证券研究报告 | 策略报告 gszqdatemark 2026 03 01 年 月 日 投资策略 3 月策略观点与金股推荐：布局"涨价"扩散，博弈政策催化 一、3 月市场观点：布局"涨价"扩散，博弈政策催化 二月以来，多重因素正在推动资金定价向"涨价"条线倾斜。其一，叙事层面，AI 科技革命的叙事定价逻辑开始向实物资产"外溢"；其二，供需层面，在逆全球化 的大背景下，地缘变数的增多进一步带动了各国的资源战略调整，致使生产端实 际供需偏紧的局面可能将在更多商品中陆续显现；其三，价格数据层面，无论是海 外还是国内，通胀数据呈现同步上行，产业链中的涨价环节也有所扩散；其四，资 金轮动视角下，尽管 AI 产业的长期趋势无虞，但融资扩张与资本回报的矛盾越久， 资金定价的分歧也将更易放大。每一次科技条线的颠簸，都难免引发资金分流，而 在非 AI 需求尚未确认转强之前，兼顾供给约束基础和需求改善预期的"涨价"条 线显然比其他方向更具吸引力，也更容易在资金轮动中受益。 大势层面，中期趋势向好，市场有望震荡再向上。中期维度，分子与分母共振向好 的期待没有改变。盈利层面，供需双向发力的政策路径明确，价格端修复的趋势延 续，上游向 ...

Fire and 1984 科 技 赋 能 增创效率 HOC SI I 一线见闻 □四川日报全媒体记者 一年春作首，万事竞争先。 2月24日，春节假期后第一个工作日，巴蜀大地吹响实干争先的嘹亮号角——项目工地塔吊林立、广袤田野春耕繁 忙、企业车间自动化生产线产出节后第一批产品……各行各业共同奏响"开年就开跑"实干担当大合唱。 产线满转赶订单 拼产出更拼效益 "人工智能怎么赋能产品？核心是深度赋能研发。"24日8时许，四川成都双流经济开发区，四川华体照明科技股份 有限公司里，办公室的电脑显示屏陆续亮起来，研发团队聚在白板前讨论课题。 这是一家成立20余年的高新技术企业，目前拥有超150人的研发团队。"复工快一步，项目攻关就能提早一拍。"公 司政企事务部经理段琼介绍，研发、设计、运营等部门已进入工作状态，今年计划在新能源、低空经济、"人工智 能+"三大板块加大研发投入。 从"假期模式"切换至"战斗模式"，节后开工第一天，省内各地生产企业人员到岗、产线满转，赶订单、拼效益。 "这批货下午要发成都，得抓紧。"24日一早，位于眉山市彭山区的四川江化微电子材料有限公司，工人们给包装 好的桶装化学品贴标签；车间另一头，叉车 ...

电容器作为变电站"无功中枢"，是优化电网电压质量、降低无功损耗的关键设备，其稳定运行直接决定 电网运行的经济性与可靠性。一旦出现故障，不仅会导致供电效率下滑，更可能引发渗漏油、外壳鼓 肚、绝缘击穿甚至爆炸等安全事故，严重威胁电网整体安全。国网盐城供电公司变电检修中心检修团队 依托设备全生命周期管理理念，结合运行台账、日常巡视数据与红外测温结果，对辖区电容器开展全方 位"体检"，精准锁定发热异常、组间不平衡动作、中性点电流超标等典型缺陷，针对不同变电站设备年 限、运行环境差异，制定"一站一策"消缺方案，明确标准化作业流程与安全管控要点，同步完成备品备 件调配、风险评估及应急预案编制。 用电需求攀升期，电网安全稳定运行是保障民生福祉与经济发展的核心支撑。最近，国网盐城供电公司 变电检修中心抢抓节前黄金窗口期，开展多座变电站电容器集中消缺专项行动，中心负责人带队靠前指 挥，带领检修团队精准排查治理设备隐患，全面提升电容器健康水平与无功补偿效能，为区域电网安全 稳定运行筑牢坚实电力防线。 由此，我们要像国网盐城供电公司变电检修中心那样，持续深化设备全生命周期管理，依托"立体巡检 +集中监控"模式常态化开展电容器专项巡 ...

