在此背景下，国内外电网侧投资加速前移。根据国家能源局数据，2025年前11个月，全国电网工程累计 投资完成额达5604亿元，同比增长5.9%。海外市场方面同样表现亮眼，根据海关总署数据，2025年前 11个月，我国变压器出口额达80.80亿美元，同比增长35.19%，保持较快增长态势。 需求端的强劲增长已持续传导至产业链上市公司，核心设备企业订单与业绩双双高增。 AIDC供配电系统方面，国内干式变压器龙头海南金盘智能科技股份有限公司近日公告称，公司及其控 股子公司与海外客户签订用于数据中心项目合同，提供电力产品，合同金额为9899万美元。 此外，长高电新科技股份公司相关负责人对《证券日报》记者表示，公司组合电器、隔离开关、开关柜 及变压器产品都可以应用于为算力中心提供电源的变电站或配电站，比如公司10KV高能效非晶合金变 压器分别于2021年应用于"中国移动甘肃天水云数据中心"，2023年应用于"国网湖南配网智能应用数据 中心"。 本报记者 何文英 目前，全球人工智能（AI）算力竞赛正从芯片层加速向能源层传导。随着AI服务器出货量持续攀升， 电力供应瓶颈日益凸显，电力设备产业链迎来前所未有的结构性机遇。1月8 ...

海外工厂规模化投产，开拓增长新空间 预测公司2025-2027 年收入分别为57.95、74.09、94.17 亿元，EPS 分别为0.64、1.03、1.55 元，当前股 价对应PE 分别为47.6、29.9、19.7 倍，公司海外产能规模化落地，卡位全球变压器供需紧张市场机遇， 同时数据中心领域开辟新增长曲线，给予"买入"投资评级。 风险提示 下游需求不及预期风险、新产品推出不及预期风险、竞争加剧风险、海外产能建设和贸易风险、原材料 价格大幅上涨风险、大盘系统性风险。 公司正积极推进全球化产能布局：泰国工厂已于2025 年12 月投产，具备年产6000 台新能源和数据中心 应用变压器能力；墨西哥工厂目前处于调试阶段，预计明年中期达产后可实现新能源变压器月产能500 台；美国德州工厂已于2025 年10 月开业，主打配电变压器，年规划产能2.1 万台，主要对标美国本土制 造商。随着海外工厂陆续投产，公司已与北美部分头部EPC 客户达成合作，并持续拓展欧美体系储能 客户。 数据中心变压器业务快速成长，突破北美市场今年以来，公司在数据中心变压器领域的产品结构与市场 拓展均取得重要突破，产品线已从高压直流移相变压 ...

Group 1 - Jiangsu Huachen's stock price has declined for four consecutive days, with a total drop of 5.56% during this period, currently trading at 28.43 CNY per share and a market capitalization of 4.675 billion CNY [1] - The company specializes in the research, production, and sales of power distribution and control equipment, with its main revenue sources being box-type substations (43.11%), dry-type transformers (28.78%), oil-immersed transformers (22.90%), electrical complete sets (3.26%), and others (1.95%) [1] Group 2 - The fund "Chuangjin Hexin Qifu Youxuan Stock Initiation A" holds 39,000 shares of Jiangsu Huachen, representing 1.66% of the fund's net value, making it the largest holding [2] - The fund has experienced a year-to-date return of 41.94% and ranks 1021 out of 4189 in its category, with a one-year return of 40.34% and a ranking of 916 out of 4188 [2] - The fund manager, Zhang Rong, has a tenure of over 10 years, with the best fund return during this period being 53.6% and the worst being -31.64% [2]

Group 1 - The core viewpoint of the news is that Sanbian Technology has experienced a stock price increase of 1.54%, reaching 13.82 CNY per share, with a total market capitalization of 4.065 billion CNY and a trading volume of 294 million CNY on December 24 [1] - Sanbian Technology's stock price has risen for four consecutive days, with a cumulative increase of 6.39% during this period [1] - The company, established on December 29, 2001, and listed on February 8, 2007, specializes in the production, maintenance, and sales of transformers, motors, reactors, low-voltage complete electrical equipment, and power transmission and transformation equipment [1] Group 2 - The largest circulating shareholder of Sanbian Technology is the Guotai Fund, which reduced its holdings in the Guotai Valuation Advantage Mixed Fund (LOF) A (160212) by 9.7208 million shares, now holding 2.8709 million shares, representing 1.1% of the circulating shares [2] - The Guotai Valuation Advantage Mixed Fund (LOF) A (160212) has achieved a return of 52.5% this year, ranking 975 out of 8088 in its category, and a return of 50.54% over the past year, ranking 1009 out of 8058 [2]

