（文章来源：每日经济新闻） 新特电气（301120.SZ）1月14日在投资者互动平台表示，公司固态变压器（SST）的关键核心器件中压 高频变压器取得关键突破，中压高频变压器可全面适配SST、直流变压器及快充设备的应用需求；目前 中压高频变压器在送样测试阶段。 每经AI快讯，有投资者在投资者互动平台提问：关注到公司微信公众号里面发的核心器件取得突破， 请问是固态变压器研发成功了吗，何时能够量产，是否已经有意向订单？ ...

内容概况：中国滤波电抗器行业作为保障电力系统稳定和提升电能质量的关键环节，其发展正与国家能 源结构转型和新型电力系统建设深度绑定。2024年，中国滤波电抗器行业市场规模约为124.58亿元，同 比增长9.08%。与此同时，工业领域的电能质量治理需求、轨道交通的持续发展，以及电动汽车充电 桩、数据中心等新兴领域的兴起，共同构成了多元化、持续增长的市场基本盘。 相关上市企业：经纬辉开（300120）、安科瑞（300286）、特变电工（600089）、新特电气 （301120）、京泉华（002885）、中国西电（601179）、顺钠股份（000533）、思源电气（002028） 相关企业：宝山钢铁股份有限公司、紫金矿业集团股份有限公司、中国五矿集团有限公司、铜陵精达特 种电磁线股份有限公司、浙江长城电工科技股份有限公司、宁波金田铜业(集团)股份有限公司、安徽恒 泰新材料科技股份有限公司、国家电网有限公司、中国南方电网有限责任公司、南京埃斯顿自动化股份 有限公司、沈阳新松机器人自动化股份有限公司 关键词：滤波电抗器、滤波电抗器市场规模、滤波电抗器行业现状、滤波电抗器发展趋势 一、行业概述 滤波电抗器（Filter R ...

Group 1 - The power grid equipment sector showed strong performance at the beginning of trading, with Hangzhou Kelin reaching a new high during the session [1] - Companies such as Sanbian Technology, Heshun Electric, and China West Electric hit the daily limit up, indicating significant investor interest [1] - New Special Electric, Baobian Electric, and Meishuo Technology also experienced gains, reflecting a broader positive trend in the sector [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 300062 | 中能电气 | 8.33 | -8.26% | | 96.59万 | 8.16亿 | | 002169 | 智光电气 | 11.57 | -5.47% | | 102.49万 | 12.13亿 | | 301120 | 新特电气 | 17.27 | -4.06% | | 14.84万 | 2.60亿 | | 600192 | 长城电工 | 10.14 | -3.61% | | 53.66万 | 5.42 乙 | | 002451 | 摩恩电气 | 10.13 | -3.25% | | 41.10万 | 4.19 Z | | 301291 | 明阳电气 | 41.61 | -3.05% | | 6.40万 | 2.69 Z | | 688226 | 威腾电气 | 37.10 | -2.96% | | 3.75万 | 1.40 Z | | 002300 | 太阳电缆 | 9.20 | -2.95% | | 83.37万 ...

Core Insights - The Chinese marine transformer industry has shown strong growth driven by advancements in shipbuilding, marine engineering, and new energy vessels. The demand for efficient, energy-saving, and intelligent marine transformers is increasing due to the global shipping industry's emphasis on energy conservation and China's "dual carbon" strategy [1][10]. Market Overview - The market size of China's marine transformer industry was 7.726 billion yuan in 2023, experiencing a slight decline due to delayed order deliveries and high raw material costs. However, it is projected to reach 8.63 billion yuan in 2024, a year-on-year increase of 11.7%, driven by the recovery of the domestic shipbuilding industry and a significant rise in export orders. By 2025, the market size is expected to reach 9.6 billion yuan [1][11]. Industry Structure - Marine transformers are categorized into dry-type and liquid-immersed types. The dry-type transformers dominate the market for small and medium-sized vessels and near-sea engineering platforms, holding a market share of 64.5% in 2024. Liquid-immersed transformers, known for their high power density and excellent heat dissipation, are widely used in large ocean-going vessels and military ships, accounting for 35.5% of the market [11]. Industry Chain - The upstream of the marine transformer industry includes raw materials such as steel, non-ferrous metals, basic chemical materials, and insulation materials. The midstream involves the production and manufacturing of marine transformers, while the downstream applications primarily focus on ships and offshore drilling platforms [6]. Key Companies - Notable companies in the marine transformer sector include Xinte Electric (301120), Hebei Steel (000709), and Wuhan Huaxing Special Transformer Manufacturing Co., Ltd. These companies are leveraging their understanding of domestic shipbuilding needs and enhancing product reliability and cost control to establish a solid advantage in the mid-range and niche markets [2][12]. Development Trends - The future of marine transformers is expected to focus on three main trends: 1. **Intelligent Upgrades**: Integration of edge computing and AI for real-time data collection and predictive maintenance [15]. 2. **High Protection**: Development of robust designs to withstand harsh marine environments, utilizing advanced materials and structural innovations [16]. 3. **Lightweight Design**: Adoption of new materials and optimized structures to reduce weight, enhancing energy efficiency and operational effectiveness for vessels [17].

