今年以来，铜价连创历史新高，1月14日，伦敦金属交易所期铜一度创出每吨13407美元的历史新高；国 内铜期货也飙升至每吨10万元以上。某加工企业负责人介绍，AI算力需求呈爆发式增长，单个芯片功 耗从几百瓦飙升至几千瓦，对散热和导电性能提出了严苛要求，因此一个机柜的线材和散热器用铜量需 要数百公斤。分析认为，此次铜价快速上涨，既有供需失衡的影响，也有情绪溢价与资金炒作等多重因 素。从供给来看，秘鲁、智利等南美国家的铜储量占全球40%，却受能源紧张等因素影响，铜矿市场供 应持续紧张。从需求来看，AI数据中心、新能源汽车、机器人等新兴领域的用铜需求快速增长，成为 支撑铜价的重要力量。 （央视财经） ...

【短评-甲醇】 甲醇港口样本库存143.53万吨，周下降 10.19万吨；中国甲醇样本生产企业库存45.09万吨，周微增 0.32万吨，样本企业订单待发23.78万吨，周微增0.03万吨；江 苏太仓甲醇市场价2257元/吨，价格暂稳；国内甲醇周产能利用 率91.42%，环比1.01%；玖源化工50万吨/年甲醇装置预期本周 检修结束；下游总产能利用率73.54%，周下降0.49%。评：国内 甲醇开工高位上升，下游需求小幅下降，本周甲醇港口库存大 幅去库，主要基于卸货总量不大，江苏沿江主流库区提货尚 可。内地甲醇市场窄幅震荡，企业竞拍成交顺畅，港口甲醇市 场基差维稳，商谈成交一般。甲醇港口库存高位下降，现货市 场表现尚可，预计短期震荡偏强。 投资咨询中心 2026年01月15日 研究员 姓名：师秀明 邮箱：shixiuming@nzfco.com 期货从业资格号：F0255552 期货投资咨询从业证书号：Z0010784 姓名：曹宝琴 邮箱：caobaoqin@nzfco.com 期货从业资格号：F3008987 期货投资咨询从业证书号：Z0012851 姓名：蒯三可 今 日 早 评 重点品种： 【短评-白银】褐 ...

Core Insights - The core issue highlighted is the significant delay in acquiring power transformers in North America, with wait times exceeding 100 weeks, which is severely impacting AI data centers [1] - Experts predict that this situation, termed "waiting for power," may persist until 2030 [1] Group 1: Company Analysis - TBEA (特变电工) is a leading player in the transformer industry, with a strong market share in high-voltage transformers and reactors. The company secured a major $2.4 billion order in Saudi Arabia, increasing its international product contract value by over 80% [3] - TBEA's revenue for Q3 2025 reached 24.588 billion, making it the largest in the high-voltage direct current sector, although its net profit is affected by market price fluctuations in its polysilicon business [3][12] - China XD Electric (中国西电) is recognized for its historical and technical strengths in the high-voltage sector, achieving significant breakthroughs in complex equipment. It won contracts worth 2.98 billion in a recent state grid tender, showcasing its comprehensive bidding capabilities [6][10] - Guodian NARI (国电南瑞) specializes in control systems and automation software for high-voltage projects, holding nearly 50% market share in critical components like converter valves and control protection systems, indicating its essential role in the industry [8][10] - Baobian Electric (保变电气) focuses on high-voltage transformers and has a solid market presence, winning contracts worth 1.138 billion in the recent state grid tender. Its high return on equity (ROE) of 21.11% is notable, although it operates with a high debt ratio [12][14] Group 2: Competitive Landscape - The analysis reveals no single dominant player among the four companies, as each occupies a unique position in the high-voltage industry. TBEA is seen as a diversified giant, China XD Electric as a technological leader, Guodian NARI as the core control system provider, and Baobian Electric as an aggressive specialist [13][16] - The competition and collaboration among these companies contribute to a robust high-voltage industry in China, which is advancing its standards and technologies globally, contrasting with the delays faced in North America [16]

商品市场上，贵金属表现亮眼，白银价格再创新高，黄金同步温和上行。分析人士认为，白银供需紧平衡、黄金宏观支撑强劲，共同推动了贵金属价格走 高。 美股三大指数收跌 当地时间1月14日，美股三大指数集体收跌。道指跌0.09%，报49149.63点；标普500指数跌0.53%，报6926.6点；纳指跌1%，报23471.75点。 美股大型科技股全线下跌，美国科技七巨头指数下跌1.32%。Meta、亚马逊、微软跌超2%，特斯拉、英伟达跌超1%，苹果跌0.4%，谷歌跌0.04%。 中概股涨跌不一，纳斯达克中国金龙指数跌0.23%，中概科技龙头指数涨0.21%。世纪互联涨超7%，虎牙、哔哩哔哩涨逾6%，亿咖通科技涨超5%；叮咚 买菜跌超6%，老虎证券跌超5%。 白银价格再创新高 商品市场方面，白银表现强势，期货、现货价格再创新高。截至北京时间1月15日5:08，伦敦现货白银涨7.01%，COMEX白银期货涨7.94%，均突破93美 元/盎司。 黄金温和上涨，伦敦现货黄金涨0.96%，报4629.81美元/盎司；COMEX黄金期货涨0.87%，报4639.1美元/盎司。 当地时间1月14日，美股三大指数集体收跌，科技股承压。 ...

