证券研究报告 | 2026年03月03日 | 晨会纪要 | | --- | | 数据日期:2026-03-02 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4182.59 | 14465.78 | 4728.66 | 15802.18 | 4174.69 | 1464.77 | | 涨跌幅度（%） | 0.47 | -0.20 | 0.38 | -0.56 | -1.32 | -1.56 | | 成交金额（亿元） | 13458.92 | 16748.26 | 7526.81 | 5980.02 | 7384.02 | 793.48 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ ($\frac{\pi}{10}$) 宏观与策略 宏观专题:从价格（结构）的确定性看股债变化-2026 年一季度经济与市 场展望 固定收益专题研究:【资金晴雨表・月度观察】3 月利率展 ...

国信电新观点：1）菲律宾 3.3GW 的明确需求为中国具备成熟海上风电技术的企业提供了可观的海外增量 市场。2）海上风电项目资本密集度高，中国央企及头部民企可凭借强大的全产业链整合能力，通过"技 术+资本+建设"的一体化方案参与竞争。3）作为国内海缆领域的龙头企业，东方电缆在 2025 第四季度中 标总金额约 19 亿元的亚洲区域海洋能源互联超高压海缆及施工敷设 EPCI 总包项目，未来有望受益于亚太 市场海风项目放量，进一步推动公司的国际化战略。4）维持公司 2025-2027 年盈利预测 15.6/20.2/23.7 亿元，同比+54.8%/+29.4%/ +17.4%，对应 PE 为 26.1/20.2/17.2x，维持"优于大市"评级。 风险提示：国内外海风开发进度不及预期；行业竞争加剧；公司出海进度不及预期。 评论： 菲律宾能源部（DOE）开始接受第五轮绿色能源拍卖（GEA-5）的合格开发商报名申请 2025 年 6 月，菲律宾能源部（DOE）正式宣布启动第五轮绿色能源拍卖（GEA-5）。2026 年 3 月 2 日，菲 律宾能源部开始接受合格开发商报名申请。本轮拍卖核心聚焦于 3.3GW 的固定式 ...

2026 年 03 月 02 日 行业展望 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 展望（第 1 期 20260208-20260228）：重视上游的弹 性，AI+新能源持续带动装备需求 ◼ 走势比较 ◼ 子行业评级 电站设备Ⅱ 无评级 电气设备 无评级 (20%) (6%) 8% 22% 36% 50% 25/3/3 25/5/14 25/7/25 25/10/5 25/12/16 26/2/26 电力设备及新能源 沪深300 | 电站设备Ⅱ | 无评级 | | --- | --- | | 电气设备 | 无评级 | | 电源设备 | 无评级 | | 新 能 源 动 力 | 无评级 | | 系统 | | ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 42 期 20260201-20260207）：重 视主产业链布局，重视固态电池、太 空光伏等主题>>--2026-02-08 <<【太平洋新能源】新能源+AI 周报 （第 41 期 20260125-20260131）：重 视中下游龙头机会>>--2026-02-02 <<【太平洋新能源】新能源+AI 周报 ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 缺电带来电网 Supercycle，户储景气向好 2026 年 03 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 2025/3/3 2025/7/1 2025/10/29 2026/2/26 电力设备 沪深300 相关研究 《锂电储能旺季可期，人形和 AIDC 加速进化》 2026-02-23 《锂电淡季尾声旺季可期，太空光伏 星辰大海》 2026-02-09 东吴证券研究所 1 / 49 请务必阅读正文之后的免责声明部分 ◼ 电气设备 11053 上涨 1.89%，表现弱于大盘。（本周，2 月 23 日-2 月 27 日，下同），发电设备涨 8.29%， 风电涨 8.24%，核电涨 7.21 ...

