证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

来源：新浪基金∞工作室 电网设备ETF广发（159320）业绩比较基准为同期恒生A股电网设备指数收益率，管理人为广发基金管 理有限公司，基金经理为夏浩洋，成立（2024-12-12）以来回报为98.82%，近一个月回报为9.84%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，电网设备ETF广发（159320）涨3.96%，报2.074元，成交额5871.52万元。电 网设备ETF广发（159320）重仓股方面，特变电工截止午盘涨3.83%，国电南瑞涨2.72%，思源电气涨 5.82%，中天科技涨7.08%，亨通光电涨10.00%，宏发股份涨2.38%，浙江荣泰跌4.52%，东方电缆涨 2.96%，金盘科技涨5.94%，精达股份涨2.86%。 ...

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

【跑好"第一棒" 力促"开门红"】 甘肃虚拟电厂交易结算实现开门红 为推动这一新生事物在甘肃落地落实，去年以来，我省修订印发《甘肃省虚拟电厂建设与运营管理实施 方案》，依托新型电力负荷管理系统，建成集接入测试、运营监测、效果评估、交易全流程管控于一体 的虚拟电厂运营管控平台。同时，完成可调节资源统一编码入库，实现负荷资源池"统一管理、统一调 控、统一服务"；打通虚拟电厂参与电能量市场的全流程链路，推动两家虚拟电厂稳定接入系统、常态 化连续交易，实现市场化闭环运行。目前已形成集政策构建、体系建设、平台支撑、资源规范、市场导 向于一体的服务体系，全链条赋能虚拟电厂建设运营。 责任编辑：杨晨雨 每日甘肃网兰州讯（新甘肃·甘肃日报记者 王占东）今年1月起，甘肃省内虚拟电厂正式开启连续不间断 参与市场交易模式。国家电网甘肃省电力公司落实"日清月结、结算到户"政策，服务省内两家虚拟电厂 及聚合用户，1月累计结算电量达3491.16万千瓦时，顺利实现交易结算开门红。 不占一分地、不烧一克煤的虚拟电厂，通过信息通信等技术，聚合分布式电源、可调负荷、储能等各类 分散资源，作为新型经营主体参与电力系统优化和交易，对电力保供、新能 ...

"2026年，我们将推动固态电池产品从小批量测试生产迈入规模化市场布局新阶段，拓展机器人、无人 机、汽车等应用场景，力争全年营收达到亿元规模。"近日，北京经开区企业北京纯锂新能源科技有限 公司（以下简称"纯锂新能源"）董事长杨帆表示。 当前，固态电池凭借高能量密度、高安全性、宽温域适配、长循环寿命等特点，正重塑新能源汽车、储 能等行业的发展格局，成为企业抢占未来电池技术领域先机的重要发力方向。作为这一赛道的先行者， 纯锂新能源拥有领先的技术优势，不仅在材料方面首创有机无机融合电解质，突破传统聚合物性能局 限，实现高安全、宽温域与低成本的完美兼容，还在生产工艺方面独创超临界包覆技术，通过虹吸效应 破解固态电池固固界面接触的世界级难题，实现国内首条全固态电池产线商业化量产。 工作人员 接下来，纯锂新能源将持续拓展固态电池的应用场景，正在开发的第二代固态电池产品将重点聚焦机器 人、无人机、乘用车、电动船舶等行业，提供更加高效的能源解决方案。杨帆表示："2026年1月，公司 正在与多家储能及物流行业领军企业探讨新一轮合作。今年，在加速固态电池量产交付、开发新一代产 品的同时，我们还将在亦庄拓展电动自行车换电项目试点规 ...

