Group 1: Photovoltaic Industry - The price of silicon materials has stabilized at a high level, supporting the differentiated performance of silicon wafers [1][2] - Battery cells are showing a steady upward trend with localized price increases, while module prices remain stable overall [1][2] - Domestic demand release is helping to maintain the resilience of the industry chain despite disturbances in the overseas market [1][2] Group 2: Wind Power - Major offshore wind power projects are being awarded, including a 1GW project by China Power Construction and a 1.2GW project by China Datang [3] - The industry chain is experiencing high prosperity driven by both domestic and international project advancements [3] Group 3: Energy Storage - Domestic policies are promoting growth in the independent energy storage market, with significant demand in Europe and emerging markets [4] - The hydrogen energy sector is developing positively, with reduced financing difficulties and national support for new technology research [4] Group 4: Electric Vehicles - China's lithium-ion battery exports reached 3 billion units from January to August 2025, marking an 18.66% year-on-year increase [6] - The extension of the export ban from the Democratic Republic of Congo and remaining quotas are influencing the market dynamics [6] Group 5: Robotics and AI - Figure has completed over $1 billion in financing, indicating strong investor interest in AI applications [7] - Upcoming internal meetings at Tesla regarding robotics and autonomous driving may catalyze further developments in the sector [7] Group 6: Electric Grid Equipment - Alibaba plans to increase its capital expenditure beyond the initial 380 billion yuan, indicating a significant investment in infrastructure [5] - The energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold by 2032 [5]

Market Overview - The grid equipment sector increased by 1.01% compared to the previous trading day, with HeShun Electric leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Top Performers - HeShun Electric (300141) closed at 10.90, up 10.32% with a trading volume of 357,000 shares and a transaction value of 385 million [1] - Far East Holdings (600869) closed at 8.37, up 7.58% with a trading volume of 1.34 million shares and a transaction value of 1.1 billion [1] - Kelin Electric (603050) closed at 19.08, up 7.55% with a trading volume of 312,500 shares and a transaction value of 603 million [1] - Other notable gainers include Kelu Electronics (002121), Shenghui Technology (300423), and Southern Power Technology (688248) with respective increases of 7.13%, 7.01%, and 6.62% [1] Underperformers - ST Changyuan (600525) closed at 3.44, down 4.71% with a trading volume of 513,400 shares [2] - C Haocreat (301668) closed at 58.78, down 3.73% with a trading volume of 143,600 shares [2] - Baoli Electric (600468) closed at 6.73, down 3.03% with a trading volume of 719,100 shares [2] Capital Flow - The grid equipment sector saw a net inflow of 882 million from main funds, while retail funds experienced a net outflow of 116 million [2][3] - Notable net inflows from main funds include TBEA (600089) with 377 million and Kelu Electronics (002121) with 212 million [3] - Conversely, significant net outflows from retail funds were observed in TBEA (-205 million) and Kelu Electronics (-138 million) [3]

