（文章来源：证券日报） 证券日报网讯 1月14日，华明装备在互动平台回答投资者提问时表示，截至2026年1月9日，公司股东总 户数为30110户。 ...

赵云煜累计任职时间7年62天，现任基金资产总规模15.74亿元，任职期间最佳基金回报204.93%， 任职 期间最差基金回报-21.9%。 数据显示，建信基金旗下1只基金重仓华明装备。建信中证1000指数增强A（006165）三季度持有股数 65.35万股，占基金净值比例为0.96%，位居第六大重仓股。根据测算，今日浮亏损失约95.41万元。 建信中证1000指数增强A（006165）成立日期2018年11月22日，最新规模7.4亿。今年以来收益6.1%， 同类排名2116/5520；近一年收益55.21%，同类排名1166/4203；成立以来收益205.87%。 建信中证1000指数增强A（006165）基金经理为叶乐天、赵云煜。 截至发稿，叶乐天累计任职时间13年303天，现任基金资产总规模74.64亿元，任职期间最佳基金回报 328.03%， 任职期间最差基金回报-18.94%。 1月14日，华明装备跌5.16%，截至发稿，报26.82元/股，成交6.70亿元，换手率2.69%，总市值240.37亿 元。 资料显示，华明电力装备股份有限公司位于上海市普陀区同普路977号，成立日期2002年8月19日，上 ...

13 January 2026 | 4:14PM CST Equity Research CHINA GRID TECH Emerging global grid equipment challengers: Initiate on Sieyuan (Buy) and Huaming (Neutral) We initiate coverage of Sieyuan Electric and Huaming Power Equipment, China's leading grid equipment suppliers with growing overseas exposure. A structural shortage in global grid equipment - driven by global grid upgrade demand, constrained by labor-intensive manufacturing, and exacerbated by booming AIDC demand - has accelerated their overseas progress. A ...

（来源：淘金ETF） 1. 国电南瑞（600406） 地处南京，是能源互联网整体解决方案提供商，属央企体系，获评央企"科改标杆"。构建了完善科研体 系，成立研究院和研发中心，组建"十年磨剑"研究团队等。在构网型技术上成果显著，研制构网型SVG 等五类核心产品，首套电网侧带超容构网型SVG入选"央企十大超级工程"。其调度自动化系统国内市占 率超75%，特高压换流阀市占率超50%。AI算力和电力需求激增推动新型电力系统建设，它的光明电力 大模型可助力电网规划运维，构网型产品能解决新能源发电带来的电网稳定性问题，海外业务也在拓 展，配电变压器等产品出口多国，迎来广阔增长空间。 2. 思源电气（002028） 位于上海，是输配电综合供应商，布局特高压、储能等领域。作为国内最大的高压包、高压线圈生产 商，产品涵盖高压电抗器、组合电器等核心设备。在变压器领域实力突出，2024年海外营收中变压器占 比达60%，且海外订单增速超50%，2025年上半年海外营收增速更是高达89%。当前AI算力中心和新能 源项目对高压输配电设备需求激增，其产品能适配特高压电网的高效输电需求，同时适配储能项目的配 套电力设备需求。依托成熟的海外渠 ...

华泰证券研报指出，华明装备在分接开关行业位居国内第一、全球第二。全球电网投资进入上行周期， 认为公司后续在出海、检修业务与特高压业务的带动下，业绩有望保持快速增长（预计25-27年 CAGR18.7%）。同时，公司在显著的先发优势之下，有望保持国内龙头地位与较高的毛利率水平；同 时依托中国制造产业链优势进一步提升海外市场份额。首次覆盖华明装备并给予"买入"评级，给予公司 26年30.4倍PE，目标价29.5元。 ...

电力设备：海外需求高景气，国内电网 15.5 规划解析 20260106 北美市场，特别是美国，对电力设备的需求非常旺盛。2025 年前 11 个月，中 国变压器出口额达到 579 亿元，同比增长 36%。其中，北美市场是主要驱动 因素之一。10 月份，中国对北美的变压器出口增长了 154%，对美国的出口同 比增长了 173%。高压开关及控制装置方面，2025 年前 11 个月，中国出口额 为 389 亿美元，同比增长 33%，北美同样是重要增长来源。 外资品牌在北美市场的表现如何？ 外资品牌在北美市场表现出色。例如，伊顿公司最新季度数据显示，其在美洲 的数据中心新增订单同比增长 70%，收入同比增长 40%。GE 电气设备板块订 单同比翻倍增长 100%，未完成订单同比增长 38%。ABB 在美国地区的订单 沙特计划在 2024-2030 年投资 9,300 亿元人民币用于电力发输配环节， 今年前三季度投资同比增长 86%，每年新增 27GW 新能源装机，到 2030 年总装机容量预计达到 100-130GW。 国内配网设备价格回升，10 千伏变压器和一二次融合环网箱价格提升， 毛利率从低点回升至 19%- ...

