[Table_Page] 投资策略周报|电力设备 证券研究报告 [Table_Title] 电力设备行业周报 国内外共振，电新产业迎来新一轮景气周期 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-22 | [Table_PicQuote] 相对市场表现 -20% -3% 14% 30% 47% 64% 03/25 06/25 08/25 10/25 01/26 03/26 电力设备 沪深300 | [分析师： Table_Author]陈昕 | | | --- | --- | | | SAC 执证号：S0260522080008 | | | SFC CE No. BWV823 | | | 010-59136699 | | | gfchenxin@gf.com.cn | | 分析师： | 黄华栋 | | | SAC 执证号：S0260526020005 | | | 020-66336091 | | | huanghuadong@gf.com.cn | | 分析师： | ...

Core Insights - The report emphasizes that the energy crisis and advancements in AI are accelerating the development of the renewable energy industry, presenting significant investment opportunities [1]. Wind Power - The UK has eliminated import tariffs on 33 wind power components, which will reduce manufacturing costs and enhance investment efficiency in the supply chain. This includes key components such as cables and turbine blades [11][12]. - The UK is expected to see a peak in grid connection over the next five years, supported by a record 8.4GW of offshore wind investment [11]. Energy Storage - Government subsidies and the energy crisis are driving rapid growth in household energy storage demand, particularly in Europe and Australia. For instance, Hungary has introduced a subsidy policy covering up to 80% of household storage system costs [13]. - The domestic market is also expected to see significant growth, with projected energy storage demand reaching 154GWh, 254GWh, and 337GWh in 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 40.2%, 65.2%, and 32.5% [14]. Lithium Batteries - Despite high lithium prices, the demand for energy storage remains resilient, with a projected total lithium battery demand of 2423GWh in 2026, a 27% increase from 2025 [17]. - The report notes that the domestic market for energy storage batteries saw a year-on-year increase of 108.9% in early 2026, indicating strong growth potential [16]. Power Equipment - The concept of "computing and electricity collaboration" has been included in the government work report for the first time, marking it as a national strategic deployment. This collaboration aims to address spatial and temporal mismatches in energy supply and demand [18][21]. - The report suggests that investment opportunities will arise in planning, construction, trading, and scheduling within the power equipment sector, particularly for companies involved in supporting computing power and renewable energy integration [26]. Investment Recommendations - For wind power, the report recommends focusing on companies with high overseas customer ratios and those actively promoting offshore wind deployment, such as Goldwind Technology and Sany Heavy Energy [23]. - In energy storage, leading companies like Dewei Co., Airo Energy, and Goodwe are highlighted as key players to watch [24]. - The lithium battery sector is advised to focus on companies with pricing elasticity, including CATL and EVE Energy [25]. - In the power equipment sector, companies like Southern Power Grid Technology and Fuling Electric are recommended for their roles in supporting the new energy infrastructure [26].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the implementation of the CSP self-supply agreement and the North American ultra-high voltage planning exceeding expectations, focusing on three main lines: grid equipment, gas turbines, and high-voltage direct current power supply [1][6] - The demand for transformers is expected to remain high due to the growth of large data centers, with orders for transformers from leading overseas companies already booked for three years ahead [6] - The report anticipates significant market opportunities in the global market for SST and HVDC power systems, with projections indicating a market size exceeding 100 billion yuan by 2030 [6] Summary by Sections Industry Trends - The North American grid expansion projects have been approved, totaling $75 billion, focusing on 765 kV ultra-high voltage lines, which will expand the total new line mileage to 10,000 miles, quadrupling the existing mileage [6] - The trend towards self-supply in data centers is confirmed by major companies like Microsoft and Google, which will drive demand for gas turbines as the primary power generation equipment [6] Investment Recommendations - For transformers and grid equipment, the report recommends companies such as Si Yuan Electric, Jin Pan Technology, and Igor, while also suggesting to pay attention to companies like Shima Power, Baiyun Electric, and TBEA [6] - In the power generation equipment sector, Oriental Electric is highlighted for its gas turbine products, with a focus on G50 and G15 models, which have secured export orders to high-profit markets in North America and the Middle East [6] - For AIDC direct current power supply, the report recommends companies like Sifang Co., Sunshine Power, and others involved in HVDC technology [6]

