伟创电气 20260125 摘要 伟创电气通过与浙江荣泰合作间接供货特斯拉，获得首部四缸定点，份 额高，并通过合资公司延伸至关键模组总成及零销售，增强了其在特斯 拉供应链中的地位。 伟创电气深耕控制电机领域，产品在散热和性能方面表现优异，与特斯 拉进行了多次迭代测试，响应速度快，并通过合资公司弥补商务关系不 足，利用自身产品优势和合作伙伴资源实现卡位优势。 伟创电气工控主业过去五年利润复合增速接近 30%，即使在行业下行周 期中也保持增长，得益于海外市场拓展、产品延伸及细分行业份额提升， 使其有望成为机器人领域的核心玩家。 伟创电气构建了控制、驱动、执行全方位产品布局，对标汇川，逐步发 展为具备行业整体解决方案能力的国内领军企业，其工业自动化主业营 收占比接近 95%。 伟创电气海外市场布局领先，凭借快速响应和渠道优势填补欧美品牌撤 离俄罗斯后的市场真空，并通过供氧水等优势产品开拓亚非拉新兴市场， 研发投入高，数字化工厂提高运营效率。 Q&A 伟创电气在机器人电机领域的核心竞争力是什么？ 伟创电气在机器人电机领域的核心竞争力主要体现在以下几个方面。首先，公 司是特斯拉机器人电机环节确定性最高的公司之一，尤其是 ...

Summary of the Industrial Control Industry Conference Call Industry Overview - The industrial control industry is expected to maintain median growth in 2026, with advanced manufacturing sectors such as industrial robots, lithium battery packaging, and logistics showing strong performance. The low-altitude and embodied intelligence sectors are accelerating in industrialization [1][2] - Overall, companies are experiencing revenue growth, but profit differentiation is significant, with market share increasingly concentrating among leading firms [1][2] Key Insights and Arguments - **2026 Outlook**: Traditional demand is stable, while technological iterations will create structural opportunities. AI-related industries and the expansion of lithium and solid-state batteries will increase equipment demand. New productivity developments in low-altitude and robotics sectors have potential for exceeding expectations [1][3] - **Market Recovery**: The industrial control industry is driven by manufacturing investment, automation levels, and domestic production rates, reflecting a 3-4 year cyclical pattern. A slight increase in industrial product inventory growth is expected in 2025, with stable demand growth anticipated for 2026 [1][7][10] - **Performance Metrics**: In the first ten months of 2025, industrial robots and metal machine tools saw year-on-year growth rates of nearly 30% and 10%, respectively. The demand for energy storage terminals is rapidly increasing, driving capital expenditure expansion across the industry chain [1][11] Important but Overlooked Content - **Global Market Expansion**: As domestic manufacturing expands overseas, industrial control companies are accelerating their international market presence. The global automation market is projected to reach approximately 1.5 trillion yuan in 2025, with overseas demand expected to be about four times that of the domestic market [1][20] - **Investment Recommendations**: The core of industrial control research lies in identifying high-ceiling single product categories that support company growth. Recommended companies include Huichuan Technology, New Energy, and Dazhu Laser, which have competitive advantages in core categories like PLCs, inverters, and servo systems [1][6][24] - **Emerging Growth Areas**: The low-altitude economy and intelligent robotics are seen as potential new growth points. The overseas revenue share of domestic public utility companies is currently low, but the overseas market is 3-4 times larger than the domestic market [1][8] Conclusion - The industrial control industry is poised for growth driven by technological advancements and international market expansion. Key players are recommended for investment based on their competitive advantages and market positioning. The focus on emerging sectors such as AI and robotics will likely yield significant opportunities in the coming years [1][24]

