美国在AI兴起的爆发式电力需求带动下，现有的电力系统三大目标：可靠性(保障电力系统安全可靠)、 脱碳及数据中心客户要求的速度与成本形成了零和博弈不可能三角。2025年特朗普上台后，执政纲领目 标为降低美国居民成本(包括电力)及释放美国能源主导地位(撤回新能源税费补贴，重启美国丰富且低廉 的石化能源)，已经非常清晰的表明美国在中短期内放弃脱碳目标，选择了全面支持AI发展强化在全球 的领先地位，同时尽最大努力保障国内能源系统安全。 美国电力供给All for AI，需要全面系统化、多能源体系解决方案。 美国现有的能源体系已经转变为以天然气与清洁能源占主导的能源架构，煤电的占比不足15%。但由于 电网建设年代颇久，已突破平均四十年的使用寿命，现阶段电网缺乏足够的基载容量来满足预期的峰值 需求增长；并且新建速度预计难以匹配高速增长的上下游新增需求，造成中短期美国电网的区域性割裂 现实。面对美国NERC对于电网可靠性的持续预警的抬升，该行认为解决美国未来缺电的核心并不在于 哪一项电源，必须要多电源侧协同发力，构建系统化多能源体系的解决方案。 国泰海通发布研报称，美国缺电的问题已经逐步成为清晰的确定性事实，并将在2030 ...

报告导读： 我们认为美国在AI带动下的缺电问题正在日益扩大，需要系统化的电源侧解决 方案，也将带来产业链较为确定的投资机会。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 投资建议： 我们认为美国缺电的问题已经逐步成为清晰的确定性事实，并将在2030年前缺口扩张，以此带来较为明晰的产业链投资逻辑。我们认为需要系统 化的电源侧解决方案，核心在天然气（包括CCGT及OCGT小燃机）及风光储，同时煤电作为储备方案随时应对落地过程中的问题缺口。我们看好天然气燃机 产业链，电网改造产业链、储能产业链、SOFC产业链；煤电；A股推荐未来5年维度有量增成长性的龙头。 美国AI冲击下的电力系统不可能三角。 我们认为美国在AI兴起的爆发式电力需求带动下，现有的电力系统三大目标：可靠性（保障电力系统安全可 ...

【非银】险资强化长钱入市逻辑，头部券商监管红利有望释放 金监总局下调长期持有的沪深300、中证红利低波成分股及部分科创板股票风险因子，在不放松偿付能力约束的前提下，降低险资配置优质权益资产的资本占 用，强化"长期持有享受资本优惠"的导向。 本次释放的最低资本规模有限但方向明确，有利于险资适度提升权益占比、延长持仓久期。叠加"新增保费约 30%入市"的中长期逻辑，我们仍看好险资在未来几年持续为权益市场提供增量。尽管我们预期政策对于实际增量资金的影响不大，但政策意图对股价影响更 大。 吴清主席在中证协第八次会员大会强调，要在服务实体经济和提升投资者回报的框架下实施分类监管： 对治理规范、资本实力和风控能力突出的优质机构， 优化评价指标、适度拓宽资本空间与杠杆上限，提高资本利用效率；对问题机构依法从严监管、严控风险底线。该思路下，资源与政策红利将更加向头部集 中，头部券商有望在资本约束边际放松背景下，加快发展自营做市、衍生品、机构业务和财富管理，带动ROE中枢上移并强化估值中枢。 此外，金监总局发布《金融租赁公司融资租赁业务管理办法》，从业务全流程重塑金租监管框架。 我们认为，办法中长期有望提升资产质量和风险定价透 ...

Summary of the Conference Call for 双杰电气 Company Overview - 双杰电气 specializes in providing integrated solutions for wind, solar, storage, and charging services, covering four major segments: source, network, load, and storage [2][3] - The company has six production bases with a capacity reaching billions [2] - It has installed over 400 power stations with a total capacity exceeding 5GW [2][3] Business Developments - The company has successfully transformed into a large-scale wind and solar power developer, completing its first 300MW wind project and winning a bid for a 1GW solar project in Ningxia [2][4] - Plans to invest in a solar project in Kyrgyzstan are underway [2][5] - The company is a leading provider of smart electrical solutions for the grid side, particularly for 40.5kV and below, and has expanded its client base to include major companies like BYD and China Mobile [2][4] Financial Performance - In the first half of 2025, the company reported revenue of 2.38 billion yuan, a 42% year-on-year increase, and a net profit of 104 million yuan, up 20% [2][4] - For the first time, revenue from new energy sources accounted for 60% of total revenue, surpassing the revenue from power distribution [2][4] Segment Performance - The smart equipment segment generated 943 million yuan, accounting for 40% of total revenue, with an 11% year-on-year growth [6][7] - The new energy segment saw a 74% increase in revenue, reaching 1.42 billion yuan, driven by large projects and international expansion [6][7] Cost Management and Efficiency - The company has implemented measures to reduce costs and improve efficiency, including optimizing product designs and digital management, which are expected to further lower material costs by 2% [3][17] Market Expansion - The company is actively expanding its overseas market presence, with new clients in Indonesia and Saudi Arabia, and plans to invest in solar projects in Central Asia [5][15] - The upcoming ban on sulfur hexafluoride equipment in Europe presents an opportunity for the company's solid-insulated ring network cabinets [5] Future Outlook - The company has a robust pipeline of projects, including over 1GW of storage and new energy power stations, ensuring sufficient orders for the next two to five years [9][10][16] - Plans to enhance transformer production capacity, particularly in high and ultra-high voltage transformers, are in place [12][13] Strategic Initiatives - The company is focusing on the heavy-duty truck charging station market due to its significant growth potential and the team's experience in this area [21] - The integrated source-network-load-storage project in Inner Mongolia is set to commence construction by the end of the year, with a total investment of 2.8 billion yuan [22][23] Financial Strategy - The company has a clear plan for future dividends, aiming to share growth with investors while addressing past losses [20] - Funding for new projects is secured through various channels, including bank loans and capital market instruments [25] Conclusion - 双杰电气 is positioned for significant growth in the renewable energy sector, leveraging its technological capabilities and market opportunities to enhance its business model and financial performance [26]