上市企业：一汽富维（600742）,苏常柴Ａ（000570）,宗申动力（001696）,泰豪科技（600590）,克劳斯 （600579） 相关报告：智研咨询发布的《2025-2031年中国发电设备行业市场供需态势及未来趋势研判报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年6月中国发电机组(发电设备)产量为4203万千瓦，同比增长26.1%； 2025年1-6月中国发电机组(发电设备)累计产量为17902.4万千瓦，累计增长60.5%。 2020-2025年上半年中国发电机组(发电设备)产量统计图 ...

AIDC 空间广阔、人形机器人迎新催化 2025 年 08 月 25 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2024-8-26 2024-12-24 2025-4-23 2025-8-21 电力设备 沪深300 相关研究 《AIDC 持续高景气，固态产业化加 速》 2025-08-17 《AI 电气专题：AIDC 建设迎风起， 产业加速迭代创新机》 2025-08-12 东吴证券研究所 1 / 48 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 东吴证券 ...

Core Insights - Weichai Heavy Machinery Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 2.746 billion yuan, a year-on-year increase of 43.91%, and net profit attributable to shareholders at 144 million yuan, up 52.62% [1] - The company announced a mid-term dividend plan, proposing a cash dividend of 0.90 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares [1] Group 1 - The company achieved historical highs in sales, revenue, and profit during the reporting period, continuing a trend of high-quality growth [1] - The foreign market revenue saw a remarkable increase of 62% year-on-year, indicating strong international demand [1] - The company capitalized on domestic policies and technological advancements, particularly in the inland shipping sector, leading to a significant rise in LNG-powered product sales [1] Group 2 - The generator set business made substantial progress in the data center market, achieving significant growth in sales and revenue during the first half of 2025 [2] - The company broke the monopoly of imported brands in the data center sector by gaining access to major telecom operators' procurement and achieving breakthroughs with leading internet companies [2] - The company is diversifying into alternative fuel markets, establishing a multi-technology system encompassing LNG, methanol, and biofuels [2]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with major indices showing significant gains and a favorable market environment driven by policy support, liquidity expectations, and industrial upgrades [2][5][9]. Market Performance - On August 15, the Shanghai Composite Index reached a peak of 3700 points, closing up 0.83%, while the Shenzhen Component and ChiNext indices rose by 1.60% and 2.61% respectively. The total market turnover exceeded 2 trillion yuan for three consecutive days [2][5]. - The market's upward momentum is attributed to various factors, including the influx of incremental capital from institutions such as insurance and private equity, as well as favorable external conditions and supportive policies [7][9]. Investment Opportunities - Analysts suggest focusing on sectors such as technology, large finance, and AI, which are expected to benefit from ongoing industrial upgrades and policy reforms [5][11]. - The brokerage sector is highlighted as a key driver of the market rally, with significant gains observed in the brokerage index, which rose over 8% in the week leading up to August 15 [12]. Future Outlook - The market is anticipated to enter a "slow bull" phase characterized by resilience and sustainability, driven by continued liquidity and structural upgrades in key industries [9][10]. - There is a positive sentiment regarding the potential for a "big migration" of wealth from real estate and fixed income to equity markets, supported by a stable economic environment and improved liquidity [9][10].

Group 1 - The report maintains a positive outlook on the power equipment industry, highlighting the recovery in wind and thermal power sectors and the potential of fusion energy storage [1][3] - Wind power is expected to see a revaluation of the value of complete machines, with offshore wind and export logic gradually becoming apparent [3][37] - The profitability of wind turbine manufacturers has reached a historical low but is anticipated to rebound as the pace of turbine size increase slows down [10][19] Group 2 - The report emphasizes the importance of traditional energy sources during the 14th Five-Year Plan, with a significant increase in coal-fired power approvals expected in 2025 [38][42] - The energy storage market is accelerating its development, with a focus on both spot and ancillary service markets [3][37] - The report suggests that the nuclear fusion sector should be monitored closely for bidding rhythms and strategic positioning within the core industry chain [3][37] Group 3 - The offshore wind sector is poised for a resurgence, with a backlog of projects ready to commence construction, particularly in Guangdong and Jiangsu provinces [27][28] - The report indicates that the high-voltage and direct current cable market is benefiting from the transition to higher voltage systems, with leading cable manufacturers likely to see improved margins [32][33] - The report provides a valuation table for key companies in the wind power equipment sector, recommending specific stocks such as Goldwind Technology and Dongfang Cable [34][35]

Fixed Income - The new tax regulation will reinstate VAT on interest income from newly issued government and financial bonds starting August 8, 2025, which may affect pricing and yield spreads between new and old bonds [2][10][12] - The bond market is expected to remain a favorable investment direction, with the 10Y government bond yield projected to gradually return to around 1.65% in August [2][20] - The new tax regulation is likely to enhance the scarcity of existing government and financial bonds, potentially leading to a temporary decrease in yields as banks seek to acquire these older bonds [2][13][20] Pharmaceutical Industry - The pharmaceutical index rose by 2.95%, outperforming the CSI 300 by 4.7%, with a focus on innovative drugs and companies with strong business development (BD) catalysts [26][27] - Heng Rui Pharmaceutical's recent agreement with GSK for a potential total of $12 billion in rights for innovative drugs highlights the company's strong innovation capabilities and future growth potential [26][28] - The report suggests a positive outlook for the pharmaceutical sector, driven by innovation, international expansion, and an aging population increasing demand for healthcare [29][30] Media and Entertainment - The China Joy exhibition showcased high industry enthusiasm, with 800 companies participating, indicating a robust market for gaming and related sectors [32][33] - Recent box office performance shows a recovery in the film market, with significant daily earnings from major releases, suggesting a positive trend for cinema attendance and revenue [32][34] - The report emphasizes the importance of AI applications in various sectors, including education and marketing, as key areas for future growth [32]