Core Viewpoint - TBEA has made a significant investment in expanding its mineral resources by acquiring the exploration rights for the Kumusu No. 5 coal mine in Xinjiang for 2.705 billion yuan, which is a strategic move to support its energy business and power supply [1][2][3] Group 1: Investment and Acquisition - TBEA's subsidiary, Xinjiang Tianchi Energy Co., won the bidding for the Kumusu No. 5 exploration rights, with the area covering 65.85 square kilometers [2][3] - The acquisition is part of TBEA's broader strategy to strengthen its core energy business, which includes coal, gold, bauxite, and lithium resources, creating a closed-loop industrial chain from upstream raw materials to midstream manufacturing [3][4] Group 2: Financial Performance - For the first three quarters of 2025, TBEA reported revenues of 72.92 billion yuan and a net profit attributable to shareholders of 5.484 billion yuan, both showing year-on-year growth [1][6] - The company's total assets reached a historical high of 224.4 billion yuan by the end of the third quarter of 2025, reflecting significant growth in asset scale [7] Group 3: Business Segments - TBEA operates in four main sectors: power transmission and transformation, new energy, energy, and new materials, with coal business contributing approximately 20% to its revenue [4][5] - The coal business generated 8.832 billion yuan in revenue in the first half of 2025, accounting for 18.27% of the total revenue [4]

Core Viewpoint - The company has approved the proposal to conclude fundraising projects and permanently supplement working capital with surplus funds from previous fundraising activities [1] Group 1: Fundraising Projects - The company’s fundraising projects from the "2019 public offering of convertible bonds" included the production of 2,000 capacitor units, photovoltaic components, automation equipment for lithium batteries, the establishment of the Xiandai Research Institute, and upgrades to information technology and automation [1] - The "2020 private placement of shares" included projects such as the manufacturing base for high-end intelligent equipment in South China, enhancements to the automation equipment production base, the construction of an industrial internet collaborative manufacturing system, the development and industrialization of digital solutions for lithium intelligent manufacturing, the second phase of the Wuxi Xiandai Industrial Park, and the construction of the South China intelligent equipment industrial park [1] Group 2: Financial Summary - As of December 31, 2025, the surplus funds from the "2019 public offering of convertible bonds" amounted to 59.96 million yuan, while the surplus from the "2020 private placement of shares" was 105.46 million yuan, totaling 165.42 million yuan [1] - The surplus funds will be transferred to the company’s (including subsidiaries) own funds account for permanent working capital supplementation, and the corresponding fundraising special accounts will be canceled after the transfer is completed [1]

记者丨凌晨编辑丨朱益民 伴随着电网建设进入高强度投资周期，电力板块景气度高增。 1月22日，A股三大指数集体上涨。电网设备ETF连续10个交易日获得资金净流入，合计"吸金"108.39亿元。 产业链企业随之受益。以中国西电为例，1月19日—21日该公司连续3个交易日内日收盘价格涨幅偏离值累计超20%。截至1月23日，中国西电报15.94元/ 股，总市值达817.1亿元，年内股价上涨超75%，周内上涨超22%。 这一市场波动的背景，来自多重因素的集体催化。 一方面，在全球能源转型加速、人工智能算力爆发的背景下，电网设备需求正在陆续释放。 天风证券研报表示，欧洲数据中心加速建设下电力供需矛盾显现，进一步催生海风和电力互联需求，欧洲电网改造需求持续高增，利好主网变压器、开 关。 另一方面，国内学界从底层技术层面，为电力装备的效能提升与产业升级提供新的解决方案。 如西安电子科技大学团队成功将粗糙的"岛状"界面转变为原子级平整的"薄膜"，已发表在《自然·通讯》与《科学进展》上。 市场行情、宏观政策与技术突破，正共同勾勒出电力产业链变革的清晰图景。 正因此，未来的4万亿投资计划，更为市场注入一剂强心针。 上述投资计划官宣 ...

Core Viewpoint - The electric power sector is experiencing high growth due to significant investments in grid construction, with a notable influx of capital into the sector, particularly benefiting companies like China XD Electric [2][6]. Investment Trends - The State Grid's investment plan of 4 trillion yuan during the 14th Five-Year Plan marks a historic high, focusing on building a new type of grid platform that enhances transmission capacity and supports large-scale renewable energy projects [6][10]. - The investment is expected to drive demand for ultra-high voltage direct current projects, distribution network upgrades, and smart microgrid developments, indicating a strong market outlook [6][7]. Market Dynamics - The demand for grid equipment is being catalyzed by global energy transitions and technological advancements, with European data centers driving the need for enhanced power supply solutions [4][5]. - Domestic technological breakthroughs are also contributing to the efficiency and upgrade of power equipment, further supporting the industry's growth [4]. Company Performance - China XD Electric has secured significant contracts, including a total of 24.52 billion yuan from two major projects, positioning itself as a key player in the electric power investment chain [9][10]. - The company reported a revenue of 16.96 billion yuan for the first three quarters of 2025, reflecting an 11.85% year-on-year increase, with net profit rising by 19.29% [9][10]. Industry Outlook - The electric power equipment sector is witnessing a collective bullish trend, with companies like Siyi Electric and TBEA reporting substantial revenue growth, indicating a robust industry environment [11][12]. - The stock performance of major players in the sector has surged, with average gains of 30.39% in the transmission and distribution equipment segment since the beginning of 2026, driven by strong fundamentals and order backlogs [13].