Group 1 - Jiangsu Huachen Transformer Co., Ltd. experienced a stock price increase of 5.01%, reaching 27.68 CNY per share, with a trading volume of 97.11 million CNY and a turnover rate of 2.23%, resulting in a total market capitalization of 4.55 billion CNY [1] - The company, established on September 4, 2007, and listed on May 12, 2022, specializes in the research, production, and sales of power distribution and control equipment [1] - The main revenue composition of Jiangsu Huachen includes: box-type substations (43.11%), dry-type transformers (28.78%), oil-immersed transformers (22.90%), electrical complete equipment (3.26%), and others (1.95%) [1] Group 2 - The fund "Chuangjin Hexin Qifu Optimal Stock Initiation A" (019338) holds Jiangsu Huachen as its largest position, with 39,000 shares, accounting for 1.66% of the fund's net value, and has generated an estimated floating profit of approximately 51,500 CNY [2] - The fund was established on September 19, 2023, with a latest scale of 20.19 million CNY, achieving a year-to-date return of 42.14%, ranking 779 out of 4,198 in its category [2] - The fund has a one-year return of 38.93%, ranking 766 out of 4,153, and a total return since inception of 44.9% [2] Group 3 - The fund manager of "Chuangjin Hexin Qifu Optimal Stock Initiation A" is Zhang Rong, who has a tenure of 10 years and 198 days, managing total assets of 53.51 million CNY [3] - During his tenure, the best fund return achieved was 52.86%, while the worst return was -31.64% [3]

Industry Overview - The U.S. market is experiencing a "power shortage" that is constraining the expansion of AI computing power, primarily due to a shortage of transformers [1] - The delivery cycle for transformers in the U.S. has increased from 30-60 weeks to 115-130 weeks, with large transformers taking 2.3-4 years [1] - There is a projected hard gap in electricity capacity and consumption in North America by 2026/2027, indicating a significant impact on the overall power system [1] - The demand for transformers in North America is expected to grow at an annual rate of 30% [1] Company Insights - Igor is a domestic supplier of mid-to-high-end transformers and power conversion equipment, having obtained UL and CSA certifications for the North American market [2] - Igor's main products include dry-type transformers, photovoltaic boosting transformers, and energy storage transformers, aligning with North America's renewable energy integration and grid upgrade needs [2] - New Special Electric focuses on the research and manufacturing of various frequency transformers, with multi-winding dry-type frequency transformers applicable in data centers [2] - New Special Electric is also developing solid-state transformers (SST), which are currently in the technology development stage [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the new energy transformer sector and is accelerating its overseas expansion while developing AIDC to create a second growth curve [1] - The company has achieved significant revenue and net profit growth, with a projected CAGR of 35% and 54% from 2020 to 2024, respectively [1] - The company is expected to return to a rapid growth trajectory by 2026, driven by overseas sales and data center business expansion [1] Summary by Sections 1. Focus on Energy and Information Industry, Actively Expanding Global Market - The company has successfully expanded its overseas customer base and is positioning itself in the data center product market [12] - The strategic focus is on energy and information sectors, with new energy products contributing significantly to revenue [15] - The company has a relatively dispersed shareholding structure, with a strong management team [18] 2. New Energy and Distribution Market Opportunities - The overseas market for new energy and distribution transformers is vast, with significant growth potential [37] - The company has made important breakthroughs in overseas markets, particularly in the U.S. distribution market [58] - The company is well-positioned to benefit from the high demand for transformers driven by AIDC and grid upgrades [51] 3. Diversified AIDC Product Layout, Creating a Second Growth Engine - The global AIDC installed capacity is rapidly increasing, driving high demand for medium-voltage transformers [3] - The company has diversified its product offerings in the AIDC sector, achieving significant progress in both domestic and international markets [3] 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 2.8 billion, 4.9 billion, and 7.4 billion yuan from 2025 to 2027, with corresponding P/E ratios of 49, 29, and 19 times [1] - The target price for 2026 is set at 45.8 yuan, based on a 40 times P/E ratio [1]

