○寒潮致国家电网负荷承压产业链景气度持续提升 今日提示 ·国新办1月22日就加快农业农村现代化，扎实推进乡村全面振兴有关情况举行新闻发布会。 ·上海外滩数据智能科技创新论坛1月22日举行。 ·1月22日，1793亿元7天期逆回购到期。 上证精选 ·日前，住房城乡建设部党组书记、部长倪虹表示，我国新型城镇化仍在持续推进，城市存量优化调整 也有广阔空间，人民群众对高品质住房充满期待，房地产高质量发展仍有较大潜力。房地产是不动产， 房地产市场是以城市为单元的市场，城市政府应当充分用好调控自主权。下一步，将继续坚持因城施 策、精准施策、一城一策，控增量、去库存、优供给，发挥好房地产融资"白名单"制度作用，支持房企 合理融资需求，支持居民刚性和改善性住房需求，推动房地产市场平稳运行。 ·财政部、税务总局、中国证监会1月21日对外发布公告称，延续实施创新企业境内发行存托凭证（以下 称创新企业CDR）试点阶段有关税收政策。公告称，自2026年1月1日至2027年12月31日，对个人投资 者转让创新企业CDR取得的差价所得，暂免征收个人所得税。自2026年1月1日至2027年12月31日，对 个人投资者持有创新企业CDR取得 ...

行情的演绎非常稳定，这个稳定不仅表现在大盘指数，还表现多条主线稳健推进。 以上光力科技，半导体设备股，当前刚从一阶段切换到二阶段，其技术特征和精测电子启动时很相似，基底量价结构和领涨股金海 通很相似。牛股不止一只，不要为错过的扼腕叹息，也不要贪多嚼不烂，好的东西本来就是稀缺的，要看得明白，懂得珍惜。 电网是不是不行了？不要以单日涨跌看死或者看欢。要看量价结构，尤其是领涨股的行为，领涨股稳定的内核将持续鼓励板块的人 气。威科夫的精髓是量价行为演绎法，不是其技术有多精巧，不是套用某一种固定的量价模式，而是望闻问切，由表及里。 如上图，思源电气两日回调精确踏住持股线，以其一贯的表现，决不轻易击穿持股线，这是强势领涨的基本内核，后面从底部刚突 破上来的平高和许继等，大致会效仿这一行为，传承这一基因。 历史牛股是最好的教科书，而当下的牛股正在按相似的步调行进， 这是因为人性不变 。它们的基本特征是：上涨清晰明了，调整结 构紧凑，反复突破平台上行。 发现没有，平均股价指数这个窄幅横盘，总能在持股线神奇地获得支撑，根据毒股三式的内核精神，这是一种强势看涨中继。 今天半导体和贵金属延续高潮，领涨股稳中有升，后起个股不断奋起。 ...

Group 1 - The State Grid has experienced a significant increase in electricity demand due to a widespread cold wave, with maximum load reaching 1.168 billion kilowatts, a 12.2% increase from last year's peak of 1.041 billion kilowatts [1] - The State Grid has set a record for winter electricity load eight times this winter, with regions such as North China, Northeast China, and Northwest China achieving historical highs [1] - The State Grid is leveraging its ultra-high voltage grid's resource allocation advantages to ensure stable electricity supply, maintaining a maximum cross-regional power transmission of around 120 million kilowatts [1] Group 2 - First Capital Securities highlights that the State Grid's investment during the 14th Five-Year Plan will focus on building a new power system to support an annual increase of approximately 20 million kilowatts in renewable energy capacity [2] - The expected R&D expenditure of the State Grid during the 14th Five-Year Plan is over 240 billion yuan, with digital technology deeply integrated into all aspects of grid planning, construction, operation, and service [2] - The outlook for the domestic power industry, including ultra-high voltage, high-voltage main networks, distribution networks, smart grid equipment, and energy storage, is expected to continue improving [2] Group 3 - Southern Power Grid focuses on pumped storage, peak regulation hydropower, and the development, investment, construction, and operation of new energy storage businesses [3] - XJ Electric is recognized as a leading international company with capabilities in ultra-high voltage direct current transmission and flexible direct current transmission equipment solutions [3]

证券之星消息，1月21日，深证国企ESG（970055）指数报收于1493.87点，涨0.68%，成交506.41亿元， 换手率1.75%。当日该指数成份股中，上涨的有20家，中钨高新以10.0%的涨幅领涨，下跌的有29家， 许继电气以3.25%的跌幅领跌。 深证国企ESG（970055）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，深证国企ESG（970055）指数成份股当日主力资金净流入合计2.65亿元，游资资金净流 出合计5.32亿元，散户资金净流入合计2.67亿元。成份股资金流向详情见下表： ...