亨通光电形成光通信、智能电网、海洋业务与工业智能综合布局，收入 稳定增长，但利润受光通信业务下滑影响，后续增长依赖海洋业务驱动。 2025 年收入占比智能电网和半导体较高，利润贡献主要来自海洋电力 和海洋通信，海洋电力占比超 30%。 全球光纤光缆需求结构变化显著，数据中心和无人机光纤需求激增，预 计 2025 年合计占比达 20%，2026 年或超 25%。美国数据中心光纤需 求占比接近 30%。本轮结构性变化主要由无人机和 AI 驱动的数据中心 需求拉动。 光缆零售价格自 2025 年下半年企稳上涨，2026 年初实现翻倍增长， 当前已超 50 元/芯公里。主要原因是数据中心和无人机光纤需求挤压供 给，头部厂商稼动率已满。海外厂商产能排期已到 2027 年，国内稼动 率达 90%。 光纤光缆产业利润主要集中在光棒环节，利润集中度可超 70%，甚至达 80%-90%。评估利润弹性关键在于头部厂商的光棒产能，亨通光电光 棒产能位列前三，采用有机硅路线，成本较四氯化硅材料有优势，毛利 率可提升近 5 个百分点。 Q&A 亨通光电的发展历程、业务布局与当前收入及利润结构是怎样的？ 亨通光电 1993 年成立，20 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 电力设备 储能：2026 年 1 月国内储能 EPC 中标规模 4.92GW/12.42GWh。2026 年 1 月国内储能 EPC 中标项目共 25 个，总装机规模达 4916.5MW/12420.28MWh，项目单体平均规模为 196.7MW/496.8MWh，较 2025 年同期提升超 30%。2025 年国内新型储能新增装机 59GW/175GWh，2h 储能系统价格 0.55 元/wh，预计 2026 年碳酸锂价格上涨推动储能均价 上行。建议关注方向：建议关注国内外增速确定性高的大储方向，关注阳光电源、阿特斯、 海博思创、上能电气、科华数据、三晖电气、东方日升。 新能源车：2 月 27 日，鑫椤锂电公布 3 月锂电预排产数据。其中，国内电池样本企业 3 月 排产 149.59GWh，环比+21.93%；海外电池样本企业 22.4GWh，环比+11.27%；正极为 19.47 万吨，环比+23.3%；负极为 16.3 万吨，环比+16.42%；隔膜为 18.95 亿平，环比 +8.7%；电解液为 10.75 万吨， ...

Company and Industry Summary Company: 大金重工 (Dajin Heavy Industry) Key Points 1. **Valuation Perspective**: Despite a recent increase in stock price, the valuation of 大金重工 remains comparable to domestic competitors like 海力风电 (Haili Wind Power) and 东方电缆 (Oriental Cable), which is deemed unreasonable as they are valued at 25-30X [1][1][1] 2. **High Barrier Business Model**: 大金重工 operates a unique business model that extends beyond manufacturing to include services such as shipping logistics and system services. This "京东模式" (JD model) in offshore wind represents a manufacturing upgrade that adds significant value and enhances global competitiveness [1][1][1] 3. **Market Pricing Challenges**: The absence of comparable global benchmarks may lead to difficulties in accurately pricing 大金重工's unique business model in the market. Future financial performance is expected to improve market expectations [1][1][1] 4. **Shipping Logistics System**: The establishment of a proprietary ocean shipping logistics system is a high-barrier asset that is anticipated to significantly enhance the company's global competitiveness. This system is expected to contribute positively to financial statements beyond current expectations [2][2][2] 5. **Customer Willingness to Pay**: Insights from clients indicate that the proprietary transportation model offers significant convenience, leading customers to be willing to pay a premium. This competitive advantage is expected to become more pronounced as no other companies currently offer a similar model [2][2][2] 6. **Expansion into Port Services**: In addition to logistics, 大金重工 is also expanding into port services, which will further bolster its global competitiveness [1][1][1] 7. **Floating Wind Projects**: The company is focusing on securing orders for floating wind projects in 2026. Concerns about the commercialization of floating wind technology have led to a lack of market pricing for this segment [2][2][2] 8. **Economic Viability of Floating Projects**: Although floating wind projects have not yet achieved economic viability based on market electricity prices, countries like the UK have independent pricing mechanisms that make these projects economically feasible. Successful auctions for floating projects in the UK (AR6, AR7) support this [2][2][2] 9. **GreenVolt Project Participation**: 大金重工 is actively participating in the GreenVolt floating wind project in the UK, with an estimated order size of 70,000 tons, which could yield approximately 600 million in profit based on a net profit of 8,000 yuan per ton [2][2][2] 10. **Future Growth Potential**: The performance and order fulfillment of the shipping and floating wind business are expected to gradually materialize by 2026, presenting a significant upside potential for the company, with projections suggesting a market value growth of nearly 200% [3][3][3]

