证券研究报告 | 行业深度报告 2026 年 03 月 04 日 电力设备系列报告（46） 美国启动765kV输电网建设 中游制造/电力设备及新能源 近期，德克萨斯州、中大西洋及中西部地区电网运营商已相继推动总额高达 750 亿美元的输电扩建计划，相关项目已获监管机构批准。该扩建计划核心是建设 一批 765kV 的超高压交流线路。 ❑ 风险提示：贸易壁垒、海外业务拓展不及预期、竞争加剧等。 重点公司主要财务指标 | 公司简称 | 公司代码 | 股价 | 25EPS | 26EPS | 26PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 思源电气 | 002028.SZ | 219.4 | 5.2 | 5.8 | 38.1 | 11.06 | 强烈推荐 | | 神马电力 | 603530.SH | 61.1 | 1.0 | 1.4 | 45.3 | 16.16 | 强烈推荐 | | 金盘科技 | 688676.SH | 93.1 | 1.4 | 2.3 | 40.8 | 8.18 | 强烈推荐 | | 伊戈尔 | 0029 ...

新华财经上海2月27日电中信建投证券研报分析认为，AI数据中心（AIDC）建设进入高速增长期，测算 2025-2028年期间，美国AI需求带来的电力容量需求年复合增长率（CAGR）约55%，未来三年累计需求 超150GW，带来大量的电力需求，使得配套设备迎来机遇，而北美目前缺电问题凸显，自建电源成为 大趋势，燃气轮机凭借快速响应、高功率适配性、较低发电成本，高可靠性成为AIDC主电源优先解。 （文章来源：新华财经） 当前全球海外燃机龙头在手订单规模已远超其现有产能水平，全球燃气轮机巨头正推进产能扩张计划， 但海外上游供应链扩产相对谨慎，产业链紧缺不断加剧，国产燃机整机与核心零部件产业链迎来机遇。 ...

2月24日复盘笔记：化工/油气/贵金属/矿产资源/光通信/智能电网等 ① ②春节假期，全国铁路累计发送旅客1.21亿人次，日均1341万人次、较去年春运同期增长11.5%。 ③今年以来消费品以旧换新惠及3053.2万人次，带动销售额2045.4亿元。 沪指涨0.87%，深成指涨1.36%，创业板指涨0.99%，科创 50 跌 0.34%。< 2月24日复盘笔记：化工/油气/贵金属/矿产资源/光通信/智能电网等 ① ②春节假期，全国铁路累计发送旅客1.21亿人次，日均1341万人次、较去年春运同期增长11.5%。 ③今年以来消费品以旧换新惠及3053.2万人次，带动销售额2045.4亿元。 沪指涨0.87%，深成指涨1.36%，创业板指涨0.99%，科创 50 跌 0.34%。 沪深两市成交额2.2万亿，较上一个交易日放量2194亿。 ①美国宣布将元素磷及草甘膦等关键除草剂纳入关键战略物资。 此前2025年11月，美国内政部及USGS已新将磷酸盐纳入关键矿产清单。 通源石油、准油股份、山东墨龙、洲际油气、中曼石油、泰山石油、惠博普、博迈科、中油工程、石化油服、贝 肯能源、中海油服、蓝焰控股、新锦动力 现货黄金向 ...

