suggests that investors should not overly worry about the CSI 300's performance, as it has already aligned with regulatory easing requirements, reducing the necessity for further pressure [5][12] Group 2: Economic Insights - China's exports continued to show strong performance in December, driven by overseas investment during a global easing cycle, positively impacting sectors like electrical and mechanical equipment [6][13] - Domestic consumption is recovering, with a rebound in per capita consumer spending in the fourth quarter, aligning with the report's annual strategy predictions [6][13] - The report notes that recent government policies aimed at boosting domestic demand and stabilizing real estate are expected to support synchronized recovery in both domestic and external demand [6][13] Group 3: Asset Allocation and Investment Recommendations - The report identifies a dual focus for 2026 on physical assets and Chinese assets, with thematic investments being essential [7][16] - Recommended sectors include physical assets such as copper, aluminum, tin, gold, lithium, and oil, alongside Chinese equipment export chains like electrical grid equipment and renewable energy [7][16] - The report also highlights sectors benefiting from capital market expansion and improving long-term asset returns, such as non-bank financials and consumer sectors like aviation and duty-free retail [7][16] Group 4: Company-Specific Insights - **Yunnan Aluminum Co. (000807.SZ)**: The report recommends a long-term investment due to favorable conditions for aluminum exports and a strong balance sheet, with potential for increased dividends [18] - **Hua Aluminum (600301.SH)**: The company is seen as a strong growth candidate due to rising tin and antimony prices and its position as a key beneficiary of metal consolidation in Guangxi [19] - **Yingliu Co. (603308.SH)**: The report anticipates a surge in global gas turbine demand, positioning the company to increase its market share in turbine blades [20] - **Shangfeng Cement (000672.SZ)**: The company is recognized for its strong cash flow from cement operations and potential for significant dividends [21] - **Pop Mart (9992.HK)**: The company is expected to maintain rapid growth in the entertainment market through IP incubation and diverse monetization strategies [22] - **China Duty Free Group (601888.SH)**: The company is projected to strengthen its market position in the duty-free sector, benefiting from increased inbound tourism and overseas expansion [24] - **China Southern Airlines (1055.HK)**: The airline is expected to benefit from improved industry supply-demand dynamics and a large fleet size [25] - **Li Auto (2015.HK)**: The company is focusing on advancements in AI and smart driving technology, with expectations for increased vehicle sales [26] - **Lante Optics (688127.SH)**: The company is positioned to benefit from strong demand in automotive and smart imaging sectors [27] - **InnoCare Pharma (9606.HK)**: The company is advancing in the ADC field with a robust pipeline and partnerships, with several products nearing clinical registration [29]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by more than 10% [5][11]. Core Insights - The report highlights significant advancements in commercial aerospace, humanoid robots, and AI infrastructure, with a focus on the potential for cost reductions and market growth in these sectors [2][3][4]. - SpaceX aims to achieve full reusability of its Starship rockets this year, which could reduce the cost of space access by 99%, dropping to below $100 per pound [2][18]. - Tesla plans to launch its humanoid robot, Optimus, to the public by the end of 2027, with expectations for enhanced capabilities in industrial tasks and household chores [3][18]. Summary by Sections Commercial Aerospace - The report emphasizes the long-term investment opportunities in commercial aerospace, particularly in the rocket segment, with a focus on SpaceX and leading domestic companies like Blue Arrow Aerospace and CASIC [2]. - Key areas of interest include critical structural components and new applications of 3D printing, with specific companies highlighted such as Huashu High-Tech and Jiangshun Technology [2]. Humanoid Robots - The humanoid robot sector is viewed positively, with expectations for significant demand growth as capabilities improve. Companies in the supply chain, particularly those with strong positions, are recommended for investment [3][9]. - Specific companies to watch include Hengli Hydraulic and Weichuan Technology, focusing on core suppliers and components like joints and sensors [3][9]. AI Infrastructure - The report expresses optimism for AI infrastructure, particularly in gas turbines and liquid cooling systems, identifying key players in the energy supply chain [4]. - Companies such as Yingliu Technology and Hanjong Precision are noted for their roles in the gas turbine sector, while others like Ice Wheel Environment are highlighted for their contributions to liquid cooling [4][9].