Investment Rating - The industry investment rating is "Positive" [2][3] Core Insights - The report highlights the opportunity for gas turbine development driven by the demand for electricity, particularly due to AI data centers and recent power outages in California [2][3] - GE Vernova anticipates signing contracts for 80GW of combined cycle gas turbines by the end of 2025, with an upward revision of revenue expectations from $45 billion to $52 billion by 2028 [3] - The report emphasizes the supply-demand mismatch in electricity, indicating that gas turbine generators have significant growth potential in the short term [3][4] Summary by Sections Industry Overview - The report discusses the impact of recent power outages in California, affecting 130,000 households and businesses, and the increasing focus of AI companies on electricity supply [3] - The report identifies gas turbines as a stable and efficient power generation technology, suitable for meeting the short-term electricity demands of AI data centers [4] Supply Chain Analysis - The gas turbine supply chain includes upstream companies providing key components such as high-temperature alloys and turbine blades, with notable companies like Linde Co., Yingliu Co., and Haomai Technology [5][6] - Midstream companies responsible for gas turbine generator development include Jereh Group, Dongfang Electric, and Shanghai Electric [7] - Downstream applications involve companies like Jereh Group and Xizi Clean Energy, which provide essential components for gas turbine power generation [9] Company Focus - Jereh Group is highlighted as a leading company in oil service equipment, with significant growth potential in the AI data center electricity sector, supported by strategic partnerships and contracts exceeding $100 million [10][11] - Linde Co. is recognized for its precision casting capabilities in gas turbine components, with expected growth in orders due to increasing demand from AI data centers [13] - Yingliu Co. specializes in high-end castings for gas turbines, maintaining strong partnerships with major players like GE and Siemens, positioning itself well for future growth [14] - Haomai Technology benefits from the expansion of AI data centers and the resulting demand for gas turbine generators [15]

Group 1: Company Overview and Strategy - The company has established the Jerry Min Electric Energy Group to enhance its power business and integrate resources in the power sector [2] - The company has a strong focus on the development of gas turbine power generation equipment, achieving significant orders in North America due to its high standards in reliability, responsiveness, and stability [3] Group 2: Market Presence and Product Offering - The company has successfully sold and leased gas turbine generator sets in the North American market, building a solid brand reputation and performance foundation for entering the data center power generation sector [3] - The company offers comprehensive energy solutions with its power generation equipment designed for quick transport, on-site assembly, and flexible expansion, addressing challenges such as tight project timelines and limited space [3] Group 3: Supply Chain and Delivery Assurance - The company has built a global supply chain system and established strategic partnerships with major manufacturers like Siemens and Kawasaki Heavy Industries to ensure robust product delivery [4] - The company has expanded its production capacity in the U.S. to meet the demand for various equipment types, including electric drive and turbine fracturing equipment [4] Group 4: Strategic Partnerships - In October 2025, the company completed a bulk procurement layout for Kawasaki gas turbines and signed a strategic cooperation agreement to enhance market development and integrate global technology resources [5]

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。 （记者 曾健辉） 每经AI快讯，东海证券12月26日发布研报称，给予杰瑞股份（002353.SZ）"买入"评级。评级理由主要 包括：1）全球钻完井装备领域龙头企业；2）天然气业务已成"第二增长曲线"；3）电力能源业务打 造"第三增长曲线"。风险提示：原油天然气价格波动加剧的风险；市场竞争加剧的风险；国际化经营风 险。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 每日经济新闻 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002353 | 杰瑞股份 | 1.75 Z | 8.02% | -1.10 Z | -5.04% | -6490.60万 | -2.98% | | 600835 | 上海机电 | 9115.68万 | 12.01% | -330.35万 | -0.44% | -8785.33万 | -11.58% | | 002278 神开股份 | | 8976.08万 | 8.12% | 1688.02万 | 1.53% | -1.07 Z | -9.64% | | 002535 林州重机 | | 6905.42万 | 22.93% | -2088.34万 | -6.94% | -4817.08万 | -16.00% | | 002691 | 冀凯股份 | 5820.40万 | 49.14% | -2516.15万 | -21.24% | -3304.25万 | -27.89% ...

沪指12月26日上涨0.10%，申万所属行业中，今日上涨的有19个，涨幅居前的行业为有色金属、电力设 备，涨幅分别为3.69%、1.40%。机械设备行业今日上涨0.29%。跌幅居前的行业为电子、轻工制造，跌 幅分别为0.71%、0.61%。 资金面上看，两市主力资金全天净流出232.84亿元，今日有8个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨1.40%，全天净流入资金85.60亿元，其次是有色金属行业，日 涨幅为3.69%，净流入资金为38.14亿元。 主力资金净流出的行业有23个，电子行业主力资金净流出规模居首，全天净流出资金116.74亿元，其次 是通信行业，净流出资金为55.15亿元，净流出资金较多的还有机械设备、医药生物、汽车等行业。 002164 宁波东力 5.40 9.75 4908.39 机械设备行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002837 | 英维克 | -0.20 | 6.31 | -47458.77 | | 601 ...

