受政策、技术、需求三大因素的影响，电新各细分板块的起步时间和发展阶段又各有不同，行业渗透率 水平亦不同，使得各环节景气度及其业绩空间增量预期存在差异。当前时点，该行通过对板块行情和基 金持仓的复盘，结合对业绩表现的分析，以及对需求增速、应用场景、技术变革等的展望，将电新细分 板块分为"新成长+高质量发展"两大主线，探讨各板块投资机会。 新成长 1)AIDC：全球能源转型推动电网升级改造，国内外景气度共振向上；国内外互联网大厂资本开支加 速，带动相关AIDC电力设备需求量提升。2)固态电池：全固态电池具有高能量密度和高安全性的显著 优势，产业化进程加速，在政策托底的背景下，未来发展空间星辰大海。3)人形机器人：随着特斯拉、 宇树等头部厂商受益于资本赋能及重磅产品不断更新换代，叠加AI大模型赋能，人形机器人产业链将 逐步趋于成熟，或拉动对驱动系统、传动系统、传感系统等核心部件的需求。 国联民生（601456）证券发布研报称，2026年行业围绕"新型电力系统+数字基建"双重叙事展开，细分 领域分为两大主线：一是新成长主线，包括AIDC、固态电池、人形机器人等新兴高增长领域；二是高 质量发展主线，涵盖储能、风电、光伏 ...

新成长和高质量发展 glmszqdatemark 2025 年 12 月 17 日 2025 年行情复盘：上下半年分化明显，年初至今整体大幅跑赢沪深 300 2025 年上半年板块整体横盘震荡；截至 12 月 11 日，电新行业年内涨幅约 38.4%， 显著跑赢沪深 300 指数的 15.7%。截至 2025Q3，306 只电新自选股基金持仓占比为 11.59%，环比+1.16Pcts，同比-1.83Pcts；电新自选股市值在 A 股总市值的比重为 8.58%，环比+1.25Pcts，同比+0.76Pcts。 2026 年策略推演：新成长与高质量发展 在"双碳"战略持续推进和数字经济快速发展的背景下，我们认为当前电力设备与新能 源行业的叙事，是基于"新型电力系统建设+数字基础设施建设"的双重叙事而展开 的。 受政策、技术、需求三大因素的影响，电新各细分板块的起步时间和发展阶段又各有 不同，行业渗透率水平亦不同，使得各环节景气度及其业绩空间增量预期存在差异。 当前时点，我们通过对板块行情和基金持仓的复盘，结合对业绩表现的分析，以及对 需求增速、应用场景、技术变革等的展望，将电新细分板块分为"新成长+高质量发 展 ...

Group 1: Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, with a strong focus on the development, production, and sales of smart imaging devices, including action cameras and panoramic cameras [9][11] - The company's revenue is primarily driven by consumer-grade cameras, which accounted for over 86% of its income in 2024, with nearly 80% of revenue sourced from overseas markets [9][10] - From 2017 to 2024, YingShi Innovation's revenue is projected to grow at a compound annual growth rate (CAGR) of 66.2%, reaching 5.57 billion, while net profit is expected to grow at a CAGR of 106.5% to 990 million [9][10] Group 2: Industry Dynamics - The smart portable imaging device industry, which includes action cameras and drones, is experiencing a product cycle upswing, with a projected CAGR of 41% in China from 2024 to 2027, and over 800,000 units expected to be sold in overseas markets during the same period [10][11] - The global market for consumer-grade panoramic cameras is highly concentrated, with YingShi Innovation holding a market share of 67.2% in 2023, while major players in the action camera segment include DJI, YingShi, and GoPro, collectively accounting for over 80% of the market [10][11] Group 3: Competitive Advantages - YingShi Innovation's competitive edge stems from its strong focus on technological innovation, product development, and a comprehensive marketing strategy, which includes advanced features such as AI smart editing and anti-shake technology [11][12] - The company has established a balanced global sales network, utilizing both online platforms like Amazon and Tmall, and offline channels across over 60 countries, enhancing its brand influence [11][12] Group 4: Financial Projections and Valuation - The company is expected to achieve net profit growth of 16%, 44%, and 42% from 2025 to 2027, reaching 1.15 billion, 1.65 billion, and 2.34 billion respectively, with corresponding earnings per share (EPS) of 2.87, 4.12, and 5.84 [12] - The estimated reasonable valuation for YingShi Innovation is between 183.47 and 207.93 per share, corresponding to a price-to-earnings (PE) ratio of 45-50 for 2026 [12]