格隆汇11月24日丨万胜智能(300882.SZ)公布，国家电网有限公司于2025年11月24日在其电子商务平台 公告了"国家电网有限公司2025年第八十批采购（营销项目第三次计量设备招标采购）推荐的中标候选 人公示"。浙江万胜智能科技股份有限公司为上述项目的中标候选人之一，根据预中标数量以及报价测 算，预计中标总金额约为4,298.6598万元。 ...

南方财经11月21日电，特变电工在互动平台表示，公司为多个核电项目提供电力设备；公司凭借在高端 电力设备制造领域深厚的技术积累，积极参与核聚变科研合作研发，为相关市场需求做好技术储备。 ...

天眼查App显示，近日，海南鼎集电力设备有限公司成立，法定代表人为关潇佼，注册资本500万人民 币，经营范围为许可经营项目：电气安装服务；特种设备安装改造修理；施工专业作业；输电、供电、 受电电力设施的安装、维修和试验（许可经营项目凭许可证件经营）一般经营项目：电力设施器材制 造；机械电气设备制造；密封件制造；配电开关控制设备制造；通用设备制造（不含特种设备制造）； 新能源原动设备制造；金属加工机械制造；通信设备制造；安全、消防用金属制品制造；电力电子元器 件制造；电气设备销售；智能输配电及控制设备销售；电线、电缆经营；配电开关控制设备销售；机械 零件、零部件销售；机械零件、零部件加工；机械设备销售；模具销售；电子元器件与机电组件设备销 售；金属结构销售；充电桩销售；新能源原动设备销售；风力发电机组及零部件销售；光伏设备及元器 件销售；通讯设备销售；消防器材销售；工程管理服务；普通机械设备安装服务（经营范围中的一般经 营项目依法自主开展经营活动，通过国家企业信用信息公示系统（海南）向社会公示）。 ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved a gross profit dollar growth of 16% and revenue growth of 8% compared to Q4 2024, generating $61 million in operating cash flow [4][15] - The quarterly gross profit margin reached a record of 31.4%, which was 215 basis points higher than the prior year [4][18] - For the full year 2025, revenues increased by 9% to $1.1 billion, with net income rising to $180.7 million, or $14.86 per diluted share, compared to $149.8 million, or $12.29 per diluted share in the prior year [20][23] Business Line Data and Key Metrics Changes - The electric utility sector saw a doubling of revenue compared to the same period last year, while the light rail traction sector increased by 85% [17][19] - The petrochemical sector experienced a decline of 25%, and the oil and gas sector decreased by 10% due to challenging comparisons from large industrial project orders booked in fiscal 2023 [17][19] - The company booked $271 million in new orders in Q4 2025, a 1% increase year-over-year, with a total of $1.2 billion in new orders for the full year, up 9% from fiscal 2024 [6][21] Market Data and Key Metrics Changes - Domestic revenues increased by 2% to $239 million, while international revenues surged by 38% to $68 million [17] - The backlog at the end of fiscal 2025 was $1.4 billion, with electric utility and oil and gas sectors each comprising one-third of the total backlog [16][24] - Approximately 60% of the backlog is expected to be convertible in 2026 [68] Company Strategy and Development Direction - The company is focusing on expanding its presence in the electric utility and commercial sectors, which accounted for 41% of revenue in fiscal 2025 [5] - A $12.4 million investment to expand capacity at the JacintoPort facility is aimed at supporting anticipated LNG project development over the next three to five years [8][9] - The acquisition of REMSDAC is expected to enhance the company's electrical automation strategy and product offerings [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the commercial environment for all end markets, expecting continued momentum into fiscal 2026 [11][12] - The fundamentals in the oil and gas market support expectations for continued order strength, particularly in the LNG sector [11] - The company anticipates another strong year of activity in 2026, driven by investments in electrical infrastructure [12][25] Other Important Information - The company holds zero debt and ended fiscal 2025 with cash, cash equivalents, and short-term investments of $476 million, reflecting strong commercial activity [24] - Research and development spending increased by 17% to $11 million, focusing on new product design and development [23] Q&A Session Summary Question: Changes in Competitive Landscape or Pricing Environment - Management noted that the oil and gas market remains healthy, but some regions are softer and more price-sensitive, while the electric utility market is more demand-driven [29][30] Question: Seasonality and First Quarter Outlook - The first quarter is expected to be seasonally softer due to holidays, but overall optimism for the year remains high [31] Question: SG&A Expenses and One-Time M&A Costs - SG&A expenses increased by $5 million year-over-year, with $3 million attributed to compensation and nearly $2 million to acquisition-related costs [32][33] Question: Trends in Commercial and Industrial (C&I) Sector - Management indicated that the decline in the C&I sector was largely due to timing, with significant growth opportunities in data centers [38] Question: Sustainability of Growth in Electric Utility Sector - The company is optimistic about the sustainability of growth in the electric utility sector, with equal weighting in backlog between oil and gas and utility sectors [40] Question: R&D Spending and Commercialization Timeline - R&D spending is expected to remain at current levels, with some products anticipated to hit the market in 2026 [65][66] Question: Capacity Expansion and CapEx Budget for 2026 - The CapEx budget for 2026 includes the $12.4 million for JacintoPort expansion and an additional $5-$7 million for maintenance and productivity projects [67] Question: Data Center Revenue as a Percentage of Backlog - Data center revenue is approximately 15% of the backlog, with half of that being attributed to data centers, which is an increase from the previous year [70]

