全球AI数据中心建设浪潮正面临严重的"电力瓶颈"，一批具备技术、成本和交付速度优势的中国电力供应链企业迎来历史性机遇。 电网设备板块开年大涨 2026年以来，电网设备板块持续走强。1月14日，行业龙头特变电工开盘上涨，盘中一度涨超9%，股价再创历史新高，A股市值一度超过1500亿元。午后受 大盘整体回调影响，该股涨幅明显回落，收盘下跌1.97%。 据证券时报·数据宝，截至1月14日收盘，电网设备（申万）指数今年以来涨幅10.2%，超同期上证指数6个百分点以上。而在2025年，该指数大涨33.64%，同 样跑赢同期大盘指数。 多只电网设备股自2025年以来走势强劲。截至1月14日收盘，2025年以来共有17股涨幅翻倍，其中智洋创新、华通线缆、中超控股、华菱线缆、红相股份累 计涨幅排在前五位。仅1月14日当天，就有4只股票盘中股价创历史新高，分别为金盘科技、四方股份、特变电工、中国西电。 "十五五"开局之年电网投资有望加码 电网设备行业的热度持续攀升，与下游AI数据中心用电需求旺盛密切相关。据国际能源署（IEA）数据，到2030年，数据中心的电力消耗预计将翻倍至约 945TWh，略高于日本当前的总用电量。其中，美 ...

Core Insights - The global AI data center construction is facing a significant "power bottleneck," particularly in the U.S. market, creating historic opportunities for Chinese power supply chain companies with advantages in technology, cost, and delivery speed [1][2]. Group 1: Market Dynamics - Global AI data center capacity is expected to increase by approximately 73 gigawatts (GW) from 2025 to 2030, primarily concentrated in the U.S. and China [2]. - The U.S. is experiencing a more severe power supply bottleneck compared to other countries, with local power equipment capacity only meeting about 40% of domestic demand [4]. - The average power reserve capacity in the U.S. is projected to be around 100 GW from 2025 to 2030, while China's average reserve capacity is expected to reach 300 GW, indicating a more robust system [4]. Group 2: Supply Chain Challenges - Power generation equipment, particularly gas turbines and transformers, is identified as the most critical supply chain bottleneck, with shortages expected to persist until 2028-2030 [3]. - The production of gas turbine blades and transformers faces significant technical barriers and customization requirements, leading to slow capacity expansion [5]. Group 3: Competitive Advantages of Chinese Suppliers - Chinese suppliers are positioned to capture overflow demand due to their shorter delivery times compared to the 3-5 year wait for key components in the U.S. [7]. - The core competitive advantages of Chinese suppliers include not only cost but also faster delivery times and competitive products, particularly in high-voltage direct current (HVDC) technology and high-density power conversion [8][10]. - Chinese companies are expected to achieve an average sales compound annual growth rate of 23% from 2025 to 2030, with overseas AI data center markets contributing an average of 23% to their revenue by 2030 [1]. Group 4: Financial Implications - The pricing premium for Chinese suppliers in overseas markets can reach 10% to 80%, leading to significant gross margin expansion despite additional tariffs and logistics costs [9]. - The transition to 800V direct current architecture is anticipated to save 5-15% in energy consumption, benefiting suppliers with expertise in this area [6][12].

