每经记者|刘明涛 每经编辑|赵云 投资逻辑来看，电网建设是电力行业发展的重要基础，包括变电站和电力线路建设，当前我国智能电网、西电东送、城乡电网改造等重要项目都需要大量的 电网设备，并提出了新的要求，高效、节能、环保的电网设备将成为未来市场的主流，电源电网的转型升级为我国的电网设备制造业创造了巨大的发展机 | | | 半日交投活跃跨境ETF一览 | | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 涨幅 (%) | 总金额(元) | | 513130 | 恒生科技ETF | 0.656 | -2.09 | 40.94亿 | | 513310 | 中韩半导体ETF | 4.131 | 4.82 | 28.98亿 | | 513090 | 香港证券ETF易方达 | 2.002 | -1.38 | 26.98亿 | | 513180 | 恒生科技指数ETF | 0.672 | -1.75 | 26.46亿 | | 159792 | 港股通互联网ETF | 0.78 | -1.76 | 19.40亿 | | 513120 | 港股创新药ETF | 1.25 | ...

2026 年 02 月 26 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：85 分（过热） 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 85 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中 ...

Core Viewpoint - Gude Electric Materials (301680) successfully held an online roadshow on February 24, showcasing its critical position in the new energy vehicle supply chain as a core supplier of thermal runaway protection solutions for CATL (300750) [1] Group 1: Client Relationships - Gude Electric Materials has established itself as a first-tier supplier for major global automotive manufacturers, including General Motors, Ford, Stellantis, Toyota, BMW, Geely, Li Auto, and Xpeng [1] - The company maintains long-term stable cooperation with leading enterprises in the power sector, such as Dongfang Electric (600875), Shanghai Electric (601727), Harbin Electric, China West Electric (601179), and TBEA (600089) [1] - The collaboration with clients is characterized by deep binding features, requiring strict evaluations to be included in the qualified supplier system before receiving orders [2] Group 2: Product Development and Recognition - Gude Electric Materials engages deeply in the early development of client products, customizing complete thermal runaway protection solutions based on client needs, which enhances customer stickiness [2] - The company has received multiple honors, including the "2024 Supplier Quality Excellence Award" from General Motors and the "2024 Best Service Supplier" from Geely Group, reflecting its growing brand influence and market competitiveness [2]

Group 1 - The A-share market saw all three major indices rise collectively, with the power grid equipment sector showing strong performance, recovering quickly after an early drop and turning positive in the afternoon [1] - The largest power grid equipment ETF (159326) recorded a slight increase of 0.05% with a trading volume of 1.362 billion yuan, and several stocks within the ETF, such as Han Cable and Dongcai Technology, reached their daily limit [1] - The ETF has attracted over 13.1 billion yuan in net inflows this year, reaching a new high of 19.287 billion yuan, making it the largest power grid ETF in the market [1] Group 2 - The ETF tracks the CSI Power Grid Equipment Theme Index and has over 78% exposure to the power grid equipment sector, making it the purest power grid index in the market [2] - The index's constituent stocks are primarily distributed across power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment, with a high representation of smart grid (90% weight) and ultra-high voltage (67% weight) [2] Group 3 - The explosion of AI computing power has led to increased electricity demand in global data centers, with high-performance transformers being crucial for energy conversion [1] - Reports indicate that transformer factories in regions like Guangdong and Jiangsu are operating at full capacity, with some orders for data center-related transformers extending to 2027 [1] - Guojin Securities predicts a 30% supply gap for power transformers in the U.S. by 2025, with supply-demand mismatches expected to continue until 2030, benefiting export leaders with channel advantages and rapid delivery capabilities [1]

全市场最"纯"——电网设备ETF（159326）：是全市场唯一跟踪中证电网设备主题指数的ETF，申万二 级行业中电网设备含量超78%，为全市场最纯的电网指数，从申万三级行业分类上看，指数成分股的行 业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备为主，拥有较强 的代表性。智能电网权重占比高达90%，特高压权重占比高达67%，均为全市场最高。 （文章来源：每日经济新闻） 国内电网投资加码与全球AI算力爆发形成共振，持续催生电网设备强需求，板块迎来结构性加速发展 期。国家电网"十五五"固定资产投资规划达4万亿元，较"十四五"增长40%，创历史新高，与此同时， 全球AI算力建设进入爆发期，数据中心用电需求激增，高性能变压器"一器难求"，我国广东、江苏等地 变压器工厂持续满产，部分数据中心相关订单已排至2027年。 东莞证券认为，当前我国智能电网、西电东送、城乡电网改造等重要项目都需要大量的电网设备，并提 出了新的要求，高效、节能、环保的变压器将成为未来市场的主流，电源电网的转型升级为我国的电网 设备制造业创造了巨大的发展机遇。 2月25日，A股三大指数继续反弹，电网设备板块早盘触底后震荡 ...

华源证券近日发布大能源行业2026年第7周周报：2025年国网总部总计招标金额894亿元，超过2022年的 2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、电缆及附件、开关柜、 继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断路器外，其余设备中标 金额均同比增加。 以下为研究报告摘要： 投资要点： 电网：2025年国网总部招标总结 本报告总结国网总部2025年输变电设备招标（不含单一来源采购）情况。2025年国网总部总计招标金额 894亿元，超过2022年的2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、 电缆及附件、开关柜、继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断 路器外，其余设备中标金额均同比增加。上市公司中，中国西电（601179）、平高电气（600312）、思 源电气（002028）、特变电工（600089）、国网信通（600131）、国电南瑞（600406）中标金额排名前 6，除国电南瑞外其它公司中标金额均有较高增长，其中思源电气相比2024年中标金额增长接近80%。 主要设备招标量、中标金额 ...

双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：87 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 2026 年 02 月 25 日 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 87 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间 ...

2026 年，AI 数据中心（AIDC）行业将继续保持高景气度，值得投资者重点关 注。回顾 2025 年，AIDC 板块经历了两大波行情：第一波发生在 2 月至 3 月 中旬，由海外头部 CSP 厂商和国内互联网巨头如阿里、字节、腾讯等发布的数 据中心资本支出预期超出市场预期所驱动；第二波发生在 7 月中旬至 9 月，由 于海外 CSP 厂商在中报财报中进一步上调资本开支预期，以及 H20 解禁事件 和国内互联网大厂三季报上调预期共同催化。 年底出现的小行情主要由谷歌推 出 TPU 及 NV 的业绩超预期、阿里上调资本开支预期以及 NV 举办电力设备短 缺峰会等事件驱动。从这些表现来看，股价变动的核心因素包括国内外厂商上 电力设备 2026 年年度策略：AI 大周期开启，海外扩展空 间广阔 20260223 摘要 数据中心资本支出受海外 CSP 厂商和国内互联网巨头驱动，尤其在 2 月 至 3 月中旬及 7 月中旬至 9 月，厂商上调 CAPEX 预期是股价变动的核 心因素，订单及业绩超预期和技术突破亦有影响。 液冷和 SST 板块分别在 7 月中旬至 9 月及 10 月中旬至 10 月底走出独 立行情，液冷 ...

（编辑 丛可心） 证券日报网讯 2月24日，奕帆传动在互动平台回答投资者提问时表示，公司凭借自身在产品质量、成本 控制、技术研发等方面的优势，成功成为包括西门子、伊顿、施耐德电气等在内的多家全球知名企业的 供应商。同时，公司也与国内电气设备制造领域的佼佼者如中国西电、许继电气、泰开集团、兴机电器 等建立了牢固的合作关系。详细情况请查看公司《2024年年度报告》。 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]