Market Overview - On August 1, the A-share market experienced fluctuations, with all three major indices closing down: Shanghai Composite Index down 0.19%, Shenzhen Component Index down 0.15%, and ChiNext Index down 0.16% [2][3] - The total market turnover for the half-day was 1.01 trillion yuan, showing a significant decrease compared to the previous day [4] Sector Performance - The pharmaceutical, photovoltaic, and aviation sectors saw gains, while sectors such as oil and gas, catering and tourism, communication equipment, and film and television experienced corrections [4][5] - The photovoltaic sector showed strong performance, with companies like JinkoSolar and Longi Green Energy seeing significant price increases [10][12] Notable Stocks - JinkoSolar reached a 20% limit up, while other companies in the photovoltaic sector also reported substantial gains, such as Haiyou New Materials up over 16% and Shuangliang Energy hitting the limit up [10][12] - In the intelligent logistics sector, stocks like Huapengfei and Shentong Express also saw limit up, indicating strong market interest [12][13] Regulatory Developments - The State Post Bureau held a meeting with express delivery companies to address issues of "involution" in the industry and promote high-quality development [15] - The State Council approved the "Artificial Intelligence +" action plan, which is expected to advance the large-scale application of AI in intelligent logistics [15] Stock Movements - Tibet Tourism, which had previously seen a nine-day limit up streak, experienced a significant drop of 7.2% during the morning session, closing at 26.17 yuan per share [17][19] - Other high-profile stocks, such as Dalian Friendship, also faced declines, with a drop of over 10% [22]

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [4] Core Viewpoints - The thermal power installed capacity has seen a significant year-on-year increase, with a delivery peak expected this year. In the first five months of this year, China added 17.55 million kilowatts of thermal power capacity, a substantial increase of approximately 45% compared to the same period last year [4] - The approval of coal power projects is expected to maintain a high level, with projections indicating that the approved capacity for coal power will exceed 80 GW for the year [4] - The growth in load demand is anticipated to outpace electricity consumption growth, driven by the increasing electricity demand from the tertiary sector and urban residents [4] - The need for traditional power sources like coal and nuclear power will persist due to the instability of renewable energy sources [4] - The demand for coal power replacement and upgrades is expected to continue expanding, with the implementation of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" [4] - Pumped storage approvals are increasing, with the cumulative installed capacity expected to exceed 62 GW by 2025 and 120 GW by 2030 [4] - The total orders for pumped storage turbines are projected to reach approximately 150 billion yuan, with companies like Harbin Electric and Dongfang Electric expected to maintain high growth rates in their water power orders [4] Summary by Sections Section: Industry Performance - The coal power approval volume remains high, with significant increases in installed capacity expected in the coming years [4] Section: Investment Analysis - The sustained high approval volume for coal power and the increasing peak load demand indicate a long-term underestimated demand for coal power [4] - Companies such as Harbin Electric, Dongfang Electric (A+H), and Shanghai Electric are recommended for investment opportunities [4]

Core Viewpoint - Weichai Heavy Machinery is planning to acquire the equity of its wholly-owned subsidiary, Changzhou FRP Shipyard, while its stock has experienced significant price fluctuations, indicating market interest in its operations and potential growth areas [1] Group 1: Company Developments - The company announced that its stock price had deviated by over 20% over two consecutive trading days, indicating abnormal trading activity [1] - The planned acquisition of Changzhou FRP Shipyard does not constitute a major asset restructuring according to preliminary assessments [1] - Changzhou FRP Shipyard specializes in the research and production of various types of vessels under 30 meters, including government, work, and leisure boats [1] Group 2: Market Focus - The company has noted increased market attention towards computing power concepts and data center power supply sectors [1] - Weichai Heavy Machinery develops, manufactures, and sells engines and power integration systems for marine power and generating equipment, with no changes to its main business operations [1] - The company's generator products can serve as backup power sources for data centers, although the scale and development speed of downstream markets like computing power remain uncertain [1]

Group 1: Company Performance - 和誉-B (2256.HK) has a total market value of HKD 70 billion, with a price increase of 137.1% since its inclusion on November 1, 2024[2] - 宜明昂科-B (1541.HK) has a market value of HKD 49 billion, showing a price drop of 73.7% since its inclusion on April 2, 2025[2] - 康哲药业 (0867.HK) has a market value of HKD 293 billion, with a price increase of 54.6% since its inclusion on November 1, 2024[2] Group 2: Financial Metrics - 和誉-B's PE ratio is projected to be 236.60 for 2024, decreasing to 48.67 by 2026[2] - 宜明昂科-B's EPS is expected to be -0.91 in 2024, improving to -0.60 in 2025[2] - 康哲药业's PE ratio is 16.65 for 2024, with a slight decrease in profit expected in 2025[2] Group 3: Strategic Developments - 和誉-B signed a licensing agreement with Merck worth USD 605.5 million, granting exclusive commercialization rights in Greater China[2] - 美兰空港 (0357.HK) is expected to improve operational efficiency through the management of three airports in Hainan Free Trade Port[2] - 阅文集团 (0772.HK) has seen its IP derivative business grow, with a GMV exceeding HKD 500 million in 2024[2] Group 4: Market Outlook - 连连数字 (2598.HK) is positioned to potentially obtain a stablecoin issuance license, indicating significant future growth potential[2] - 蒙牛乳业 (2319.HK) is expected to maintain a high dividend yield, supported by a favorable competitive landscape in the education sector[3]