证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 7 日 [Table_Title] 看好变压器&燃气轮机海外需求，机器人产业化推 进 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 多家车企公布 11 月新能源汽车交付/销量 我们认为，在行业旺季趋势下，11月国内多数车企实现新能源汽车 交付/销量环比增长，全年新能源汽车表现亮眼。明年展望来看， 国内新能源汽车预计保持稳定增长，商用车电动化率提升叠加单车 带电量的增加预计带动动力电池需求较快增长。叠加国内外储能高 景气度，预计全年锂电池出货同比增长明显。在前期供给过剩导致 价格大幅下跌的背景下，动力及储能电池产业链多数企业出现亏 损。在"反内卷"趋势下，叠加海内外动储需求共振，电池及材料 环节迎 ...

新能源车：本周，锂电板块发布多则公告，涉及电解液、隔膜和铜箔等。1）电解液：高工锂电表示， 据韩国经济日报报道，韩国电解液企业Enchem 正准备与全球头部电池厂签署一份年供7 万吨、为期5 年的电解液供货协议，总量约35 万吨，合同金额约10.3 亿美元。 Q4 特高压招标有望加速，关注平高电气、许继电气、中国西电、大连电瓷、国电南瑞、思源电气、华 明装备、长高电新等。 氢能：全球首例，镁基固态储氢成功应用氢冶金。据全球氢能，近期，由氢枫提供吨级镁基固态储运氢 系统的全球首个针对氢冶金场景的工程成功示范，标志着我国在氢能储运及氢冶金领域应用取得了重大 突破，具有里程碑式的意义。该项目建立与镁基固态储运氢系统和工业余热耦合联用的热量管理单元， 通过技术创新与场景耦合，构建安全高效、经济可行的氢冶金用氢解决方案，为氢能在重工业领域规模 化应用奠定关键基础。建议关注优质设备厂商双良节能、华电重工、昇辉科技、华光环能。建议关注氢 气压缩机头部标的开山股份、冰轮环境、雪人股份。 储能：2025 年11 月W4 储能系统项目投标报价区间为0.52 元/Wh-0.6958 元/Wh。均价：11 月W4 EPC 投 标报价 ...

Core Viewpoint - The global launch of the "Roll-on/Roll-off Multi-functional Transport Vessel" by Dajin Heavy Industry marks a significant breakthrough in the wind power logistics sector, supported by major industry certifications from DNV, ABS, and BV, which validate the vessel's design compliance with global safety and environmental standards [2] Group 1: Vessel Specifications and Innovations - The newly launched vessel is 188 meters long, 43 meters wide, and has a depth of 13.5 meters, with a summer draft of 7.5 meters and a deadweight capacity of 24,000 tons [2] - The vessel features a "Roll-on/Roll-off" dual-mode design, equipped with two 800-ton cranes, allowing for a maximum lifting capacity of 1,600 tons, facilitating one-stop lifting of key wind power equipment [3] - The vessel's effective cargo area measures 163×43 square meters, with a deck strength of 25 tons per square meter and a 20,000 cubic meter cargo hold that can flexibly accommodate various sizes and shapes of wind power equipment [2][3] Group 2: Strategic Development and Future Plans - Dajin Heavy Industry is building a global logistics system to support its international strategy, with plans to construct specialized transport vessels for offshore wind power equipment, including a design of 240 meters in length and a deadweight capacity exceeding 50,000 tons [4] - The company has initiated the construction of 2 to 4 deck barges, with the first two transport vessels expected to be delivered by 2025, aiming to establish a fleet of 10 to 20 large deck transport vessels in the future [4] - Dajin Heavy Industry, founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, has become a leader in the global wind power equipment manufacturing industry, focusing on a wide range of products including offshore and onshore wind power towers and related components [3]

Market Overview - In November, A-shares and Hong Kong stocks experienced a trend of high-low switching, with the ChiNext Index down 4.23% and the Hang Seng Tech Index down 5.23%[5] - The market's focus shifted towards defensive sectors as funds moved from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets[5] Investment Strategy - December's market is expected to maintain an upward trend, with a short-term oscillating structure anticipated[5] - Key events include the Central Economic Work Conference and various industry conferences that may create investment opportunities[5] Key Investment Themes - Focus on "anti-involution" policies which are expected to improve industry performance, particularly in resource sectors benefiting from rising commodity prices[5] - Emphasis on overseas expansion themes, with Chinese high-end manufacturing expected to gain market share globally[5] Recommended Stocks - Zijin Mining (601899.SH) projected EPS growth from 1.21 in 2024 to 2.83 in 2027, with a PE ratio decreasing from 23.62 to 10.10[7] - Electric Power Investment (002128.SZ) expected to see EPS rise from 2.38 in 2024 to 2.75 in 2027, with a PE ratio decreasing from 10.9 to 9.45[27] Financial Performance - Zijin Mining's revenue is projected to grow from 303.64 billion yuan in 2024 to 381.84 billion yuan in 2027, with a net profit increase from 32.05 billion yuan to 75.22 billion yuan[18] - Electric Power Investment's revenue is expected to increase from 298.59 billion yuan in 2024 to 371.25 billion yuan in 2027, with net profit rising from 5.34 billion yuan to 6.17 billion yuan[27] Risk Factors - Risks include unexpected policy changes, underperformance in commercialization, and slower-than-expected product development[5]

