潍柴动力 20260112 摘要 潍柴动力 SOFC 业务具增长潜力，受益于北美电力需求及与 Bloom Energy 合作验证。虽当前产能有限（约 10 兆瓦），但规划至 2030 年 达 1 吉瓦，预计贡献百亿元收入，净利润 10-20 亿元，为公司带来显著 增长空间。 ITC 财发业务受益于互联网厂商资本支出增加、国产大模型突破及 IDC 招标恢复。预计 2025-2026 年数据中心财发出货量分别为 1,300 台和 2,600 台，海外市场通过博杜安品牌实现增长，国内市场随 AIDC 招标 恢复有望超预期。 重卡行业预计 2026 年批发销量约 117 万台，同比微增。国内政策影响 减弱，出口量有望增长 15%-20%至 40 万台。电动重卡产业趋势向好， 电动化率或达 35%。行业或处于上行周期拐点，国五车置换周期将驱动 内销增长。 预计潍柴动力将在 2028-2030 年迎来新一轮重卡市场周期，或受益于 国六切换国七政策。参考历史周期及美国市场，预计销量高点有望达 110-120 万辆甚至更高，电动化对潍柴主业影响有限。 Q&A 潍柴动力在 2026 年的业绩预期和估值情况如何？ 预计潍柴动力 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司耗费巨资研发的碳纸年除了2025上半年有过 一次测试订单，2025下半年有没有新的客户订单或者测试订单？ （文章来源：每日经济新闻） 冠豪高新（600433.SH）1月12日在投资者互动平台表示，碳纸是氢燃料电池关键材料之一，是公司面 向"十五五"乃至更长远周期战略布局的核心方向，目前正稳步推进多批次测试验证，为未来规模化商业 应用夯实技术基础；尽管行业普遍面临验证周期长、工艺稳定性要求高等挑战，但公司已构建自主可控 的碳纸制备能力，牢牢把握下一代清洁能源材料的战略制高点。 ...

Group 1 - AEP has exercised an option to purchase up to 1GW of solid oxide fuel cells (SOFC) from Bloom Energy, with a total transaction value of approximately $2.65 billion, marking a significant milestone for SOFC applications in data centers [2] - The project is expected to serve third-party large data center customers, indicating that SOFC has transitioned from a "validation phase" to a "mass deployment phase" [2] - This order not only secures future revenue certainty for Bloom Energy but also validates the commercial logic of SOFC as a core power supply solution for AI data centers [2] Group 2 - Bloom Energy reported record revenue of $519 million in Q3 2025, with a Non-GAAP gross margin exceeding 30% and a Non-GAAP operating income increasing over fourfold year-on-year [3] - With the confirmation of the AEP order, Bloom Energy's cumulative orders have reached nearly 2GW, and capacity utilization is expected to significantly increase, leading to a reduction in unit manufacturing costs [3] - Revenue and cash flow are projected to further explode in 2026, with profitability expected to continue to improve due to economies of scale [3] Group 3 - SOFC is identified as a crucial solution to the power supply challenges faced by AI, particularly due to severe interconnection backlogs and long expansion cycles in the North American power grid [4] - The advantages of SOFC include rapid deployment, small footprint, and off-grid operation capabilities, making it a vital solution for quick power supply deployment in data centers [5] Group 4 - Domestic companies entering the global supply chain of Bloom Energy are expected to see clear performance growth, with companies like SanHuan Group and ChunHui Intelligent Control being highlighted for their contributions to SOFC technology [6] - SanHuan Group supplies core materials for SOFC stacks, while ChunHui Intelligent Control has a strong partnership with Bloom Energy, providing temperature sensors [6] Group 5 - Recommended stocks to watch include ChunHui Intelligent Control (300943.SZ), SanHuan Group (300408.SZ), YiShiTong (688733.SH), XiongTao Co. (002733.SZ), Weichai Power (000338.SZ), ShunLuo Electronics (002138.SZ), FuRan Energy (002911.SZ), DongMu Co. (600114.SH), and XinAo Co. (600803.SH) [7]

Group 1 - The core viewpoint of the report is that AEP's decision to exercise its option to purchase up to 1GW of solid oxide fuel cells (SOFC) from Bloom Energy marks a significant transition for SOFC applications in data centers from a validation phase to a large-scale deployment phase, indicating a strong demand for SOFC as a power solution for AI data centers [1][3] - The order from AEP, which includes a full exercise of a 900MW option on top of a previous 100MW order, not only secures Bloom Energy's future revenue but also validates the commercial logic of SOFC as a core power solution for AI data centers [1][2] Group 2 - Bloom Energy reported record revenue of $519 million in Q3 2025, with a Non-GAAP gross margin exceeding 30% and a more than fourfold year-on-year increase in Non-GAAP operating income, indicating a financial turning point for the company [2] - With the confirmation of the AEP order, Bloom Energy's cumulative orders have reached nearly 2GW, which is expected to significantly enhance production capacity utilization and reduce unit manufacturing costs, leading to further revenue and cash flow growth anticipated by 2026 [2] Group 3 - SOFC is identified as a crucial solution to the power supply challenges faced by AI data centers, particularly due to the current backlog in North America's power grid interconnections and the long delivery cycles for transformers and gas turbines [3] - The advantages of SOFC, including rapid deployment, small footprint, off-grid operation capability, and high efficiency of up to 60%, position it as a vital solution for the quick power supply needs of data centers [3] Group 4 - Companies entering the global supply chain of Bloom Energy are expected to see clear performance growth, with significant contributions from domestic firms such as SanHuan Group and ChunHui Intelligent Control, which are deeply integrated into Bloom Energy's supply chain [4] - SanHuan Group provides essential materials for SOFC stacks, while ChunHui Intelligent Control has a strong partnership with Bloom Energy, supplying temperature sensors [4] Group 5 - Suggested companies to watch include ChunHui Intelligent Control (300943.SZ), SanHuan Group (300408.SZ), YiShiTong (688733.SH), XiongTao Co. (002733.SZ), Weichai Power (000338.SZ), ShunLuo Electronics (002138.SZ), FuRan Energy (002911.SZ), DongMu Co. (600114.SH), and XinAo Co. (600803.SH) [5]

