——变压器颠覆性技术路线 AIDC系列（五）：SST方案 民生电新 邓永康/李佳/赵丹/许浚哲 2025年7月23日 证券研究报告 * 请务必阅读最后一页免责声明 证券研究报告 * 请务必阅读最后一页免责声明 01 核心要点 • 数据中心SST方案投资建议 证券研究报告 * 请务必阅读最后一页免责声明 1 • 2023-2030年全球AI市场规模CAGR有望超35%，AI驱动智算侧需求凸显。全球AI市场投资浪潮已现，根据PrecedenceResearch市场预 测，从2023年至2030年，全球人工智能（AI）市场有望从11879亿元增长至114554亿元，实现超过35%的复合增长率。随着云计算的快速 发展，越来越多的关键应用迁移到云端，数据中心建设的规模也越来越大，通算中心对时延、带宽、可用性以及安全性等有了更高的要求。 • HVDC、巴拿马电源等方案具备一定优势，SST方案综合优势突出。机架功率朝高密度方向演进使得数据中心供配电架构面临全直流系统需 求提升、末端电压等级提升、供配电占地面积增加等较多挑战。HVDC方案较传统的UPS方案有一定升级，巴拿马电源方案进一步升级，可 实现模块化及高效率。SST方 ...

7月21日，前海开源基金崔宸龙管理的多只基金发布二季报。从季报披露的重仓股情况来看，调仓动作明显。相较一季度末持仓，其重点加仓的个股有法拉 电子、金盘科技、盛弘股份等，减持了中国联通、芯原股份、山东黄金等。 崔宸龙在季报中多次提及机器人和人工智能投资机会，也关注固态电池中技术有较大进展的领域。不过，从二季度各只基金的业绩表现来看，并不突出，有 的呈现负收益。 关注固态电池领域的技术进展，加仓盛弘股份、金盘科技等 7月21日，前海开源基金崔宸龙管理的基金发布了二季度报告，除了一只6月10日成立的新基金外，其余6只产品的最新调仓动态全部披露。总体来看，他比 较重视固态电池领域的技术进展，盛弘股份、金盘科技等个股获得加仓。 以前海开源沪港深新机遇为例，二季报显示，其第一大、第二大重仓股分别为盛弘股份、金盘科技，相比一季度末持仓有明显增加，持股数量分别增加了 25.82%和48.09%。这两只个股均是在固态电池领域受关注度较高的标的，而崔宸龙也在季报中多次提及该领域的投资价值。 | 序号 | 股票代码 | 股票名称 | 数量(股) | 公允价值(元) | 占某 | | --- | --- | --- | --- | ...

盛弘股份 20250718 摘要 圣龙股份受益于 AI 数据中心建设，其 APF 和 SVG 产品用于改善数据中 心电能质量，契合数据中心对高可靠性供电的需求。与台达及维地建立 HVDC 800 伏代工联系，预计 Rubin 架构推出后，2026 年下半年将对 HVDC 业务产生积极影响。 公司多元业务布局平衡了不同行业周期波动，如储能微网和充电桩业务 的快速增长抵消了主业增速放缓的影响，有效降低了单一行业风险，推 动整体业绩稳定增长。 AI DC 行情受英伟达恢复 H20 芯片对华供应驱动，中国厂商采购需求释 放，头部互联网厂商如字节跳动和腾讯有望上修资本开支计划，并启动 相关招标活动，进一步催化 AI DC 板块行情。 盛虹股份在 AIDC 板块中具备事件催化性和业绩稳定性，其 APF 产品在 数据中心领域市占率高，技术领先，并积极布局 800 伏 HVDC 产品， 预计 2026 年起量，有望成为股价的重要催化剂。 盛虹股份储能业务重点发力国内大储、国内工商储和欧美工商储三大市 场，预计 2025 年储能收入约 10 亿元，同比增长有望转正，为公司业 绩提供支撑。美国《大美丽法案》延长 IRA 政策补贴 ...

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The UK government has restarted subsidies for new energy vehicles and is supporting the construction of charging infrastructure, with a total investment plan of £63 million (approximately 600 million RMB) announced on July 13 [4]. - The GGII data indicates that in the first half of 2025, China's energy storage system and battery shipments are expected to continue to achieve high year-on-year growth, with emerging markets likely becoming significant export destinations for the energy storage industry [2][5]. Summary by Sections New Energy Vehicles - In the first half of 2025, cumulative sales of new energy vehicles in the UK reached 332,000 units, a year-on-year increase of 33%. The cumulative sales in nine European countries reached 1.3544 million units, up 26% year-on-year [4]. - The UK government announced a subsidy policy worth £650 million (approximately 6.2 billion RMB) to support the purchase of vehicles priced below £37,000 (approximately 355,000 RMB), effective from July 16, 2025, until the 2028-2029 fiscal year [4]. Energy Storage - According to GGII data, the shipment volume of energy storage systems is expected to reach 110 GWh in the first half of 2025, nearly matching the total for the entire year of 2024, with a year-on-year increase expected [5][7]. - The shipment volume of energy storage batteries in the first half of 2025 is projected to be 265 GWh, a year-on-year increase of 128%, with an expected total shipment of over 500 GWh for the entire year, reflecting a growth rate of nearly 50% [7][11]. Market Opportunities - Emerging markets are anticipated to become important export destinations for Chinese energy storage companies, with significant growth in energy storage installations expected in regions such as the Middle East, Southeast Asia, and Latin America [15][16]. - GGII forecasts that energy storage installations in Australia will reach 7 GWh in 2025, a year-on-year increase of 192%, while combined installations in the Middle East, Southeast Asia, South Asia, Latin America, and Africa are expected to reach 37 GWh, a year-on-year increase of 256% [16]. Investment Recommendations - Recommended companies in the battery segment include CATL and Yiwei Lithium Energy; in the materials and equipment segment, recommended companies include Keda Li, Zhongwei Co., Rongbai Technology, and Dangsheng Technology; in the charging pile segment, Shenghong Co. is recommended [3].