Core Viewpoint - The company, Guoli Electronics, is actively involved in the power grid construction sector, particularly in the context of the State Grid's significant investment plans during the 14th Five-Year Plan period, which amounts to 4 trillion yuan [1] Group 1: Company Products and Applications - Guoli Electronics' products, including vacuum circuit breakers and vacuum switch tubes, are widely used in flexible direct current transmission and distribution [1] - The company has established partnerships with notable clients such as Rongxin Huike, TBEA, and XJ Electric, indicating a strong presence in the power equipment sector [1] Group 2: Market Expansion - With the acceleration of the new power system construction in China, Guoli Electronics plans to continue expanding its market presence for related products [1]

Summary of Conference Call on Power Equipment Industry Industry Overview - The National Grid's overall investment during the 14th Five-Year Plan (2021-2025) is expected to have a compound annual growth rate (CAGR) of 5.5% to 6% during the 15th Five-Year Plan (2026-2030), with potential dynamic adjustments [1][4] - Total investment is projected to be at least 450 billion to 500 billion yuan, including at least 16 DC and approximately 20 AC lines [1][4] - The investment growth rate for the main grid is expected to outpace that of the distribution network, with a significant acceleration in ultra-high voltage (UHV) construction [1][4] Key Investment Areas - **Main Grid Investment**: - Expected to increase from 45% in 2025 to 47%-48% in 2026, with UHV investment growth exceeding 10% [2] - Non-UHV main grid investment is also anticipated to grow rapidly [2] - **Distribution Network Investment**: - Focused on three main areas: 1. Upgrading old equipment, including transformers and switches 2. Enhancing reliability, particularly in rural and urban areas 3. Increasing capacity for distributed photovoltaic systems through transformer upgrades [5][6] Specific Projects and Developments - In 2026, several new UHV projects are set to begin construction, including those in Sichuan and other regions [4] - The investment in secondary equipment for the distribution network is critical, with less than 15% coverage of smart terminals in rural areas, necessitating significant investment in metering, communication, and monitoring equipment [3][8] Notable Companies and Growth Potential - **Main Grid Companies**: - Key players include Pinggao Electric, XJ Electric, China XD Electric, Guodian NARI, TBEA, and Sifang Electric, all of which have significant advantages in UHV technology [3][9] - Expected profit growth rates for 2026: - Pinggao Electric: 20% due to strong orders for 1,000 kV equipment [9][10] - XJ Electric: 15% with a doubling of revenue from UHV projects [9][10] - China XD Electric: 15% with successful bids for major projects [9][10] - Guodian NARI: 10% with new core components contributing to performance [9][10] - TBEA: Close to 20% growth due to breakthroughs in the National Grid sector [9][10] - Sifang Electric: 45% growth expected due to increased market share [9][10] - **Distribution Network Companies**: - Recommended companies include Samsung Medical and Oriental Electronics, with Samsung being a leader in distribution and Oriental focusing on digitalization [3][9] Investment Opportunities and Risks - The distribution network presents substantial investment opportunities, particularly in the latter half of the 15th Five-Year Plan, with a need for structural improvements in weak supply networks [8] - Companies with technological advantages and comprehensive solutions are expected to benefit from the increasing investment in the grid [7] Conclusion - The power equipment industry is poised for significant growth driven by government investment in both the main and distribution networks, with specific companies positioned to capitalize on these trends through their technological capabilities and market strategies [4][9]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the electric power industry, specifically the initiatives and investments by the State Grid Corporation of China (SGCC) to enhance the electric grid infrastructure and support renewable energy projects [1][2]. Core Insights and Arguments - **Investment Plans**: In 2026, SGCC plans to invest 4 trillion yuan in fixed assets, a significant increase from 2.85 trillion yuan during the previous five-year period, marking a new phase of high-intensity construction aimed at building a new power system to adapt to renewable energy and carbon neutrality goals [2]. - **Strengthening the Grid Platform**: SGCC aims to enhance the grid platform by focusing on UHV (Ultra High Voltage) construction to support the development of wind and solar resources in the western regions and hydropower projects in the southwest. Key equipment such as transformers, GIS (Gas Insulated Switchgear), and converters will see increased demand, benefiting companies like Pinggao Electric, China XD Electric, and XJ Electric [1][4]. - **Improving Regulation Capabilities**: SGCC is investing in virtual power plants, energy storage technologies, and digital upgrades of distribution networks, with a focus on smart terminals and automated distribution systems. Companies like Dongfang Electronics and Sifang Co. are expected to benefit from these investments [1][5]. - **Technological Empowerment**: The company is actively investing in technologies such as drone inspections and AI applications to enhance operational capabilities. Companies like Dongfang Electronics and Sifang Co. are positioned to benefit from these technological advancements [1][6][7]. - **Electric IT and Software Development**: A robust software platform is essential for digital transformation in areas like scheduling, marketing, and asset management. Companies like State Grid Information and Yuanguang Software are expected to benefit from these developments [1][8]. Additional Important Insights - **Global Market Opportunities**: There is a strong demand for electric equipment globally, particularly in North America and Southeast Asia, which presents significant growth opportunities for Chinese companies. The focus should be on capturing new cyclical development opportunities in these markets [3][9]. - **Space Photovoltaics Investment Logic**: The investment logic in space photovoltaics includes reduced launch costs due to commercial space advancements, increased power output per satellite, and the application of new technologies. Companies like Junda and Dongfang Risheng are leading in this field [3][10][11]. - **AIDC Power Trends**: The tightening of power supply in North America has led to increased electricity prices, driven by the demand from data centers. This trend is expected to continue, providing growth opportunities for Chinese power supply companies entering the North American market [3][12]. - **Investment Themes**: Current market themes include space photovoltaics, AIDC power, and solid-state batteries, which have clear long-term demand and investment value. The recent electric grid investment plans are likely to boost related equipment markets in the short term [3][13].

