来源：新浪财经-鹰眼工作室 市场风险：期货行情剧烈波动可能导致交易损失； 流动性风险：极端行情下或因保证金不足面临强行 平仓； 内部控制风险：操作不当或系统故障可能引发执行偏差； 技术风险：交易系统故障导致指令延 迟或数据错误； 政策风险：法律法规或交易规则调整引发市场波动。 严格遵循套期保值原则，禁止投机性交易； 设立期货套期保值领导小组统筹交易与风控； 动态监控资 金规模，市场剧烈波动时及时平仓； 配备冗余交易系统及应急处理机制； 内部审计部门定期核查业务 合规性； 依据《套期保值业务管理制度》建立止损机制。 审议程序合规 保荐机构出具肯定意见 本次议案经公司第七届董事会第二次会议审议通过，无需提交股东大会审议。保荐机构国泰海通证券股 份有限公司核查后认为，该业务旨在降低原料价格波动影响，不存在损害公司及股东权益的情形，审批 程序符合《深圳证券交易所股票上市规则》等相关规定。 伊戈尔电气股份有限公司（证券简称：伊戈尔，证券代码：002922）于2025年11月24日发布公告称，公 司第七届董事会第二次会议审议通过《关于开展铜期货保值业务的议案》，同意公司及子公司使用自有 资金开展铜商品期货期权和衍生品套期 ...

伊戈尔电气股份有限公司（证券简称：伊戈尔，证券代码：002922）于2025年11月24日发布公告称，公 司第七届董事会第二次会议审议通过《关于开展铜期货保值业务的议案》，同意公司及子公司使用自有 资金开展铜商品期货期权和衍生品套期保值业务，涉及保证金及权利金合计不超过1200万元，资金使用 期限为自董事会审议通过之日起12个月。 锁定原材料成本波动风险 聚焦主营业务稳健经营 严格遵循套期保值原则，禁止投机性交易； 设立期货套期保值领导小组统筹交易与风控； 动态监控资 金规模，市场剧烈波动时及时平仓； 配备冗余交易系统及应急处理机制； 内部审计部门定期核查业务 合规性； 依据《套期保值业务管理制度》建立止损机制。 审议程序合规 保荐机构出具肯定意见 本次议案经公司第七届董事会第二次会议审议通过，无需提交股东大会审议。保荐机构国泰海通证券股 份有限公司核查后认为，该业务旨在降低原料价格波动影响，不存在损害公司及股东权益的情形，审批 程序符合《深圳证券交易所股票上市规则》等相关规定。 市场分析人士指出，伊戈尔此次通过期货工具对冲原材料成本风险，有助于提升财务报表稳定性，尤其 在当前大宗商品价格波动加剧的背景下，此 ...

Core Viewpoint - Harbin Jiuzhou Group's wholly-owned subsidiary, Shenyang Haocheng Electric, has made significant progress in the mining and metallurgy sector by winning key projects for power transformer procurement [1] Group 1 - Shenyang Haocheng Electric successfully won the bid for the power transformer procurement for China Copper's northern region [1] - The company also secured a contract for the 10KV transformer procurement for Yunnan Jinding Zinc Industry's ten-thousand-ton ore dressing plant [1] - Additionally, it won the supplementary procurement for transformers in the green transformation project of Fushun New Steel [1]

Core Insights - The article discusses the emergence of a new trade route in Central Asia, facilitated by the "new caravan" of Chinese goods, particularly automobiles, through the Horgos port [1][3]. Group 1: Trade and Economic Impact - Horgos port exported 258,000 vehicles from January to August 2025, marking an 8.5% year-on-year increase, with electric vehicle exports reaching 102,000 units, a 45.2% increase [3][4]. - The "ferry" model of delivery has gained popularity due to its low cost and flexibility, appealing to foreign automobile importers [1][3]. - The market share of Chinese automobiles in Kazakhstan is projected to reach 39% by 2024, indicating a growing acceptance of Chinese products in the region [4]. Group 2: Logistics and Transportation - The Horgos railway port has dedicated models for new energy vehicles, with a train dispatched every two days carrying approximately 600 cars [3]. - Local drivers, like Yermik Yerkembay, have built trust in Chinese products, leading to an increase in cross-border transportation and the number of transport vehicles [5][7]. - The Horgos Jin Yi International Trade Group exports a variety of products, including daily necessities and large machinery, and has established facilities for drivers to rest [7].

