平时不起眼的变压器成了稀缺资源。当前人工智能快速迭代、数据中心大规模建设，引发巨量电力需 求。受此影响，2025年以来，全球掀起中国变压器抢购潮，我国大量变压器工厂已经处于满产状态，其 中部分面向数据中心的业务订单排到2027年。当算力竞争进入深水区，中国电力装备正以不可替代的优 势，成为托举全球AI发展的"电力心脏"。 中国变压器产业崛起背后，有三大核心优势。 全产业链自主可控是根本底气。从最上游的铜和硅钢冶炼，到变压器的电磁线加工、铁芯制造与绝缘纸 板生产，中国已构建起全球最完整、最高效的变压器产业链。智能制造升级则让生产效率与品控水平跻 身国际前列，有效抵御全球供应链波动风险。 技术迭代与场景适配能力是核心竞争力。中国企业针对AI数据中心定制开发高功率、低损耗变压器， 探索研发固态变压器等转换效率极高的新型产品，同时还可适配风电、光伏等绿色能源的波动性，实 现"算力+绿电"深度融合，满足多元场景需求。 全球化布局则让中国变压器走向世界。不同国家和地区变压器型号不同，企业要想打开海外市场，需要 获取各个国家的资质，具备海外产能的公司更容易占领市场。中国头部变压器企业在海外布局生产基地 与运维中心，从产品出 ...

智通财经APP讯，中国电力(02380)发布公告，于2026年2月12日，建信投资、本公司及新源绿能(本公司 一家非全资拥有附属公司)订立减资协议，建信投资将以定向减资新源绿能注册资本人民币16.66亿元(相 当于约18.716亿港元)的方式，退出其于新源绿能的全部股权，代价人民币20.06亿元(相当于约22.54亿港 元)。 建信投资退出新源绿能后，新源绿能将成为本公司的全资拥有附属公司。本公司对新源绿能的未来发展 持乐观态度，本公司将有权享有新源绿能未来产生的全部利润，从而增加对本公司股东应占净利润的贡 献。 紧随减资后，新源绿能的注册资本将由人民币36.66亿元(相当于约41.19亿港元)减少至人民币20亿元(相 当于约22.47亿港元)。本公司于新源绿能的股权将就此由54.56%增加至100%。 ...

紧随减资后，新源绿能的注册资本将由人民币36.66亿元(相当于约41.19亿港元)减少至人民币20亿元(相 当于约22.47亿港元)。本公司于新源绿能的股权将就此由54.56%增加至100%。 建信投资退出新源绿能后，新源绿能将成为本公司的全资拥有附属公司。本公司对新源绿能的未来发展 持乐观态度，本公司将有权享有新源绿能未来产生的全部利润，从而增加对本公司股东应占净利润的贡 献。 中国电力(02380)发布公告，于2026年2月12日，建信投资、本公司及新源绿能(本公司一家非全资拥有附 属公司)订立减资协议，建信投资将以定向减资新源绿能注册资本人民币16.66亿元(相当于约18.716亿港 元)的方式，退出其于新源绿能的全部股权，代价人民币20.06亿元(相当于约22.54亿港元)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 須予披露及關連交易 新源綠能減資 減資協議 於二零二六年二月十二日，建信投資、本公司及新源綠能（本公司一家非全資擁 有附屬公司）訂立減資協議，據此建信投資將以定向減資新源綠能註冊資本人民 幣 1,665,713,115 元（相當於約 1,871,587,800 港元）的方式，退出其於新源綠能 的全部股權，代價人民幣 2,005,973,156 元（相當於約 2,253,902,400 港元）。 緊 隨 減 資後，新源綠能的註冊資本將由人民幣 3,665,713,115 元（相當於約 4,118,778,700 港元）減少至人民幣 2,000,000,000 元（相當於約 2,247,191,000 港元）。本 ...

中国电力规模的扩张速度让全球其他国家都难以跟上脚步，国家能源局的数据显示，2025年全社会用电量累计达到10.4万亿千瓦时，这个数字同比增长了 5%，并且在单一国家中首次突破10万亿关口。 用电量飙升的背后，中国经济活力源源不断涌现出来。 工厂机器转动、城市灯光闪烁、数据中心服务器运转，这些都需要电力支撑，而用电量的变化直接体现了产业结构的调整。 全球用电总量中，中国占到了大约三分之一的比例，这个份额稳稳坐上了世界第一的位子。 这样的增长轨迹不是偶然，而是中国经济从高速扩张到高质量转型的真实写照，用电量数据就像一面镜子，清晰映照出国家发展的脉络。 2025年，第一产业用电量1494亿千瓦时，同比增长9.9%，这部分主要用于农业机械和灌溉系统，说明农村现代化步伐在加快。 第二产业用电量66366亿千瓦时，同比增长3.7%，作为用电大户，它支撑了制造业的稳定输出，比如钢铁和汽车生产线的日常运转。 第三产业用电量19942亿千瓦时，同比增长8.2%，增速明显高于第二产业，这反映出服务业在经济中的权重越来越大，比如物流、电商和金融领域的电力需 求快速上升。 城乡居民生活用电量15880亿千瓦时，同比增长6.3%，人们 ...

