Investment Rating - The report maintains a strong buy rating for several key companies in the power equipment sector, including Guodian Nanrui, Siyuan Electric, and TBEA, while recommending an increase in holdings for others like Sifang Co. and China XD Electric [2][3]. Core Insights - The State Grid's planned investment of 4 trillion yuan during the 14th Five-Year Plan period represents a 40% increase compared to the previous plan, with an expected compound annual growth rate (CAGR) of 7% [1][9]. - The focus of this investment will be on green transformation, ultra-high voltage, distribution networks, energy storage, and digitalization, which is expected to significantly support the performance of related companies [1][9]. - The report highlights the increasing pressure on power consumption and the need for a new power system, emphasizing ultra-high voltage and energy storage as critical solutions to address this challenge [1][13][21]. Industry Overview - The total number of listed companies in the power equipment sector is 308, with a total market capitalization of 7,728.9 billion yuan [3]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 63.1% increase over 12 months [5]. Key Company Analysis - Guodian Nanrui is recognized as a leader in secondary equipment with strong technology barriers and stable operations, expected to see significant growth in high-voltage and system stability businesses [26]. - Siyuan Electric has established a comprehensive product system and service network in overseas markets, with a notable increase in overseas revenue [26]. - China XD Electric benefits from increased capital expenditure in domestic main networks and ultra-high voltage projects, with a growing presence in international markets [27]. - TBEA is experiencing rapid growth in orders, particularly in the Middle East and Europe, and is expected to benefit from ongoing power construction projects [28]. - Other notable companies include XJ Electric, Pinggao Electric, and Igor, each with unique strengths and growth prospects in the evolving power equipment landscape [29][30][31].

Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][2]. Key Points 1. **Order and Performance Catalysts**: After 25 years of strategic positioning, leading companies in the AIDC (Artificial Intelligence Data Center) sector are expected to see sustained order growth and performance improvements in 2026, particularly in transformers and AI power supplies [1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is anticipated to worsen in 2026. Transformers are identified as a critical component in addressing this shortage, with Chinese companies expected to become key players in increasing overseas production capacity and accelerating exports [1][2]. 3. **AI Power Supply Developments**: The core focus for AI power supplies in 2026 is on achieving significant milestones, particularly in high-voltage direct current (HVDC) systems, which are expected to transition from concept to implementation. Additionally, ongoing testing and sample submissions for solid-state transformers (SST) are noted [1]. 4. **Company-Specific Updates**: - **Siyuan Electric**: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. - **Igor**: Reports a 100% increase in North American orders in 2025, with close collaboration with T [2]. - **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. - **Sifang Co.**: SST and V are entering the final stages of integration [2]. - **Kostad**: Noted an increase in UPS (Uninterruptible Power Supply) demand in North America, with new HVDC products and SST technology being developed [2]. - **Magmi Tech**: Reports successful scaling of orders and smooth sample submissions for new products [2]. Additional Important Insights - The emphasis on the AI power sector reflects a broader trend towards integrating AI technologies in energy solutions, indicating potential long-term growth opportunities in this industry [1][2]. - The strategic positioning of Chinese companies in the global market for transformers and AI power supplies suggests a shift in manufacturing capabilities and export dynamics, which could impact competitive landscapes [1].

Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][1]. Key Points 1. **Long-term Outlook for AIDC**: After 25 years of development, it is anticipated that leading AIDC companies will see sustained order growth and performance in 2026, particularly in transformers and AI power supplies [1][1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is expected to worsen in 2026. As a critical link in overseas production capacity, Chinese companies are projected to be the main contributors to future capacity increases, with exports likely to accelerate [1][1]. 3. **AI Power Supply Development**: The core focus for 2026 is on the transition from "0 to 1" in high-voltage direct current (HVDC) systems, with expectations for significant advancements. Additionally, the SST (Solid State Transformer) is currently undergoing testing and sample delivery, while internal power supplies are expected to see a continuous flow of orders [1][1]. Company-Specific Insights 1. **Siyuan Electric**: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. 2. **Igor**: Reports a 100% increase in North American orders in 2025, closely collaborating with T [2]. 3. **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. 4. **Sifang Co.**: SST is entering the final stages of collaboration with V [2]. 5. **Kostad**: Experiencing growth in North American UPS (Uninterruptible Power Supply) market, launching HVDC and advancing SST technology [2]. 6. **Magnum**: Securing large-scale orders and successfully delivering new product samples [2].

