根据OpenRouter最新周度token排名数据，中国模型MiniMax/Kimi/智谱/DeepSeek前5占4，国产大模型全 球调用量快速增长。电费可占数据中心运营成本40%。海外面临获电难、电价高等困境，部分欧美地区 2023-2025年平均工业电价较中国可高50%以上。 中金发布研报称，欧美电网设施老旧系统性风险正在提升，持续看好全球开启电力投资大周期。根据 OpenRouter最新周度token排名数据，中国模型MiniMax/Kimi/智谱/DeepSeek前5占4，国产大模型全球调 用量快速增长。互联网大厂加速全球布局，国产模型厂商与全球云服务商形成合作，模型部署在云服务 商的海外节点上，有望利好深度耕耘海外市场、具备海外产能且与互联网厂商形成稳定合作的国内电力 设备企业。 中金主要观点如下： 欧美电网设施老旧，近期暴雪警报频发导致停电风险 2026年1月25日美国超百万户断电，田纳西州、密西西比州断电率超过10%。2月22日，美国11个州发布 暴雪警报，罗得岛州普罗维登斯市市长布雷特.斯迈利表示，由于恶劣天气加剧，预计该州将有约10万 至15万户家庭停电。欧美电网设施老旧的系统性风险正在提升 ...

2月24日，A股集体上涨，截至收盘，上证指数涨0.87%，深证成指涨1.36%，创业板指涨0.99%。电网设 备ETF（159326）上涨4.37%，成交额显著放量，达15.36亿元，交投持续活跃。成分股方面，汉缆股 份、白云电器、保变电气、大连电瓷涨停，明阳电气上涨17.48%、安靠智电上涨11.76%，板块景气度 爆棚。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备指数的ETF，智能电网权重90%、特高压权重 67%，均为全市场最高，最新规模超180亿元，为全市场最大电网类ETF，一键布局全产业链龙头。 （文章来源：每日经济新闻） 马斯克此前表示，AI发展的真正瓶颈不是芯片，而是电力供应，最快今年年底就会出现"芯片产能过 剩、电力供应不足"的局面。受美国电网建设周期限制，XAI数据中心普遍需排队12-18个月才能接入高 压电力，直接倒逼全球电网加速升级。与此同时，高端变压器"一台难求"，头部企业订单已排至2027年 底；2025年我国变压器出口646亿元，同比增长36%，量价齐升。 长城证券指出，全球电网设备需求强劲，海外供应缺口显著，美国变压器交付周期大幅延长，中国企业 在交付、技术、成本 ...

2月24日，A股迎来马年首个交易日，三大指数集体收涨。 此外，AI应用方向、影视院线、旅游及酒店、白酒等板块跌幅居前。 电网设备板块活跃 今日，电网设备板块表现活跃。截至收盘，汉缆股份涨停，迎来3连板；明阳电气、安靠智电等大涨。 截至收盘，上证指数涨0.87%，深证成指涨1.36%，创业板指涨0.99%，北证50指数涨0.37%，科创综指跌0.61%。全市场超4000只个股上涨，成交额22182 亿元，较上一交易日放量2192亿元。 盘面上，受地缘风险再升级，助推油价上行影响，能源化工方向周期股全天活跃。油气开采及服务板块大涨超10%，板块中10余只个股涨停。天然气、贵 金属、草甘膦、化肥、煤炭开采加工、港口航运板块涨幅居前。 培育钻石板块午后走强，四方达"20CM"涨停。黄河旋风午后"秒"涨停，截至收盘，报8.82元/股，涨停板上仍有11.79万手封单，最新市值为127.2亿元。黄 河旋风主要产品包括超硬材料及超硬材料制品（人造金刚石、超硬复合材料及制品等)。 市场分析认为，超硬材料概念走强的核心驱动力，来自AI服务器需求爆发带来的PCB钻针量价齐升逻辑。 此外，国家能源局微信公众号2月23日消息，国家能源 ...

天弘中证电网设备主题指数基金经理张戈表示：进入业绩预告期后，市场对行业景气度的关注度持续攀 升。电网设备指数凭借龙头公司业绩超预期表现，成为资金追逐的焦点。我们持续看好电网设备板块的 中长期投资价值，电网设备指数对特高压、智能电网等核心领域覆盖度高，可精准捕捉行业成长红利。 根据海关总署数据，2025年全年变压器累计出口金额为90.36亿美元，累计增速34.83%，金额创历史新 高。2025年12月重点电力设备出口产品中，变压器、电线电缆、铜制绕组电线、低压开关、绝缘子的出 口金额当月同比分别为31.92%、22.20%、11.71%、10.60%、31.91%，呈现出多品种高增长态势，单月 出口金额呈上升趋势。2026年，在国内外需求的多重因素拉动下，电网设备重点产品出口均有望延续向 好格局。 长城证券发布研报称，根据IEA数据，2020年以来全球电网投资额快速增长，2024年全球电网投资达到 3900亿美元，2025年预计超过4000亿美元。美国能源基础设施状况大多处于标准以下水平，叠加AI用 电需求明显增加，美国电网设备有望开启强制更新周期。AI数据中心电力需求的明显增长有望直接推 动变压器、高压电缆等 ...

