北美缺电持续演绎，燃气机组迎"主电"新机遇 20260226 摘要 美国数据中心装机量激增导致电力缺口扩大，预计到 2030 年累计装机 量在中性情景下约为 65GW，乐观情景下高达 200GW，电力缺口可能 达到 200GW，年化缺口接近 40GW，对电力供应构成严峻挑战。 传统电力并网周期长（火电 3-6 年，地热 3-8 年，核电 2-3 年），难以 满足数据中心快速增长的需求，促使离网/分布式发电成为重要解决方案， 预计 2027 年占比接近 25%，2030 年接近 30%。 分布式发电主要技术路径包括燃气轮机（占比约 60%）、燃气发电机组 （占比约 30%）和固态氧化物燃料电池（SOFC，占比约 10%），其中 燃气轮机单机容量大，但占地面积也大，燃气发电机组则更适用于中小 型数据中心。 燃气发电机组经济性优于燃气轮机，交付周期更短（半年可交付），但 海外龙头企业如瓦锡兰、卡特产能不足，订单已排至 2028-2029 年， 为中国企业带来市场机遇。 Q&A 北美"缺电"的核心矛盾来自哪里，未来数据中心装机的增长弹性如何，电力 缺口在不同情景下对应什么量级？ 北美缺电的核心驱动来自数据中心在人工智 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [59]. Core Insights - The automotive parts sector has shown a weekly increase of 1.73%, ranking first among the SW automotive indices, with a year-to-date increase of 6.76% [3][18]. - The robotics sector experienced a slight increase of 0.08% this week, with a year-to-date increase of 2.63%, but underperformed compared to the automotive parts sector [3][30]. - Key developments include a strategic partnership between Zhiyuan Robotics and Minshi Group to accelerate the localization and deployment of robotics technology in Europe [3][41]. Summary by Sections Automotive Parts Sector Weekly Review - The automotive parts sector ranked first in the SW automotive index this week, with a year-to-date performance of +6.76% [3][18]. - The sector's PE (TTM) is at 88.37% historical percentile, and PB (LF) is at 81.92% historical percentile as of February 27, 2026 [3][28]. Robotics Sector Weekly Review - The robotics index increased by 0.08% this week, with a year-to-date performance of +2.63% [3][30]. - The latest PE (TTM) for the robotics sector is at 49.89% historical percentile, and PB (LF) is at 57.01% historical percentile as of February 27, 2026 [40]. Key Stock Tracking - Notable weekly gainers include Xingyuan Zhuomei (+10.64%), Bertley (+7.15%), and Feilong Co. (+7.11%) [3][48]. - Core stocks in the automotive parts sector include Fuyao Glass, Xingyu Co., Minshi Group, and Junsheng Electronics, with specific recommendations based on EPS and PE dimensions [54]. Investment Recommendations - For the automotive parts sector, focus on structural opportunities by selecting product-oriented companies and those entering high-value segments to enhance ASP [54]. - In the robotics sector, look for certainty in opportunities, particularly with the anticipated release of Optimus V3 and the application of domestic manufacturers like Xiaopeng and Yushu [54].

