◎本报记者李均 近日，在长三角地区的江苏亚威变压器有限公司，国内首台345千伏级全绝缘超高压大容量变压器下 线，发往美国市场。据介绍，去年4月，这家企业凭借优越技术方案、过硬品控能力及显著交付优势， 在国际竞标中脱颖而出，拿下美国一家电力企业的三台特种变压器订单。该订单产品需同时满足大容 量、超高压、全绝缘等要求，此前国内制造企业尚未涉足该领域，无经验可循。在获得订单后，这家企 业立即组建专项设计研发小组，从电磁计算、结构布置等方面进行科学论证，筛选出最好的设计方案。 研发团队还运用最新款模拟仿真验证软件，对全物理过程进行模拟验证，最终一次性通过客户评 生产线全线满产，订单量充足；新增产能加速落地，工人们各司其职赶工交付……近日，科技日报记者 从广东、江苏、河北、山东等地部分电力设备制造企业了解到，当前，随着全球算力建设迎来爆发式增 长以及能源工程的加速推进，面向数据中心、算力中心的订单大多已排至2027年，海外订单更是呈井喷 式增长，企业正加快生产步伐。中国电力设备制造产业凭借核心技术突破和全产业链布局的硬核优势， 已形成"特高压技术引领、智能运维升级、绿色低碳转型、全球市场拓展"的立体格局，牢牢占据全球市 ...

有数据显示，人类与AI一次对话的耗电量，相当于30次传统搜索；ChatGPT仅单次交互能耗就达 2.9瓦时。随着全球算力革命深入推进，算力基础设施建设全面提速，能源电力需求持续攀升，AI发展 的核心挑战正从"缺芯"转向"缺电"。 作为"电力心脏"，变压器已成为算力基建的关键装备，市场需求持续走旺。在南京，变压器产业热 潮涌动。目前，本地变压器龙头企业订单饱满，正开足马力生产，以硬核制造助力全球算力建设，彰显 实体经济与数字经济深度融合的强劲动能。 订单激增，企业生产忙 近日，记者在位于江宁滨江开发区的中电变压器南京生产基地里看到，装配、试验等工序紧密衔 接，工人们核对参数、加紧装配，成品整装待发。中电电气董事长兼总裁陆瀚博士介绍，2026年新年 开局，公司在手订单不断增长，目前正通过优化排产、强化质量管控和交付协同，保障重点项目按期交 付。 陆瀚告诉记者，2025年公司变压器业务增长约20%，交付南京腾讯华东云计算基地220kV变电站 项目，更拿下中国联通集采框架标，实现对移动、电信、联通三大通信运营商的全面覆盖，还签订 330kV电压等级合同，迈入更高电压等级市场。 不远处的江宁开发区，南京大全变压器有限公 ...

Core Insights - The transformer industry in China is experiencing significant growth, driven by the "dual carbon" goals and increasing demand for new energy systems, as well as overseas grid upgrades and data center construction fueled by AI [5][4] - Companies are focusing on enhancing their competitive edge by establishing specialized transformer divisions, investing in R&D, and embracing smart manufacturing [6][9] Group 1: Market Dynamics - The demand for transformers is steadily increasing, with China's transformer export value projected to reach 64.6 billion yuan in 2025, marking a nearly 36% growth from 2024 [4] - The surge in orders is evident, with companies like Chengdu Double Star reporting an increase in export value from less than 5% to over 20% of total output [4] - The competitive landscape is intensifying, with approximately 3,000 transformer-related companies in China, leading to price competition in lower voltage products [6] Group 2: Company Strategies - Companies are actively expanding their capabilities, such as Chengdu Double Star planning to establish a dedicated foreign trade team to explore international markets [6] - The establishment of specialized divisions, like the transformer division at Chuan Kai Electric, reflects a strategic focus on high-barrier specialty transformer products [6] - Companies are investing in smart manufacturing and system integration to provide comprehensive solutions, enhancing efficiency and reliability for clients [7][9] Group 3: Challenges and Opportunities - Despite the booming market, companies face challenges from increased competition and the need for continuous innovation to maintain market share [5][6] - The industry is characterized by a relatively small scale in Sichuan, with key components often sourced from other regions, indicating a need for improved local supply chains [9] - Companies are committed to solidifying their domestic market presence while also seeking to expand internationally, aiming to convert current demand into lasting reputation and market stability [9]

消息面上，据报道，亚马逊、谷歌、Meta、微软、xAI、甲骨文和OpenAI等科技巨头将于3月4日齐聚白 宫，正式签署特朗普在国情咨文演讲中宣布的"电费缴纳者保护承诺"。根据该承诺，上述公司将为新建 AI数据中心自行建设、引入或采购电力供应，不再依赖现有公共电网，从而避免将能源成本转嫁给普 通美国家庭。 智通财经APP获悉，重庆机电(02722)涨超7%，高见3.27港元，再创历史新高。截至发稿，涨6.56%，报 3.25港元，成交额2599.46万港元。 兴业证券此前发布研报称，重庆日立能源是日立全球750KV以上特高压变压器主要生产基地之一，受益 于海外高压电网建设；重庆康明斯为康明斯中国唯一的大缸径发动机企业，由于行业供应紧张，公司也 在积极扩充产能，数据中心和其他领域用大马力发动机预期未来几年还将持续增长。 ...

