Core Viewpoint - The power grid equipment sector experienced a significant rally in the afternoon, with multiple companies reaching new highs and hitting the daily limit up [1] Company Performance - Jinpan Technology reached an intraday high [1] - Tongda Co., Heshun Electric, and Sifang Co. all hit the daily limit up [1] - New Special Electric surged over 10% [1] - Other companies such as Zhongchen Co., Baiyun Electric, Liangxin Co., Mingyang Electric, and Kerun Intelligent Control also saw gains [1]

证券之星消息，10月14日电网设备板块较上一交易日下跌0.93%，杭电股份领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 600067 | 冠城新材 | 3.40 | 10.03% | 46.08万 | | 1.54亿 | | 301388 | 欣灵电气 | 34.66 | 7.98% | 11.55万 | | 3.88亿 | | 603530 | 神马电力 | 41.51 | 6.71% | 19.63万 | | 7.94亿 | | 300617 | 安靠智电 | 40.21 | 4.90% | 12.77万 | | 5.11亿 | | 301120 | 新特电气 | 18.10 | 4.68% | 69.98万 | | 12.47亿 | | 300882 | 万胜智能 | 68'61 | 4.03% | 19.11万 | | 3.80亿 | ...

（责任编辑：董萍萍 ） AI技术的快速发展，带来全球数据中心的电力需求正在爆炸式增长，倒逼电网配套升级。此前， 美国最大电网运营商PJM就发出警告，AI技术驱动的电力需求激增，已导致全美数据中心密度最高的区 域电网容量耗尽，新建项目面临无电可用的困境。 财信证券表示，电网投资有望持续向好。电力需求方面，近年来我国电力消费弹性系数持续提升， 新兴用能需求不断涌现，新能源发电市场化交易全面实行，电力需求端的最大用电负荷不断提升，峰谷 电价差距拉大。 电网设备ETF（159326），是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类 上看，指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配 电设备为主，拥有较强的代表性。特高压权重占比高达62%，全市场最高。 每日经济新闻 10月14日，A股三大指数集体高开，近期表现强势的电网设备ETF（159326）高开低走，截至 10:33，涨幅0.58%，持仓股安靠智电、伊戈尔、金盘科技、金智科技、中元股份、双杰电气等涨幅居 前，特电变工涨超2%。 从资金流向看，电网设备ETF（159326）已连续5个交易日获资金净流入，合计" ...

国内储能系统招标高增，需求持续释放，根据北极星储能网，国内1-9月储能系统累计 招标规模达到140GWh，同比增长约21%。同时四川省储能项目数据显示，8月备案总规模达 到7.02GW/16.45GWh，接近2024年国内储能新增装机的25%，备案容量环比涨幅达447%， 反映国内建设新型电力系统对储能的高度需求，为2026-2027年国内储能市场平稳发展奠定 基础。关注储能产业链相关企业【阳光电源】、【亿纬锂能】、【盛弘股份】、【禾望电 气】、【宁德时代】、【中创新航】、【德业股份】。电网设备行业景气延续。2025年以来 国信证券近日发布电力设备新能源2025年10月投资策略：需求端来看，锂电短期排产延 续高景气，动力储能电池需求有望超预期。供给侧来看，得益于行业扩张有限，反内卷及自 律措施持续落地。根据鑫锣锂电数据，10月以来六氟磷酸锂价格环比上涨10%-20%，电解液 价格跟涨，企业盈利能力有望实现回升。 【天奈科技】及相关设备企业。绿色甲醇行业布局持续推进。金风科技兴安盟绿色甲醇50万 吨（一期）贯通投产，同时与兴安盟签署了二期、三期项目投资协议，预计2027年底兴安盟 项目将形成年产145万吨绿色甲 ...