Group 1 - The core point of the article highlights the recent decline in the stock price of Xinhua Special Electric Co., Ltd., which fell by 5% to 17.86 CNY per share, with a trading volume of 281 million CNY and a turnover rate of 7.09%, resulting in a total market capitalization of 6.634 billion CNY [1] - Xinhua Special Electric Co., Ltd. specializes in the research, production, and sales of various special transformers and reactors, with its main business revenue composition being 77.75% from transformers, 19.04% from other income, 2.34% from reactors, and 0.87% from supplementary sources [1] Group 2 - From the perspective of major fund holdings, the Guoshou Anbao Fund has a significant position in Xinhua Special Electric, with its Guoshou Anbao Low-Carbon Economy Mixed A Fund holding 234,500 shares, accounting for 2.72% of the fund's net value, ranking as the tenth largest holding [2] - The Guoshou Anbao Low-Carbon Economy Mixed A Fund has achieved a year-to-date return of 112.79%, ranking 62 out of 8,159 in its category, and a one-year return of 108%, ranking 56 out of 8,147 [2]

格隆汇12月24日丨新特电气(301120.SZ)在互动平台表示，公司布局固态变压器（SST）配套用变压器的 研发与创新，处于技术开发阶段。 ...

Group 1 - The core point of the news is that Xinhua Special Electric Co., Ltd. experienced a 5% drop in stock price, reaching 18.61 CNY per share, with a trading volume of 373 million CNY and a turnover rate of 9.03%, resulting in a total market capitalization of 6.913 billion CNY [1] - The company, established on March 16, 1985, and listed on April 19, 2022, specializes in the research, production, and sales of various special transformers and reactors, with its main business revenue composition being 77.75% from transformers, 19.04% from other sources, 2.34% from reactors, and 0.87% from supplementary products [1] Group 2 - From the perspective of major fund holdings, Guoshou Anbao Fund has a significant position in Xinhua Special Electric, with its Guoshou Anbao Low-Carbon Economy Mixed A Fund (012102) holding 234,500 shares, accounting for 2.72% of the fund's net value, ranking as the tenth largest holding [2] - The Guoshou Anbao Low-Carbon Economy Mixed A Fund, established on June 1, 2022, has a current scale of 114 million CNY, achieving a year-to-date return of 100.18%, ranking 97 out of 8100 in its category, and a one-year return of 99.53%, ranking 94 out of 8065 [2] Group 3 - The fund manager of Guoshou Anbao Low-Carbon Economy Mixed A Fund is Yan Yang, who has been in the position for 1 year and 357 days, with the fund's total asset size at 432 million CNY, achieving a best return of 10.1% and a worst return of 1.27% during his tenure [3]

Industry Overview - The U.S. market is experiencing a "power shortage" that is constraining the expansion of AI computing power, primarily due to a shortage of transformers [1] - The delivery cycle for transformers in the U.S. has increased from 30-60 weeks to 115-130 weeks, with large transformers taking 2.3-4 years [1] - There is a projected hard gap in electricity capacity and consumption in North America by 2026/2027, indicating a significant impact on the overall power system [1] - The demand for transformers in North America is expected to grow at an annual rate of 30% [1] Company Insights - Igor is a domestic supplier of mid-to-high-end transformers and power conversion equipment, having obtained UL and CSA certifications for the North American market [2] - Igor's main products include dry-type transformers, photovoltaic boosting transformers, and energy storage transformers, aligning with North America's renewable energy integration and grid upgrade needs [2] - New Special Electric focuses on the research and manufacturing of various frequency transformers, with multi-winding dry-type frequency transformers applicable in data centers [2] - New Special Electric is also developing solid-state transformers (SST), which are currently in the technology development stage [2]

Core Points - The financial officer of the company, Mr. Xiao Wei, reduced his shareholding by 103,963 shares, representing 0.03% of the total share capital, between December 5 and December 12, 2025 [1] - After the reduction, Mr. Xiao Wei holds a total of 312,287 shares, which is 0.08% of the total share capital [1] - The share reduction was in compliance with relevant commitments and will not lead to a change in company control, nor will it have a significant impact on corporate governance or operations [1]