证券代码：301291 证券简称：明阳电气 公告编号：2026-006 广东明阳电气股份有限公司 关于控股股东部分股份新增质押的公告 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。 广东明阳电气股份有限公司（以下简称"公司"）近日接到控股股东中山市 明阳电器有限公司（以下简称"中山明阳"）的函告，获悉其所持有本公司的部 分股份办理了质押登记，具体事项如下： 一、股东股份质押基本情况 1、本次股份质押基本情况 | 股东 | 是否为控 股股东或 | 本次质押 | 占其所持 | 占公司总 | 是否为 | 是否为 | | 质押到 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | | | | 补充质 | 质押起始日 | | 质权人 | | | 名称 | 东及其一 | 数量（股） | 股份比例 | 股本比例 | 限售股 | 押 | | 期日 | | 用途 | | | 致行动人 | | | | | | | | | | | | | | | | 是 ...

股票研究 /[Table_Date] 2026.03.23 输变电设备全线布局，产品线，海外齐拓展 明阳电气(301291) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 房青(分析师) | 021-23185603 | fangqing@gtht.com | S0880525040112 | 本报告导读： 公司以智能变压器、箱式变电站、智能成套开关设备为核心产品，涵盖从中低压到 高压。公司深度布局数据中心，开拓电网市场，同时持续开拓海外业务。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,971 | 6,444 | 8,123 | 10,256 | 12,849 | | (+/-)% | 53. ...

股票研究 /[Table_Date] 2026.03.23 输变电设备全线布局，产品线，海外齐拓展 明阳电气(301291) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 房青(分析师) | 021-23185603 | fangqing@gtht.com | S0880525040112 | 本报告导读： 公司以智能变压器、箱式变电站、智能成套开关设备为核心产品，涵盖从中低压到 高压。公司深度布局数据中心，开拓电网市场，同时持续开拓海外业务。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,971 | 6,444 | 8,123 | 10,256 | 12,849 | | (+/-)% | 53. ...

证券代码：301291 证券简称：明阳电气 公告编号：2026-005 广东明阳电气股份有限公司 关于股东股份减持计划实施完成的公告 信息披露义务人郭献清先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | 股东名称 | 减持方式 | 减持时间 | 减持均价 （元/股） | 减持股数（股） | 减持比例 | | --- | --- | --- | --- | --- | --- | | 郭献清 | 集中竞价 | 2026/3/3-2026/3/6 | 56.87-60.15 | 3,122,000 | 1.00% | | | 大宗交易 | | 52.45 | 440,400 | 0.14% | | | | 合计 | | 3,562,400 | 1.14% | 注：1、计算占比时，按公司总股本 312,200,000 股计算，下同； 2、如相关数据存在尾数差异，为小数位数保留及四舍五入原因造成，下同。 二、其他相关说明 （一）本次股份减持不会导致公司控股股东和实际控制人发生变化，不会对 （二）股东本次减持前 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 0.55%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 2.07% [1]. - In February 2026, the overall car market showed signs of fatigue, but some new energy vehicle manufacturers achieved significant year-on-year growth, such as Zeekr with a 70% increase in deliveries [2][15]. - The U.S. plans to invest 86 GW in new utility-scale power generation capacity in 2026, marking the largest annual increase in over two decades, driven primarily by solar and battery storage [3][38]. Summary by Sections New Energy Vehicles - February 2026 saw a general decline in new energy vehicle deliveries due to the dual impact of the Spring Festival holiday and changes in new energy vehicle purchase tax policies, although some brands like Zeekr and NIO reported positive growth [2][15][23]. New Energy Generation - The U.S. is set for a historic increase in utility-scale power generation capacity in 2026, with solar and battery storage accounting for 79% of the planned new projects, including 43.4 GW of solar capacity [3][38][40]. Electric Equipment and Automation - The U.S. has approved a $75 billion transmission expansion project to build 765 kV ultra-high voltage lines, significantly increasing the transmission capacity to meet rising electricity demand [4][56]. - The first batch of equipment bids for the Southern Power Grid in 2026 totaled 800 million yuan, with Shanghai Siyuan High Voltage Switch Co., Ltd. winning the largest share [4][59]. Commercial Aerospace - The government has positioned the aerospace industry as a new pillar industry, emphasizing the accelerated development of satellite internet as part of national strategy [5]. Weekly Sector Performance - The electric equipment and new energy sector's performance was highlighted, with lithium battery indices leading the gains, while the new energy vehicle index experienced the largest decline [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 0.55%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 2.07% [1]. - In February 2026, the overall car market showed signs of fatigue, but some new energy vehicle manufacturers, such as Zeekr and NIO, reported significant year-on-year growth in deliveries [2][15]. - The U.S. plans to invest 86 GW in new utility-scale power generation capacity in 2026, marking the largest annual increase in over two decades, driven primarily by solar and battery storage [3][38]. - A $75 billion investment in transmission expansion projects in the U.S. aims to build 765 kV ultra-high voltage lines to meet rising electricity demand, with significant contracts awarded to various companies [4][56]. Summary by Sections New Energy Vehicles - February 2026 saw a general decline in new energy vehicle deliveries due to the dual impact of the Spring Festival holiday and changes in new energy vehicle purchase tax policies, although some brands like Zeekr and NIO achieved positive growth [2][15][23]. New Energy Generation - The U.S. is set for a historic increase in utility-scale power generation capacity in 2026, with solar and battery storage accounting for 79% of the planned new projects, including 43.4 GW of solar capacity [3][38][40]. Electric Equipment and Automation - The U.S. has approved $75 billion for transmission expansion projects, focusing on building ultra-high voltage lines to address increasing electricity demand, with significant contracts awarded to companies like Shanghai Siyuan High Voltage Switchgear [4][56][59]. Commercial Aerospace - The government has positioned the aerospace industry as a new pillar industry, emphasizing the accelerated development of satellite internet, indicating a strategic shift in national priorities [5]. Weekly Sector Performance - The electric equipment and new energy sector outperformed the Shanghai Composite Index, with lithium battery indices leading the gains, while new energy vehicle indices experienced declines [1].

