1月8日，A股三大股指集体低开，其中，沪指跌0.2%报4077.72点，深成指跌0.42%，报13971.89点，创 业板指跌0.63%，报3308.74点，科创50指数跌0.15%，报1441.19点。稀土永磁板块盘初走低，华新环保 跌超4%，中科磁业跌超3%，格林美、九菱科技、银河磁体、厦门钨业跟跌；脑机接口板块盘初活跃， 创新医疗4连板创新高，爱朋医疗、南京熊猫、海南海药、岩山科技、菲沃泰跟涨；工业金属板块盘初 走低，中国铝业、天山铝业、江西铜业跌超2%，洛阳钼业、白银有色、西部矿业、中孚实业跟跌。 普利特：日前在机构调研时表示，公司的LCP薄膜产品凭借其极低吸水率、优异的高频传输性能、同时 生物相容性较好，适合作为脑机接口的柔性电极材料使用。随着脑机接口产业技术的不断成熟和商业化 进程加速，公司看好LCP薄膜产品在侵入式和非侵入式脑机接口领域的未来应用市场。LCP薄膜技术壁 垒极高，全球仅有三家企业具备大规模化量产能力，普利特是国内唯一实现该技术突破的企业。目前， 公司已与海外客户关于公司LCP薄膜在脑机接口领域的应用进行了共同开发以及验证工作，目前正在进 行临床试验工作，进展顺利。国内相关行业客户公 ...

智通财经1月7日讯（记者 肖良华）北美缺电、欧洲电网老化，中国变压器海外卖疯了？7日，智通财经 记者采访多家业内上市公司获悉，近来变压器海外市场景气度较高，不过并没有"供不应求"这么夸张。 智通财经记者以投资者身份致电，思源电气（002028.SZ）证券部工作人员表示，变压器海外业务有序 增长，其中，中东、欧洲和南美市场增速更好。伊戈尔（002922.SZ）证券部工作人员同样表示，2025 年，公司数据中心变压器相关订单增速很快，当前订单饱满，产品价格没有上涨。 变压器需求旺盛 当前，中国变压器产品正在海外四处"攻城略地"。2025年前11个月，中国变压器出口额飙升至439.95亿 元，同比增长47%。 冯俊淇表示，欧洲电网改造，人工智能、新能源等新产业共同带动了变压器的需求。 高盛2025年9月报告指出，欧洲大部分电网设施普遍运行了40-50年。美银数据也显示，美国31%输电设 备和46%配电设施已经超期服役。 人工智能、AI等新产业的快速崛起加剧了变压器需求。有数据显示，ChatGPT大模型训练三天的电力消 耗，足够3000辆特斯拉汽车累计行驶32万公里，而Meta新建的一座中型数据中心就需要上百台降压变 ...

我们不预测市场，而是梳理逻辑；不给出答案，而是提供视角。希望这些内容能帮助您在做投资决策 时，多一份参考。 本系列共八篇，将陆续发布。感谢您的关注。 回望过去的2025年，权益市场在全球流动性宽松与估值修复共振下，科技与资源板块领涨，机构资金成 为核心支撑，K型分化特征延续。随着库存与盈利周期逐步启动，市场逻辑正从估值抬升转向盈利兑 现，在此背景下，2026年温和复苏与产业升级共振的新机遇或值得重点把握。 中信保诚基金认为，2026年全球经济呈现温和修复态势，内外部流动性整体充裕，库存与盈利周期逐步 修复，为权益资产表现提供有力支撑。宏观叙事将从估值修复转向盈利支撑，政策端全球宽货币、国内 跨周期调节与逆周期调节协同发力，市场资金面有望维持净流入格局，产业升级与消费升级可能成为核 心主线。 一、海外宏观：修复延续，分化收窄 （一）经济与就业 编者按： 2026 年，是 " 十五五 " 开局之年，市场正在寻找新的方向。 面对宏观环境的变化、产业格局的调整，投资者需要穿透短期波动，看清中长期的主线。这不容易，但 值得尝试。 为此，中信保诚基金推出 "2026 ，预见 " 系列，围绕宏观、固收、固收 + 、权益、商 ...