Group 1 - The overall sentiment among brokerages is discussing holding stocks or cash during the holiday, as well as the calendar effect in October [1][5] - The strategy team from JianTou believes that liquidity tends to contract before the National Day holiday, but this is often a "sentimental contraction" [1] - The team from Huaxi suggests that as the holiday approaches, external funds may slow down entering the market, leading to a potential short-term adjustment in A-shares and Hong Kong stocks [1][5] Group 2 - The Guangfa strategy team found that since 2005, cyclical industries have over a 65% probability of rising in the fourth quarter, with more than 60% probability of outperforming the CSI 300 index [1][6] - Key sectors such as optical modules, PCBs, innovative pharmaceuticals, and colored metals are maintaining healthy trends, while sectors like automotive parts and robotics are experiencing relative stagnation [1][6] - The CITIC strategy team emphasizes that resource security, corporate overseas expansion, and technological competition remain crucial structural market clues [4] Group 3 - The market is expected to see a new upward momentum in October, driven by the upcoming third-quarter report trading window and significant policy expectations [5] - The strategy from Yinxing indicates that the market's risk appetite may increase due to the concentration of important meetings and events in October [5] - The strategy team from Zhongtai highlights that the current market levels still have strong support, and long-term capital remains inclined to invest [6]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 16.43 CNY, based on a PEG valuation method [6][4]. Core Viewpoints - The company is positioned as a leader in the variable frequency transformer market, benefiting from the steady growth in demand for high-voltage variable frequency drives driven by energy efficiency needs and policy support [2][40]. - The company has a strong market presence with over 25% market share in the variable frequency transformer sector, being one of the earliest manufacturers in China [2][47]. - The company is expanding into new business areas such as data centers, with products like phase-shifting transformers and solid-state transformers under development, which are expected to contribute to future revenue growth [3][50]. Summary by Sections Company Overview - Established in 1985, the company specializes in various types of special transformers, power transformers, reactors, and energy storage products, with a focus on variable frequency transformers [1][13]. - The company has a concentrated ownership structure, with the actual controllers holding 56.75% of the shares [13]. Main Business - The company is a leading manufacturer of variable frequency transformers, which are essential components of high-voltage variable frequency drives, accounting for approximately 29% of their cost structure [2][44]. - The demand for high-voltage variable frequency drives is expected to continue growing, which will drive the demand for variable frequency transformers upward [2][42]. Incremental Business - Data Centers - The company is developing products for data centers, including phase-shifting transformers and solid-state transformers, which are anticipated to enhance efficiency and meet the evolving needs of modern data centers [3][50]. - The phase-shifting transformer is already being applied in Panama's power supply systems, demonstrating significant efficiency improvements [51]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 478.3 million, 623.4 million, and 833.18 million CNY, with year-on-year growth rates of 26.9%, 30.3%, and 33.6% respectively [4][5]. - The company is expected to return to profitability in 2025, with a net profit forecast of 42.4 million CNY, following a loss in 2024 [4][36].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 increased by over 10 times month-on-month, reaching a historical high of 17.7GW/45.7GWh, with year-on-year growth of 237.1% and 691.4% respectively [4][38] - The electric equipment sector has shown strong performance, with the sector rising 8.19% in the last two weeks, outperforming the CSI 300 index by 7.19 percentage points, and ranking second among 31 sectors [11][12] - The report highlights the significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [39] Summary by Sections Market Review - As of September 25, 2025, the electric equipment sector has risen 17.13% this month, outperforming the CSI 300 index by 14.98 percentage points, ranking first among 31 sectors [11] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% in the last two weeks [12][16] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.90 times, with sub-sectors like motors at 67.83 times and batteries at 37.26 times [24] - The report provides a detailed valuation comparison, indicating that the current valuation is significantly above the one-year average for most sub-sectors [24] Industry News - The report notes that the Chinese government has set ambitious targets for renewable energy, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035 [38] - The report emphasizes the importance of energy storage technology development, highlighting government initiatives to promote large-scale applications of energy storage equipment [38]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 saw a month-on-month increase of over 10 times, reaching 17.7GW/45.7GWh, marking a year-on-year growth of 237.1% and 691.4% respectively [5][39] - The power equipment sector has outperformed the CSI 300 index, with a year-to-date increase of 38.91%, surpassing the index by 22.18 percentage points [12][18] - The report highlights significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [40] Summary by Sections Market Review - As of September 25, 2025, the power equipment industry rose by 8.19% over the past two weeks, outperforming the CSI 300 index by 7.19 percentage points, ranking second among 31 industries [12] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% [18] Valuation and Industry Data - The power equipment sector's PE (TTM) is 34.90 times, with sub-sectors like the motor sector at 67.83 times and the battery sector at 37.26 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a significant premium over historical averages [25] Industry News - The report notes China's commitment to reducing greenhouse gas emissions and increasing the share of non-fossil energy consumption to over 30% by 2035 [39] - It emphasizes the government's push for large-scale applications of energy storage equipment, focusing on safety and efficiency [39] Company Announcements - The report includes announcements from companies like Datang Group regarding a major offshore wind power project and various corporate actions from firms like Goldwind Technology and Longi Green Energy [42][43] Weekly Perspective - The report suggests focusing on leading inverter companies benefiting from the development of new energy storage technologies, highlighting specific companies such as Guodian NARI and Sunshine Power [44]

