2025 年 08 月 26 日 开源晨会 0826 ——晨会纪要 | 行业名称 | 涨跌幅(%) | | --- | --- | | 美容护理 | 0.010 | | 纺织服饰 | 0.169 | | 石油石化 | 0.391 | | 轻工制造 | 0.547 | | 汽车 | 0.706 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】机构关注度提升：电力设备、基础化工、食品饮料、钢铁——机构调研 周跟踪-20250825 晨 会 纪 -24% 0% 24% 48% 72% 96% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 4.852 | | 有色金属 | 4.634 | | 房地产 | 3.319 | | 综合 | 3.311 | | 钢铁 | 2.741 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 行业公司 【社服】潮玩龙头引领全球风潮，中餐关注到家场景增量——行业 ...

2025 年 08 月 25 日 国产算力多因素催化，AIDC 配套迎来爆发契机 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 6.6 19.5 50.1 沪深 300 5.5 12.8 31.6 市场表现 -10 0 10 20 30 40 50 60 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：液冷柴发 板块超预期，关注云厂财报》2025- 08-12 2、《电力设备行业周报：海外巨头 CapEx 上调验证 AI 高景气度，国产 算力自主可控势不可挡》2025-08- 04 3、《电力设备行业周报：人形机器 人新品频出，WAIC2025 具身智能火 热》2025-07-29 ▌多因素催化，IDC 与算力租赁赛道迎来爆发契机 国产算力迎多重利好，投资价值凸显。产业升级上，"国产 芯片 ...

股票代码：002270 股票简称：华明装备 华明电力装备股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访 | □业绩说明会 | | 动类别 | □新闻发布会 | □路演活动 | | | ■现场参观 | | | | ■其他 电话会议 | | | | 第一财经：武斌、孙若虚、朱国泉、王贇、吴佳希；矽亚资 产管理：陈加凤、缪晨韵；安永：谈行执、蔡家赞、张聪、 | | | | 袁霖、刘巧玲；中企华公司：高文忠、施煜萌；上海嘉定新 | | | 参与单位名称 | 城发展有限公司：杨祎；花旗商业银行：闵雯、徐超 | | | 及人员姓名 | 合远基金：庄琰、陈泽斌；西部证券：刘荣辉 | | | | 工银瑞信基金：殷悦、姜芸、景晓达；西部证券：刘荣辉 | | | | 清善投资：欧阳昕、郭亚辉；西部证券：刘荣辉 | | | | Mondrian：Ormala、Elina | | | | 2025 年 8 月 19 日 | 15:00-16:00 | | | 2025 年 8 月 22 日 电话会 | 10:00-11:00 ...

截至2025年8月18日15时，特变电工股价报13.60元，较前一交易日上涨0.59%。当日成交量为825670 手，成交金额达11.27亿元。 8月18日，特变电工主力资金净流入6376.18万元。近五日主力资金净流出41973.26万元。 风险提示：投资有风险，入市需谨慎。 特变电工主营业务包括变压器、电线电缆等电力设备的研发、生产和销售。公司还涉及新能源、煤化工 等业务领域。 8月18日晚间，特变电工发布公告称，公司临时董事会和监事会会议审议通过了《公司符合向不特定对 象发行可转换公司债券条件的议案》等多项议案。公司将于9月3日召开临时股东大会审议相关议案。 ...

Core Viewpoint - Haixing Electric Power (603556.SH) reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in project execution and market demand fluctuations [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.924 billion yuan, a year-on-year decrease of 14.67% [1] - Net profit attributable to shareholders was 396 million yuan, down 25.74% year-on-year [1] - The net profit excluding non-recurring gains and losses was 376 million yuan, reflecting a 28.09% year-on-year decline [1] - Basic earnings per share stood at 0.82 yuan [1] Operational Challenges - Delays in the execution of some domestic projects and fluctuations in demand from certain overseas markets contributed to the revenue decline [1] - The company increased counter-cyclical investments, which led to a rise in expenses [1]

