2026年开年以来，中国电力设备板块表现亮眼。摩根大通1月28日发布一份研究报告，称其覆盖的电力 设备公司股价年初至今平均上涨约20%，大幅跑赢同期上证综指约5%的涨幅。 摩根大通认为，这一强劲表现背后，是超预期的电网资本开支与持续旺盛的出口需求形成的双重支撑。 随着"十五五"规划对电网投资的部署逐步明晰，特高压、配网自动化等关键领域投资加速，电力设备行 业正迎来新一轮黄金发展周期。 01 十五五电网投资蓝图明晰 摩根大通与行业专家交流确认，"十五五"期间中国电网投资将呈现加速态势，投资重点明确且增长动力 强劲。 在投资规模方面，特高压作为电网投资的核心抓手，投资额度将实现显著跃升。"十五五"期间特高压投 资将从"十四五"的3800亿元增至5000亿元以上，规划批准20条直流特高压线路和15条交流特高压线路。 其中，仅"十五五"前两年就将批准6条直流特高压线路，特高压审批速度的加快将直接拉动相关设备需 求集中释放。 投资结构上，"十五五"电网投资将聚焦三大核心领域：特高压工程、二次设备以及配网建设。具体来 看，继电保护设备、电力调度自动化系统、虚拟电厂相关系统、电力交易系统等产品需求将持续旺盛， 直流特高压线 ...

深 度 研 究 超配（维持） 电力设备及新能源行业之电网设备专题报告 铁塔凌云起，智电写春秋 2026 年 1 月 28 日 投资要点： SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 行业指数走势 资料来源：东莞证券研究所，iFinD 券 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电力设备及新能源行业 分析师：刘兴文 电网设备行业迈入新发展阶段。电网建设是电力行业发展的重要基 础，电网建设包括变电站和电力线路建设，当前我国智能电网、西 电东送、城乡电网改造等重要项目都需要大量的电网设备，并提出 了新的要求，高效、节能、环保的电网设备将成为未来市场的主流， 电源电网的转型升级为我国的电网设备制造业创造了巨大的发展机 遇。近年来，大数据、人工智能、物联网等技术的快速迭代，加速 了电网数字化转型的进程，智能开关设备、智能电表、数据采集终 端等智能电力设备产品在新型电力系统各个环节中得到广泛应用。 行 业 研 相关报告 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power and new energy sectors, including Ningde Times, Mingyang Electric, and Sunshine Power [6]. Core Insights - The focus on affordability in the U.S. AI power sector is expected to influence the mid-term elections in 2026, with significant price increases in wholesale electricity driven by rising gas prices and capacity costs [2][15]. - The report highlights the potential for a significant increase in capacity prices due to the growing demand from data centers, which are projected to account for 95% of the incremental capacity [2][23]. - The "Energy as a Service" (EAAS) model is identified as a viable solution for data centers to achieve rapid power access while internalizing costs, with an estimated annual installation demand of 29-45 GW from 2026 to 2030 [4][31]. Summary by Sections Section 1: Price Increases and Capacity Demand - The PJM wholesale electricity price increased by 43.7% year-on-year, with gas prices contributing 66% and capacity price increases contributing 30% [2][15]. - The report estimates that capacity prices could rise by 100% to 300% from current levels due to the demand from data centers [2][15]. Section 2: Energy as a Service (EAAS) Model - The EAAS model is projected to maintain a demand of 29-45 GW per year from 2026 to 2030, with small gas turbines being economically advantageous [4][31]. - This model allows data centers to meet their urgent power needs while minimizing the impact on overall electricity costs [4][31]. Section 3: Electric Grid and Regulatory Changes - The report emphasizes the need for accelerated approval processes for electric grid and power sources to reduce electricity costs through economies of scale [3][31]. - Recent regulatory changes, including FERC's proposals, aim to streamline the approval process for large loads and enhance the capacity of the electric grid [31][40]. Section 4: Recommendations for Key Companies - The report recommends several companies for investment, including Ningde Times, Mingyang Electric, and Sunshine Power, all rated as "Buy" [9]. - Other recommended companies include Guodian NARI, Dongfang Electric, and Harbin Electric, which are positioned to benefit from the rising demand for electric power equipment [9]. Section 5: Market Dynamics and Future Outlook - The report anticipates a recovery in household solar storage demand driven by rising electricity prices, with potential for significant market growth [5][10]. - The overall electric power market is expected to experience a structural shift due to the increasing load from data centers, necessitating a reevaluation of investment strategies in the sector [31][35].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Group 1 - The core viewpoint highlights the resilience and growth of Henan's industrial sector, with significant increases in industrial value and investment despite economic pressures, showcasing a robust recovery and transformation [1] - Henan's industrial added value increased by 8.4% year-on-year, while industrial investment grew by 13.3%, ranking first and second among ten major industrial provinces in China [1] - The province is focusing on enhancing its industrial chains, with notable projects such as the first large-diameter bearing for the world's largest radio telescope and the launch of a rocket assembly base, indicating a strategic push in aerospace and new energy vehicles [1] Group 2 - The emergence of "zero-carbon factories" and the establishment of numerous intelligent and green factories reflect a shift towards sustainable and digital manufacturing practices in Henan [2] - The province has cultivated 16 top-tier intelligent factories, 323 provincial-level intelligent workshops, and 467 green factories, leading to an 8.3% reduction in energy consumption per unit of industrial added value [2] - Traditional industries are undergoing transformation, with significant advancements in high-tech manufacturing projected to grow by 16.6% by 2025, indicating a strong future for innovative sectors [2] Group 3 - A comprehensive support system for enterprises has been established, including a monitoring mechanism for 1,600 key companies and incentives for full-capacity production, demonstrating a commitment to fostering industrial growth [3] - The province has effectively addressed issues raised by 12,000 enterprises through initiatives aimed at enhancing government-business interactions, showcasing a proactive approach to industrial challenges [3] - By 2025, Henan's industrial sector is expected to emerge stronger, symbolizing the province's ambition to transition from an agricultural base to a manufacturing powerhouse [3]

