（来源：五道口江湖） 2月3日，证券从业系统已经查不到信达证券首席分析师胡琎心的信息。胡琎心，曾经是西部证券电新行 业联席首席分析师！8月22日，她正式加入信达证券。她具备多年新能源产业工作经验，多年电新行业 卖方研究经验。对风电、电力设备、光伏有着较为深入研究，对风电行业有深刻理解。善于把握市场机 会，挖掘潜力个股，提供有价值的服务。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 不过从8月22日，到现在，还不到半年时间。 ...

Group 1 - The core focus of the China Galaxy Securities annual strategy conference is the transition to new productive forces, with artificial intelligence expected to be a key driver in 2026 [2] - The conference will feature macroeconomic scholars and industry experts discussing investment themes, particularly in AI, new energy, and quantum technology [2] - The event aims to unlock wealth opportunities for the start of the 14th Five-Year Plan [2] Group 2 - The CICC Quantitative and ESG team will provide authoritative insights into the 2026 quantitative strategy outlook, focusing on timing signals and practical applications of options volatility [5] - The session will share cutting-edge quantitative timing models to help accurately gauge market rhythms [5] Group 3 - UBS's outlook for 2026 discusses the potential reality of humanoid robots once technical and regulatory barriers are removed, highlighting the implications for the industry and what investors need to know [7] - The session will feature insights from UBS's research leaders in Taiwan and China [7] Group 4 - The CITIC Construction Investment report will explore how the electric new energy, military industry, and building materials sectors will evolve in the new cycle leading into 2026 [10] - It will discuss the impact of global energy storage growth and the AI electricity revolution on the electric new energy sector, as well as military trade and digital transformation in the building materials industry [10] Group 5 - Li Auto's Q3 2025 earnings call will address challenges related to slower responses compared to competitors and the potential of the i6 electric model to set new standards in the mid-to-large 5-seat SUV market [12] - The discussion will also cover the self-developed VLA large model and driver assistance chip's role in enhancing product capabilities, alongside the company's cash reserves supporting its technology breakthroughs and international expansion strategy [12]

以下为研究报告摘要： 电力设备板块：25H1业绩稳健。2025H1电网板块合计实现营收1740.49亿元，同比增长 10%；实现归母净利润139.98亿元，同比增长10%。25Q2板块保持增长趋势，收入实现 1045.20亿元，同比增长12%；归母净利润实现90.71亿元，同比增长8%。25H1板块毛利率为 25.57%，同比下降1.52pcts；净利率为7.33%，同比上升0.72pct，25H1盈利能力有所承压判 断主要系大宗材料价格波动小幅影响。 人形机器人：25H1营收和利润均实现双位数同增。2025H1板块合计实现营收1122.08亿 元，同比增长11.94%；实现归母净利润119.83亿元，同比增长21.23%。单季度来看，25Q2 实现营收599.73亿元，同比增长11.44%；实现归母净利润66.21亿元，同比增长16.71%。 风险提示：政策不达预期、电网投资不及预期、行业竞争加剧致价格超预期下降、资产 减值风险、原材料价格波动风险、新技术不及预期、海外经营风险等。（民生证券 邓永康, 王一如,朱碧野,李孝鹏,李佳,林誉韬,席子屹,赵丹,许浚哲,郝元斌） 民生证券近日发布电新行业2025年半 ...