证券代码：301291 证券简称：明阳电气 公告编号：2026-004 广东明阳电气股份有限公司 关于股东股份减持计划实施完成的公告 信息披露义务人中山慧众企业管理咨询合伙企业（有限合伙）保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 2026 年 1 月 29 日，广东明阳电气股份有限公司（以下简称"公司"）在巨 潮资讯网披露了《关于部分董事减持股份的预披露公告》（公告编号：2026-003）。 其中公司特定股东中山慧众企业管理咨询合伙企业（有限合伙）（以下简称"慧 众咨询"）及相关间接持股人拟实施股份减持计划。 近日，公司收到慧众咨询出具的《股份交易进展告知函》，获悉该股东的股 份减持计划已实施完毕。 （一）股东减持股份情况 | 慧众咨询 | 集中竞价 | 2026/3/4 | 58.40 | 3,120,000 | | | --- | --- | --- | --- | --- | --- | | | 大宗交易 | 2026/3/4 | 52.45 | 100,000 | 0.03% | | 股东名称 ...

Core Insights - The report from CICC highlights the challenges faced by overseas data centers, particularly the "difficulty in finding electricity," with waiting times for congested power grids in some regions of Europe and the U.S. reaching up to 7 years. This situation is influencing capital flows, with Nordic, Southern European, and emerging markets attracting attention from large developers. In the U.S. and Europe, self-supply of electricity is shifting from optional to essential in certain FLAP-D market areas, prompting exploration of various new power supply solutions. The supply-demand imbalance overseas presents an accelerated opportunity for Chinese manufacturers to expand internationally and capture high-elasticity market opportunities. The report suggests focusing on three investment directions: on-site power supply (such as gas turbines), grid equipment, and solid-state transformers (SST) [1]. Power Supply Side - On-site power supply is becoming a mainstream solution, with gas turbines expected to see a rise in both order volume and price by 2025. Leading overseas manufacturers are experiencing supply tightness, with delivery times exceeding 3 years, creating market breakthrough opportunities for Chinese manufacturers. Dongfang Electric's G50 gas turbine achieved its first export last year. Additionally, various forms such as SOFC, SMR, and geothermal systems each have unique characteristics. The combination of self-supply and grid solutions is viewed as a highly feasible direction for the future [1]. Grid Side - The global electricity cycle is witnessing a significant increase in China's transformer exports. As AIDC scales up to the hundred-megawatt level and requires dedicated substations, slow approval processes have historically hindered effective development of transmission in Europe and the U.S., leading to a supply gap in core equipment like transformers. By 2025, China's transformer export value is expected to reach a new high, with Chinese companies that possess complete industrial chains and rapid delivery capabilities likely to continue expanding their market presence [2]. Data Center Side - Solid-state transformers (SST) are expected to facilitate AIDC's integration with the power grid. SSTs can adapt to scenarios requiring coordinated computing and electricity, working alongside energy storage systems to provide auxiliary services such as peak shaving and frequency regulation. SSTs leverage power electronics technology for rapid response and active control, mitigating the impact of AI model training on the power grid. Chinese manufacturers with strong grid understanding and market channel capabilities are anticipated to stand out in this area [3]. Recommended Companies - The report recommends focusing on strong overseas-capable grid equipment companies, including: - Siyuan Electric (002028.SZ) - Igor (002922.SZ) - Mingyang Electric (301291.SZ) - Jinpan Technology (688676.SH) - Huaming Equipment (002270.SZ) - China XD Electric (601179.SH) - TBEA (600089.SH) Additionally, companies like Sifang Co. (601126.SH) and Dongfang Electric (600875.SH) are expected to see export breakthroughs [4].

