2026 年 02 月 12 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 太空光伏板块的资金行为监测 ——金融工程定期 《有色金属板块的资金行为监测》 -2025.10.10 《 消 费 板 块 的 资 金 行 为 监 测 》 -2025.11.14 《商业航天板块的资金行为监测》 -2025.12.11 《脑机接口板块的资金行为监测》 -2026.01.09 | 魏建榕（分析师） | 苏俊豪（分析师） | 高鹏（分析师） | | --- | --- | --- | | weijianrong@kyse ...

Financial Performance - The company's Q3 2025 report shows a main revenue of 1.685 billion yuan, a year-on-year decrease of 5.27%, but a net profit attributable to shareholders of 320 million yuan, an increase of 32.67%, indicating improved profitability [1] - The non-recurring net profit also grew by 34.91% year-on-year, reflecting a significant performance contrast [1] Capital Flow - On January 9, 2026, the company experienced a net inflow of 380 million yuan in main funds, with the stock price hitting the daily limit, increasing by 7.80%, and trading volume surging to 2.913 billion yuan, with a turnover rate of 31.55% [2] - On February 3, 2026, there was a continued net inflow of 10.12 million yuan, with the stock price rising by 2.08%, although the cumulative stock price has decreased by 2.77% year-to-date, and a decline of 14.67% over the past 60 days [2] - The complete release of pledged shares by the controlling shareholder on January 9, 2026, is viewed as enhancing shareholding stability [2] Industry Policy Landscape - The company operates in sectors including nuclear power equipment and photovoltaic power station operations, with the controlled nuclear fusion concept gaining market attention since December 2025, leading to favorable policies that have strengthened the nuclear power equipment sector [3] - As a supplier of related equipment, the company has attracted capital attention, and the rising expectations for clean energy policies have positively impacted the power equipment sector, with other power equipment sectors rising by 2.36% on January 9, 2026 [3] - Trends such as the anticipated increase in offshore wind power installations may also indirectly affect the company's business environment [3] Institutional Research - On December 9, 2025, the company hosted a research meeting with several institutions, including Industrial Securities, discussing advancements in nuclear power business and technology coverage [4]

2月12日，三大指数集体收涨，截至收盘，沪指涨0.05%，深成指涨0.86%，创业板指涨1.32%。全市场超3200只个股下跌。 下跌方面，大消费板块集体走弱，影视院线、旅游酒店、零售、食品饮料等板块跌幅居前，横店影视、海欣食品跌停。 沪深两市成交额2.14万亿，较上一个交易日放量1575亿。 个股方面，新易盛全天成交额165亿元位居沪深两市第一，中际旭创、天孚通信、蓝色光标等成交额居前。 | 代码 | 名称 | 涨幅 | 最新价 | | | | 虽比 换手率 | 【 振幅 成交额 ▼ | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 300502 | 新易盛 | -1.59% | 365.76 | -5.90 | -0.01% | 1.26 | 5.04% | 6.26% | 165.43亿 | | 2 300308 | 中际旭创 | -0.84% | 527.46 | -4.45 | 0.00% | 0.99 | 2.73% | 4.32% | 160.56亿 | | 3 300394 | 天孚通信 | +14.38 ...

爱建证券发布研报称，数据中心已成为电力设备行业核心增量应用场景，其发展趋势直接驱动电力设备 需求增长与技术迭代。从行业数据看，2024 年全球数据中心新增装机量已达 14GW，且单机柜功率密 度大幅提升，这一变化使得数据中心对电力供给的稳定性、能效性提出更高要求，进而推动电力设备在 该场景的应用规模扩张与技术迭代加速。 博耳电力中期报告显示，公司作为国内领先的一站式高端综合配电系统及方案供应商，在智能配电领域 已构建深厚技术壁垒。基于自主研发的"慧云"大数据平台，公司为客户提供独创的IEM一站式解决方案 服务，能确保数据中心用电安全性及稳定性，并通过智能化配用电解决方案降低能源消耗，帮助客户实 现数据中心产业可持续发展。 博耳电力(01685)午后涨超130%，截至发稿，涨119.05%，报0.69港元，成交额2118.77万港元。 ...

Group 1 - The core viewpoint of the article highlights that Xidian New Energy (603312) has been included in the AI power concept stocks, benefiting from a significant market share in the North American energy storage sector, particularly in battery connection systems, capturing over 60% of the market share due to the promotion of a unified national electricity market policy [1] - On February 11, 2026, Xidian New Energy responded to investor inquiries, clarifying that its main products include battery connection systems and electric control busbars, which are widely used in new energy vehicles and energy storage, emphasizing its core competencies in self-developed technology and customer resources [1] - The company is placing a strong emphasis on market capitalization management and is actively establishing communication mechanisms with the capital market [1] Group 2 - In the recent week (February 6 to 12, 2026), Xidian New Energy's stock price increased by 2.93%, with a fluctuation range of 4.44%, closing at 47.06 yuan as of February 12 [2] - The stock experienced active trading, with a single-day increase of 1.77% on February 9, followed by a slight decline of 0.43% on February 11, indicating a predominance of retail investor activity despite a minor net outflow of institutional funds [2] - Institutions maintain a neutral outlook on Xidian New Energy, with a comprehensive target price of 67.00 yuan, suggesting a potential upside of 32.10% from the current price, driven by anticipated growth in net profit and revenue due to demand in energy storage and new energy vehicles [3]

格隆汇2月12日丨大连电瓷(002606.SZ)在互动平台表示，公司的产品和技术用于输电线路，可以为数据 中心提供电能。产品技术能否抗住石墨炸弹的破坏绝缘性能公司暂未有相关的数据。 ...