Core Viewpoint - The power sector is experiencing high growth due to a significant investment cycle in grid construction, leading to increased market activity and stock performance in related companies [1][2][3]. Investment and Market Performance - On January 22, A-shares saw collective gains, with the grid equipment ETF attracting a net inflow of 10.839 billion yuan over ten consecutive trading days [2]. - China Xidian's stock price surged over 75% year-to-date, with a weekly increase of over 22%, reaching 15.94 yuan per share and a total market capitalization of 81.71 billion yuan [2]. Market Drivers - The demand for grid equipment is being driven by global energy transition and the explosion of AI computing power, particularly in Europe, where data center construction is accelerating [4]. - Domestic technological advancements are providing new solutions for enhancing the efficiency and upgrading the power equipment industry [4][5]. Investment Plans and Projections - The State Grid's announced 4 trillion yuan fixed asset investment plan marks a historic high and signifies a new development phase characterized by strong main grids, optimized distribution networks, and intelligent microgrids [6]. - This investment will focus on building a new grid platform to enhance inter-provincial transmission capacity, supporting large-scale wind and solar projects [6]. Company Performance and Orders - China Xidian has secured significant contracts, including a total of 2 billion yuan in recent bids, indicating strong order flow and market confidence [12][13]. - The company reported a revenue of 16.959 billion yuan for the first three quarters of 2025, reflecting an 11.85% year-on-year increase, with net profit rising by 19.29% [13]. Industry Outlook - The collective performance of companies in the power sector, including China Xidian, TBEA, and others, indicates a robust industry outlook, with many firms reporting substantial revenue growth [16]. - The stock prices of key players in the grid equipment sector have seen significant increases, with an average rise of 30.39% in the transmission and distribution equipment segment since the beginning of 2026 [18].

截至1月9日，索通发展股东户数4.51万，较上期减少4.09%；人均流通股11047股，较上期增加4.26%。 2025年1月-9月，索通发展实现营业收入127.62亿元，同比增长28.66%；归母净利润6.54亿元，同比增长 201.81%。 1月16日，索通发展跌1.78%，成交额4.22亿元。两融数据显示，当日索通发展获融资买入额6321.11万 元，融资偿还9103.10万元，融资净买入-2781.98万元。截至1月16日，索通发展融资融券余额合计7.29 亿元。 融资方面，索通发展当日融资买入6321.11万元。当前融资余额7.27亿元，占流通市值的5.75%，融资余 额超过近一年60%分位水平，处于较高位。 融券方面，索通发展1月16日融券偿还4600.00股，融券卖出400.00股，按当日收盘价计算，卖出金额 1.02万元；融券余量7.26万股，融券余额184.48万元，超过近一年70%分位水平，处于较高位。 资料显示，索通发展股份有限公司位于山东省临邑县恒源经济开发区新104国道北侧，成立日期2003年8 月27日，上市日期2017年7月18日，公司主营业务涉及预焙阳极的研发、生产及销售业务。 ...

Core Viewpoint - Aihua Group's stock performance shows a slight increase, with notable financing activities indicating a mixed sentiment among investors [1][2]. Group 1: Stock Performance and Financing - On January 15, Aihua Group's stock rose by 0.23%, with a trading volume of 70.89 million yuan [1]. - The financing buy-in amount for Aihua Group on the same day was 7.49 million yuan, while the financing repayment was 11.20 million yuan, resulting in a net financing outflow of 3.71 million yuan [1]. - As of January 15, the total financing and securities lending balance for Aihua Group was 174 million yuan, with the financing balance accounting for 2.54% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Shareholder and Financial Performance - As of September 30, Aihua Group had 25,700 shareholders, an increase of 15.62% from the previous period, while the average circulating shares per person decreased by 13.51% to 15,617 shares [2]. - For the period from January to September 2025, Aihua Group reported operating revenue of 2.944 billion yuan, a year-on-year decrease of 0.73%, while the net profit attributable to shareholders increased by 11.59% to 221 million yuan [2]. - Since its A-share listing, Aihua Group has distributed a total of 1.657 billion yuan in dividends, with 285 million yuan distributed over the past three years [2]. Group 3: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder of Aihua Group, holding 3.2509 million shares, a decrease of 1.8295 million shares from the previous period [2]. - Guoshou Anbao Smart Life Stock A and Western Li De New Trends Mixed A were new entrants among the top ten circulating shareholders, holding 2.9 million shares and 1.2003 million shares, respectively [2]. - Two funds, China Merchants Quantitative Selected Stock Initiated A and Dacheng Competitive Advantage Mixed A, exited the top ten circulating shareholders list [2].