华富中小企业100指数增强型（410010）基金经理为李孝华。 截至发稿，李孝华累计任职时间4年280天，现任基金资产总规模104.37亿元，任职期间最佳基金回报 149.62%， 任职期间最差基金回报-16.89%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 2月9日，思源电气涨5.13%，截至发稿，报197.64元/股，成交9.67亿元，换手率0.81%，总市值1545.66 亿元。 资料显示，思源电气股份有限公司位于上海市闵行区华宁路3399号，成立日期1993年12月2日，上市日 期2004年8月5日，公司主营业务涉及输变电设备的研发、生产、销售及服务。主营业务收入构成为：输 配电设备行业99.47%，汽车电子电器0.53%。 从基金十大重仓股角度 数据显示，华富基金旗下1只基金重仓思源电气。华富中小企业100指数增强型（410010）四季度减持 400股，持有股数2600股，占基金净值比例为5.3 ...

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery sector is expected to transition from a seasonal low to a peak demand period, with significant growth anticipated in 2026 [1] - The report highlights the potential of space photovoltaic technology and solid-state batteries, indicating a promising future for these segments [1] Industry Trends - The power equipment sector saw a 2.2% increase, outperforming the market, with solar energy rising by 3.43% and lithium batteries by 0.77% [3] - In January, the energy storage sector recorded a procurement of 36.3 GWh, with a 42% increase in the average price of 4-hour systems over six months [3] - The demand for energy storage is expected to grow by over 60% in 2026, driven by new policies and market dynamics [3][4] Company Developments - Ningde Times is positioned as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [4] - Sunpower is recognized as a global leader in inverters, with significant overseas market integration [4] - Other notable companies include Ganfeng Lithium, BYD, and Enjie, all of which are expected to benefit from the ongoing trends in the lithium battery and energy storage markets [4] Investment Strategy - The report emphasizes the importance of energy storage, predicting a compound annual growth rate of 30-50% over the next three years [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, such as Ningde Times and Yiwei Lithium Energy, as well as companies involved in energy storage integration [4] - The report also highlights the potential of humanoid robots and automation technologies, suggesting a significant market opportunity in the coming years [4]

Group 1 - The core viewpoint of the report indicates that the power industry is expected to undergo high-quality development due to accelerated marketization and ongoing reforms in the electricity system in China, particularly in the context of the "dual carbon" strategy [2] - The report highlights that the investment in the power grid is anticipated to increase, with significant growth in transformer exports to the U.S. and other countries in the first nine months of 2025 [4] - The report emphasizes the importance of gas turbines as a primary solution for addressing electricity shortages in the U.S., with Chinese companies expected to expand their presence in international markets [4] Group 2 - The report notes that the construction of ultra-high voltage (UHV) power lines is likely to accelerate due to the rising demand for green electricity, despite a slowdown in construction during the latter part of the 14th Five-Year Plan [3] - The investment in distribution networks is expected to become a key focus during the 15th Five-Year Plan, as the reliability of power supply is challenged by the rapid growth in peak electricity load [3] - The profitability of wind power equipment is projected to continue improving, with domestic companies accelerating their international expansion, supported by high bidding volumes and rising prices [5]

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

Core Insights - The report introduces a "Five-Dimensional Industry Comparison Framework" that integrates multiple factors affecting stock price performance, emphasizing the need for a comprehensive analysis rather than relying on a single indicator [3][9] - Historical backtesting from 2016 to February 2025 shows that industries with higher scores in this framework tend to perform better, with annualized returns for the top scoring group at 11.8% compared to -10.5% for the lowest scoring group [21][23] - The report suggests a focus on growth sectors for February, particularly in high valuation industries such as electronics, power equipment, machinery, non-ferrous metals, communications, and computers [3][34] Five-Dimensional Industry Comparison Framework - The framework consists of five dimensions: market style, fundamentals, liquidity, trading, and valuation, with subjective judgments applied to market style, liquidity, and valuation [9][12] - The scoring process involves adjusting weights based on market conditions, with equal weighting during non-earnings seasons and increased emphasis on fundamentals during earnings seasons [8][30] February Market Outlook - The report anticipates a growth-oriented market style for February, with expectations of net inflows from public funds and a focus on high valuation sectors [3][34] - Key industries identified for investment include electronics, power equipment, machinery, non-ferrous metals, communications, and computers, which are expected to benefit from favorable market conditions [34][35] Industry Recommendations - **Electronics and Communications**: Companies like Zhongji Xuchuang and ShenNan Circuit are highlighted for their strong positions in AI-related markets and expected growth in demand for high-end products [36] - **Power Equipment**: Firms such as Shenghong Co. and Yangguang Electric are recommended due to their potential benefits from overseas storage and AI power sectors [40] - **High-End Manufacturing**: Companies like Anpeilong and Jingjin Equipment are noted for their advancements in robotics and AI applications, with significant growth potential [42] - **Non-Ferrous Metals**: Companies like Zijin Mining and Luoyang Molybdenum are expected to benefit from rising copper prices and strategic stockpiling initiatives [46][47] - **Computers**: Firms such as Hikvision and Kingsoft are recognized for their strong AI capabilities and market positioning, with expectations for sustained growth [49][50]