智通财经APP获悉，国信证券发布研报称，六氟与电解液价格上涨，固态电池产业持续推进。2025年以 来国内外AIDC景气度高企带动变压器、电源等设备需求持续高增。建议关注四季度电网设备板块景气 度回暖情况，绿色甲醇行业布局进展，锂电材料价格变动情况，固态电池产业化进展情况，全球储能装 机需求释放情况以及AIDC电力设备行业需求扩张的行业机会。 国信证券主要观点如下： 六氟与电解液价格上涨，固态电池产业持续推进 国内储能系统招标高增，需求持续释放，根据北极星储能网，国内1-9月储能系统累计招标规模达到 140GWh，同比增长约21%。同时四川省储能项目数据显示，8月备案总规模达到7.02GW/16.45GWh， 接近2024年国内储能新增装机的25%，备案容量环比涨幅达447%，反映国内建设新型电力系统对储能 的高度需求，为2026-2027年国内储能市场平稳发展奠定基础。 电网设备行业景气延续 2025年以来国内外AIDC景气度高企带动变压器、电源等设备需求持续高增，10月，伊戈尔美国变压器 工厂宣布开业，伊顿德州变压器工厂宣布投产、西南电气宣布在美国俄州扩产变压器产能，建议重点关 注产业相关公司。 风险提示： ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Insights - The company is positioned as a hidden champion in overseas metering, benefiting from the global smart grid construction wave. The advanced metering infrastructure (AMI) market is expected to grow significantly, driven by carbon neutrality goals and energy digitalization [5][7][10]. Summary by Sections 1. Market Performance - The company's closing price is 92.43 yuan, with a market capitalization of 12,837.29 million yuan and a circulating market value of 2,938.66 million yuan. The asset-liability ratio stands at 22.45% [3]. 2. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 2,550 million yuan (2023), 2,933 million yuan (2024), 3,698 million yuan (2025E), 4,383 million yuan (2026E), and 5,082 million yuan (2027E). The corresponding net profit estimates are 486 million yuan (2023), 589 million yuan (2024), 757 million yuan (2025E), 935 million yuan (2026E), and 1,073 million yuan (2027E) [6][8]. 3. Industry Dynamics - The global smart metering market is projected to grow from 21.91 billion USD in 2022 to 32.46 billion USD by 2027, with a CAGR of 8.2%. The company is well-positioned to capture market share in this expanding sector [7][19]. 4. Competitive Landscape - The company competes with global giants like Itron and Landis+Gyr, and has successfully established a presence in various European markets. Its market share in Europe has increased from 9.46% in 2021 to 12.14% in 2023 [10][31]. 5. Company Strengths - The company has a strong technological foundation with over 600 global certifications and a significant presence in the European market. It has established long-term relationships with top-tier power companies, enhancing its competitive edge [10][44][49]. 6. Growth Potential - The company is expected to see substantial growth in both domestic and international markets, with a projected revenue increase of 132.86% in the domestic market for the first half of 2025. The company aims to expand its production capacity significantly through new investment projects [7][10][30].

证券之星消息，10月13日电网设备板块较上一交易日下跌0.8%，新宏泰领跌。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93%。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) | | --- | --- | --- | --- | --- | --- | | 603016 | 新宏泰 | 27.18 | -6.89% | 6.08万 | 1.65亿 | | 301668 | 吴创瑞通 | 53.84 | -6.85% | 9.20万 | - 5.01亿 | | 603829 | 洛凯股份 | 21.41 | -5.35% | 4.57万 | 9845.04万 | | 301002 | 崧盛股份 | 35.93 | -4.82% | M 5.85万 | 2.09亿 | | 920046 | 亿能电力 | 14.28 | -4.55% | 2.35万 | 3357.78万 | | 688248 | 南网科技 | 54.85 | -4.39% | 8.10万 | 4.42亿 | | 002706 | 良信股份 ...

消息面上，我国紧凑型聚变装置BEST实现重大突破，10月13日~10月18日，国际原子能机构聚变能大会 将在成都举办，会议主题将涵盖聚变技术与材料、聚变能可行路径等多项内容。叠加AI技术革命引发 数据中心建设热潮，用电需求大幅扩张，推动全球性核电行业发展。 电网设备ETF（159326），是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上 看，指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电 设备为主，拥有较强的代表性。特高压权重占比高达62%，全市场最高。 （文章来源：每日经济新闻） 10月13日，A股三大指数大幅低开后震荡上行，电网设备ETF（159326）震荡上行，跌幅不断收窄。截 至14:51，跌幅1.35%，成交额达8352万元，持仓股中元股份涨超7%，四方股份、国电南自、神马电 力、宝胜股份等跟涨。 从资金流向看，电网设备ETF（159326）已连续4个交易日获资金净流入，合计吸金超1.02亿元，近5个 交易日规模实现翻倍增长。 ...