Core Viewpoint - On January 6, 2023, brokerage firms provided target prices for listed companies, with notable increases for Tianqi Materials, BYD, and China Jushi, reflecting significant growth potential in the battery, passenger vehicle, and glass fiber industries respectively [1][2]. Target Price Increases - Tianqi Materials (002709) received a target price of 80.50 yuan, indicating a target price increase of 69.69% [2]. - BYD (002594) has a target price of 140.00 yuan, reflecting a 40.01% increase [2]. - China Jushi (600176) has a target price of 23.57 yuan, showing a 34.61% increase [2]. Brokerage Recommendations - A total of 26 listed companies received brokerage recommendations on January 6, with Hengyi Petrochemical, China Jushi, and BYD each receiving two recommendations [3]. - Hengyi Petrochemical (000703) had a closing price of 10.75 yuan with 2 brokerage firms recommending it [3]. - China Jushi (600176) closed at 17.51 yuan and was recommended by 2 brokerage firms [3]. - BYD (002594) closed at 99.99 yuan and also received 2 recommendations [3]. Rating Adjustments - On January 6, only one company had its rating upgraded, with Qunyi Securities (Hong Kong) raising China Duty Free's rating from "Hold" to "Buy" [4]. - China Duty Free (601888) is now rated as "Buy" in the tourism retail sector [4]. First-Time Coverage - Five companies received initial coverage on January 6, with New City Holdings rated "Buy" by Caitong Securities [5]. - Huaming Equipment (002270) was rated "Buy" by Huatai Securities [5]. - Yidong Electronics (301123) received a "Buy" rating from Zhongyou Securities [5]. - Huatu Mountain Ding (300492) was rated "Increase" by Guotai Junan Securities [5]. - Hehe Information (688615) received a "Buy" rating from Dongbei Securities [5].

Investment Rating - The report initiates coverage on Huaming Equipment with a "Buy" rating, assigning a target price of 29.5 RMB based on a 30.4x PE for 2026 [3][8][15]. Core Views - Huaming Equipment ranks first in the domestic transformer tap changer industry and second globally, with a robust growth outlook driven by overseas expansion, maintenance services, and ultra-high voltage (UHV) business [3][15]. - The global power grid investment is entering an upward cycle, which is expected to boost the company's performance significantly, with a projected CAGR of 18.7% for net profit from 2025 to 2027 [3][15]. - The company is transitioning from a "device manufacturer" to a "full lifecycle service provider," leveraging its high installed base for maintenance services, which presents substantial growth potential [5][18]. Summary by Sections Investment Outlook - The report highlights that global power grid investments are on the rise, with significant constraints on overseas power equipment supply. The company’s export scale is expected to grow, with direct and indirect exports projected at 3.4 billion, 4.9 billion, and 3.1 billion RMB for 2023, 2024, and the first half of 2025, respectively, reflecting year-on-year growth of 61.9%, 42.6%, and 45.3% [4][16]. - The company is actively exploring opportunities in Europe, Southeast Asia, and North America, with a focus on localized layouts and customized solutions [4][16]. Ultra-High Voltage and Maintenance Services - The domestic ultra-high voltage market is anticipated to grow significantly, with the company expected to capture a 60% market share, translating to an additional revenue of 2.2 billion RMB during the 14th Five-Year Plan period [5][17]. - The maintenance business is projected to reach a potential revenue scale of 7 billion RMB, with a significant increase in orders expected in the coming years [18]. Competitive Advantages - The company maintains a high gross margin, consistently above 55% since 2019, attributed to its strong market position and R&D capabilities, which create substantial barriers to entry for competitors [6][19]. - Huaming Equipment's comprehensive manufacturing capabilities, with 80% of components produced in-house, enhance its cost control and supply chain stability, particularly advantageous during periods of overseas market tightness [6][19]. Financial Projections - The report forecasts net profits of 7.30 billion, 8.66 billion, and 10.28 billion RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.81, 0.97, and 1.15 RMB [7][12]. - The company’s overall revenue is expected to grow from 2.32 billion RMB in 2024 to 3.29 billion RMB in 2027, reflecting a steady growth trajectory [12][13].

Core Viewpoint - Huaming Equipment (002270.SZ) announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Share Buyback Details - The company repurchased a total of 13.82 million shares, which represents 1.5421% of the current total share capital [1] - The buyback was conducted through a special securities account via centralized bidding [1] - The highest transaction price was 17.80 RMB per share, while the lowest was 14.74 RMB per share, with a total transaction amount of 221 million RMB (excluding transaction fees) [1]

证券代码：002270 证券简称：华明装备 公告编号：〔2026〕001 号 华明电力装备股份有限公司 截至 2025 年 12 月 31 日，公司通过股份回购专用证券账户以集中竞价交易 方式回购公司股份 13,820,809 股，占公司目前总股本的 1.5421%，最高成交价 为 17.80 元 / 股 ， 最 低 成 交 价 为 14.74 元 / 股 ， 成 交 总 金 额 为 人 民 币 220,724,415.58 元（不含交易费用）。本次回购符合相关法律法规要求，符合 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 华明电力装备股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开 第六届董事会第十五次会议审议通过了《关于回购公司股份方案的议案》，公司 拟使用自有或自筹资金以集中竞价交易方式回购公司部分人民币普通股（A 股） 股份，用于实施员工持股计划或股权激励，回购价格不超过人民币 24.60 元/股， 回购的资金总额不低于 15,000 万元（含）且不超过 20,000 万元（含），具体回 购股份的数 ...