Core Viewpoint - The China Power Construction Development Index (PCDI) for the fourth quarter of 2025 is reported at 93.29, showing a year-on-year decline of 1.29 points but a quarter-on-quarter increase of 5.87 points, indicating mixed trends in the power construction sector [1]. Economic Impact - The sub-index for the economic impact of power construction is 80.00, reflecting a year-on-year decrease of 12.07 points and a quarter-on-quarter decrease of 0.05 points. The share of national power construction investment in total fixed asset investment (excluding rural households) increased by 0.34 percentage points year-on-year and 3.01 percentage points quarter-on-quarter [1]. Green Development - The green development sub-index stands at 93.19, with a year-on-year decline of 4.81 points but a quarter-on-quarter increase of 9.66 points. In the fourth quarter of 2025, the newly installed capacity for non-fossil energy generation is 14,208 MW, down 14.88% year-on-year but up 231.50% quarter-on-quarter, accounting for 79.18% of the total newly installed generation capacity nationwide [1]. Industry Scale - The industry scale sub-index is 95.50, showing a year-on-year decline of 0.93 points and a quarter-on-quarter increase of 4.87 points. New power projects started in the fourth quarter total 89,247 MW, down 28.04% year-on-year, while new installed capacity and investment completion amounts decreased by 5.88% and 13.74%, respectively. Conversely, new projects in the grid sector expanded to 27,510 kilometers, up 22.23% year-on-year, with new transmission lines increasing by 62.12%, although investment completion in this area decreased by 4% [2]. Economic Efficiency - The economic efficiency sub-index is reported at 92.93, reflecting a year-on-year increase of 3.53 points and a quarter-on-quarter increase of 9.15 points. The total revenue of the power construction industry reached 281.718 billion yuan, down 1.07% year-on-year, while the total value of new contracts signed is approximately 490.781 billion yuan, a slight year-on-year decrease of 0.14% [2].

智通财经APP获悉，2月10日，中国电力建设企业协会发布2025年第四季度中国清洁能源建设景气指数 (CEPI)和中国电力建设发展指数(PCDI)。2025年第四季度中国清洁能源建设景气指数(CEPI)为108.242， 同比下降8.22点，环比下降2.96点，CEPI处于较景气区间。 截至2025年底，全国发电装机容量38.9亿千瓦，同比上升16.12%。其中清洁能源发电装机容量23.52亿 千瓦，占全国发电装机容量逾六成。2025年第四季度，全国新增发电装机容量17944万千瓦，同比下降 5.88%，环比上升144.44%。2025年第四季度清洁能源新增发电装机容量的基期增速放缓影响CEPI指数 出现下降。 根据CEPI预警走势图来看，自2025年第三季度回落至绿灯区后，2025年第四季度CEPI预警指数仍在绿 灯区运行。 2025年第四季度中国电力建设发展指数(PCDI)为93.29，同比下降1.29点，环比上升5.87点。组成PCDI的 四个分指数环比上升影响2025年第四季度PCDI环比上升。 截至到2025年底，清洁能源在建规模达到73518万千瓦，同比下降4.36%；2025年第四季度清洁能源投 ...

Core Insights - The demand for electric power towers in China is projected to reach 502.2 million tons by 2025, with maintenance and replacement demand at 100.5 million tons, leading to a total production increase to 638.8 million tons, indicating a positive supply-demand trend in the industry [8][9]. Electric Power Tower Industry Overview - Electric power towers are essential structures for supporting overhead transmission lines and maintaining safe distances between conductors and other objects. They are categorized by use (transmission, distribution, visual), structure (steel pipe, angle steel, concrete), voltage (ultra-high, high, medium, low), and form (straight, corner, terminal) [1][2]. Industry Development History - The electric power tower industry in China has evolved from using wood and cement to modern steel structures, with significant growth following the introduction of high-voltage lines and the first ultra-high voltage project in 2006, which enhanced equipment and technology levels [3]. Industry Policies - The industry is guided by clear policies covering planning, market cultivation, and technical standards. Key policies include the release of the T/EJCCCSE179-2025 standard for ultra-high voltage towers and initiatives to enhance the electricity service environment, which aim to promote high-quality development in the sector [4][5]. Industry Chain - The electric power tower industry chain consists of upstream raw materials (carbon steel, alloy steel, cables), midstream manufacturing (companies like Hongsheng Huayuan and Qingdao Dongfang Tower), and downstream demand from contractors and power companies driven by grid upgrades and new energy projects [6]. Current Industry Status - The supply-demand scale of electric power towers in China has shown significant fluctuations, with a notable increase in demand and production in 2020 due to the launch of ultra-high voltage projects. The market is expected to recover with the ongoing upgrades of old grids and new energy integration [7][8]. Market Size - The market size for electric power towers is driven by both new construction and maintenance needs, with projections indicating a total market size of 590.65 billion yuan by 2025, comprising 492.16 billion yuan from new projects and 98.49 billion yuan from maintenance [9][10]. Competitive Landscape - The electric power tower manufacturing industry exhibits a "low-end dispersed, high-end concentrated" competitive structure, with many small enterprises in the low-end market and a concentration of larger firms in the high-end market due to high barriers to entry [11]. Development Trends - The industry is transitioning towards smart monitoring and digital twin integration, with a focus on lightweight and green low-carbon materials. Innovations include the use of high-strength materials and environmentally friendly coating technologies to reduce carbon footprints and enhance operational efficiency [14].

