我是中芯证券电子行业研究员刘航,今天上午是中芯证券2026年度策略会科技专场,然后电子行业的2026年主要我们认为还是围绕AI创新来进行一个挖掘,然后2025年,今天是2025年的 最后一天全年来看的话今年的整个市场首先是表现的不错的特别是创业版创业版的以硬科技AI为核心的这些相关的核心标题龙头白马走势都非常不错然后年初以来虽然也经历了比方说DeepSeek的开源模型的影响包括4月份的 中美的贸易博弈,包括下半年存储的价格,也经历了一个猛烈的上涨。整个电子板块的表现还是不错的,虽然也是跟上创业板的一个走势。然后从机构端来看的话,电子板块还是受到了机构投资者的一个追捧。 所以这个另外方面啊 我们认为啊 这个之后啊 这个因为AI对于整个电子板块影响非常大啊 这个整个的行业的这个创新层出不穷 主要就是几方面吧 一个就是算力啊 另外一个就是这个这个AI端测啊 包括这个PCB 包括这个 AI硬件和这个电力方面啊这个数据中心用电啊这个AIDC这个包括这个HVDC因为这个功率越来越高啊从原来的几十伏到这个八百伏到可能未来会更高啊一次电源可能不够啊可能需要二次电源二次电源到未来这个三次电源啊所以这个板块的这个需求啊这个新技术 ...

格隆汇12月31日丨三友联众(300932.SZ)在投资者互动平台表示，公司在算力电源领域已进行前瞻性布 局，公司产品主要应用于HVDC电源、UPS电源等关键基础设施，为AI服务器等设备提供稳定电力保 障。我们与国内外多家主流设备厂商建立了深度战略合作，并紧密配合产品开发。 目前，公司高端产 品产能充足，与订单高效匹配。未来，我们将持续紧跟算力产业发展趋势，加大研发投入，致力于为全 球算力基础设施提供更具竞争力的产品支持。 基于商业保密原则，具体客户及合作细节不便在此披 露，敬请理解。 ...

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：公司作为国内高压直流继电器头部公司，在算力电源 应用方面有哪些布局，主要应用在哪里？目前公司高端产品的产能如何？未来在算力设备方面有何布 局？ 三友联众（300932.SZ）12月31日在投资者互动平台表示，公司在算力电源领域已进行前瞻性布局，公 司产品主要应用于HVDC电源、UPS电源等关键基础设施，为AI服务器等设备提供稳定电力保障。我们 与国内外多家主流设备厂商建立了深度战略合作，并紧密配合产品开发。 目前，公司高端产品产能充 足，与订单高效匹配。未来，我们将持续紧跟算力产业发展趋势，加大研发投入，致力于为全球算力基 础设施提供更具竞争力的产品支持。 基于商业保密原则，具体客户及合作细节不便在此披露，敬请理 解。更多信息请参阅公司定期报告及法定披露信息。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司服务器电源的研发进展？目前主要是给哪些 公司配套服务器电源？ 新雷能（300593.SZ）12月3日在投资者互动平台表示，公司产品可以覆盖数据中心所需的一次、二次和 三次电源，可提供全系列的电源解决方案。包括HVDC电源、PSU电源和CRPS电源等一次电源，多款 母线变换器、比例变换器等二次电源，以及Power Block、VPD等三次电源产品。 （文章来源：每日经济新闻） ...

证券之星消息，2025年12月2日新雷能（300593）发布公告称华夏基金、兴全基金、长盛基金、国寿安 保、泰康资产、中信证券、兴业证券、国信证券、长江证券、国联民生、招商证券、鹏华基金、东方证 券、华源证券、广发基金、南方基金、交银基金、汇添富基金、新华基金、民生加银、华安基金于2025年 12月2日调研我司。 具体内容如下： 答：公司产品可以覆盖数据中心所需的一次、二次和三次电源，可提供全系列的电源解决方案。包括 HVDC 电源、PSU 电源和 CRPS 电源等一次电源，多款母线变换器、比例变换器等二次电源，以及Power Block、VPD 等三次电源产品。 答：公司聚焦特种领域电源，并加大集成电路、电机电驱、设备级电源等产品的投入；同时，在数据中 心、商业航天、低空经济等方向加大投入。 问：公司数据中心电源的布局情况？ 问：公司与 ADI 的合作情况。 答：DI 为公司在数据中心领域的合作伙伴，使用 DI 芯片并由双方进行联合开发。 问：公司是否向海外市场的销售模式？ 答：公司合作伙伴为 DI，DI 与其他厂商进行商务合作，具体客户主要由 DI 进行推进，最终客户信息和 订单细节不便透露。 问：公司与 ...

Core Viewpoint - The company is well-positioned to meet current production order demands and has plans for capacity expansion based on market needs and order situations [1] Group 1: Production Capacity - The company's current production capacity is sufficient to meet existing orders [1] - The company has its own industrial park reserves, allowing for potential capacity expansion if market demand continues to grow [1] - Future capacity plans will be determined based on order conditions and industry demand [1] Group 2: Market Demand and Product Offering - Currently, the market demand is primarily for UPS systems [1] - The company plans to launch the 800V HVDC product in response to market needs [1]

