业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2026 年 03 月 23 日 1-2 月发用电开局良好 中东局势升 级欧亚气价上涨 看好 ——申万公用环保周报(26/3/16~26/3/20) 行 - 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 公用事业 ⚫ 电力： 1~2 月水电发电增速显著，第二产业拉动用电增长。2026 年 1-2 月发电量 15718 亿千瓦时，同比增长 4.1%，其中火力发电 10539 亿千瓦时，同比增长 3.3%；水 力发电 1560 亿千瓦时，同比增长 6.8%。总体而言，1-2 月份规上工业火电由降转增， 水电增速加快，核电、风电、太阳能发电增速放缓。 ...

Investment Rating - The report maintains a positive outlook on the public utility and environmental protection sectors, indicating a favorable investment environment for these industries [1]. Core Insights - The report highlights the implementation of the "14th Five-Year Plan" focusing on the construction of a new energy system, emphasizing the integration of various energy sources such as wind, solar, hydro, and nuclear power [3][6]. - It notes the recent slight decline in global gas prices due to geopolitical tensions affecting LNG supply, particularly from Qatar, while also mentioning the stable domestic supply in the U.S. [14][20]. - The report provides specific investment recommendations across various sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, reflecting a diversified approach to energy investments [12][34]. Summary by Sections 1. Electricity - The "14th Five-Year Plan" emphasizes the construction of a new energy system, promoting non-fossil energy sources and setting ambitious installation targets for nuclear, offshore wind, and pumped storage by 2030 [3][7]. - The plan aims to enhance the efficiency and resilience of the power system, optimize energy flow, and accelerate the development of smart grids and new energy storage solutions [6][8]. 2. Gas - The report discusses the impact of ongoing Middle Eastern tensions on global gas prices, with specific price data indicating fluctuations in various markets, including a 10.27% increase in U.S. Henry Hub spot prices [14][15]. - It highlights the current state of LNG prices in Northeast Asia, which have decreased by 13.33% recently, while also noting the overall supply constraints due to geopolitical factors [28][32]. 3. Weekly Market Review - The public utility, electricity, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the reporting period, while the gas sector lagged behind [36]. 4. Company and Industry Dynamics - The report mentions recent developments in energy safety and the approval of new energy storage projects in Inner Mongolia, indicating ongoing investments in energy infrastructure [39][42]. - It also highlights significant projects such as the completion of the first unit of the "Hualong One" nuclear power plant in Zhejiang, marking a milestone in China's nuclear energy development [45][46].

Investment Rating - The report maintains a positive outlook on the energy sector, particularly in the context of the new energy system construction outlined in the 14th Five-Year Plan [3][7]. Core Insights - The 14th Five-Year Plan emphasizes the construction of a new energy system, promoting a multi-energy approach including wind, solar, hydro, and nuclear power, with specific capacity targets set for 2025 and 2030 [3][8]. - Natural gas prices have shown slight declines due to easing panic premiums and geopolitical tensions affecting supply, with various price metrics reflecting this trend [16][22]. - The report identifies several investment opportunities across different energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [13][36]. Summary by Sections 1. Electricity - The 14th Five-Year Plan outlines a comprehensive strategy for carbon emission control and the development of a new energy infrastructure, focusing on the integration of various energy sources [3][7]. - Specific targets for nuclear power, offshore wind, and pumped storage have been established, aiming for significant capacity increases by 2030 [8][9]. 2. Natural Gas - Ongoing geopolitical tensions have impacted LNG supply from Qatar, leading to fluctuations in global gas prices, with recent data showing a decrease in prices across various markets [16][22]. - The report highlights the importance of U.S. domestic supply and demand dynamics, noting that the U.S. has reached its LNG export capacity limit, which contributes to price stability [16][30]. 3. Weekly Market Review - The report indicates that the utility, electricity, and environmental sectors have outperformed the Shanghai and Shenzhen 300 index, while the gas sector has underperformed [39]. 4. Company and Industry Dynamics - Recent developments include the approval of new energy projects and the establishment of safety protocols in energy production, emphasizing the importance of safety in the energy sector [42][45]. - The report mentions significant projects in renewable energy, including the construction of large-scale wind and solar facilities, which are expected to contribute to the energy transition [46][48].

