来源：新浪基金∞工作室 电网设备ETF广发（159320）业绩比较基准为同期恒生A股电网设备指数收益率，管理人为广发基金管 理有限公司，基金经理为夏浩洋，成立（2024-12-12）以来回报为98.82%，近一个月回报为9.84%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，电网设备ETF广发（159320）涨3.96%，报2.074元，成交额5871.52万元。电 网设备ETF广发（159320）重仓股方面，特变电工截止午盘涨3.83%，国电南瑞涨2.72%，思源电气涨 5.82%，中天科技涨7.08%，亨通光电涨10.00%，宏发股份涨2.38%，浙江荣泰跌4.52%，东方电缆涨 2.96%，金盘科技涨5.94%，精达股份涨2.86%。 ...

经济观察网 根据2026年2月24日的市场数据，众业达股票当日表现强劲，截至10:16，股价报11.26元， 上涨5.23%。其上涨可能与以下因素相关： 股价情况 从技术分析看，众业达股价在当日突破了20日移动平均线（10.42元）和布林带中轨（10.42元），并一 度触及布林带上轨（11.38元）。KDJ指标也显示K线（74.77）和D线（72.44）均在强势区间，技术形态 的走强可能吸引了部分技术性买盘。 公司基本面 根据公司2025年三季报，众业达前三季度归母净利润同比增长29.37%，显示出较好的盈利增长态势。 此外，公司在2025年11月的机构调研中表示，IDC快速发展、电网数智化改造等产业趋势有望为公司带 来更多业务机会，这些长期积极因素可能增强了市场信心。 以上内容基于公开资料整理，不构成投资建议。 板块表现 众业达所属的电网设备板块当日涨幅为3.58%，电力设备板块涨幅为1.67%，均大幅跑赢大盘（上证指 数涨0.97%）。板块的强势表现对个股形成带动作用。 资金面情况 根据当日资金流向数据，众业达主力资金净流入2393.56万元，其中超大单流入1583.78万元，显示出有 大资金积极买入。这 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the electric grid equipment sector, with the market's pure electric grid equipment ETF (159326) rising by 4.15% on the first trading day after the Spring Festival, indicating a robust investment environment in this sector [1] - The electric grid equipment ETF is the only one tracking the CSI Electric Grid Equipment Theme Index, with over 78% of its holdings in the electric grid equipment category, making it the most representative index in the market [2] - The strategic value of electric grid equipment is being redefined in the context of the rapid integration of technology into daily life, particularly with the rise of AI and digital economy, emphasizing the importance of stable and efficient power infrastructure [1] Group 2 - The report from China International Capital Corporation (CICC) indicates that domestic electric grid investment remains optimistic, with a significant investment gap still to be filled, particularly as ultra-high voltage projects enter an accelerated approval and bidding phase [1] - The ETF's composition shows a high weight of 90% in smart grid and 67% in ultra-high voltage, which are the highest in the market, reflecting the sector's focus on advanced technologies [2]

Group 1 - The core viewpoint of the news highlights a strong performance in the power grid equipment sector, with significant investments announced by major state-owned enterprises, indicating a bullish outlook for the industry [1][2] - The State Grid plans to invest 4 trillion yuan during the "14th Five-Year Plan" period, representing a 40% increase compared to the "13th Five-Year Plan" and a 66% increase over the previous period [1] - The Southern Power Grid has announced an investment scale of 180 billion yuan for 2026, marking a record high for five consecutive years, focusing on ultra-high voltage transmission, distribution network upgrades, and digital transformation [1] Group 2 - In 2025, the cumulative export value of transformers reached 9.036 billion USD, with a growth rate of 34.83%, setting a historical record [2] - Key power equipment exports in December 2025 showed significant year-on-year growth across various categories, including transformers and cables, indicating a robust export trend [2] - The global investment in power grids is expected to exceed 400 billion USD in 2025, driven by increasing demand for AI and infrastructure upgrades in the U.S. [2] Group 3 - The Tianhong CSI Power Grid Equipment Theme Index closely tracks the performance of 80 listed companies involved in ultra-high voltage and smart grid construction [3] - The fund manager emphasizes the growing market interest in the sector due to strong performance from leading companies, suggesting a favorable long-term investment outlook for the power grid equipment sector [3] - The Tianhong CSI Power Grid Equipment Index Fund is positioned as a convenient investment option for individuals looking to capitalize on the growth in AI power infrastructure [3]

| 元件 | 3.93 | 33.73亿元 | 沪电股份 | | --- | --- | --- | --- | | 电网设备 | 3.42 | 32.15亿元 | 保变电气 | | 印制电路板 | 3.67 | 30.88亿元 | 沪电股份 | | 建筑装饰 | 1.79 | 30.53亿元 | 中国中铁 | *数据仅供参考，不构成投资建议 据交易所数据显示，截至2月24日开盘一小时，大盘主力资金净流入68.32亿元。主力资金流入前十大板块分别为：电子（51.08亿元）、 通信设备（50.49亿 元）、 有色金属（47.07亿元）、通信（43.88亿元）、通信网络设备及器件（42.66亿元）、 电力设备（36.00亿元）、元件（33.73亿元）、 电网设备 （32.15亿元）、印制电路板（30.88亿元）、 建筑装饰（30.53亿元）。 ...

