%% %% 行业研究丨深度报告丨电气设备 [Table_Title] 美国加码 AIDC 自建电源，变压器&储能景气 有望加速——美国缺电研究系列三 %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 此前，我们在《解能源桎梏，扬时代风帆——美国缺电深度研究》中指出，AI 电力需求高增下， 美国电力缺口不断放大，公用电网短期难以解决，导致电价不断上涨。2026 年以来，在立法层 面，FERC、州政府及区域输电组织加速推进大型负载并网政策落地，数据中心自建电源已是 大势所趋。本报告重点阐述北美数据中心供电及配储架构，量化测算自建电源对变压器及储能 需求的拉动。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BVD284 袁澎 SAC：S0490524010001 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_ ...

来源：企业上市 2025年12月17日：通过港交所上市聆讯； 2026年1月15日：更新递交上市申请并刊发资料； 2026年2月23日：刊发聆讯后资料集。 此次若成功上市，埃斯顿将成为农历马年首家在港交所挂牌的机器人企业。目前，公司上市仍需取得香 港证监会及港交所等监管机构的最终批准。 马年首家！南京这家造机器人的公司，港交所大门快叩开了。 2026年2月23日，南京埃斯顿自动化股份有限公司发布公告称，公司已刊发H股发行聆讯后资料集，标 志着其赴港上市进程已通过港交所上市委员会审议。根据安排，公司于2月23日在港交所网站刊登聆讯 后资料集。 此次上市进程关键节点回顾： 2025年6月27日：向港交所递交上市申请； 2025年12月9日：获中国证监会境外发行上市备案； 简单来说，就是南京一家叫 埃斯顿 的自动化公司，刚通过了港交所的上市聆讯 。这意味着它离在港股 挂牌上市只差最后几步了，而且很可能是 马年（2026年）第一家拿到这个通行证的企业。 这家公司什么来头？这么说吧，它是咱们国产工业机器人里的"尖子生" 。 干翻了外资品牌：以前工厂里的机器人手臂多是外国牌子，但在2025年上半年，埃斯顿在国内市场的出 ...

Group 1 - The founder of Arini warns that even before the substantial impact of AI on the software industry is realized, market panic alone is sufficient to increase corporate financing costs, potentially leading to widespread defaults [1] - The software industry is currently experiencing a prolonged sell-off, with investors concerned that the rapid evolution of AI technology poses a fundamental threat to the business models of software companies, which are already burdened with high debt levels relative to their earnings [1] - Direct lending institutions are reducing their exposure, which may exacerbate the impact on the software sector, as companies in this industry typically operate with high leverage and rely heavily on private credit markets [2] Group 2 - The private credit market has expanded rapidly, reaching a size of $1.8 trillion, prompting regulatory scrutiny [3] - The founder of Arini emphasizes that while regulatory tightening does not necessarily reduce investment opportunities, the industry must acknowledge the balance between risk and return [3] - The concentration of private credit in the software sector is deemed excessive, with concerns raised about the wisdom of lending at such levels in a mediocre-performing loan industry [2]

Market Overview - The A-share market experienced a strong opening on the first trading day after the Spring Festival, with all three major indices closing higher, indicating a positive sentiment among investors [1][2] - The trading volume exceeded 2 trillion yuan, with over 4,000 stocks rising, showcasing significant profit potential [1][2] Sector Performance - The oil and petrochemical sector led the market with a 5.53% increase, with multiple stocks hitting the daily limit [2] - Other strong performers included the cultivated diamond and optical module sectors, with notable stocks like Sifangda and Tianfu Communication showing impressive gains [2][3] ETF Market Dynamics - The enthusiasm in the oil and gas sector translated into strong performance for related ETFs, with several products seeing gains of over 9.5% [2] - Technology-related ETFs, particularly those tracking AI and software, also saw a significant increase in trading volume, with some doubling their transaction amounts [3] Institutional Interest - The robotics sector has garnered significant attention from institutional investors, with multiple companies in the industry receiving numerous inquiries [4] - Companies like Huichuan Technology and Anpeilong have been highlighted for their advancements in robotics, attracting institutional focus [4] Future Investment Trends - Analysts predict a more diverse investment landscape in 2026, driven by macroeconomic cycles and technological innovations [1][6] - Key investment themes include AI and humanoid robotics, cyclical commodities like oil and gas, high-dividend sectors such as banking and energy, and domestic consumption in automotive and home appliance sectors [6][7] AI and Technology Focus - The technology sector remains a focal point for investment, with expectations for breakthroughs in AI and semiconductors to drive future opportunities [7][8] - The potential for significant advancements in AI is seen as a critical factor for the growth of the industry, with current market perceptions possibly underestimating its development potential [8]

U.S. stock futures are showing signs of stabilization on Tuesday morning, February 24th, 2026, as investors attempt to recover from a bruising session that saw major indexes tumble. Premarket activity indicates a modest rebound, with futures for the S&P 500 (SPY) rising 0.34% and Nasdaq 100 (QQQ) futures gaining 0.49%. The Dow Jones Industrial Average (DIA) futures are also up approximately 127 points, or 0.2%, as market participants engage in bargain hunting following Monday’s sharp sell-off.The previous s ...

