华商韬略 . 聚焦标杆与热点、解构趋势与韬略 全球第一。 作者 / 大南 来源 / 华商韬略 （ID：hstl8888） 以下文章来源于华商韬略 ，作者华商韬略 "一年前全球缺的是芯片，接下来将会是变压器。" 马 斯 克 在 2 0 2 4 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5 8 4 0亿欧元扩建电网，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 2 0 1 9 年 分 别 激 增 了 11 6 % 和 4 1 % ， 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6 0%的中国。 颇具戏剧性的是，美国此前对中国变压器加征1 0 4 %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 ...

Core Insights - The global shortage of transformers is becoming critical as demand surges due to increasing electricity needs, with predictions indicating that transformers will be as scarce as chips were a year ago [1]. Group 1: Current Market Situation - Europe plans to invest €584 billion to expand its power grid but is facing delays due to transformer shortages [2]. - In India, large solar projects are stalled because of insufficient transformers, while the supply gap for power and distribution transformers in the U.S. has surged by 116% and 41% respectively since 2019 [2]. - The U.S. tech sector warns that transformer shortages could significantly hinder power infrastructure and slow down AI development [3]. Group 2: Supply and Demand Dynamics - Chinese manufacturers are experiencing a surge in orders, with some clients willing to pay a 20% premium to secure supply [6]. - The average export price of Chinese transformers has risen to approximately $20,800 per unit, with exports reaching ¥29.711 billion in the first eight months of 2025, marking a 65.39% increase to Asia, 28.03% to Africa, and over 138% to Europe [6]. Group 3: Underlying Causes of Shortage - The transformer shortage is primarily driven by the aging power systems in Europe and the U.S., with many facilities operating beyond their intended lifespan [9][10]. - The rapid rise of new industries, particularly in AI and renewable energy, is further exacerbating the demand for transformers, as these sectors require significantly more transformers than traditional power plants [10]. Group 4: Industry Response and Opportunities - Major global energy companies are ramping up production, with Siemens Energy investing €2 billion, Hitachi planning to invest $6 billion by 2027, and Schneider Electric establishing a transformer factory in Russia [13]. - China, which controls 60% of global transformer production capacity, is consolidating its industry through the establishment of the China Electrical Equipment Group, integrating leading manufacturers [14]. Group 5: Future Market Projections - The global transformer market is projected to reach $103 billion by 2031, doubling from $58.6 billion in 2021, driven by the increasing demand for electricity and the need for infrastructure upgrades [12].

近日，中国电子技术标准化研究院牵头修订的2025年版《绿色工厂评价通则》国家标准正式发布，这是该标准自2018年实施以来的首次全 面修订。 中国电子技术标准化研究院认证中心主任段淼介绍，新版标准提出能源低碳化、资源高效化、生产洁净化、产品绿色化和用地集约化，重 构了绿色工厂评价框架，突出全生命周期节能降碳与资源高效循环利用导向。 在评价方法上，新版标准引入基于"基准值"和"引领值"的量化评分体系，强化能源消耗强度、碳排放强度、可再生能源利用率、取水强度 等关键指标的约束力，推动企业从合规达标向行业标杆跃升，引领绿色工厂创建进入"绩效领跑"新阶段。 【纠错】 【责任编辑:谷玥】 段淼认为，此次修订以标准升级牵引制造业全面绿色转型，将为工业领域实现"双碳"目标提供有力支撑，助力工业绿色低碳高质量发展。 （记者周圆） 重庆南瑞博瑞变压器有限公司内，工作人员在车间内调试新生产线。近年来，该企业先后成功研制35kV、66kV天然酯绝缘油变压器，以 生物降解油替代传统矿物油，进一步向"生态友好"绿色升级。新华社记者唐奕 摄 ...

内容概况：中国船用变压器行业近年来在船舶制造、海洋工程已经新能源船舶快速发展的推动下，展现 出强劲的增长态势。作为船舶电力系统中的核心设备，船用变压器承担着电压变换、电能分配与电气隔 离等关键功能，其性能直接关系到船舶运行的安全性与稳定性。随着全球航运业对节能减排要求的提升 以及中国"双碳"战略的推动，船舶电气化程度不断提高，带动了对高效、节能、智能化船用变压器的旺 盛需求。从市场规模来看，2017-2022年中国船用变压器行业规模整体呈现逐年增长的态势。2023年中 国船用变压器规模为77.26亿元，同比有所下滑，主要是受部分订单交付延迟、原材料成本高位等因素 影响，市场规模出现合理回调。2024年得益于国内造船行业的复苏以及出口订单的显著增加，中国船用 变压器行业市场规模达到86.3亿元，同比增长11.7%。展望2025年，随着中国船舶工业新接订单持续释 放，叠加老旧船舶更新换代周期的到来，预计船用变压器市场规模有望达到96亿元。 相关上市企业：新特电气（301120）、河钢股份（000709）、鞍钢股份（000898）、河钢资源 （000923）、首钢股份（000959）、紫金矿业（601899）、铜陵 ...

