3月26日，能源ETF（159930）开盘涨0.00%，报1.733元。能源ETF（159930）重仓股方面，中国石油开 盘涨0.00%，中国神华跌0.25%，中国石化跌0.51%，陕西煤业涨0.31%，中国海油跌0.02%，杰瑞股份跌 0.01%，兖矿能源跌0.30%，中煤能源涨0.34%，山西焦煤涨0.14%，华阳股份涨0.33%。 3月26日，能源ETF（159930）开盘涨0.00%，报1.733元。能源ETF（159930）重仓股方面，中国石油开 盘涨0.00%，中国神华跌0.25%，中国石化跌0.51%，陕西煤业涨0.31%，中国海油跌0.02%，杰瑞股份跌 0.01%，兖矿能源跌0.30%，中煤能源涨0.34%，山西焦煤涨0.14%，华阳股份涨0.33%。 能源ETF（159930）业绩比较基准为中证能源指数，管理人为汇添富基金管理股份有限公司，基金经理 为董瑾、孙浩，成立（2013-08-23）以来回报为74.99%，近一个月回报为3.90%。 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 ...

3月26日，能源ETF广发（159945）开盘跌0.14%，报1.418元。能源ETF广发（159945）重仓股方面，中 国神华开盘跌0.25%，中国石油涨0.00%，中国石化跌0.51%，陕西煤业涨0.31%，中国海油跌0.02%，杰 瑞股份跌0.01%，兖矿能源跌0.30%，中煤能源涨0.34%，广汇能源涨0.73%，山西焦煤涨0.14%。 3月26日，能源ETF广发（159945）开盘跌0.14%，报1.418元。能源ETF广发（159945）重仓股方面，中 国神华开盘跌0.25%，中国石油涨0.00%，中国石化跌0.51%，陕西煤业涨0.31%，中国海油跌0.02%，杰 瑞股份跌0.01%，兖矿能源跌0.30%，中煤能源涨0.34%，广汇能源涨0.73%，山西焦煤涨0.14%。 能源ETF广发（159945）业绩比较基准为中证全指能源指数，管理人为广发基金管理有限公司，基金经 理为姚曦，成立（2015-06-25）以来回报为42.35%，近一个月回报为4.18%。 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 ...

杰瑞股份 20260323 摘要 杰瑞股份 2026 年指引底线为订单、收入、利润均增 20%+，预计 2026 年市值目标达 1,500 亿元。 北美燃机业务爆发：2025.11-2026.02 月均获超亿美元订单，累计近 35 亿元；2026 年新签目标 6-8 亿美元。 天然气业务成核心增长点：受益中东扩产周期，预计 2026 年订单增 200%-300%，收入增 60%。 核心壁垒：国内唯一落地北美的燃机 OEM，具备 3 万小时无故障运行认 证及核心机头稳定供应能力。 2025 年前三季度收入增 30%，净利率近 20%；全年确认订单 205- 210 亿元，另有近百亿已授标待计入。 风险评估：中东业务收入占比 15%-20%，地缘风险或影响船期，但目 前主要业务区相对稳定且风险已部分定价。 估值催化：航改燃机业务突破及储能液冷在 AIDC 领域的应用进展，有 望对标 28-30 倍 PE。 Q&A 请概述杰瑞股份的当前市场定位、核心业务板块以及 2026 年的业绩指引？ 杰瑞股份当前定位为国内唯一实现燃气轮机组对北美市场订单获取并完成交付 的 OEM 厂商，其主营业务为市值提供了稳固支撑。公司业务 ...