Market Overview - The Shanghai Composite Index fell by 0.64% to close at 4138.76 points, with a high of 4179.7 points during the day [1] - The Shenzhen Component Index decreased by 1.37% to 14169.4 points, reaching a peak of 14458.88 points [1] - The ChiNext Index dropped by 1.96% to 3321.89 points, with a maximum of 3416.84 points [1] ETF Market Performance - The median return of stock ETFs was -0.95% [2] - The highest performing scale index ETF was the Bosera CSI A100 ETF with a return of 1.72% [2] - The highest performing industry index ETF was the Yinhua CSI All-Share Power Utility ETF with a return of 2.1% [2] - The highest performing strategy index ETF was the E Fund National Free Cash Flow ETF with a return of 0.83% [2] - The highest performing style index ETF was the Harvest CSI Pharmaceutical Health 100 Strategy ETF with a return of 1.82% [2] - The highest performing thematic index ETF was the Guotai Hangseng A-Share Power Equipment ETF with a return of 7.37% [2] ETF Performance Rankings - The top three ETFs by return were: - Guotai Hangseng A-Share Power Equipment ETF (7.37%) - Yinhua CSI Oil and Gas Resources ETF (2.84%) - Huaxia CSI Power Equipment Thematic ETF (2.83%) [5] - The top three ETFs by decline were: - Morgan CSI Innovation and Entrepreneurship Artificial Intelligence ETF (-11.42%) - Huaxia National Aerospace Industry ETF (-9.36%) - Huatai Baichuan CSI All-Share Aerospace ETF (-9.17%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - GF CSI Media ETF (inflow of 4.122 billion) - Yongying National Commercial Satellite Communication Industry ETF (inflow of 1.886 billion) - Harvest CSI Software Service ETF (inflow of 1.507 billion) [8] - The top three ETFs by fund outflow were: - Huaxia SSE 50 ETF (outflow of 1.448 billion) - E Fund ChiNext ETF (outflow of 1.386 billion) - Huaxia CSI Robot ETF (outflow of 572 million) [10] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (0.95 billion) - GF CSI Media ETF (0.747 billion) - Guotai CSI All-Share Securities Company ETF (0.568 billion) [11] - The top three ETFs by margin selling were: - Huatai Baichuan CSI 300 ETF (33.78 million) - Huaxia SSE 50 ETF (24.27 million) - Southern CSI 500 ETF (15.93 million) [13] Institutional Insights - Huaxin Securities highlighted the ongoing modernization of the power grid and the expanding equipment gap, noting that North America's long-term investment in key areas like high-voltage transformers and distribution equipment has been insufficient [13] - The demand for high-voltage and ultra-high-voltage transformers, switching equipment, and digital grid infrastructure is expected to increase as the grid enters an accelerated investment cycle [13] - Guotai Securities anticipates that domestic power grid investment will maintain a high level of activity, benefiting from proactive fiscal policies aimed at expanding domestic demand [14]

Group 1 - The U.S. will impose a 25% tariff on any country that conducts business with Iran, effective immediately, although specific details on the tariff's scope have not been provided [1][2][3] - The Federal Reserve Chairman interview process is nearing completion, with Rick Riedel from BlackRock being interviewed on January 15, where he reiterated support for lowering the U.S. benchmark interest rate to 3% [2][3] - A collective statement of support for Powell has been issued by several former Federal Reserve Chairs and notable economists, indicating a strong backing amidst ongoing investigations [3][4] Group 2 - Current U.S. policy still allows Mexico to supply oil to Cuba, despite Trump's announcement to cease oil and funding support for the island [2][4] - In response to rising electricity prices, the government is negotiating with Microsoft to ensure consumers do not bear the costs associated with large data centers [3][4] - Trump criticized New York's congestion pricing policy, calling for its immediate termination, claiming it has never been effective [4] - A warning was issued regarding potential liabilities of trillions of dollars if the government loses on tariff issues, suggesting that such payments would be nearly impossible for the U.S. to afford [4]

近段时间，内存条大幅涨价的话题引发了广泛关注，记者在上海和贵阳市场进行探访。 在上海某电脑城，16G内存条是电脑装机的主流选择。 一年前，它的价格是300多元一根，而现在，已经涨到了超过1100元，其他规格的内存条涨幅也在2 到3倍不等。 在贵州贵阳某电脑城，从去年7月到现在， 多数内存品类涨幅超过100%，其中DDR4和DDR5内存价格涨幅更高，达到此前的两到三倍。 上海某研究企业服务部研究总监 王笑龙： 现在缺货已经传到了存储器的上游供应链。短期内，产能供应没有那么快能解决，所以我认为，缺货至少要到 下半年。 来源：央视财经（ID：cctvyscj） 关注" 新华网财经 "视频号 更多财经资讯等你来看 数据显示，去年全年，全球AI数据中心投资规模创历史新高。高端产品需求迸发，冲击了整个市场，使得各个规格内存条的价格都出现上行。 往期推荐 卖爆了！山姆499元羽绒服，多地门店已断货 闫学晶，又一代言被终止 ...