在前天的文章中，我们提出了马斯克链的概念，因为开年后，热度最高的板块都是跟马斯克有关 的。 发酵的马斯克链和PCB 昨天依旧还 是如此，而且无人驾驶板块也是被市场关注了。现在无人驾驶产业的催化的确是越来 越 多了，也是我们非常看好的AI应用之一。 AI最大的应用--无人驾驶 前面的文章中也提到了，其实 特斯拉一个非常重要的业务就是储能 ，特斯拉的储能业务并非孤立存 在，而是与电动汽车、自动驾驶、人形机器人形成协同生态的关键一环。主要产品包括 Powerwall （家用储能）、Megapack（大型商用储能）及太阳能相关解决方案，其中 Megapack 贡献了储能业 务超 95% 的收入。 从业绩表现来看，特斯拉储能业务已实现规模化增长：2022-2025 年电池部署量复合年增长率高达 91%，2024 年全球储能市场份额达到 18%；毛利率从 2022 年的 7% 飙升至 2025 年的 30%，规模效 应与成本优化成效显著，成为抵消电动汽车业务短期波动的 "压舱石"。 国内的变压器跟北美的储能是强相关的，前天华商韬略写了一篇"全球疯抢中国变压器"的文章。 里面提到： 美国电力变压器和配电变压器的供应缺口较2 ...

编者荐语： "硅基智能"基础设施部署需要强大稳定的电力支撑，而电力基础设施又离不开导线、变压器等优质工业 产品。一句话，再好的脑力也需要优秀的身体承载。 以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 01 作者：大商 来源：华商韬略（ID：hstl8888） "一年前全球缺的是芯片，接下来将会是变压器。" 马斯克在2024年博世互联世界大会上的这句预言，正在应验。随着全球电力需求猛增，变压器如今"一器难 求"。 欧洲计划投资5840亿欧元扩建电网，却因变压器短缺而进展缓慢； 印度的大型太阳能项目，因为等不到足够的变压器，被迫闲置一旁"晒太阳"； 美国电力变压器和配电变压器的供应缺口较2019年分别激增了116%和41%，需求爆发，供应却跟不上。 美国科技圈就此发出警告："（变压器）不足拖累电力基建，将大幅制约美国人工智能发展速度。" 而 若要讲这场蔓延全球的变压器危机也有获益者的话，那最大获益者当属占据全球变压器产能60%的中 国。 颇具戏剧性的是，美国此前对中国变压器加征104%关税，如今却开始悄悄放松对中国变压器的管制。 爆单的中国厂商 新产能还没出来，就被订购一空 ...

海外工厂规模化投产，开拓增长新空间 预测公司2025-2027 年收入分别为57.95、74.09、94.17 亿元，EPS 分别为0.64、1.03、1.55 元，当前股 价对应PE 分别为47.6、29.9、19.7 倍，公司海外产能规模化落地，卡位全球变压器供需紧张市场机遇， 同时数据中心领域开辟新增长曲线，给予"买入"投资评级。 风险提示 下游需求不及预期风险、新产品推出不及预期风险、竞争加剧风险、海外产能建设和贸易风险、原材料 价格大幅上涨风险、大盘系统性风险。 公司正积极推进全球化产能布局：泰国工厂已于2025 年12 月投产，具备年产6000 台新能源和数据中心 应用变压器能力；墨西哥工厂目前处于调试阶段，预计明年中期达产后可实现新能源变压器月产能500 台；美国德州工厂已于2025 年10 月开业，主打配电变压器，年规划产能2.1 万台，主要对标美国本土制 造商。随着海外工厂陆续投产，公司已与北美部分头部EPC 客户达成合作，并持续拓展欧美体系储能 客户。 数据中心变压器业务快速成长，突破北美市场今年以来，公司在数据中心变压器领域的产品结构与市场 拓展均取得重要突破，产品线已从高压直流移相变压 ...