证券代码：000811 证券简称：冰轮环境 要内容介 绍 二、讨论了公司产品在数据中心包括液冷系统的应用及产能情况 公司旗下顿汉布什公司和冰轮换热技术公司为数据中心乃至液 冷系统提供一次侧冷源装备和热交换装置等冷却装备。 顿汉布什公司（DUNHAM-BUSH）跻身欧美系暖通空调一线梯队， 已有131年历史。"变频离心式冷水机组""集成自然冷却功能的风冷 螺杆冷水机组"两项产品入选工信部《国家绿色数据中心先进适用技 术产品目录》，其中，"变频离心式冷水机组"包含"高压变频离心式 冷水机组"和"磁悬浮变频离心式冷水机组"。国内已成功服务了国 家超级计算广州中心（天河二号）、中国移动（贵州）大数据中心、 中国联通西安数据中心、北京四季青数据中心、上海交通银行数据处 理中心、恒丰银行总部数据中心、北京中信银行数据中心、杭钢集团 云计算数据中心、淮海大数据产业园、深圳梅林数据中心、数字福州 云计算中心、武汉大数据产业中心、浙江之江国家实验室等诸多项目。 在海外，与多家本土专业集成商合作，服务了北美、澳洲、东南亚、 中东众多项目。 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2026】第 018 号 | 投资者 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides various investment recommendations for specific sectors and companies within the energy and environmental sectors. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [5][8][9]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices, particularly affecting Europe and Asia, with significant price fluctuations observed [13][22][36]. - The report outlines several investment opportunities across different energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [11][12][38]. Summary by Sections 1. Power Sector - The "14th Five-Year Plan" introduces a dual control system for carbon emissions, aiming for carbon peak and neutrality, and emphasizes the development of non-fossil energy sources [5][8][9]. - Key tasks include accelerating the transition to green energy, promoting low-carbon technologies, and enhancing resource management [10]. 2. Gas Sector - The Middle East tensions have caused a rapid increase in gas prices, with significant weekly changes noted in various markets, such as a 116.35% increase in Northeast Asia LNG prices [13][22][36]. - The report highlights that the current geopolitical situation has led to a more abrupt price increase compared to previous cycles, with a potential for shorter duration [36]. 3. Investment Recommendations - Thermal Power: Recommended companies include Datang Power A+H and JianTou Energy, particularly in regions with high computational demand [11][12]. - Hydropower: Companies like Guotou Power and Changjiang Power are favored due to expected improvements in financial metrics [12]. - Nuclear Power: Focus on China National Nuclear Power and China General Nuclear Power, with a projected increase in approved units [12]. - Green Energy: Companies such as Xintian Green Energy and Longyuan Power are recommended as new energy market rules enhance project stability [12]. - Natural Gas: Companies like Kunlun Energy and China Gas are highlighted for their potential in a favorable pricing environment [12][38].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][46]. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [10][11]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices in Europe and Asia, with significant price fluctuations observed [15][24]. - The report identifies several investment opportunities across various energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [13][14][44]. Summary by Sections 1. Electricity: Implementation of Dual Control on Carbon Emissions - The "14th Five-Year Plan" outlines a comprehensive approach to achieving carbon neutrality, emphasizing the need for a robust incentive mechanism and specific tasks related to energy, industry, and lifestyle [10][11][12]. - Key tasks include accelerating the transition to renewable energy, promoting low-carbon technologies, and enhancing resource management [12]. 2. Natural Gas: Impact of Middle Eastern Conflicts on Prices - Natural gas prices have surged due to geopolitical tensions, with the Henry Hub spot price at $2.90/mmBtu and European prices experiencing significant increases [15][24]. - The report notes that the current supply constraints, particularly from Qatar, have led to a more pronounced price increase compared to previous cycles [42][44]. - Investment recommendations include focusing on LNG traders and unconventional gas resource companies that benefit from high price environments [44]. 3. Weekly Market Review - The public utility, electricity, and gas sectors have outperformed the Shanghai Composite Index, while the environmental sector has lagged [46]. 4. Company and Industry Dynamics - Recent regulatory updates include the implementation of new standards for ecological industrial parks and competitive pricing mechanisms for renewable energy projects in Zhejiang [56]. - Notable company announcements include significant investments in waste-to-energy projects and renewable energy initiatives [57].