智通财经见习记者｜蒋习 2026年伊始，电力圈迎来一轮密集的高层人事变动。 1月20日，许继电气(000400.SZ)发布公告称，其董事长李俊涛因工作调动，近日申请辞去公司董事长、董事及董事会专门委员会相关职务。其原定任期至公 司第九届董事会届满之日止。辞职后，李俊涛将不再担任公司任何职务。 与此同时，该公司董事会同意提名季侃为公司第九届董事会非独立董事候选人，任期至本届董事会届满。 据许继电气微信公众号消息，1月11日，季侃以党委书记的身份调研其营销服务中心。 季侃调研许继电气营销服务中心 图片来源：许继电气微信公众号 许涛出席保变电气2026年度营销工作会议 图片来源：保变电气微信公众号 据许继电气2024年财报，许涛的总经理任期自2023年5月9日开始。至此次辞职，其任期不足三年。 保变电气董事长亦同步离任。该公司1月14日公告称，董事长刘淑娟因工作变动，辞去公司董事长、董事及董事会专门委员会相关职务，辞职后将不再担任 该公司任何职务。 制图：蒋习 许继电气与保变电气，同属中国电气装备集团有限公司(下称中国电气装备)旗下上市公司。 数日前，许继电气还发生了一场重要人事调整。 1月14日，许继电气公告，董 ...

