Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 4 Mar 2026 环球富盛理财有限公司 山高新能源 Shandong Hi-Speed New Energy Group (1250.HK) 深耕光伏风力发电业务，在建项目为公司发展奠定基础 Cultivating the photovoltaic and wind power generation & lay the foundation for development 最新动态 动向解读 ➢ 在建项目为公司发展奠定基础。1）2025 年 10 月 17 日，集团投资建设的菏泽郓城 17.5 万千瓦分散式风电项目 在郓城县正式开工，标志着项目正式进入场平实施阶段，为推动区域绿色能源发展迈出坚实一步。本项目由郓 城陈坡、杨庄集、张营、黄泥岗、侯咽集、何仓 6 座分散式风电项目组成，计划安装 28 台风力发电机组，建成 后预计年发电量约 4.4亿度，每年可节约标准煤约 13.2万吨，减排二氧化碳约 31.5万吨、二氧化硫约 2549吨、 氮氧化物约 1448 吨 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 備註： FF301 致：香港交易及結算所有限公司 公司名稱: 中國大唐集團新能源股份有限公司（「本公司」） 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01798 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,501,071,100 | RMB | | 1 RMB | | 2,501,071,100 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,501,071,100 | RMB | | 1 RMB | | 2,501,071,100 | | 2. ...

Q&A 本次交流对于数据中心用电需求的研究框架与核心关注点是什么？ 数据中心的电力需求有多少？20260302 摘要 中国数据中心产业经历了从网络中心到算力中心的演进，目前正处于算 力中心阶段，算力被视为数字经济的重要引擎，与数据成为新的生产资 料、算力成为新的生产力的行业判断相一致。 中国数据中心市场规模持续增长，2024 年机架数超 1,100 万架，市场 规模达 3,000 亿元，但 2020-2023 年间，受供给激增和需求阶段性不 足影响，资源利用率和服务费走弱，平均上架率约为 56%。 "东数西算"工程推动数据中心形成"八大枢纽、十大集群"格局，东部 枢纽承载低延迟业务，西部枢纽承载后台分析和存储备份，华东、华南、 华北因需求旺盛，签约率和价格高于华西和华中。 国内数据中心上架率自 2025 年以来快速上行，二季度升至 78%，预计 2025-2028 年全国算力中心定制批发市场累计新增需求约 13.5GW， 累计新增供给约 13.9GW，环京区域使用率将在 2025 年率先突破 80%。 数据中心电力成本占运营总成本的 50%-60%，互联网终端客户可能高 达 70%-80%。IEA 预测 20 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 03 月 01 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 重视"双碳"考核 重点氢能项目总结 ——大能源行业 2026 年第 8 周周报（20260301） 投资要点： 电力：重视"双碳"考核及绿电消纳 "十五五"开局之年，计划与市场转型关键期，重申重视"双碳"考核。从考核看 投资方向，1）存量角度看配额机制，参考发电企业碳配额交易情况看，预计钢铁、 水泥、铝冶炼进入碳市场后，将进一步从"绿色"的角度加快供给侧出清，上述高 耗能企业承担"绿色"转型责任。2）增量角度看绿电需求，考虑到"十五五"期间 考核指标从能耗转为碳排放，有利于高耗能企业增强清洁能源的使用，其中绿证 ...

华源证券近日发布大能源行业2026年第7周周报：2025年国网总部总计招标金额894亿元，超过2022年的 2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、电缆及附件、开关柜、 继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断路器外，其余设备中标 金额均同比增加。 以下为研究报告摘要： 投资要点： 电网：2025年国网总部招标总结 本报告总结国网总部2025年输变电设备招标（不含单一来源采购）情况。2025年国网总部总计招标金额 894亿元，超过2022年的2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、 电缆及附件、开关柜、继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断 路器外，其余设备中标金额均同比增加。上市公司中，中国西电（601179）、平高电气（600312）、思 源电气（002028）、特变电工（600089）、国网信通（600131）、国电南瑞（600406）中标金额排名前 6，除国电南瑞外其它公司中标金额均有较高增长，其中思源电气相比2024年中标金额增长接近80%。 主要设备招标量、中标金额 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

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]

Core Viewpoint - Datang New Energy (01798) has successfully completed the public issuance of its 2026 renewable corporate bonds, raising a total of RMB 2 billion with a maturity of 3 years and an interest rate of 1.96% [1] Group 1 - The final issuance scale of the corporate bonds is RMB 2 billion [1] - The bonds have a base term of 3 years [1] - The face value of each bond is RMB 100 [1] Group 2 - The issuance interest rate is set at 1.96% [1] - The effective date for interest accrual is February 9, 2026 [1]

Core Viewpoint - 大唐新能源 has successfully completed the public issuance of its 2026 renewable corporate bonds, raising a total of RMB 2 billion with a maturity of 3 years and an interest rate of 1.96% [1] Group 1: Bond Issuance Details - The final issuance scale of the corporate bonds is RMB 2 billion [1] - The bonds have a base term of 3 years and a face value of RMB 100 [1] - The interest commencement date is February 9, 2026 [1] Group 2: Stock Performance - As of February 9, 2026, 大唐新能源's stock closed at HKD 2.02, reflecting a 0.5% increase [1] - The trading volume was 7.26 million shares, with a total transaction value of HKD 14.63 million [1] Group 3: Analyst Ratings - The majority of investment banks have rated the stock as "buy," with one bank issuing a buy rating in the last 90 days [1] - 兴证国际 has recently provided a buy rating for 大唐新能源 [1] Group 4: Market Position - The market capitalization of 大唐新能源 is HKD 5.027 billion, ranking 13th in the power industry [1]

Group 1 - The company, 大唐新能源, has completed the public issuance of its 2026 renewable corporate bonds on February 9, 2026 [1] - The total issuance scale of the bonds is RMB 2 billion, with a base term of 3 years [1] - The face value of the bonds is RMB 100, and the issuance interest rate is 1.96% [1]