徐强 国泰海通分析师: 好的，各位投资者大家下午好，欢迎参加我们国泰海通电新团队春节不打烊的系列电话会 议。我是国泰海通的环保电新首席徐翔，今天我和我们孙潇浩孙老师一起给各位领导做去 做一些 AIDC 方面的汇报。明天就是这个第一个交易日了，那在此，我们国泰海通电新团 队祝大家开市大吉，业绩长虹。这个假期期间，我们围绕了 AIDC、太空算力、太阳翼、 锂电供应链，然后开展了一系列的这个电话会议和专家的这个交流。那这今天下午的电话 会议主要是汇报 A I D C 硬件端的这些投资机会。 然后同时，今天晚上我们还安排了这个卫星载荷的专家，然后来交流一下太空算力以及太 阳翼的这一方面的一个，这个投资内容。今晚 8 点，也欢迎大家这个就是按时接入。首先 我们一直从这个去年开始吧，去去年，24 年底，前年开始，就一直在推荐 AIGC 的这些投 资机会。市场，其实对于 IPC 的这些投资的持续性，持，一直是存，一直在质疑当中，这 个不断的这个提升预期的。那包括像现在。大家对于这个北美地区，像 Oracle 他们的一 个投资的持续性，以及北美这些算力是否存在泡沫，一直有比较大的一个争议。 但是，近期我们在在使用，包括像 O ...

经济观察网中恒电气（002364）2月12日收盘报34.97元，涨幅10.00%，涨停封板。当日主力资金净流入 3.11亿元，占总成交额17.92%，换手率为9.14%。从技术面看，股价位于布林带上轨(34.04元)附近，短 期均线呈多头排列。 以上内容基于公开资料整理，不构成投资建议。 业务进展情况 公司是高压直流供电(HVDC)龙头，数据中心电源业务占比45.66%，近期与施耐德、ABB达成海外合 作，且HVDC订单饱满。 资金面与技术面 股价连续上涨后可能面临技术性调整压力，且公司应收账款规模较大(截至2025年三季度末为10.07亿 元)，经营活动现金流为负。市场情绪方面，AI算力相关板块近期活跃，但资金流向和板块轮动可能影 响封板持续性。 公司基本面 2025年前三季度营收同比增长20.29%，但归母净利润同比下降15.59%；第三季度单季度业绩改善明 显，营收和归母净利润分别增长32.05%和40.67%。 ...

Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index up by 0.12%, the Shenzhen Component Index up by 0.80%, and the ChiNext Index up by 1.18% as of the midday close [1] - Key sectors that performed well included CPO, base metals, and power equipment, while sectors like catering, tourism, cultural media, and banking experienced fluctuations [1] Base Metals Sector - Base metal concept stocks saw a significant rise, with nickel and cobalt stocks experiencing a rebound, leading to multiple stocks such as Pengxin Resources and Dongyangguang hitting the daily limit [3] - The world's largest nickel mine, PT Weda Bay Nickel, was reported to receive a production quota of 12 million tons for this year, a 71% decrease from the expected 42 million tons in 2025, which exceeded market expectations [4] Electric Equipment Sector - Electric equipment concept stocks surged, with companies like Hancable and Zhongheng Electric also hitting the daily limit [6] - The State Council issued opinions on improving the national unified electricity market system, aiming for completion by 2030 and full establishment by 2035 [7] Company-Specific Developments - Zhizhu Technology's stock price surged by over 33%, reaching 400 HKD per share, following the announcement of a structural adjustment to its GLM Coding Plan pricing, with an overall price increase of over 30% [9][12] - The company cited strong market demand and increased user scale and usage as reasons for the price adjustment, while existing subscribers will not see a price change [11][12] Analyst Insights - ANZ Research noted that improved risk appetite among global investors has driven base metals higher in Asia, with concerns about rising copper inventories in the US boosting market sentiment [5] - Zhongyin Securities highlighted that ongoing reforms in the domestic electricity system and accelerated construction of ultra-high voltage and main networks are expected to sustain high demand for electric equipment [8]

Core Viewpoint - Zhongheng Electric (SZ002364) reached its daily limit on February 12, 2026, with a price of 34.97 yuan, a 10% increase, and a total market capitalization of 19.708 billion yuan [1] Group 1: Company Performance - The company reported a year-on-year revenue growth of 32.05% and a net profit growth of 40.67% for Q3 2025, indicating strong performance in its main business [2] - The expected cash inflow of 200 million yuan from the disposal of Ningde Zhixiang shares, with a premium of 44%, is anticipated to positively impact the company's financial status [2] - The company's hedging business effectively mitigates risks from raw material price fluctuations, stabilizing operational performance [2] Group 2: Industry Context - The digital energy sector is experiencing rapid growth, supported by national policies promoting green energy and low-carbon development, aligning with the company's focus on green ICT infrastructure, low-carbon transportation, new power systems, and integrated energy services [2] - Other stocks in the power equipment sector also experienced varying degrees of increase, indicating a sector-wide momentum [2] Group 3: Market Activity - On February 5, the company was included in the "Dragon and Tiger List" with a trading volume of 1.282 billion yuan, reflecting active market interest despite net selling by institutions and foreign capital [2]

Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [4][15]. Core Insights - North American CSP companies are significantly increasing their capital expenditures, with Meta's Q4 2025 capex reaching $22.14 billion and projected to rise to $115-135 billion in 2026. Microsoft, Amazon, and Google are also increasing their capex, indicating a robust demand for AI training and inference [3][12][13]. - Domestic AI applications are entering a commercialization inflection point, with companies like Tencent and Alibaba launching significant promotional campaigns to stimulate user engagement and application usage [12][13]. - The AI industry is transitioning from a focus on computational power to a collaborative expansion involving infrastructure and application ecosystems, benefiting sectors such as servers, power equipment, data centers, and liquid cooling systems [14]. Summary by Sections Investment Views - The report suggests focusing on the IDC sector, highlighting companies like Kehua Data and Jinpan Technology due to their growth potential. It also recommends monitoring high-voltage circuit breakers and power supply sectors, with specific mentions of companies like Liangxin and Sunshine Power [4][14]. Industry Dynamics - The report notes that the domestic data center sector is beginning to expand and upgrade, with significant opportunities in direct current power supply equipment. The power equipment sector is expected to benefit from these trends [4][17]. - The report highlights that the State Grid's fixed asset investment grew by over 35% year-on-year in January, indicating strong infrastructure investment [18][19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including Kehua Data, Liangxin, and Sunshine Power, with specific EPS and PE ratios outlined for 2024 to 2026 [7][16].

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The data center industry has become the core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration for power equipment [5][2] - The report emphasizes the need to incorporate AI industry multidimensional indicators to accurately gauge the demand for power distribution equipment, given the capital expenditure scale and long investment return cycles in the data center sector [2][5] - Key indicators are constructed from three aspects: demand side (capital expenditure from leading cloud vendors), supply chain (GPU supply tracking), and AI application side (development of AI applications) [2][5] Summary by Sections Demand Side - Capital expenditure from overseas major cloud vendors reached $113.862 billion in Q4 2025, a year-on-year increase of 59.42% and a quarter-on-quarter increase of 14.30% [7] - Alibaba's capital expenditure in Q3 2025 was 31.5 billion yuan, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55% [10] - Tencent's capital expenditure in Q3 2025 was 13 billion yuan, a year-on-year decrease of 24.05% and a quarter-on-quarter decrease of 32.05% [10] Supply Chain - NVIDIA's total revenue in Q3 2025 was $57.006 billion, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44% [15] - TSMC's revenue in December 2025 was 335 billion NTD, a year-on-year increase of 20.4% [22] - The CPU price index in December 2025 was 101.21, showing a slight increase from 99.04 in November [27] AI Application Side - The token call volume from January 27 to February 2, 2026, was 9.81 trillion, reflecting a quarter-on-quarter growth of 26.91% [36] - The price of tokens for models scoring over 40 on the Artificial Analysis Intelligence Index decreased by over 50% in Q3 2025 [45] - The report highlights the steady growth in the number of AI models and the increasing application deployment, which directly impacts the capital expenditure cycle of data centers [29]

格隆汇2月5日丨中恒电气（维权）今日跌停，成交额12.82亿元，换手率7.57%，盘后龙虎榜数据显示， 深股通专用席位买入2416.44万元并卖出1.20亿元，1家机构专用席位净买入4293.55万元，有3家机构专 用席位净卖出1.11亿元。 ...

Group 1 - The stock of Zhongheng Electric experienced a limit down, with a trading volume of 1.282 billion yuan and a turnover rate of 7.57% [1] - After-hours trading data shows that the Shenzhen Stock Connect special seat bought 24.1644 million yuan and sold 120 million yuan [1] - One institutional special seat had a net purchase of 42.9355 million yuan, while three institutional special seats had a net sale of 111 million yuan [1]

Core Viewpoint - Zhongheng Electric experienced a significant drop, hitting the daily limit down at 29.76 yuan, with a decline of 9.77%, resulting in a total market capitalization of 16.817 billion yuan and a circulating market value of 16.654 billion yuan, with a total transaction amount of 0.792 billion yuan as of the report date [1] Group 1: Company Performance and Risks - The company is undergoing an operational adjustment period, with its main business showing growth but facing several adverse factors [2] - The actual controller has been sentenced for manipulating the securities market, negatively impacting the company's reputation [2] - The net cash flow from operating activities for Q3 2025 was -69.95 million yuan, a year-on-year decline of 136.78%, indicating significant cash flow pressure [2] - There has been a sharp increase in short-term borrowings, raising financial risk [2] - The employee stock ownership plan was terminated early, and some performance assessments were not met, adding to the company's challenges [2] - There are uncertainties regarding equity disposal transactions [2] Group 2: ESG and Market Sentiment - The company's ESG rating for Q1 2026 is BB, which has decreased from the previous period, raising investor concerns about its sustainability and attractiveness to ESG-focused institutional investors [2] - Allegations of stock price manipulation as of December 31, 2025, have damaged investor confidence and severely impacted the company's reputation and image [2] Group 3: Market and Technical Analysis - Zhongheng Electric is involved in sectors such as power equipment and charging piles, and poor overall performance in these sectors can negatively affect its stock price [2] - The company's operational issues have diminished its competitiveness and appeal within its sector, making it more susceptible to downward trends [2] - Recent events, including the stock price manipulation allegations and declining ESG rating, may have led to a negative shift in investor expectations, resulting in capital outflows [2] - Technical indicators such as MACD crossovers and BOLL channel breaches prior to the limit down may have accelerated the stock's decline, ultimately leading to the limit down [2]