消息面上，2026核聚变能科技与产业大会将于2026年1月16日至17日在安徽合肥举办。此次大会将在合 肥庐阳区聚变堆主机关键系统综合研究设施（CRAFT）园区召开，主题为"聚核之力，创见未来"，旨 在促进核聚变产业链上下游协同创新与成果转化，届时核聚变产业资金、产业技术合作有望加速。值得 一提的是，2025年，核聚变能在国家顶层规划中被首次列入未来产业。与此同时，国家"十五五"规划也 将核聚变能纳入未来产业重点方向。 光大证券此前指出，在核聚变领域，上海电气成功交付全球首台ITER项目磁体冷态测试杜瓦，后续还 将交付国家重大科技基础设施CRAFT项目、紧凑型聚变实验装置BEST项目等多个主机系统核心部件。 在我国能源结构转型、产业结构调整的背景下公司有望利用龙头优势进一步提升传统优势业务市占率， 同时在公司技术研发优势的支撑下储能、氢能和机器人等新兴业务也有望成为公司新的业绩增长点。 上海电气（601727）(02727)涨超5%，截至发稿，涨5.05%，报4.58港元，成交额2.42亿港元。 ...

责任编辑：李靓 二一三公司将以此次获评"甘肃省巾帼文明岗"为契机，珍惜荣誉、再接再厉，持续发挥巾帼文明岗的示 范引领作用，进一步激发女性科研人员的创新活力和奋斗热情。公司也将继续搭建女性人才成长平台， 完善培养机制，让更多巾帼力量在推动产业基础高级化、产业链现代化的进程中发光发热，为助力公司 高质量发展作出新的更大贡献。（黄鑫） 近日，甘肃省人力资源和社会保障厅、甘肃省妇女联合会联合发文，正式授予甘肃电气集团二一三公司 技术中心"甘肃省巾帼文明岗"荣誉称号。 作为二一三公司的核心技术创新阵地，技术中心肩负工业控制电器、配电电器、智能仪表及电气系统设 备的研发与制造重任。技术中心女性成员占比超六成，她们秉持严谨的科学态度，怀揣昂扬干劲，活跃 在产品研发、技术攻关、工艺创新等关键岗位，凭借精湛的专业技能与坚韧的奋斗精神，突破一项项技 术瓶颈，攻克一个个科研难题，成为推动公司技术迭代升级的核心驱动力，尽显新时代职业女性的担当 与风采。 ...

安靠智电（300617.SZ）12月31日在投资者互动平台表示，公司与思源电气、中国西电、平高电气、许 继电气等有业务往来。公司目前电缆连接件、GIL、智慧模块化变电站产品的订单都在紧密交付中，排 产较为充足。 每经AI快讯，有投资者在投资者互动平台提问：公司与思源电气、特变电工、中国西电、平高电气、 许继电气等哪家公司有业务往来？另外，公司订单量饱满，产能排到哪个时间节点了？ （记者 张海妮） ...

截至发稿，科林电气市值为71亿元。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） 每经AI快讯，科林电气（SH 603050，收盘价：17.56元）12月29日晚间发布公告称，公司第五届第十二 次董事会会议于2025年12月29日在公司三楼中层会议室以现场结合通讯方式召开。会议审议了《关于调 整公司第五届董事会专门委员会委员的议案》等文件。 2024年1至12月份，科林电气的营业收入构成为：电气设备制造行业占比99.16%，其他业务占比 0.84%。 ...

