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 ...

上海市船舶与海洋工程学会、中国船舶及海洋工程设计研究院、DNV、美国船级社（ABS）、法国船 级社（BV）等行业协会、科研院所、权威机构及产业链合作伙伴代表齐聚现场，共同见证这一风电物 流领域的突破性事件。仪式上，DNV、 ABS和BV分别向大金重工颁发原则性认可（AIP ）证书。这一 认证是国际权威机构对该船型设计符合全球安全、环保与合规标准的直接背书。 据了解，大金重工股份有限公司成立于2000年，2010年在深交所主板上市，是国内风电塔筒行业的首家 上市公司，经过20年的行业深耕，大金重工已经稳居全球风电装备制造产业先驱梯队。公司主要产品 为：海上风电/陆地风电全系列的塔架、转换段、基础段、大型管桩、深远海导管架、浮式基础、海上 升压站等产品。 三大船级社的联合认证，不仅印证了该船型的技术先进性与可靠性，也为其全球市场推广奠定了坚实基 础。 为配合全球化战略布局，大金重工着力搭建配套的全球化物流体系。依托盘锦大金的船舶建造优势，由 大金重工独创设计并自行负责建造海上风电装备特种运输船，设计型宽51米、总长240米、载重量50000 吨以上、吃水深度8米。目前，一期2~4艘甲板驳船已经开始打造，2025年 ...

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]

图片来源：大金重工 2025年12月2日，上海国际海事展期间，大金重工"全链承运・风电远航"滚吊一体多功能运输船全球首发仪式圆满举办。上海市船舶与海洋工程学会、中国 船舶及海洋工程设计研究院、DNV、ABS、BV等行业协会、科研院所、权威机构及产业链合作伙伴代表齐聚现场，共同见证这一风电物流领域的突破性事 件。该首创船型的推出，将为风电装备跨洋运输提供专业化解决方案，有力支撑中国风电产业链全球化发展。 另一大亮点是全场景适配能力，该船可灵活承载电缆、叶片、单桩等多种风电物资，既能满足深远海风电项目设备集中运输需求，也能适配多类型部件组合 运输，完全契合风电主机厂家产品齐套运输的诉求。 图片来源：大金重工 权威背书：三大船级社认证筑牢品质根基 首发仪式上，DNV、ABS、BV分别代表各自机构，向大金重工颁发AIP原则性认可证书。这一认证是国际权威机构对该船型设计符合全球安全、环保与合 规标准的直接背书。 产业逻辑：运力革新支撑风电全球化提速 中国风电产业正从"产品出海"迈向"产业链出海"，亟需专业化运力配套突破发展瓶颈。数据显示，2025年中国风电行业出口额预计将达64亿美元，同比增长 超50%，未来10年年复 ...

大金重工表示，公司正稳步打造全产业链、全生命周期的EPCI综合服务能力，成功实现从产品制造商 到系统服务商的转型跨越。 大金重工是中国A股首家风电塔桩上市公司，聚焦高技术标准、高质量要求、高附加值的全球主流海上 风电市场，核心业务涵盖风电基础装备研发与制造、远洋特种运输、船舶设计与建造、新能源开发与运 营和风电母港运营等领域。 大金重工介绍，本次首发的滚吊一体多功能运输船，是大金重工自主研发设计的创新力作，凝聚近二十 年风电产业积淀。船型关键参数亮眼：总长188米、型宽43米、型深13.5米，夏季吃水7.5米，载重量达 2.4万吨。有效装货区域面积163×43平方米，甲板强度25吨/平方米，2万立方米贯通式货舱可灵活承载 不同尺寸、形状的风电装备。 最核心的创新在于"滚吊一体"双模式设计。船舶配备两台800吨重吊机，协同作业最大起重量达1600 吨，可实现主机机头、过渡段、塔筒、叶片等风电核心设备的一站式吊装；同时支持SPMT直接滚装单 桩、海缆等部件，这一设计大幅提升了物流周转效率。 另一大亮点是全场景适配能力，该船可灵活承载电缆、叶片、单桩等多种风电物资，既能满足深远海风 电项目设备集中运输需求，也能适配 ...

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 ...