Group 1 - The core viewpoint of the news is that 24 companies have released their performance reports for 2025, with significant variations in revenue and profit growth among them [1][2][3] - Poly Developments reported the highest revenue at 308.26 billion yuan, but experienced a slight decline of 1.09% year-on-year [1][3] - Among the companies, 16 reported revenue growth, with the highest increase of 37.18% from Siyuan Electric, achieving 21.21 billion yuan in revenue [1][2] Group 2 - In terms of net profit, all companies that released performance reports were profitable, with five companies exceeding 10 billion yuan in net profit [2] - CITIC Bank led with a net profit of 70.62 billion yuan, reflecting a year-on-year growth of 2.98% [2][3] - The largest net profit growth was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]

Core Insights - The electric power equipment sector has become a new market focus due to the State Grid's announcement of a 4 trillion yuan fixed asset investment plan, marking a 40% increase from the previous plan and setting a historical high [1] - Goldman Sachs predicts an average annual investment of at least 800 billion yuan, with a compound growth rate of at least 6%, potentially reaching 8% due to the demand from renewable energy consumption and AI data centers [1] Part 01: Transition from UHV to Smart Grid - The 4 trillion yuan investment is not evenly distributed but shows a clear phased structure, reflecting China's strategic shift from "backbone expansion" to "smart upgrades" [2] - By 2026, UHV is expected to be the fastest-growing segment with a year-on-year growth rate of 24%, transitioning to smart grid and distribution network construction thereafter [2] - UHV investment will experience a "short-term high growth, gradual slowdown" process, with a planned new construction of 5 UHV lines in 2026, decreasing to 4 lines annually from 2027 to 2030 [2] Part 02: Investment Trends and Market Dynamics - In 2025, the electric grid industry is expected to show a divergence with "investment growth below expectations but strong equipment bidding" [5] - From January to November 2025, the State Grid's fixed asset investment reached 560.4 billion yuan, a 6% year-on-year increase, with an expected annual growth rate of 11%, lower than Goldman Sachs' previous forecast of 13% [5] - The bidding market for equipment is robust, with a total bidding amount for transmission equipment increasing by 26% year-on-year [5] Part 03: Market Concentration and Competitive Landscape - The strong growth in the bidding market is leading to increased market concentration among leading companies, with the market share of core products like GIS and transformers improving [6] - In the circuit breaker sector, Siyi Electric's market share is projected to rise from 16% in 2023 to 49% in 2025, while TBEA remains the leader in power transformers with a 23% market share [6] - The concentration of market share is driven by technological barriers and capacity advantages, as companies with core technologies and scalable delivery capabilities continue to capture market share [6]

电力设备股突然成为了市场的新焦点。 1月15日，国家电网披露"十五五"固定资产投资计划，为中国电网科技行业注入确定性增长动能。这份 高达4万亿元的投资目标，较"十四五"期间的约2.8万亿元增幅达40%，不仅创下历史新高，更较"十四 五"相对"十三五"8%的增速实现跨越式提升。 19日，高盛研究团队发布一份研究报告指出，这一投资规模意味着年均投入不低于8000亿元，复合增长 率至少6%，而叠加新能源消纳、AI数据中心耗电增长等需求，实际增速有望向8%靠拢，为南瑞科技、 思源电气（002028）等核心设备企业打开长期成长空间。 01 从特高压领跑到智能电网接棒 高盛在研究报告中表示，此次4万亿投资并非均衡发力，而是呈现清晰的阶段性结构特征，折射出中国 电网从"骨干扩容"向"智能升级"的战略转型逻辑。 高盛预测，2026年特高压将成为增长最快的细分领域，同比增速有望达24%，之后逐步换挡至智能电网 与配网建设。 从节奏上看，特高压投资将经历"短期高增、逐步放缓"的过程：2026年计划新开工5条特高压线路， 2027-2030年每年新开工数量降至4条，但整体投资强度仍将维持高位。这一布局与国家电网"十五五"核 心目标 ...