数据来源：中国海关，智研咨询整理 近一年中国变压器出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国变压器行业市场现状调查及未来趋势研判报告》 根据中国海关数据显示：2025年11月中国变压器进口数量为0.51亿个，同比增长4.2%，进口金额为0.39 亿美元，同比增长4.8%，2025年11月中国变压器出口数量为2.72亿个，同比增长7.5%，出口金额为7.94 亿美元，同比增长16.2%。 近一年中国变压器进口情况统计图 ...

积极服务国家战略，勇担社会责任，中共中央总书记、国家主席、中央军委主席习近平近日对中央企业 工作作出的重要指示在驻豫央企中引发热烈反响。大家纷纷表示，将进一步聚焦主责主业，切实增强核 心功能、提升核心竞争力，更好服务驻地发展，为奋力谱写中原大地推进中国式现代化新篇章贡献更强 央企力量。 "我们将把习近平总书记对中央企业工作作出的重要指示与总书记在河南考察时重要讲话精神贯通起来 落实，聚焦'1+2+4+N'目标任务体系，为我省做好明年经济工作，确保'十五五'开好局、起好步作出联 通贡献。"中国联通河南省分公司党委书记、总经理华豫民表示，习近平总书记对中央企业提出了明确 要求和殷切期望，河南联通将牢记职责使命，立足河南发展大局，持续发挥中央企业在科技创新、产业 培育、安全支撑等方面的重要作用，着力用好公司在算力布局、AI融合、低空经济等方面的先发优 势，朝着建设世界一流科技服务企业目标勇毅前行，在"六个强省"建设中展现联通作为、书写央企担 当。 责任编辑： 秦臻 农业银行是服务"三农"的国家队、主力军，更是助力河南高质量发展和高效能治理的重要金融力量。中 国农业银行河南省分行党委书记、行长耿曙明表示，作为中央驻豫 ...

智通财经见习记者｜蒋习 张雨薇 智通财经编辑｜张慧 见到江苏华辰(603097.SH)董事长张孝金时，是他从西班牙和罗马尼亚考察归来的第二天。连日奔波加长途飞机，他感到的不是疲惫，而是一种紧迫的兴 奋。 他此次欧洲之行的目的非常明确——推进海外工厂的落地。 "对海外销售较为乐观"，张孝金告诉智通财经。今年前三季度，江苏华辰营收14.4亿元，接近去年15.8亿元的全年水平。截至今年10月底在手订单约17.3亿 元，已超去年全年营收。 江苏华辰变压器股份有限公司 拍摄：蒋习 这家成立于2007年、总部位于中国徐州的变压器公司，有1500名员工，在铜山高新区有三个厂区，产品主要出口越南、泰国等东南亚市场。 在人工智能浪潮席卷全球的当下，欧美的数据中心建设呈指数级增长，而支撑它们运转的电力系统却逐渐捉襟见肘。 在这场英伟达、谷歌、亚马逊等科技巨头都在努力应对的"电力短缺"中，马斯克三年前发出"变压器危机"的预言正在变为现实。 "变压器目前是电网关键设备中供应最为短缺的产品之一。"Rystad Energy的高级供应链研究分析师埃德瓦德·克里斯托弗森(Edvard Christoffersen)估计，全球 变压器供应紧 ...