海外拓订单 工厂保交付 新春抢先机，不少外贸企业在春节假期里迈出国门，抢抓全球商机。大年初一，200多家中国企业远赴 美国参展，成为新春首批出海抢单的外贸队伍之一。 这家来自浙江长兴的企业带来了最新的产品，效率提升20%、成本降低10%。没想到，吸引了许多国际 客户的同时，也让企业定下了新年新计划。 春节对很多人来说是团圆的日子，但对外贸人来说，却是开年抢订单的关键时机。春节期间，有人飞往 海外参展，有人留在工厂保交付，通过实干赢来马年好开局。 浙江长兴森富机电有限责任公司外贸经理 李晟：不仅仅是观展的客户，很多参展的展商也纷纷来我们 的展台上进行咨询，在新的一年，我们计划把产品的研发投入增加50%，让我们中国制造能够在国际市 场上站稳脚跟。 海外订单纷至沓来，国内生产车间也开足马力。眼下，全球人工智能算力建设持续升温，核心电力装备 ——变压器的全球需求，也随之快速增长。在江苏常州的这个变压器生产车间，新春的喜庆与生产的干 劲交相辉映，一台台大容量变压器正加紧完成装配，即将被发往全球各地。 江苏华朋集团有限公司常务副总经理 孙丽君：眼下，我们在手订单已超过30亿元，其中出口订单超过 20亿元，现在订单已经排到 ...

自2026年以来，Sora和ChatGPT的热度一波接一波，硅谷的精英们天天夸夸其谈，声称AI将在未来主宰 一切。然而，鲜有人提到——他们甚至连给这些AI的机房提供足够电力的基础设施都无法搞定。这不 是芯片的问题，不是资金的问题，而是因为电力系统的铁疙瘩成了他们的绊脚石。这看似不起眼的铁疙 瘩究竟为何让全球顶尖科技公司感到束手无策？美国又为何自己逼到了如此尴尬的境地？ 硅谷的AI巨头们如今在电力怪兽面前栽了跟头，很多人会认为，像AI这样的高科技，只要有芯片和资 金支持，应该能够顺利运行，没啥大不了。但事实远非如此，硅谷的科技大佬们被狠狠教训了一课—— 再强大的AI，也得吃饭，而它的饭就是电。权威机构曾算过，如果要搭建一个超大规模的AI训练集 群，其电力消耗相当于30万户家庭同时用电，这一数据光是想象就让人头皮发麻。而更为关键的是， AI的运转不能中断，得24小时不间断地运行，成千上万张高端显卡同时工作，对电力的需求可谓无底 洞。2024年，美国所有数据中心的电力消耗已经占据了全国总电力消费的4%以上，有专家预测，四年 后这个比例还会翻倍。电力紧张，硅谷的AI巨头们焦虑不已，更让他们崩溃的是，就算电力够用，电 ...

Core Viewpoint - The article highlights the critical shortage of transformers in the context of the global energy transition, emphasizing that this shortage is hindering the development of AI and renewable energy sectors in Western countries, particularly the U.S. and Europe [1][3][26]. Group 1: Transformer Demand and Supply - The demand for transformers has surged due to the rapid growth of AI and data centers, with a medium-sized AI data center requiring hundreds of custom transformers, leading to delivery delays until at least Q3 2029 [7][8][12]. - China's transformer exports have skyrocketed to 646 billion yuan, with an average price exceeding 205,000 yuan per unit, reflecting a 33% increase from the previous year [8][19]. - The U.S. is experiencing a significant gap between its software ambitions and hardware capabilities, as evidenced by companies willing to pay a 20% premium for expedited transformer delivery [10][23]. Group 2: Factors Contributing to Transformer Shortage - The surge in electricity demand from AI applications is a primary driver, with data centers projected to consume 176 terawatt-hours by 2025, equivalent to the annual output of three Three Gorges dams [12][19]. - The decentralized nature of renewable energy generation has increased the need for transformers, with solar power plants requiring 1.8 to 3 times more transformers than traditional coal-fired plants [14][19]. - Aging electrical grids in the U.S. and Europe, with 70% of equipment exceeding its design lifespan, are unable to handle the increased load from modern energy demands [17][19]. Group 3: Manufacturing and Material Challenges - Western countries have outsourced manufacturing, leading to a fragmented transformer supply chain and a shortage of skilled labor, making it difficult to ramp up production [16][19]. - The U.S. can only meet 20% of its transformer material needs domestically, relying heavily on imports for critical components like oriented silicon steel [19][20]. - Chinese manufacturers can deliver transformers within 3 to 6 months, while Western counterparts often require over 18 months, creating a competitive disadvantage [22][28]. Group 4: Implications for the Industry - The inability to secure timely transformer supplies is already impacting major projects, such as Microsoft's AI data center in Wisconsin, which has faced delays due to equipment shortages [25][28]. - If the power bottleneck persists, global AI computing capacity could be 15% to 20% lower than expected between 2025 and 2027, directly affecting revenue growth for tech companies [25][30]. - The ongoing competition will not only focus on production capacity but also on establishing regulatory frameworks and standards, with Chinese companies aiming to become key players in defining these rules [28][30].