Core Viewpoint - Lens Technology (300433)(06613) has seen a significant stock increase, attributed to its innovative presentation at CES 2026, showcasing a comprehensive AI hardware ecosystem focused on aerospace and intelligent applications [1] Group 1: Stock Performance - Lens Technology's stock rose over 6% in early trading, currently up 4.24% at HKD 30.16, with a trading volume of HKD 211 million [1] Group 2: Product Innovation - The company presented its ultra-thin flexible glass (UTG) photovoltaic packaging, which has become a focal point in the low Earth orbit satellite internet sector [1] - The UTG glass has a thickness ranging from 30μm to 50μm and can bend to a radius of 1.5mm, addressing the evolution needs of flexible solar wings in low Earth orbit satellites [1] - The UTG was developed in collaboration with glass substrate manufacturers, featuring special glass formulations and surface treatments to enhance resistance to atomic oxygen erosion and UV aging [1] Group 3: Technological Advancements - Lens Technology demonstrated its chemical strengthening and nano-coating technologies for foldable screens, showcasing their adaptability to aerospace environments, particularly for rocket launch vibrations and long-term reliability in space [1]

Core Viewpoint - Lens Technology (06613) has seen a significant stock increase, rising over 6% in early trading, attributed to its innovative presentations at CES 2026, particularly in the aerospace and AI hardware sectors [1] Group 1: Company Developments - Lens Technology showcased a comprehensive AI hardware ecosystem at CES 2026, covering five key areas: aerospace, embodied intelligence, AI data centers, AI terminals, and smart cockpits [1] - The company introduced its aerospace-grade ultra-thin flexible glass (UTG) photovoltaic packaging, which has become a focal point in the low Earth orbit satellite internet sector [1] - The UTG glass has a thickness ranging from 30μm to 50μm and can be bent to a radius of 1.5mm, addressing the evolution needs of low Earth orbit satellite solar wings from rigid panels to rollable and foldable flexible solar wings (ROSA structures) [1] Group 2: Technological Innovations - The UTG was developed in collaboration with glass substrate manufacturers, utilizing a special glass formula and surface treatment process to enhance its resistance to atomic oxygen erosion and UV aging [1] - Lens Technology also demonstrated its advancements in chemical strengthening and nano-coating technologies for foldable screens, showcasing their adaptability to the harsh conditions of rocket launches and long-term reliability in space environments [1]

点击注册小程序 查看完整报告 2025年在AI算力、数据中心与智能驾驶等拉动下，全球半导体销售额在2024年复苏基础上进一步增长。根 据SIA数据，2025年1-11月全球半导体销售额约为6874亿美元，同比增长22.7%；中国大陆半导体销售额约 为1896亿美元，同比增长13.5%。与此同时，晶圆产能加速扩张，SEMI预计2028年全球12英寸晶圆月产能 达1110万片，对应2024-2028年期间CAGR约为7%，其中7nm及以下先进制程月产能将由85万片增至140万 片，对应期间CAGR约为14%。此外，根据SEMI的统计及预测，中国大陆已投产及在建的晶圆代工厂数量 将由2024年的29座增长至2027年的71座。 AI数据中心推动存储升级，带动半导体材料与电子化学品需求持续提升 由于数据中心和AI处理器对低延迟、高带宽内存解决方案的迫切需求，全球高带宽存储（HBM）的出货量 得到快速提升。但HBM制程与封装更复杂、单位比特晶圆面积消耗显著高于传统DRAM，从而抬升相关半 导体材料消耗。TECHCET预计2025年全球半导体材料市场规模约700亿美元，同比增长6%，同时预计 2029年半导体材料市场规模 ...

Core Insights - The price of 16GB memory modules has increased from over 300 yuan to over 1100 yuan in one year, reflecting a significant price surge in the market [1] - The global investment in AI data centers reached a historical high last year, driving demand for high-end products and contributing to the price increase of various memory specifications [1] - The upstream supply chain for memory components is experiencing shortages, and it is expected that the supply capacity will not be resolved quickly, with shortages likely to persist at least until the second half of the year [1]

2026 年 01 月 11 日 相关研究 证券分析师 郭中伟 A0230524120004 quozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 quozy@swsresearch.com 属板块景气持续，看好春季行情 金属&新材料行业周报 20250105-20260109 本期投资提示: 信任命 波段人分出品 我研究报 请务必仔细阅读正文之后的各项信息披露与声明 申万宏源研究微信服务号 o 一周行情回顾：据 iFind，环比上周 1）上证指数上涨 3.82%，深证成指上涨 4.40%，沪深 300 上涨 2.79%，有色金属（申 万) 指数上涨 8.56%，跑赢沪深 300 指数 5.77 个百分点。2）分子板块看，环比上周，贵金属上涨 7.28%，铝上涨 9.12%， 能源金属上涨 6.30%，小金属上涨 11.67%，铜上涨 ...