转自：经济日报 近两年前，吴昊来到巴西伊泰普直流改造项目上工作，至今只回过一次国。每次视频通话，8岁的儿子 都会重复一个问题："爸爸，你什么时候回家？"吴昊的回答永远是"拖字诀"：年初先说年中回，年中再 说年底回。 这个春节，为了让丈夫安心工作，吴昊的妻儿跨越山海，与吴昊"反向团圆"在地球另一端。一家人一起 包的饺子、湖北老家的排骨萝卜汤和珍珠圆子、油焖大虾……今年的年夜饭，吴昊终于尝到久违的家 的"年味儿"。 （来源：经济日报） 吴昊一时语塞。他没有告诉儿子，等他和妈妈2月底回国后，自己还要坚守岗位，直到项目按期交付才 能踏上归途。 "一家人在巴西过年真好，"他告诉记者，"毕竟家在哪里，心就在哪里。" 作为巴西最大水电工程之一，伊泰普水电站累计发电已超过3万亿千瓦时，为巴西贡献约10%的电力， 被誉为巴西清洁能源的"心脏"，但这座始建于1974年的水电站也逐渐显露出老化迹象。2023年，伊泰普 直流输电线路的送端站伊瓜苏站发生故障起火，巴西国家电力公司随即启动维修升级计划。2024年1 月，由中国国家电网有限公司下属的中国电力技术装备有限公司总承包建设的伊泰普直流改造项目正式 启动，预计2026年竣工交付。 ...

Core Viewpoint - The electric power equipment sector is experiencing growth driven by the rapid development of AI, increased electricity demand, and the need for upgrading aging grid infrastructure [1][32]. Company Overview - Siyi Electric Co., Ltd. (referred to as "Siyi Electric") is focused on the manufacturing of power transmission and distribution equipment and is pursuing a dual listing on the Hong Kong Stock Exchange [3][4]. - The company was founded in December 1993 and has been listed on the Shenzhen Stock Exchange since August 2004, with a current market capitalization of 166.1 billion RMB [4][9]. - Siyi Electric has a diverse product portfolio that includes six core business lines: switchgear, transformers, protection and automation, power electronics, energy storage systems, and EPC services [11][36]. Financial Performance - Siyi Electric's revenue for 2023, 2024, and the first nine months of 2025 was 12.46 billion RMB, 15.46 billion RMB, and 13.83 billion RMB, respectively, with net profits of 1.61 billion RMB, 2.08 billion RMB, and 2.25 billion RMB [23][24]. - The company expects a revenue of 21.21 billion RMB for 2025, representing a year-on-year growth of 37.18%, and a net profit of 3.16 billion RMB, reflecting a 54.35% increase [23][24]. - The gross profit margins have improved from 29% in 2023 to an expected 32% in 2025 [23]. Market Dynamics - The global market for power transmission and distribution equipment is projected to grow from 580.8 billion RMB in 2020 to 863.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of 10.4% [38]. - In China, the market size for power transmission and distribution equipment is expected to reach 3.11 trillion RMB in 2024, with a CAGR of 9.4% until 2029 [38][40]. - Siyi Electric holds a market share of approximately 3.5% in the Chinese market, ranking eighth among competitors [31][40]. Competitive Landscape - The competition in the power equipment sector is concentrated, with the top five companies holding 61.1% of the market share [40]. - Major competitors include TBEA, Chint Electric, State Grid Corporation, Schneider Electric, ABB Group, Siemens, Eaton, and Hitachi Energy [40][41]. Industry Trends - The acceleration of electrification is driving global electricity demand, with a projected total generation of 31,256 TWh in 2024, a 4.4% increase year-on-year [32][33]. - The increasing reliance on renewable energy sources like wind and solar is reshaping the global electricity structure, necessitating improvements in grid infrastructure to handle the variability of these energy sources [33][34].

