昨天的文章中，我们讲到美国的电力问题和固态变压器（SST），也许是赶巧了，今天市 场上电力和SST的表现都还不错。这篇文章，我们来看下SST目前的进展以及国内外相关 的厂商布局。 AI数据中心的下半场：电力和节能 SST进展及基础情况 在国内，四方股份、中国西电、金盘科技等传统电力设备厂商，以及部分AI服务器电源企业和光储 新能源企业，也开始布局SST技术。这些企业结合自身技术优势，逐步向数据中心和新能源领域扩 展，探索SST技术的商业化应用。四方股份依托中科院背景，技术产品优势明显，目前已开始与海外 大厂尝试对接，民企业务加速出海。科华数据在液冷及服务器电源领域与英伟达及其他ASIC大厂密 切合作，其SST产品已在国内成功完成挂网测试，进入英伟达SST供应链只是时间问题。 金盘科技 金盘科技在2025年上半年表现稳健，机电业务保持稳定增长。国内特高压领域进展显著，江东南、 粤港澳等特高压直流项目已陆续开工，预计更多项目将在近期启动。这将推动特高压设备进入新一 轮招标高峰，金盘科技作为行业龙头有望显著受益。 在海外市场，金盘科技表现亮眼，上半年境外收入同比增长64%，成功中标马来西亚数据中心变电 站项目，进一 ...

长安鑫富领先混合A（001657）基金经理为李坤。 截至发稿，李坤累计任职时间309天，现任基金资产总规模28.17亿元，任职期间最佳基金回报6.34%， 任职期间最差基金回报-0.43%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 10月10日，明阳电气涨5.34%，截至发稿，报50.33元/股，成交3.86亿元，换手率4.89%，总市值157.13 亿元。 资料显示，广东明阳电气股份有限公司位于广东省中山市南朗镇横门兴业西路6号，成立日期2015年11 月27日，上市日期2023年6月30日，公司主营业务涉及应用于新能源、新型基础设施等领域的输配电及 控制设备的研发、生产和销售。主营业务收入构成为：箱式变电站53.70%，变压器16.36%，成套开关 柜14.76%，其他13.51%，其他(补充)1.66%。 从基金十大重仓股角度 数据显示，长安基金旗下1只基金重仓明阳电气。长安鑫富领先混合A（001657）二季度持有股数700 股，占基金净值比例为0.43%， ...

Core Viewpoint - Baobian Electric has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the power equipment sector [1][2]. Company Overview - Baoding Tianwei Baobian Electric Co., Ltd. was established on September 28, 1999, and listed on February 28, 2001. The company specializes in the manufacturing and sales of power transmission and transformation equipment, including transformers, current transformers, and reactors [1]. - The main revenue composition of Baobian Electric is 99.30% from power transmission and transformation products, 0.42% from material sales, and 0.28% from other sources [1]. Financial Performance - For the first half of 2025, Baobian Electric achieved a revenue of 2.995 billion yuan, representing a year-on-year growth of 60.89%. The net profit attributable to shareholders was 75.3667 million yuan, showing a remarkable increase of 230.76% [2]. - Since its A-share listing, Baobian Electric has distributed a total of 675 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 10, Baobian Electric's stock price increased by 11.85% year-to-date, with a 6.81% rise over the last five trading days and a 5.40% increase over the last 20 days [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on May 26, where it recorded a net purchase of 131 million yuan [1]. Shareholder Structure - As of June 30, 2025, Baobian Electric had 161,800 shareholders, an increase of 5.22% from the previous period. The average number of circulating shares per shareholder was 11,384, a decrease of 4.96% [2]. - Notable institutional shareholders include Southern CSI 1000 ETF, which increased its holdings by 1.6363 million shares, and Hong Kong Central Clearing Limited, which added 395,700 shares [3].

资料显示，贵州泰永长征技术股份有限公司位于贵州省遵义市汇川区外高桥工业园区武汉路中段，成立 日期2008年11月7日，上市日期2018年2月23日，公司主营业务涉及低压断路器、双电源自动转换开关、 变压器、工控自动化产品等中低压电器元器件及其系统集成成套设备的研发、生产、销售与服务。主营 业务收入构成为：配电电器55.11%，电源电器24.36%，配网设备20.23%，其他(补充)0.29%。 10月10日，泰永长征盘中上涨2.06%，截至10:36，报15.36元/股，成交3537.56万元，换手率1.06%，总 市值34.28亿元。 资金流向方面，主力资金净流入84.08万元，大单买入316.56万元，占比8.95%，卖出232.48万元，占比 6.57%。 泰永长征今年以来股价涨4.21%，近5个交易日涨4.56%，近20日涨3.99%，近60日跌2.48%。 今年以来泰永长征已经3次登上龙虎榜，最近一次登上龙虎榜为3月21日，当日龙虎榜净买入341.52万 元；买入总计7067.74万元 ，占总成交额比9.25%；卖出总计6726.22万元 ，占总成交额比8.80%。 泰永长征所属申万行业为：电力设备 ...

