Core Viewpoint - Morgan Stanley has reduced its stake in Weichai Power (000338)(02338) by 5.629684 million shares at a price of HKD 25.5673 per share, totaling approximately HKD 144 million, resulting in a new holding of about 150 million shares, representing a 7.74% ownership [1] Group 1 - Morgan Stanley's recent share reduction indicates a strategic shift in its investment approach towards Weichai Power [1] - The total amount from the share reduction is approximately HKD 144 million, reflecting a significant transaction in the market [1] - After the reduction, Morgan Stanley's remaining shares in Weichai Power stand at around 150 million, which constitutes a 7.74% stake [1]

Group 1 - Morgan Stanley reduced its stake in Weichai Power (02338) by 5.629684 million shares at a price of HKD 25.5673 per share, totaling approximately HKD 144 million [1] - After the reduction, Morgan Stanley's latest shareholding stands at approximately 150 million shares, representing a holding percentage of 7.74% [1]

2026 年 01 月 28 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 徐鸣爽 S0350525120002 xums@ghzq.com.cn 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 上汽红岩出表后轻装上阵，AIDC 电源用发动机 提供盈利弹性 ——动力新科（600841）公司深度研究 最近一年走势 | 相对沪深 300 | 表现 | | 2026/01/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 动力新科 | 48.2% | 43.7% | 99.8% | | 沪深 300 | 1.3% | 0.6% | 23.6% | | 市场数据 | | | 2026/01/28 | | 当前价格（元） | | | 9.01 | | 52 周价格区间（元） | | | 4.22-9.48 | | 总市值（百万） | | | 12,504.27 | | 流通市值（百万） | | | 9,397.65 | | 总股本（万股） | | | 138,782.18 | | ...

Group 1 - Morgan Stanley has raised the target price for Weichai Power (000338.SZ) A-shares from 31 RMB to 36 RMB and for H-shares from 31 HKD to 36 HKD, maintaining an optimistic outlook and a "Buy" rating [1] - Weichai Power's stock price has increased since October last year, outperforming the market, as investors begin to recognize the company's transition from traditional cyclical engine business to a growth platform focused on AIDC and new energy solutions [1] - Morgan Stanley believes that the current valuation reassessment of Weichai Power is still in its early stages, with the market focusing on the strong momentum of AIDC backup engines, but not yet fully reflecting the scale of post-market opportunities [1]

Core Viewpoint - Morgan Stanley has raised the target price for Weichai Power (000338) A-shares from 31 RMB to 36 RMB and for H-shares from 31 HKD to 36 HKD, maintaining an optimistic outlook and a rating of "Overweight" [1] Group 1 - Weichai Power has seen its stock price increase since October last year, outperforming the market, as investors begin to recognize the company's transition from traditional cyclical engine business to a growth platform centered on AIDC and new energy solutions [1] - Morgan Stanley believes that the current valuation reassessment of Weichai Power is still in its early stages, with the market focusing on the strong momentum of AIDC backup engines, but not yet fully reflecting the scale of opportunities in the aftermarket [1]

Core Viewpoint - Morgan Stanley's report indicates that Weichai Power's stock price has outperformed the market since October last year, as investors begin to recognize the company's transition from a cyclical traditional engine business to a growth platform centered on AIDC and new energy solutions [1] Group 1: Company Performance - Weichai Power's stock price has shown significant growth, outperforming the market since October of the previous year [1] - The market is currently focused on the strong momentum of AIDC backup engines, but has not yet fully reflected the scale of opportunities in the aftermarket [1] Group 2: Valuation and Target Price - Morgan Stanley believes that the valuation re-rating of Weichai Power is still in its early stages [1] - The target price for Weichai Power's A-shares has been raised from 31 yuan to 36 yuan, and the target price for H-shares has been increased from 31 Hong Kong dollars to 36 Hong Kong dollars [1] - The rating for Weichai Power remains "overweight," and it continues to be one of the preferred stocks in the industry [1]

Core Viewpoint - The stock price of Weichai Power has risen significantly since the beginning of the year, driven by increased demand for large-bore diesel generators used in data centers, which are essential for power backup in AI infrastructure [2][4][5]. Group 1: Stock Performance - Weichai Power's stock price reached a historical high on January 22, with a market capitalization nearing 210 billion yuan as of January 27 [2]. - The stock has seen a cumulative increase of over 70% since hitting a low of 13.65 yuan per share on September 29, 2025 [5]. - The Hong Kong-listed Weichai Power has also experienced an increase of over 80% during the same period [5]. Group 2: Business Growth and Demand - The company anticipates delivering over 10,000 units of the M-series large-bore engine by 2025, with data center generator deliveries exceeding 1,400 units, marking a growth of approximately 260% year-on-year [4]. - The demand for large-bore diesel generators is linked to the rapid expansion of data centers, which are increasingly viewed as a critical component of computing infrastructure [5][8]. - Weichai Power's data center engine sales surged by 491% year-on-year in the first half of 2025, with expectations for continued growth [8]. Group 3: Market Position and Financial Projections - According to CITIC Securities, Weichai Power's diesel generator sales could reach 2,800 units in 2026, with revenue from large-bore diesel generators projected to exceed 13 billion yuan, reflecting a growth rate of over 50% [9]. - The company has established a strong market presence, ranking third globally in generator sales, with a growing market share in large-bore engines [14]. - The market for large-bore diesel engines in China is expected to approach 10 billion yuan by 2025, with the global market potentially exceeding 40 billion yuan by 2026 [8]. Group 4: Competitive Landscape and Production Capacity - The global high-end large-bore engine market is primarily dominated by international companies like Caterpillar and Cummins, with Weichai Power competing effectively [14]. - As of September 2024, Weichai Power's production capacity for large-bore engines reached 20,000 units, with plans for further expansion to meet future demand [14]. - The company has successfully integrated into the supply chains of major telecommunications operators and high-end data centers in North America [14]. Group 5: Industry Challenges and Risks - Despite the strong demand for AI-related infrastructure, potential uncertainties exist, particularly regarding the investment intensity in AI data centers, which could impact equipment demand [15]. - Geopolitical uncertainties and the stability of chip supplies are identified as significant risks that could affect the pace of data center construction and, consequently, the demand for backup power solutions [16].