每经AI快讯，山西证券2月6日发布研报称，给予思源电气（002028.SZ）"买入"评级。评级理由主要包 括：1）"十五五"电网投资规划超预期，公司网内业务基本盘向好；2）海外变压器紧缺，出海增长可 期。风险提示：包含但不局限于以下风险：政策性风险；汇率波动风险；市场竞争风险；材料价格上涨 风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——基金经理个人炒股合法吗？我们调查了多家头部公募，答案出人意料 （记者 胡玲） ...

Group 1: Company Performance - The company expects to achieve a revenue of 21.205 billion yuan for the full year of 2025, representing a year-on-year increase of 37.18% [1] - The anticipated net profit attributable to shareholders for 2025 is 3.163 billion yuan, reflecting a year-on-year growth of 54.35% [1] - For Q4, the company forecasts a revenue of 7.38 billion yuan, which is a year-on-year increase of 46.1%, and a net profit of 970 million yuan, up 74.1% year-on-year [1] Group 2: Industry Insights - The "14th Five-Year" investment plan for the power grid exceeds expectations, with the State Grid announcing a fixed asset investment of 4 trillion yuan during the "15th Five-Year" period (2026-2030), a 40% increase from the previous plan, averaging 800 billion yuan annually [2] - Key investment areas are expected to include ultra-high voltage, distribution networks, and smart grids, which will benefit the company as it deepens its domestic market presence [2] - The company is positioned to benefit significantly from the growth in power grid investments, as State Grid and Southern Grid are important clients [2] Group 3: Export Opportunities - There is a growing shortage of transformers overseas, particularly due to accelerated data center construction in North America, which is expected to drive export growth [2] - The company's transformer export value is projected to reach 64.6 billion yuan in 2025, a year-on-year increase of approximately 36%, marking a historical high [2] - As of the first half of 2025, the company's overseas revenue accounted for 33.68% of total revenue, an increase of 9.12 percentage points year-on-year, indicating a positive trend in international sales [2] Group 4: Investment Recommendation - The company is a leading domestic transformer manufacturer and is expected to benefit from increased capital expenditures by the State Grid and the growing demand for its products overseas [3] - EPS estimates for 2025-2027 are projected at 4.05, 5.37, and 7.36 respectively, with corresponding PE ratios of 47.3, 35.7, and 26.0 [3] - The company has been given a "Buy-A" rating for its investment potential [3]

Group 1 - The core viewpoint of the article highlights the performance of the Electric Grid Equipment ETF Guangfa (159320), which rose by 1.27% to 1.908 yuan with a trading volume of 25.56 million yuan as of the midday close on February 6 [1] - The major holdings of the Electric Grid Equipment ETF include companies such as Tebian Electric Apparatus, which increased by 0.94%, and Zhongtian Technology, which rose by 4.79%, among others [1] - The performance benchmark for the Electric Grid Equipment ETF is the return rate of the Hang Seng A-share Electric Grid Equipment Index, with a return of 88.21% since its establishment on December 12, 2024, and a one-month return of 12.09% [1]