Core Viewpoint - The electric grid equipment sector has shown strong performance, with significant stock price increases and a favorable investment outlook driven by rising electricity demand from AI data centers and supportive government policies [2][3]. Group 1: Market Performance - As of January 14, 2026, the electric grid equipment index has risen by 10.2% this year, outperforming the Shanghai Composite Index by over 6 percentage points [2]. - Since 2025, 17 stocks in the electric grid equipment sector have doubled in price, with several reaching historical highs, including Jinpan Technology, Sifang Co., Tebian Electric Apparatus, and China XD Electric on January 14, 2026 [2]. - The stock of Tebian Electric Apparatus reached a market capitalization of over 150 billion yuan, with a peak increase of over 9% before closing down by 1.97% due to overall market corrections [1]. Group 2: Investment Drivers - The demand for electricity in data centers is expected to double by 2030, reaching approximately 945 TWh, with the U.S. projected to account for the largest share of this increase [2]. - Goldman Sachs estimates that investments in global digital infrastructure and energy systems driven by AI will reach $5 trillion over the next decade, with electric grid equipment being a primary beneficiary [2]. - The "14th Five-Year Plan" is expected to boost investment in electric grid infrastructure, with projected basic construction investments reaching 3.8 trillion yuan [3]. Group 3: Company Insights - Among the electric grid equipment stocks, 31 have a rolling P/E ratio below 30, with 9 stocks below 20, including Xinyuan Electronics, Chint Electric, and Juhua Technology [3][4]. - Xinyuan Electronics has the lowest rolling P/E ratio at 8.5, reporting a net profit of 535 million yuan for the first three quarters of 2025, a year-on-year increase of 421.43% [4]. - In terms of trading activity, 19 of the 31 low P/E stocks saw average daily trading volumes increase by over 50% in January, with Xuchang Electric leading at a 142.41% increase [4].

以下文章来源于e公司 ，作者证券时报 赵黎昀 e公司 . 1月14日，国内期货市场沪锡主力合约2602再度涨停，近三个交易日累计涨幅超过20%，刷新历史高点。 近日来有色商品期货价格整体走强，主力合约中沪铝、沪铜也纷纷刷新高点。 "沪锡期价创下历史新高，是供应、需求、宏观资金面共振的结果。"对于14日沪锡价格走势，上海钢联锡分析师郭砺成认为，锡价走强源于市场偏 向于对缅甸复产不及预期的判断，实际上，缅甸锡矿进口水平较前期疲软情况已大幅增加，并且多家研究机构对于AI算力、光伏新能源等拉动需 求的情况非常看好，叠加宏观情绪走强引发资金炒作，锡价涨幅居于前列。 据介绍，当前锡现货价格同步也创历史新高，Mysteel1#锡价高价单日暴涨7.6%至412000元/吨。短期内期货涨势正引领现货报价、重构定价基准， 并且企业风险管理需求逐步加大。 "当前期现价格呈同向波动，期货弹性更大。期货上涨推升现货预期，市场现货交易基本停滞。锡价涨幅过大已造成贸易商、下游加工企业暂停对 外报价，观望情绪浓厚，实际成交寥寥。"郭砺成表示，当前期货市场对现货的引导作用增强，但高价位抑制终端采购需求，部分企业提前停工放 假，导致现货升水持续 ...

硬·AI 作者 |张雅绮 编辑 | 硬 AI 人工智能基础设施建设的核心矛盾正在发生转移：从单纯对GPU数量的追逐，转向对电力供应速度的争 夺。在"电力交付时间（Time-to-Power）"成为AI建设最严峻瓶颈的背景下，具备快速交付能力和大规模生 产优势的中国电力解决方案提供商正迎来一次历史性的价值重估机遇。 据追风交易台消息，高盛Jacqueline Du团队在14日发布的研报中表示，美国和欧盟的电网平均寿命已达 35至40年，面对AI数据中心（AIDC）爆发式的能耗需求，基础设施显得日益脆弱。目前，美国本土电力 设备产能仅能满足当地约40%的需求，而并网等待时间已延长至近五年。这种供需错配迫使美国公用事业 公司和数据中心运营商打破传统惯例，开始接纳非传统的供应商以填补这一多年的供应缺口。 这一结构性短缺正在重塑供应链的定价权。高盛在报告中强调，对于合格的中国供应商而言，其决胜优势 已不再仅仅是低成本，而是更短的交货周期。 在严重的短缺驱动下，中国企业在海外市场的产品定价较国 内销售享有显著溢价，溢价幅度在10%至80%之间， 这为相关企业提供了极高的盈利可见性。 AI建设核心矛盾正从GPU转向电力，交 ...

格隆汇1月14日丨亚联发展(002316.SZ)在互动平台表示，公司智慧专网领域主要为电力、交通等行业提 供信息通信技术解决方案。目前公司不存在AI数据中心方面相关布局。 ...

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：贵公司在AI数据中心领域有哪些布局和技术优势？ 亚联发展（002316.SZ）1月14日在投资者互动平台表示，公司智慧专网领域主要为电力、交通等行业提 供信息通信技术解决方案。目前公司不存在AI数据中心方面相关布局。 ...

| 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4126.09 | 14248.60 | 1835.41 | | | -12.67 -0.31% +79.20 +0.56% +29.39 +1.63% | | | 万得全A | 创业板指 | 北证50 | | 6793.64 | 3349.14 | 1580.87 | | | +21.05 +0.31% +27.25 +0.82% +15.28 +0.98% | | 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。 A股成交逼近4万亿元 多只龙头股收盘时出现压单 今日（1月14日），A股出现"过山车"式行情。上证指数早盘一度涨超1.2%，午后由红盘翻绿，收盘时下跌0.31%。多只热门题材午后遭遇大幅跳水，如商 业航天、光伏、无人驾驶、人形机器人、固态电池等指数午后也一度翻绿。 消息面上，1月14日，经中国证监会批准，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证券时的融资保证金最低比例从80%提高至 100%。需要说明的是，此次调整仅限于 ...