Group 1: Company Overview and Operations - Igor Electric Co. has established overseas factories with significant production capacities, including a Thai factory capable of producing 700 units of new energy transformers per month and a Mexican factory expected to reach a capacity of 500 units per month by mid-next year [3] - The company is expanding its product offerings in the data center sector, including phase-shifting transformers, dry-type transformers, and oil-immersed transformers, with sales extending to markets such as Japan, the USA, and Malaysia [4] Group 2: Market Expansion and Client Engagement - Igor Electric has formed partnerships with leading North American clients for EPC cooperation, driven by the increasing demand for transformers in the renewable energy sector [3] - The company aims to enhance its brand recognition and support overseas business expansion through its planned H-share listing, with funds allocated for R&D, production facility development, and global manufacturing layout [5] Group 3: Future Goals and Strategic Focus - The company is focused on building and releasing domestic and international production capacities, enriching its product matrix, and enhancing product competitiveness [6] - Igor Electric plans to continue investing in the data center power equipment sector, leveraging its digital manufacturing advantages to create reliable and energy-efficient solutions [4]

Core Viewpoint - The stock of Sanbian Technology has shown fluctuations in recent trading sessions, with a notable increase in share price this year, but a decline in recent days, indicating potential volatility in investor sentiment [1][2]. Company Performance - As of November 25, Sanbian Technology's stock price is 13.33 CNY per share, with a market capitalization of 3.921 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 19.77%, but has seen a decline of 6.65% over the last five trading days [1]. - For the period from January to September 2025, Sanbian Technology reported a revenue of 1.239 billion CNY, a year-on-year decrease of 16.91%, and a net profit attributable to shareholders of 40.155 million CNY, down 48.84% year-on-year [2]. Shareholder Information - As of November 10, the number of shareholders for Sanbian Technology has increased to 60,000, a rise of 50% from the previous period, while the average number of circulating shares per shareholder has decreased by 33.33% to 4,367 shares [2]. - The company has distributed a total of 61.088 million CNY in dividends since its A-share listing, with 26.208 million CNY distributed over the last three years [3]. Market Activity - Sanbian Technology has appeared on the stock market's "龙虎榜" (top trading list) 12 times this year, with the most recent appearance on November 6, where it recorded a net buy of -154 million CNY [1]. - The company operates in the electric equipment sector, focusing on transformer production and related services, with its main revenue sources being oil-immersed transformers (58.38%), combined transformers (28.13%), and dry-type transformers (10.89%) [1][2].

Core Viewpoint - The stock of Sanbian Technology has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 29.38%, indicating volatility in investor sentiment and market performance [1][2]. Company Overview - Sanbian Technology, established on December 29, 2001, and listed on February 8, 2007, specializes in the production, maintenance, and sales of transformers, motors, reactors, low-voltage complete electrical equipment, and power transmission and transformation equipment [1]. - The company's revenue composition includes: oil-immersed transformers (58.38%), combined transformers (28.13%), dry-type transformers (10.89%), and others (2.60%) [1]. Financial Performance - For the period from January to September 2025, Sanbian Technology reported operating revenue of 1.239 billion yuan, a year-on-year decrease of 16.91%, and a net profit attributable to shareholders of 40.155 million yuan, down 48.84% year-on-year [2]. - The company has distributed a total of 61.088 million yuan in dividends since its A-share listing, with 26.208 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders of Sanbian Technology increased to 60,000, a rise of 50%, while the average circulating shares per person decreased by 33.33% to 4,367 shares [2]. - The second-largest circulating shareholder, Guotai Junan Valuation Advantage Mixed (LOF) A, holds 2.8709 million shares, a decrease of 9.7208 million shares compared to the previous period [3]. Market Activity - The stock has seen significant trading activity, with 12 appearances on the "Dragon and Tiger List" this year, indicating notable buying and selling interest [1].