2026年以来，我国深海科技领域捷报频传，发展势头强劲。期间，多家上市公司披露业绩预增公告，同时在战略合作、产能 扩张、应用场景拓展等方面动作不断，为行业发展注入强劲动能。 在业内人士看来，当前我国深海科技产业正从政策驱动迈向市场与技术双轮驱动的发展新阶段，在深海资源勘探开发、海洋 装备高端制造等领域的价值持续凸显。 海兰信（300065.SZ）预计2025年归母净利润为4000万元至6000万元，同比增幅达387.47%至631.2%。对于业绩大幅增长，该 公司表示，主要得益于公司持续落实"精品战略"，通过提升自主产品占比、优化采购策略，有效推动毛利率提升。同时，该 公司在海底数据中心领域的先发优势，构建了核心技术壁垒，三亚崖州湾项目的成功中标，进一步巩固了其在海洋观探测领 域的行业影响力。 整体来看，随着技术成熟与需求释放，深海科技产业正进入"订单落地、产能释放、生态完善"的良性循环。 大金重工（002487.SZ）预计同期归母净利润达10.5亿元至12亿元，同比增幅121.58%至153.23%，大金重工表示，公司在海外 海上风电市场交付项目的数量和金额均实现快速增长，更高的产品建造标准带来更高的附加值 ...

Group 1 - The core point of the news is that Dongfang Cable's stock price increased by 5.18% to 60.76 CNY per share, with a trading volume of 731 million CNY and a turnover rate of 1.80%, resulting in a total market capitalization of 41.786 billion CNY [1] - Dongfang Cable, established on October 22, 1998, and listed on October 15, 2014, specializes in the research, production, sales, and services of various wires and cables [1] - The company's main business revenue composition includes: 49.56% from power engineering and equipment cables, 44.14% from submarine and high-voltage cables, 6.22% from marine equipment and engineering operations, and 0.09% from other sources [1] Group 2 - According to data from the top ten holdings of funds, Bosera Fund holds a significant position in Dongfang Cable, with Bosera New Yield Mixed A (002095) maintaining 1,029,100 shares, unchanged from the previous period, accounting for 6.55% of the fund's net value [2] - The fund has achieved a return of 12.29% this year, ranking 1504 out of 8887 in its category, and an impressive return of 80.88% over the past year, ranking 311 out of 8134 [2] - Since its inception, Bosera New Yield Mixed A has generated a total return of 264.77% [2]

Core Viewpoint - Dongfang Cable's stock performance shows a slight increase, with significant financing activity indicating investor interest despite a slight decline in net profit year-over-year [1][2]. Financing Activity - On February 25, Dongfang Cable's financing buy amounted to 18.61 million yuan, with a net buy of 801,200 yuan after repayments [1]. - The total financing and securities balance reached 433 million yuan, representing 1.09% of the circulating market value, which is above the 70th percentile of the past year [1]. - The short selling activity on the same day included a repayment of 300 shares and a sale of 500 shares, totaling 28,900 yuan, with a short balance of 122,360 yuan, indicating a low level compared to the past year [1]. Company Overview - Dongfang Cable, established on October 22, 1998, and listed on October 15, 2014, is located in Ningbo, Zhejiang Province, specializing in the research, production, and sales of various cables [1]. - The company's revenue composition includes 49.56% from power engineering and equipment cables, 44.14% from submarine and high-voltage cables, 6.22% from marine equipment and operational services, and 0.09% from other sources [1]. Financial Performance - For the period from January to September 2025, Dongfang Cable reported a revenue of 7.498 billion yuan, reflecting a year-over-year growth of 11.93%, while the net profit attributable to shareholders decreased by 1.95% to 914 million yuan [2]. - Since its A-share listing, the company has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, Dongfang Cable had 28,800 shareholders, with an average of 23,884 circulating shares per person, showing no change from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 22.42 million shares, a decrease of 19.47 million shares from the previous period [3].