Investment Rating - The report maintains an "Overweight" rating for the virtual power plant sector within the power equipment and new energy industry [2] Core Insights - Virtual power plants are advancing towards market-oriented development, leveraging modern information communication and system integration technologies to aggregate distributed energy resources [6][14] - The Chinese government has issued guidelines to accelerate the development of virtual power plants, aiming for a national regulation capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030 [35][57] - The market for virtual power plants is expected to expand significantly, with various business models emerging as the sector matures [38] Summary by Sections 1. Virtual Power Plants as a New Smart Grid Control Technology - Virtual power plants are defined as organizations that optimize power systems and participate in market transactions by aggregating distributed energy resources [14] - The development of virtual power plants is supported by national policies, which encourage innovation in business models and services [36][38] 2. Market Space and Development of Virtual Power Plants - The virtual power plant industry has a broad market space and is expected to accelerate towards large-scale development [6][35] - By 2027, the operational management mechanism for virtual power plants is expected to be mature and standardized, with a robust market participation mechanism [35][57] 3. Investment Strategies and Key Companies - The report suggests focusing on companies with strong distributed resource capabilities and advantages in power information technology, such as Guodian NARI (国电南瑞), Nanfang Energy (南网能源), and Dongfang Electronics (东方电子) [58][59][61] - Guodian NARI is noted for its comprehensive solutions covering various trading types and user scales, having established virtual power plant operational service platforms for multiple provincial power companies [58] - Nanfang Energy has a strong customer base and is actively participating in market-oriented power trading and auxiliary services through its virtual power plant initiatives [59] - Dongfang Electronics leverages its extensive experience in the energy sector to develop a full industry chain for virtual power plant construction and operation, focusing on advanced technologies [61]

网内外业务齐拓展，持续推进 SST 布局 四方股份(601126) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | 本报告导读： 公司是国内极少数能够提供数据中心交直流配电系统一二次关键设备及全套解决方 案的企业。针对 AIDC 特殊需求，公司加紧与客户建立深度合作关系。 投资要点： [Table_Summary] 盈利预测与投资评级。预计 2025-2027 年，公司归母净利润 8.43 亿 元、9.94 亿元、11.72 亿元，增速为 17.8%、17.9%、17.9%。对应 EPS 1.01 元、1.19 元、1.41 元。结合公司市场地位，以及同业估值，给 予公司 2026 年 40 倍 PE，目标价 47.6 元，维持"增持"评级。 网内、网外业务齐拓展： （1）主网业务：受益于二次设备招标规模的带动，公司中标规模明 显高于预期。 （2）配网业务：公司积极推进一二次融合、综合能源管理等技术和 产 ...

Group 1 - The A-share market showed mixed results on February 10, with the Shanghai Composite Index rising by 0.13%, the Shenzhen Component Index increasing by 0.02%, while the ChiNext Index fell by 0.37% [1] - The electric grid equipment sector performed strongly, with the electric grid equipment ETF (159326) closing up by 0.95% and a total trading volume of 884 million yuan [1] - Key stocks in the sector included Hengtong Optic-Electric, which rose by 7.29%, and Sifang Co., which increased by 5.37% [1] Group 2 - The demand for electricity in data centers has surged due to the explosion of AI computing power, leading to a critical shortage of high-performance transformers [1] - According to Guojin Securities, transformer exports have remained high, with power transformer exports reaching 5.5 billion USD from January to November 2025, a year-on-year increase of 49%, while distribution transformer exports were 2.5 billion USD, up by 13% [1] - The higher growth rate of power transformers is attributed to their greater technical difficulty and longer production expansion cycles [1] Group 3 - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, and distribution equipment [2] - The smart grid sector has a weight of 90%, and the ultra-high voltage sector has a weight of 67%, both being the highest in the market [2] - Leading companies in the sector include Tebian Electric Apparatus, China XD Electric, and others, which are significant players in the export market [2]

Group 1 - The A-share market showed mixed performance on February 10, with the ChiNext index experiencing a slight pullback while the power grid equipment sector performed strongly [1] - The only power grid equipment ETF (159326) rose by 1.06%, with a trading volume of 837 million yuan, and leading stocks included Hengtong Optic-Electric, Sifang Co., Zhongtian Technology, and others [1] - Domestic investment in power grids is increasing, with the State Grid's "14th Five-Year" fixed asset investment plan reaching 4 trillion yuan, a 40% increase from the previous plan, coinciding with a global surge in AI computing power and data center electricity demand [1] Group 2 - The power grid equipment ETF (159326) has become a core tool for investing in the sector, with its latest scale exceeding 17.5 billion yuan, having tripled this year and attracting over 12.4 billion yuan in capital [2] - The ETF's constituent stocks cover key areas such as transmission and transformation equipment and grid automation, with the highest weightings in smart grids and ultra-high voltage [2] - This ETF allows investors to effectively manage individual stock volatility risks while capturing the high prosperity dividends of the sector [2]

Core Viewpoint - The State Council's recent meetings emphasize the need to stabilize and promote effective investment in 2026, focusing on innovative policy measures and significant projects in key sectors to support economic growth [1][2]. Investment Tools - The State Council has outlined several investment tools for 2026, including central budget investments, ultra-long-term special bonds, local government special bonds, and new policy financial instruments, with a focus on enhancing their effectiveness [2][3]. Investment Scale and Trends - In 2025, China's fixed asset investment was 48.5 trillion yuan, a decrease of 3.8% year-on-year. The government aims to reverse this trend in 2026, with expectations for more investment stabilization policies to be implemented [1][3]. Major Projects Planning - The State Council plans to initiate significant projects in infrastructure, urban renewal, public services, and emerging industries, aligning with long-term development needs and competitive advantages [1][7]. Role of State-Owned Enterprises and Private Investment - The government aims to leverage state-owned enterprises to expand investment and support private investment development, recognizing the importance of private sector confidence in driving overall investment [10][12]. Economic Growth Potential - Despite a decline in private investment by 6.4% in 2025, there remains substantial potential for growth in investment, particularly in infrastructure and technology sectors, as the government seeks to enhance the investment environment [12][8].