Market Performance - On October 13, the market experienced a significant decline with a trading volume of 2.53 trillion, down approximately 140 billion from the previous trading day[1] - The semiconductor and new energy sectors showed weakness, while non-tech sectors like building materials and coal performed better[1] - The Shanghai Composite Index fell by 0.94%, closing below 3900 points, with the Shenzhen Component down 2.70% and the ChiNext Index down 4.55% on October 10[3] Sector Analysis - The adjustment in the tech sector is expected to create a capital spillover effect, leading to potential gains in non-tech sectors such as non-bank financials and chemicals[1] - Major outflows were noted in the semiconductor, battery, and software development sectors, while inflows were seen in grid equipment, infrastructure, and securities[4] Economic Indicators - The Ministry of Civil Affairs announced a first batch of elderly care service subsidies amounting to 1.16 billion yuan, aimed at supporting elderly individuals with moderate to severe disabilities[5] - The World Trade Organization revised its global trade growth forecast for 2025 from -0.2% to 2.4%, but lowered the 2026 forecast from 2.5% to 0.5% due to anticipated tariff impacts[7] Investment Trends - Public funds have shown increased enthusiasm for participating in private placements, with total subscriptions exceeding 30 billion yuan this year, surpassing last year's total[13] - Private equity firms remain optimistic about market continuity but advise caution regarding valuation pressures on certain tech stocks[14]

Core Insights - The report maintains an "Outperform" rating for the power equipment sector, highlighting the ongoing price increases in lithium hexafluorophosphate and electrolytes, which are expected to boost profitability in the lithium battery supply chain [1][4][66] - The green methanol industry is advancing, with significant capacity expansions planned by companies like Goldwind Technology, which aims to reach an annual production capacity of 1.45 million tons by the end of 2027 [2][4] - The AI data center capital expenditures are increasing, benefiting power equipment companies as major tech firms announce substantial investments in data center infrastructure [2][28] Lithium Battery Industry - The demand for lithium batteries remains strong, with short-term production continuing at high levels and energy storage battery demand expected to exceed expectations [1][66] - The price of lithium hexafluorophosphate has increased by 10%-20% since October, leading to improved profitability across various segments of the lithium battery supply chain [1][66] - Companies to watch in the lithium battery supply chain include Tianci Materials, Xinzhou Bang, CATL, and Yiwei Lithium Energy [1][66] Green Methanol Industry - Goldwind Technology has initiated the production of a 500,000-ton green methanol project and signed agreements for further expansions, bringing its total planned capacity to 2.05 million tons per year [2][4] - The report expresses optimism about the performance growth of companies with forward-looking investments in green methanol, particularly Goldwind Technology and Yunda Co [2][4] Energy Storage Industry - The domestic energy storage system bidding has seen a significant increase, with a cumulative bidding scale of 140 GWh from January to September, representing a year-on-year growth of approximately 21% [3][91] - The Sichuan province's energy storage projects indicate a substantial increase in registered capacity, laying a solid foundation for the stable development of the domestic energy storage market from 2026 to 2027 [3][91] - Key companies in the energy storage supply chain include Sungrow Power, Yiwei Lithium Energy, and Ningde Times [3][91] Power Grid Equipment Industry - The power grid equipment sector continues to experience robust growth, driven by high demand for transformers and power supply equipment due to the ongoing AIDC boom [4][38] - Companies such as Guodian NARI, Sifang Co., and Xuchang Electric are highlighted as key players benefiting from this trend [4][38] Wind Power Industry - The wind power sector is witnessing a simultaneous increase in volume and profitability, with both onshore and offshore projects ramping up [53][56] - Companies like Goldwind Technology and Dongfang Cable are recommended for their strong positions in the market [53][56] Overall Investment Recommendations - The report suggests focusing on the recovery of the power grid equipment sector, progress in green methanol industry layouts, fluctuations in lithium material prices, advancements in solid-state battery industrialization, and the release of global energy storage installation demands [4][66]