格隆汇2月24日丨明阳电气(301291.SZ)涨8.17%，报55.740元，股价创历史新高，总市值174.02亿元。 ...

电网设备板块震荡走强， 汉缆股份3连板， 杭电股份涨停， 森源电气、 安靠智电、 远东股份、 通光线 缆、 明阳电气跟涨。 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The global photovoltaic market is expected to maintain high growth during the "14th Five-Year Plan" period, with annual new installations projected to reach 725-870 GW globally and 238-287 GW domestically [3][39]. - The electric power equipment sector is witnessing significant developments, including the approval of major grid projects and the awarding of contracts for high-voltage equipment [4][39]. - The new energy vehicle market continues to show strong momentum, with major manufacturers reporting significant year-on-year delivery increases [2][14]. Summary by Sections New Energy Vehicles - In January 2026, several new energy vehicle manufacturers reported substantial delivery growth, with NIO delivering 27,182 units (+96.1% YoY) and BYD maintaining a leading position with 210,051 units delivered [2][14][24]. - The third China All-Solid-State Battery Innovation Development Summit was held, focusing on key materials and technological advancements [2][27]. New Energy Generation - The photovoltaic industry is transitioning from scale expansion to high-quality development, with a focus on technological integration and new application scenarios [39][40]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, marks a shift to full market competition, pushing companies towards innovation and sustainable competitiveness [45][48]. Electric Power Equipment and Automation - The State Grid's recent tender for ultra-high voltage equipment involved 119 packages, with 115 awarded, indicating robust demand in the sector [4][39]. - The approval of the first major grid project by the National Development and Reform Commission signifies a positive outlook for infrastructure development in the electric power sector [4][39]. Commercial Aerospace - The domestic first "one rocket, 36 satellites" satellite launch technology facility has been accepted, indicating advancements in commercial aerospace capabilities [5]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 2.20%, outperforming the Shanghai Composite Index, with lithium battery and solar indices showing significant gains [1].

| 成交价格 成交量 | | --- | | 权益类证券大宗交易 (协议交易) 成交舍额 | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-06 | 301291 | 明阳电气 | 35.42 | 16.50 | 584.60 广发证券股份有限 | 华鑫证券有限责任 | | | | | | | 公司广州天河路证 | 公司广州广州大道 | | | | | | | 劳营业部 | 中证券营业部 | 2月6日，明阳电气大宗交易成交16.5万股，成交额584.6万元，占当日总成交额的2.55%，成交价35.42 元，较市场收盘价44.1元折价19.68%。 ...

Group 1 - The core viewpoint of the news is that Mingyang Electric's stock has experienced a decline of 5.03%, with a current price of 44.33 yuan per share and a total market capitalization of 13.84 billion yuan [1] - Mingyang Electric, established on November 27, 2015, specializes in the research, production, and sales of power distribution and control equipment for the renewable energy and new infrastructure sectors [1] - The company's main revenue sources are: box-type substations (53.70%), transformers (16.36%), complete switchgear (14.76%), and other products (13.51%) [1] Group 2 - From the perspective of the top circulating shareholders, the Southern Fund has a fund that ranks among the top shareholders of Mingyang Electric, specifically the Southern CSI 1000 ETF (512100), which holds 1.4295 million shares, accounting for 0.89% of the circulating shares [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a latest scale of 78.996 billion yuan, and has achieved a year-to-date return of 8.01% [2] - The fund's performance over the past year shows a return of 42.19%, ranking 1736 out of 4285 in its category [2]

Core Viewpoint - The company is actively expanding its overseas direct sales market and developing large-scale supporting products to enhance its product portfolio for international markets [1] Group 1: Market Expansion - The company is transitioning from the domestic renewable energy market to the international market [1] - The company is upgrading from 35kV distribution transformers to 500kV main transformers [1] - The company is actively exploring related markets to achieve breakthroughs in overseas sales [1] Group 2: Product Development - The company has formulated product and market development strategies for the global computing power market [1] - The company plans to leverage its technological and quality advantages to focus on medium and low-voltage switchgear in the future [1] - The company aims to gradually introduce distribution transformers and main transformer products into its offerings [1]