大连电瓷(002606.SZ)公告，国家电网有限公司通过其电子商务平台发布了"国家电网有限公司2025年第 六十六批采购(特高压项目第五次材料招标采购)推荐的中标候选人公示"和"国家电网有限公司2026年输 变电项目第一次装置性材料公开招标采购推荐的中标候选人公示"。公司全资子公司大连电瓷集团输变 电材料有限公司(简称"大瓷材料")为推荐中标候选人，大瓷材料预中标金额合计约1.19亿元。 ...

通光线缆（300265）(300265.SZ)公告，公司全资子公司江苏通光强能输电线科技有限公司("通光强 能")、江苏通光光缆有限公司("通光光缆")，于近日参与了"国家电网有限公司2025年第六十六批采购 (特高压项目第五次材料招标采购)、国家电网有限公司2026年输变电项目第一次装置性材料公开招标采 购"。据相关中标候选人公示，本次中标金额合计1.08亿元。 ...

Core Viewpoint - The A-share market experienced a mixed performance with over 2,700 stocks rising, while major indices saw declines, indicating a structural market driven by policy and industry trends [1] Market Performance - The Shanghai Composite Index fell by 0.25% to 4,065.58 points, the Shenzhen Component Index decreased by 0.33%, and the ChiNext Index dropped by 0.73% [1] - In contrast, the North China 50 Index rose by 0.9% [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges was approximately 2.16 trillion yuan [1] Sector Analysis - Sectors such as tourism, liquor, military, retail, and semiconductors experienced declines [1] - Conversely, sectors including oil, chemical fiber, chemicals, electricity, and pharmaceuticals saw gains [1] - Active themes included disperse dyes, solid-state batteries, and ultra-high voltage concepts [1] Investment Outlook - Debon Securities suggests that the spring market trend is likely to continue, with a structural market driven by "policy catalysis + industry trends" [1] - The long-term outlook remains a slow bull market, with recommendations to focus on solar energy (space solar, HJT technology), commercial aerospace (satellite manufacturing, computing services), and non-ferrous metals (gold, silver, copper, aluminum) [1] - Additionally, attention should be paid to consumer trends and policy catalysts [1]

以下文章来源于秦朔朋友圈 ，作者屠波 秦朔朋友圈 . 秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公 众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经 商业热点、企业家精神、创新与发明创造、商业文明探索等。 来源丨秦朔朋友圈（ID： qspyq2015 ） 作者丨 屠波 图源丨Midjourney 作为电网升级的" 心脏部件"，变压器在美国本土产能严重不足，80%依赖进口。而且数据中心的变 压器大多需要定制化，交货周期更是从50周延长至127周。咨询公司伍德麦肯兹警告，美国变压器市 场已到危急关头，在建中的数据中心延期已成定局。 同一时刻，被称为 "世界变压器之都"的常州，这里的数字化车间正热火朝天，与时间赛跑。为海外 电网客户制造的同等级变压器，在定制的硅钢片制成主体上，需要进行严苛的72小时满负荷试验。温 度、振动、局部放电量，所有指标都是绿色，方能放行。 厂区外，是整装待发的重型卡车，它们的目的地是沙特吉达、德国汉堡、印尼雅加达、智利安托法加 斯塔。这些钢铁巨兽将在未来数月内，成为不同大陆电网的新心脏。 全球性的变压器 ...

Core Insights - A-shares opened lower but rebounded, with the space photovoltaic and ultra-high voltage sectors leading the gains, driven by significant capital inflows into related ETFs [1] Group 1: Market Performance - The electric grid equipment ETF rose by 1.33%, with a net subscription of 58 million units during the session [1] - The photovoltaic ETF from Huaxia increased by 0.1%, following a net inflow of over 4 million from the previous day [1] Group 2: Investment Trends - Over 12.5 billion yuan has flowed into the electric grid equipment ETF since the beginning of the year, supported by three main factors: the surge in AI-driven electricity demand, a global upgrade of power grids, and a 4 trillion yuan investment plan by the State Grid [1] - The demand for electricity is expected to rise significantly due to AI, with an estimated 18 GW required for new GPU computing power by 2025, equivalent to the annual output of 15 nuclear power plants [1] - A global upgrade of power grids is anticipated, with the U.S. power supply gap projected to widen to 182 GW by 2030, prompting equipment manufacturers to expand internationally [1] - Domestic investments in the power grid are accelerating, with the State Grid's fixed asset investment expected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [1] Group 3: Industry Developments - SpaceX's acquisition of xAI aims to create a space-ground-computing ecosystem, indicating significant cross-industry advantages for domestic photovoltaic leaders, with space photovoltaic expected to emerge as a new business model [1] - The photovoltaic industry is set to focus on "anti-involution" strategies by 2026, as indicated in a recent meeting [1] Group 4: ETF Composition - The electric grid equipment ETF (159326) has a high weight of 66.28% in ultra-high voltage, 55% in smart grid, and 14% in controllable nuclear fusion, featuring leading companies like Guodian NARI, TBEA, and Siyuan Electric [2] - The Huaxia photovoltaic ETF (515370) includes major players such as TBEA, LONGi Green Energy, and Sungrow Power, covering high-purity photovoltaic industries [2]

