证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 油价高企新能源受益，锂电需求和盈利有望 超预期 增持（维持） [Table_Summary] 投资要点 2026 年 03 月 29 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -14% -6% 2% 10% 18% 26% 34% 42% 50% 58% 2025/3/31 2025/7/29 2025/11/26 2026/3/26 电力设备 沪深300 相关研究 《储能锂电景气上行，业绩与估值有 望双升》 2026-03-22 《储能锂电景气上行、欧洲海风北美 缺电持续》 2026-03-16 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 11271 上涨 0.05%，表现强于大盘。（本周，3 月 23 日-3 月 27 日，下同），锂电池涨 5.34%，新 能源汽车涨 1.21%，核电涨 0.91%，电气设备涨 0.05% ...

4 月国内锂电排产向好环比+7.3%，清研纳科中标国际头部电池 厂干法订单 电力设备 证券研究报告/行业定期报告 2026 年 03 月 29 日 执业证书编号：S0740526010001 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn 分析师：赵宇鹏 执业证书编号：S0740522100005 Email：zhaoyp02@zts.com.cn 执业证书编号：S0740525020001 Email：xumc@zts.com.cn | | | | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：曾彪 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 202 ...

电力设备及新能源周报 20260329 SpaceX 拟 1.75 万亿估值 IPO，2026 年国网输变电设备 1 批中标公示 glmszqdatemark 本周（20260323-20260327）板块行情 电力设备与新能源板块：本周上涨 0.05%，涨跌幅排名第 9，强于上证指数。本周风 力发电指数涨幅最大，太阳能指数跌幅最大。风力发电指数上涨 4.33%，锂电池指数 上涨1.17%，储能指数上涨0.51%，核电指数上涨0.17%，新能源汽车指数下跌0.31%， 工控自动化指数下跌 0.79%，太阳能指数下跌 3.79%。 新能源车：新一代小米 SU7 正式上市，产业链配套机遇有望持续显现 2026 年 3 月 19 日，小米集团正式发布新一代 SU7，标准版、Pro 版、Max 版售价 分别为 21.99 万元、24.99 万元、30.39 万元，上市 34 分钟锁单量突破 1.5 万台，72 小时累计锁单超 3 万台。新车相较初代产品进行超 100 项技术升级，材料成本增加约 2 万元，最终定价仅上调 4000 元。智能化方面全系标配激光雷达、4D 毫米波雷达及 700TOPS 算力的英伟达 Tho ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 March 24, 2026 04:44 AM GMT 中国新兴前沿 新型电力系统将驱动中国电力 设备资本开支 在2026–30年中国加快电力基础设施投资的背景下，我们预 计中国电网设备供应商将整体受益。 | shuimu2026 | | | shuimu2026 | | shuimu2026 | | --- | --- | --- | --- | --- | --- | | 手调研纪要和海外投行研报数据加V： 手调研纪要和海外投行研报数据加V： 更多一 更多一 | | | 更多一 | 手调研纪要和海外投行研报数据加V： | | | M 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 | | | | | | | Asia Pacific Insight March 24, 2026 04:44 AM GMT | | | | | | | Morgan Stanley Asia Limited+ 中国新兴前沿 | | | | | | | 侯婧 | | | | | | | 股票分析师 Eva.Hou@morganstanley.com 新型电力系统 ...

March 20, 2026 07:26 PM GMT China's Emerging Frontiers New Power System to Fuel China's Power Equipment Capex We expect Chinese power grid equipment suppliers to benefit broadly from China's accelerated power infrastructure spending during 2026-30. Key Takeaways We reiterate Sieyuan Electric as our preferred play: We cite: 1) ongoing market share gain in China via its diversified product portfolio, 2) strong overseas order growth outlook amid ongoing global market penetration and transformer supply tightnes ...

Core Insights - The article emphasizes the transformation of the power investment landscape driven by the integration of computing power and electricity, termed "computing-electricity synergy," which is becoming a focal point in the context of the new power system and the "14th Five-Year Plan" [1][5] - The planned investment scale of the State Grid during the "14th Five-Year Plan" period is set to reach 4 trillion yuan, marking a 40% increase compared to the previous plan, indicating a significant expansion in power infrastructure investment [1][9] Investment Cycle Analysis - The current power investment cycle is characterized as "deterministic," supported by four dimensions: historical investment intensity breakthrough, structural upgrades, dual demand drivers, and policy backing [9][10] - The article highlights that the power system is transitioning from a linear structure of "generation-transmission-consumption" to a new "smile curve" centered on system capabilities, with value shifting towards distribution, user sides, and power electronics [2][9] Key Infrastructure Components - The three core pillars of the new power system are identified as UHV (Ultra High Voltage), smart distribution networks, and energy storage systems [3][5] - UHV serves as the "skeleton" to address spatial mismatches in energy distribution, enabling large-scale long-distance transmission [3][19] - Smart distribution networks act as the "nervous system," facilitating precise distribution tasks and transitioning from a "passive" to an "active" role [3][51] - Energy storage systems function as "regulators," addressing the volatility of renewable energy sources and evolving from optional configurations to essential infrastructure [3][58] Demand Drivers - The demand for electricity is driven by the increasing share of renewable energy installations, which currently account for approximately 47.3%, and the rapid growth in electricity consumption from data centers, projected to double by 2030 [1][20][24] - The article notes that the global electricity consumption of data centers is expected to rise from 415 TWh in 2024 to 945 TWh by 2030, reflecting a significant increase in demand for power systems [24] Industry Chain Transformation - The traditional power industry chain is undergoing a transformation, with value migrating from centralized generation to distributed energy and user-side transactions, driven by the rise of distributed energy and market reforms [26][30] - The article outlines that the new power system's value chain is shifting towards digital grids, where IT and software integration becomes crucial, and energy storage and power electronics emerge as new core areas of value [30][31]