电新 ｜ 持续布局新方向：假期重要边际变化跟踪解读 20251008 摘要 储能行业受 136 号文等政策驱动，需求迎来反转，阳光电源、海普思创、 宁德时代等头部企业估值创新高，独立储能项目投资收益率显著改善， 订单已排至 2026 年初。 AIGC 领域，AMD 与 OpenAI 达成 6G 瓦协议，海外需求保持高警惕， 视频剪辑应用落地提升算力需求，中外发展共振，HPC 和 SSD 环节值 得关注，SSD 有望在 2027 年率先实现批量应用。 新能源汽车销量超预期，受益于购置税补贴取消前的抢装和产品力提升， 动力储能需求强劲，一线企业稼动率超 100%，锂电产业链供需紧张预 计持续至 2026 年上半年。 印度对中国光伏产品征收反倾销税，金科、天河税率为 0%，爱旭等为 23%，其他为 30%，影响中国光伏企业出口。光伏行业反内卷依赖政 策、企业自律和技术迭代，多晶硅价格是风向标。 风电行业招标量价齐升，海外中标量创新高，远景能源签约哈萨克斯坦 1 吉瓦风电项目，风电出海超预期，2035 年风电与太阳能总装机容量目 标提供需求锚点。 Q&A 请介绍一下今年前三个季度电芯板块的表现以及十一长假期间的一些重 ...

中国特高压输电技术让电力输送损耗降至2%，比印度电网平均损耗低18个百分点。江苏华鹏变压器出口至98个国家，其价格比欧洲同类产品低30%而寿命 长5年。这种性价比优势源于全产业链集群效应——浙江乐清低压电器产业带为特变电工提供配件，成本比印度分散采购低50%。更关键的是智能电网技 术，中国能实现分布式能源的毫秒级调度，而印度电网还频繁出现区域性崩溃。 特朗普政府对印度太阳能板加征50%关税后，印度可再生能源项目成本激增20%。这反而强化了中印能源合作的黏性——新疆特变电工在阿富汗建设的跨境 电网，同时向巴基斯坦和印度供电，成为地区能源互联的罕见案例。欧盟碳边境调节机制即将生效，印度高耗能产业面临减排压力，这进一步凸显中国超超 临界煤电技术的重要性：供电煤耗低至256克/千瓦时，比印度现役机组效率高35%。 印度曾拆解上海电气的汽轮机试图仿制，却发现核心叶片涂层需在真空环境下用纳米粒子沉积技术处理——这项工艺涉及19项专利和独门配方。类似剧情在 变压器绝缘材料、电网控制系统反复上演。中国电力装备已从"技术引进"跃升至"标准输出"，主导制定特高压国际标准87项。印度若想绕过中国专利另起炉 灶，研发投入将超过200 ...

最让她揪心的是 "取暖没着落"："去年冬天靠政府发的小暖炉过的，今年听说天然气站被炸了，暖炉成了摆设。" 瓦莲京娜的邻居更急，家里有个患哮喘的 孙女，停电后呼吸机没法用，只能连夜往医院跑。"俄军说炸的是军事目标，可烧的是我们的蜡烛，冻的是孩子的手，" 她把缝好的棉袄裹在米沙身上，"这 冬天要是一直黑着，孩子可咋熬？" 苏梅的能源抢修员安德烈，盯着被炸得扭曲的变压器直跺脚。"这是今天修的第三个变电站，昨晚从凌晨三点干到现在，早饭都没顾上吃，" 他抹了把脸上 的灰，工具箱里只剩最后一套备用零件，"俄军专挑关键设备炸，我们的库存只够撑半个月，欧盟的援助还在路上堵着呢。" 最让他窝火的是 "刚修好又被炸"："上周花三天修好了苏梅主变电站，结果第二天就被无人机盯上，炸得更碎。" 安德烈的同事上周抢修时，被二次爆炸的 碎片划伤了腿，现在还躺在医院。"我们像跟炸弹赛跑，可人家无人机年产三万架，我们零件却快没了，" 他蹲在地上叹气，"老百姓在黑暗里等，我们在寒 风里修，可这仗啥时候是头？" 哈尔科夫儿童医院的奥克萨娜，盯着新生儿暖箱的指示灯捏把汗。"全院靠三台柴油发电机供电，一天要烧 200 升油，现在库存只够撑四天，" 她 ...

