来源：新浪财经-鹰眼工作室 市场风险：期货行情剧烈波动可能导致交易损失； 流动性风险：极端行情下或因保证金不足面临强行 平仓； 内部控制风险：操作不当或系统故障可能引发执行偏差； 技术风险：交易系统故障导致指令延 迟或数据错误； 政策风险：法律法规或交易规则调整引发市场波动。 严格遵循套期保值原则，禁止投机性交易； 设立期货套期保值领导小组统筹交易与风控； 动态监控资 金规模，市场剧烈波动时及时平仓； 配备冗余交易系统及应急处理机制； 内部审计部门定期核查业务 合规性； 依据《套期保值业务管理制度》建立止损机制。 审议程序合规 保荐机构出具肯定意见 本次议案经公司第七届董事会第二次会议审议通过，无需提交股东大会审议。保荐机构国泰海通证券股 份有限公司核查后认为，该业务旨在降低原料价格波动影响，不存在损害公司及股东权益的情形，审批 程序符合《深圳证券交易所股票上市规则》等相关规定。 伊戈尔电气股份有限公司（证券简称：伊戈尔，证券代码：002922）于2025年11月24日发布公告称，公 司第七届董事会第二次会议审议通过《关于开展铜期货保值业务的议案》，同意公司及子公司使用自有 资金开展铜商品期货期权和衍生品套期 ...

格隆汇11月24日丨伊戈尔(002922.SZ)在互动平台表示，公司变压器产品可适配于电网配电领域。 ...

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]

11月19日，由常州市政府主办、市商务局承办的"新能源产业链合作对接交流会"举行。本次交流会 以"聚势新能源合作赢未来"为主题，汇聚全球新能源领域的龙头企业、科研机构专家及政府代表，集中 展示常州新能源产业硬核实力，现场16个重点项目集中签约，累计总投资近100亿元。 本次交流会的项目签约环节成果颇丰。16个重点合作项目分4批集中签约，涵盖动力电池、储能系统、 变压器、汽车零部件、智能电网等新能源产业核心领域，累计总投资近100亿元。交流会最后，常州向 全球新能源企业发出诚挚邀请，欢迎更多产业链上下游企业选择常州、投资常州、扎根常州，成为城市 发展的"铁杆合伙人"。 近年来，常州秉持"十年磨一剑"的长期主义，匠心专注发展新能源产业，在"发储送用网"五大领域构筑 全国最完整的产业链，加快打造代表江苏高质量发展水平、具有国际竞争力的新能源产业高地。 尤其值得关注的是，常州制造业产业覆盖度全国一流：动力电池产业链完整度达97%，全球每10辆新能 源汽车就有一辆搭载常州产电池；先后35次创造和刷新光伏电池转换效率世界纪录；变压器产量占全国 13.1%；新能源整车年产量近80万辆，正朝着万亿级国家战略性新兴产业集群奋进 ...

Core Viewpoint - Solid State Transformers (SST) are expected to become the ultimate solution for AIDC power management due to their high efficiency and low footprint, with Delta's 800V SST system reaching MW-level capacity and Nvidia planning full deployment of its 800V high-voltage direct current architecture by 2027 [1][2]. Group 1: Industry Trends - Data centers are moving towards higher power levels, with power supply system efficiency becoming crucial as single cabinet power has increased from 8KW to over 30KW, and Nvidia's single cabinet power reaching 120KW [2]. - Traditional DC distribution methods are facing bottlenecks due to space limitations, copper overload, and low conversion efficiency, necessitating a new power supply architecture [2]. - In typical AIDC projects, power-related equipment costs account for nearly 50% of total costs, indicating high value and continuous iteration [2]. Group 2: SST Advantages - SST achieves high efficiency by replacing traditional transformers with high-frequency power electronics, allowing for system efficiencies of up to 98% [3]. - SST's modular design significantly reduces equipment size by approximately 40%, integrating rectification, conversion, and inversion processes [3]. Group 3: Market Opportunities - The 800V HVDC is seen as a starting point for SST penetration, offering active flexibility and green electricity adaptability, which can open broader application markets [4]. - SST can actively control power quality, addressing grid disturbances and load fluctuations, while also supporting bi-directional power flow [4]. - The new grid architecture using SST can accept 50%-70% renewable energy, improving performance by 1.3-2 times compared to traditional grid structures [4]. Group 4: Related Companies - Key players in SST systems include Sifang Co., Ltd. (601126.SH), China XD Electric (601179.SH), Jinpan Technology (688676.SH), and Xinte Electric (301120.SZ) [5]. - Companies involved in SST materials include Keli (002782.SZ) and Yunlu Co., Ltd. (688190.SH), with products covering a wide frequency range [5].