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, with specific recommendations for companies involved in these industries [1][2][3]. Core Insights - The report highlights the tightening of local monopile production capacity in European offshore wind, suggesting a favorable environment for Chinese companies to expand internationally [2]. - In the solar sector, silicon wafer prices are under pressure while battery component prices remain stable, indicating a potential market adjustment [1][14]. - The hydrogen energy sector is set to receive increased policy support during the 14th Five-Year Plan, with a projected doubling of renewable hydrogen production capacity by the end of 2025 [3][18]. - The energy storage market is experiencing significant growth, with a marked increase in project scale and a forecasted rise in lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafers averaging 1.10 RMB per piece, down 8.33% from previous levels [1][14]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [1][14]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [1][15]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the challenges in local monopile production [2][16]. - The report suggests monitoring companies like Dajin Heavy Industry and Tianjun Wind Power as they expand internationally [2][16]. - The wind turbine sector is expected to see profitability improvements in 2026, with companies like Goldwind and Mingyang Smart Energy being key players [2][17]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons of renewable hydrogen production capacity by 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy and Huadian Heavy Industries, focusing on equipment manufacturing and hydrogen compression technology [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC bidding scale reached 4.92 GW, with a total installed capacity of 12.42 GWh, reflecting over 30% growth compared to the previous year [4][19]. - The report emphasizes the importance of companies like Sungrow Power Supply and Aiko Solar in the energy storage market, which is expected to grow significantly [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected to reach 149.59 GWh, with a 21.93% month-on-month increase, indicating strong demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL and BYD, with a focus on maintaining resilience in battery demand [5][26].

Group 1 - The aging infrastructure of the European and American power grids is increasing systemic risks, leading to a favorable outlook for a global investment cycle in electricity [2][3] - Recent severe weather events, including snowstorm warnings, have resulted in significant power outages, with over one million households affected in the U.S. on January 25, 2026, and expected outages of 100,000 to 150,000 households in Rhode Island due to worsening conditions [2] - Domestic electricity cost advantages are becoming more prominent, with Chinese models like MiniMax, Kimi, Zhiyu, and DeepSeek capturing four out of the top five spots in global token usage, indicating rapid growth in domestic model adoption [2][3] Group 2 - Chinese power infrastructure is well-developed, allowing domestic computing power to leverage low electricity costs for cross-border delivery, which promotes domestic electricity consumption and equipment demand [3] - Major internet companies are accelerating their global expansion, with Alibaba Cloud announcing new data centers in Malaysia and other countries, and ByteDance establishing data centers in Southeast Asia, Northern Europe, and South America [3] - Collaboration between domestic model vendors and global cloud service providers is expected to benefit domestic power equipment companies that have established stable partnerships and overseas production capabilities [3] Group 3 - Recommended companies include Mingyang Smart Energy (301291), Jinpan Technology (688676), Igor (002922), Sifang Co., Ltd. (601126), and others, which are positioned to benefit from overseas orders and rapid growth in AIDC orders [4]