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1]. Core Insights - The report highlights the implementation of the CSP self-power supply agreement and the North American ultra-high voltage planning exceeding expectations, focusing on three main lines: grid equipment, gas turbines, and high-voltage direct current power supply [1][6]. - The demand for transformers is expected to remain high due to the growth of large data centers, with orders for transformers from leading overseas companies already booked for three years [6]. - The report anticipates significant market opportunities in the global market for SST and HVDC power systems, with projections indicating a market size exceeding 100 billion yuan by 2030 [6]. Summary by Sections Industry Trends - The North American grid is set to expand with a total of $75 billion approved for transmission expansion projects, focusing on 765 kV ultra-high voltage lines, which will quadruple the existing mileage [6]. - The trend towards self-supply in data centers is leading to increased demand for gas turbines, with major orders already secured until 2030 [6]. Investment Recommendations - For transformers and grid equipment, the report recommends companies such as Si Yuan Electric, Jinpan Technology, and Igor, while also suggesting to monitor Shima Power, Baiyun Electric, and others [6]. - In the power generation equipment sector, Oriental Electric is highlighted for its gas turbine offerings, with additional recommendations for Hailianxun [6]. - For AIDC direct current power, the report recommends Sifang Co. and Sunshine Power, while also highlighting Megmeet, Zhongheng Electric, and others for HVDC solutions [6].

Investment Rating - The industry investment rating is "Buy" with expectations for stock performance to exceed the market by more than 10% over the next 12 months [4]. Core Insights - The report highlights a historic investment opportunity in the "computing power and electricity collaboration" driven by government initiatives and the rapid development of renewable energy sources [4]. - The report emphasizes the importance of integrating artificial intelligence with electricity supply to enhance economic and social development, as outlined in the recent government work report and the draft of the 15th Five-Year Plan [4]. - The collaboration between computing power and electricity is expected to lead to significant infrastructure investments, particularly in green electricity and data centers, which are projected to see substantial growth in electricity consumption [4]. Summary by Sections Government Initiatives - The government has prioritized the development of a new intelligent economy, promoting the commercialization of artificial intelligence and the construction of large-scale computing power infrastructure [4]. - The draft of the 15th Five-Year Plan emphasizes the need for a robust data market and efficient supply of computing power, algorithms, and data resources [4]. Renewable Energy and Data Centers - The rapid growth of renewable energy in China, with over 430 million kilowatts of new wind and solar capacity added in 2025, is expected to provide competitive electricity prices and sufficient power supply [4]. - Data centers are projected to see an annual electricity consumption growth rate of approximately 20% from 2024 to 2030, with total electricity consumption reaching about 525.8 billion kilowatt-hours by 2030, accounting for 4.8% of total national electricity consumption [4]. Investment Recommendations - The report suggests focusing on companies providing power supply services for computing power, such as Southern Power Grid Technology and Fuling Power [4]. - It also recommends companies involved in computing power construction and services, including China Communication Services and State Grid Information & Communication [4]. - Additionally, it highlights data center power equipment providers like Sifang Co., Jinpan Technology, and Zhongheng Electric as potential investment opportunities [4].

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, with specific recommendations for companies involved in these industries [1][2][3]. Core Insights - The report highlights the tightening of local monopile production capacity in European offshore wind, suggesting a favorable environment for Chinese companies to expand internationally [2]. - In the solar sector, silicon wafer prices are under pressure while battery component prices remain stable, indicating a potential market adjustment [1][14]. - The hydrogen energy sector is set to receive increased policy support during the 14th Five-Year Plan, with a projected doubling of renewable hydrogen production capacity by the end of 2025 [3][18]. - The energy storage market is experiencing significant growth, with a marked increase in project scale and a forecasted rise in lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafers averaging 1.10 RMB per piece, down 8.33% from previous levels [1][14]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [1][14]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [1][15]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the challenges in local monopile production [2][16]. - The report suggests monitoring companies like Dajin Heavy Industry and Tianjun Wind Power as they expand internationally [2][16]. - The wind turbine sector is expected to see profitability improvements in 2026, with companies like Goldwind and Mingyang Smart Energy being key players [2][17]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons of renewable hydrogen production capacity by 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy and Huadian Heavy Industries, focusing on equipment manufacturing and hydrogen compression technology [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC bidding scale reached 4.92 GW, with a total installed capacity of 12.42 GWh, reflecting over 30% growth compared to the previous year [4][19]. - The report emphasizes the importance of companies like Sungrow Power Supply and Aiko Solar in the energy storage market, which is expected to grow significantly [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected to reach 149.59 GWh, with a 21.93% month-on-month increase, indicating strong demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL and BYD, with a focus on maintaining resilience in battery demand [5][26].

