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， | ...

格隆汇2月5日丨联德股份(605060.SH)涨4.02%，报47.600元，股价创历史新高，总市值114.52亿元。 ...

联德股份(605060)今日下跌6.62%，全天换手率7.57%，成交额7.79亿元，振幅21.51%。龙虎榜数据显 示，沪股通净买入7753.52万元，营业部席位合计净卖出1.19亿元。 上交所公开信息显示，当日该股因日振幅值达21.51%上榜，沪股通净买入7753.52万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交5.44亿元，其中，买入成交额为2.51亿 元，卖出成交额为2.93亿元，合计净卖出4143.65万元。 具体来看，今日上榜的营业部中，沪股通为第一大买入营业部，买入金额为7753.52万元，合计净买入 7753.52万元。 资金流向方面，今日该股主力资金净流出9105.01万元，其中，特大单净流出7023.70万元，大单资金净 流出2081.31万元。近5日主力资金净流出8606.61万元。 2025年10月28日公司发布的三季报数据显示，前三季度公司共实现营业收入9.30亿元，同比增长 9.27%，实现净利润1.78亿元，同比增长21.56%。（数据宝） 联德股份1月22日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | - ...

Group 1 - The general equipment sector increased by 0.4% on January 22, with Rui Xin Technology leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Rui Xin Technology's stock price rose by 19.98% to 21.62, with a trading volume of 282,800 shares and a transaction value of 576 million yuan [1] Group 2 - The general equipment sector saw a net inflow of 787 million yuan from institutional investors, while retail investors experienced a net outflow of 645 million yuan [2] - The top gainers in the general equipment sector included Youji Co., Ltd. with an 11.76% increase and Tengda Technology with a 10.01% increase [1] - The stock of Lio Co., Ltd. fell by 10.04% to 8.42, with a trading volume of 343,700 shares and a transaction value of 289 million yuan [2] Group 3 - Snowman Group had a net inflow of 665 million yuan from institutional investors, while retail investors had a net outflow of 489 million yuan [3] - The stock of Giant Lifting Tools saw a net inflow of 310 million yuan from institutional investors, with a net outflow of 169 million yuan from retail investors [3] - Tengda Technology experienced a net inflow of 164 million yuan from institutional investors, while retail investors had a net outflow of 74 million yuan [3]

1月22日，联德股份跌6.13%，截至发稿，报40.11元/股，成交5.60亿元，换手率5.24%，总市值96.50亿 元。 资料显示，杭州联德精密机械股份有限公司位于浙江省杭州经济技术开发区18号大街77号，成立日期 2001年2月12日，上市日期2021年3月1日，公司主营业务涉及从事高精度机械零部件以及精密型腔模产 品的研发、设计、生产和销售,提供从铸造到精加工的一站式服务。主营业务收入构成为：压缩机部件 54.59%，工程机械部件35.21%，其他10.21%。 从联德股份十大流通股东角度 数据显示，东证资管旗下1只基金位居联德股份十大流通股东。东方红沪港深混合（002803）三季度新 进十大流通股东，持有股数223.2万股，占流通股的比例为0.93%。根据测算，今日浮亏损失约584.78万 元。 东方红沪港深混合（002803）成立日期2016年7月11日，最新规模21.23亿。今年以来收益6.94%，同类 排名3209/8843；近一年收益49.62%，同类排名1984/8096；成立以来收益134.3%。 东方红沪港深混合（002803）基金经理为秦绪文。 截至发稿，秦绪文累计任职时间10年4天 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入9.30亿元，同比增长9.27%，实现净利润 1.78亿元，同比增长21.56%，基本每股收益为0.7400元，加权平均净资产收益率7.45%。（数据宝） （文章来源：证券时报网） 联德股份股价创出历史新高，截至11:14，该股上涨6.17%，股价报43.20元，成交量261.93万股，成交金 额1.09亿元，换手率1.10%，该股最新A股总市值达103.94亿元，该股A股流通市值103.22亿元。 证券时报·数据宝统计显示，联德股份所属的机械设备行业，目前整体涨幅为1.16%，行业内，目前股价 上涨的有443只，涨停的有芯碁微装、锋龙股份等3只。股价下跌的有140只，跌幅居前的有江顺科技、 利欧股份、航天动力等，跌幅分别为10.00%、10.00%、6.27%。 ...

（文章来源：证券日报） 证券日报网讯 1月20日，联德股份在互动平台回答投资者提问时表示，目前欧洲的市场和销售尚处于初 始阶段，在公司收入中的占比不到10%，正在继续开拓发展中，后续公司将持续重点发力，稳步提升其 战略价值。 ...

