Advent is working with Solebury Capital on preparations for a US IPO of Austrian power equipment maker Innio at a $12 billion-plus valuation https://t.co/NELUKvrhhT ...

【大河财立方消息】9月3日，A股市场震荡调整，三大指数涨跌不一。截至收盘，沪指跌1.16％，盘中一度失守3800点，深证成指跌0.65％，创业板指涨 0.95％。 盘面上，光伏逆变器、光模块（CPO）、储能、电源设备、光刻机等热门概念股涨幅居前，上能电气20CM涨停，中际旭创再创历史新高。午后，创新药 概念股一度冲高，百花医药涨停。小金属、证券、软件开发、农业等板块跌幅居前。全市场4560只个股下跌。 沪深北三市成交额2.40万亿元，较上一个交易日缩量5167亿元。 责编:史健 | 审核:李震 | 监审:古筝 ...

27 August 2025 | 11:40PM HKT NARI Technology (600406.SS): 2Q25 GPM under pressure, yet positive progress in overseas; maintain Buy (on CL) Post market close on Aug 27, Nari Tech announced 2Q25 results, with revenue above expectations, but GPM under pressure. 2Q25 revenue/gross profit/EBIT/net profit came in at Rmb15,348mn/4,260mn/2,636mn/3,137mn, +24%/+8%/+12%/+7% yoy, +8%/-2%/+4%/-4% vs. GSe. GPM/OPM/NPM came in at 28%/17%/15%, -4pp/-2pp/-2pp yoy, -3pp/-1pp/-2pp vs GSe. GPM was under pressure in 1H25 (-2.6 ...

华鑫证券近日发布电力设备行业周报：产业升级上，"国产芯片+液冷技术"双轮驱动重 构算力基建：华为昇腾910C实现规模化部署打破海外垄断，与液冷形成"芯片-散热"方案破 解散热瓶颈，Deepseek-V3.1模型适配新一代国产芯片，加速"芯片-模型"生态闭环；AIDC机 柜功率达20-100kW，液冷因高效低耗成刚性需求，渗透率加速提升。 以下为研究报告摘要： 投资要点 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+液冷技术"双轮驱动重 构算力基建：华为昇腾910C实现规模化部署打破海外垄断，与液冷形成"芯片-散热"方案破 解散热瓶颈，Deepseek-V3.1模型适配新一代国产芯片，加速"芯片-模型"生态闭环；AIDC机 柜功率达20-100kW，液冷因高效低耗成刚性需求，渗透率加速提升。政策驱动下，国有数 据中心国产芯片采购要求超50%，叠加火山引擎60亿元内蒙项目释放产业链需求；英伟达暂 停H20生产刺激国产替代，8月22日中国算力大会或进一步明确政策支持，推动赛道国产化 转型。出海逻辑强化，柴发厂商借海外AI算力基建需求，凭产品优势与成本力出海， ...