Investment Rating - The report assigns a "Buy" rating for the company, Jerry Holdings (002353), marking its first coverage [1]. Core Insights - Jerry Holdings is a leading company in the drilling and completion equipment sector, driven by dual engines of "natural gas + electricity" for growth [1]. - The company has established a diversified business model with significant breakthroughs in domestic and international markets, particularly in drilling, natural gas, and gas turbine generator businesses [1][6]. Summary by Relevant Sections Company Overview - Jerry Holdings, founded in 1999, is a prominent energy equipment and technology service provider in China, with a focus on high-end equipment manufacturing, oil and gas engineering services, new energy, and environmental governance [10]. - The company has a strong market position in drilling and completion equipment, holding the largest market share in domestic sectors such as fracturing, cementing, and coiled tubing [15][17]. Natural Gas Business - The natural gas segment has emerged as a "second growth curve" for the company, with significant orders and revenue growth, including a 112.69% year-on-year increase in revenue for the first half of 2025 [6][57]. - The global LNG market is entering a new construction phase, with over 300 billion cubic meters of new capacity expected to be operational from 2025 to 2030, particularly in the Middle East [44][46]. Power Energy Business - The power energy segment is being developed as a "third growth curve," driven by the increasing demand for gas turbine generator sets, particularly in data centers [6][19]. - The company has signed multiple contracts exceeding $100 million for gas turbine sales, establishing a new business growth point [6][19]. Financial Projections - The company forecasts total revenue of 13,354.92 million yuan in 2024, with a projected growth rate of 21.96% in 2025, reaching 16,287.21 million yuan [2]. - Net profit attributable to shareholders is expected to grow from 2,627.03 million yuan in 2024 to 3,164.19 million yuan in 2025, reflecting a growth rate of 20.45% [2]. Valuation Metrics - The report provides a P/E ratio forecast, indicating a decrease from 27.59 in 2024 to 22.91 in 2025, and further down to 16.29 by 2027, suggesting an attractive valuation as earnings grow [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - The overseas AIDC construction remains robust, while domestic demand is expected to rebound in 2026. In the second half of 2025, there is a clear divergence in AIDC construction between domestic and international markets. North America continues to experience high levels of capital expenditure, with the four major cloud providers' capital spending reaching $257.4 billion in the first three quarters of 2025, a 65% year-on-year increase. In contrast, domestic cloud providers are experiencing a temporary slowdown in capital expenditure growth due to restrictions on high-end computing card imports, which has delayed some AIDC project timelines. However, this impact is seen as a deferral of demand rather than a disappearance of demand. As overseas supply of computing cards improves and domestic alternatives continue to develop, a "pent-up rebound" in domestic AIDC construction is anticipated in 2026, indicating potential for demand release [1]. Summary by Sections AIDC Equipment - The report highlights the ongoing high demand for AIDC equipment in North America, driven by rapid growth in AI computing needs and delayed power grid construction, leading to increased orders for gas turbines for self-generation or distributed power supply [2]. Gas Turbines - The global gas turbine market is characterized by a significant supply-demand imbalance, with an expected increase of over 85 GW in global gas turbine orders in 2025, while existing effective capacity is around 50 GW. The market is dominated by GE, Siemens Energy, and Mitsubishi Heavy Industries, which together hold an 88% market share. The backlog of orders extends to 2028, creating opportunities for Chinese companies to enter the overseas market [2][3]. Diesel Generators - Diesel generators are essential backup power sources in AIDC construction, with a long-term market dominated by Cummins, MTU, and Caterpillar, which together hold about 85% of the market share in China. Current capacity bottlenecks faced by overseas manufacturers present a window of opportunity for domestic manufacturers like Weichai to replace foreign brands and expand internationally [4]. Cooling Equipment - The report notes that the rapid increase in AI chip power consumption is pushing the adoption of liquid cooling solutions, as traditional air cooling approaches reach their physical limits. This trend is expected to drive demand for related cooling equipment [5]. Emerging Technologies - Solid Oxide Fuel Cells (SOFC) are being explored as a solution to power shortages in North America, offering high modularity, short delivery cycles, and high efficiency. The report suggests that SOFC costs are approaching those of gas turbines, indicating a potential growth area [7]. Data Center Busbars - The traditional "rack and cable" approach in high-power density scenarios is being replaced by intelligent busbar solutions, which offer higher reliability and easier maintenance, marking a significant upgrade direction for data center power distribution systems [8]. Investment Recommendations - The report recommends focusing on several key areas: gas turbines, diesel generators, cooling equipment, and emerging technologies like SOFC and data center busbars, as these sectors are expected to benefit from structural opportunities driven by both domestic and international demand [8]. Key companies to watch include Yingliu, Ice Wheel Environment, Weichai Power, Haomai Technology, and Jerry [8].

