证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 27 日 浙商早知道 2025 年 08 月 27 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 1 市场总览 1、大势 重要点评 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：8 月 26 日上证指数下跌 0.39%，沪深 300 下跌 0.37%，科创 50 下跌 1.31%，中证 1000 下跌 0.02%，创业 板指下跌 0.76%，恒生指数下跌 1.18%。 行业：8 月 26 日表现最好的行业分别是农林牧渔（+2.62%)、美容护理（+2.04%)、基础化工（+1.26%)、传媒 （+1.23%)、综合（+1.09%)，表现最差的行业分别是医药生物（-1.09%)、非银金融（-1.06%)、钢铁（-0.98%)、 国防军工（-0.93%)、通信（-0.79%)。 资金：8 月 26 日全 A 总成交额为 27098.31 亿元，南下资金净流入 165.72 亿港元。 【浙商机械 邱世 ...

2025 年 08 月 25 日 国产算力多因素催化，AIDC 配套迎来爆发契机 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 6.6 19.5 50.1 沪深 300 5.5 12.8 31.6 市场表现 -10 0 10 20 30 40 50 60 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：液冷柴发 板块超预期，关注云厂财报》2025- 08-12 2、《电力设备行业周报：海外巨头 CapEx 上调验证 AI 高景气度，国产 算力自主可控势不可挡》2025-08- 04 3、《电力设备行业周报：人形机器 人新品频出，WAIC2025 具身智能火 热》2025-07-29 ▌多因素催化，IDC 与算力租赁赛道迎来爆发契机 国产算力迎多重利好，投资价值凸显。产业升级上，"国产 芯片 ...

Core Viewpoint - The surge in stock price of Yuchai International (CYD.US) is attributed to the strong performance in its mid-year results and the overall positive sentiment in the AI industry, driven by increased capital expenditure and demand for data centers [1][6][10]. Financial Performance - Yuchai International reported a revenue of 13.81 billion RMB in the first half of 2025, a year-on-year increase of 34% [2]. - The net profit attributable to shareholders reached 366 million RMB, reflecting a growth of 52.20% compared to the previous year [1][2]. - The company's earnings per share (EPS) for the first half of 2025 was 9.75 RMB, up from 5.88 RMB in the same period last year [2]. Market Dynamics - The stock price of Yuchai International has increased by 208.87% year-to-date, with a peak price of 29.98 USD on August 8, 2023 [1]. - The AI data center market is projected to grow significantly, with a compound annual growth rate (CAGR) of 28.34%, reaching a market size of 165.73 billion USD by 2034 [6][7]. - The demand for large-diameter diesel engines in data centers is expected to approach 10 billion RMB by 2025, indicating strong growth potential in this segment [7]. Competitive Landscape - Yuchai International is positioned to benefit from the domestic shift towards local suppliers, as foreign brands like Cummins and MTU currently dominate the market [7][9]. - The company has plans to increase production capacity by over 30% in 2025 and 2026, which is crucial for meeting the rising demand [8]. - The market is witnessing a trend of increasing prices for diesel engines, with expectations of a price rise of 20-30 thousand RMB for 2026 models [8]. Future Outlook - The company is expected to see continued growth in the second half of the year, driven by seasonal demand and price increases [9]. - Yuchai International's current price-to-earnings (PE) ratio stands at 17.09, significantly lower than the industry average of 27.98, suggesting potential for valuation adjustments [10].