Summary of Key Points from Conference Call Industry Overview - The gas turbine sector remains a core area of focus due to ongoing electricity shortages, with a strong outlook for the future [1] - Recent declines in the gas turbine sector are attributed to market fluctuations caused by geopolitical conflicts and perceptions of rising European natural gas prices negatively impacting the sector [1] - However, North American natural gas prices remain stable and independent, and demand for gas turbines driven by rapid AIDC (Artificial Intelligence Data Center) construction has not diminished [1] Core Insights and Arguments - The narrative of gas turbine shortages has not changed; it continues to be a central theme in addressing electricity shortages [1] - Despite short-term fluctuations in global natural gas prices, these do not affect the long-term energy transition and related downstream demand in certain regions [1] - With the rapid growth of AI demand in North America and stable demand increases in other regions, it is projected that the global gas turbine shortfall will reach 30 GW by 2028 [1] - The tightening of the supply chain is expected to lead to price increases and a growing trend in demand for gas engines [1] Investment Recommendations - Strong recommendations for the following areas: 1. **Complete Units**: Focus on small gas turbines and medium-speed engines, with a particular emphasis on China Power, which is considered to have the lowest valuation in the sector and stable core business [2] 2. **Component Sector**: Key blade components with ongoing integration into overseas core downstream markets, including companies like Yingliu and Wanzhou, and low-valuation HRSG (Heat Recovery Steam Generator) segments with strong potential for price increases [2] 3. **Structural Components**: Companies such as Linde and Haomai Technology are highlighted for their potential [2] Additional Important Insights - The overall sentiment in the market indicates a strong belief in the resilience of the gas turbine sector despite external pressures [1] - The anticipated growth in AI-related infrastructure is expected to significantly drive demand for gas turbines in the coming years [1]

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on AI and mechanical equipment investment opportunities [1]. Core Insights - The report emphasizes the potential of AI-driven mechanical equipment, particularly in the robotics sector, where companies like Yushu Technology are showing significant growth in revenue and profitability [1]. - The GTC conference highlighted the increasing demand for AI computing power, which is expected to drive growth in PCB and liquid cooling segments [2]. - The solar equipment sector is poised to benefit from Tesla's procurement of photovoltaic equipment and Blue Origin's satellite launch plans, indicating strong demand for leading equipment manufacturers [3]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and Zhongwei Company, among others, across various segments including robotics, AI devices, and solar equipment [1][2][3]. Industry Trends - The robotics industry is experiencing a significant rebound, with Yushu Technology's IPO materials indicating a revenue increase of 335.36% and a net profit increase of 674.29% for 2025 [1]. - The AI device sector is seeing advancements in architecture and cooling solutions, with Nvidia's LPU architecture expected to enhance performance and drive PCB demand [2]. - The solar equipment market is benefiting from increased demand driven by major companies like Tesla and innovative projects like Blue Origin's satellite constellation [3]. Market Dynamics - The oil service equipment sector is facing short-term adjustments due to geopolitical tensions, but long-term demand is expected to rise as oil prices remain high and reconstruction efforts in conflict areas increase [7]. - The mechanical equipment industry is projected to see significant growth opportunities due to China's increasing foreign investments and the global demand for advanced machinery [37].

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

证券代码：002353 证券简称：杰瑞股份 公告编号：2026-011 烟台杰瑞石油服务集团股份有限公司 关于"奋斗者7号"员工持股计划存续期即将届满的提示性公告 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。 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于 2022 年 9 月 16 日召开 2022 年第一次临时股东大会，审议通过了《关于<烟台杰瑞石油服务集团股份有限公司"奋 斗者 7 号"员工持股计划（草案）及其摘要>的议案》等议案。具体详见公司披露于巨潮资 讯网的 2022-056 号公告。 鉴于公司"奋斗者 7 号"员工持股计划存续期将于 2026 年 9 月 15 日届满，根据中国证 券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》相关规定，现将"奋斗者 7 号" 员工持股计划（以下简称"本员工持股计划"）存续期届满前六个月的相关情况公告如下： 一、 员工持股计划持股情况 2、本员工持股计划锁定期为 12 个月，自公司公告标的股票登记过户至本员工持股计 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2026-012 烟台杰瑞石油服务集团股份有限公司 关于"事业合伙人2期"员工持股计划存续期即将届满的提示性公告 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。 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于 2022 年 9 月 16 日召开 2022 年第一次临时股东大会，审议通过了《关于<烟台杰瑞石油服务集团股份有限公司"事 业合伙人 2 期"员工持股计划（草案）及其摘要>的议案》等议案。具体详见公司披露于巨 潮资讯网的 2022-056 号公告。 鉴于公司"事业合伙人 2 期"员工持股计划存续期将于 2026 年 9 月 15 日届满，根据中 国证券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》相关规定，现将"事业合伙 人 2 期"员工持股计划（以下简称"本员工持股计划"）存续期届满前六个月的相关情况公 告如下： 一、 员工持股计划持股情况 1、2022年 10 月 11 日，本员工持股计划通过大宗交易 ...

