（编辑 袁冠琳） 证券日报网讯 盛弘股份10月9日在互动平台回答投资者提问时表示，公司密切关注AIDC配储的相关方 向，并且于2025年6月成立了AIDC事业部，在已有电能质量如APF、SVG等产品的基础上，着力调研和 研发新产品来解决新需求。短期内，公司会基于自身技术积累，从电源产品着手开发，如HVDC、SST 等AIDC供电领域的新方向。通过深度市场调研和与下游客户的积极沟通交流等方式，加快产品研发落 地，争取为公司收入规模增长带来新动力。长期来看公司将致力于成为AIDC用能综合解决方案商，不 仅在产品端持续创新，提供更高效、稳定、智能的电源产品，还将不断拓展业务领域，向为数据中心、 智算中心提供整体能源解决方案转变。希望能够在AIDC市场有一定的声量，提升公司在该领域的品牌 影响力和市场竞争力。 ...

据悉，双登股份是大数据及通信领域能源存储业务的领先公司，专注于设计、研发、制造和销售储能电 池及系统。根据招股书引述弗若斯特沙利文的数据，公司在2024年全球通信及数据中心储能电池供应商 中出货量排名第一，市占率达11%。公司客户包括中国移动、中国联通、中国铁塔、爱立信、沃达丰、 挪威电信、阿里巴巴、京东、百度、秦淮数据、万国数据等。 智通财经APP获悉，双登股份(06960)涨超9%，截至发稿，涨9.05%，报21.8港元，成交额5475.65万港 元。 消息面上，据上海证券报消息，近日，双登股份相关负责人对记者解读，若AIDC能耗增长10倍，则意 味着备电需求也大致增长10倍。更重要的是，随着绿电+储能模式在数据中心逐步推广，储能系统的规 模将远高于传统备电场景，有望为公司打开更广阔的发展空间。除深耕国内市场外，双登股份还通过马 来西亚生产基地服务海外客户，并逐步切入北美等高端市场。 ...

公 司 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 罗曼股份（605289）深度研究 拟收购武桐树布局智算中心千亿市场， AIDC 新星冉冉升起 2025 年 09 月 30 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 相对指数表现 -30% 8% 46% 84% 122% 160% 2024/9 2025/3 2025/9 罗曼股份 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 7,498.63 | | 流通市值（百万元） | 7,452.54 | | 52 周最高/最低（元） | 68.79/20.17 | | 52 周最高/最低（PE） | -214.97/-63.03 | | 52 周最高/最低（PB） | 6.00/1.76 | | 52 周涨幅（%） | 241.05 | | 52 周换手率（%） | 10.74 | 注：数据更新日期截止 2025 年 09 月 29 日 相关研究 《毛利率及减值影响 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading provider of intelligent distribution equipment in the domestic renewable energy sector, with a strong position in offshore wind power and a strategy for global expansion [4][5]. - Revenue projections for 2025-2027 are estimated at 80.43 billion, 101.96 billion, and 126.19 billion yuan, respectively, with net profits of 8.19 billion, 10.29 billion, and 12.78 billion yuan [4]. - The company's current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18.7, 14.9, and 12.0, respectively, indicating a favorable valuation compared to peers [4]. Summary by Sections Company Overview - The company has been a key player in the distribution and control equipment sector since its establishment in 1993, achieving significant milestones in renewable energy equipment development [15]. - It has a concentrated ownership structure, with the actual controller holding 43.47% of shares, and a management team with extensive industry experience [20][22]. Financial Performance - The company has shown consistent revenue and profit growth, with a compound annual growth rate (CAGR) of 40.3% from 2020 to 2024 [27]. - In 2024, the company achieved a revenue of 6.44 billion yuan, with a year-on-year growth of 29.6% [8]. - The gross margin for 2024 was 22.3%, and the net margin was 10.3%, reflecting effective cost control [32][35]. Industry Insights - The renewable energy sector is experiencing stable growth, with increasing demand for wind and solar power, particularly in offshore wind, which has significant growth potential [50][51]. - The market for transformers in the wind and solar sectors is projected to reach 30.6 billion yuan by 2027, driven by the expansion of renewable energy installations [64].