Investment Rating - The report recommends a "Buy" rating for companies involved in the AIDC and related sectors, highlighting potential growth opportunities driven by advancements in AI and data center infrastructure [4]. Core Insights - The AIDC sector is experiencing rapid growth, with significant increases in power consumption and infrastructure upgrades driven by AI applications. The global AI market is projected to grow from $25.86 billion in 2024 to $803.9 billion by 2033, reflecting a compound annual growth rate (CAGR) of 46.5% [14][20]. - The power density of AI cabinets is expected to rise significantly, with single cabinet power reaching over 100 kW by 2025 and potentially exceeding 1 MW by 2030. This trend necessitates a shift towards high-voltage direct current (HVDC) systems for efficient power delivery [3][27]. - The evolution of power supply architecture is marked by a transition from traditional discrete components to highly integrated, modular designs. This includes vertical power delivery (VPD) systems that minimize power distribution network (PDN) losses and enhance efficiency [3][27]. - The report emphasizes the importance of companies like Hewei Electric, Zhongfu Circuit, and others that are positioned to benefit from these trends in high-density power integration and HVDC technology [3][4]. Summary by Sections Section 1: Growth in CSP Capital Expenditure and AIDC Power Demand - The North American and Asia-Pacific AI markets are rapidly expanding, leading to increased investment in AIDC infrastructure. The AIDC market in China is expected to exceed 100 billion CNY in 2024, reaching approximately 288.6 billion CNY by 2028, with a CAGR of around 30% [14][18]. Section 2: AI Cabinet Power Density and Electrical Architecture Upgrades - The report discusses the anticipated upgrade of AIDC electrical architecture to 800V HVDC systems, which can significantly enhance power transmission efficiency compared to traditional AC systems. This transition is driven by the increasing power demands of AI servers and the need for more efficient cooling solutions [3][27]. Section 3: Onboard Power Supply Architecture Upgrades - The report outlines the trends in onboard power supply systems moving towards high integration and modular designs. The shift from discrete components to integrated power modules is essential to meet the demands of high-performance AI chips, which are increasingly operating at lower voltages and higher currents [3][27]. Section 4: Investment Recommendations - The report suggests focusing on companies that are leading the charge in high-density power integration and HVDC technology, such as Hewei Electric and Zhongfu Circuit, as they are well-positioned to capitalize on the growing demand for advanced data center infrastructure [3][4].

Investment Announcement - Company plans to jointly invest with Suzhou Yida Private Fund Management Co., Ltd. and other limited partners in the Jiaxing Yida Xingjian Venture Capital Partnership (Limited Partnership) with a total investment amount of RMB 151.5 million [4][22] - Company will contribute RMB 20 million, accounting for 13.2% of the total committed capital of the partnership [4][22] - The investment has been approved by the company's board of directors and does not require shareholder approval [4][22] Partner Information - The executing partner is Suzhou Yida Private Fund Management Co., Ltd., established on December 12, 2024, with a registered capital of RMB 10 million [5][6] - The main investment focus of the partnership includes sectors such as semiconductors, new energy, new materials, and intelligent manufacturing [6][8] Fund Structure and Terms - The partnership will be structured as a limited partnership with a total committed capital of RMB 151.5 million [9] - The fund will primarily invest in equity of unlisted companies in sectors allowed by applicable laws [9] - The partnership has a duration of 10 years, with an investment period of 4 years followed by an exit period [9] Investment Purpose and Impact - The collaboration aims to leverage the expertise of professional investment institutions to achieve long-term strategic goals [17] - Investments in sectors like new energy and intelligent manufacturing align closely with the company's core business, enhancing overall competitiveness and profitability [18] - The investment will be made using the company's own funds and will not significantly impact its normal operations or financial condition [18]

Core Viewpoint - Zhongheng Electric (002364.SZ) plans to invest a total of RMB 151.5 million in a partnership with Suzhou Yida Private Equity Fund Management Co., Ltd. and other limited partners, focusing on sectors such as semiconductors, new energy, new materials, and intelligent manufacturing [1] Investment Details - The company will contribute RMB 20 million as a limited partner, representing 13.2% of the total committed capital of the partnership [1]

Group 1 - The company Zhongheng Electric (002364.SZ) announced a partnership with Suzhou Yida Private Fund Management Co., Ltd. and other limited partners to sign a partnership agreement with a total investment amount of RMB 151.5 million [1] - The company plans to contribute RMB 20 million, accounting for 13.2% of the total subscribed capital of the partnership [1] - The fund primarily invests in sectors such as semiconductors, new energy, new materials, high-end equipment, and AI in the intelligent manufacturing field [1]