Investment Rating - The report recommends an "Overweight" rating for the gas turbine industry, anticipating a strong performance due to high demand and limited supply [5][73]. Core Insights - The gas turbine industry is expected to enter a new upward cycle driven by the accelerating demand for electricity from AI data centers, with a significant supply-demand mismatch [3][11]. - The global gas turbine market is dominated by major players such as Siemens, GE, and Mitsubishi, but there is substantial potential for domestic manufacturers to capture market share through localization and partnerships [3][25]. - The report highlights specific companies that are well-positioned to benefit from this trend, including Jereh, Yingliu, Haomai Technology, and Lande [3][73]. Summary by Sections 1. Industry Overview - The gas turbine industry is experiencing a significant upturn, characterized by a supply-demand mismatch, with global gas turbine orders exceeding 80 GW while actual deliverable capacity is below 50 GW [3][32]. - The demand for gas turbines is being driven by the rapid growth of AI data centers, which require reliable and stable power sources [3][11]. 2. Domestic Manufacturers - Domestic gas turbine manufacturers are expected to benefit from the increasing demand and the potential for localization of production [3][25]. - Jereh has secured substantial orders from leading AI companies, indicating strong market acceptance and growth potential [3][39]. - Yingliu is focusing on high-value turbine blades, which are critical components in gas turbines, and is well-positioned for growth as domestic production increases [3][57]. 3. Investment Recommendations - The report suggests focusing on companies with high order visibility and strong growth potential, such as Jereh for its gas turbine generator sets, Yingliu for turbine blades, Haomai Technology for turbine components, and Lande as a supplier to Caterpillar [3][73]. - The expected growth in the gas turbine market is supported by the increasing electricity demand from AI data centers and the limitations in supply capacity [3][32].

Core Viewpoint - The gas turbine industry is expected to enter a new upward cycle due to the accelerating construction of AI data centers, which is leading to a widening power supply-demand gap [1][2] Supply and Demand Dynamics - Demand is rapidly increasing while supply is constrained by supply chain issues and a delivery cycle of 3-5 years, resulting in a clear supply-demand gap; by 2025, global gas turbine order intentions have exceeded 80 GW, but actual deliverable capacity is less than 50 GW [2] - Heavy-duty gas turbines offer advantages in power and long-term stable operation, while medium and small-sized turbines are more flexible and reliable, with stronger demand elasticity in data center scenarios [2] - North America and the Middle East are driving demand, with the U.S. facing increasing constraints on its power system and the Middle East benefiting from low gas prices and data center projects [2] Domestic Equipment Manufacturers' Opportunities - The global gas turbine market is primarily dominated by companies like Siemens, GE, Mitsubishi Heavy Industries, and Caterpillar, indicating significant potential for domestic replacements [3] - Jerry Holdings has secured a $200 million order from a leading U.S. AI company and has sufficient gas turbine production capacity [3] - Haomai Technology focuses on gas turbine power cylinders and components, with a full order book from leading gas turbine companies [3] - Yingliu Technology specializes in high-temperature alloy blades, which are critical components in gas turbines, and is expected to increase its market share [3] - Linde Co. supplies castings for Caterpillar gas turbines and diesel engines, positioning it to benefit directly from market growth [3] Investment Recommendations - The gas turbine industry is recommended for investment due to the combination of explosive demand, supply constraints, and domestic replacement opportunities, highlighting companies like Jerry Holdings, Yingliu Technology, Haomai Technology, and Linde Co. [4]

证券代码：605060 证券简称：联德股份 公告编号：2026-001 杭州联德精密机械股份有限公司 关于预计 2026 年度日常关联交易额度的公告 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法律责任。 重要内容提示： 本次关于预计 2026 年度日常关联交易额度事项无需提交股东会审议。 日常关联交易对上市公司的影响：杭州联德精密机械股份有限公司（以 下简称"公司"）本次预计的 2026 年度日常关联交易系公司正常生产经营需要， 有助于公司日常经营业务的开展和执行，符合公司正常生产经营的客观需要，不 会对公司的财务状况、经营成果产生不利影响，符合公司和全体股东的利益。关 联交易在公司同类业务所占比重较小，公司主要业务、收入、利润来源对关联交 易无重大依赖，关联交易对公司独立性未产生不利影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2026 年 1 月 6 日召开了第三届董事会第十五次会议，以 6 票同意，0 票反对，0 票弃权审议通过了《关于预计 2026 年度日常关联交易额度的议案》， 关联董事孙袁先 ...