Group 1 - On August 25, 28 out of 31 primary industries in the Shenwan index received net financing inflows, with the electronics industry leading at a net inflow of 11.329 billion [1] - Other industries with significant net financing inflows included telecommunications, non-ferrous metals, power equipment, computers, non-bank financials, automobiles, and machinery, each exceeding 1 billion in net inflows [1] Group 2 - A total of 2,147 individual stocks received net financing inflows on August 25, with 86 stocks having inflows exceeding 100 million [1] - Among these, 16 stocks had net inflows over 300 million, with Shenghong Technology leading at 1.578 billion [1] - Other notable stocks with significant net inflows included Northern Rare Earth, Sungrow Power Supply, Industrial Fulian, New Yisheng, Haiguang Information, Dongfang Wealth, and Cambricon, each exceeding 600 million in net inflows [1]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **High Voltage Direct Current (HVDC)** technology, which is critical for the energy transition and efficient power transmission over long distances [2][6][9] - The global demand for HVDC systems is surging due to rising renewable energy deployment and the need for cross-border electricity interconnections [2][9] Core Insights - **Rising Transmission Capex**: Global transmission capital expenditure (capex) is expected to grow at a **CAGR of ~15%+ from FY23-30**, driven by increasing power demand and renewable energy projects [6][9] - **Price Increases**: Prices for transformers and switchgears in the US have increased by **70% and 60% respectively since 2021**, with lead times for HV transformers extending from **~1 year in 2021 to over 3 years now** [6][9] - **Market Dynamics**: The Western HVDC market is dominated by three major players: **Hitachi, GE Vernova, and Siemens Energy**, which control **90% of the European market share** [6][9] - **Supply Constraints**: There is a significant supply constraint for HVDC equipment, with lead times for key components like converter valves reaching **~10 years** [6][9] Growth Opportunities - **Asian Players**: Companies in Asia, such as **LS Electric, Hyosung Heavy, Nari Tech, and Xuji**, are well-positioned to capture market share due to their capacity expansion and local technology development [2][9] - **European Market Growth**: The European HVDC market is projected to grow at a **CAGR of over 40%**, increasing from **47GW in 2024 to 116GW in 2030** [6][9] - **Offshore Wind Projects**: European offshore wind projects are expected to be a significant growth driver for HVDC technology, with **~82% of offshore wind capacity in Germany** anticipated to be connected via HVDC systems [41][43] Competitive Landscape - **Oligopoly in Europe**: The HVDC market in Europe is characterized by high barriers to entry, with established players dominating the landscape [53] - **Chinese Market**: In China, state-owned enterprises like **Nari, Xuji, and XD** lead the market, with Nari holding a **~50% market share** in converter valves [56] - **Korean Developments**: Korean companies are increasingly engaging in the HVDC market, with LS Electric and Hyosung Heavy making significant advancements in localizing HVDC technology [61] Additional Insights - **Technological Advancements**: HVDC technology is becoming more favorable due to its cost-effectiveness over long distances and its ability to enhance grid stability [34][41] - **Investment in Infrastructure**: The construction of HVDC facilities is essential for managing grid congestion and integrating renewable energy sources into the power system [38][41] Conclusion - The HVDC technology sector presents significant investment opportunities, particularly for Asian companies looking to expand their market presence amid rising global demand and supply constraints in the Western market [2][9][41]

这家成立于2011年的高新技术企业，仅用十余年便实现了从深耕本地到辐射全球的跨越式发展。如今， 其产品已成功打入新加坡、英国及非洲、东南亚等90个国家和地区的市场，成为平顶山智能制造领域一 张亮眼的"硬核名片"。 这份"出海成绩单"的背后，离不开中原银行平顶山分行的精准金融赋能——从信贷支持到利率让利，从 产业链协同到发展陪伴，该行以金融"活水"滋养科创根系，助力企业在国际舞台上崭露头角。 "2021年那会儿，新厂房刚落成，设备和原材料采购都需要资金周转。"回忆起与中原银行平顶山分行的 初次合作，平顶山天晟电气有限公司融资部部长赵向旭记忆犹新。在为资金犯难的节骨眼上，中原银行 郏县支行客户经理卢倩羽主动上门服务。 来源：环球网 走进河南平顶山天晟电气股份有限公司的智能制造车间，科技创新的澎湃活力扑面而来。自动化生产线 高速运转，工人们与智能设备协同作业，一件件精密变压器在流水线上成型，一幅高效运转的现代化工 业图景鲜活铺展。 图为天晟 电气智能制造车间。 "我们保证一周内完成放款。"这句承诺让赵向旭心里打了个问号。在她的经验里，贷款从申请到放款， 少说也要一个月。可这次，中原银行平顶山分行的效率却远远超出了她 ...

