Investment Rating - The report provides a strong buy recommendation for several companies in the HVDC and power equipment sector, including Kehua Data, Kstar, Sungrow, and others [3][8]. Core Insights - The report highlights the transition from traditional UPS systems to HVDC as a key trend for powering large data centers, driven by increasing ICT equipment power density and the limitations of existing UPS technology [1][9]. - It emphasizes the opportunity for Chinese companies to participate in the HVDC supply chain, particularly as overseas firms seek collaboration and outsourcing due to the rapid evolution of technology [1][43]. Industry Overview - The industry consists of 303 listed companies with a total market capitalization of 7,321.6 billion [4]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 12-month increase of 45.3% [6]. Key Companies and Financial Metrics - Kehua Data (002335.SZ): Market Cap 35.6 billion, 2025 EPS 1.18, PE 58.3, Investment Rating: Strong Buy [3]. - Kstar (002518.SZ): Market Cap 24.4 billion, 2025 EPS 0.99, PE 42.2, Investment Rating: Strong Buy [3]. - Sungrow (300274.SZ): Market Cap 303.8 billion, 2025 EPS 6.59, PE 22.2, Investment Rating: Strong Buy [3]. - Other notable companies include Megmeet, Shenghong, and Hewei Electric, all receiving strong buy ratings [3][8]. HVDC Technology Adoption - The report discusses the shift towards HVDC systems as a more efficient alternative to UPS, particularly for large-scale data centers, highlighting the advantages of reduced energy conversion losses and lower copper usage [31][34]. - It notes that the efficiency of HVDC systems can be 2-3% higher than traditional UPS systems, with significant reductions in copper requirements [31][34]. Opportunities for Chinese Companies - The report identifies potential opportunities for Chinese firms to engage in OEM and direct supply for HVDC systems, as established overseas companies look to leverage local expertise and manufacturing capabilities [1][54]. - Companies like Kehua Data, Megmeet, and Kstar are positioned to benefit from this trend due to their existing technological capabilities and market presence [55][56]. Related Companies - The report highlights several companies involved in HVDC technology and related components, including: - Kehua Data: Leading in HVDC solutions for various data center applications [55]. - Megmeet: Established in server power supply and expanding into HVDC [56]. - Kstar: Strong background in power electronics and renewable energy solutions [57]. - Sungrow: Notable for its global leadership in power electronics and potential in HVDC [58]. - Hewei Electric: Focused on high-power electronics and emerging HVDC applications [61].

Core Viewpoint - The article emphasizes the potential investment opportunities in the power grid equipment sector, highlighting specific companies that are showing strong performance and growth potential despite a generally bearish market outlook [2][5]. Group 1: Company Performance - Siyuan Electric is identified as a leading stock in the power grid equipment sector, demonstrating stable high growth over four consecutive quarters, with a significant price-volume signal indicating a strong upward trend since July [2]. - TBEA (特变电工) is noted for its delayed but intense price-volume structure, with a recent fundamental reversal suggesting potential for further growth [3]. - Guorui Nandian, the largest company by market capitalization in the sector, is currently in a bottom accumulation phase, indicating potential for future movement [4]. Group 2: Market Signals - The article suggests that a market pullback could present an excellent entry point for investors, as it may confirm a breakout to new highs for the sector [5][6]. - Technical signals across various stocks in the sector show similar characteristics, indicating a broader trend that could be beneficial for investors [5]. Group 3: Industry Overview - The article discusses the overall state of the power grid equipment sector, suggesting that it is on the verge of a significant upward movement, with key technical signals marking potential entry points for investors [6][7].

