2026 年 01 月 07 日 公司研究●证券研究报告 海兴电力（603556.SH） 公司快报 2025Q3 业绩回暖，配电及新能源产品加速拓展 投资要点 | 电力设备及新能源 | 电力电子及自动化Ⅲ | | --- | --- | | 投资评级 | 买入(维持) | | 股价(2026-01-06) | 35.70 元 | | 交易数据 | | | 总市值（百万元） | 17,359.63 | | 流通市值（百万元） | 17,359.63 | | 总股本（百万股） | 486.26 | | 个月价格区间 12 | 38.30/24.94 | | | | --- | --- | --- | --- | | 一年股价表现 | | | | | 资料来源：聚源 | | | | | 升幅% | 1M 12M | 3M | | | 相对收益 | -1.91 | 25.0 | -22.25 | | 绝对收益 | 2.59 | 28.23 | 4.86 | | 分析师 | 贺朝晖 | | | | SAC | 执业证书编号：S0910525030003 | | | | | hezhaohui@huajinsc.cn | ...

（文章来源：证券日报） 证券日报网1月5日讯 ，海兴电力在接受调研者提问时表示，公司已明确以"电"和"水"为两大核心发展 方向，致力于成为全球领先的数字能源与智慧水务解决方案提供商。在电力领域，公司将持续巩固在智 能电网市场的领先优势，推动业务从智能计量、配网自动化向数字能源管理实现全面布局。公司的目标 不仅是成为设备与方案的供应商，更是助力电力客户实现数字化转型与能源转型的长期合作伙伴。公司 将紧抓全球电网升级、分布式绿电高比例接入及能效提升带来的重大机遇，为客户提供更高效、更可靠 的系统解决方案。在水务领域，公司的战略视野已从智能计量延伸至更广阔的水资源管理领域。除持续 拓展全球智能水表业务外，公司正战略性布局海水淡化这一关键水资源解决方案市场。依托在电力能效 管理、自动控制及系统集成方面的核心技术积淀，公司将为全球水资源短缺地区提供高效、节能的海水 淡化设施及整体运营解决方案。电力与水务两大业务将在技术、市场与资源管理上形成强大的战略协 同，共同构建公司未来长期、可持续的增长双引擎。 ...

大成动态量化配置策略混合A（003147）成立日期2016年9月20日，最新规模2298.07万。今年以来收益 57.69%，同类排名847/8085；近一年收益56.62%，同类排名759/8085；成立以来收益48.1%。 大成动态量化配置策略混合A（003147）基金经理为夏高。 截至发稿，夏高累计任职时间11年29天，现任基金资产总规模24.94亿元，任职期间最佳基金回报 229.61%， 任职期间最差基金回报-71.74%。 12月31日，新天科技涨1.14%，截至发稿，报4.43元/股，成交4030.97万元，换手率0.79%，总市值51.82 亿元。 资料显示，新天科技股份有限公司位于河南省郑州高新技术产业开发区红松路252号，成立日期2000年 11月2日，上市日期2011年8月31日，公司主营业务涉及智能计量仪表及系统的研发、生产、销售和技术 服务,涵盖智能水表、热量表、智能燃气表及智能电表四大系列。主营业务收入构成为：智能民用水表 及系统41.11%，智能工商业水表及流量计23.41%，智能燃气表及系统22.95%，其他(智慧农业节水、智 慧水务、智慧热力等)12.54%。 从基金十大重仓 ...

今年，全市通过村庄集约化、供水站标准化改造的方式完成55处城乡供水提升工程，改善了近10万村民 的生活用水条件，同时对各区农村供水设施进行运维补贴，惠及人口超200万人。截至目前，本市农村 自来水普及率达99.9%。 怀柔一渡河村嘉合小镇旁，一座40多平方米的供水站今年刚刚进行了标准化升级，泵房、消毒设备间分 别"住"进两个屋子里，日供水能力为200立方米。 12月26日中午，当记者来到消毒设备间时，饮用水消毒器正"砰砰"地响着。屏幕上，显示着"投加点管 道流量值"等数据。为什么水质更好了？一个重要的原因便来源于眼前这一套"聪明"的消毒设备。 原来，消毒器旁有一个电磁流量计，可以"感知"出水量。消毒器如同"智慧大脑"，根据水的变化量，自 动分析、控制消毒药剂的投加量。新设备升级，让药剂投加量更精准了。 "最近，我感觉水流更冲了，烧的水口感越来越好，连炒的菜都更香了！"怀柔北沟村村民李凤田告诉记 者，"以前到了旱季，水龙头的水有时断断续续的，今年再没出现过这种情况。"用水发生了什么意外状 况，处理的动作也更快了。"像有一次停电了，工作人员立马找来了发电机给供水站供电，用水一点也 没受影响。" 工作人员入户检查用 ...