从投资策略上看，预计部分强α汽零公司有望抵御行业风险，实现营收及盈利增长；数 据中心液冷及柴发/燃气轮机产业链、能确定进入特斯拉、Figure、智元、宇树等机器人 配套产业链的汽零及高级别自动驾驶产业链将持续迎来催化。建议持续关注燃气发电机/ 柴发产业链、人形机器人链、液冷产业链、出海链、智驾产业链公司。 汽车与零部件行业 行业研究 | 行业周报 北美电力紧张逻辑持续验证，继续关注燃 气发电机及液冷产业链公司 核心观点 投资建议与投资标的 燃气发电机相关标的：银轮股份、潍柴动力；液冷相关标的：英维克、银轮股份、拓普 集团、飞龙股份、川环科技等；机器人相关标的：新泉股份、拓普集团、银轮股份、岱 美股份、三花智控、浙江荣泰、旭升集团、嵘泰股份、斯菱智驱、爱柯迪、精锻科技、 博俊科技、沪光股份等；智驾相关标的：经纬恒润、伯特利、德赛西威等；整车：比亚 迪、上汽集团、江淮汽车、赛力斯等。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2026 年 03 月 01 日 中性（维持） | 姜雪晴 | 执业证书编号：S086051206 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [59]. Core Insights - The automotive parts sector has shown a weekly increase of 1.73%, ranking first among the SW automotive indices, with a year-to-date increase of 6.76% [3][18]. - The robotics sector experienced a slight increase of 0.08% this week, with a year-to-date increase of 2.63%, but underperformed compared to the automotive parts sector [3][30]. - Key developments include a strategic partnership between Zhiyuan and Minshi Group to accelerate the localization and deployment of robotic technology in Europe, and the launch of a new quadruped robot by Yushu [3][41]. Automotive Parts Sector Summary - The SW automotive parts PE (TTM) is at the historical 88.37% percentile, while the PB (LF) is at 81.92% [3][28]. - The top five gainers in the automotive parts sector this week were: Xingyuan Zhuomei (+10.64%), Berteli (+7.15%), Feilong Co. (+7.11%), Changhua Group (+5.19%), and Yinlun Co. (+4.73%) [3][48]. - The sector's trading volume has shown a slight recovery post the Lunar New Year, but demand remains affected by market conditions [3][25]. Robotics Sector Summary - The latest trading day for the robotics sector shows a PE (TTM) at 1.36 times that of the broader market, with a PB (LF) at 1.84 times [40]. - The sector's trading activity has seen a modest increase due to performances at the Spring Festival Gala, although it remains at historical lows [37][30]. - Significant events include the entry of Zhiyuan into the German market and the unveiling of a humanoid robot by Honor at an upcoming exhibition [41][43]. Investment Recommendations - For the automotive parts sector, focus on structural opportunities by selecting product-oriented companies and those entering high-value segments to enhance ASP, particularly in Europe, North America, and Southeast Asia [3][54]. - In the robotics sector, look for certainty in opportunities, especially with the anticipated release of Optimus V3 and the application developments from companies like Xiaopeng, Yushu, and Zhiyuan [3][54].

蔚来与博世签署战略合作协议 [Table_Industry] 汽车 股票研究/[Table_Date] 2026.03.01 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 汽车行业周报（2026/2/20-2026/2/27） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 近一周，申万汽车指数上涨 1%，新能源整车指数相对持平，汽车零部件指数上涨 2%，商用车指数下跌 3%。蔚来与博世签署战略合作协议。 投资要点： 2026.02.28 汽车《1 月重卡"开门红"，同环比均有增长》 2026.02.25 汽车《速腾聚创 25 年大幅减亏，特斯拉首辆 Cybercab 下线》2026.02.23 汽车《 ...

近一周，申万汽车指数上涨 1%，新能源整车指数相对持平，汽车零部件指数上涨 2%，商用车指数下跌 3%。蔚来与博世签署战略合作协议。 投资要点： 2026.02.28 汽车《1 月重卡"开门红"，同环比均有增长》 2026.02.25 汽车《速腾聚创 25 年大幅减亏，特斯拉首辆 Cybercab 下线》2026.02.23 汽车《全新理想 L9 Livis引领线控底盘新阶段》 2026.02.08 汽车《AI 应用重要阵地，Robotaxi 还看中国》 2026.02.04 股票研究/[Table_Date] 2026.03.01 票 研 究 蔚来与博世签署战略合作协议 [Table_Industry] 汽车 汽车行业周报（2026/2/20-2026/2/27） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gt ...

2026 年 2 月 28 日 行业点评 看好/维持 特斯拉的 V3 时刻：OptimusV3&星舰 V3 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 报告摘要 事件：近期，特斯拉 OptimusV3 进入亮相发布时间窗口，SpaceX 星 舰 V3 的飞行测试也已进入倒计时，同时 xAI 打造特斯拉宏大 AI 战略，加 速 FSD、Robotaxi、 Optimus 持续进化，特斯拉 AI 生态飞轮螺旋上升。 特斯拉的 V3 时刻：OptimusV3&星舰 V3。特斯拉 Optimus V3 进入亮 相发布时间窗口，并计划年内启动大规模量产，2027 年预计面向公众销 售。并且特斯拉已将弗里蒙特工厂的 Model S/X 产线改造为 Optimus 专 用产线，中期规划年产能达 100 万台。另据彭博，SpaceX 计划秘密提交 IPO 申请，估值或超 1.75 万亿美元，目标今年 6 月上市，今年 2 月初， SpaceX 与 xAI 宣布完成合并，新公司的估值达到 1.25 万亿美元。2025 年 Spa ...