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

开源证券近日发布电力行业2026年度投资策略：2025年，A股红利风格板块整体表现不佳。2025年，电 力需求维持平稳增长，我国全社会用电10.37万亿千瓦时，同比增长5.0%。预计十五五期间我国将呈 现"宽电量、紧电力"的电力供需格局，综合电价有望企稳。 以下为研究报告摘要： 1.行业回顾：红利风格表现不佳，电力需求平稳增长 2025年，A股红利风格板块整体表现不佳。2025年，电力需求维持平稳增长，我国全社会用电10.37万亿 千瓦时，同比增长5.0%。预计十五五期间我国将呈现"宽电量、紧电力"的电力供需格局，综合电价有望 企稳。 2.电力：电价下探、补贴退坡，电力体制改革步入深水区 （1）火电：电价承压、煤价趋稳，容量电价重塑火电商业模式。2025年北方火电单位盈利整体同比向 好，东南沿海火电单位盈利承压。2026年江苏、浙江年度长协电价同比下降68.26、67.54元/兆瓦时。容 量电价基本能够覆盖煤电固定成本，折旧到期后有望贡献稳定盈利，红利属性有望强化。 （2）水电：经营稳健，低利率环境下具备长期配置价值。2025年，主要水电上市公司经营稳健。 2024H2起，水电股息率与国债收益率的息差走阔；2 ...

市场情绪：37 分（较冷） 最近一年大盘走势 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 相关研究 2026 年 02 月 24 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn | 1、《双融日报》2026-02-13 | | --- | | 2、《双融日报》2026-02-12 | | 3、《双融日报》2026-02-11 | ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 37 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：2026 年春晚堪称机器人"含量"最高的一 届，标志着中国机器人行业正从"炫技"加速迈向"商 用"。舞台上，宇树机器人完成空翻、武术等高动态集群控 制，技术全球领先。随着量产成本下降，一个规模巨大的增 量市场正加速形成。相关标的：三花智控（002050）、卧龙 电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电 ...

（原标题：券商晨会精华 | 科技成长风格将有望卷土再来） 从春节前的行情看，春节前一个月市场风格开始向价值风格倾斜，科技成长风格相对回落。目前看随着沃什边际影响减弱，海外市场企稳，春节 机器人和大模型再次迎来催化以及海外AI巨头业绩影两大领域的担忧明显缓解，节后科技成长风格将有望卷土再来。 国金证券：把握全球实物资产主线 市场风格再平衡的核心，从来不是AI的泡沫存在与否，而在于AI的宏观影响叠加货币政策、大国政策选择，主要矛盾正在发生变化，紧缺环节已 经转移：投资活动由过去单一的AI驱动向更广谱的实体部门扩散；而未来美国降息路径的相对顺畅，也在为全球制造业周期修复这一重要主线提 供顺风环境。实物资产的重估逻辑从流动性和美元信用切换至产业低库存和需求企稳：铜、铝、锡、原油及油运、稀土、金；具备全球比较优势 且周期底部确认的中国设备出口链——电网设备、储能、工程机械、晶圆制造，以及国内制造业底部反转品种——石油化工、印染、煤化工、农 药、聚氨酯、钛白粉等；抓住资金回流+缩表压力缓解+人员入境趋势的消费回升通道——航空、免税、酒店、食品饮料；受益于资本市场扩容与 长期资产端回报率见底的非银金融。 本文转载自"智通财 ...

Group 1 - The core investment theme post-Spring Festival revolves around "price increases" and "revaluation of physical assets," particularly in resource, chemical, and midstream manufacturing sectors, leveraging China's pricing power amid global uncertainties [1][2] - The technology sector, particularly driven by AI, remains a key focus, with sub-sectors like computing power, applications, and robotics expected to remain active due to industrial catalysts [1][2] - The recovery of export chains, non-bank financials, and certain consumer and real estate chains are seen as important supplements to market trends under the backdrop of internal and external demand recovery [1] Group 2 - CITIC Securities emphasizes that price increases are a core configuration clue for Q1, with a focus on sectors like chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to undervalued insurance and brokerage stocks [2] - Historical data indicates that February and the period around the Spring Festival are strong for market movements, with small-cap stocks showing a 100% probability of rising from the Spring Festival to the Two Sessions [3] - Guojin Securities highlights the importance of balancing global physical assets against Chinese assets, recommending commodities like copper, aluminum, and oil, as well as sectors with global comparative advantages like equipment exports and domestic manufacturing [4] Group 3 - Industrial sectors experiencing structural price increases due to supply-demand gaps are primarily in midstream materials and manufacturing, with a focus on chemicals, steel, and high-end manufacturing [5] - The potential for recovery in the export chain is noted, particularly in industries with significant exposure to the U.S. market that will benefit from reduced tariffs [5] - The policy uncertainty surrounding tariffs and trade is expected to favor gold as a risk hedge, with market participants anticipating potential shifts in U.S. trade policy [6] Group 4 - Attention is drawn to the post-holiday inventory replenishment in commodities, with a continued positive outlook on technology applications, particularly in semiconductors and AI [7] - Quantum technology is highlighted as a sector receiving dual catalysts from policy and technological advancements, with significant developments in quantum key distribution networks [8] - The AI industry revolution is identified as a key investment theme, focusing on computing power, storage, and applications, with a strong emphasis on the performance of high-growth sectors [9] Group 5 - Localized opportunities are expected in AI applications linked to overseas trends and robotics associated with the Spring Festival, with a cautious approach to market movements anticipated [10] - The current bull market logic remains intact, with a recommendation for investors to maintain confidence despite short-term volatility, focusing on sectors with high securities ratios [11]