国信证券近日发布电力设备新能源2026年度投资策略：2026年国内风电新增装机有望保持10%-20%增 长，订单饱和价格具有良好支撑。主机盈利逐季提高，出口放量提振业绩，国内外呈现景气共振态势。 零部件在2026年有望实现"量增价稳"，长期成长性值得期待。 以下为研究报告摘要： 核心观点 历几年下行期后，2026年多数产品盈利有望显著回暖。新技术方面，钢壳电池、硅负极、储能大电芯均 有望在2026年实现批量供应；固态电池技术产业化处于加速阶段，有望在2026年实现产线规模扩大以及 装车测试增加，为2027-2030年的批量化应用奠定基础。建议关注【宁德时代】、【亿纬锂能】、【中 创新航】、【珠海冠宇】、【天赐材料】、【恩捷股份】、【当升科技】、【厦钨新能】。 电气化转型跨越式发展促进全球储能爆发。国内市场化需求驱动储能订单呈现爆发式增长；美国数据中 心等负荷引起的电力供应短缺推动美国大储装机需求提升；欧洲电网不稳定情况和现货峰谷价差拉大均 带动推动储能需求。建议关注【宁德时代】、【亿纬锂能】、【阳光电源】、【德业股份】。 光伏供给侧调整持续，无银化浆料、钙钛矿等新技术值得关注。在"反内卷"政策推动下供需改善推 ...

| 市场数据：2025 年 11 月 | 18 日 | | | --- | --- | --- | | 收盘价（元）： | | 22.90 | | 年内最高/最低（元）： | | 33.85/6.93 | | 流通A股/总股本（亿）： | | 5.58/5.64 | | 流通 股市值（亿）： A | | 127.81 | | 总市值（亿）： | | 129.06 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.13 | | 摊薄每股收益(元)： | | | 0.13 | | 每股净资产(元)： | | | 4.34 | | 净资产收益率(%)： | | | 3.01 | 资料来源：最闻 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 电力电子及自动化 中恒电气（002364.SZ） 买入-B(维持) 推出 800VDC 新建和改造方案，未来增长可期 20 ...

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]

Market Overview - The other power equipment sector experienced a decline of 0.91% on the trading day, with Youyou Green Energy leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - HaLu Heavy Industry (002255) saw a significant increase of 10.04%, closing at 13.92 with a trading volume of 1.48 million shares and a transaction value of 2.02 billion [1] - China Power (600482) increased by 2.11%, closing at 20.82 with a transaction value of 844 million [1] - Youyou Green Energy (301590) led the declines with a drop of 5.84%, closing at 171.88 with a transaction value of 146 million [2] Capital Flow - The other power equipment sector had a net inflow of 206 million from institutional investors, while retail investors experienced a net outflow of approximately 89.9 million [2] - Major stocks like HaLu Heavy Industry and China Power attracted significant institutional investment, while Youyou Green Energy and others saw substantial retail outflows [3]

Market Overview - The other power equipment sector declined by 1.59% on the previous trading day, with Haibosi leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Keda (002518) saw a closing price of 46.89 with an increase of 3.49% and a trading volume of 175,200 shares, totaling 825 million yuan [1] - Hu塑科技 (301157) closed at 53.10, up 3.27%, with a trading volume of 17,200 shares, amounting to 90.99 million yuan [1] - Other notable performances include Yingjie Electric (300820) at 58.29, up 0.50%, and Youyou Green Energy (301590) at 182.55, up 0.41% [1] - Conversely, Haibosi (688411) experienced a significant drop of 10.86%, closing at 322.00 with a trading volume of 66,700 shares, totaling 2.213 billion yuan [2] - Other stocks like Hailu Chading (002255) and Aotexun (002227) also faced declines of 9.96% and 5.61%, respectively [2] Capital Flow Analysis - The other power equipment sector experienced a net outflow of 1.08 billion yuan from main funds, while retail investors saw a net inflow of 472 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Jintai Technology (002951) with 704.14 million yuan, while Keda (002518) saw a net outflow of 732.7 million yuan from retail investors [3] - The main funds showed a net inflow in stocks like Magmet (002851) with 96.64 million yuan, while other stocks like Shenghong Co. (300693) had a net outflow of 68.73 million yuan from main funds [3]

从中恒电气十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，金鹰基金旗下1只基金位居中恒电气十大流通股东。金鹰科技创新股票A（001167）三季度 新进十大流通股东，持有股数255.98万股，占流通股的比例为0.46%。根据测算，今日浮亏损失约 309.74万元。 责任编辑：小浪快报 金鹰科技创新股票A（001167）成立日期2015年4月30日，最新规模40.67亿。今年以来收益34.24%，同 类排名1559/4216；近一年收益27.44%，同类排名1342/3955；成立以来收益141.52%。 11月14日，中恒电气跌5%，截至发稿，报22.98元/股，成交5.72亿元，换手率4.41%，总市值129.51亿 元。 金鹰科技创新股票A（001167）基金经理为陈颖。 资料显示，杭州中恒电气股份有限公司位于浙江省杭州市高新区之江科技工业园东信大道69号，成立日 期2001年7月11日，上市日期2010年3月5日，公司主营业务涉及高频开关电 ...

