一边是AI算力引爆数据中心电力革命，一边是全球电网被动升级催生万亿级设备缺口，两股力量正成为驱动这一行业景气度的关键引擎。其中，哪些领 域将率先爆发，又有哪些公司已抢占核心卡位？请看机构最新研判。 电力设备行业近期表现活跃。机构分析，随着人工智能算力密集部署、全球电网升级提速以及新能源产业链价格体系逐步企稳回升，电力设备行业的投资 逻辑正在发生变化：在传统新能源装机增速边际放缓的背景下，以算力基础设施（AIDC）与电网现代化升级为核心的新需求，正在成为驱动板块中期景 气度的关键力量。 电力设备是一个覆盖发电、输电、配电、储能及终端用电的庞大产业体系，当前阶段市场对该板块的关注，主要基于以下三重逻辑： 第一，算力高功耗时代来临，数据中心正在成为电力设备新的核心增量场景。人工智能产业加速从技术探索迈向规模化商业落地，带动智能算力需求快速 增长。全球数据中心核心IT电力需求预计将从2023年的49GW提升至2026年的96GW，其中AIDC贡献约85%的新增需求。与此同时，AIDC正向高功率密 度、高能耗方向演进，推动电网扩容、供配电升级、储能与散热系统同步进入前置建设周期。 第二，北美与全球电网进入被动扩容周期， ...

Core Insights - The electricity spot market is a key focus for high-quality development, with nuclear power and coal power transformation competing within the same ecological niche [1][2] - The primary driver for the growth of renewable energy is the Nationally Determined Contributions (NDC), while technological advancements play a secondary role [3] Group 1: Electricity Reform - There is no perfect template for electricity reform; a new type of production relationship is needed, with green electricity consumption as the main line and safety as the bottom line [1] - The issue of "energy trilemma" must be addressed, as water, wind, and solar all derive from the sun and require extensive mutual consumption [1] - A national unified electricity market needs to be established to facilitate this [1] Group 2: Electricity Spot Market - The electricity spot market is crucial for the high-quality development of renewable energy and ultra-high voltage systems [2] - The pricing system is shifting from a multi-track to a single-track system, with a transition from scalar to vector [2] - Key thresholds include: 15% renewable energy generation as a critical point for system cost increases, 15% as a point for grid prosperity, and 20% as a point for increased demand for flexible resources [2] Group 3: Growth of Renewable Energy - The growth of renewable energy primarily stems from NDC, followed by technological progress [3] - Investment recommendations include: 1. Secondary equipment from a grid safety perspective 2. Flexible resources such as nuclear power, coal power transformation, gas turbines, solar thermal, hydroelectric transformation, pumped storage, new energy storage, and user-side adjustments (virtual power plants, V2G, demand response) competing within the same ecological niche [3] 3. The construction of the electricity spot market requires improved metering infrastructure, including both electricity and carbon measurement [3]

Core Viewpoint - Several listed companies in China have announced dividend plans, indicating a trend of increasing shareholder returns and stable cash distributions [1][2][4]. Group 1: Dividend Announcements - Huillong Co. plans to distribute a cash dividend of 0.5 yuan per 10 shares, while Changgao Electric New plans to distribute 0.3 yuan per 10 shares [1]. - Aier Eye Hospital is set to distribute a total cash dividend of 7.44 billion yuan, with a dividend of 0.8 yuan per 10 shares [2]. - Midea Group has implemented a cash dividend of 5 yuan per 10 shares, totaling approximately 3.448 billion yuan [2]. Group 2: Company Performance and Dividends - Aier Eye Hospital reported a net profit of 3.11474 billion yuan, with a year-on-year net profit growth rate of -9.76% [2]. - Meihua Co. plans to distribute a cash dividend of 0.37 yuan per 10 shares, totaling approximately 12.55 million yuan, with a net profit of 128.6079 million yuan and a year-on-year growth rate of -10.66% [3]. - Changgao Electric New reported a net profit of 202.7069 million yuan and plans to distribute a cash dividend of 0.30 yuan per 10 shares, totaling approximately 18.61 million yuan [3]. Group 3: Industry Insights - Analysts suggest that stable dividend expectations can enhance company value and benefit investors, contributing to the stability of the capital market [4].