Group 1: North America's Electricity Shortage - North America is facing significant electricity shortages driven by increased demand from AI expansion, manufacturing changes, and electrification, with a notable rise in electricity consumption growth [2] - The rapid growth of data centers, particularly due to partnerships like that of OpenAI and NVIDIA, is expected to contribute to a substantial increase in electricity demand, with a projected capital expenditure growth of 58.5% for major cloud providers by 2025 [2] - The aging power grid and the retirement of old coal and gas projects exacerbate the supply-demand imbalance, with a forecasted annual electricity load increase of over 30GW in the next five years, primarily from data centers [2] Group 2: Impact on Electricity Prices and Corporate Costs - The electricity shortage has led to a 6% increase in average retail electricity prices in the U.S. compared to the previous year, with some regions attributing this rise to the construction of data centers [3] - Rising electricity costs may pressure corporate profitability, necessitating vigilance regarding cost transmission effects on operations [3] - The U.S. government plans to invest hundreds of billions in nuclear power to address the electricity gap created by AI developments, with a goal of constructing ten large nuclear reactors by 2030 [3][4] Group 3: Beneficial Industries in China - The systemic electricity shortage in North America is expected to benefit several Chinese industries, including machinery, power equipment, photovoltaic energy, and non-ferrous metals, as demand is likely to increase due to the electricity gap [4] - Gas turbines are anticipated to be the primary new power source in the short term, with solid oxide fuel cells (SOFC), photovoltaics, and energy storage serving as supplementary solutions [4] Group 4: Opportunities in Equipment and Technology - Major global manufacturers like GE, Siemens, and Mitsubishi are expanding production to meet the demand for gas turbines driven by AI data center construction [5] - The North American power grid requires significant upgrades, with a projected transformer supply gap of up to 66% from 2024 to 2027, presenting opportunities for Chinese manufacturers [6] - Energy storage solutions are expected to become standard for AI data centers, with potential for increased demand in North America [7] Group 5: Emerging Technologies and Renewable Energy - High Voltage Direct Current (HVDC) systems and Solid State Transformers (SST) are seen as future solutions for the power needs of modern AI factories, with NVIDIA pushing for an upgrade to 800V HVDC systems by 2027 [8] - The demand for photovoltaic energy is expected to rise significantly due to the retirement of old power sources and the long construction timelines for new gas and nuclear plants [9] - The construction of new transmission networks in North America will increase the demand for aluminum, which is widely used in power transmission, potentially boosting the profitability of the electrolytic aluminum industry [10]

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the **U.S. electricity supply and demand situation**, particularly the challenges faced by the electricity grid and the impact of data centers on electricity consumption [1][2][3]. Core Insights and Arguments - **Electricity Shortage**: The U.S. is currently experiencing a significant electricity shortage, with average outage durations reaching **600 minutes in 2024**, an **80% increase** from 2023, marking a ten-year high. Average electricity sales prices rose by **5%** nationwide, with the PJM region seeing a **9% increase** [2][3]. - **Measures to Alleviate Shortage**: While some measures, such as delaying the retirement of coal-fired power plants and repurposing cryptocurrency mining facilities to data centers, can provide temporary relief, they only account for **30%** of the expected electricity shortfall over the next 25 to 30 years [3]. - **Government Policies**: The U.S. government is actively promoting data center integration into the grid through initiatives like the **AI Action Plan** and proposed rules from the Department of Energy to expedite approvals for large energy facilities [4][5]. - **Data Center Energy Storage Projects**: Data centers are increasingly adopting energy storage solutions, with projects in states like Colorado and Maine encouraging the use of clean energy storage to enhance system stability and flexibility [5][8]. - **Infrastructure Investment Needs**: Addressing the electricity shortage will require substantial investments in generation, grid, and consumption infrastructure, which will increase capital expenditure pressures on major internet companies. However, careful planning can mitigate these pressures [7][12]. Additional Important Insights - **Trends in Data Centers**: Future data centers are expected to increasingly incorporate their own power sources to expedite approvals and alleviate electricity shortages. Since August 2025, there has been a notable increase in energy storage projects associated with data centers [8][9]. - **Gas Turbine Industry**: The gas turbine industry is currently thriving, with GE's order volume doubling in 2024, reflecting a **40% year-on-year increase** in the first three quarters. Major manufacturers are planning significant capacity expansions, providing opportunities for Chinese component manufacturers to enter the global supply chain [18][19]. - **Economic Comparisons of Energy Sources**: Different energy sources have varying economic characteristics, with gas turbines being the most cost-effective, followed by SOFC and solar plus storage solutions. The deployment speed of solar plus storage is particularly advantageous [11]. - **Future of High Voltage Direct Current (HVDC)**: HVDC technology is expected to see significant growth, with projections indicating it will enter a critical development phase by 2026. Solid-state transformers are also anticipated to become operational between 2027 and 2028 [17]. This summary encapsulates the critical points discussed in the conference call records, highlighting the current challenges and future trends in the U.S. electricity supply landscape and related industries.