Group 1 - The company signed a contract worth approximately $0.99 billion (around 6.96 billion RMB) with overseas client F for a data center project, indicating a recovery in order placement rhythm due to improved international relations [1] - The company expects to secure around 2 billion RMB in new overseas orders from January to October, with approximately 700 million RMB coming from AIDC downstream orders, projecting over 1.4 billion RMB in new AIDC overseas orders for the year [1] - The company has established strong partnerships with major CSP clients in overseas markets, anticipating significant growth in AIDC downstream orders by 2026 compared to this year [1] Group 2 - The North American AIDC market is experiencing rapid growth, with the company focusing on the transformer market and enhancing its product offerings, which has led to increased market presence among major CSP clients [2] - The company is planning to launch overseas prototypes of SST in Q1 2026, with expectations of significant market potential in the AIDC power supply sector, projected to exceed 100 billion RMB by 2030 [2] - Profit forecasts for the company indicate net profits of 780 million RMB, 1.04 billion RMB, and 1.32 billion RMB for 2025-2027, reflecting year-on-year growth rates of 36%, 32%, and 27% respectively, maintaining a "buy" rating [2]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11]. Core Insights - The company focuses on the overseas transformer market, benefiting from significant advantages in product technology, overseas production capacity, and downstream customer relationships. Given the current tight supply of transformers abroad and the anticipated widening supply gap due to AI development, the company is expected to benefit from this trend, with an increasing proportion of overseas customers driving operational growth. A turning point in operations has already been observed [2][9]. Summary by Sections Overall Business Focus - The company has accelerated its business expansion since its IPO in 2017, focusing on digital transformation and expanding production bases both domestically and internationally. The core business has shifted towards energy products, particularly transformers, which are expected to see a significant increase in revenue share from 56% in 2021 to 73% in 2024 [5][25][20]. Main Business: North America Focus - The company has strategically positioned itself in the North American market, where the construction speed of power supply and grid infrastructure does not match the rapid development of AI data centers, leading to potential electricity shortages. The company has established a competitive edge in overseas production capacity and customer relationships, with plans for production bases in Malaysia, Thailand, the USA, and Mexico [6][74][82]. New Business Ventures - The company is actively developing new areas in AIDC high-voltage direct current power products, particularly in Panama, where it has established a leading position in phase-shifting transformer technology. This segment is expected to contribute additional growth if successful [8][91][107]. Investment Recommendations - The report anticipates that the company's net profit attributable to shareholders will reach 500 million yuan by 2026, corresponding to a PE ratio of approximately 28 times. The ongoing tight supply of transformers and the expected increase in overseas customer share are expected to enhance profit growth elasticity [9][12].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From December 22 - 26, the A - share market was active with continuous gains for five days. The commercial aerospace and precious metals sectors performed well. The bond market was weak on Monday but improved on Tuesday, with the 10 - year Treasury bond rate at 1.84% on Friday, up 0.68bp from the previous week. The convertible bond market was strong, with the CSI Convertible Bond Index rising 1.64% and the price median increasing 1.52%. [1][7][8] - From December 29 - 31, the convertible bond market was still strong, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were above the 95% historical percentile. In the future, the convertible bond market has support from the expected spring rally and institutional buying, but risks from annual report disclosures and high - gain hot - topic bonds should be noted. [3][17] Summary by Related Catalogs Market