Core Viewpoint - The stock price of Sanbian Technology (002112) has risen despite a projected decline in performance for 2025, driven by high market expectations for emerging businesses like AI computing power, creating a short-term divergence from the company's fundamentals [1]. Performance and Operating Conditions - The company forecasts a net profit attributable to shareholders for 2025 between 12 million and 18 million yuan, representing a year-on-year decline of 85.10% to 90.06%. The decline in net profit is primarily due to intensified competition in the transformer market, leading to a decrease in new energy order share, and rising copper prices squeezing gross margins. For the first three quarters of 2025, revenue decreased by 16.91%, net profit fell by 48.84%, and gross margin dropped to 17.45% [2]. Stock Price Movement Reasons - AI computing power concept catalyzed the stock price increase: The company became the main transformer supplier for Musk's xAI Memphis supercomputer center, with initial orders around 50 million yuan, leading to high market expectations for its entry into the global AI industry chain. From January to early February 2026, the stock price surged nearly 100%, closing at 24.92 yuan on February 12, with a year-to-date increase of 87.93% [3]. - Funding and sentiment drove the stock price: Since the beginning of 2026, the stock frequently appeared on the leaderboard, with turnover rates exceeding 40%, indicating intense speculation from retail and institutional investors. However, recent main fund outflows were noted, with a net outflow of 40.17 million yuan on February 12, reflecting significant divergence in market sentiment [3]. Company Fundamentals - Valuation and performance divergence: As of the closing price on February 12, the price-to-earnings ratio (TTM) reached 88.91 times, while net profit significantly declined, indicating a high valuation [4]. - Financial pressures unresolved: By the end of the third quarter of 2025, accounts receivable and inventory stood at 753 million yuan and 776 million yuan, respectively, with low turnover efficiency (accounts receivable turnover days at 168 days). The net cash flow from operating activities was a negative 100 million yuan, and the quick ratio was 0.89, below the safety line [4]. - Traditional business under pressure: Oil-immersed transformers accounted for 58.38% of the business, with capacity utilization dropping to 65% due to a slowdown in grid investment [4]. Institutional Perspectives - Analysts believe the stock price increase is primarily driven by speculative trading, as the current revenue contribution from the AI computing power business is minimal. Future attention should be on order fulfillment and improvements in traditional business. If performance does not meet expectations, the high valuation may face downward pressure [5].

2026年初，全球人工智能（AI）算力建设正以前所未有的速度推进。从硅谷到长三角，从数据中心到超算中心，高密度、高功率的算力集群对稳定电力 供应提出了极致要求。在这一背景下，作为电力系统核心组件的变压器，正从传统电力设备跃升为支撑数字时代的关键基础设施。而在这场全球算力竞赛 中，中国制造——尤其是变压器产业——正以惊人的产能与技术实力，成为世界不可或缺的"电力心脏"。 算力爆发催生变压器"供不应求" 随着大模型训练、云计算和边缘计算需求激增，全球数据中心建设进入高峰期。这些设施动辄耗电数十兆瓦，对供电系统的稳定性、效率和安全性提出极 高要求。变压器作为连接电网与用电设备的核心枢纽，其性能直接决定算力集群能否持续高效运行。 记者近期在广东佛山、江苏等地调研发现，大量变压器工厂已处于满产状态。在佛山某电气设备企业，仓库与停车场堆满待交付产品，生产线自年初起便 24小时连轴运转。企业负责人透露，仅开年不到一个月，订单量同比激增70%至80%。更令人瞩目的是，部分面向数据中心的高端变压器订单已排至2027 年底。 这种"爆单"现象并非个例。在长三角地区，一家江苏变压器制造商刚刚将国内首台全绝缘超高压大容量变压器发往北 ...

Core Viewpoint - Chongqing Machinery and Electric Co., Ltd. (02722) saw a nearly 6% increase in early trading, currently up 4.51% at HKD 2.78, with a trading volume of HKD 21.8864 million [1] Group 1: Company Performance - Cummins Inc. reported strong operational performance for Q4 and the full year despite a sluggish North American truck market, achieving record sales and profitability driven by its distribution and power systems divisions [1] - For Q4 2025, Cummins expects revenue of USD 8.5 billion, a 1% increase year-over-year, with net profit projected at USD 593 million compared to USD 418 million in the same period of 2024 [1] Group 2: Investment Insights - Industrial Securities highlighted Chongqing Machinery as a leading equipment manufacturing enterprise under Chongqing State-owned Assets, with stakes in Chongqing Cummins and Chongqing Hitachi Energy [1] - Chongqing Cummins is the only large-bore engine manufacturer for Cummins in China, benefiting from the growth in large-bore engines and data center demand; Chongqing Hitachi Energy focuses on producing transformers rated 220kV and above, poised to benefit from overseas high-voltage grid construction [1] - Both Chongqing Cummins and Chongqing Hitachi Energy are expected to have high growth certainty in the coming years [1]