每经记者｜彭斐 每经编辑｜段炼 魏文艺 一桩前后跨度超7年的骗税案迎来终审判决。 今年三季度刚刚实现扭亏为盈的福建电企中能电气（SZ300062，股价9.88元，市值62.24亿元），拟大举进军高压赛道。 12月5日晚间，中能电气发布《关于筹划重大资产重组的提示性公告》，披露公司拟通过公开竞价方式，以约8.57亿元的对价收购山东三家高压电气企业 的控股权。 而截至2025年三季度末，中能电气的货币资金仅6.61亿元。显然，对中能电气而言，这是一起"蛇吞象"式收购。 从战略上看，这是一个契合国家新型电力系统建设的布局。不过，《每日经济新闻》记者（以下简称"每经记者"）研究发现，中能电气的蓝图背后暗 藏"隐患"：公司在股东大会尚未审议的情况下，已计划先行支付1亿元保证金，这可能成为该笔尚未成行的交易的"沉没成本"。同时，公司管理层以此为 由，向股东大会索要"无上限"的竞买授权。 此外，每经记者注意到，三家标的公司不仅背负债务，且在2025年前10个月出现业绩"变脸"，其中两家核心标的公司亏损额合计超4400万元。 这场跨越1500公里的并购，究竟是中能电气补齐高压短板的"战略核武器"，还是将万名中小投资者拖入深渊 ...

证券日报网12月19日讯远光软件（002063）在12月18日回答调研者提问时表示，公司紧抓企业数字化转 型、新型电力系统建设、关键领域软件自主可控以及AI与大模型技术融合等重大机遇，持续引进优秀 人才，根据业务发展需要调整组织结构，提升组织效能，落实公司战略部署，促进公司高质量发展。 ...

Group 1 - The report indicates that the electric power equipment and new energy industry narrative is based on the dual themes of "new power system construction + digital infrastructure construction" under the ongoing "dual carbon" strategy and rapid development of the digital economy [3][12][25] - The electric new energy sector has shown significant performance, with an overall increase of approximately 38.4% year-to-date, outperforming the CSI 300 index, which increased by 15.7% [16][18] - The report categorizes investment opportunities into two main lines: "new growth" and "high-quality development," analyzing various segments of the electric new energy industry [3][25] Group 2 - In the "new growth" category, key areas include AIDC, solid-state batteries, and humanoid robots, driven by global energy transition, technological advancements, and increasing demand [3][25][13] - The "high-quality development" category highlights storage, wind power, and photovoltaic sectors, with improvements in economic viability and market conditions leading to increased demand and profitability [4][26][13] - The report emphasizes the importance of solid-state batteries, which offer high energy density and safety, and are expected to see accelerated industrialization supported by favorable policies [30][32][41] Group 3 - The report provides earnings forecasts and valuations for key companies in the electric new energy sector, indicating a positive outlook for companies like CATL, Xiamen Tungsten, and others, with recommended ratings [5][27][28] - The analysis includes specific EPS and PE ratios for various companies, suggesting strong growth potential in the coming years [5][27][28] - The report also discusses the competitive landscape and technological advancements in the solid-state battery market, highlighting the importance of material innovations and safety improvements [30][41][45]

宏观面和供应面利好共振 2026年铜矿供应紧张，精铜生产放缓，供应端压力减轻，而在全球新型电力系统建设提速背景下，铜需 求增长可期。美国关税预期将持续"虹吸"全球铜库存，从而造成非美地区出现铜库存结构性短缺。基本 面支撑较强，叠加全球流动性宽松提供偏多宏观氛围，中期继续看涨。 从库存端来看，2025年以来，中国社库累积4.7万吨，保税区累库5.6万吨，LME去库10.6万吨，COMEX 累库32.4万吨，全球总库存累积32.1万吨，至81.2万吨。全球总库存增加明显，主要库存堆积在COMEX 市场，中国累库量和LME去库量相当。这一现象主要是由美国铜关税预期引发的，这一因素在2026年 将吸引全球可交割铜货源继续流向美国市场，从而导致非美地区的精铜实际可流通供应持续偏紧，形 成"全球总库存不低，但区域结构性短缺"的局面，非美地区将持续面临去库压力。 从宏观面来看，美元指数承压以及中国经济稳定增长为铜市提供支撑。美联储12月如期降息，美国财政 赤字问题与美联储主席换届预计将持续施压美元指数。中国继续实施更加积极的财政政策和适度宽松的 货币政策，坚持"双碳"引领推动全面绿色转型。 综合来看，短期现货需求受到抑制， ...

相关产品： 12月12日，A股三大指数涨跌不一，电网设备板块近日反弹明显，今天开盘再度拉升，截至9:35， 全市场唯一的电网设备ETF（159326）涨幅0.98%，成交额已达1976万元，持仓股华菱线缆、风范股份 涨停，中能电气涨超9%，伊戈尔、通光线缆、金盘科技、电工合金、四方股份等股跟涨。 电网设备ETF已连续11个交易日净流入，合计"吸金"7.24亿元，最新规模达26.47亿元，创成立以来 新高。 消息面上，国家发展改革委、国家能源局近日发布《关于优化集中式新能源发电企业市场报价的通 知（试行）》，旨在推动构建符合新能源发电特性、分布格局、经营现状的市场报价方式，规范电力市 场运行秩序，提升电力资源优化配置效率，助力新型电力系统建设和双碳目标实现。 华泰证券指出，全国统一电力市场建设加速推进，预计"十五五"期间电网投资有望达到4万亿元以 上，相比于"十四五"期间电网投资2.8万亿元显著提升。其中，主网建设助力全国电网网架实现互联互 通，是全国统一电力大市场搭建的重要支撑，仍将是重点建设方向。 电网设备ETF（159326）：是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类 上看，指数成 ...