证券之星消息，9月26日电网设备板块较上一交易日下跌0.11%，杭电股份领跌。当日上证指数报收于 3828.11，下跌0.65%。深证成指报收于13209.0，下跌1.76%。电网设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301668 | N昊创 | 61.06 | 190.76% | 18.81万 | | 11.88亿 | | 002346 | 柘中股份 | 19.14 | 10.00% | 11.98万 | | 2.24亿 | | 603606 | 东方电缆 | 66.02 | 5.46% | 20.39万 | | 13.58亿 | | 601126 | 四方股份 | 19.10 | 4.83% | 52.25万 | | 10.04亿 | | 002121 | 科陆电子 | 8.55 | 4.78% | 142.90万 | | 12.41亿 | | 300018 | 中元股份 | 9.14 | 4.22% | 39.05万 | | 3.57亿 ...

（责任编辑：张晓波 ） 中信建投指出，全球进入电力设备需求上行周期，2025年全球电网投资将超过4000亿美金，高景气 度延续。AI将强势带动全球用电需求增长，预计到2030年数据中心电力消耗将增加一倍以上，配套电 气设备需求显著增加。欧美市场需求持续走强，美国变压器价格指数居高不下，中国出口美国电力变压 器金额同比增加54%。中东市场高速增长，沙特目标到2030年实现发电装机130GW，输电端将保持大规 模投入，中国出口沙特电力变压器金额同比增加超过200%，特变电工中标沙特164亿元大额订单。中国 电力设备制造水平高、产业链完整、抗风险强、产能充沛，在全球需求上行周期下，出口企业迎来黄金 窗口，2025H1头部公司出口业务实现较快增长，起量增利，出海业务已成为致胜未来的关键。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 电网E ...

国元证券近日发布电力设备新能源行业周报：2025年09月15日至09月19日，上证综指下 跌1.30%，深证成指上涨1.14%，创业板指上涨2.34%。其中申万电力设备上涨3.07%，较沪 深300跑赢3.51pct。细分子行业来看，申万光伏设备/风电设备/电池/电网设备分别涨 跌-0.84%/5.26%/5.56%/2.06%。 以下为研究报告摘要： 报告要点： 周度行情回顾 2025年09月15日至09月19日，上证综指下跌1.30%，深证成指上涨1.14%，创业板指上涨 2.34%。其中申万电力设备上涨3.07%，较沪深300跑赢3.51pct。细分子行业来看，申万光伏 设备/风电设备/电池/电网设备分别涨跌-0.84%/5.26%/5.56%/2.06%。 重点板块跟踪 根据北极星风力发电网对市场上几款主流机型的不完全统计，按不含塔筒的中标价来 看，5兆瓦机组的最低中标价从2024年的1157元/千瓦上升至今年上半年的1700元/千瓦左 右；5兆瓦—6.25兆瓦机组的最低中标价从2024年的1135元/千瓦上升至今年上半年的1400元/ 千瓦左右；市场占有率最高的6.25兆瓦—7.15兆瓦机组，202 ...

Market Performance - The electric equipment sector increased by 1.5% compared to the previous trading day, with Hualing Cable leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers - Hualing Cable (001208) closed at 14.65, up 9.98% with a trading volume of 178,600 shares and a transaction value of 262 million [1] - Jingda Co. (600577) closed at 10.13, up 6.97% with a trading volume of 2.39 million shares and a transaction value of 2.34 billion [1] - Zhongyuan Co. (300018) closed at 8.74, up 5.94% with a trading volume of 295,900 shares and a transaction value of 254 million [1] Top Losers - Hangdian Co. (603618) closed at 11.01, down 9.98% with a trading volume of 1.14 million shares and a transaction value of 1.26 billion [2] - Wanma Co. (002276) closed at 18.67, down 9.24% with a trading volume of 2.04 million shares and a transaction value of 3.88 billion [2] - Honglida (688330) closed at 41.68, down 7.73% with a trading volume of 121,900 shares and a transaction value of 508 million [2] Fund Flow Analysis - The electric equipment sector experienced a net outflow of 521 million from institutional investors and 386 million from speculative funds, while retail investors saw a net inflow of 907 million [2][3] - The top net inflow from retail investors was observed in Jingda Co. (600577) with 155 million, while Hualing Cable (001208) saw a net outflow of 465 million from retail investors [3]