Group 1: Company Growth and Market Performance - The company experienced significant growth in overseas indirect exports, particularly in Europe and Asia, contributing positively to overall performance [4] - The company anticipates challenges in maintaining high growth rates in the coming years due to the low base effect and market dynamics [11] - The company achieved a 5% growth in domestic power equipment business in the first half of the year, with a balanced contribution from both grid-connected and non-grid-connected sectors [21][22] Group 2: Market Strategy and Competition - The company primarily adopts a direct sales model in overseas markets, with distributors acting as service intermediaries [5] - The company views the expansion of competitors' production capacity positively, hoping for overall market growth [8] - The company emphasizes the importance of establishing relationships with end-users in overseas markets, as they hold the final decision-making power [6] Group 3: Product and Pricing Dynamics - The increase in overseas product sales is attributed to higher shipment volumes rather than price increases, as average prices remain stable [7][41] - The company maintains that its product performance is comparable to competitors, although there are advantages in manufacturing quality from established brands [40] - The company has not changed its product pricing, but the overall average price has increased due to a higher proportion of overseas sales [41] Group 4: Future Outlook and Challenges - The company acknowledges that sustaining high growth rates in overseas markets is unrealistic in the long term, with a focus on gradual market share increase [10][11] - The company is cautious about the impact of macroeconomic trends on future growth, emphasizing the need for a long-term strategy [11] - The company plans to continue investing in local production facilities, such as the new factory in Indonesia, to support market expansion [12][22] Group 5: Financial Performance and Capital Expenditure - The company reported a decline in cash flow due to reduced project scale and a lack of large-scale bill discounting [49] - The company’s gross margin improved in the first half of the year, primarily due to changes in revenue structure rather than significant shifts in profitability [50] - Future capital expenditures will focus on optimizing production facilities and supporting the growth of the CNC equipment business [50]

Group 1 - GEV has transformed from a burden of General Electric into a major winner in the AI-driven energy crisis, with stock prices increasing over five times since its independent listing in April 2024, surpassing even Nvidia [9][10]. - The current energy crisis is described as the largest "electricity supercycle" since World War II, with significant implications for energy consumption and investment [1][25]. - GEV's historical struggles stem from its origins in General Electric, which faced a series of strategic missteps following the 2008 financial crisis, particularly a costly acquisition of Alstom's gas power business [3][5][6]. Group 2 - GEV's success is attributed to three key strengths: a massive backlog of orders exceeding $120 billion, a strong position in gas turbine technology, and a strategic focus on small modular reactors (SMRs) for future energy needs [11][20][24]. - The company has a significant backlog that ensures revenue visibility, with a reported 44% organic growth in its power division, indicating a robust demand for its gas turbines [13][18]. - GEV's gas turbines are positioned as essential for meeting the increasing power demands of AI data centers, which require stable and high-quality electricity supply [15][17]. Group 3 - The electricity supercycle is driven by three main forces: explosive demand from AI and data centers, a resurgence of U.S. manufacturing, and broader electrification trends across society [29][31]. - The annual growth rate of electricity generation in the U.S. has increased significantly, with capital expenditures from utility companies expected to exceed $200 billion by 2025 [31][34]. - There is a critical supply-demand gap in the electricity market, with many states warning of potential capacity shortages by 2030, highlighting the urgent need for investment in power generation infrastructure [32][34]. Group 4 - GEV's strategic pivot towards SMRs and its existing capabilities in gas turbines position it well to capitalize on the current energy crisis, making it a key player in the transition to cleaner energy sources [20][38]. - The company has also begun offering customized rapid power generation solutions for data centers, indicating its evolution from a traditional energy equipment manufacturer to a critical partner in the AI infrastructure supply chain [22][24]. - GEV's business model reflects a balance of immediate revenue generation from gas turbines and long-term growth potential through investments in SMRs and electrification solutions [24][36].

