美国变压器的交付周期已经从50周延长至120周以上。中国电网设备相关企业在交付时间、技术、成本 等方面具备相对优势，变压器等设备的出口订单有望持续受益。 根据IEA数据，2020年以来全球电网投资额快速增长，2024年全球电网投资达到3900亿美元，2025年预 计超过4000亿美元。美国能源基础设施状况大多处于标准以下水平，叠加AI用电需求明显增加，美国 电网设备有望开启强制更新周期。 长城证券发布研报称，根据IEA数据，2020年以来全球电网投资额快速增长，2024年全球电网投资达到 3900亿美元，2025年预计超过4000亿美元。美国能源基础设施状况大多处于标准以下水平，叠加AI用 电需求明显增加，美国电网设备有望开启强制更新周期。AI数据中心电力需求的明显增长有望直接推 动变压器、高压电缆等设备的需求，2025年中国电网设备出口持续高增，国内相关出口企业可能受益。 电力设备相关港股企业包括： 、 、 、 、 等 根据海关总署数据，2025年全年变压器累计出口金额为90.36亿美元，累计增速34.83%，金额创历史新 高。2025年12月重点电力设备出口产品中，变压器、电线电缆、铜制绕组电线、低压开关 ...

Group 1 - The global investment in power grids has been rapidly increasing since 2020, with projections of reaching $390 billion in 2024 and exceeding $400 billion in 2025 [1][2] - The condition of energy infrastructure in the United States is largely below standard, and the significant increase in AI electricity demand is expected to initiate a mandatory upgrade cycle for U.S. grid equipment [1][2] - The delivery cycle for transformers in the U.S. has extended from 50 weeks to over 120 weeks, indicating supply chain challenges [1] - Chinese companies in the power grid equipment sector have advantages in delivery time, technology, and cost, leading to sustained export orders for transformers and other equipment [1] Group 2 - In 2025, the cumulative export value of transformers is projected to reach $9.036 billion, with a growth rate of 34.83%, marking a historical high [1] - In December 2025, the export values of key power equipment products such as transformers, wires and cables, copper winding wires, low-voltage switches, and insulators showed significant year-on-year growth rates of 31.92%, 22.20%, 11.71%, 10.60%, and 31.91% respectively [1] - The export of key power grid equipment products is expected to continue its positive trend in 2026, driven by multiple domestic and international demand factors [1] Group 3 - The AIDC industry is expected to maintain high growth, with major domestic and international internet companies announcing capital expenditure plans for 2026, and overseas firms showing CAPEX guidance generally above 50% [2] - The contradiction between the increasing electricity demand from data center growth and the aging power equipment in the U.S. presents opportunities for Chinese power equipment exporters [2] - Notable companies in the power equipment sector listed on the Hong Kong Stock Exchange include Dongfang Electric, Harbin Electric, Shanghai Electric, Weisheng Holdings, Chongqing Machinery, and Weichai Power [3]

展望2026年，AIDC行业仍将保持高景气，一方面国内外头部互联网厂商纷纷公布2026年资本开支计 划，海外厂商CAPEX指引普遍高于50%，另一方面维谛、西门子、Flunce等海外头部电力设备厂商业绩 表现亮眼，AIDC行业高成长性或已反应在业绩端。而美国需求端因数据中心增长带来的用电量增长与 供给端电力设备老旧现象严重的矛盾为国内电力设备出海厂商带来机会。 根据IEA数据，2020年以来全球电网投资额快速增长，2024年全球电网投资达到3900亿美元，2025年预 计超过4000亿美元。美国能源基础设施状况大多处于标准以下水平，叠加AI用电需求明显增加，美国 电网设备有望开启强制更新周期。 美国变压器的交付周期已经从50周延长至120周以上。中国电网设备相关企业在交付时间、技术、成本 等方面具备相对优势，变压器等设备的出口订单有望持续受益。 根据海关总署数据，2025年全年变压器累计出口金额为90.36亿美元，累计增速34.83%，金额创历史新 高。2025年12月重点电力设备出口产品中，变压器、电线电缆、铜制绕组电线、低压开关、绝缘子的出 口金额当月同比分别为31.92%、22.20%、11.71%、1 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the power grid equipment sector, with significant investments announced by major state-owned enterprises, indicating a bullish outlook for the industry [1][2] - The State Grid plans to invest 4 trillion yuan during the "14th Five-Year Plan" period, representing a 40% increase compared to the "13th Five-Year Plan" and a 66% increase over the previous period [1] - The Southern Power Grid has announced an investment scale of 180 billion yuan for 2026, marking a record high for five consecutive years, focusing on ultra-high voltage transmission, distribution network upgrades, and digital transformation [1] Group 2 - In 2025, the cumulative export value of transformers reached 9.036 billion USD, with a growth rate of 34.83%, setting a historical record [2] - Key power equipment exports in December 2025 showed significant year-on-year growth across various categories, including transformers and cables, indicating a robust export trend [2] - The global investment in power grids is expected to exceed 400 billion USD in 2025, driven by increasing demand for AI and infrastructure upgrades in the U.S. [2] Group 3 - The Tianhong CSI Power Grid Equipment Theme Index closely tracks the performance of 80 listed companies involved in ultra-high voltage and smart grid construction [3] - The fund manager emphasizes the growing market interest in the sector due to strong performance from leading companies, suggesting a favorable long-term investment outlook for the power grid equipment sector [3] - The Tianhong CSI Power Grid Equipment Index Fund is positioned as a convenient investment option for individuals looking to capitalize on the growth in AI power infrastructure [3]