Summary of Conference Call Transcript Company and Industry Involved - **Company**: Baker Hughes, Schlumberger, Halliburton, and Jerry Holdings (杰瑞股份) - **Industry**: Power systems and data centers Key Points and Arguments Baker Hughes Overview - Baker Hughes has a backlog of $2.5 billion in orders, with approximately $1 billion related to data centers, corresponding to about 3GW of installed capacity [2][3] - The NovaLT series gas turbines account for 2GW of the data center orders, showcasing Baker Hughes' self-developed turbine technology [2][3] - The company aims to secure $3 billion in direct orders from 2025 to 2027 and has a broader target of over $40 billion in the entire lifecycle solutions market by 2026-2028 [3] Market Trends and Strategic Deployment - The global energy structure is expected to shift towards solar and natural gas, with coal usage declining and nuclear energy growing moderately [4] - Baker Hughes is focusing on power generation, grid stability, and energy management as part of its strategic goals [4] - The company has made acquisitions, such as Chart Industries and BRUSH Group, to enhance its geothermal and energy storage capabilities [4] Product and Technology Offerings - Baker Hughes provides a comprehensive range of solutions for power and data centers, including: 1. Gas turbines (industrial and heavy-duty) 2. Steam turbines for combined cycle power systems 3. Multi-fuel systems, particularly for hydrogen and ammonia blends 4. Geothermal energy solutions [5] Competitive Landscape - Halliburton is also entering the data center market but lacks in-house gas turbine manufacturing capabilities, relying on external suppliers like Caterpillar and GE [6][9] - Schlumberger has a current order backlog of $460 million in data centers, expected to reach $1 billion by 2026, indicating competitive positioning with Jerry Holdings [8] Domestic Competitiveness - Domestic companies like Jerry Holdings are leveraging rapid response, cost control, and flexible supply chains to compete globally [2][10] - The ability to utilize both domestic and international suppliers for gas turbines enhances their competitive edge [10] Future Growth and Valuation - Jerry Holdings' growth will depend on securing more orders in the overseas data center power systems market, with key indicators being the scale and timing of new orders [10] - If Jerry Holdings can grow its order backlog to $1 billion or $2.5 billion, it may shift its valuation logic from traditional oil and gas services to align with energy solution providers like Baker Hughes [10] Other Important Insights - The transition from traditional oil services to data center solutions emphasizes the importance of continuous power supply and energy efficiency [7][8] - The collaboration between Halliburton and Votagrid highlights a strategic partnership approach to expand market reach [9]

Industry Investment Rating - The investment rating for the mechanical equipment industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the oil service industry is benefiting from rising oil prices, which have exceeded $80 per barrel, leading to increased investment in oil and gas development [3] - The report emphasizes the importance of traditional industry upgrades and emerging opportunities in the mechanical manufacturing sector, particularly in the context of the 2026 Two Sessions [3] Summary by Relevant Sections Industry Overview - The closing index for the mechanical equipment sector is 2401.8, with a 52-week high of 2452.72 and a low of 1446.85 [1] Oil Service Equipment - The oil service equipment industry is experiencing growth due to increased oil prices, which are driving investment in oil and gas exploration [3] - Key processes in oil exploration include geological surveys, geophysical exploration, and drilling activities, with a focus on identifying oil and gas reserves [4] - Major companies involved in exploration include CNOOC, Qianeng Hengxin, and Dongfang Weituo [4] Drilling Process - The drilling process involves several steps, including preparation, drilling, and verification, with significant investments in drilling technology and equipment [8][10] - Key players in the drilling equipment sector include CNOOC, PetroChina, and Jereh [10][12] Completion Phase - The completion phase is critical for establishing efficient communication channels between the wellbore and the oil and gas reservoir, involving multiple engineering steps [12] - Companies involved in completion equipment include Aerospace Intelligent Manufacturing and Dongfang Weituo [16] Production Phase - The production phase focuses on the efficient extraction and processing of oil and gas, with an emphasis on maximizing recovery rates and ensuring safety [17] - Key equipment and companies in this phase include lifting equipment from Shandong Molong and processing equipment from CNOOC Development [17]