Market Performance - On December 5, the A-share market showed a rebound, with the Shanghai Composite Index rising by 0.71% to 3902.81 points, the Shenzhen Component Index increasing by 1.08% to 13147.68 points, and the ChiNext Index up by 1.36% to 3109.3 points [1] Fund Manager Changes - On December 5, 26 fund managers experienced changes in their positions, with 730 fund products having manager changes in the past 30 days [3] - The reasons for the changes included 5 managers leaving due to job changes, 2 due to personal reasons, and 2 due to product expiration [3] New Fund Manager Appointments - On December 5, 33 fund products announced new fund manager appointments, involving 17 fund managers [5] - Notably, Liu Mingyu from Huaxia Fund has a total fund asset scale of 422.43 billion yuan, with the highest return product being Huaxia Dingxing Bond C, achieving a return of 373.53% over nearly 3 years [5] Fund Research Activity - In the past month (November 5 to December 5), Bosera Fund conducted the most company research, engaging with 48 listed companies, followed closely by Huaxia Fund and Guotai Fund [7] - The consumer electronics sector was the most researched, with 256 instances, followed by specialized equipment with 212 instances [7] Individual Stock Research Focus - The most researched stock in the past month was Luxshare Precision, with 88 fund management companies participating in the research [7] - In the last week (November 28 to December 5), the most researched company was Jerry Holdings, with 66 fund institutions involved [8]

Core Insights - The launch of the "Roll-on Roll-off Multi-functional Transport Vessel" by Daikin Heavy Industries marks a significant advancement in the logistics of wind power equipment, supporting the globalization of China's wind power industry [1][4]. Industry Overview - The Chinese wind power industry is transitioning from "product export" to "industry chain export," with an expected export value of $6.4 billion by 2025, reflecting a growth of over 50% year-on-year [3]. - The compound annual growth rate (CAGR) for the wind power sector is projected to be between 25% and 40% over the next decade [3]. Logistics Challenges - As the industry evolves towards deep-sea and large-scale projects, the complexity of transporting oversized wind turbine components has increased, highlighting the inadequacies of traditional transport vessels [3]. - The logistics value has shifted from "simple transportation" to "precise adaptation," necessitating specialized vessels tailored to the unique characteristics of wind power equipment [3]. Technological Breakthrough - The newly launched vessel features a dual-mode design with "Roll-on Roll-off" capabilities, equipped with two 800-ton cranes, allowing for a maximum lifting capacity of 1,600 tons [4]. - The vessel's dimensions include a total length of 188 meters, a width of 43 meters, and a depth of 13.5 meters, with a deadweight capacity of 24,000 tons [4]. - It can accommodate various wind power materials, including cables, blades, and monopiles, meeting the demands of deep-sea wind power projects [4]. Quality Assurance - The vessel has received principle approval certificates from three major classification societies: DNV, ABS, and BV, confirming its compliance with global safety, environmental, and regulatory standards [6]. - This certification enhances the vessel's marketability and underscores its technological reliability [6]. Strategic Vision - Daikin Heavy Industries aims to establish itself as a core driver in the deep-sea energy industry, transitioning from a product manufacturer to a comprehensive service provider [6]. - The company seeks to collaborate with industry partners to advance the renewable energy sector and contribute to sustainable development [6].

Core Viewpoint - Daikin Heavy Industries has launched the world's first "Roll-on Roll-off Multi-functional Transport Vessel" designed for wind power equipment, supporting the globalization of China's wind power industry [1] Industry Summary - The Chinese wind power industry is transitioning from "product export" to "industrial chain export," necessitating specialized transportation solutions to overcome development bottlenecks [1] - By 2025, the export value of China's wind power industry is expected to reach $6.4 billion, with a year-on-year growth of over 50%, and a projected compound annual growth rate of 25% to 40% over the next decade [1] Company Summary - Daikin Heavy Industries is the first wind power tower pile listed company in China's A-share market, focusing on high-tech standards, high-quality requirements, and high value-added services in the global offshore wind power market [1] - The company is advancing its capabilities in research and manufacturing of wind power foundational equipment, ocean special transportation, ship design and construction, new energy development and operation, and wind power mother port operations [1] Vessel Specifications - The newly launched vessel measures 188 meters in length, 43 meters in width, and 13.5 meters in depth, with a summer draft of 7.5 meters and a carrying capacity of 24,000 tons [2] - The effective cargo area is 163×43 square meters, with a deck strength of 25 tons per square meter and a 20,000 cubic meter cargo hold that can flexibly accommodate various sizes and shapes of wind power equipment [2] Innovative Features - The vessel features a "Roll-on Roll-off" dual-mode design, equipped with two 800-ton cranes, allowing for a maximum lifting weight of 1,600 tons, facilitating one-stop lifting of core wind power equipment [2] - It supports direct roll-on loading of single piles and submarine cables, significantly enhancing logistics turnaround efficiency [2] - The vessel's adaptability allows it to carry cables, blades, and single piles, meeting the concentrated transportation needs of deep-sea wind power projects and accommodating various component combinations [2] Strategic Development - Daikin Heavy Industries is steadily building comprehensive EPCI service capabilities across the entire industry chain and lifecycle, successfully transitioning from a product manufacturer to a system service provider [2]