Group 1: Overseas Market Development - Arrow Home has been focusing on internationalization, increasing strategic investment in overseas markets, and establishing partnerships with local distributors to expand its sales network, resulting in significant revenue growth outside North America, although overall overseas revenue has declined due to changes in the international economic environment [2] - Yiduoli has been enhancing its overseas market presence, with product registrations completed in over 30 countries and regions, and plans to establish a subsidiary in Brazil to strengthen sales coverage in Latin America [3] - Companies like Boying Welding and Jereh have also reported significant progress in their international strategies, with Boying Welding investing in a production base in Vietnam and Jereh expanding its overseas business to over 70 countries [4] Group 2: New Year Development Plans - Wave Optoelectronics plans to focus on semiconductor and laser businesses, aiming for steady growth and expansion into new application areas while maintaining core competitiveness [5] - Arrow Home intends to enhance retail channel management and promote new products in collaboration with Hongmeng Smart Selection, aiming for broader coverage and efficiency in 2026 [5] - Changbao Co. expects to maintain a favorable market for boiler pipes and will focus on high-end product promotion and structural upgrades [7] Group 3: AI Development - Shenzhen Huaqiang emphasizes that AI is a core driver for growth in electronic components, with increasing demand in AI servers and data centers [8] - Zhongdian Port reported a significant increase in AI-related revenue, reaching 9.309 billion yuan in the first three quarters of 2025, reflecting a 78.3% year-on-year growth [9] - Companies like Hanwei Technology are actively integrating AI into their product offerings, developing multi-dimensional sensor systems for intelligent robotics [8][9]

Core Viewpoint - The article discusses the recent developments in the Ascend industry chain, particularly focusing on Huawei's potential orders and product launches related to AI computing cards in South Korea, indicating a significant market interest and potential growth in domestic alternatives for technology products [2][3][4]. Group 1: Huawei's Orders and Product Launches - There are rumors about Huawei receiving an order of 50 billion, but it has been confirmed that a previous order of around 10 billion was placed, with further cooperation expected, although the exact amount remains unclear [3]. - Regardless of the exact figures, it is evident that the orders for Ascend products are substantial, reflecting a positive outlook for domestic replacement chains in the upcoming year [4]. Group 2: Ascend Product Roadmap and Supply Chain - Huawei announced its product roadmap at the All-Connect Conference on September 18, detailing the launch of the 950PR in Q1 2026, along with other series products planned for 2026-2028 [5]. - The 950PR will focus on upgrading interconnect bandwidth, enhancing cluster and training capabilities, with significant value added in the inter-chip connections [5]. Group 3: Connector Component Analysis - The market value for the Ascend 8-card machine is estimated to be between 55,000 to 60,000, with potential for higher value in super nodes like CM384 [7]. - The discussion around "optical replacing copper" does not apply to the copper connections used in Ascend servers, as the high-speed backplane connection cables are essential for short distances, indicating a coexistence of copper and optical connections in the future [11]. Group 4: Strategic Partnerships in Gas Turbines - Jerry's announcement of a strategic partnership with Kawasaki Heavy Industries aims to provide efficient, low-carbon, and intelligent power solutions for global AI data centers and industrial manufacturing [13]. - This partnership is expected to alleviate concerns regarding Jerry's resource availability in gas turbines, especially in a market with high demand and stringent policy requirements [13].

Investment Rating - The report suggests a positive outlook for the high-end equipment manufacturing industry in China, emphasizing a "dual-driven" growth model characterized by strong domestic demand and robust international expansion [3][5]. Core Insights - The high-end equipment industry in China is experiencing a structural transformation, with a focus on technological advancements and brand development, leading to increased global market share [3]. - The report highlights two main investment themes: the technological self-reliance driven by AI and the deepening international expansion of Chinese equipment manufacturers [4][5]. - Key sectors to watch include gas turbines, industrial mother machines, controlled nuclear fusion, quantum computing, robotics, and 3D printing, which are expected to drive future growth [4][41]. Summary by Sections Domestic Manufacturing and Investment - Manufacturing investment in China is under short-term pressure, but high-end manufacturing and equipment sectors are emerging as growth engines, with a 1.9% year-on-year increase in manufacturing fixed asset investment [15][19]. - The report notes that high-tech manufacturing and equipment manufacturing sectors maintain high levels of activity despite overall investment slowdowns [15][22]. Export Performance - China's high-end equipment exports are performing well, driven by the global AI investment boom and recovery in demand from developed markets [28][31]. - In the first ten months of 2025, China's exports of electromechanical products reached 13.43 trillion yuan, marking an 8.7% year-on-year increase [28][31]. Technological Self-Reliance - The report emphasizes the importance of technological self-reliance, particularly in sectors like gas turbines and quantum computing, which are expected to see significant growth due to increasing global demand [4][48]. - The global gas turbine market is projected to grow significantly, with sales expected to rise from 44.1 GW in 2023 to an average of 60 GW from 2024 to 2026, reflecting a 36% increase [49][50]. International Expansion - Chinese equipment manufacturers are poised for further international growth, particularly in emerging markets, with sectors like engineering machinery and agricultural equipment expected to see substantial export growth [5][41]. - The report highlights the potential for Chinese companies in the oil and gas equipment sector, particularly in the Middle East, where demand is expected to rise significantly [5][13].