Strategy - The markets in the US, A-shares, and Hong Kong have shown a quarterly switching pattern since early 2025, with a "seesaw" effect and inter-market correlations. In Q1, DeepSeek led the revaluation of Chinese assets, while in Q2, US stocks benefited from AI leaders' unexpected performance and capital expenditure growth. However, Hong Kong stocks have lagged behind, with the Hang Seng Index down 2.2% and the Hang Seng Tech Index down 0.7% as of November, while A-shares and US stocks posted positive returns [5][3]. Macroeconomy - Recent market focus has been on the RMB exchange rate, with traditional models suggesting a significant deviation from its "equilibrium value." The assessment of whether the RMB is overvalued or undervalued is complex and heavily dependent on the analytical framework used. In today's highly developed financial environment, relying solely on neoclassical frameworks can lead to substantial misjudgments regarding exchange rates [7]. Industry - Food and Beverage - The food and beverage industry has entered a new normal in 2025, with a weak overall consumption environment. The industry is focusing on high quality-price ratios, functionality, health, and emotional consumption trends. The liquor sector continues to experience weak demand, while the beverage and snack sectors show better performance. The outlook for next year suggests a weak recovery with strong differentiation, relying on product innovation, fragmented channel strategies, and expanding consumer demographics [9]. Industry - Power and Electrical Equipment - The power and industrial control sectors are expected to perform steadily in 2025, with a focus on structural opportunities. Domestic grid investment remains robust, particularly with the acceleration of ultra-high voltage project approvals. The grid sector is seen as a post-cycle investment area for new energy, indicating a significant investment gap. The industrial control sector is also in a recovery phase, with demand expected to continue growing [11]. Industry - Chemicals - The petrochemical sector has been in a downturn for approximately three and a half years. However, with a decline in capital expenditure and the exit of outdated overseas capacities, the industry is expected to enter a low-growth phase. Positive supply-side factors and rapid growth in demand from new energy sectors suggest that the industry may be approaching a cyclical turning point, which could improve supply-demand dynamics and overall industry conditions [13].

中信建投：建议重视保险板块业绩增长与估值修复的戴维斯双击投资机会 市场昨日震荡调整，沪深两市成交额1.77万亿，较上一个交易日缩量3188亿。板块方面，乳业、保险、 零售、贵金属等板块涨幅居前，CPO、影视院线、半导体等板块跌幅居前。截至昨日收盘，沪指跌 0.55%，深成指跌1.1%，创业板指跌1.77%。 在今天的券商晨会上，华泰证券认为，全固态电池设备有望在2027-2030年实现放量;中信建投提出，建 议重视保险板块业绩增长与估值修复的戴维斯双击投资机会;中金公司表示，关注电网和工控行业结构 性机遇。 华泰证券：全固态电池设备有望在2027-2030年实现放量 华泰证券指出，凭借着固态电解质完全替代电解液，全固态电池在安全与能量密度上具备颠覆性优势。 当前产业化重心已从"材料科学"转向"生产工程"，设备成为其优势能否兑现的关键。与材料相比，设备 可兼容不同技术路线，能见度更高。随着国内外产业化目标逐渐聚焦，半固态电池设备有望在2026年实 现放量，而全固态电池设备有望在2027-2030年实现放量。全固态电池工艺涉及新增环节(等静压、胶框 印刷、界面复合)以及原有环节性能/用量大幅提升(干法电极、叠片、 ...

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.17%, the Shenzhen Component Index down 0.21%, and the ChiNext Index down 0.23%. Sectors such as precious metals, liquor, and electronic chemicals saw significant declines [1] - In the external market, U.S. stocks opened high but closed lower, with the Dow Jones down 0.09%, the S&P 500 down 0.16%, and the Nasdaq down 0.59%. Chinese concept stocks also faced declines, with the Nasdaq Golden Dragon China Index down 2.17% [3] Industry Insights - CITIC Securities highlighted that the commercial aerospace sector is entering a new era supported by national policies and technological breakthroughs, suggesting a focus on state-owned enterprises and private companies involved in satellite applications and related technologies [4] - CICC pointed out structural opportunities in the electric grid and industrial control sectors, forecasting steady growth in these areas through 2025, particularly in high-voltage projects and demand recovery in industrial control [5] - Huatai Securities noted that all-solid-state battery equipment is expected to see significant production volume between 2027 and 2030, driven by advancements in production engineering and the transition from liquid to solid electrolytes [6] - CITIC Securities identified a pivotal moment for the lawn mower robot industry, predicting rapid market penetration and growth driven by technological advancements and price reductions, with significant opportunities in the European and American markets [7]