消息面上，铜铝价格持续走强，花旗称，短期看涨铜价，预计未来三个月铜价将触及每吨14,000美元； 2026年平均铜价基准情景预测仍为每吨1.3万美元。摩根大通预计2026年第二季度铝均价为每吨3200美 元，且2026年下半年价格仍将获得有力支撑。 申万宏源研究指出，当前铜矿生产扰动较大、非美库存紧张，叠加电网投资增长、AI数据中心建设等 长期需求支撑，铜价中枢有望持续抬高；铝方面，在国内产能天花板约束下供需格局趋紧，价格有望延 续上行趋势；小金属中钴、镍受供给端扰动影响价格环比上涨，稀土氧化镨钕价格亦现回升。此外，中 国有色金属工业协会副秘书长段绍甫在新闻发布会上提出，除储备精炼铜外，还可研究将贸易量大、易 变现的铜精矿纳入国家铜战略储备范围，并探索国有骨干企业试行商业储备机制。 MACD金叉信号形成，这些股涨势不错！ 截至2026年2月25日 09:55，中证工业有色金属主题指数(H11059)强势上涨2.46%，成分股驰宏锌锗上涨 7.29%，锡业股份上涨6.78%，北方稀土上涨5.42%，盛和资源，西部矿业等个股跟涨。工业有色ETF鹏 华(159162)上涨2.14%，最新价报1元。 工业有色ETF鹏 ...

Group 1 - The core viewpoint of the article highlights that Changfei Optical Fiber and Cable (06869) has seen its stock price rise over 5%, reaching a historical high of 135 HKD, with a current price of 133.4 HKD and a trading volume of 1.798 billion HKD [1] - According to the China Electronic Components Industry Association, the average price of G.652.D single-mode optical fiber in the Chinese market is expected to exceed 40 RMB per core kilometer by January 2026, marking a nearly seven-year high, with some manufacturers quoting prices as high as 50 RMB per core kilometer [1] - In January, the market price experienced a month-on-month increase of over 75%, indicating a significant upward trend in pricing [1] Group 2 - Huayuan Securities attributes the rise in optical fiber prices to a reversal in supply and demand dynamics, where supply capacity is being continuously cleared while demand is accelerating due to the construction of AI data centers, leading to a situation of supply shortages for various types of optical fibers [1] - The firm believes that the positive outlook for the optical fiber and cable industry is likely to continue, and expects related companies' performance to improve alongside the rise in optical fiber prices [1]

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector, particularly the Huabao Non-Ferrous Metal ETF, is experiencing a resurgence, with a notable price increase of over 2% in intraday trading, reflecting strong market interest [1] - The Huabao Non-Ferrous Metal ETF (159876) has seen a price increase of 1.94%, with a trading volume of 987,000 and a total transaction amount of 328.3 million CNY, indicating robust trading activity [1] - Key stocks within the ETF include Xiamen Tungsten, which rose over 6%, and Guocheng Mining, which increased by more than 5%, showcasing strong performance among leading companies in the sector [1][2] Group 2 - The macroeconomic context includes pressures from U.S. President Trump on Iran, which may lead to increased geopolitical tensions and a rise in safe-haven assets like gold, which has surpassed 5050 USD per ounce [2] - The Chinese government is advocating for the rational development of rare earth resources and promoting technological advancements in key areas, aiming to establish a high ground in rare earth technology [3] - Huatai Securities notes that the recent rise in resource prices is driven by multiple factors, including global monetary easing and increased demand for metals like copper and silver due to AI data center construction [3] Group 3 - The Huabao Non-Ferrous Metal ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, providing a comprehensive tool for investors to capitalize on the non-ferrous metal market [4] - The ETF is a financing and margin trading target, making it an efficient instrument for investors looking to gain exposure to the non-ferrous metal sector [4]