摩根大通认为，AI驱动的电力消费增长正在加速，供应端的极度紧张与需求端的结构性爆发——龙头电力设备企业的订单积压量已达到营收的2.5至2.8 倍，盈利可见度已锁定至2027-2028年。随着全球短缺持续，以及美国本土产能的缺口，具备成本优势和交付能力的亚洲及中国企业有望获得更多的市 场份额，并享受海外高毛利带来的盈利跃升。 摩根大通表示，尽管全球电力设备行业已连续三年跑赢大盘，但行业仍处于早期至中期阶段，电力设备超级周期远未结束。数据中心电力需求将成为关 键瓶颈，亚洲企业特别是韩国和中国公司将继续受益于美国等发达市场的结构性需求增长。 摩根大通分析师在11月18日的报告中表示， AI驱动的电力消费增长正在加速。到2028年全球AI数据中心装机功率容量将从117吉瓦增长至约242吉瓦， 年复合增长率达27%。 美国方面，数据中心装机容量预计以15%以上的年复合增长率增长，从2024年的42吉瓦增至2030年的100吉瓦。 与此同时，美国电网基础设施面临严峻挑战。美国公用事业公司预计在2025-2029年投资1.1万亿美元用于发电、电网升级和扩建，公用事业资本支出 预计2025年达到约2080亿美元，同比增长17 ...

摩根大通表示，尽管全球电力设备行业已连续三年跑赢大盘，但行业仍处于早期至中期阶段，电力设备超级周期远未结束。数据中心电力需求将成为关键瓶 颈，亚洲企业特别是韩国和中国公司将继续受益于美国等发达市场的结构性需求增长。 据追风交易台消息，摩根大通分析师在11月18日的报告中表示， AI驱动的电力消费增长正在加速。到2028年全球AI数据中心装机功率容量将从117吉瓦增长 至约242吉瓦，年复合增长率达27%。 美国方面，数据中心装机容量预计以15%以上的年复合增长率增长，从2024年的42吉瓦增至2030年的100吉瓦。 与此同时，美国电网基础设施面临严峻挑战。美国公用事业公司预计在2025-2029年投资1.1万亿美元用于发电、电网升级和扩建，公用事业资本支出预计 2025年达到约2080亿美元，同比增长17%。 尽管需求井喷，但供给侧的产能扩张却异常"纪律严明"。大型电力变压器（LPT）的交付周期目前已延长至2-3年，开关柜超过1-2年，燃气轮机则需3-4年。 摩根大通统计显示，主要LPT制造商在美国的新增产能仅能满足约20-30%的年需求增长。这种结构性的供需矛盾支撑了设备制造商在未来数年内维持极强的 定价 ...

Core Insights - A new global "power shortage cycle" is emerging, driven by aging power grids in Western countries and a surge in electricity consumption due to AI, leading to a widening supply-demand gap in power equipment [1] - China is positioned as a key solution provider in this cycle, leveraging its advantages in supply, manufacturing, and cost [2] Group 1: Global Power Shortage Cycle - The rapid development of AI in the U.S. exacerbates the "power shortage" phenomenon, resulting in significant electricity price increases and shifting market focus towards the broader "power-related AI" sector [1] - Historical trends indicate that global power shortage phases are typically accompanied by increased investment in power and grid infrastructure, as well as an expansion in the export share of manufacturing powerhouses [1] - The aging of power grids in Europe and the U.S. is critical, with over 50% of transmission lines in service for more than 20 years, and a projected additional power demand of 89GW from data centers in the U.S. between 2025 and 2028 [1] Group 2: China's Role and Advantages - China has a significant surplus in electricity supply relative to economic growth, providing ample opportunity for energy export through related commodity trade [2] - The transition from "selling equipment" to "selling systems" highlights China's manufacturing advantages, as the global power shortage reflects a systemic deficiency rather than just a lack of power plants [2] - China controls 55% of global refined copper and 60% of electrolytic aluminum capacity, with lower production costs compared to overseas, creating a closed loop of "power shortage-price increase-profit return to China" [2] Group 3: Investment Opportunities - Domestic power equipment companies that actively expand into overseas markets, particularly in Europe and the U.S., are poised for significant growth opportunities, with recommendations for companies involved in transformers and smart grid solutions [3] - The rise in physical consumption due to power system construction suggests a focus on upstream resources like copper and aluminum [4] - Related materials in high demand due to increased downstream renewable energy needs include separators, lithium iron phosphate anodes and cathodes, and lithium hexafluorophosphate [4]