从铁塔上看去，又是另一番风景。"人家看不到的地方，我们能看到。"黄仕刚说，"站得高看得远，这 些年盐城变化真大。我刚来时高架还没几座，现在密密麻麻。光伏、风电、电网改造，项目一个接一 个。"他的目光望向盐城师范学院的方向，他的儿子在那里攻读城市规划专业，已先一步回川。"这一 年，快过去了。"他笑了笑，眼角的皱纹舒展开来。 地面上，收尾工作同步进行。黑色的电缆与白色的导线即将完成最精密的连接。发电机发出的电，通过 导线在变电站和用户间传输，由此构成我们的电力网络。 "吊车慢点，往下送。""塔上注意，动作稳住。"对讲机里，指令与提醒简短交错。地面上，工程队长、 来自四川广安的黄仕刚仰着头，目光紧锁塔上那几个身影。 2月4日，立春。盐城迎宾110千伏输变电工程施工现场进入最后冲刺。"工程2月5日投运，2月6日我们就 放假回家。"黄仕刚的话语里透出抑制不住的兴奋。据他介绍，工地上半数工友和他一样，是远离故土 的川渝子弟。回家过年成了他们心照不宣的倒计时。 30米高的输电铁塔上，27岁的彝族青年石达正将粗壮的电缆稳稳固定在电缆平台支架上。五点式安全 带、前后双保险绳、防坠器等多重保护，将他与钢铁骨架紧密相连。只见他身形 ...

2月10日，农历腊月二十三，方城县清河镇汉山水库移民新村，村民赵德建一家迎来了搬迁后的第一个 小年。 天气晴好，驱车行驶在干净整洁的街道上，只见一幢幢色调统一、规划齐整的联排别墅沐浴在冬日的阳 光下。 "这房子都一样，咋区分哪家是哪家？"记者问。 对比，就在这片祥和热闹中悄然浮现。赵德建为82岁高龄的母亲斟上一杯热茶，望向满屋的红色和齐全 的电器，感慨道："我们原本住在清河镇李家岗村，昨天才把老人家从村里接来，她一直舍不得走。原 来一到腊月，她就喜欢坐在院里，烧着一块木疙瘩取暖。" "娘，跟您说新房子好，信了不？" 老母亲喝了一口茶，又夹起一个饺子，眼圈微微发红："好，好！谁想到还能过上这样的好日子。" "说实话，刚通知要搬来那会儿，心里真没底。"赵德建道出了移民们最初的共同心情。2023年，汉山水 库作为国家"十四五"水安全保障规划重点工程启动建设，方城县袁店、清河、柳河三个乡镇的搬迁工作 同步开展，涉及12个行政村、28个自然村，共计1986户7900人。 "这不刚贴上的门牌，俺家是5排16号。欢迎来参观我们的新居！"赵德建满心喜悦地说。 走进屋内，暖意和欢声笑语一同涌来。目光所及，无论是大红的"福"字、 ...

Group 1 - The core viewpoint of the articles emphasizes the growing adoption of electric vehicles (EVs) in China, with a significant increase in charging demand and infrastructure development to support this trend [1][2] - The National Grid predicts that the peak daily charging volume for EVs will exceed 34 million kilowatt-hours, representing a 17% year-on-year increase [1] - Nearly one in two new cars sold in China is an electric vehicle, indicating a robust market for EVs and related services [1] Group 2 - The diverse energy replenishment methods for EVs, such as supercharging, fast charging, and battery swapping, are flourishing, with NIO's battery swap service surpassing 100 million instances and over 3,700 battery swap stations established nationwide [2] - The integration of infrastructure, including power grids, highways, and communication systems, is facilitating collaboration across industries and regions, enhancing overall economic synergy [4][6] - The collaboration between NIO and the National Grid to explore vehicle-to-grid technology aims to alleviate grid pressure and improve energy utilization, transforming vehicles into energy nodes within smart cities [5] Group 3 - The fusion of technological and industrial innovation is accelerating, with advancements in AI and robotics leading to increased productivity and efficiency across various sectors [7] - The upcoming Central Economic Work Conference in December 2025 aims to achieve significant breakthroughs in quality improvement, highlighting the importance of leveraging large-scale markets, infrastructure support, and technological integration for high-quality development [7]