Core Viewpoint - Yuchai Marine Power has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being China Merchants Securities International and China Galaxy International [1] Company Overview - Yuchai Marine Power is the largest supplier of power generation engines in China based on sales revenue for 2024, and ranks second in sales revenue for medium and high-speed marine engines [1] - The company's business scope includes the design, development, manufacturing, and sales of power generation engines, marine engines, generator sets, and engine components, serving various sectors such as data centers, distributed power stations, infrastructure projects, telecommunications, healthcare, mining, agriculture, oil and gas, and shipping operations [1] - The company primarily operates in China but has overseas sales teams in Europe, the Middle East, Africa, Asia, and South America [1] Industry Insights - The global power generation engine market is projected to grow from RMB 55.9 billion in 2024 to RMB 143.8 billion by 2030, with a compound annual growth rate (CAGR) of 17.1% [1] - The Chinese power generation engine market is expected to expand from RMB 14.7 billion in 2024 to RMB 41.5 billion by 2030, with a CAGR of 18.9%, driven mainly by advancements in artificial intelligence technology, the proliferation of distributed power station applications, and the surge in demand for computing power in data centers [1]

本报讯（记者 周美玉）记者近日从昌平区总工会了解到，五年来，昌平区总工会聚焦职工创新、典型 培育、技能提升三大核心任务，通过推动职工创新工作室建设、选树劳动模范等先进典型、举办"昌平 工匠杯"职业技能竞赛，全方位构建起职工发展支撑体系。五年来，该区累计培育市级职工创新工作室 11家、区级职工创新工作室99家，选树各级劳模先进111名，吸引8000余人次职工直接参与技能竞赛， 为区域经济社会高质量发展注入强劲动能。 昌平区总工会充分发挥职工创新工作室"孵化器"和"蓄水池"作用，打造覆盖先进制造、医药健康、先进 能源等领域的创新矩阵。其中，北汽福田康明斯发动机有限公司"90后老班长"刘学领衔的职工创新工作 室，自2018年成立以来，系统性攻克多个发动机制造"卡脖子"技术难题，将个体技能转化为团队协同能 力，孵化出3个全国优秀QC小组、7个北京市优秀QC项目，成为行业"解题中心"。截至目前，昌平区已 建立创新工作室联盟9个，助推名师带徒20对，获得发明专利147项、创新项目37项，37项市区级创新成 果成功落地，为企业从"制造"向"智造"转型提供坚实支撑。 同时，昌平区总工会厚植工匠成长土壤。五年来，持续强化先进典 ...

Company Overview - Yuchai Marine Power Co., Ltd. is a leading supplier of power generation solutions and is the largest supplier of power generation engines in China by sales revenue in 2024 [3] - The company is also the second-largest supplier of medium-speed marine engines in China [3] - Yuchai Marine Power designs, develops, manufactures, and sells power generation engines, marine engines, generator sets, and engine components, serving various markets including data centers, distributed power stations, infrastructure, telecommunications, healthcare, mining, agriculture, oil and gas, and marine transportation [3] Financial Information - For the fiscal year ending December 31, 2023, the company reported revenues of approximately RMB 3.24 billion, with a gross profit of RMB 725.53 million, resulting in a gross margin of 22.4% [6][10] - The projected revenues for 2024 and 2025 are RMB 4.00 billion and RMB 4.97 billion, respectively, with corresponding gross profits of RMB 936.42 million and RMB 1.18 billion [7][8] - The net profit for the same periods is expected to be RMB 5.36 billion in 2024 and RMB 7.62 billion in 2025, with net profit margins of 13.4% and 15.4% respectively [8] Industry Overview - The global market for power generation engines is expected to grow from RMB 40.1 billion in 2020 to RMB 55.9 billion in 2024, with a compound annual growth rate (CAGR) of 8.6% [17] - The Chinese power generation engine market is projected to expand from RMB 8.0 billion in 2020 to RMB 14.7 billion in 2024, with a CAGR of 16.4% [20] - The demand for stable and continuous power supply is increasing due to ongoing economic development and electrification, particularly in critical load scenarios such as data centers and distributed power stations [11]