智通财经APP获悉，据港交所2月11日披露，思源电气股份有限公司(简称：思源电气，002028.SZ)向港 交所主板递交上市申请，中信证券为其独家保荐人。招股书显示，思源电气是全球输配电设备制造商及 电力能源综合解决方案提供商。根据弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入 计，公司在国际企业中排名第八、在国内企业中排名第五及在国内民营企业中排名第三，市场份额为 3.5%。作为行业内少数具备电力系统一次设备、二次设备及储能相关设备研发制造与一体化解决方案 能力的企业之一，思源电气构建了覆盖开关类、变压器类、保护及自动化类、电力电子类、储能系统及 组件类、EPC类等六大核心业务线的产业链布局，形成"产品+解决方案+服务"的业务生态和丰富的产品 矩阵。 | [编纂]項下的 编纂 數目 | : | [编纂]股H股(視乎 编纂 獲行使與否而定) | | --- | --- | --- | | 编纂 數目 | . | 编纂]股H股(可予重新分配) | | 编纂 數目 | : | [编纂]股H股(可予重新分配及視乎 编纂 獲行使與否 | | | | 加定) | | 最高 编纂 | | : 每股H股[編 ...

l 繼景I 据港交所2月11日披露，思源电气（002028）股份有限公司(简称：思源电气，002028.SZ)向港交所主板 递交上市申请，中信证券为其独家保荐人。招股书显示，思源电气是全球输配电设备制造商及电力能源 综合解决方案提供商。根据弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入计，公司 在国际企业中排名第八、在国内企业中排名第五及在国内民营企业中排名第三、市场份额为3.5%。 作 为行业内少数具备电力系统一次设备、二次设备及储能相关设备研发制造与一体化解决方案能力的企业 之一，思源电气构建了覆盖开关类、变压器类、保护及自动化类、电力电子类、储能系统及组件类、 EPC类等六大核心业务线的产业链布局，形成"产品+解决方案+服务"的业务生态和丰富的产品矩阵。 Sievuan Electric Co., Ltd. 思 源 電 氣 股 份 有限公司 (於中華人民共和國註冊成立的股份有限公司) | | | 獨家保薦人、[編纂]、[編纂]、 【编纂】 40中信证券 I编纂|數目 .. |编纂|股H股(可予重新分配) I编纂|數目 :: |编纂|股H股(可予重新分配及視乎|编纂|獲行使與否 血定) 最 ...

每经AI快讯，2月11日，港交所文件显示，思源电气（002028）股份有限公司向港交所提交上市申请 书，独家保荐人为中信证券。 ...

Core Viewpoint - The core reason for the electricity shortage in the U.S. is the continuous increase in capital expenditure expectations for data centers, leading to a significant upward revision of peak load growth forecasts for summer from 64GW in 2024 to 166GW in 2025 by GridStrategies [2] Group 1: Electricity Shortage Causes - The mismatch between capital expenditure expectations for data centers and actual demand, as well as the mismatch between actual demand and infrastructure capacity, creates uncertainty in the actual deployment pace of data centers [2] - The projected capacity of data center reserve projects in the U.S. has reached 245GW as of mid-October 2025, which will lead to increased peak load as data centers continue to operate [3] Group 2: Future Power Supply and Load Gap - The future new power installations in the U.S. will primarily be gas-fired, with the EIA estimating an addition of 7GW of gas power installations in 2026-2030 under current project plans, while other stable power sources will see no new additions [3] - Different scenarios for the pace of data center construction indicate varying load gaps by 2030, ranging from 2GW to 157GW, depending on whether regulatory power sources are considered [4] Group 3: Regional Load Growth Characteristics - The growth in peak load will be concentrated in areas with dense data center construction, particularly in ERCOT and PJM regions, driven by data center demand [5] - In PJM, the summer peak load is expected to rise from 156GW in 2026 to 222GW in 2036, with a significant drop in power reserve margins leading to a surge in capacity prices [6] - ERCOT's summer peak load is projected to grow from 87GW in 2025 to 138GW in 2030, with a focus on enhancing power system reliability through the construction of storage and gas-fired power sources [7] Group 4: Investment Opportunities - In the context of high market demand for gas turbines, there are bottlenecks in production capacity among leading overseas gas turbine companies, suggesting a favorable outlook for Chinese companies like Dongfang Electric and Shanghai Electric [8] - The increasing demand for U.S. power grid infrastructure presents opportunities in the transformer segment, with companies like Jinpan Technology and Siyi Electric being highlighted [8] - The short-term effectiveness of storage solutions in enhancing power system reliability points to investment potential in companies like Sungrow Power and Canadian Solar [8]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Sieyuan Electric Co., Ltd. 思 源 電 氣 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊 的本公司文件作出投資決定。該文件的文本將於發售期內向公眾人士分發。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件 中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修 ...

Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]

格隆汇2月10日丨思源电气(002028.SZ)涨1.23%，报204.490元，股价创历史新高，总市值1597.24亿元。 ...

Group 1 - The rapid development of AI has led to a surge in electricity demand, resulting in a strong performance in the power grid equipment sector since the beginning of 2026, with a cumulative increase of nearly 21% [1] - The power equipment theme index rose nearly 3% on February 9, 2026, with significant gains in electrical equipment, thermal power, and wind power indices [1] - The surge is attributed to a combination of the State Grid's 4 trillion yuan fixed asset investment plan during the 14th Five-Year Plan, global "electricity anxiety" driven by AI computing power, and urgent needs for grid upgrades in Europe and the US [1][2] Group 2 - In the AI investment chain, electricity is identified as the highest certainty factor, with constraints on funding and energy being critical issues [2] - The International Energy Agency (IEA) projects that global data center electricity consumption will double to 945 terawatt-hours by 2030, driven by data center expansion and AI technology development [2] - The State Grid's announcement of a 4 trillion yuan investment plan for the 14th Five-Year Plan, a 40% increase from the previous plan, has directly stimulated the power equipment sector [2] Group 3 - Domestic gas turbine technology has made significant breakthroughs and is beginning to export to markets like the Middle East, positioning China's capacity as a potential supplement to the US's electricity shortfall [3] - China holds a dominant position in the global power equipment sector, making power equipment and technology a highly certain investment direction amid the AI wave [3] Group 4 - Despite electricity becoming a new hard constraint, the long-cycle trend of the AI computing power industry chain is expected to continue [4] - The investment logic is shifting as the industry evolves, with a strong capital expenditure forecast for AI-related sectors from 2026 to 2030, particularly in areas facing capacity constraints [4] - Concerns about an "AI bubble" are considered premature, as the technology continues to advance and leading global tech companies remain at reasonable valuation levels [4] Group 5 - The long-term value of the computing power sector is viewed positively, as the AI industry transitions from technological penetration to large-scale performance realization [5] - The rapid iteration of industry chain technology and the narrowing supply chain mean that only a limited number of companies can enter the global core customer system, enhancing the competitive advantage of leading firms [5]

2026.02. 09 本文字数：1509，阅读时长大约3分钟 作者 | 第一财经 齐琦 受益AI快速发展带来的电力需求暴增，2026年开年以来电网设备板块持续强势行情。2月9日，电网 设备主题指数收涨近3%，2026年以来累计上涨近21%。 在陆文杰看来，中国制造在全球电力设备领域占据绝对优势，无论新能源装备还是传统能源技术均无 例外，电力设备和技术由此成为AI浪潮中一个确定性高的投资方向。 板块方面，电气设备、火电、风电指数均大面积收涨。个股方面，东方电气（600875.SH）收盘涨 停、思源电气（002028.SZ）川润股份（002272.SZ）等多股涨停。 "这一轮行情的背后，是国家电网"十五五"期间4万亿元固定资产投资计划、AI算力爆发引发的全 球'电力焦虑'，以及欧美电网升级需求迫切的三重共振。"一位公募基金经理对第一财经表示，电力 正成为科技股的新制约，也是AI浪潮中确定性最高的衍生投资方向。 电力成为"新制约" "在AI投资链条中，确定性最高的并非算法或芯片，而是电力。"贝莱德大中华区投资策略师陆文杰 近日在"贝莱德中国2026年投资展望分享会上表示，目前AI扩张面临两大根本限制——资金与能 ...

受益AI快速发展带来的电力需求暴增，2026年开年以来电网设备板块持续强势行情。2月9日，电网设 备主题指数收涨近3%，2026年以来累计上涨近21%。 板块方面，电气设备、火电、风电指数均大面积收涨。个股方面，东方电气（600875.SH）收盘涨停、 思源电气（002028.SZ）川润股份（002272.SZ）等多股涨停。 国内市场上，国家电网近期宣布，"十五五"期间固定资产投资规模将达4万亿元，较"十四五"投资增长 40%，年均投资强度创历史新高。这一投资计划直接点燃了电网设备板块的行情。 东吴证券指出，国内自主燃气轮机技术持续突破且已开始出口中东等市场，国内产能有望成为美国缺电 链条的有效补充。 在陆文杰看来，中国制造在全球电力设备领域占据绝对优势，无论新能源装备还是传统能源技术均无例 外，电力设备和技术由此成为AI浪潮中一个确定性高的投资方向。 算力长周期行情未改 尽管电力成为新的硬约束，机构普遍认为AI算力产业链的长周期行情并未结束。 "这一轮行情的背后，是国家电网"十五五"期间4万亿元固定资产投资计划、AI算力爆发引发的全球'电 力焦虑'，以及欧美电网升级需求迫切的三重共振。"一位公募基金经理对第 ...