Investment Rating - The report suggests a positive outlook on the nuclear power sector, particularly focusing on small modular reactors (SMRs) as a key energy solution for AI data centers, driven by recent administrative actions from the Trump administration [5][48][50]. Core Insights - The collaboration between OpenAI, Oracle, and Vantage Data Centers to build the "Lighthouse" Stargate data center cluster in Wisconsin is a significant development, contributing to the expansion of IT capacity in the U.S. [1][12]. - The U.S. grid reliability is under threat, with warnings from NERC about a potential "five-alarm fire" risk, indicating urgent infrastructure needs [1][26]. - The demand for gas turbines is expected to grow, driven by the re-industrialization and development of AI data centers, despite a stable electricity demand in the U.S. [18][22]. - The report highlights a robust growth in the transformer export market, particularly from China and South Korea, indicating a strong demand for electrical equipment [38][39]. Summary by Sections Global Infrastructure and Construction Equipment - North America's data center vacancy rates have reached a historic low of 1.6%, reflecting strong demand [8]. - The average price for 250 to 500 kW cabinets has increased by 2.5%, while those over 10 MW have surged by 19% due to limited power supply and rising construction costs [8]. Global Electrical and Intelligent Equipment - The gas turbine price index increased by 3.43% year-on-year as of August 2025, indicating a stable competitive landscape [15]. - The U.S. electrical transformer production price index remained stable at 440.55, with a year-on-year increase of 2.5% [29]. Global Energy Industry - The average spot price of electricity in major U.S. regions rose by 21.32% week-on-week, with a significant increase in clean energy installations [3]. - The collaboration between Oklo and Newcleo to develop advanced fuel manufacturing infrastructure in the U.S. is a notable advancement in the nuclear sector [3]. Global New Materials - The global uranium spot price increased by 10% month-on-month, reflecting a tightening supply [4]. - The price index for steel pipes and stainless steel rose by 0.58% month-on-month, indicating a positive trend in the materials market [4]. Key Company Insights and Commentary - GE Vernova is expanding its capabilities in the nuclear sector, with a focus on high-voltage equipment and small modular reactors [43]. - Siemens Energy is actively investing in expanding its transformer manufacturing capacity in Germany, indicating strong order reserves [43]. - ABB has signed significant contracts for electrification projects, showcasing its commitment to energy management solutions [41].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][12]. Core Insights - The company reported a revenue of 13.83 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 32.9%, and a net profit attributable to shareholders of 2.19 billion yuan, up 46.9% year-on-year [2]. - The strong performance is attributed to the continuous release of overseas orders since Q2 2023, with exports of power transformers from China reaching 3.7 billion USD from January to August 2025, a 51% increase year-on-year [3]. - The company significantly increased its market share in domestic grid bidding, with a total winning bid amount of 4.81 billion yuan, a 73% increase year-on-year, driven by the unexpected growth in the Northwest power grid construction [4]. - The gross profit margin for the first three quarters of 2025 was 32.3%, an increase of 0.9 percentage points year-on-year, with Q3 gross margin at 33.3%, up 2.3 percentage points year-on-year, indicating improved profitability [5]. Summary by Sections Performance Review - In Q3 2025, the company achieved a revenue of 5.33 billion yuan, a 25.7% increase year-on-year, and a net profit of 900 million yuan, up 48.7% year-on-year, exceeding expectations [2]. Operational Analysis - The overseas market revenue for the first half of 2025 reached 2.86 billion yuan, reflecting an 88.9% year-on-year growth, indicating a robust expansion in international business [3]. Market Positioning - The company’s winning bid amount in the fourth batch of State Grid's bidding was 14.12 billion yuan, a 16% increase year-on-year, contributing to a cumulative winning bid of 68.19 billion yuan, a 23% increase year-on-year [4]. Profitability Outlook - The company is expanding its business in high-margin sectors such as supercapacitors and lithium batteries, with expectations for further growth in the data center industry [5]. Financial Forecast - The projected net profits for 2025-2027 are 2.88 billion, 3.64 billion, and 4.56 billion yuan, respectively, with year-on-year growth rates of 41%, 26%, and 25% [6].

Core Insights - The article discusses the development of a 15-minute industrial chain in Loudi, Hunan, connecting the silicon steel and "three electric" (electric motors, transformers, home appliances) industries, with a total investment of 439.15 billion yuan in 128 projects [1][2]. Group 1: Industrial Development - Loudi is transforming into a national advanced manufacturing cluster by focusing on advanced steel materials, with a production capacity of 4.5 million tons of silicon steel substrate and 3.5 million tons of finished products, accounting for 16% of the national output [2]. - The city has established a comprehensive industrial structure consisting of one raw material base, four production platforms, and 130 manufacturing projects, ensuring local consumption of silicon steel substrates and local production of end products [2]. Group 2: Investment and Economic Growth - The "three electric" industry in Loudi is projected to exceed 24 billion yuan in output value by 2024, becoming a key growth driver for the regional economy [2]. - The total asset scale of the global Loudi business community has surpassed 1 trillion yuan, with nearly 1 million workers, indicating a strong commercial presence [2]. Group 3: Local Business Initiatives - Local entrepreneurs, such as the chairman of Guangdong Xinqi Electric, are returning to invest in Loudi, citing favorable conditions such as guaranteed raw materials and a supportive business environment [2][3]. - The Loudi Economic Development Zone has launched 26 projects with a total investment of 13.286 billion yuan, showcasing strong development momentum [3]. Group 4: Infrastructure and Support - The development zone features a 300,000 square meter silicon steel industrial park and a 166,000 square meter electric motor industrial park, facilitating a streamlined production process [3]. - The local government is enhancing the business environment by establishing a Loudi business database and offering specialized financial products, having provided 1.98 billion yuan in financing guarantees and 2.02 billion yuan in credit for "three electric" enterprises [5].