Core Viewpoint - The non-ferrous metal sector is experiencing a resurgence, with the Huabao Non-Ferrous ETF (159876) seeing a price increase of over 2% during trading, currently up by 1.94% [1][9]. Market Performance - The Huabao Non-Ferrous ETF is currently priced at 1.156, with a trading volume of 987 and an average price of 1.148 [2][10]. - Key stocks in the sector include Xiamen Tungsten, which rose over 6%, and Guocheng Mining, which increased by over 5%. Other notable gainers include Bowei Alloy and Jinchuan Group, both up by over 4% [11][12]. Macroeconomic Factors - U.S. President Trump is applying pressure on Iran, with a second round of negotiations expected next week. He is considering deploying a U.S. aircraft carrier to the Middle East if negotiations fail, which may heighten geopolitical tensions and increase safe-haven demand, leading to a rise in spot gold prices, which have reached $5050 per ounce [3][12]. Industry Insights - Domestic authorities emphasize the need for rational development of rare earth resources and the advancement of key core technologies, aiming to establish a high ground for rare earth technology innovation and expand its applications in new energy and new materials [4][13]. - Huatai Securities notes that the recent rise in resource prices is driven by multiple factors, including global monetary easing and increased demand for copper, silver, and rare metals due to AI data center construction. The long-term macro logic for non-ferrous metals remains intact, with a positive outlook for the sector [4][13]. Investment Tools - The Huabao Non-Ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, providing a comprehensive approach to capturing the beta trends across different economic cycles. This ETF serves as an efficient tool for investors looking to gain exposure to the non-ferrous metal sector [5][14].

Core Viewpoint - Changfei Fiber Optics (06869) has seen its stock price increase by over 9%, reaching a new high of 114.8 HKD, with a year-to-date doubling of its stock price [1] Company Summary - As of the latest report, Changfei's stock is up 9.17%, trading at 114.3 HKD with a transaction volume of 1.307 billion HKD [1] - The company is part of a highly concentrated market, with the top four manufacturers (Corning, Changfei, Zhongtian Technology, and Hengtong Optic-Electric) holding over 50% market share [1] Industry Summary - Fiber optic prices have been steadily increasing for about six months, with G.652.D bare fiber prices rising from less than 20 RMB per core kilometer [1] - The increase in fiber prices is attributed to a reversal in supply and demand dynamics, where supply capacity is being cleared while demand is driven by accelerated AI data center construction [1] - The fiber optic market's revenue and profitability are significantly influenced by demand, highlighting the importance of market conditions [1]

万国数据-SW(09698)午前涨近3%，截至发稿，涨2.96%，报42.38港元，成交额8865.31万港元。 摩根大通发布研报称，预期万国数据于中国的AI数据中心建设项目将于2026年加速推进，因国产芯片 供应开始加速增长、英伟达H200GPU的供应状况变得更为明朗，而且内地供应商正在部署更多AI应 用。基于更强劲的核心业务及其股权投资的潜在价值释放，该行将其美股目标价由40美元上调至55美 元，重申"增持"评级。 消息面上，1月30日，万国数据宣布，已与华泰资本投资有限公司达成协议，通过私募配售方式发行3亿 美元B系列可转换优先股。本次募得资金将主要用于数据中心扩张及一般企业运营。 ...

Industry Overview - The construction boom of data centers in the U.S. has led to an electricity shortage, with natural gas being viewed as the optimal solution [1] - As of January 2026, the U.S. is expected to have over 29 GW of natural gas power generation capacity under construction, more than doubling within a year [1] - Many of these projects may not commence for several years due to a lack of available gas turbines [1] Company Insights - GEVernova's CEO noted an 80% increase in gas turbine contracts for 2025, but most high-profit orders signed in the past two years will not be delivered until after 2027 [1] - Major gas turbine manufacturers like GEV, Siemens Energy, and Mitsubishi Heavy Industries are experiencing accelerated order growth, with backlogs extending 4-5 years [1] - GEV has advanced its annual gas turbine production capacity target from Q3 2026 to H1 2026, raising its expansion plan to 24 GW by 2028, supported by a projected $10 billion capital expenditure from 2025 to 2028 [1] - Domestic manufacturers, including main engine manufacturers, component suppliers, and service providers, are expected to benefit from the rising electricity demand driven by AI data center construction [1] Company Specifics - Jerry Holdings is recognized as a leading domestic oil and gas equipment company, achieving breakthroughs in drilling, natural gas, and gas turbine generator businesses in both domestic and international markets [2] - Linde Holdings has established a close partnership with Caterpillar, successfully supplying small batches of gas turbine components to its subsidiary, Solar Turbines [2]