Core Viewpoint - The company indicates that its products in the power equipment or transformer sector are among the weakest links in terms of elasticity, primarily serving the demand from large infrastructure and industrial development cycles [1] Company Performance - The company’s products are mainly applied in transformers rated at 35kV and above, with demand growth historically driven by the Chinese market [1] - Since last year, the Chinese market has remained stable, and overseas market growth is not expected to cause disruptive demand changes in the short term [1] - The company has experienced relatively high overseas growth in the past two years, primarily due to a low base from previous periods [1] - Despite competitors having lower growth rates, their absolute revenue increments are higher than that of the company [1] - The company has seen a slight increase in market share [1] Overseas Market Dynamics - The significant overseas growth for the company since last year has been attributed to indirect exports, benefiting from the expansion of Chinese transformer manufacturers abroad, while direct export growth remains limited [1] - The current growth level of overseas revenue is influenced by a combination of demand changes, base effects, and market share, and does not necessarily reflect the overall development level of the industry [1] - The sustainability of the current growth rate is questionable as it is unlikely to persist long-term due to base changes; however, an increase in the proportion of overseas revenue can still support the company's overall performance [1]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **gas turbine** and **solid oxide fuel cell (SOFC)** industries, highlighting the significant demand increase driven by the surge in AIDC (Artificial Intelligence Data Center) requirements in the U.S. [1][3][4] Core Insights and Arguments - **Gas Turbine Demand Surge**: The demand for gas turbines has surged due to the reliance on natural gas for power generation in AIDC, with companies like GE, Siemens Energy, and Mitsubishi Heavy Industries facing delivery delays until 2030. GE's new order volume reached **20 GW** last year, with a backlog of **62 GW** as of Q3 this year [3][4] - **Investment Initiatives**: The U.S. government and Japan are investing **$550 billion** to address energy challenges, with **$25 billion** allocated specifically for gas turbines, steam turbines, generators, and grid issues [4] - **SOFC as a Solution**: SOFC technology, with an efficiency of **95%**, is positioned as a promising energy solution, potentially transforming fossil fuels into electricity more effectively than gas turbines, which have an efficiency of around **30%** [4][7] - **Metal Chromium Demand**: The demand for metal chromium, essential for high-temperature alloys, is expected to increase significantly, with SOFC requiring over **15 times** the amount needed for gas turbines. A supply gap of **340,000 tons** is anticipated by 2028 [6][8] Emerging Opportunities - **Chinese Companies' Role**: Chinese firms like Yingliu Co. and Longda Co. are poised to benefit from the supply chain opportunities as overseas gas turbine manufacturers face integration and installation challenges [4][5] - **North American Power Equipment Market**: The North American power equipment market is expected to see significant growth driven by new energy installations, industrial resurgence, and the replacement of aging grid infrastructure [10][11] - **Transformer Industry Outlook**: The transformer industry is experiencing a supply-demand gap, providing opportunities for domestic companies to expand their market presence [11][12] Additional Insights - **Data Center Construction Impact**: The construction of data centers is increasing demand for advanced power distribution solutions, transitioning from UPS systems to **800V HVDC** and **SST solid-state transformers**, which enhance power conversion efficiency to **98.5%** [13][14] - **Storage Systems Role**: Energy storage systems are crucial for balancing load fluctuations and enhancing gas turbine responsiveness, with global demand for storage expected to reach **300 GWh** by 2030 [14] - **Future Prospects for Weichai Power**: Weichai Power is expected to benefit from both AIDC backup power engines and SOFC technology, with projected revenues from new business lines reaching **3 billion yuan** and total market capitalization potentially reaching **210 billion yuan** by 2027 [16][18] Companies to Watch - **Key Players**: Companies such as Yingliu Co., Wanzhou Co., Longda Co., and Zhihua Co. are highlighted for their potential gains in the component and material sectors due to increased demand [8][9] - **Liquid Cooling Market**: Companies like Yinlun Co., Top Group, and Feilong Co. are noted for their active involvement in the liquid cooling sector for data centers, which is expected to contribute positively to their performance [19]

Group 1 - The company produces transformers, including dry transformers and oil-immersed transformers for applications up to 35KV [2] - The company has already applied its transformer products in overseas projects [2] - The company plans to continue exploring domestic market demand while actively expanding into overseas markets [2]