Investment Rating - The report assigns an "Outperform" rating to several companies in the power equipment sector, including China General Nuclear Power, Dongfang Electric, and Doosan Enerbility, among others, with specific target prices and projected P/E ratios for 2025 and 2026 [1]. Core Insights - The report analyzes the competitive landscape of power equipment manufacturers in China, Japan, and South Korea, highlighting their distinct strategies and market positions in response to varying modernization timelines and infrastructure needs [3][30]. - South Korean companies are noted for aggressive overseas penetration, while Japanese firms maintain a stronghold on high-end technology and quality. Chinese companies leverage scale and cost advantages but have lower internationalization levels [4][30]. - The report emphasizes the significant growth in overseas demand for power equipment, particularly driven by AI data centers in the U.S., which benefits South Korean and Japanese companies more directly than their Chinese counterparts [3][4]. Summary by Sections Power Generation Equipment - Japan's Mitsubishi Heavy Industries (MHI) leads in high-end technology with an EBITDA margin of approximately 12% in its energy systems business. South Korea's Doosan Enerbility shows strong execution with a year-on-year order growth of 106.5% in 2025, while China's Dongfang Electric has the largest scale but lower internationalization [4][30]. Transmission Equipment - South Korean companies excel in the transmission equipment sector, with firms like HD Hyundai Electric and LS Electric rapidly increasing their market share in North America. Japanese companies like Hitachi Energy maintain a strong brand and reliability, while Chinese firms lead in UHV AC/DC technology but have lower overseas market shares [4][39]. Investment Recommendations - From a valuation perspective, South Korean companies exhibit the highest valuations with significant volatility, while Japanese companies are seen as relatively reasonably valued. Chinese companies show a wide range of valuations, with some being notably high [5][30]. - The report suggests a preference for Japanese companies over South Korean and Chinese firms in the power generation and transmission equipment sectors based on valuation, market benefits, and product technology recognition [5].

Core Viewpoint - Chinese assets are attracting significant attention from overseas investors due to their unique "cost-performance" advantage amid increasing global market volatility and geopolitical risks [1][12]. Group 1: Investment Trends - In the past month, South Korean investors have net purchased A-share securities, including Sany Heavy Industry, China Power Construction, and Jiangsu Changjiang Electronics Technology, with net purchases exceeding $1 million each [1][3]. - The top net purchases include Sany Heavy Industry at over $6.3 million, China Power Construction at over $4.4 million, and XJ Electric at over $1.3 million [4][3]. Group 2: Focus on "HALO" Assets - "HALO" assets, which are traditional industrial leaders, are favored by South Korean investors due to their low replacement risk and high demand in energy transition and high-end manufacturing [4][5]. - The concept of "HALO" assets represents a revaluation of low-replacement-risk assets, but it does not equate to structural winners [5]. Group 3: Emerging Sectors - South Korean investors are particularly interested in the semiconductor sector, with net purchases of Jiangsu Changjiang Electronics Technology and Guangxun Technology exceeding $150,000 each [6]. - The robotics industry is also gaining attention, with investment in humanoid robot-themed ETFs in South Korea reaching parity with local funds [6]. Group 4: Investment Environment - Factors driving South Korean investment in Chinese AI and robotics include strong industry growth potential, attractive valuations, and significant industry complementarity between South Korea and China [7]. - The improvement in the investment environment, including a stable RMB exchange rate, enhances the attractiveness of Chinese assets [7]. Group 5: ETF Investment Strategy - Overseas investors are increasingly using ETFs to access quality A-share assets, with notable net purchases in semiconductor ETFs [9][10]. - ETFs lower the barriers for foreign investors by simplifying the investment process and reducing transaction costs, making it easier to invest in Chinese high-tech sectors [10]. Group 6: Valuation and Growth Potential - Despite some recovery in A-shares and Hong Kong stocks, major indices still exhibit low price-to-earnings ratios, while sectors like technology and manufacturing show strong profit growth expectations for 2026 [12]. - The long-term investment value in sectors like AI, robotics, and innovative pharmaceuticals is supported by clear industrial policy and development barriers in China [12].

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]

Group 1 - Korean investors have shown significant interest in A-shares, with top net purchases including SANY Heavy Industry, Power Construction Corporation of China, and Accelink Technologies, among others [1][3] - In the Hong Kong market, notable net purchases include China Energy Construction, MiniMax, and Harbin Electric, indicating a strong preference for energy and technology sectors [1] - The trend reflects a shift towards HALO assets, which are characterized by stability and growth potential, particularly in the context of rising global uncertainties [1] Group 2 - Over the past month, three ETFs have made it to the top 20 net purchases by Korean investors, with the Silverhua CSI Innovation Drug Industry ETF leading at a net purchase of $148.05 million [2] - The strong performance of the Korean stock market has encouraged local investors to allocate funds into Chinese assets, particularly in the innovative drug and artificial intelligence sectors [2][3]