行业观点概要 ■ 本周（20260202-20260206）板块行情 电力设备与新能源板块：本周上涨2.20%，涨跌幅排名第3，强于上证指数。本周锂电池指数涨幅最大，工控自动化指数跌幅最大。锂电池指数上涨 4.47%，太阳能指数上涨3.43%，储能指数上涨0.49%，风力发电指数上涨0.31%，新能源汽车指数下跌0.18%，核电指数下跌0.31%，工控自动化指数下跌 1.69%。 ■ 新能源车：1月新势力销量公布，固态电池大会召开 2026年1月，整体车市表现略显疲软，但多数车企实现同比正增长。极氪汽车1月交付23,852辆，同比激增99.7%。蔚来汽车1月交付27,182辆，同比 +96.1%。小米汽车1月交付超39,000辆，同比+70.3%。此外，比亚迪依然保持市场领先地位，1月交付210,051辆。整体来看，各大主流车企交付量呈现增 长态势，新能源车市场的强劲势头延续，各势力竞争激烈。2月7-8号，中国全固态产学研协同创新平台召开第三届中国全固态电池创新发展高峰论坛，围 绕关键材料、电芯创新、工艺装备、AI全链条赋能以及知识产权展开讨论。 ■ 新能源发电："十五五"全球光伏装机市场预计保持高增长 光伏 ...

许昌市委网信办在此提醒广大网民，特别是学生和家长，切勿轻信所谓"包入学、包专业、包分配"等网 络信息。如需了解高校招生、毕业、就业相关政策，请务必通过官方渠道进行咨询、确认。 央视网消息：据"网信许昌"公众号消息，近日，某平台账号发布信息称"许昌职业技术学院专科里 的985，毕业可分配铁饭碗：胖东来、国家电网、中核集团"。经向许昌职业技术学院核实，学校不存在 包分配的情况，网传信息为谣言。 目前，相关视频已删除，公安机关已依法对账号持有人予以批评教育。 ...

Group 1 - The A-share market experienced a strong rebound on February 9, with AI-related concepts collectively rising due to a surge in electricity demand from data centers [1] - The only ETF tracking the power grid equipment sector (159326) saw a gain of 2.87% and a trading volume of 848 million yuan, with leading stocks including Hangzhou Electric, Siyuan Electric, and Zhongtian Technology [1] - The power grid equipment ETF has attracted over 12.6 billion yuan in funds this year, reaching a total size of 17.189 billion yuan, making it the largest power-related ETF in the market [1] Group 2 - The power grid equipment ETF (159326) tracks the China Securities Power Grid Equipment Theme Index, with a strong representation in the sectors of power transmission and transformation equipment, grid automation equipment, and distribution equipment [2] - The smart grid sector has a weight of 90%, and the ultra-high voltage sector has a weight of 67%, both of which are the highest in the market [2] - The ETF includes leading companies such as TBEA, China XD Electric, and Siyuan Electric, which are prominent players in the industry [2]

Group 1 - The A-share market saw a collective rise in its three major indices, with the electric grid equipment sector experiencing significant gains, particularly the electric grid equipment ETF (159326), which rose by 2.18% and achieved a trading volume of 6.41 billion yuan [1] - The electric grid equipment ETF has recorded a net inflow of over 4.6 billion yuan in the past two days, with its scale increasing more than 3.4 times this year, reaching 171.89 billion yuan, making it the largest electric grid-related ETF in the market [1] - The approval of the major electric grid project for the "Montenegro to Shanghai" crossing by the National Development and Reform Commission marks a strong start for the "14th Five-Year Plan" in electric grid construction [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, and distribution equipment [2] - The smart grid has a high weight of 90% in the index, while ultra-high voltage equipment accounts for 67%, both being the highest in the market [2] - The ETF includes leading companies such as TBEA, China XD Electric, and others, which are positioned for international expansion [2]

智通财经APP获悉，华源证券发布研报称，风电设备整机盈利能力有望持续提升，国内企业加速出海。 国内风电招标量维持高位，招标价格呈上升趋势，该行判断2026年整机成本端或仍有改善趋势，风机盈 利能力有望恢复。此外我国风机企业成本优势明显，出口加速，国内外共振下风电整机有望迎来投资机 遇。 (1)特高压：历史上特高压建设节奏与电力供需变化有关。"十四五"后期我国电力供需形式趋于缓和， 特高压建设也随之放缓。但"十五五"我国电改全面铺开，绿电需求有望上升，特高压作为新能源输送和 消纳的核心环节之一，建设有望重新提速，此外新输配电价定价机制允许特高压直流采用容量电价，有 望进一步提高建设积极性;(2)配电网："十四五"投资占比持续位于低位，有望成为"十五五"建设重 点。"十四五"期间配电网的投资比例持续下降，但最高用电负荷增长较快，导致配网容载比持续下降， 供电可靠性受到挑战。但绿电直连项目采用容量电价政策同时利好用户和电网公司，加上最新一批配网 招标价格回升，2026年配网设备有望迎量价齐升。建议关注：许继电气、国电南瑞、平高电气、中国西 电等。 电力设备出海：算力投资不断上调，美国电力供需显著不足 OpenAI已 ...