Summary of Conference Call Records Industry Overview - The discussion primarily revolves around the impact of AI on the mechanical equipment industry, particularly focusing on three key areas: the emergence of new industries due to AI, the amplified demand for existing equipment, and the transformation of competitive dynamics within traditional industries [1][15]. Key Points and Arguments 1. **Emergence of New Industries**: AI has led to the creation of new sectors, such as the cloud robotics industry, which is a direct result of AI advancements [1]. 2. **Increased Equipment Demand**: The demand for traditional equipment like gas turbines, steam turbines, and refrigeration units has significantly increased due to AI [1]. 3. **Transformation of Competitive Landscape**: AI has empowered traditional industries, leading to notable changes in competition and operational dynamics [1]. 4. **Market Resilience**: The overall market has shown resilience, with a sustained increase in activity levels despite previous adjustments in capacity and macroeconomic conditions [2]. 5. **Technological Convergence**: The industry is currently in a thematic phase rather than a growth phase, with technology still evolving and not yet fully converged [3]. 6. **Challenges for Traditional Companies**: Companies in the mechanical sector, such as Sanhua and others, are struggling to reach new highs without fundamental improvements in the industry [4]. 7. **M&A Activity**: Recent mergers and acquisitions, particularly in the robotics sector, are becoming a focal point for growth, reminiscent of past cross-border M&A trends [5]. 8. **Industry Growth Metrics**: The human-robotics sector is projected to reach a scale of over 20 billion, a significant increase from virtually non-existent levels in 2022 [6]. 9. **Labor Market Insights**: The textile and apparel industry has a substantial wage expenditure, estimated at 5 to 6 trillion RMB annually, highlighting its reliance on human labor [8]. 10. **AI's Role in Textile Automation**: AI advancements are enabling automation in the textile industry, which was previously heavily reliant on manual labor, thus changing the competitive landscape [9][10]. 11. **Investment Opportunities**: Companies like Jietek are expected to see significant profit growth due to AI integration, with projections of over 1 billion in profit this year [11]. 12. **Temperature Control Equipment**: Companies involved in temperature control, such as those providing cooling solutions, are expected to see growth driven by AI applications [13][14]. 13. **Gas Turbine Market**: The gas turbine market is anticipated to grow, with companies like Yingliu expected to increase their production capacity significantly [14][15]. 14. **Overall Investment Climate**: The investment landscape remains promising, with a focus on companies that are leveraging AI to enhance their operational efficiency and market position [16]. Additional Important Insights - The discussion emphasizes the importance of understanding the evolving dynamics within the mechanical equipment industry as AI continues to reshape traditional business models and operational efficiencies [1][15]. - The potential for significant profit growth in companies that adapt to AI technologies is highlighted, indicating a shift in investment focus towards those embracing innovation [11][16].

Market Overview - On July 14, the Shanghai Composite Index rose by 0.27%, the CSI 300 increased by 0.07%, the STAR 50 fell by 0.21%, the CSI 1000 rose by 0.02%, and the ChiNext Index decreased by 0.45% [4] - The best-performing sectors on July 14 were machinery equipment (+1.23%), comprehensive (+1.04%), public utilities (+1.04%), household appliances (+1.02%), and oil and petrochemicals (+0.86%). The worst-performing sectors were real estate (-1.29%), media (-1.24%), non-bank financials (-1.03%), retail (-0.94%), and computers (-0.88%) [4][3] - The total trading volume for the entire A-share market on July 14 was 1,480.9 billion yuan, with a net inflow of 8.243 billion Hong Kong dollars from southbound funds [4][3] Industry Insights - The report highlights the dual opportunities presented by HVDC (High Voltage Direct Current) and the AI wave, indicating a new investment trend in AIDC (Artificial Intelligence Data Center) [5] - HVDC is expected to open up growth opportunities, while the demand for backup power sources in the generator segment is on the rise due to supply shortages [5] - Investment opportunities include the high value of power supply systems and the increasing density of AI computing chips driving HVDC iterations, alongside the upward trend in generator backup power demand [5]

2025 年 05 月 12 日 OpenAI 计划加大海外投资，持续看好 AIDC 环节 —电力设备行业周报 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 5.6 -5.1 0.4 沪深 300 2.6 -1.9 4.9 市场表现 -30 -20 -10 0 10 20 30 (%) 电力设备 沪深300 ▌ 投资观点 从板块来看，我们认为柴发依然是量利齐升且逻辑最顺的板 块，推荐关注潍柴重机，其次建议关注渗透率逐步提升的 HVDC 环节，推荐关注科华数据、通合科技，最后建议关注伴 随功率提升而受益的服务器电源以及液冷环节，推荐关注英 维克（新能源车组覆盖）、申菱环境（新能源车组覆盖）、 欧陆通。 对电力设备板块维持"推荐"评级。 ▌ 风险提示 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：海外云厂 财报超预期，A ...

2025 年 05 月 12 日 OpenAI 计划加大海外投资，持续看好 AIDC 环节 —电力设备行业周报 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 5.6 -5.1 0.4 沪深 300 2.6 -1.9 4.9 市场表现 -30 -20 -10 0 10 20 30 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：海外云厂 财报超预期，AI 反弹趋势明确》 2025-05-06 2、《电力设备行业周报：光伏组件 维持涨价，人形机器人产业进展密 集》2025-03-31 3、《电力设备行业周报：GTC 大会 落幕，持续看好 AIDC 建设机会》 2025-03-24 ▌OpenAI 计划加大海外投资，持续看好 AIDC 环节 OpenAI 计划扩大其价值 5000 亿美元的美国数 ...