Group 1: Industry Research Highlights - The most popular sectors for institutional research this week (March 2-6, 2026) are machinery equipment, basic chemicals, and electronics, with power equipment and basic chemicals receiving significant attention in the last five days. Compared to the previous week, basic chemicals have become a new focus for institutions, indicating a shift towards cyclical sectors [9][12]. - Over the past 30 days (February 7 - March 6, 2026), the sectors with the highest number of institutional research engagements are machinery equipment, electronics, basic chemicals, and power equipment, with electronics and machinery equipment being the most frequently researched [12][14]. Group 2: Company Research Highlights - The companies with the highest number of institutional research engagements in the last five days, with more than 10 ratings, include Ice Wheel Environment, Weixing New Materials, and Huari Precision. In terms of the number of institutions involved, Huari Group, Yinlun Co., and Kaili Medical are also notable [16][18]. - Over the past 30 days, the companies with the most research engagements and more than 10 ratings include Huari Precision, Ice Wheel Environment, and Jereh Co. Additionally, companies like BeiGene-U, Sunlord Electronics, and Huanxu Electronics have attracted significant institutional interest [20][22]. Group 3: Key Company Insights 1. **Huari Group**: The company has not received any notifications of order cancellations or reductions despite concerns over U.S. tariffs. The tariff costs will be borne by brand clients, not manufacturers. Three out of four new factories expected to start production in 2024 have already achieved profitability milestones, marking a significant breakthrough in Southeast Asia [23][24]. 2. **Yinlun Co.**: The company has secured a major international order for a gas generator exhaust treatment system, expected to generate approximately $131 million in annual sales, marking a key breakthrough in the North American power infrastructure sector [27][28]. 3. **Ice Wheel Environment**: The focus of the research includes data center liquid cooling, nuclear power, and waste heat boiler businesses. The company’s products are increasingly replacing traditional systems in key projects, indicating a shift towards more efficient technologies [29][31].

Investment Rating - The report indicates a cautious investment outlook for the environmental and hydrogen sectors, emphasizing the importance of government support and fiscal policies in driving growth [2][14]. Core Insights - The report highlights that various provinces are focusing on carbon neutrality and pollution reduction, with significant progress in carbon reduction efforts and wastewater management [2][10]. - The hydrogen sector is entering a full industrial chain development phase, with a focus on green hydrogen production and regional collaboration [2][10]. - The report suggests that the debt resolution efforts by local governments are expected to benefit environmental companies, particularly in terms of receivables from government contracts [7][30]. Summary by Sections Carbon Neutrality - Steady progress is being made in carbon reduction, with many regions emphasizing the construction of zero-carbon parks and participating in national carbon trading markets [10][11]. - The environmental benefits are primarily linked to the restructuring of the energy system and deep decarbonization in end-use sectors, positively impacting waste incineration and biomass industries [10][11]. Water Management - Continuous efforts are being made in wastewater treatment, with specific targets set by several provinces, particularly in rural water management [10][11]. - The integration of plant and network investments is expected to support higher earnings growth for wastewater treatment companies [10][11]. Solid Waste Management - The report discusses the promotion of "waste-free cities" and the enhancement of recycling efforts, with recommendations for leading waste incineration companies [10][11]. - Opportunities are identified in the circular economy, particularly in the recycling of waste metals and plastics [10][11]. Air Quality Management - The focus for 2026 is on reducing PM2.5 concentrations and improving air quality, with coordinated control of multiple pollutants [10][11]. Hydrogen Energy - The hydrogen sector is advancing rapidly, with a focus on green electricity for hydrogen production and comprehensive development across the industrial chain [10][11]. - The report notes that various projects and technologies in the hydrogen sector are expected to progress significantly in 2026 [10][11]. Financial Outlook - The report indicates that 2026 will be a year of deepening debt resolution efforts, with local governments maintaining a cautious approach to GDP growth targets [6][18]. - The cash flow situation for the environmental sector has shown improvement, with a notable increase in operating cash flow [7][30].