变压器在电力系统中扮演着"隐形心脏"般的核心角色，其主要功能是通过电磁感应原理改变电压等级， 以适应电能的高效传输和安全使用需求。在发电端，变压器将发电厂产生的电能电压升高，以便将电力 输送到电网。在用电端，变压器则将高压电逐步降低至适用的电压等级，以供城市、社区及工厂、数据 中心、油气设施等大用户使用。 每当新增发电源或大用户接入电网时，就需要安装新的变压器。而近来AI电力需求的激增正导致这种 关键设备的等待周期长达数年。 变压器可以像建筑物一样大，也可以像垃圾桶一样小。例如，日立能源公司(Hitachi Energy)在美国弗吉 尼亚州南波士顿工厂制造的那些重达285000磅的巨型变压器，大约相当于24头大象或65辆皮卡车的重 量。 据伍德麦肯兹公司的数据显示，今年美国大型变压器的订单量已超过供应量约1.4万台。相关的供应链 障碍正在延缓了天然气发电厂和燃气轮机的建设，这些项目的积压已持续多年。 智通财经早在今年8月就曾介绍过，美国AI浪潮里最缺的或许不是英伟达芯片，而是变压器。而供应链 人工智能公司Exiger首席执行官Brandon Daniels的眼中，大型变压器也与燃气轮机、超大型核电站锻件 和组 ...

Core Viewpoint - The report from Zheshang Securities highlights the rapid international expansion of Igor Transformers and AIDC products, driven by increasing demand in the photovoltaic energy storage and data center sectors, with significant growth in revenue and net profit projected from 2020 to 2024 [1] Group 1: Financial Performance - The company's operating revenue is expected to grow from 1.406 billion yuan to 4.639 billion yuan from 2020 to 2024, with a four-year CAGR of 35% [1] - The net profit attributable to the parent company is projected to increase from 51 million yuan to 293 million yuan during the same period, with a four-year CAGR of 54% [1] Group 2: Demand and Supply Dynamics - The demand side is driven by a surge in photovoltaic energy storage grid connection needs and significant growth in electricity consumption by data centers, leading to increased procurement of transformers by large developers, grid companies, and data center operators [1] - On the supply side, manufacturers are struggling to meet the surging demand due to labor and material shortages, resulting in existing production capacity being insufficient [1] Group 3: Competitive Position and Growth Opportunities - Domestic high-quality transformer manufacturers are expected to seize historic opportunities for international expansion due to their enhanced competitive capabilities [1] - The company's overseas business is experiencing rapid growth, with North America and Europe accounting for 70% of its international sales [1] - The company is strategically positioning itself in the data center sector, which is anticipated to open up additional growth avenues [1] Group 4: Product Focus and Market Strategy - The company focuses on the energy and information sectors, with a diverse product portfolio and significant advantages in overseas channels [1] - Products such as energy storage transformers, distribution transformers, and data center products are expected to drive accelerated performance growth for the company [1] - The report initiates coverage with a "Buy" rating for the company [1]

Core Viewpoint - Igor Electric Co., Ltd. held a targeted on-site research event with over 40 institutional representatives, discussing key topics such as overseas factory capacity layout, new energy customer expansion, data center power business trends, and future strategic planning [1] Group 1: Research Event Overview - The investor relations activity was categorized as a targeted research event, conducted on-site in Jijiang District, Ji'an City, Jiangxi Province [2] - Participating institutions included a diverse range of entities such as securities firms, funds, private equity, and proprietary trading, with notable representatives from firms like Ping An Fund, Huaxia Fund, and CICC [3] Group 2: Key Research Insights - **Overseas Factory Capacity**: The company has established production facilities in Thailand and Mexico, with Thailand's factory fully operational at a monthly capacity of 700 new energy transformers. The Mexican factory is in the testing phase and is expected to reach a monthly capacity of 500 transformers by mid-2026. The U.S. factory focuses on distribution transformers with an annual capacity of 21,000 units [4] - **Overseas Customer Expansion**: The company has formed partnerships with leading EPC clients in North America and is gradually establishing collaborations with energy storage customers in Europe and the U.S. This expansion is driven by the gradual release of overseas capacity and increasing global demand for transformers, particularly in new energy applications [5] - **Data Center Power Solutions**: The company noted that current global data center power solutions primarily use UPS, with some adopting HVDC solutions. The release of NVIDIA's 800V architecture is expected to enhance the penetration of HVDC solutions. The company has focused on developing phase-shifting transformers and dry-type transformers for data centers, with production capacity expected to be released by mid-2025, expanding sales to markets in Japan, the U.S., and Malaysia [6] Group 3: Strategic Goals and H-Share Issuance - The management highlighted the strategic significance of issuing H-shares to enhance brand recognition and support overseas business expansion. The raised funds will be allocated for R&D, production facility construction, global manufacturing system layout, and operational capital [7] - The current operational goals focus on building and releasing domestic and overseas capacity, enriching the product matrix, and enhancing core competitiveness, with specific performance targets referenced in the 2024 stock option and restricted stock incentive plan [7]