银轮股份：景气继续上修，北美缺电逻辑下最大预期差白马|国金具身cch团队 #卡特彼勒订单继续上修。 公司自24年起为卡特供应柴发备用电源的冷却模块，25年出货超600台，26年原规划交付2000台。 #电力将成AI最大瓶颈。 此前马斯克在长达3小时的访谈中提到，#"AI的关键问题是能源的可获得性"。 据其测算，每11万个GB300（包括网络、CPU、存储、冷却、电力维护余量）大约需要300兆瓦的发电能力，而目 前全球（除中国外）电力输出接近持平。 银轮股份：景气继续上修，北美缺电逻辑下最大预期差白马|国金具身cch团队 #卡特彼勒订单继续上修。 公司自24年起为卡特供应柴发备用电源的冷却模块，25年出货超600台，26年原规划交付2000台。 受益于行业高景气，#大客户订单上修至4000台。 按照asp2w美金，20%净利率测算，业绩增量1亿+。 受益于行业高景气，#大客户订单上修至4000台。 按照asp2w美金，20%净利率测算，业绩增量1亿+。 #电力将成AI最大瓶颈。 #终端数据中心的旺盛需求将持续放大电力缺口。 #26年汽零板块最强α标的。 受益于均衡的业务结构（国内乘用车收入占比仅40%），全面的 ...

【Hy】液冷+发电大涨，在AI的趋势中"随波逐流"-0226 【Hy】液冷+发电大涨，在AI的趋势中"随波逐流"-0226 我们年后第一个交易日yy了零部件可选的核心方向（AI发电、液冷、半导体等），选出来的标的们今天基本都 很争气。 牛市下半场的轮动一定会演绎更频繁， AI液冷+发电都是AI题材里分歧相对少的，还有订单/业绩/行业催化可以演绎，尤其 ①NV： 财报亮眼，3月中GTC 大会Rubin液冷方案进一步明确，技术节奏可能超预期，核心变化包括产品端冷板（微通道相关）、CDU（泵、阀 等部件）等，供应格局上关注国内供应商（ywk、sq等）份额。 ②国产：ds V4将发布利好国产算力华为昇腾（950采用液冷方案），26年大厂AI资本开支乐观，中长期液冷渗透 率提升空间大。 我们年后第一个交易日yy了零部件可选的核心方向（AI发电、液冷、半导体等），选出来的标的们今天基本都 很争气。 牛市下半场的轮动一定会演绎更频繁， AI液冷+发电都是AI题材里分歧相对少的，还有订单/业绩/行业催化可以演绎，尤其 ①NV： 财报亮眼，3月中GTC 大会Rubin液冷方案进一步明确，技术节奏可能超预期，核心变化包括产 飞龙 ...

Core Viewpoint - On February 26, brokerages provided target prices for listed companies, with notable increases for Hongsoft Technology, China Railway, and Yifan Pharmaceutical, showing target price increases of 47.71%, 34.96%, and 32.82% respectively, across the IT services, infrastructure, and chemical pharmaceutical industries [1][2]. Group 1: Target Price Increases - Hongsoft Technology received a target price increase of 47.71%, with a new target price of 71.27 CNY [3]. - China Railway's target price increased by 34.96%, with a new target price of 8.30 CNY [3]. - Yifan Pharmaceutical's target price rose by 32.82%, with a new target price of 17.40 CNY [3]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on February 26, with China Railway, Bohui Paper, and Zhujiang Beer each receiving one recommendation [2]. - Bohui Paper's rating was upgraded from "Range Trading" to "Buy" by Guotai Junan Securities [5]. Group 3: Rating Adjustments - Two companies had their ratings downgraded: Baolong Technology from "Buy" to "Hold" by Tianfeng Securities, and Haiguang Information from "Buy" to "Range Trading" by Guotai Junan Securities [6][8]. - The companies involved in the downgrades were Baolong Technology and Haiguang Information [8]. Group 4: First Coverage - Six companies received first coverage on February 26, including Matrix Co. and Anfu Technology, both rated "Outperform" by Guotai Junan Securities [10]. - Other companies receiving first coverage included Aorite with a "Buy" rating from Zhongyou Securities, Delijia with a "Buy" rating from Dongwu Securities, and Hanguo Group with an "Increase" rating from Dongguan Securities [10].