2026年01月21日，公司董事马玎、沈志翔及副总经理余明星因工作原因辞职。2026年01月23日，董事会 决议将现有营销中心拆分为营销中心与国际营销中心，并调整子公司投资计划等。公司确认生产经营正 常，但滚动市盈率68.18高于行业均值。 产能扩充 西安智慧产业园于2025年10月投产，设计年产值超100亿元，覆盖特高压设备制造。截至2025年三季 度，公司在手订单约84亿元，合同负债50.66亿元，同比增长29%。 经济观察网 中国西电（601179）近期股价出现异动，同时公司发生高管变动，行业政策背景亦带来发 展预期。 股票近期走势 2026年02月12日，中国西电股价上涨5.18%，报收15.22元/股，成交额25.50亿元，换手率3.35%，总市值 780.16亿元。 高管变动 行业政策与环境 以上内容基于公开资料整理，不构成投资建议。 有研报指出，"十五五"期间全国电网投资规模可能达4.1万亿元以上，年均增速5%-6%，新型电力系统 建设持续推进，可能为设备商带来机遇。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes that the electricity market is entering a golden decade, breaking down barriers and releasing development vitality [1] - The recent issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council highlights the acceleration of market and pricing mechanisms suitable for the new energy system [5] - The report outlines a goal to fully establish a national unified electricity market system by 2035, with a steady increase in the proportion of market-based electricity transactions [5] - It identifies the construction of a multi-dimensional market system, including long-term markets, spot markets, auxiliary service markets, green electricity markets, and capacity markets, with a focus on the spot market [5] - The report suggests that by 2030, all types of power sources and electricity users, except for guaranteed users, will directly participate in the electricity market, with market-based transactions accounting for about 70% of total electricity consumption [5] - Investment recommendations include focusing on software companies like Guoneng Rixin and Langxin Technology, hardware companies benefiting from market volatility such as Sunshine Power and Haibosi Chuang, and supporting companies like Guodian Nanrui and State Grid Xintong for grid operation control and digital systems [5] Summary by Sections - **Policy and Market Structure**: The report discusses the high-level issuance of the recent policy, the introduction of a 2035 target, and the clear direction for market composition and reform [5] - **Market Participation**: It emphasizes the importance of nationwide unification and smooth circulation in electricity trading, with a shift from individual pricing to unified pricing and joint trading [5] - **Investment Opportunities**: The report highlights potential beneficiaries in the new energy storage sector and suggests various companies across software, hardware, and supporting sectors for investment [5][6]

Group 1 - The core viewpoint of the news highlights the active performance of hard technology sectors, including CPO, optical chips, and AI computing power, with significant index increases observed in the morning session on February 12 [1][5]. - The Sci-Tech 200 Index rose by 1.6%, the Sci-Tech Growth Index increased by 1.3%, the Sci-Tech 100 Index went up by 1.2%, the Sci-Tech Comprehensive Index climbed by 0.9%, and the Sci-Tech 50 Index gained 0.6% by midday [1][5]. - The Sci-Tech 200 ETF, managed by E Fund, tracks the Sci-Tech 200 Index, which consists of 200 stocks from the Sci-Tech board that are smaller in market capitalization and have good liquidity, focusing on small-cap "growth potential" companies [5]. Group 2 - The sectors represented in the Sci-Tech 200 Index include electronics, power equipment, and biomedicine, which together account for over 75% of the index, with a particularly high proportion from the electronics and power equipment sectors [5]. - The Sci-Tech Comprehensive Index ETF, also managed by E Fund, tracks the overall market of the Sci-Tech board, covering large, medium, and small-cap styles, with a focus on artificial intelligence, semiconductors, and new energy [5].

Core Viewpoint - The company is experiencing a significant decline in net profit while simultaneously securing major contracts and expanding its international market presence [1][2]. Financial Performance - The company expects a net profit attributable to shareholders for 2025 to be between 60 million to 75 million yuan, representing a year-on-year decrease of 62.15% to 69.72% [2]. - The decline in performance is primarily due to slower order delivery progress, a decrease in product sales prices leading to lower gross margins, and increased expenses related to overseas market expansion [2]. - For the first nine months of 2025, the company's operating revenue decreased by 29.01%, and net profit attributable to shareholders fell by 52.81% [3]. Contract Developments - In September 2025, the company won a procurement project for metering equipment from the State Grid valued at 107 million yuan and was pre-awarded a framework bidding project from the Southern Power Grid worth 161 million yuan, together accounting for 26.45% of the expected revenue for 2024 [4]. Business Expansion - In January 2026, the company established a wholly-owned subsidiary in Singapore and invested 10 million Brazilian reais to expand its business in Brazil, aiming to enhance its international market presence [5]. Institutional Holdings - As of September 30, 2025, the GF Multi-Factor Mixed Fund became the eighth largest circulating shareholder, holding 1.9291 million shares, while the number of shareholders decreased by 3.95%, indicating an increase in share concentration [6].