Summary of AIDC Electrical Equipment Market Conference Call Industry Overview - The conference call focused on the AIDC (Artificial Intelligence Data Center) electrical equipment market, particularly in North America, highlighting the impact of energy shortages and the increasing demand for electrical equipment such as transformers and power supplies [1][2][3]. Key Points and Arguments 1. Energy Supply and Pricing - North American terminal electricity prices have risen by over 5% due to energy shortages, particularly in the PJM region, indicating a tight electricity supply that may worsen with AI development [1][2]. - The construction of data centers in the PJM region has significantly increased spot electricity prices, suggesting a growing demand for electrical equipment [2]. 2. Transformer Demand - There is a surge in demand for high-voltage transformers, with orders from companies like ABB, Siemens, and General Electric reaching 3-4 times their annual revenue, leading to long delivery cycles [1][3]. - Chinese companies, leveraging production capacity and cost advantages, are expected to expand exports to the U.S., with firms like Siyuan, Jinpan, and Igor already achieving exports [1][3]. 3. AIDC Power Supply Trends - The trend towards high-voltage direct current (HVDC) power supplies is expected to gain momentum, with significant applications anticipated in 2026, particularly with Meta's new product launches [1][4]. - Domestic companies such as Oulitong and New Energy are making marginal breakthroughs in power supply technology, indicating a competitive edge in customization speed [4]. 4. Growth in Gas Turbine Orders - Gas turbine orders have seen a significant increase, with a growth rate of approximately 50%-60% as of September 2025, and hydrogen turbine orders growing even faster [1][8]. - Major manufacturers like Baker Hughes, Ansaldo, and Kawasaki are experiencing increased demand, with light gas turbine production ramping up while heavy gas turbine delivery cycles remain long [8]. 5. PCB Industry Developments - The PCB (Printed Circuit Board) industry is witnessing an increase in the usage and value of drilling needles due to material upgrades, with leading manufacturers like Dingtai and Zhongtung exceeding 50% production capacity [2][15]. - The P4B technology is nearing maturity, leading to increased equipment performance requirements and a strong growth outlook for equipment demand and value [15]. 6. Competitive Landscape for Chinese Companies - Chinese companies are positioned to play a crucial role in the global AIDC electrical equipment market, particularly in traditional components like transformers and emerging technologies such as HVDC and SST products [5][6]. - The ability to respond quickly and provide customized services is expected to give Chinese firms a competitive advantage [5]. 7. Infrastructure and Modular Data Centers - The construction cycle for modular data centers is shortening due to AI infrastructure demands, with companies like Schneider and CIMC participating in total or partial contracting [1][14]. - Significant growth is anticipated in this sector by 2026, driven by increased penetration rates [14]. 8. Liquid Cooling Technology - Liquid cooling technology is expected to see substantial growth, supported by changes in demand and the introduction of new products into the overseas supply chain [11][13]. - Companies are actively preparing talent to support the development of this technology, indicating its importance in the AI industry [11]. Additional Important Insights - The overall sentiment for the AIDC electrical equipment market is optimistic, with expectations of price elasticity and valuation expansion across various sectors, including power, infrastructure, and PCB [16]. - Companies like Yingliu, Hangyu Technology, and Jereh are highlighted as having strong growth potential in the AI power sector due to solid customer relationships and strategic partnerships [9][10].

一项令人震惊的企业交易让路易斯安那州的小镇变得不再平凡：Fibrebond公司老板格雷厄姆·沃克 （Graham Walker）在将公司以17亿美元卖给伊顿电力管理公司（Eaton）后，决定将交易收益的15% — 即2.4亿美元 — 作为奖金分给公司的540名全职员工。平均每位员工可以获得约44.3万美元的奖金，打破 了常规的员工分红模式，被誉为"真人版圣诞老人"。 沃克的决定并非偶然。他在公司出售协议中明确要求，将15%的收益用作员工分红，并设定了一个明确 条件：这笔奖金将作为留任奖励，分五年发放，且资深员工将获得更高金额。这项条款不可谈判，沃克 表示，如果并购方伊顿不同意，他宁愿不卖公司。他认为，许多与公司共同奋斗数十年的老员工，如果 得不到这笔奖金，肯定会离开公司，而这将大大削弱公司的核心价值。 沃克在接受采访时表示："如果没有这笔奖金，很多陪伴公司度过风雨的员工会选择离开。我想尽可能 让他们感受到他们为公司付出的价值。"沃克的决定无疑让员工们感到惊讶和震撼，这笔"突如其来的财 富"改变了他们的生活。 Fibrebond成立于1982年，最初专注于电气设备制造。尽管公司在1990年代曾经历快速发展，但1 ...

本文转载自：英国那些事儿 这应该是今年最"豪"的圣诞礼物。 这应该是今年最大的圣诞礼物。 在美国路易斯安那州有一个叫明登的小镇，只有1.2万人口。 当地有一家叫Fibrebond的家族企业，最近，Fibrebond的第二代老板格雷厄姆·沃克以17亿美元的价格，把公司卖给了行业巨头伊顿公司。 震惊所有人的是，他在谈判桌上提出了一个条件——买家必须将售价的15%作为奖金分配给公司员工，且这个条件没有商量余地。 （左二格雷厄姆·沃克） 要知道出售的数额并不小，售价的15%得有约2.4亿美元，公司一共有540名员工，平均下来每人能拿到44.3万美元，换算成人民币，人均300多 万！ 对这个小镇的人来说，是一笔足以改变人生的巨款。 不过这笔奖金是按员工的工龄和服务年限分配的，工作时间越长，拿到的钱越多。而且奖金分五年发放，员工要继续留任工作才能拿到全部的 钱，只有65岁及以上的资深员工有特殊豁免，不需要遵守留任要求。 格雷厄姆解释，这个"留任奖金"不仅是为了奖励员工，还能保护公司的价值，这样公司的技术和经验丰富的员工在出售后就不会流失了。 最终，电力管理巨头伊顿公司的高管们点头同意了。 （Fibrebond公司） 比如 ...