新型逆变器可显著简化可再生能源发电设备的连接和运行，并实现混合电池系统并网。初步估算表明， 该设备可将扰动期间运行参数的波动幅度降低近一半。 据俄罗斯卫星通讯社11月12日报道，俄托木斯克理工大学研究人员研发出一种新设备，有望使电网可靠 性提高近一倍。这种新开发的三相逆变器，配备现代化控制系统，使可再生能源参与电网调节，通过模 拟传统同步电机的运行，实现宽范围的电压调节。 研究人员介绍，最基本的逆变器可以调节电压振幅和频率，从而调节功率和传输角，进而决定各种突发 事件后运行参数波动的幅度和持续时间。如果能控制传输角，那么供电质量控制也会得到改善。然而， 只有将所有这些参数联系起来，才能对外部扰动做出正确且适当的响应。否则，随意改变这些参数反而 会造成更大的损失。新开发的这套精密控制设备恰好能将各个参数关联起来并进行控制，从而对电力系 统的瞬态过程产生积极且可预测的影响。 专家认为，这些设备运用在远东或北极等地的孤立电力系统中效果将更为显著，因为这些地区的发电量 和用电量都要低很多，而容量相对较小的储能系统与正在开发的转换器相结合，将对供电质量产生更大 影响。（稿件来源：俄罗斯卫星通讯社 编辑整理：科技日报驻俄 ...

Group 1: Market Overview - The Hong Kong stock market experienced a decline this morning, with the Hang Seng Index dropping over 0.8% at one point [1][7] - In contrast, the A-share market saw a surge in multiple sectors, particularly in defense and military, which rose over 2.5% [2] - The lithium mining concept also saw significant gains, with related stocks experiencing a surge [5][6] Group 2: Notable Stocks - Jiangyang Group in the Hong Kong market saw a dramatic increase, with its stock price rising over 80% during trading [9] - In the A-share market, Jianglong Shipbuilding hit the "20cm" limit up, while several other stocks in the defense sector also saw gains exceeding 10% [2] - The computer sector also witnessed a surge, with stocks like Borui Data hitting the "20cm" limit up [2] Group 3: Company Announcements - Jiangyang Group announced plans for privatization, proposing to cancel all planned shares at a price of HKD 0.245 per share, which represents an approximately 87% premium over the last trading price of HKD 0.131 [11] - The company has 1 billion shares issued and intends to use internal cash resources to cover the maximum cash consideration of HKD 245 million for the plan [11]

晨会纪要 证券研究报告 2025 年 11 月 17 日 核心结论 分析师 【基金】行业主题基金专题研究（六）-主动篇：先进制造主题基金研究框 架及产品优选 本文构建主动型先进制造主题基金池。根据主动权益基金对制造行业的配 置、基金与先进制造概念的相关系数等标签划分，细分为均衡型/专注单一 赛道型制造基金、机器人/军工/汽车/新能源/智能驾驶/电池等概念主题基金。 综合定量定性指标、当下投资关注度，建议关注：1）机器人主题：永赢先 进制造智选、鹏华碳中和、平安先进制造、中航趋势领航等；2）军工主题： 长信国防军工、华夏军工安全、永赢高端装备智选等。 【证券Ⅱ】证券行业 2026 年度策略：步步向上，欣欣向荣 我们认为经济定调积极下资本市场上升趋势仍在，券商板块仍是年内不可多 得的相对低估+业绩同比高增的细分资产。在自营相对难以预测、叠加增量 资金持续入市带动 ADT 中枢高企下，我们认为当前经纪主线是不错的选择， 推荐国泰海通、华泰证券、东方证券、国信证券、广发证券，建议关注方正 证券；此外，推荐受益于权益市场活跃的九方智投控股、有望通过换股吸收 大智慧实现增长的湘财股份、持续受益于港股 IPO 回暖的中金公 ...