Group 1 - The core investment plan of the State Grid for the "14th Five-Year Plan" period is set at 4 trillion yuan, representing a significant increase of 40% compared to the previous plan, establishing a high-growth outlook for domestic grid construction [1] - The investment plan indicates an implied annual compound growth rate (CAGR) of approximately 7% from a baseline of 650 billion yuan in 2025, consistent with the previous plan's growth rate of 7.1%, suggesting a shift from stabilizing growth to accelerating the construction of a new power system [1][2] - The demand for high-voltage direct current (HVDC) and alternating current (AC) projects is at a high level, with core equipment manufacturers expected to benefit significantly from this trend [2] Group 2 - The joint guidance from the National Development and Reform Commission and the National Energy Administration emphasizes proactive grid investment, providing clear top-level design and policy support for the industry's long-term development [2] - AI data centers are becoming a new variable driving global grid investment, with their high power and reliability requirements exacerbating the electricity shortage in North America and creating new demand for supporting power equipment [2] - Domestic companies have strong cost and delivery advantages in transformers, switches, and smart meters, positioning them to capture a larger share of the overseas grid investment cycle [3]

重点要闻 同花顺2025年净利同比预增50%-80%，各项业务较快增长 | 项目 | 本报告期 | 上年 | | --- | --- | --- | | 归属于上市公司股东的 | 盈利: 273,490.01 万元 - 328, 188.01 万元 | 盈利:182,32 | | 净利润 | 比上年同期增长:50%-80% | | | 扣除非经常性损益后的 | 盈利: 264,734.45 万元 -317,681.33 万元 | 盈利:176,48 | | 净利润 | 比上年同期增长:50%-80% | | 同花顺(300033.SZ)发布2025年度业绩预告，预计归属于上市公司股东的净利润为27.35亿元–32.82亿元，比上年同期增长50%-80%。 业绩变动主要由于公司加大人工智能等领域的投入力度，推进产品与大模型技术融合创新，优化核心产品竞争力与用户体验，公司各项业务取得了较快增 长；同时，国内资本市场活跃度持续回升，投资者信心修复，市场交投活跃度明显提升，投资者对金融信息服务需求增强；另外，由于同花顺网站与APP用 户活跃度提升，公司大力拓展生活、消费、科技类客户，同时证券、基金等金融客户需求有所增 ...

李俊涛辞去许继电气股份有限公司（以下简称"许继电气"）董事长、董事及董事会专门委员会相关职务。 1月20日，许继电气发布公告称，公司董事会近日收到李俊涛提交的书面辞职报告， 因工作调动，李俊涛提出辞去公司董事长、董事及 董事会专门委员会相关职务（其原定任期至公司第九届董事会届满之日止） 。辞去以上职务后，李俊涛不再担任公司任何职务。辞职 报告自送达公司董事会之日起生效。李俊涛辞职不会影响公司正常生产经营和管理。 鉴于公司董事长李俊涛提出辞职申请，根据《公司法》《公司章程》等相关规定，经公司控股股东中国电气装备集团有限公司推荐并经 公司董事会提名委员会审查，公司董事会同意提名季侃为公司第九届董事会非独立董事候选人，任期至本届董事会届满。 证券代码:000400 一、董事长辞职情况 许继电气股份有限公司(以下简称"公司")董事会近日收到李俊涛先生提 交的书面辞职报告,因工作调动,李俊涛先生提出辞去公司董事长、董事及董事 会专门委员会相关职务(其原定任期至公司第九届董事会届满之日止）。辞去以 上职务后,李俊涛先生不再担任公司任何职务。 截止本公告日,李俊涛先生未持有公司股份,根据《公司法》及《公司章程》 等有关规定 ...