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

证券代码：300693 证券简称：盛弘股份 公告编号：2025-059 深圳市盛弘电气股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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。 深圳市盛弘电气股份有限公司（以下简称"公司"或"盛弘股份"）于 2024 年 10 月 24 日召开了第四届董事会第四次会议，审议通过了《关于使用闲置自有资金进 行现金管理的议案》。公司及全资子公司在确保不影响正常生产经营的情况下，拟使 用 50,000 万元闲置自有资金进行现金管理，使用期限为自董事会审议通过之日起 12 个月，在上述额度内，资金可滚动使用。具体内容详见公司于 2024 年 10 月 26 日在 巨潮资讯网（www.cninfo.com.cn）披露的《关于使用闲置自有资金进行现金管理的 公告》（公告编号：2024-089）。 根据董事会授权，公司及全资子公司深圳市盛弘新能源设备有限公司（以下简称 "盛弘新能源"）于近日使用闲置自有资金购买了结构性存款、一般性存款。现将具 体情况公告如下： 公司与上述银行无关联关系。 二、主要风险提示及控制措施 1、投资风 ...

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Investment Rating - The industry investment rating is "Positive" and maintained [5] Core Viewpoints - The charging pile industry is transitioning towards high-quality development, with recent policies focusing on the construction of high-power charging facilities, which are expected to accelerate the promotion of ultra-fast charging [3][7] - By the end of 2027, the goal is to have over 100,000 high-power charging facilities nationwide, with a significant emphasis on facilities that output over 250kW [7] - The upgrade to high-power charging will require advancements in core components and integrated systems, benefiting leading companies with superior product and technology capabilities [7] Summary by Sections Industry Overview - The charging pile market is moving from a focus on speed and scale to a new phase of high-quality development, with over half of the public charging piles still being low-power AC piles as of May 2025 [7] Policy Impact - Recent notifications from the National Development and Reform Commission and the National Energy Administration emphasize the need for a rational layout and quality upgrade of high-power charging infrastructure [7] Market Opportunities - The promotion of high-power ultra-fast charging is expected to accelerate, with a target of approximately 5,000 ultra-fast charging stations by 2025, which is still significantly below the 100,000 target for 2027 [7] Technological Advancements - High-power charging requires higher voltage and current, leading to increased technical demands on charging piles and core components, with silicon carbide power devices expected to replace traditional IGBTs [7]

证券研究报告 电力设备与新能源 根据中国充电联盟，25 年 1-5 月我国新增充电桩 158.3 万台（同比+19%）， 其中公用桩 50.4 万台（同比+56%），私用桩 158.3 万台（同比+19%）； 公用桩当中，新增直流桩 25.2 万台（同比+75%），新增交流桩 25.1 万台 （同比+39%）。截至 25 年 5 月直流桩保有量口径下，功率小于等于 120kW 的直流桩仍为主流（占比达67.8%），功率大于240kW的直流桩占比达8.5%， 仍有较大的提升空间。我们认为随着快充的逐步渗透，充电桩将逐步从交流 桩向直流桩渗透，直流桩也将从小功率向大功率迈进，我们预计大功率直流 桩及其产业链的需求增速或将显著高于行业。 充电设施大功率化利好制造端格局优化，提升运营龙头盈利能力 大功率充电桩产业链迎来政策催化 华泰研究 2025 年 7 月 08 日│中国内地 动态点评 四部门联合发布通知，明确未来大功率充电设施发展目标 7 月 7 日，国家发改委等四部门印发《关于促进大功率充电设施科学规划建 设的通知》，通知指出各省市要适时制定大功率充电设施专项规划，加强大 功率充电设施专项规划统筹，到 2027 ...

Group 1 - The core viewpoint is that the battery swapping concept stocks are experiencing a significant rise, with companies like Aotexun (002227) hitting the daily limit, while others such as Yonggui Electric (300351), Jicheng Electronics (002339), Kanshe Shares (603458), and Shenghong Shares (300693) also see substantial increases [1] - The National Development and Reform Commission, along with three other departments, has issued a notice to promote the scientific planning and construction of high-power charging facilities, emphasizing the need for timely upgrades and the integration of photovoltaic power generation and energy storage facilities [1] - There is a notable influx of dark pool funds into these stocks, indicating strong investor interest and potential for further price movements [1]