Core Viewpoint - The report from Guosen Securities indicates that during the "14th Five-Year Plan" period, the domestic power equipment sector is benefiting from a resonance of investment both within and outside the network, with leading companies accelerating their overseas expansion [1] Group 1: Domestic Market Outlook - Since the beginning of the "14th Five-Year Plan," power generation investment has seen rapid growth driven by the increase in new energy installations, while grid investment has maintained steady growth but at a significantly lower rate than power generation investment [1] - The demand for main equipment such as transformers and switchgear remains strong, with a stable competitive landscape; however, the pace of ultra-high voltage (UHV) advancement is slightly below expectations, and flexible direct current applications are reaching a turning point [1] - The price of electric meters continues to decline, putting pressure on meter companies, but the implementation of new standards in 2025 is expected to drive a price recovery [1] Group 2: 2026 Domestic Investment Outlook - The State Grid Corporation is expected to invest 4 trillion yuan in fixed assets during the "15th Five-Year Plan," a 40% increase compared to the "14th Five-Year Plan," with potential for upward adjustments [2] - The report suggests focusing on UHV, smart meters, and distribution network directions in 2026, with opportunities for demand recovery and new product development in smart meters [2] Group 3: 2026 Export Outlook - The growth of new energy installations is a common reason for the continuous increase in global power investment, with significant demand elasticity for power equipment compared to traditional energy sources [3] - From 2016 to 2022, global grid investment averaged approximately 310 billion USD annually, projected to rise to 500 billion USD from 2023 to 2030, and nearly 800 billion USD by 2030 [3] - Since 2022, various factors have driven explosive growth in overseas demand, leading to a supply-side gap, with Chinese leading companies accelerating their overseas expansion [3] Group 4: AIDC Outlook for 2026 - The demand for upgraded power distribution architecture is increasing due to the continuous enhancement of AI server power, with the AIDC power distribution method expected to evolve along the UPS-HVDC-SST path [4] - The global AIDC power equipment market is projected to exceed 410 billion yuan by 2030, with a CAGR of 39% from 2024 to 2030 [4] - 2026 is anticipated to be a pivotal year for the application of 800V HVDC/SST in both domestic and international markets, creating new opportunities driven by technological changes [4]

2026 年 02 月 06 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：32 分（较冷） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 | 1、《双融日报》2026-02-05 | | --- | | 2、《双融日报》2026-02-04 | | 3、《双融日报》2026-02-03 | ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 32 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中国西 电（601179）、特变 ...

证券研究报告 | 2026年02月05日 AIDC与电力设备2026年度投资策略 国内需求确定性夯实，出海与AIDC发展空间可期 行业研究 · 行业投资策略 电力设备新能源 · 电力设备 投资评级：优于大市 | 证券分析师：王蔚祺 | 证券分析师：王晓声 | 证券分析师：袁阳 | | --- | --- | --- | | 010-88005313 | 010-88005231 | 0755-22940078 | | wangweiqi2@guosen.com.cn | wangxiaosheng@guosen.com.cn | yuanyang2@guosen.com.cn | | S0980520080003 | S0980523050002 | S0980524030002 | 请务必阅读正文之后的免责声明及其项下所有内容 摘要 u "十四五"电力设备行业复盘：网内外需求景气共振，龙头企业出海加速 "十四五"以来，在新能源装机放量带动下，电源投资高速增长；电网投资保持稳健增长，但增速显著低于电源投资。在电源和电网投资带动下，"十四五"国内电力设备需求呈现网内外景 气共振态势。网内市场方面，变压器、组合电 ...

Group 1 - The ultra-high voltage index declined by 2% on February 5, indicating a downward trend in the sector [1] - Most constituent stocks experienced a drop, with Hengtong Optic-Electric, Zhongtian Technology, Changgao Electric, and Jinpan Technology all falling over 4% [1] - Trina Solar also saw a decrease, with its stock down by 3% [1]

Market Overview - The market experienced a volatile adjustment on February 5, with all three major indices declining over 1%. The Shanghai Composite Index fell by 1.03%, the Shenzhen Component Index dropped by 1.81%, and the ChiNext Index decreased by 1.94% [1] Sector Performance - The consumer sector showed strong performance, particularly in food and beverage, retail, and film industries, with notable gains from companies like Hengdian Film and Television, which achieved five consecutive trading limits, and Hangzhou Jiebai, which had two consecutive trading limits [1] - The banking sector performed well against the market trend, with Xiamen Bank rising over 6% [1] - In contrast, basic metals, precious metals, and iron ore sectors experienced significant declines, leading the downward trend in the market [1] Concept Indices - The film and television concept index increased by 2.24%, while the seasoning concept index rose by 2.19% [2] - Other notable increases included the grain economy at 1.86% and MLOps concept at 1.82% [2] - Conversely, sectors such as rare earth permanent magnets and iron ore saw declines of 4.49% and 2.87%, respectively [2]