Summary of Conference Call on Transformer Industry Industry Overview - The global transformer market is experiencing strong demand, with China accounting for 60% of global production capacity. The North American data center infrastructure supply chain is inadequate, leading to increased demand for Chinese transformers and extended delivery times of 2-3 years, indicating a severe market shortage [1][2][3]. Key Insights and Arguments - Domestic transformer factories are expected to remain at full production capacity until 2027. In the U.S., delivery times have increased from 50 weeks to 127 weeks, reflecting a continuous rise in demand for electrical equipment driven by data center construction and the aging power grid replacement cycle [1][5]. - The transformer industry is witnessing significant changes, particularly due to the growth in AI computing center demand, especially in overseas markets. Domestic companies are also seeing notable developments, including increased capital expenditures from major players like Alibaba [2][11]. - The AIDC sector is projected to have a positive development trend, with domestic bidding signals and events like NVIDIA's GTC conference expected to further drive technological upgrades [7]. Company Performance - **Siyuan Electric**: Historically high performance realization, benefiting from U.S. AIGC incremental orders. Expected to achieve a profit of 6 billion by 2027, with a market value potentially reaching 180 billion, and an additional 50 billion from AIGC options, totaling a market cap of 230 billion [1][9]. - **Jinpan**: Holds a first-mover advantage in the North American market, projected to achieve a profit of 1.6 billion by 2027, with a market value close to 50 billion. The overall reasonable market value is estimated to be around 80 billion, indicating a potential 70% growth [1][9]. - **Igor**: Highly linked to the North American market, expected to achieve a production value of 10 billion by 2027, with a profit of 800 million, leading to a reasonable market value exceeding 30 billion, indicating significant growth potential [1][9][10]. Market Dynamics - The investment growth rate in the transformer sector is maintained at 5-10%, with user-side demand growth significantly driven by data center construction [4]. - The U.S. market's delivery cycle extension and the ongoing replacement of aging power grids since 2021 indicate a sustained increase in demand for electrical equipment [5]. Future Trends - The year 2026 is anticipated to be a pivotal year for 800V high-voltage direct current (HVDC) technology, with multiple overseas projects expected to materialize. Chinese power companies are well-positioned to collaborate with international firms, indicating a promising growth outlook [3][14][16]. - Domestic data center bidding is entering a high-growth cycle, with order growth rates outpacing revenue growth, suggesting an optimistic future outlook [11]. Competitive Landscape - Chinese companies like Zhongheng Electric are expected to leverage their rapid product iteration capabilities to compete effectively with foreign firms, which typically have longer product development cycles [12][13][15]. - The collaboration between Chinese companies and international giants is expected to enhance competitiveness and foster innovation in new products and technologies [15]. Conclusion - The transformer industry is poised for significant growth driven by domestic and international demand, technological advancements, and strategic collaborations. Companies like Siyuan Electric, Jinpan, and Igor are well-positioned to capitalize on these trends, with substantial market value growth anticipated by 2027 [1][9][10].

Group 1 - The A-share market showed mixed performance on February 4, with the Shanghai Composite Index slightly up while the ChiNext Index declined, and the electric grid equipment sector experienced a brief surge before retreating [1] - The only ETF tracking the CSI Electric Grid Equipment Theme Index, the electric grid equipment ETF (159326), fell by 0.61% with a trading volume of 558 million yuan, while stocks like Hangzhou Electric and Hongsheng Huayuan hit the daily limit [1] - According to the General Administration of Customs, key power equipment exports are projected to reach 71.5 billion USD from January to November 2025, representing a year-on-year increase of 20%, with transformers, winding wires, insulators, and switchgear showing significant growth rates of 35%, 24%, 45%, and 29% respectively [1] Group 2 - China Galaxy Securities anticipates a potential acceleration in electric grid investment, with overseas supply unable to meet demand, leading to extended delivery times for power transformers and high-voltage cables in Europe and the U.S., which could extend into the 2030s [1] - The company believes that Chinese electric equipment manufacturers are entering a golden development period for overseas exports, with expectations for continued growth in both volume and price in 2026 [1] - According to Chengtong Securities, there is a pressing need for the replacement of aging electric grid equipment in developed economies, where over 20% of equipment has exceeded its 20-year lifespan, benefiting domestic electric grid companies amid increasing investment growth [1] Group 3 - The electric grid equipment ETF (159326) is the only ETF in the market tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2] - The ETF includes leading companies in overseas markets such as Tebian Electric, China XD Electric, and Baobian Electric, showcasing its comprehensive industry coverage [2]