转自：智通财经 【天风国际维持阿里巴巴-W"买入"评级 云业务维持高增长Capex超预期】智通财经9月29日电，天风国 际表示，阿里巴巴本季度云业务收入维持高增速且超一致预期，人工智能相关产品收入连续8个季度保 持三位数增长。中国电商集团收入超预期，全站推和软件开发服务费继续驱动转化率提升。AIDC业务 盈利能力加强，亏损同比和环比均收窄。天风国际预计阿里巴巴FY 2026-2028年收入将为 10306/11486/12793亿元（前值10809/11057/11798亿元）；考虑到公司持续投入于用户增长以及其他策略 举措，天风国际预计FY 2026–2028年归属股东净利润（非审计公认会计准则）将为1293/1521/1782亿元 （前值1382/1859/1957亿元），维持"买入"评级。 ...

Industry Overview - The electrical equipment sector saw a rise of 3.86%, outperforming the broader market during the week of September 22-26 [1][2] - Power generation equipment increased by 8.23%, wind power by 7.4%, and solar power by 5.62% [1][2] - The top five gainers in the sector included companies like Sunflower, Huazi Technology, and Zhongdian Xingfa [2] Company Developments - Tianqi Materials signed a cooperation agreement with Ruipu Lanjun for a minimum procurement of 80,000 tons of electrolyte products [5] - Ganfeng Lithium plans to introduce investors for a capital increase of up to 80,000 tons for its subsidiary Ganfeng Lithium [5] - Guodian NARI announced a cash dividend of 0.147 yuan per share, totaling 1.17 billion yuan [5] Investment Strategy - The demand for large-scale energy storage is expected to grow by 30-40% in the coming years, driven by supply tightness and regulatory support [6] - The lithium battery sector is projected to see continued high demand, with supply constraints expected to last until mid-2026 [7] - The wind power sector is anticipated to experience significant growth, particularly in offshore wind projects, with a projected increase of over 10GW in 2025 [7] Investment Recommendations - Companies such as Ningde Times, Sunshine Power, and Yiwei Lithium Energy are highlighted as strong investment opportunities due to their market leadership and growth potential [8] - The report suggests a focus on companies involved in energy storage, lithium batteries, and renewable energy technologies [8]

消息面上，鹰普精密本月初发布公告称，额外关税的影响并不如先前公告的广泛，原因包括：集团大部 分美国客户均已同意承担全部或大部分近期新征的额外关税，而部分之前被纳入新关税清单的产品编 码，经确认由于没有钢铝成分，所以不需缴交额外关税。据悉，8月15日，美国曾宣布扩大钢铁和铝关 税实施范围。 兴证国际发布研报称，鹰普精密产品用于大马力发动机、工程机械、农业机械、休闲娱乐船舶、乘用 车、商用车、航空、能源、医疗等多个行业，整体需求稳中向上，其中大马力发动机、机器人等细分场 景景气度高并具备较高利润率。AIDC拉升大马力发动机需求，公司为卡特彼勒、康明斯等提供大马力 发动机的砂型铸件缸体，上半年相关业务收入同比增长48.3%至5.3亿元，收入占比21.8%。此外，公司 进入达芬奇手术机器人供应链，并与海外人形机器人公司洽谈合作，提升长期空间。 鹰普精密(01286)早盘涨超10%，高见4.46港元，创历史新高。截至发稿，涨8.91%，报4.4港元，成交额 1196.26万港元。 ...

兴证国际发布研报称，鹰普精密产品用于大马力发动机、工程机械、农业机械、休闲娱乐船舶、乘用 车、商用车、航空、能源、医疗等多个行业，整体需求稳中向上，其中大马力发动机、机器人等细分场 景景气度高并具备较高利润率。AIDC拉升大马力发动机需求，公司为卡特彼勒、康明斯等提供大马力 发动机的砂型铸件缸体，上半年相关业务收入同比增长48.3%至5.3亿元，收入占比21.8%。此外，公司 进入达芬奇手术机器人供应链，并与海外人形机器人公司洽谈合作，提升长期空间。 智通财经APP获悉，鹰普精密(01286)早盘涨超10%，高见4.46港元，创历史新高。截至发稿，涨 8.91%，报4.4港元，成交额1196.26万港元。 消息面上，鹰普精密本月初发布公告称，额外关税的影响并不如先前公告的广泛，原因包括：集团大部 分美国客户均已同意承担全部或大部分近期新征的额外关税，而部分之前被纳入新关税清单的产品编 码，经确认由于没有钢铝成分，所以不需缴交额外关税。据悉，8月15日，美国曾宣布扩大钢铁和铝关 税实施范围。 ...