证券时报·数据宝统计，截至上午收盘，上证综指4017.94点，涨跌幅为0.44%，A股总成交额为12733.37 亿元。到目前为止，今日有74只A股的5日均线主动下穿10日均线，其中中恒电气、协创数据、潍柴重 机等个股的5日均线较10日均线距离最大，分别达-2.04%、-1.32%、-1.13%。（数据宝） 部分5日、10日均线死叉个股 （文章来源：证券时报网） | 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 002364 | 中恒 | 1.65 | 2.37 | 24.78 | 25.30 | -2.04 | 24.01 | -5.09 | | | 电气 | | | | | | | | | 300857 | 协创 | 1.06 | 1.54 | 158.41 | 160.53 | -1.32 | 152 ...

Market Overview - The other power equipment sector declined by 2.35% on November 12, with Haili Heavy Industry leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Key stocks in the other power equipment sector showed mixed performance, with Hailan Island Creative closing at 315.13, up 5.17%, and Jinshi Technology down 0.35% at 14.36 [1] - The trading volume and turnover for notable stocks included Hailan Island Creative with 66,200 shares traded and a turnover of 2.004 billion yuan [1] Capital Flow - The other power equipment sector experienced a net outflow of 1.524 billion yuan from institutional investors, while retail investors saw a net inflow of 1.3 billion yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [2] Individual Stock Capital Flow - Hailan Island Creative had a net inflow of 72.69 million yuan from institutional investors, while it faced a net outflow of 67.15 million yuan from speculative funds [3] - Other stocks like Yingke Rui and Yoyo Green Energy also showed varying levels of net inflow and outflow from different investor types [3]

Group 1: Robotics and AI Demand - Xiaopeng's IRON robot features a humanoid design with a flexible spine and bionic muscles, expected to start mass production in 2026[3] - AI computing power demand is surging, with NVIDIA's chip power design increasing from approximately 400W in 2020 to an expected 1400W by 2025, driving HVDC demand[3] - The excavator sales in October 2025 reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units (up 2.44%) and exports at 9,628 units (up 12.9%)[3] Group 2: Energy and Supply Chain Insights - The U.S. AI infrastructure expansion is creating a significant power gap, leading to increased demand for gas turbines, while domestic supply chains face delivery delays and capacity shortages[3] - HVDC systems are projected to enhance efficiency and reliability, with system efficiency rising from 90% to over 95% through architectural innovations[28] - The market is expected to see a rapid increase in HVDC penetration starting in 2026, coinciding with the mass production of NVIDIA's Blackwell Ultra architecture[38] Group 3: Market Risks and Trends - Risks include intensified market competition, fluctuations in raw material prices, and economic cycle volatility, which could impact manufacturing performance[95] - The manufacturing sector's inventory levels remain low, indicating potential growth opportunities[18] - The domestic excavator market is shifting towards smaller models, with small excavators accounting for 79.5% of sales, driven by equipment updates and inventory digestion[73]

Core Points - The other power equipment sector experienced a decline of 1.14% on November 11, with HaiLu Heavy Industry leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - HaiBo SiChuang (688411) saw a significant increase of 13.00%, closing at 299.65 with a trading volume of 72,500 shares and a transaction value of 2.176 billion [1] - ST YiShiTe (300376) rose by 7.81%, closing at 5.80 with a trading volume of 616,000 shares and a transaction value of 351 million [1] - Yingjie Electric (300820) increased by 4.51%, closing at 56.98 with a trading volume of 90,500 shares and a transaction value of 512 million [1] - Other notable performers included Rongfa Nuclear Power (002366) with a 3.91% increase and a closing price of 8.50, and AiKe SaiBo (688719) with a 2.63% increase [1] Decliners - HaiLu Heavy Industry (002255) led the decline with a drop of 7.13%, closing at 13.80 with a trading volume of 2,599,100 shares and a transaction value of 3.624 billion [2] - OuLu Tong (300870) fell by 6.08%, closing at 191.38 with a trading volume of 47,300 shares [2] - Dongfang Electric (600875) decreased by 3.71%, closing at 23.37 with a trading volume of 1,084,100 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 1.045 billion from main funds, while retail investors contributed a net inflow of 791 million [2]