高铁电气公告，公司控股子公司宝鸡保德利电气设备有限责任公司近日收到长江沿岸铁路集团四川有限 公司、长江沿岸铁路集团重庆有限公司的中标通知书。中标项目包括新建成渝中线铁路（含十陵南站） 四川段材料采购招标，中标金额516.01万元人民币和1238.03万元人民币；新建成渝中线铁路重庆段材料 采购招标，中标金额380.43万元人民币；以及新建成渝中线铁路（含十陵南站）四川段第九批次建管甲 供物资材料采购招标，中标金额3768.7万元人民币。以上项目中标金额合计为人民币5903.17万元。 ...

前言 ①重型燃气轮机转子+核电主管道+核聚变磁体结构件，这家国内大型电气设备制造商当前产品供不应求， 多个下游高景气；②以AI为核心构建"计算+存储+感知+执行"全栈技术体系，这家公司通过自研NPU技术 的持续迭代，有望解决端侧AI在多样化场景下的算力瓶颈。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...

Investment Rating - The credit risk outlook for the power and electrical equipment manufacturing industry in 2026 is overall controllable, with structural differentiation continuing, highlighting the stability of leading enterprises while remaining cautious about the operational and debt pressures faced by small and medium-sized enterprises [8][50]. Core Insights - The power and electrical equipment manufacturing industry is a crucial part of the national economy, closely linked to macroeconomic growth and electricity investment demand. Since 2024, electricity consumption has steadily increased, and the industry is accelerating the construction of a new energy system and power grid [8][9]. - In 2025, industry policies focus on growth stabilization, market reform, industrial integration, and rural electricity support, with attention needed on the execution of growth targets and the participation of private capital [8][11]. - The industry is characterized by a pyramid structure, with a large number of small and medium-sized enterprises facing intense competition. The ability to negotiate with upstream and downstream partners is weak, and there is significant capital occupation from accounts receivable and inventory [8][21]. - Profitability in the industry is under pressure from upstream and downstream factors, but there was a slight recovery in operating profit in the first half of 2025, with overall profitability remaining stable compared to the previous year [8][27]. - The industry maintains a good credit status, with no new defaults reported in 2025, although there is a need to monitor potential concentrated repayment pressures in the future [8][39]. Industry Fundamentals - The power and electrical equipment manufacturing industry is significantly influenced by national economic growth and electricity investment demand. In 2024, the total electricity consumption in China reached 9.85 trillion kWh, a year-on-year increase of 6.8% [10]. - The investment in power generation and grid construction has seen substantial growth, with a focus on renewable energy installations becoming the mainstay [19][18]. Industry Policies and Regulatory Environment - Numerous policies have been introduced to support the power and electrical equipment industry, emphasizing growth targets, market reforms, and rural electrification [11][13]. - Key policies include the "Power Equipment Industry Growth Stabilization Work Plan (2025-2026)" which sets revenue growth targets for traditional power equipment at around 6% annually [13][15]. Industry Operating Conditions - In the first three quarters of 2025, investment growth in power generation and grid construction continued, with a notable increase in the construction of new energy systems [17]. - The total installed power generation capacity reached 3.72 billion kW by the end of September 2025, a year-on-year increase of 17.5% [18]. Industry Competitive Landscape - The industry exhibits a pyramid-shaped competitive structure, with a high degree of marketization and significant pressure on capital occupation. The number of enterprises in the power and electrical equipment manufacturing sector exceeds ten thousand, with small and medium-sized enterprises making up a large proportion [21][22]. - The competition is particularly fierce in the low and medium voltage cable sectors, while high voltage and ultra-high voltage cable production is dominated by a few key players due to high technical barriers [21]. Industry Financial Status - The profitability of the industry is affected by the dual pressures of upstream raw material costs and downstream customer pricing. In the first half of 2025, sample enterprises saw a slight increase in operating profit, with overall revenue growth of 1.07% [27][28]. - The financial leverage of sample enterprises decreased slightly by mid-2025, remaining at a moderate level, with an average asset-liability ratio of around 58% [33][36]. Industry Bond Market Performance - The credit status of the power and electrical equipment industry remains stable, with no defaults reported in 2025. The majority of bonds issued are short-term financing bonds and general corporate bonds [39][40]. - As of the first nine months of 2025, 37 bonds were issued, primarily by local state-owned enterprises with AAA ratings, indicating a preference for short-term flexible financing [41][43].