Core Insights - The news highlights significant contracts and collaborations in the renewable energy and battery materials sectors, indicating strong growth and strategic partnerships among companies in these industries. Group 1: Major Contracts and Collaborations - Daikin Heavy Industries signed a contract for a European offshore wind farm project worth approximately 1.339 billion RMB, representing about 35.41% of its audited revenue for 2024, with delivery scheduled for 2027 [2][3]. - Longpan Technology entered a supplementary agreement with Chuaneng New Energy, with total sales exceeding 45 billion RMB for 130,000 tons of lithium iron phosphate cathode materials from 2025 to 2030 [5]. - Rongbai Technology became the primary supplier of sodium battery cathode powder for CATL, with a commitment to supply at least 60% of CATL's total procurement volume annually [7]. Group 2: Innovations and Intellectual Property - Tianli Lithium Energy obtained a patent for lithium-ion battery cathode sheets and their preparation methods, enhancing its intellectual property portfolio in the battery materials sector [9]. - Haike New Source signed a strategic cooperation agreement with Xianghe Kunlun New Energy Materials, involving the purchase of 596,200 tons of electrolyte solvent, valued at over 3 billion RMB [11]. Group 3: Strategic Partnerships - Haibo Sichuang established a strategic cooperation agreement with CATL, ensuring a cumulative procurement of at least 200 GWh of electricity from 2026 to 2028, fostering a long-term partnership [12].

Core Viewpoint - The report from Guojin Securities highlights that Daikin Heavy Industries has introduced a globally innovative multi-purpose vessel designed for the transportation of wind power equipment, which is expected to create new demand in the industry [1] Group 1: Product Innovation - Daikin Heavy Industries unveiled a multi-purpose vessel at the China International Maritime Exhibition on December 2, which is specifically optimized for transporting wind power equipment such as main engines, towers, transition pieces, and blades [1] - The new vessel features two 800-ton cranes and can operate under both roll-on/roll-off and lifting modes, with a cargo area of approximately 7,000 square meters, meeting the requirements for transporting the longest offshore wind turbine blades [1] Group 2: Market Impact - The specialized design of the new vessel is expected to result in significant cost differences compared to conventional transport vessels, potentially leading to new demand in the industry [1] - As the company builds its own fleet, there is optimism regarding the expansion of its specialized marine service business, which is anticipated to become a second growth curve for the company [1] Group 3: Financial Outlook - The report anticipates an increase in future revenue from the shipping business and an expected rise in unit profitability due to the growing share of offshore service orders [1] - The company's earnings forecasts for 2026-2027 have been slightly adjusted upwards, maintaining a "buy" rating [1]

面对网友质疑其征婚是吸引散户接盘的套路，刘鑫称反向交易违法违规，可以通过持仓时长佐证自己的中长期投资理念。 来源：市场资讯 （来源：明见局） 作者｜张典 金融圈年末大瓜太硬核！90后游资大佬刘鑫（网名鑫多多）在个人公众号"亿万鑫"发布征婚启事，直接把财富实力和择偶标准摊在了明面上！ 刘鑫目前是超10家上市公司十大股东、财报披露持仓超12亿元，烟台杭州有房有车，幻影、库里南等豪车在手，要求另一半是"恋爱脑"因为自己也是...... 这波操作让他微信每天被几百人挤爆，而其背后实打实的投资战绩和独特操盘逻辑更让全网疯狂深扒。 根据红星资本局此前报道，作为新生代游资的标杆人物，截至2024年三季度末刘鑫已跻身6家公司前十大流通股东，合计市值达11.5亿元，核心标的包括 大金重工、中电电机、大元泵业、江顺科技、济民健康以及龙星科技。 其中大金重工是他的重仓王牌，持股1226.51万股、占比1.92%，位列第三大股东、第一大自然人股东，对应市值超6亿元，且持有周期超3个月；江顺科技 则以2000多万元持仓坐稳第一大流通股东宝座，龙星科技更是持有超3年，斩获了19.06%回报率。 四季度他的操作更显凌厉，精准抄底国晟科技这 ...