市场昨日震荡调整，沪深两市成交额1.86万亿，较上一个交易日放量786亿。板块方面，商业航天、次 新股等板块涨幅居前，福建、房地产等板块跌幅居前。截至昨日收盘，沪指跌0.7%，深成指跌1.27%， 创业板指跌1.41%。 在今天的券商晨会上，中信建投指出，国内脑机接口公司有望逐步实现商业化应用；天风证券认为，全 球SOFC进入加速扩产阶段；中金公司表示，浆纸一体化龙头有望继续获得超额利润。 中信建投：国内脑机接口公司有望逐步实现商业化应用 天风证券认为，受到电源建设周期及电网输电能力限制，美国电力紧缺给SOFC发展带来新机遇。数据 中心负荷波动极大，对供电可靠性要求极高。SOFC的低冗余配置、功率跟踪优势，使其更适配数据中 心需求。SOFCLCOE已接近燃气发电，天风证券认为随着规模化降本成本优势有望进一步体现。全球 SOFC进入加速扩产阶段。 中金公司：浆纸一体化龙头有望继续获得超额利润 中金公司发布造纸行业2026年展望称，展望2026年，消费需求仍在温和修复阶段，各类纸种供给变化各 异：浆纸系纸种供需仍然宽松，浆价成为行业补库、及去库关键推动力，浆纸一体化龙头有望继续获得 超额利润；箱板瓦楞纸产能已基本 ...

Core Insights - The report from Guotai Haitong indicates that Solid Oxide Fuel Cells (SOFC) are in the early penetration stage and are expected to accelerate development in the U.S. due to the AI construction boom [1] - Short-term opportunities arise from the power supply-demand gap prompting some customers to switch to SOFC, while long-term opportunities (post-2028) are anticipated as shipping volumes increase and costs significantly decrease, making SOFC more competitive than gas turbines and the grid [1] Company Performance - AI-driven demand has led to BE's Q3 2025 revenue reaching $519 million, a year-on-year increase of 57%, significantly exceeding Bloomberg's expectation of $427 million [2] - Adjusted gross margin stands at 30.4%, up 5.2 percentage points year-on-year, with an adjusted operating profit margin of 8.9%, reflecting a quarter-on-quarter increase of 1.8 percentage points and a year-on-year increase of 6.4 percentage points [2] - Adjusted EPS is reported at $0.15, notably surpassing Bloomberg's expectation of $0.08 [2] Business Strategy - BE employs a flexible commercial strategy, engaging in AI project construction through various channels, including direct supply to Oracle and indirect supply to AWS via AEP, as well as supplying data center developers and infrastructure investors like Brookfield [2] - The demand for electricity in data centers is robust, and SOFC is still in the initial penetration phase [2] Technology Advantages - SOFC technology offers rapid deployment, modular flexible delivery, quick scalability, pollution-free operation, low noise, and support for high-voltage direct current, positioning it as a preferred choice in the AI sector following benchmark projects [3] - BE's project with Oracle was completed ahead of schedule in 55 days, potentially marking the beginning of a deeper collaboration between the two [3] Capacity Expansion - By December 2026, BE's production capacity is expected to reach 2 GW, which could support four times the revenue of 2025 (approximately $8 billion) [3] - The company anticipates that capacity will not be a bottleneck and is increasing investments, recruiting operational talent, and building necessary capabilities to support demand for over 2 GW of capacity expansion [3]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report highlights an upward revision in overseas SOFC demand, particularly driven by data center applications, presenting opportunities for domestic companies to expand internationally [4][12] - Bloom Energy, a leading global SOFC company, has seen a positive stock performance due to increased shipment expectations and significant partnerships, including a collaboration with Oracle for data center power supply [4][8] - The report emphasizes the confidence in future demand, as Bloom Energy aims to expand its production capacity from 1GW to 2GW by the end of 2026 [5][9] Summary by Sections Section 1: SOFC Demand and Opportunities - The report indicates that Bloom Energy's recent announcements and financial results have positively influenced market expectations for SOFC demand, particularly in the data center sector [4][8] - As of July 2025, Bloom Energy has completed 1.5GW of low-carbon power deployments, with over 400MW specifically in data centers [9][12] - Domestic companies that supply upstream equipment and materials for SOFC integration are recommended for investment consideration, including Sanhuan Group, Yishitong, Weichai Power, Fuan Energy, and Shenzhen Gas [12][16] Section 2: Regular Data Updates - The report includes various data updates relevant to the energy sector, such as coal prices and hydropower flow rates, which may impact the broader energy market [17][18] Section 3: Market Overview - The report provides an overview of the global SOFC market, highlighting key players and their applications across different regions, including the U.S., Europe, Japan, and South Korea [12][14]