文 | 预见能源 证券代码:000400 证券简称:许继电气 = 公告编号:2026-02 许继电气股份有限公司 关于董事长辞职及补选董事的公告 鉴于公司董事长李俊涛先生提出辞职申请,根据《公司法》《公司章程》等 相关规定,经公司控股股东中国电气装备集团有限公司推荐并经公司董事会提名 委员会审查,公司董事会同意提名季侃先生为公司第九届董事会非独立董事候选 人,任期至本届董事会届满。 上述事项尚需公司股东会审议通过。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 一、董事长辞职情况 许继电气股份有限公司(以下简称"公司")董事会近日收到李俊涛先生提 交的书面辞职报告,因工作调动,李俊涛先生提出辞去公司董事长、董事及董事 会专门委员会相关职务(其原定任期至公司第九届董事会届满之日止)。薛去以 上职务后,李俊涛先生不再担任公司任何职务。 截止本公告日,李俊涛先生未持有公司股份,根据《公司法》及《公司章程》 等有关规定,辞职报告自送达公司董事会之日起生效。李俊涛先生已按照公司离 职管理制度进行工作交接,辞职不会影响公司正常生产经营和管理。 三、备查文件 1. 辞职报 ...

今年以来许继电气已经1次登上龙虎榜，最近一次登上龙虎榜为1月19日，当日龙虎榜净买入2.56亿元； 买入总计6.72亿元 ，占总成交额比16.91%；卖出总计4.16亿元 ，占总成交额比10.47%。 资料显示，许继电气股份有限公司位于河南省许昌市许继大道1298号，成立日期1996年12月26日，上市 日期1997年4月18日，公司主营业务涉及智能变配电、智能用电、直流输电控制保护、特种节能一次设 备、工业及交通智能供用电等五大业务。主营业务收入构成为：智能变配电系统28.64%，智能电表 23.71%，智能中压供用电设备20.76%，新能源及系统集成10.79%，充换电设备及其它制造服务8.96%， 直流输电系统7.14%。 1月22日，许继电气盘中下跌2.01%，截至10:14，报31.18元/股，成交9.34亿元，换手率2.91%，总市值 317.61亿元。 资金流向方面，主力资金净流出7745.00万元，特大单买入6542.68万元，占比7.01%，卖出1.19亿元，占 比12.75%；大单买入2.31亿元，占比24.74%，卖出2.55亿元，占比27.29%。 许继电气今年以来股价涨21.28%， ...

1月19日，记者走进河南许继仪表有限公司的单相电表智能生产车间，看不到工人忙碌的身影，只见AGV小 车自动运送物料，智能机械臂精准组装产品。这里，平均每一秒就有一只智能电表自动下线。数智赋能，这 座卓越级"黑灯工厂"实现了人均生产效率提升7倍、交付周期缩短近一半，产品畅销东南亚、非洲等海外市 场。 "黑灯工厂"不仅是技术革新的缩影，更是许昌电力装备产业集群向制造业高端化、智能化、绿色化转型的生 动体现。 处于中原腹地，缺少资源禀赋，许昌电力装备产业集群却能面向国家建设新型电力系统的重大需求，建立全 省最为完善的源网荷储一体化产业生态。这里集聚许继电气、开普检测等多家上市公司、上百家规上工业企 业，去年产业集群总产值突破1400亿元，跻身国家创新型产业集群。 特高压是新型电力系统的筋骨脉络。在许继柔性输电公司特高压直流输电换流阀生产车间，身穿蓝色制服的 工人与机器人并肩工作，一组组重逾400吨的换流阀设备将用于甘肃—浙江特高压直流输电工程等国家西电东 送重点项目建设。 "过去，高端换流阀、直流控制与保护系统等核心技术一直被国际巨头垄断，技术壁垒高筑，产品价格很高， 成为制约我国产业发展的'卡脖子'难题。"许继柔 ...

证券之星消息，1月21日，深证国企ESG（970055）指数报收于1493.87点，涨0.68%，成交506.41亿元， 换手率1.75%。当日该指数成份股中，上涨的有20家，中钨高新以10.0%的涨幅领涨，下跌的有29家， 许继电气以3.25%的跌幅领跌。 深证国企ESG（970055）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，深证国企ESG（970055）指数成份股当日主力资金净流入合计2.65亿元，游资资金净流 出合计5.32亿元，散户资金净流入合计2.67亿元。成份股资金流向详情见下表： ...