Core Insights - The competition in the AI industry fundamentally revolves around the underlying infrastructure, including energy, chips, and data centers, as highlighted by Huang Renxun's "five-layer cake" theory [2] - Elon Musk emphasized that the core bottleneck for AI applications is energy supply, noting that while AI chip production is rapidly increasing, global electricity supply is only growing at about 4% annually, leading to a potential mismatch between chip capacity and power availability [2] - China is positioned as an "exception" in this context due to its rapid growth in electricity production and capacity, which is critical for supporting its AI and technology sectors [2][3] Energy Consumption and Production - By 2025, China's annual electricity consumption is projected to exceed 10 trillion kilowatt-hours, accounting for 36.4% of the global total, which is 2.5 times that of the United States and 3.2 times that of the European Union [4] - In 2024, China's total electricity generation surpassed 10 trillion kilowatt-hours, with a global share exceeding 32% [5] - The "double ten trillion" milestone signifies China's significant lead in both electricity consumption and generation, achieved through nearly 80 years of continuous investment in power infrastructure [6] Infrastructure Development - China's extensive investment in hydropower, wind, and solar energy has established it as a global leader in electricity generation, with numerous large-scale projects across various regions [6][7] - The construction of major hydropower stations, such as those along the Yellow River and Yangtze River, showcases China's engineering capabilities and commitment to energy development [10][12] - The development of a vast high-voltage transmission network has enabled efficient electricity distribution across the country, supporting both regional and national energy needs [39][42] Renewable Energy Leadership - By 2025, China's wind power capacity is expected to reach 550 million kilowatts, representing 45% of the global total, while solar power capacity will reach 1.16 billion kilowatts, accounting for approximately 48% of the global market [21][22] - In 2024, China's wind and solar power generation combined was 2.5 times that of the United States, highlighting its dominance in renewable energy production [21] - China's complete supply chain for wind and solar energy, from manufacturing to installation, positions it as a global leader in these sectors [22] Nuclear Energy Development - China's nuclear energy program has evolved significantly since its inception, with advancements in third and fourth-generation nuclear technologies, positioning the country as a leader in nuclear power [28][30] - By 2025, China is expected to have 59 operational nuclear reactors, with a total capacity of 62.48 million kilowatts, representing 14.7% of the global total [31] - The development of advanced nuclear technologies is crucial for China's energy security and its strategic position in global energy markets [28][30] Strategic Energy Initiatives - The "West-to-East Power Transmission" project is a monumental initiative aimed at transferring electricity from resource-rich western regions to the eastern economic centers, with a total investment exceeding 1.2 trillion yuan [42][44] - This project has established a comprehensive energy network that supports China's transition to a cleaner, low-carbon energy system, aligning with its long-term sustainability goals [44] - The integration of advanced technologies in energy production and distribution reflects China's commitment to maintaining its competitive edge in the global energy landscape [45][46]

Major Events - Genting New Year (01952) subsidiary signed an agreement with Macao to commercialize MT1013 in Greater China and other Asian markets [1] - Junshi Biosciences (02696) entered into a licensing agreement with Eisai for Hansizhuang® to treat tumor indications [1] - Meituan-W (03690) plans to acquire all issued shares of Dingdong Fresh Holding Limited [1] - China Power (02380) subsidiary Xinyuan Zhichu signed a procurement contract for BESS with Tori [1] - Aimee Vaccine (06660) successfully passed the registration site inspection for its globally self-researched serum-free rabies vaccine [1] Operating Performance - NIO-SW (09866) issued a profit warning, expecting adjusted operating profit of 700 million to 1.2 billion yuan in Q4 2025, turning from loss to profit year-on-year [1] - Saint Bella (02508) issued a profit warning, expecting adjusted net profit of no less than 120 million yuan for 2025, a year-on-year increase of no less than 183% [1] - Geek+ (02590) achieved orders of 4.137 billion yuan in 2025, a year-on-year growth of approximately 31.7% [1] - China Overseas Development (00688) achieved contract property sales of approximately 14.478 billion yuan in January, a year-on-year increase of 20.4% [1] - Swire Properties (01972) reported a rental rate of 96% for Swire Plaza in Q4, with rents down by 13% [1] - Greentown China (03900) reported total contract sales of approximately 9.7 billion yuan in January, a year-on-year decrease of 14.16% [1]