IESLAB(SZ:002339) 券商中国·2026-02-02 08:26Core Viewpoint - The surge in ultra-high voltage (UHV) concept stocks is attributed to a significant increase in transformer orders, with many factories operating at full capacity and some orders extending to 2027 [1][3]. Group 1: Market Performance - On February 2, UHV concept stocks experienced a strong rally, with stocks like Jicheng Electronics and Baobian Electric hitting the daily limit [1]. - The Wind UHV index saw a peak increase of over 5%, while it closed with a nearly 4% rise [3]. - Multiple stocks within the UHV sector, including Jicheng Electronics and Baobian Electric, reached their daily limit, indicating robust market interest [3]. Group 2: Industry Insights - The transformer industry in China consists of approximately 3,000 companies, with an expected export value of 64.6 billion yuan by 2025, marking a nearly 36% increase from 2024 [5]. - China has become the world's largest transformer producer, accounting for about 60% of global production capacity [5]. - The demand for transformers is driven by the rapid growth in AI computing power, which requires stable and high-capacity power supply [4]. Group 3: Recent Developments - Recent reports indicate that the UHV industry has received multiple favorable developments, including plans for new UHV transmission projects in Inner Mongolia, which are expected to significantly increase electricity delivery capacity [7]. - The completion of the Gansu-Zhejiang ±800 kV UHV DC transmission project marks a significant milestone in UHV technology, with a total investment of approximately 35.3 billion yuan [8]. - The State Grid plans to accelerate the construction of UHV projects to support the high-quality development of renewable energy and the establishment of a unified national electricity market [9].