Core Insights - Zhengzhou has implemented a comprehensive "1+4+N" elderly care policy, establishing 93 elderly care institutions and 1,166 community care centers, enhancing the quality of life for seniors in urban and rural areas [1] - The city has created a "15-minute service circle" for elderly care, ensuring that services such as meal delivery and health monitoring are easily accessible [1][2] Group 1: Meal Services - The "Mama Restaurant" in Longdong Community serves over 200 elderly individuals daily, offering affordable meals with discounts for seniors [1] - Zhengzhou has 645 meal service points that have served over 2 million people, providing customized meals for seniors with specific health needs [1] Group 2: Health Monitoring - The community health service center utilizes a smart health management platform to monitor the health status of 85,00 elderly residents, ensuring timely medical assistance [2][4] - Emergency response systems are in place, allowing seniors to receive immediate help through a dedicated alert system [4] Group 3: Social Engagement - Community centers offer various activities, such as chess and music classes, fostering social interaction among seniors and enhancing their mental well-being [5] - The "property + elderly care" model promotes neighborly support, creating a sense of community among the elderly [5]

同日，新天科技召开第六届董事会第一次会议，审议通过选举公司第六届董事会董事长、副董事长、董 事会各专门委员会委员及聘任高级管理人员、董事会秘书、财务总监的议案。第六届董事会及董事会各 专门委员会组成情况如下：非独立董事李晶晶（董事长）、王胜利（副董事长）、常明松、崔红军、白 江涛；独立董事吴跃平、秦朝葵、刘晓旻；职工代表董事石林。公司第六届董事会由 9 名成员组成，任 期自公司 2025 年第一次临时股东会审议通过之日起三年。 新天科技聘任高级管理人员情况如下：总经理为常明松；副总经理为刘胜利、张毅、石林、刘畅；财务 负责人为徐文亮；董事会秘书为杨冬玲。 换届选举完成后，新天科技第五届董事会非独立董事刘胜利不再担任董事，仍在公司任副总经理；非独 立董事张磊不再担任公司董事，独立董事陈铁军及杨玲霞不再担任公司独立董事及董事会各专门委员会 职务，上述人员亦不在公司担任其他职务。 瑞财经 钟鸣辰12月22日晚，新天科技(SZ300259)发布换届公告，宣布董事长王胜利改任副董事长，李 晶晶接任。 公告显示，新天科技股份有限公司当日召开 2025 年第一次临时股东会，选举产生公司第六届董事会非 职工代表董事。该非职工 ...

Core & Main (NYSE:CNM) Q3 2026 Earnings Call December 09, 2025 07:30 AM ET Company ParticipantsRobyn Bradbury - CFOGlenn Floyd - Director of Investor RelationsNigel Coe - Managing DirectorSam Reid - Executive Director of Equity ResearchMark Witkowski - CEOMatt Johnson - Associate Director of Equity ResearchJoe Ritchie - Managing DirectorPatrick Baumann - Managing DirectorConference Call ParticipantsMatthew Bouley - Senior Equity Research AnalystBrian Biros - Equity AnalystDavid Manthey - Senior Research Ana ...

Core Viewpoint - The "Implementation Plan for High-Quality Development of Water-Saving Equipment (2025-2030)" aims to enhance the water-saving equipment industry, focusing on technological innovation, industrial upgrades, and talent cultivation to ensure national water security and support new industrialization [1][3]. Group 1: Water-Saving Equipment Development - By 2027, breakthroughs in key water-saving equipment and a more robust standard system are expected, along with the cultivation of leading enterprises and specialized "little giant" companies [1]. - By 2030, a comprehensive, technologically advanced water-saving equipment system is to be established, enhancing the supply capacity of high-performance, efficient, and reliable water-saving equipment [1][3]. Group 2: Industrial Water Efficiency - The Ministry of Industry and Information Technology (MIIT) has implemented actions to improve industrial water efficiency, achieving a 50% reduction in water usage per unit of industrial added value over the past decade while maintaining zero growth in total industrial water consumption [2]. - A policy framework for industrial water efficiency has been established, including the "Industrial Water Efficiency Improvement Action Plan" and "Industrial Wastewater Recycling Implementation Plan" [2]. Group 3: Key Tasks and Innovations - The plan emphasizes the need for breakthroughs in critical components, materials, and processes in water-saving equipment, aiming for a collaborative industrial chain that covers material research, equipment manufacturing, and system integration [3][5]. - The focus is on enhancing the efficiency of water-saving technologies in various industrial processes, particularly in high-water-consumption sectors like steel manufacturing [6]. Group 4: Challenges and Shortcomings - Despite having over 2,000 large-scale water-saving equipment manufacturers, the industry faces challenges such as over 50% reliance on imports for key components and low levels of equipment intelligence and system integration [4]. - The lack of a robust innovation mechanism and low conversion rates of scientific achievements hinder the industry's growth and international competitiveness [4]. Group 5: Technological Integration and Smart Solutions - The integration of new technologies like industrial internet, big data, and artificial intelligence is crucial for enhancing water-saving management efficiency [7]. - The plan promotes the digital transformation of the water-saving equipment industry, aiming to improve operational efficiency and resource utilization through smart monitoring and management systems [7][8]. Group 6: Policy Support and Talent Development - The MIIT will increase policy support for updating water-saving equipment and accelerating the development of necessary standards [8]. - There will be a focus on cultivating applied talent in water-saving disciplines to link the talent chain with the industry chain effectively [8].