Group 1 - The core viewpoint is that Bloom Energy has secured a $2.65 billion fuel cell cooperation agreement with American Electric Power (AEP), reflecting the ongoing power shortage in North America and the industry's sustained prosperity [1] - The company Weichai Power is positioned as a key player in the SOFC technology landscape, benefiting from the trend of domestic substitution and technological layout, with significant growth potential in the global market [1] - SOFC is expected to remain one of the most efficient power generation solutions in the next 1-3 years, filling the electricity gap as a scarce resource [1] Group 2 - The heavy truck industry has shown a strong performance with sales reaching 314,000 units in Q4, a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5%, indicating continued robust growth [2] - The company's heavy truck business is expected to maintain high growth, supported by the ongoing increase in the new energy battery business and the anticipated improvement in profitability by 2026 [2] - Revenue forecasts for the company are projected at 231.67 billion, 252.24 billion, and 272.28 billion yuan for 2025-2027, with net profits of 12.49 billion, 14.04 billion, and 16.07 billion yuan respectively, maintaining a "recommended" rating [2]

消息面上，隔夜美股Bloom Energy大涨12.81%。据报道，美国电力公司宣布与Bloom Energy达成价值 26.5亿美元的固体氧化物燃料电池采购协议。该公司计划在怀俄明州夏延附近开发并建设一座燃料电池 发电设施。中金公司此前研报指出，SOFC燃料电池系统或有望成为数据中心供电的新解法。预计2026 年至2030年北美数据中心年化平均SOFC装机规模或有望达到0.5GW至1.25GW。 智通财经APP获悉，潍柴动力(02338)早盘涨超6%，截至发稿，涨5.49%，报20.74港元，成交额1.4亿港 元。 2025年11月，潍柴动力与参股公司Ceres（希锂斯）签订制造许可协议，公司拟建立应用于固定式发电 市场的电池和电堆生产产线，部分关键部件由Ceres供应，产品将为AI数据中心、商业楼宇及工业园区 等场景提供电力。华创证券看好其未来有望充分受益于海外AI需求的增长。 ...

Core Viewpoint - Weichai Power (000338)(02338) saw a significant increase in stock price, rising over 6% in early trading, with a current price of 20.74 HKD and a trading volume of 140 million HKD, influenced by positive developments in the fuel cell market [1] Group 1: Market Developments - Bloom Energy's stock surged by 12.81% following the announcement of a 2.65 billion USD procurement agreement with a U.S. power company for solid oxide fuel cells [1] - The U.S. company plans to develop a fuel cell power generation facility near Cheyenne, Wyoming, indicating a growing interest in fuel cell technology [1] Group 2: Industry Insights - CICC's research report suggests that SOFC fuel cell systems may become a new solution for powering data centers, with an expected annual installed capacity in North America ranging from 0.5 GW to 1.25 GW between 2026 and 2030 [1] - Weichai Power signed a manufacturing license agreement with its affiliate Ceres in November 2025 to establish production lines for batteries and stacks aimed at the fixed power generation market, with key components supplied by Ceres [1] - The products are intended to provide power for AI data centers, commercial buildings, and industrial parks, positioning the company to benefit from the growing overseas demand for AI [1]

Group 1 - The core viewpoint of the article is that Dongfang Electric is making progress in the construction of fuel cell production lines in Panzhihua and the Dongfang Hydrogen Energy Industrial Park [1] - Dongfang Electric confirmed that the relevant production lines in both locations are advancing normally [1] Group 2 - Investors inquired about the status of the collaboration between Dongfang Electric and Sinopec in Jiangxi, specifically regarding the infrastructure development [1] - Dongfang Electric did not provide specific details on the number of production lines completed in Panzhihua and the Dongfang Hydrogen Energy Industrial Park [1]

Group 1 - The company, Hongji Chuangneng Technology, submitted its Hong Kong IPO prospectus on June 27, which became invalid after six months on December 27, with Haitong International and CITIC Securities as joint sponsors [1] - According to the prospectus, the company claims to be a global leader in independent membrane electrode supply, focusing on the R&D, mass production, and commercialization of catalyst-coated membranes (CCM) and membrane electrode assemblies (MEA) [2] - Based on data from Zhi Shi Consulting, Hongji Chuangneng is projected to be the largest independent membrane electrode supplier in China and the second largest globally by sales volume in 2024 [2]

Group 1 - The core point of the article is that Hongji Chuangneng Technology's IPO application has expired after six months, with Haitong International and CITIC Securities serving as joint sponsors [1] - The company claims to be a global leader in independent membrane electrode supply, focusing on the R&D, mass production, and commercialization of catalyst-coated membranes (CCM) and membrane electrode assemblies (MEA) [2] - According to Zhi Shi Consulting, Hongji Chuangneng is the largest independent membrane electrode supplier in China and the second largest globally by sales volume in 2024 [2]