Group 1 - Geothermal energy concept is experiencing a significant rise, with companies like Shuangliang Energy hitting the daily limit increase, and Kaishan Shares rising over 13% [1] - Other companies in the geothermal sector, such as Huaguang Huaneng, Binglun Environment, and Bingshan Cold and Heat, are also showing notable gains [1]

Group 1 - The core point of the news is that Kaishan Group Co., Ltd. has seen a stock price increase of 6.08%, reaching 17.28 CNY per share, with a total market capitalization of 17.17 billion CNY [1] - The company, established on July 11, 2002, and listed on August 19, 2011, specializes in the research, manufacturing, and sales of screw air compressors and related equipment, with its main business revenue composition being 63.84% from compressor products, 22.72% from geothermal power generation, and 13.45% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China International Capital Corporation (CICC) has a significant position in Kaishan shares, with the CICC CSI 1000 Index Enhanced Fund A holding 33,000 shares, accounting for 0.54% of the fund's net value [2] - The CICC CSI 1000 Index Enhanced Fund A, established on March 14, 2023, has a current scale of 53.54 million CNY and has achieved a year-to-date return of 7.6%, ranking 1893 out of 5579 in its category [2] Group 3 - The fund managers of the CICC CSI 1000 Index Enhanced Fund A are Geng Shuaijun and Wang Yangfeng, with Geng having a tenure of 5 years and 91 days and a total fund asset size of 4.295 billion CNY, achieving a best return of 65.67% during his tenure [3] - Wang has a tenure of 4 years and 7 days with a total fund asset size of 1.306 billion CNY, achieving a best return of 41.56% during his tenure [3]

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

证券研究报告 | 行业专题研究 gszqdatemark 2026 01 18 年 月 日 电力设备 行业走势 -20% -4% 12% 28% 44% 60% 2025-01 2025-05 2025-09 2026-01 电力设备 沪深300 作者 分析师 杨润思 美国地热：数据中心驱动地热需求量价齐升，重视开山股份投资机会 近日，特朗普要求美国科技巨头数据中心电力自负，或催化美国数据中心 离网供电系统建设需求。本篇报告，我们针对数据中心场景，对美国地热 需求的量、价进行梳理，并重申对于开山股份的投资推荐。 全球、美国地热累计装机 16.5GW、3.9GW，潜在地热空间约 10 倍。全 球地热资源大多分布在环太平洋火山地震带附近。据 Oramt，截至 2025 年 8 月，全球地热发电累计装机规模约 16.5GW，其中美国地热累计装机 约 3.9GW，占比全球地热约 24%。其他大区来看，亚洲（印尼为主）、 欧洲累计装机约 4.9GW、3.6GW，占比全球地热约 31%/23%。地热装机 潜力来看，全球地热潜在规模约 162GW，近 10 倍于已装机规模，其中 美国、亚洲（印尼为主）潜在地热规模约 35. ...

开山股份公告，公司于2016年4月通过新加坡KSORKA公司收购的SorikMarapi地热能有限公司(简 称"SMGP")在2025年全年发电量近150万兆瓦时。具体发电情况为：发电量146.72万兆瓦时，同比增长 25.38%；电费收入1.27亿美元，同比增长25.74%。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 开山集团股份有限公司（以下简称"公司"）于 2016 年 4 月通过新加坡 KSORKA 公司（以下简称"KS ORKA"）收购了 SorikMarapi 地热能有限公司 （以下简称"SMGP"）。SMGP 和印尼电力公司（以下简称"PLN"）的购电 协议（以下简称"PPA"）明确，SMGP 项目规划 240MW，基准电价 8.1 美分/ 千瓦时（其中 25%根据美国通货膨胀指数浮动），90%照付不议，运营期限 32 年。SMGP 第一至五期机组已投入商业运营（以下简称 COD，详见巨潮资讯网 公告：2019-049，2021-077，2022-059，2024-001，2025-001）。 SMGP 在 2025 年全年发电量近 150 万兆瓦时。 | 地热电站 SMGP | 2025 | 年度发电情况 | 较上年增长比例 | | --- | --- | --- | --- | | 发电量 | 1,467,151 | 兆瓦时 | 25.38% | | 电费 | 12,696 | 万美元 | 25.74% | 特 ...

Group 1 - On December 29, Kaysun Co., Ltd. saw a stock increase of 0.77% with a transaction amount of 94.40 million yuan, and a net financing purchase of 4.20 million yuan for the day [1] - As of December 29, the total balance of margin trading for Kaysun Co., Ltd. was 404 million yuan, with a financing balance of 403 million yuan, accounting for 2.83% of the circulating market value, indicating a high level compared to the past year [1] - The company has a low short-selling balance of 1.45 million yuan, which is below the 50th percentile level over the past year, indicating a lower level of short-selling activity [1] Group 2 - As of September 30, Kaysun Co., Ltd. had 13,500 shareholders, a decrease of 21.78% from the previous period, while the average circulating shares per person increased by 27.84% to 70,540 shares [2] - For the period from January to September 2025, Kaysun Co., Ltd. achieved an operating income of 3.44 billion yuan, representing a year-on-year growth of 10.65%, and a net profit attributable to shareholders of 304 million yuan, up 38.05% year-on-year [2] - The company has distributed a total of 1.28 billion yuan in dividends since its A-share listing, with 298 million yuan distributed in the last three years [3]

Group 1 - The Kenya Symbion-Menengai geothermal power station, with a capacity of 35 megawatts, has completed all construction work and is now connected to steam [2] - The project has entered the phase of unit and system debugging, indicating progress towards operational readiness [2]

Group 1 - The core viewpoint of the article highlights that the surge in electricity demand from data centers in the United States, coupled with local power supply constraints, has created a market opportunity for the company's geothermal power projects [1] - The company has decided to accelerate the construction of the Fish Lake geothermal project in response to the increased demand and supply challenges [1]

证券日报网讯12月18日，开山股份（300257）在互动平台回答投资者提问时表示，氢氨事业部的主要工 作任务是，争取得到绿氨/氢/醇开发机会；协调国内外团队及各种资源共同完成项目建设；销售氢压缩 机。目前氢氨事业部正按照上述工作要求，有条不紊地推进各项工作。公司的任何项目进展都会及时发 布公告，敬请留意。关于在手项目的建设情况，2026年除了重点建设Olkaria绿色化肥项目，还将开工建 设美国的FishLake项目和印尼的SGI项目，其中，SGI项目刚刚完成了土地购置协议的签署工作，为SGI 三期电站建设铺平了道路。 ...