Core Insights - The grounding resistance tester industry in China has entered a mature development stage, characterized by steady market expansion and deepening technology applications. The market size is projected to reach approximately 1.236 billion yuan in 2024, with a year-on-year growth of 13.92% [1][5]. Industry Overview - Grounding resistance testers are specialized instruments used to measure the grounding resistance of grounding devices, widely applied in sectors such as electricity, communication, railways, petrochemicals, and construction. Their core function is to assess the safety of electrical equipment grounding systems by measuring the resistance between the grounding body and the earth [2]. Market Size - The grounding resistance tester industry is experiencing steady growth, with the market size expected to reach about 1.236 billion yuan in 2024, reflecting a 13.92% increase year-on-year. Competition has shifted from price-based to a comprehensive contest of technical performance, brand service, and solutions, with leading companies consolidating their market positions through product upgrades and application expansion [5]. Key Companies - The industry exhibits a competitive landscape characterized by concentration among leading firms and differentiation among smaller players. Companies like Uride and Wuhan State Grid have achieved differentiation through technological breakthroughs, such as Uride's UT278 series, which supports dual-mode measurement and has a range of up to 30 kΩ with a resolution of 0.001Ω [5][8]. Industry Development Trends 1. **Integration of Intelligence and IoT**: The industry is accelerating its transformation into "smart safety stewards" with the maturity of AI algorithms, 5G communication, and cloud platform technologies. Smart testers can automatically collect data and upload it to cloud platforms for AI diagnosis of grounding faults [11]. 2. **High Precision and Multi-Function Integration**: Technological iterations have improved measurement precision to a resolution of 0.001Ω, meeting the "zero error" acceptance standards for smart grids. The functionality of devices is extending to include soil resistivity measurement and continuity testing, adapting to new energy power plants and data centers [11]. 3. **Policy and Green Standards Driving Sustainable Development**: The dual push from "dual carbon" goals and new power system construction policies is promoting industry expansion and standard upgrades. The National Energy Administration has reinforced mandatory standards for grounding safety, while local governments provide subsidies for high-precision equipment [12].

电价回落，是今年以来拖累电力公用行业盈利表现与估值提升的最大因素之一。而目前，政策端首次确"稳电价"，26年电力行业长协电价企稳预期得到了充 分提振。今年四季度就是电力行业为明年长协电价密集谈判，价格端景气回升信号有望逐步显现的验证窗口期。 从四季度开始，电力行业受益于分子端在低基数下今年冬季电力需求有望同比高增+明年长协电价预期改善，与分母端市场风格向红利价值端切换的概率增 加，板块配置价值趋于明确。绿色电力ETF易方达（562960，场外联接A/C: 019058/019059）新型电力系统建设的核心受益标的，均衡配置水电、火电、新 能源运营领域龙头企业，是把握新型电力系统转型贝塔机会的便捷工具。 1.政策明确"稳电价"，强化电价谈判预期 9月，国资委部分国有企业经济运行座谈会聚焦"稳电价、稳煤价"、防止"内卷式"恶性竞争等，听取企业意见建议，进一步研究夯实企业高质量发展基础的 政策举措。"反内卷"的政策框架内首次提出"稳电价"，直指当前电力行业的核心矛盾，有望推动形成稳定的电价预期，一定程度缓解此前市场对于 2026 年 年度长协电价偏弱的担忧。 从火电行业的盈利三要素来看，煤价、电价以及利用小时数决定 ...

Core Insights - The successful operation of China's first intelligent autonomous control system for gas turbine power generation marks a significant advancement in the country's thermal power generation technology, transitioning from traditional manual monitoring to intelligent autonomous operation [1] - The project, implemented by Huaneng East China Company, showcases the integration of AI large models with power production mechanism models, enabling automatic data collection and precise equipment status assessment [1] Group 1: Technological Advancements - The system allows for the entire process of gas turbine operation, including startup, grid connection, load adjustment, and shutdown, to be controlled autonomously without human intervention [1] - During trial operation, the unit successfully completed both cold and hot state startup and shutdown tests, achieving a key operational parameter compliance rate of 100% [1] Group 2: Industry Implications - This development is expected to accelerate the digital and intelligent transformation of the traditional energy industry in China [1] - The intelligent control system provides a new smart solution for the construction of China's new power system, enhancing operational efficiency and reducing risks associated with manual operations [1]

证券日报网讯12月8日，国能日新（301162）在互动平台回答投资者提问时表示，公司高度重视投资者 关系管理工作，同时也将认真听取广大投资者的相关建议。在业务经营方面，公司始终专注于主营业务 的发展，并将积极跟进我国新型电力系统建设、分布式"四可"管理及电力市场化改革带来的新能源信息 化行业发展机会，充分发挥公司在能源数据、资产运营等方面的核心能力，努力实现公司中长期跨越式 发展。 ...

证券日报网12月8日讯远光软件在12月5日回答调研者提问时表示，远光软件当前海外业务占比很小，目 前采取"跟随客户出海"策略，公司未来将进一步推动产品国际化，以更好地匹配国内客户出海的需求。 目前，国内信创替代、央企数字化升级、新型电力系统建设等需求空间巨大，公司业务仍有较大的发展 空间。 （文章来源：证券日报） ...