| 华安研究 2026年3月金股组合 | 归母净利润（百万元） | 归母净利润增速 | 营业收入（百万元） | 营业收入增速 | eps | pe(其余有说明) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2 ...

有数据显示，人类与AI一次对话的耗电量，相当于30次传统搜索；ChatGPT仅单次交互能耗就达 2.9瓦时。随着全球算力革命深入推进，算力基础设施建设全面提速，能源电力需求持续攀升，AI发展 的核心挑战正从"缺芯"转向"缺电"。 作为"电力心脏"，变压器已成为算力基建的关键装备，市场需求持续走旺。在南京，变压器产业热 潮涌动。目前，本地变压器龙头企业订单饱满，正开足马力生产，以硬核制造助力全球算力建设，彰显 实体经济与数字经济深度融合的强劲动能。 订单激增，企业生产忙 近日，记者在位于江宁滨江开发区的中电变压器南京生产基地里看到，装配、试验等工序紧密衔 接，工人们核对参数、加紧装配，成品整装待发。中电电气董事长兼总裁陆瀚博士介绍，2026年新年 开局，公司在手订单不断增长，目前正通过优化排产、强化质量管控和交付协同，保障重点项目按期交 付。 陆瀚告诉记者，2025年公司变压器业务增长约20%，交付南京腾讯华东云计算基地220kV变电站 项目，更拿下中国联通集采框架标，实现对移动、电信、联通三大通信运营商的全面覆盖，还签订 330kV电压等级合同，迈入更高电压等级市场。 不远处的江宁开发区，南京大全变压器有限公 ...

Group 1 - The Shanghai Municipal Party Secretary Chen Jining visited the Zhengtai Smart Electric Port Park to understand the development of the new energy power equipment industry cluster in Songjiang District [1] - The Songjiang District focuses on green energy, smart electricity, industrial automation, intelligent low-carbon solutions, and R&D trade, aiming to build a leading domestic base for new energy power equipment [6] - Zhengtai Group's Chairman Nan Cunhui reported on the company's innovations in the new energy sector, including advancements in key technologies such as graphene materials, flexible direct current, solid-state transformers, energy storage systems, and virtual power plants [6] Group 2 - The company is committed to the "sweet potato economy" concept and actively integrates into the Yangtze River Delta's development, leveraging Shanghai's advantages in economy, finance, trade, shipping, and technology [6] - The visit included discussions on the company's future development plans, industry-academia-research cooperation, and the need for support in achieving breakthroughs in original technologies [6] - The event was attended by other officials, including Shanghai Municipal Standing Committee Member Hua Yuan and Songjiang District Party Secretary Wang Huajie [7]

随着人工智能技术加速演进，"算力的尽头是电力"已成为科技行业共识。从马年春节期间密集刷屏的AI 红包、人形机器人到春晚AI互动，这些科技热点的背后，是电力基础设施稳定、高效的支持。随着AI 算力需求激增与人工智能的快速发展，电网设备作为支撑科技发展的"电力基石"，其重要性被提升至新 的高度。 在算力需求驱动和政策支持下，电网设备行业正迎来实质性增长机遇。反映在资本市场上，今年以来， 同花顺电网设备概念板块表现活跃。截至2月25日收盘，该板块年内整体涨幅已超过20%。 海内外市场需求共振 国际能源署最新发布的报告显示，2026年至2030年期间，全球电力需求年均增速将超过3.5%，较过去 10年平均增长率高出约50%。工业发展、电动汽车普及、空调使用以及数据中心用电量增长，构成了电 力需求增长的主要驱动力。 在这一背景下，电力设备特别是变压器的供需矛盾日益突出。据报道，当前，我国多地变压器工厂已处 于满产状态，其中部分面向数据中心的业务订单已排至2027年。 万联证券投资顾问屈放在接受《证券日报》记者采访时表示，近年来，我国在内燃机和变压器领域，特 别是变压器方面，在技术研发和产业链建设上均取得显著进展，相关技 ...

格隆汇2月25日丨中瓷电子(003031.SZ)在投资者互动平台表示，子公司国联万众公司已经在和AI供电， 固态变压器和固态断路器等应用公司接触，已根据相关用户做产品设计并逐步推广。 ...

Core Viewpoint - The article highlights the visit of Chen Jining, a member of the Central Political Bureau and Secretary of the Shanghai Municipal Committee, to the Zhengtai Smart Electric Port Park, focusing on the development of the Songjiang District's new energy power equipment industry cluster, which aims to become a leading domestic base in this sector [1][5]. Group 1: Industry Development - The Songjiang District's new energy power equipment industry cluster focuses on green energy, smart electrical systems, industrial automation, intelligent low-carbon solutions, and headquarters research and trade [1][5]. - The cluster aims to build a complete upstream and downstream industrial chain by relying on leading enterprises, enhancing competitiveness in the industry ecosystem [1][5]. Group 2: Company Initiatives - Zhengtai Group, led by Chairman Nan Cunhui, is actively engaged in the new energy sector, emphasizing "green, digital, and intelligent" initiatives [2][6]. - The company has made significant advancements in key technologies such as graphene materials, flexible direct current, solid-state transformers, energy storage systems, and virtual power plants [2][6]. - Zhengtai has adopted the "sweet potato economy" concept and is integrating into the Yangtze River Delta's development, leveraging Shanghai's advantages in economy, finance, trade, shipping, and technology [2][6].