思源电气发布异动公告称，公司股票交易价格连续2个交易日收盘价格涨幅累计偏离20.62%，属于股票 交易异常波动的情形。公司目前经营情况正常，不存在内外部经营环境发生重大变化的情形。经核查， 控股股东、实际控制人在公司股票交易异常波动期间不存在买卖公司股票的行为。 (本文来自第一财经) ...

Strong Stocks - As of January 19, the Shanghai Composite Index rose by 0.29% to 4114.0 points, while the Shenzhen Component Index increased by 0.09% to 14294.05 points. The ChiNext Index fell by 0.7% to 3337.61 points. A total of 103 stocks in the A-share market hit the daily limit up [1] - The top three strong stocks based on current consecutive limit-up counts and daily trading data are: Sanbian Technology (002112), Siyuan Electric (002028), and Guangdian Electric (601616) [1] - Detailed data for the top 10 strong stocks includes: - Sanbian Technology (002112): 4 limit-ups in 5 days, turnover rate of 48.63%, and closing price of 25.9 - Siyuan Electric (002028): 2 consecutive limit-ups, turnover rate of 3.89%, and closing price of 46.6 - Guangdian Electric (601616): 2 consecutive limit-ups, turnover rate of 15.33%, and closing price of 6.51 [1] Strong Concept Sectors - The top three concept sectors with the highest gains in the A-share market are: Flexible DC Transmission, UHV (Ultra High Voltage), and Glyphosate [2] - The detailed data for the top 10 concept sectors includes: - Flexible DC Transmission: increased by 5.14% - UHV: increased by 4.29% - Glyphosate: increased by 3.46% [3]

证券代码：002028 证券简称：思源电气 公告编号：2026-003 思源电气股份有限公司 关于公司股价异常波动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 思源电气股份有限公司（以下简称"公司"）股票交易价格连续 2 个交易日（2026 年 1 月 16 日和 2026 年 1 月 19 日）收盘价格涨幅累计偏离 20.62%，根据《深圳证券交易所交易 规则》等有关规定，属于股票交易异常波动的情形。 二、公司核实相关情况的说明 针对公司股票异常波动，公司对有关事项进行了核查，有关情况说明如下： 1. 截至本公告日，公司前期披露的信息不存在需要更正、补充之处； 4. 经核查，控股股东、实际控制人在公司股票交易异常波动期间不存在买卖公司股票 的行为； 5. 经自查，公司不存在违反公平信息披露规定的其他情形。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有根据《深圳证券交易所股票上市规则》等有关规定应予 以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉公司 有根据《深圳证券交易所 ...

Group 1 - 15 stocks received buy ratings from institutions today, with South China Precision and Shenling Environment being newly covered by institutions [1] - Among the stocks rated, Siyi Electric and Shenghong Technology received the highest attention, each with 2 buy ratings [1] - The average increase for stocks with buy ratings was 0.71%, outperforming the Shanghai Composite Index, with notable gainers including Jianghuai Automobile, Longxin General, and South China Precision [1] Group 2 - Seven stocks among those rated have released annual performance forecasts, with Shenghong Technology expecting a net profit growth of 277.68%, followed by WuXi AppTec and Longxin General with expected growths of 102.65% and 53.84% respectively [1] - The automotive industry is the most favored, with four stocks including Jianghuai Automobile and BYD listed among the buy-rated stocks, while the pharmaceutical and machinery sectors also received attention with two stocks each [1]