Market Overview - The market is experiencing a bullish trend, with the Shanghai Composite Index rising by 0.83%, the Shenzhen Component Index increasing by 1.6%, and the ChiNext Index gaining 2.61% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion, a decrease of 34.6 billion from the previous trading day, with over 4,600 stocks rising [1] Financial Sector Performance - Major financial stocks surged, with companies like Zhina Compass and Tonghuashun hitting historical highs, and Dongfang Caifu rising nearly 10% [2] - Financial technology stocks saw a significant increase, with Zhina Compass hitting a 20% limit up and Tonghuashun rising over 16% [4] - Brokerage stocks also performed well, with notable gains from companies like Dongfang Caifu, Zhongyin Securities, and others [7] Bond Issuance and Market Activity - The bond issuance by brokerages has significantly increased, with a total of 479 bonds issued, amounting to 838.99 billion, representing a year-on-year growth of 39.24% and 39.4% respectively [10] - The active market environment is boosting margin financing and asset management product issuance, leading to improved brokerage performance [10] AI and Technology Investment - AI technology is transforming the internet finance sector, with top securities firms investing over 1.55 billion in information technology, reflecting a slight increase of 1.4% year-on-year [11] - The release of advanced AI models like GPT-5 is expected to stimulate demand for computing power, benefiting the ASIC industry chain [16] Energy Sector Growth - The power equipment sector is experiencing a rise, with significant gains in stocks like Zhongheng Electric and Oujing Technology, driven by increased investment in clean energy [18] - From January to July, investment in solar, wind, nuclear, and hydropower in China grew by 21.9% year-on-year [18] Mechanical Equipment Sector - The mechanical equipment sector is also seeing upward movement, with stocks like Junwei Intelligent and Shandong Zhanggu achieving limit up [21] - The manufacturing value added in the integrated circuit and electronic materials sectors grew by 26.9% and 21.7% respectively in July [24]

文 | 中关村储能产业技术联盟 近日， 北京科锐集团 完成入会流程，正式成为中关村储能产业技术联盟会员单位。 公司介绍 北京科锐 1 9 8 8年创建于中国电力科学研究院，从配电设备研发制造和配电网故障检测技 术起步， 目前已经形成了 配电设备研发与制造、新能源投资与建设、智慧能源管理 三 大 业务体系， 是国家绿色示范工厂、国家绿色供应链管理企业、国家高新技术企业、北京 市智能制造标杆企业、海淀区经济社会高质量发展荣誉企业、中关村高新技术创新能力 5A企业等。 北京科锐三十余年来一直专注配电领域，持续推动电力技术进步，崇尚技术创新，积极参 与新能源领域发展。 如今的北京科锐，以科技、人才为支撑，助力国家双碳目标，作为 新型电力系统的参与者与推动者，走新型工业化道路，以 电力设备制造业 和 智慧能源服 务业 双轮驱动，积极投身 新能源投资、资产交易与建设 。 北京科锐拥有经验丰富的项目管理团队和技术精湛的专业技术队伍， 多次参与国家级重 点科研项目（863等）及行业标准制定，曾获国家科技进步二等奖等诸多荣誉， 在一二次 配电设备、智慧能源管理、新能源与节能等领域拥有领先技术。 北京科锐是 国家电网公司、南方电 ...

Core Insights - The article highlights the remarkable evolution of China's energy equipment industry, showcasing the transition from reliance on foreign technology to achieving global leadership in the sector through innovation and self-reliance [1][3]. Group 1: Historical Milestones - The first hydropower turbine in New China was successfully tested in December 1951, marking a significant achievement in domestic manufacturing capabilities [1]. - The world's first 1 million kilowatt hydropower unit was put into operation at the Baihetan Hydropower Station in June 2021, demonstrating China's advancements in large-scale energy production [1]. Group 2: Technological Innovations - The Harbin Electric Group has developed the world's largest (500 megawatt) and largest-diameter (6.23 meters) impulse turbine rotor, establishing China as the first country to master the entire technology chain for this type of turbine [2]. - The company has a history of participating in the development of 30 domestic and international power stations and 67 units, accumulating extensive experience in hydropower development and manufacturing [3]. Group 3: Digital Transformation and Automation - The implementation of automated production lines has significantly reduced labor requirements and improved production efficiency, with a reported 20% increase in output expected for the year [5]. - The company has invested nearly 9 billion yuan in digitalization projects since October 2018, achieving a 30% increase in production efficiency across several digital workshops [6]. Group 4: Market Expansion and Environmental Initiatives - The development of ultra-low load stable combustion technology for coal-fired power plants is aimed at meeting dual carbon goals and adapting to the evolving energy landscape [7]. - The company is also focusing on clean energy initiatives, such as the successful integration of a 300 megawatt compressed air energy storage project in April 2024 [9]. Group 5: Financial Performance - In the first half of the year, the company reported over 25% year-on-year growth in revenue, total profit, and formal contract signing amounts, indicating strong market performance [10].