Overview - The report provides a comprehensive analysis of the global and Chinese power transmission and distribution equipment industry, including market trends, technological advancements, and competitive landscape [2][3][4]. Industry Definition and Classification - Power transmission and distribution equipment is defined and differentiated from similar concepts, with a clear classification of the industry [3][4]. - The report outlines the regulatory framework and standard systems governing the industry in China [3][4]. Global Industry Development - The global power transmission and distribution equipment industry has a rich development history, with current technological and supply-demand conditions analyzed [4][5]. - The competitive landscape includes insights into mergers and acquisitions within the industry [4][5]. Market Size and Trends - The report estimates the market size of the global power transmission and distribution equipment industry and provides forecasts for the next five years [4][5]. - Key trends include technological advancements and shifts in market demand [4][5]. Chinese Industry Analysis - The development history and technological progress of the Chinese power transmission and distribution equipment industry are detailed, including research and innovation efforts [5][6]. - The report discusses the import and export statistics of power transmission and distribution equipment, highlighting trade dynamics [5][6]. Market Participants - An analysis of market participants includes types of companies, their entry strategies, and the distribution of registered enterprises across regions [5][6]. - The report also examines the bidding market for power transmission and distribution equipment in China, including key players and their bidding behaviors [5][6]. Competitive Landscape - The competitive dynamics of the Chinese power transmission and distribution equipment industry are analyzed, including market concentration and competitive clusters [6][7]. - The report employs Porter's Five Forces model to assess the competitive environment [6][7]. Investment and Financing - The report outlines the investment landscape, including sources of funding, investment trends, and notable financing events in the industry [6][7]. - Mergers and acquisitions are discussed, highlighting motivations and significant case studies [6][7]. Supply Chain and Cost Structure - The structure of the power transmission and distribution equipment industry supply chain is mapped out, along with an analysis of cost components [7][8]. - The report examines the market for raw materials essential to the industry, such as silicon steel and copper [7][8]. Product Market Analysis - The report provides insights into various segments of the power transmission and distribution equipment market, including transformers, switchgear, capacitors, and more [8][9]. - Trends in product development, such as miniaturization and increased reliability, are highlighted [8][9]. Application Market Analysis - The report analyzes application scenarios and market distribution for power transmission and distribution equipment, including power grid construction and renewable energy integration [9][10]. - Specific sectors such as rail transportation and automotive manufacturing are examined for their demand for power transmission and distribution equipment [9][10]. SWOT Analysis - A SWOT analysis of the Chinese power transmission and distribution equipment industry identifies strengths, weaknesses, opportunities, and threats [17][18]. - The report discusses the macroeconomic environment, social factors, and policy impacts on the industry [17][18]. Future Outlook - The report forecasts the future development potential of the Chinese power transmission and distribution equipment industry, identifying key growth areas and trends [18][19]. - It emphasizes the importance of technological innovation and market adaptation in shaping the industry's future [18][19].

从资金流向上来看，当日电网设备板块主力资金净流出1.16亿元，游资资金净流出2.34亿元，散户资金净 流入3.49亿元。电网设备板块个股资金流向见下表： 证券之星消息，9月30日电网设备板块较上一交易日上涨1.49%，中辰股份领涨。当日上证指数报收于 3882.78，上涨0.52%。深证成指报收于13526.51，上涨0.35%。电网设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300933 | 中辰股份 | 9.66 | 7.21% | 51.63万 | 4.93亿 | | 600468 | 百利电气 | 7.21 | 7.13% | 189.09万 | 13.50亿 | | 603618 | 杭电股份 | 9.50 | 6.74% | 123.36万 | 11.47亿 | | 601126 | 四方股份 | 20.19 | 5.65% | 40.73万 | 8.07亿 | | 002028 | 思源电气 | 109.02 | 5.22% | 10.12万 | 10 ...

事件：公司发布2025 年中报。 2025H1，营业收入84.97 亿元，同比+37.80%；归母净利润12.93 亿元，同比+45.71%；扣非净利润12.36 亿元，同比+47.04%。 2025H1，公司海外市场收入28.62 亿，同比+88.91%。出海收入占比达33.68%，创历史新高。海外市场 销售毛利率35.69%，同比+1.87pct。 海外市场中欧洲、北美洲等电力发达地区输配电设备运行多年，有较大的改造更换空间；东南亚、中 东、非洲等地区电力基础设施建设落后，存在较大的新建业务机会。公司长期坚持海外战略，持续进行 产品和市场投入。公司多款产品在英国、意大利、沙特、科威特等多个国家市场实现了突破。 持续拓展汽车电子、柔性直流输电等新产品： 2025H1,公司汽车电子业务实现收入4545 万元，同比+216.58%。报告期内，公司持续拓展以超级电容 （含混合超容）、锂电池等高倍率储能元件为核心的汽车电子电器类业务；持续突破柔直相关业务。 投资建议：公司作为民营输变电设备龙头，有望持续受益海外+国内电网建设高景气，同时中压开关、 高压GIS、储能、超级电容、静止同步调相机、汽车电子等新产品有望持续 ...