Group 1 - The core focus of Taiyong Changzheng (002927) is on commercial aerospace concepts, with previous applications in the Wenchang launch site stabilization system, ensuring multiple aerospace missions, but no new cooperation announcements have been made recently [1] - The company's solid-state transformer technology is still in the verification stage and has not yet achieved commercialization [1] - Overall production remains at a reasonable level, with conventional products in stock, but specific order data has not been disclosed [1] Group 2 - The stock price has shown significant volatility, with a single-day increase of 4.32% on February 12, closing at 19.79 yuan, and a trading volume of 265 million yuan [2] - On February 9, the stock rose by 2.61%, but there has been a cumulative decline of 14.54% over the past 20 days [2] - The capital flow has shown divergence, with a net inflow of 27.02 million yuan on February 12, but a net outflow of 11.65 million yuan during intraday trading on February 13 [2] - Technical analysis indicates a recent rebound in stock price, with a 5-day fluctuation of 5.92%, currently approaching the middle band resistance level of the Bollinger Bands [2]

Group 1 - The company's stock price experienced a significant decline on February 13, 2026, with a drop of 4.57%, closing at 35.12 yuan [1] - The decline was influenced by the announcement of the controlling shareholder, Zhang Xiaojin, and his concerted actions, who reduced their holdings of "Huachen Convertible Bonds" by 565,140 units, accounting for 12.28% of the total issuance [2] - This marked the third round of concentrated share reduction by the controlling shareholder within a month, leading to heightened market sentiment concerns [2] Group 2 - The company has received increased attention on social media platforms, although some discussions have overly interpreted the "Solid State Transformer" (SST) technology, which the company clarified is still in the experimental stage and has not yet generated industrial revenue [3] - During the performance vacuum period, with the annual report scheduled for April 24, 2026, market sentiment is susceptible to short-term news fluctuations, compounded by a general decline in the power equipment sector, which fell approximately 1.06% [3] - As of February 13, 2026, there was a net outflow of approximately 17.98 million yuan in main funds, with both large and super-large orders showing net outflows, likely linked to the controlling shareholder's reduction and concerns over high valuations [4]

股票近期走势 经济观察网九洲集团（300040）发布2025年业绩预告，预计实现净利润4000万元至5000万元，同比大幅 增长并扭亏为盈，主要得益于精细化管理和生物质发电业务趋稳。公司实际控制人李寅及一致行动人赵 晓红已提前终止减持计划，减持后持股比例分别为13.34%和10.88%，公司控制权未发生变更。 业务进展情况 公司在互动平台表示正研发固态变压器，已有技术储备，该产品收入约占智能配电网业务销售额的 30%。同时，公司近期中标乌兹别克斯坦储能项目，并巩固了与国家电网、中石油等央企的合作，形 成"国内+国际"双轮驱动。公司已澄清未与马斯克团队接洽光伏业务。 2026年2月以来，九洲集团股价呈现上涨趋势。截至2月12日，股价报7.02元/股，今年以来累计上涨 16.61%，近5日涨4.46%。资金流向方面，2月12日主力资金净流入700.35万元，但2月9日曾净流出79.57 万元，显示短期波动。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - The stock price of Xinte Electric (301120.SZ) increased due to favorable industry policies, rising demand for AI computing power in the power grid equipment sector, and supportive financial and technical factors [1] Industry Policy Status - The power grid equipment sector is performing strongly, driven by the State Council's implementation opinions on the national unified electricity market system, which outlines goals for the next 5-10 years, including a target for market-based trading electricity to account for approximately 70% of total electricity consumption by 2030 [2] - The global surge in AI computing power has intensified the supply-demand tension for electrical equipment, with transformer exports from China reaching a total value of 64.6 billion yuan in 2025, marking a year-on-year increase of nearly 36%, providing significant overseas opportunities for domestic companies with complete industrial chains [2] Financial and Technical Aspects - Xinte Electric experienced a net inflow of 47.92 million yuan in main funds today, with a turnover rate of 24.83% and a trading volume of 1.194 billion yuan, indicating a significant increase in capital activity [3] - Technically, the stock price broke through the upper Bollinger Band (22.658 yuan), the MACD histogram turned positive (0.041), and the KDJ indicator is in a bullish arrangement, suggesting strong short-term momentum [3] - The company is developing solid-state transformer technology, which is well-aligned with the growth logic driven by AI computing power demand, and its products have obtained North American UL certification [3]