Group 1: Company Growth and Capacity - The company is currently able to meet existing production order demands and has plans to expand capacity based on future market demand and order conditions [2] - The company has over 30 years of experience in the data center industry, which strengthens its competitive advantages [3] Group 2: Market Position and Competitive Advantages - The company has a comprehensive product range and reliable quality, enhancing its brand value and customer coverage across well-known enterprises in finance, telecommunications, and the internet [3] - The company aims to seize market opportunities during the expansion phase of computing centers [3] Group 3: Financial Practices and Transparency - The company adheres to prudent accounting practices and will confirm impairment data through auditing [3] - The company ensures that information disclosure is accurate, complete, and timely, following established regulations [3]

Core Viewpoint - The company is currently participating in AI-related power grid equipment projects indirectly, focusing on key infrastructure products such as HVDC power supplies and UPS power supplies, which provide stable and reliable power support for computing equipment [1] Group 1: Company Involvement in AI Projects - The company has engaged in AI-related power grid equipment projects through indirect means [1] - The specific types of power grid equipment involved include HVDC power supplies and UPS power supplies [1] Group 2: Future Plans and Market Opportunities - The company plans to actively seize market opportunities arising from the rapid development of AI [1] - Future efforts will focus on enhancing technology layout and market expansion in areas such as smart distribution and efficient power supplies [1] - Further business progress and plans will be disclosed in the company's regular reports or related announcements [1]

Group 1: Robotics and AI Demand - Xiaopeng's IRON robot features a humanoid design with a flexible spine and bionic muscles, expected to start mass production in 2026[3] - AI computing power demand is surging, with NVIDIA's chip power design increasing from approximately 400W in 2020 to an expected 1400W by 2025, driving HVDC demand[3] - The excavator sales in October 2025 reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units (up 2.44%) and exports at 9,628 units (up 12.9%)[3] Group 2: Energy and Supply Chain Insights - The U.S. AI infrastructure expansion is creating a significant power gap, leading to increased demand for gas turbines, while domestic supply chains face delivery delays and capacity shortages[3] - HVDC systems are projected to enhance efficiency and reliability, with system efficiency rising from 90% to over 95% through architectural innovations[28] - The market is expected to see a rapid increase in HVDC penetration starting in 2026, coinciding with the mass production of NVIDIA's Blackwell Ultra architecture[38] Group 3: Market Risks and Trends - Risks include intensified market competition, fluctuations in raw material prices, and economic cycle volatility, which could impact manufacturing performance[95] - The manufacturing sector's inventory levels remain low, indicating potential growth opportunities[18] - The domestic excavator market is shifting towards smaller models, with small excavators accounting for 79.5% of sales, driven by equipment updates and inventory digestion[73]

Core Insights - The establishment of AIDC (Artificial Intelligence Data Centers) is driven by the increasing demand for computing power, with a projected global data center electricity consumption exceeding 800 TWh by 2026, a 75% increase over four years [2][3] - Major cloud service providers are engaged in a capital expenditure arms race, with the top four overseas cloud companies collectively spending over $300 billion, a year-on-year increase of over 30% [3][4] - The investment scale for AIDC in China is expected to surge from 187.5 billion yuan in 2024 to 482.6 billion yuan by 2027 [4] Investment and Growth - The rapid iteration of large model technologies has led to a dual explosion in computing power demand for both training and inference, with AI computing needs projected to reach 16 times the 2025 levels by 2030 [3][4] - Companies like Tencent and ByteDance are significantly increasing their investments in AIDC, with Alibaba's CEO stating that investments in cloud and AI infrastructure will surpass the total of the past decade [4] Energy Challenges - The new generation of AI chips shows a dramatic increase in power consumption, with NVIDIA's H200 power board consuming approximately 1700W and the new B200 board rising to 3300W, nearly doubling [4] - The total electricity consumption of data centers and 5G base stations in China is projected to reach 250 billion kWh in 2024, equivalent to the annual electricity consumption of Beijing and Shanghai combined [5] Storage Market Opportunities - The unique power consumption characteristics of AIDC, described as "power roller coasters," have transformed energy storage from an optional component to a necessity, creating unprecedented market opportunities [6] - CATL predicts that the shipment volume of data center energy storage batteries will reach 30 times that of 2024 by 2030, corresponding to a market size of approximately 150 billion yuan [6] Technical Challenges and Solutions - AIDC faces significant technical challenges in cooling, power supply, and space, necessitating innovations in cooling technologies and power supply systems [7] - The transition from traditional UPS systems to new architectures like HVDC and SST is driven by the need for stable and uninterrupted power supply [7] Competitive Landscape - Energy storage companies are leveraging their long-term expertise in the energy sector to gain a competitive edge in the AIDC market, focusing on efficient conversion, stable storage, and intelligent scheduling [7][8] - Companies like Sungrow and Nandu Power are developing integrated solutions that combine renewable energy sources with energy storage to meet AIDC's demands [8][9] Market Performance - Companies such as Double登股份 and Nandu Power have reported significant revenue growth in their AIDC-related businesses, with Double登股份 achieving a 113.1% year-on-year increase in sales [10] - Sungrow has established a dedicated AIDC division, positioning itself as an energy system service provider rather than just an equipment supplier [10] Industry Collaboration - The establishment of the AIDC Industry Ecosystem Alliance aims to promote collaboration across the supply chain, focusing on technology standards and innovation [14] - Successful examples of ecosystem collaboration include the launch of the Lingang AIDC collaborative platform, which enhances energy demand forecasting accuracy [13] Global Competition - The global AIDC construction trend is intensifying, with countries increasing their investments, highlighting the need for Chinese energy storage companies to accelerate technological innovation and global expansion [15][16] Conclusion - The AIDC sector is at the beginning of a transformative phase, where balancing efficiency and sustainability will determine the leaders in this critical future competition [17]