Group 1 - The report highlights the calendar effect on market performance before and after the National Day holiday from 2010 to 2024, indicating a median return of -0.81% in the five trading days before the holiday and a strong median return of 2.27% in the first five trading days after the holiday, with an overall median increase of 2.28% over the following 20 trading days [2][28][29] - Domestic industrial profits saw a significant year-on-year increase in August, with the cumulative year-on-year growth turning positive, and marginal increases in profit margins for mining, manufacturing, and public utilities [2][30] - Internationally, the core PCE growth rate in the US for August met expectations at 2.9%, with a high probability of a 25 basis point rate cut by the Federal Reserve in October 2025 [2][31] Group 2 - The report discusses the importance of lithography machines in the semiconductor industry, emphasizing their role as the most significant category of semiconductor equipment and the continuous development opportunities driven by semiconductor demand [4][33] - The report notes that the semiconductor sector showed strong performance during the week of September 22-26, with an average daily trading volume of 23,092 billion yuan, despite a slight decrease from the previous week [4][34] - Key themes include the domestic validation of lithography machines by SMIC, the high demand for AI and robotics, and the emergence of humanoid robots marking a new era in the industry [4][34][37] Group 3 - The report outlines the "以存代算" (compute by storage) paradigm in AI storage, highlighting its significance in AI inference and the hardware breakthroughs that allow SSDs to participate as core components in AI processing [10] - The report identifies several companies actively involved in the "以存代算" space, including Huawei and Inspur, which are developing products that optimize storage architecture and cache management [10] - The report indicates that the demand for SSDs is expected to grow faster than traditional curves due to the AI storage revolution [10] Group 4 - The report discusses the potential of planetary roller screws in automotive applications, particularly in brake systems and steering systems, highlighting their advantages over traditional technologies [11] - The market share of foreign manufacturers in the planetary roller screw market exceeded 60% in 2022, with Swiss company GSA/Rollvis holding a dominant position [11] - The report anticipates a gradual increase in the market penetration of rear-wheel steering technology using planetary roller screws from 2025 to 2030 [11] Group 5 - The report emphasizes the release of the "Stabilization and Growth Work Plan for the Petrochemical Industry" by multiple ministries, which aims to optimize the industry structure and promote high-quality development [20] - The report suggests that the petrochemical sector is transitioning from a focus on expansion to optimizing existing capacities and pursuing high-quality growth opportunities [20] - The report indicates that the chemical sector is expected to benefit from price recovery cycles and the emergence of new high-end materials [20]

AIDC 投资机会展望：算力需求持续加码，重视技术迭代契 机 20250926 摘要 OpenAI 与微软合作建设 G1 瓦级数据中心，预示算力需求激增，IDC 建设规模或超预期，单 GW 算力成本约 500 亿美元，10GW 项目投资 规模或达 5,000 亿美元，与 OpenAI 的未来展望相符。 液冷、电源侧 HVDC 和 PSU 等环节预计将分别带来 700 亿、150 亿及 200 亿市场空间，市场规模快速增长及新技术发展将推动内资企业加快 出海步伐，有望在 2026 年实现初步海外订单，2027 年加速放量。 阿里巴巴计划未来三年投入 3,800 亿元建设 AI 基础设施，并将在 2032 年前将全球数据中心能耗提升至现有水平的 10 倍，同时与英伟达开展 Physical AI 合作，加速智能应用开发，并扩建全球数据中心。 腾讯、阿里、百度通过发行票据进行融资，用于新建应用领域，字节跳 动贷款百亿美元扩张，腾讯确立国际化战略，字节跳动旗下火山引擎输 出全球化技术方案，加速布局海外云技术设施。 英伟达提出的微通道冷板技术（MLCP）通过微小通道直接输送冷却液 到芯片内部，实现更高效散热，单价是普通 ...