龙虎榜机构热股 今天机构龙虎榜上榜43只个股，净买入29只，净卖出13只。当日机构买入最多的个股前三位是：华工科技（1.89亿）、铜冠铜箔（1.88亿）、上海电影 （1.85亿）。 | 上榜热股 | 实时涨跌幅♀ 买/卖家数♦ | | | --- | --- | --- | | 华工科技 | +10.00% | 3/1 | | 000988.SZ | | | | 铜冠铜箔 | | | | 301217.SZ | +14.49% | 3/2 | | 3日 | | | | 上海电影 | 10 UN | 1/1 | 华工科技 龙虎榜显示，今日3家机构净买入1.89亿。 公司表示各种类型800G系列产品都已经给北美头部厂家送样测试 龙虎榜知名游资 一、油服 中国石油集团旗下，国内最大油气工程综合服务提供商，此前参与伊朗北阿扎德甘油田地面设施开发。 消息面上，WTI原油期货3月合约收涨1.9%，布伦特原油期货4月合约收涨1.86%。 东方证券预计，国内油气资本开支有望逐渐走向恢复。海外层面，美国政府持续推出政策推动油气开发，且根据EIA预测年美国天然气发电装机量有望在未 来几年上升，我们预计2026年海外的油服开支需求 ...

作者 | Steef-Jan Wiggers 译者 | 明知山 凯捷集团执行副总裁 Steve Jones 在 Medium 博文 及相关的 LinkedIn 帖子 中宣称"AI 已杀死敏捷宣言"， 引发了激烈辩论。Jones 认为，在 智能体软件开发生命周期（SDLC）系统 中，AI 智能体承担了大量开 发工作，这与敏捷宣言的四大核心价值观和十二条原则存在根本性矛盾。 Jones 指出了将敏捷应用于智能体 SDLC 的几个关键挑战。首先，他认为工具现在变得至关重要： 使用 Replit 与使用 Claude Code 的场景截然不同，如果要混合使用各类智能体 SDLC，这一 点你必须重点考虑。 这与敏捷宣言中"个体和互动高于流程和工具"的理念相冲突。 速度差异是另一个核心问题。Jones 描述了自己如何在几小时内开发出可用的应用程序，并在一次飞行 途中完成整个应用的迁移工作，他表示： 这正是智能体 SDLC 与敏捷原则产生根本性分歧的地方——因为智能体 SDLC 的迭代速度 对敏捷而言太快了。 当 AI 能在几分钟内生成可落地的功能代码时，传统的两周冲刺周期已然显得过时了。 或许最为重要的是，Jones 对 ...

Core Insights - During the Spring Festival, multiple enterprises and laboratories in the Optics Valley are operating at full capacity, with Huagong Technology's various business segments continuing production without interruption [1][2] - The company has secured orders for its connection business until the fourth quarter of 2026, and its AI high-speed optical module production line is running 24 hours a day [1][2] Company Overview - Huagong Technology is recognized as one of the top ten optical module manufacturers globally and is a well-known high-tech company in the laser industry [1][2] - The company's main business includes the production and sales of laser equipment, anti-counterfeiting laser labels, sensitive electronic components, optical communication electronic components, and the development, research, and sales of computer software and information system integration [1][2] Production Capacity and Growth - By 2025, Huagong Technology's domestic base for high-speed optical modules is expected to grow by 111%, while its overseas base is projected to increase by 500% [1][2] - The company plans to enhance the production capacity of its 800G and 1.6T high-speed optical modules by over 50% this year to fully meet market demand [1][2]

用机器人给机器人造电池怎么实现？2月24日，在广东省高质量发展大会"智能制造与工业互联网"分会 场，惠州亿纬锂能股份有限公司机器人研究所所长肖罡给出了答案。 "亿纬锂能将以热情积极的态度，拥抱AI机器人新时代，坚持守正创新、追求卓越的企业精神，用好 AI，用好机器人，达成'用机器人给机器人造电池'、全栈智能体工厂的应用落地。"肖罡说。 （文章来源：21世纪经济报道） 近年来，亿纬锂能主动布局AI应用、加速制造智能化的深度落地。在制造过程智能化方面，亿纬锂能 通过构建制造全场景AI大模型，打造具备自诊断、自预测、自优化能力的高质量制造AI中枢，形成高 质量锂电制造AI生态。肖罡透露，目前企业已实现多个工厂的落地应用，单线工艺环节的AI智能决策 应用覆盖率超50%。 在AI机器人研发与应用方面，企业独创"1+1+N"研发模式，从制造产线N个实景需求出发，搭建真实场 景的机器人技能训练场，对标岗位职责，研制单项技能冠军机器人，落地每个制造工栈的真实需求，同 时结合AI数字员工和SC技术体系，融合构建智能工厂AI大模型，打造全场景全栈智能体工厂。 肖罡表示，目前已经完成双足人形、轮式人形、轮式悬臂等三款机器人的研发与 ...

Group 1 - The US stock market is experiencing volatility, raising questions about whether the AI end-of-month report will continue to impact the market negatively [3] - The A-share market opened positively on the first day of the Year of the Horse, with all three major indices closing in the green, particularly in sectors like oil and gas, chemicals, and electric grid equipment [3] - Recent developments regarding tariffs from former President Trump have led to a 10% increase in global tariff rates, which was later adjusted to 15%, creating mixed reactions globally [3] Group 2 - The tariff situation has prompted urgent communications between Europe and the US, while it is perceived as a relatively favorable development for China [3]