Group 1 - On August 11, among the 31 first-level industries, 24 industries received net financing inflows, with the electronics industry leading at a net inflow of 1.724 billion [1] - Other industries with significant net financing inflows included non-ferrous metals (1.598 billion), electric equipment (1.597 billion), machinery (1.526 billion), defense and military (1.336 billion), banking (1.238 billion), and chemicals (0.827 billion) [1] Group 2 - A total of 2,088 individual stocks received net financing inflows on August 11, with 208 stocks having inflows exceeding 30 million [1] - Among these, 39 stocks had net inflows exceeding 100 million, with Zhongji Xuchuang leading at 471 million [1] - Other notable stocks with high net inflows included Dazhu Laser (447 million), Ningde Times (409 million), Shenghong Technology (350 million), Xinyisheng (325 million), Salt Lake Co. (308 million), China Shipbuilding (253 million), Shenghe Resources (214 million), and Northern Rare Earth (212 million) [1]

We have an open trade in OKLO. Powell's report after Tuesday's close cut against that grain near-term (EPS strong, revenue light), and the stock sold off. Nevertheless, we exited our trade on Powell today. Taking the Other Side of a Good Company's Bad Print Context. In late May, we highlighted Powell Industries, Inc. POWL as a classic picks & shovels way to play the nuclear build-out and the broader scramble for power capacity driven by AI data centers. Powell doesn't build reactors—it builds the switchgear ...

Summary of Key Points from the Expert Call on High Voltage Power Equipment Industry Overview - **Industry**: High Voltage Power Equipment - **Key Drivers**: Demand driven by renewable energy installations, data centers, and potential growth in transmission capital expenditures (capex) Core Insights 1. **Price Increases**: - Price hikes for high voltage power equipment have accelerated, with certain types experiencing over 10% year-over-year increases since June 2025, attributed to tariffs and rising demand from renewables [2][4][5] - General price increases were noted at 3-5% in the first half of 2025, with transformers seeing the largest hikes [4][5] 2. **Strong Demand**: - Demand for high voltage power equipment remains robust year-to-date (YTD), primarily driven by new connections for renewable energy projects, accounting for over 70% of total demand [2][5] - The expert anticipates continued strong demand through 2026/27 due to the push for renewable energy and data center installations [2][5] 3. **Future Demand Dynamics**: - While demand from renewables may plateau, it is expected that new connections for gas-fired and nuclear power plants, along with data centers, will fill the gap [5][6] - The replacement cycle for existing equipment is expected to gain momentum in the coming years, although currently, replacement demand is less than 30% [2][5] 4. **Transmission Capex Growth**: - A forecasted 10% growth in transmission capex for 2025, with potential for stronger growth in subsequent years, contingent on resolving permitting issues [6] - The expert highlighted that regulatory hurdles remain a significant barrier to long-distance transmission network growth [6] 5. **Trade Tariff Impact**: - The impact of trade tariffs on pricing is seen as limited, with operators willing to pay higher prices to secure essential equipment for grid connections [6] - Equipment manufacturers are adjusting prices or negotiating with customers to pass on increased costs due to tariffs [6] 6. **Supply Constraints**: - There has been no noticeable increase in supply for high voltage power equipment YTD, particularly for transformers, primarily due to a lack of skilled labor [6] - Local manufacturers face challenges in ramping up capacity, and there is reluctance among regulated utilities to procure from Chinese manufacturers due to national security concerns [6] Additional Insights - **Market Sentiment**: The expert's views align with a bullish outlook on the demand/supply imbalance for high voltage power equipment in the US, supporting the positive ratings on companies like Hyundai Electric, Hyosung Heavy, and Sieyuan Electric [2][4] - **Long-term Trends**: The expert noted that lead times for high voltage equipment remain extended, indicating ongoing supply chain challenges [5] Conclusion - The high voltage power equipment industry is poised for growth driven by renewable energy and data center demands, despite challenges in supply and regulatory hurdles. The pricing environment is influenced by tariffs, but demand remains strong, suggesting a favorable outlook for key players in the market.