Focus (December 22 - 26) Stock Market - The A - share market had five consecutive days of gains. The commercial aerospace sector was boosted by policies and industry development, and precious metals were strong. The trading volume increased, and different sectors were active on different days. By industry, most Shenwan primary industries rose, with non - ferrous metals, national defense and military industry leading, and beauty care, social services lagging. [7][8] Bond Market - On Monday, the bond market was weak due to the disappointment of LPR cut expectations and the strong equity market. On Tuesday, Treasury bond futures and spot bonds improved. The central bank's Q4 monetary policy meeting had little impact. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 0.68bp from the previous week. [1][7][8] Convertible Bond Market - Most convertible bond issues rose. The CSI Convertible Bond Index rose 1.64%, the price median increased 1.52%, and the arithmetic average parity increased 2.42%. The overall conversion premium rate decreased by 0.21%. By industry, national defense and military industry, building materials led in gains, while commercial retail, beauty care led in losses. In terms of individual bonds, Jiamei, Zai 22, etc. had large gains, while Huati, Saili, etc. had large losses. The total trading volume was 3928.17 billion yuan, with an average daily volume of 785.63 billion yuan, higher than the previous week. [2][8][11] Views and Strategies (December 29 - 31) - The convertible bond market was strong last week, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were at high historical levels. [3][17] - In the future, the convertible bond market has support from the expected spring rally and institutional buying in January. However, in January, with the annual report disclosures and high - gain hot - topic bonds, some individual bonds with performance pressure may face challenges. [3][17] - Currently, the convertible bond market valuation is at a historical high, and overall opportunities are scarce. Relative - return investors are advised to allocate small - position, well - balanced non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, etc. Absolute - return investors are advised to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations. [3][17] Valuation Overview - As of December 26, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high historical percentile levels. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 4.44%, at a low historical percentile. The average implied volatility of all convertible bonds was 44.43%, at a high historical percentile, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 3.3%, also at a high historical percentile. [18] Primary Market Tracking Last Week (December 22 - 26) - Shuangle Convertible Bond and Jin 05 Convertible Bond announced issuance, and Pulan Convertible Bond was listed. Shuangle Convertible Bond is from the basic chemical industry, with an issue size of 800 million yuan. Jin 05 Convertible Bond is from the power equipment industry, with an issue size of 1.672 billion yuan. Pulan Convertible Bond is from the computer industry, with an issue size of 243 million yuan. [25][26][27] Next Week (December 29 - 31) - Tianzhun Convertible Bond and Shenyu Convertible Bond are expected to be listed. Tianzhun Convertible Bond is from the machinery and equipment industry, with an issue size of 872 million yuan. Shenyu Convertible Bond is from the communication industry, with an issue size of 500 million yuan. [29][30] Overall Situation - As of December 26, there are currently 93 convertible bonds to be issued, with a total scale of 146.86 billion yuan. Among them, 3 issues with a total scale of 3.43 billion yuan have been approved for registration, and 10 issues with a total scale of 8.52 billion yuan have passed the listing committee. [31]

中国高频变压器行业 需求现状及前景发展趋势预测报告2026年版 【全新修订】：2025年12月 【内容部分有删减·详细可参鸿晟信合研究院出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 第一章全球及中国变压器市场发展分析 第一节 全球变压器市场发展分析 一、全球箱式变压器发展分析 【出版机构】：鸿晟信合研究院 第五节 保定天威保变电气股份有限公司 一、钢铁产量 二、钢材价格 第三节 硅钢片行业发展状况分析 一、硅钢片的定义与用途 二、硅钢片的产销量分析 第四节 铜工业发展状况分析 第五节 电磁线行业发展状况分析 一、电磁线的定义与分类 二、电磁线的应用概述 三、电磁线的供需分析 第十二章高频变压器行业重点企业分析 第一节 茂硕电源科技股份有限公司 一、企业发展简况分析 二、企业经营情况分析 三、企业经营优劣势分析 第二节 深圳可立克科技股份有限公司 一、企业发展简况分析 二、企业经营情况分析 三、企业经营优劣势分析 第三节 北京合康新能科技股份有限公司 一、企业发展简况分析 二、企业经营情况分析 三、企业经营优劣势分析 第四节 哈尔滨九洲集团股份有限公司 一、企业发展简 ...