格隆汇9月26日丨思源电气(002028.SZ)公布，公司计划使用自有资金和第三方在北京市怀柔区共同设立 合资公司，其中公司投资额不超过4亿元。以怀柔实验室为代表的技术方和以公司为代表的产业方拟在 北京怀柔区怀柔科学城共同设立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资， 知识产权出资比例暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70%，且公司的 现金出资额不超过4亿元。最终股权比例以知识产权评估结果为准。思源电气与怀柔实验室，双方合作 具备显著的协同效应和战略互补性。双方通过资源共享和能力协同，可以共同推进IGCT阀组技术的产 业化进程，加速实现技术创新突破和市场应用拓展。 ...

智通财经APP讯，思源电气(002028.SZ)公告，公司计划使用自有资金和第三方在北京市怀柔区共同设立 合资公司北京思源怀实能源技术有限公司，其中公司投资额不超过4亿元。合资公司业务范围为：基于 IGCT器件平台的电力电子相关技术产品研发、生产、销售等。 据公告所示，本次投资系以怀柔实验室为代表的技术方和以公司为代表的产业方拟在北京怀柔区怀柔科 学城共同设立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资，知识产权出资比例 暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70%，且公司的现金出资额不超过 4亿元。本次投资暂未签署正式协议。 ...

智通财经APP讯，思源电气(002028.SZ)公告，公司计划使用自有资金和第三方在北京市怀柔区共同设立 合资公司北京思源怀实能源技术有限公司，其中公司投资额不超过4亿元。合资公司业务范围为：基于 IGCT器件平台的电力电子相关技术产品研发、生产、销售等。 据公告所示，本次投资系以怀柔实验室为代表的技术方和以公司为代表的产业方拟在北京怀柔区怀柔科 学城共同设立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资，知识产权出资比例 暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70%，且公司的现金出资额不超过 4亿元。本次投资暂未签署正式协议。 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-043 思源电气股份有限公司 关于和第三方共同成立合资公司的公告 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。 特别提示： 1、本次投资有利于公司进一步强化产业链，符合公司发展战略和整体利益，本次投资 的资金来源于公司自有资金，预计对公司本年度的财务状况和经营成果不会产生重大影响。 2、本次合作不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大 资产重组。 3、本次合作各方基于合作意愿已达成了框架性合作意向，最终方案将根据尽职调查、 评估工作完成后，由交易各方协商确定后签署正式合作协议。后续能否签订正式合作协议、 签订时间等存在不确定性。 4、本次设立合资公司尚需办理工商注册相关手续，能否完成相关审批手续存在不确定 性，公司将根据相关事项的进展情况，及时履行信息披露义务。 5、本次设立合资公司可能受到政策变化、市场竞争等因素影响导致收益存在不确定性， 敬请广大投资者理性投资，注意风险。 一、投资概述 1.1、基本情况 思源电气股份有限公司（下称"公司"）计划使用自有资金和第三方在北 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-044 思源电气股份有限公司第八届董事会第二十四次会议决议公告 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、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第二十四次会议的会议通知于 2025年9月17日分别以专人、电子邮件等形式送达公司全体董事。会议于2025年9月25采取 书面通讯表决的方式召开。会议由董事长董增平先生主持，会议应出席董事7人，实际出席 董事7人。会议的召开符合法律、法规、规章及《公司章程》的规定。 1 / 2 二〇二五年九月二十五日 二、董事会会议审议情况 1、以7票同意，0票反对，0票弃权，审议通过了《关于和第三方共同成立合资公司的 决议》。 为了共同推进IGCT阀组技术的产业化进程，加速实现技术创新突破和市场应用拓展， 以怀柔实验室为代表的技术方和以公司为代表的产业方拟在北京怀柔区怀柔科学城共同设 立合资公司。其中，以怀柔实验室为代表的技术方以知识产权形式出资，知识产权出资比 例暂定为30%，公司为代表的产业方以现金形式出资，出资比例暂定为70 ...