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, managing temperature control and energy efficiency across a range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial cooling systems, commercial air conditioning, and special industrial air conditioning [3] - Specific applications include food and pharmaceutical vacuum freeze-drying, ice sports venues, and energy/chemical production cooling [3] Group 3: Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems and heat exchange devices [4] - Dunham-Bush, a subsidiary, has a 131-year history and offers products recognized in the national green data center technology catalog, including high-efficiency centrifugal chillers [4] Group 4: Production Capacity and Market Position - The company has established a global after-sales service system supported by overseas manufacturing bases, with a focus on meeting high standards for reliability and performance [6] - The market share of screw chillers in IDC systems is declining, while centrifugal chillers, particularly magnetic levitation types, are gaining dominance [6] Group 5: Financial Performance - The joint venture Yantai Modern Ice Wheel Heavy Industry Co., Ltd. is projected to generate over 700 million in revenue in 2024, with expectations to reach approximately 1 billion in 2025 [6]

Summary of Ice Wheel Environment Conference Call Company Overview - **Company**: Ice Wheel Environment - **Industry**: Data Center Cooling Solutions and Energy Recovery Systems Key Points Industry and Market Position - Ice Wheel Environment is positioned in the AIDC (Artificial Intelligence Data Center) cooling unit market, with projected revenues of 1 billion RMB by 2025, benefiting from capacity mismatches among overseas giants [2][3] - The global market for data center cooling units is estimated to reach approximately 100 billion RMB in 2024, with Ice Wheel's AIDC-related HVAC revenue expected to be around 1 billion RMB in 2025 [3] Demand and Supply Dynamics - The demand for data center cooling units is robust, with North American giants like Johnson Controls and Trane reporting significant order growth, indicating a positive outlook for the cooling unit market [6] - Supply-side constraints due to the customized nature of cooling units create opportunities for Ice Wheel to capture market share [4] Technological Insights - The introduction of NVIDIA's warm water cooling technology does not eliminate the need for traditional cooling units, as extreme weather conditions still necessitate their use [5] - Ice Wheel's technology includes heat recovery boilers and gas turbine waste heat cooling systems, which are expected to enhance energy efficiency and meet stable cooling demands for data centers [10][11] Financial Performance and Projections - Ice Wheel Environment reported a 13% year-on-year increase in net profit in Q3, indicating a turning point in financial performance [7] - The company aims to achieve 1 billion RMB in revenue from heat recovery boilers by 2025, with a projected net profit margin of approximately 13% [9] Competitive Landscape - Ice Wheel Environment's valuation is approximately 20 times PE and 1.01 times PEG, significantly lower than its overseas counterparts, suggesting a high investment value [2][14] - The company has established partnerships with major players like GE and Siemens, enhancing its competitive edge in the North American market [8] Future Outlook - The company is expected to continue securing large client orders in North America, transitioning from traditional manufacturing to a focus on AI infrastructure [7] - Ice Wheel is also expanding its product offerings in heat recovery and cooling technologies, with ongoing developments in various sectors including nuclear power and energy-saving equipment [13] Additional Insights - The heat recovery boiler market is projected to grow significantly, with Ice Wheel's involvement expected to increase as demand spills over from saturated North American manufacturers [8] - The company is actively expanding its production capacity to meet increasing orders, with new facilities expected to come online in 2025 [9] This summary encapsulates the key insights from the conference call, highlighting Ice Wheel Environment's strategic positioning, market dynamics, financial performance, and future growth prospects.