Core Insights - The "Water-Saving Equipment High-Quality Development Implementation Plan (2025-2030)" aims to enhance the water-saving equipment industry, focusing on breakthroughs in key equipment and establishing a robust standard system by 2027, with a comprehensive and advanced water-saving equipment system by 2030 [1][3] Group 1: Industry Development - The water-saving equipment industry is crucial for national water security and sustainable resource utilization, presenting significant development opportunities through technological innovation and industrial upgrades [1][3] - The industrial water efficiency improvement actions have led to a zero growth in industrial water use over the past decade while supporting an average industrial economic growth of 5.7% [2] - The current scale of water-saving equipment manufacturing enterprises exceeds 2,000, positioning China among the global leaders in this sector [4] Group 2: Technological Focus - The implementation plan emphasizes the need for innovation in key components, materials, and processes within the water-saving equipment industry, aiming for a collaborative approach across the entire supply chain [3][4] - Specific technological advancements are targeted in water supply equipment, including high-precision filtration and the utilization of unconventional water sources such as rainwater and seawater [5] - The plan outlines critical directions for wastewater recycling technologies, focusing on membrane technologies and intelligent operation systems [5][6] Group 3: Smart Water Management - The integration of smart technologies such as AI and IoT is highlighted as a key pathway to enhance water management efficiency, with many enterprises already adopting digital water management systems [7] - The current coverage of smart monitoring and management platforms in the industrial sector is below 30%, indicating significant potential for growth in digital applications [7] Group 4: Policy Support - The Ministry of Industry and Information Technology plans to increase policy support for the upgrade and technological transformation of key industry water-saving equipment [8] - Efforts will be made to accelerate the development of urgently needed standards in the water-saving equipment sector, promoting standardization and series production [8]

Core Insights - The global smart meter installation is projected to exceed 1.8 billion units by the end of 2024, with a compound annual growth rate (CAGR) of 10%, expected to surpass 3 billion units by the end of 2030, driven by grid modernization and regulatory policies [4][5]. Market Dynamics - North America has the highest penetration rate of smart electric meters at approximately 81% by the end of 2024, with China and Europe also showing high adoption rates. In contrast, regions like Latin America, Africa, and South Asia present significant growth opportunities due to their lower penetration rates [5][9]. - Smart electric meters currently dominate the market, with continued growth expected in regions where their adoption is still low. In developed areas with established infrastructure, smart water and gas meters are anticipated to see earlier growth, particularly after 2027 in emerging economies [5][9]. Technological Trends - The smart meter market is rapidly evolving in terms of connectivity technologies, transitioning from traditional power line communication (PLC) and RF Mesh networks to low-power wide-area network (LPWA) technologies, including NB-IoT and LTE-M. This shift is expected to increase the share of cellular connections, particularly 4G Cat 1 bis, NB-IoT, and LTE-M, which will become mainstream choices [8][9]. - By 2030, it is estimated that nearly two-thirds of new smart meters will utilize cellular communication technologies, especially in remote or large-scale deployment environments [9]. Regional Insights - Chinese smart meter manufacturers are leading the adoption of 4G Cat 1 bis technology, leveraging its cost-effectiveness and performance balance. Key players include Sanxing Electric, Holley Technology, Jiangsu Linyang Energy, Suntron Technology, and GoldCard Smart Group, with expectations for continued leadership in 4G Cat 1 bis deployment [9]. Research Reports - Counterpoint Research offers detailed reports on the global smart meter market, analyzing trends, growth drivers, and competitive landscapes from 2022 to 2030, covering over five regions and more than 15 leading brands [10].