Overview - The report provides a comprehensive analysis of the global and Chinese power transmission and distribution equipment industry, including market trends, technological advancements, and competitive landscape [2][3][4]. Industry Definition and Classification - Power transmission and distribution equipment is defined and differentiated from similar concepts, with a clear classification of the industry [3][4]. - The report outlines the regulatory framework and standard systems governing the industry in China [3][4]. Global Industry Development - The global power transmission and distribution equipment industry has a rich development history, with current technological and supply-demand conditions analyzed [4][5]. - The competitive landscape includes insights into mergers and acquisitions within the industry [4][5]. Market Size and Trends - The report estimates the market size of the global power transmission and distribution equipment industry and provides forecasts for the next five years [4][5]. - Key trends include technological advancements and shifts in market demand [4][5]. Chinese Industry Analysis - The development history and technological progress of the Chinese power transmission and distribution equipment industry are detailed, including research and innovation efforts [5][6]. - The report discusses the import and export statistics of power transmission and distribution equipment, highlighting trade dynamics [5][6]. Market Participants - An analysis of market participants includes types of companies, their entry strategies, and the distribution of registered enterprises across regions [5][6]. - The report also examines the bidding market for power transmission and distribution equipment in China, including key players and their bidding behaviors [5][6]. Competitive Landscape - The competitive dynamics of the Chinese power transmission and distribution equipment industry are analyzed, including market concentration and competitive clusters [6][7]. - The report employs Porter's Five Forces model to assess the competitive environment [6][7]. Investment and Financing - The report outlines the investment landscape, including sources of funding, investment trends, and notable financing events in the industry [6][7]. - Mergers and acquisitions are discussed, highlighting motivations and significant case studies [6][7]. Supply Chain and Cost Structure - The structure of the power transmission and distribution equipment industry supply chain is mapped out, along with an analysis of cost components [7][8]. - The report examines the market for raw materials essential to the industry, such as silicon steel and copper [7][8]. Product Market Analysis - The report provides insights into various segments of the power transmission and distribution equipment market, including transformers, switchgear, capacitors, and more [8][9]. - Trends in product development, such as miniaturization and increased reliability, are highlighted [8][9]. Application Market Analysis - The report analyzes application scenarios and market distribution for power transmission and distribution equipment, including power grid construction and renewable energy integration [9][10]. - Specific sectors such as rail transportation and automotive manufacturing are examined for their demand for power transmission and distribution equipment [9][10]. SWOT Analysis - A SWOT analysis of the Chinese power transmission and distribution equipment industry identifies strengths, weaknesses, opportunities, and threats [17][18]. - The report discusses the macroeconomic environment, social factors, and policy impacts on the industry [17][18]. Future Outlook - The report forecasts the future development potential of the Chinese power transmission and distribution equipment industry, identifying key growth areas and trends [18][19]. - It emphasizes the importance of technological innovation and market adaptation in shaping the industry's future [18][19].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading provider of intelligent distribution equipment in the domestic renewable energy sector, with a strong position in offshore wind power and a strategy for global expansion [4][5]. - Revenue projections for 2025-2027 are estimated at 80.43 billion, 101.96 billion, and 126.19 billion yuan, respectively, with net profits of 8.19 billion, 10.29 billion, and 12.78 billion yuan [4]. - The company's current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18.7, 14.9, and 12.0, respectively, indicating a favorable valuation compared to peers [4]. Summary by Sections Company Overview - The company has been a key player in the distribution and control equipment sector since its establishment in 1993, achieving significant milestones in renewable energy equipment development [15]. - It has a concentrated ownership structure, with the actual controller holding 43.47% of shares, and a management team with extensive industry experience [20][22]. Financial Performance - The company has shown consistent revenue and profit growth, with a compound annual growth rate (CAGR) of 40.3% from 2020 to 2024 [27]. - In 2024, the company achieved a revenue of 6.44 billion yuan, with a year-on-year growth of 29.6% [8]. - The gross margin for 2024 was 22.3%, and the net margin was 10.3%, reflecting effective cost control [32][35]. Industry Insights - The renewable energy sector is experiencing stable growth, with increasing demand for wind and solar power, particularly in offshore wind, which has significant growth potential [50][51]. - The market for transformers in the wind and solar sectors is projected to reach 30.6 billion yuan by 2027, driven by the expansion of renewable energy installations [64].

每经AI快讯，有投资者在投资者互动平台提问：请问公司的变压器、电感有应用在算力服务器上吗？ 可立克（002782.SZ）9月30日在投资者互动平台表示，公司的磁性元器件可以应用到算力服务器上。 （文章来源：每日经济新闻） ...