智通财经APP获悉，中金发布研报称，电网和工控行业2025年整体表现稳健向上，提示投资者重点关注 结构性机遇。电网方面，国内电网投资景气延续，特高压项目自下半年进入核准招标加速期，该行认为 电网是新能源投资的后周期，仍有较大的投资缺口有待补齐，看好电网投资景气延续。工控方面，周期 整体不变，目前仍处于内生修复阶段，展望明年该行认为需求有望持续稳增。此外，该行重点提示关注 AIDC、出海两大高弹性投资方向。 中金主要观点如下： 电网："十五五"景气度延续 该行认为，在负荷增长、煤电/核电退役、风光占比提升的大背景下，全球多地区缺电风险抬升，全球 迎来电力投资大周期。今年以来中国变压器出口高增，该行持续看好中国电力设备企业海外布局加码， 盈利弹性释放;燃气轮机、SOFC产业链迎来出海突破机遇。 风险 电网投资不及预期;宏观经济波动;新兴行业发展节奏不及预期;国际贸易政策变化和汇率波动风险。 该行预计"十五五"期间全国电网工程投资额年均增速有望达5%以上，看好1)特高压建设有望在风光大 基地及水电外送需求下保持高强度，2)主网投资维持高位;3)配网投资长期看好智能化升级改造方向。 工控：整体需求稳健，仍然看好结构性 ...

中金公司指出，电网和工控行业2025年整体表现稳健向上，提示投资者重点关注结构性机遇。电网方 面，国内电网投资景气延续，特高压项目自下半年进入核准招标加速期，我们认为电网是新能源投资的 后周期，仍有较大的投资缺口有待补齐，看好电网投资景气延续。工控方面，周期整体不变，目前仍处 于内生修复阶段，展望明年我们认为需求有望持续稳增。此外，我们重点提示关注AIDC、出海两大高 弹性投资方向。 (本文来自第一财经) ...

每经AI快讯，中金公司指出，电网和工控行业2025年整体表现稳健向上，提示投资者重点关注结构性 机遇。电网方面，国内电网投资景气延续，特高压项目自下半年进入核准招标加速期，我们认为电网是 新能源投资的后周期，仍有较大的投资缺口有待补齐，看好电网投资景气延续。工控方面，周期整体不 变，目前仍处于内生修复阶段，展望明年我们认为需求有望持续稳增。此外，我们重点提示关注 AIDC、出海两大高弹性投资方向。 ...

Core Viewpoint - The overall performance of the power grid and industrial control industries is expected to be stable and upward by 2025, with a focus on structural opportunities [1] Power Grid - The investment climate for the domestic power grid continues to be positive, with an expected annual growth rate of over 5% during the "14th Five-Year Plan" period [2] - High-intensity construction of UHV (Ultra High Voltage) projects is anticipated due to the demand from large-scale wind and solar bases and hydropower transmission [2] - Long-term optimism for smart upgrades and renovations in distribution network investments [2] Industrial Control - Overall demand remains stable, with structural growth opportunities in the market [2] - The market is showing a mild recovery, driven by high growth in demand from the energy storage and new energy sectors [2] - Structural growth is expected to remain the main driver of the current market in the coming year [2] AIDC (Automated Identification and Data Capture) - Positive outlook on high-slope directions such as strong and weak power supply [2] - The trend towards 800V DC power supply solutions is driven by power density upgrades, with expectations for increased penetration of HVDC, Panama power supply, and SST [2] - Continuous upgrades in server power supplies are expected to significantly enhance product ASP (Average Selling Price), benefiting power supply manufacturers [2] Overseas Expansion - Opportunities for exporting power equipment are anticipated amid a global electricity investment cycle, driven by load growth and the retirement of coal and nuclear power [3] - High growth in transformer exports from China this year supports the outlook for Chinese power equipment companies to enhance their overseas presence [3] - Breakthrough opportunities are emerging in the gas turbine and SOFC (Solid Oxide Fuel Cell) supply chains for international markets [3]

中金公司指出，电网和工控行业2025年整体表现稳健向上，提示投资者重点关注结构性机遇。电网方 面，国内电网投资景气延续，特高压项目自下半年进入核准招标加速期，我们认为电网是新能源投资的 后周期，仍有较大的投资缺口有待补齐，看好电网投资景气延续。工控方面，周期整体不变，目前仍处 于内生修复阶段，展望明年我们认为需求有望持续稳增。此外，我们重点提示关注AIDC、出海两大高 弹性投资方向。 （文章来源：第一财经） ...