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMRs) as a key energy solution for AI data centers in the future [4][46]. Core Insights - The Canadian data center market is projected to experience exponential growth, with planned projects nearing 9GW [9]. - The demand for AI computing power is surging, benefiting cloud infrastructure service providers like Oracle, which reported a 54% year-on-year increase in cloud infrastructure revenue [8]. - The U.S. energy market is witnessing significant changes, including the approval of policies to accelerate interconnection for dispatchable generation [1]. Global Infrastructure and Construction Equipment - North America's data center vacancy rates have reached a historic low of 1.6%, indicating strong demand [7]. - The average price for 250 to 500 kW cabinets has increased by 2.5%, while those over 10 MW have seen a 19% rise due to high demand and limited power supply [7]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 3.43% year-on-year as of August 2025, reflecting a stable competitive landscape [13]. - The production price index for electric and special transformers in the U.S. was stable at 440.55, with a year-on-year increase of 2.5% [24]. Global Energy Industry - The U.S. is experiencing fluctuations in wholesale electricity prices, with a notable decrease of 2.54% in average spot prices [3]. - The NYMEX natural gas futures price was reported at $2.81 per million British thermal units, down 7.9% week-on-week [3]. Global New Materials - The spot price for uranium was $75.13 per pound in August 2025, reflecting a 6% increase month-on-month [3]. - The price index for steel pipes and stainless steel increased by 0.58% month-on-month, with a year-on-year growth of 7.85% [3]. Investment Recommendations - The report highlights the importance of nuclear power in the energy mix for AI operations, recommending companies like Entergy, Talen Energy, and Constellation Energy for investment [4]. - It suggests monitoring companies involved in energy equipment, such as Oklo and NuScale Power, as they are positioned to benefit from the growing demand for nuclear energy solutions [4].

Group 1 - The global power equipment demand is entering an upward cycle, with global grid investment expected to exceed $400 billion by 2025, indicating sustained high prosperity [2] - AI is projected to significantly drive global electricity demand growth, leading to a notable increase in the demand for supporting electrical equipment [5] - The U.S. transformer market demand continues to strengthen, with the transformer price index remaining high, driven by data center growth, renewable energy installations, and grid upgrades [8] Group 2 - The Middle East market is experiencing rapid growth, with Saudi Arabia aiming to achieve 130GW of installed power generation capacity by 2030, leading to substantial investments in transmission [10] - Chinese enterprises are capitalizing on the Middle East market, with transformer exports to Saudi Arabia reaching approximately $3 billion from January to August 2025, a year-on-year increase of over 200% [10] - The export business has become a key to future success for Chinese power equipment manufacturers, supported by high manufacturing standards and a complete industrial chain [12]

Group 1: Company Overview and Product Applications - The company specializes in various transformer products, including frequency conversion transformers, power transformers, small transformers, and marine transformers, with a focus on expanding the application of phase-shifting transformers in data centers [2][4]. - The company is actively developing solid-state transformers (SST) and has completed the development of medium-frequency isolation transformers for the DC side, aiming to meet the growing demand in data centers [4]. Group 2: Competitive Advantages and Market Position - The company has extensive experience in high-voltage frequency conversion technology, being one of the earliest manufacturers in this field, which provides a strong technical advantage in transformer design and manufacturing [4]. - Established long-term partnerships with major clients in the industry enhance the company's ability to deliver solid-state transformer products [4]. Group 3: Storage Business and Future Growth - The company is expanding its storage market presence, with products like storage integrated machines and inverters receiving certifications and achieving batch sales [4]. - Future growth is expected to come from continuous innovation in special transformers, power transformers, and reactors, alongside the development of new technologies and products such as solid-state transformers and epoxy-encapsulated transformers [5]. Group 4: Capital Operations and Strategic Planning - The company adopts a dual approach of industrial operation and capital operation, focusing on synergistic acquisitions that align with its core business and technological advantages [5]. - The company is committed to maintaining steady growth in its main business while exploring new market opportunities in renewable energy and data centers [5].