（文章来源：证券日报） 证券日报网讯 2月12日，广大特材在互动平台回答投资者提问时表示，主要客户包含东方电气、哈尔滨 电气集团等。 ...

证券日报网2月12日讯，崇德科技在接受调研者提问时表示，公司已成功向东方电气、上海电气、中国 重燃等国内主要燃气轮机厂商供应燃机轴承，实现了燃机滑动轴承自主设计和制造，并与世界头部燃机 制造企业开始合作。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the news is that Dongfang Electric (SH600875) experienced a limit-up on February 12, 2026, reaching a price of 33.65 yuan, with a 10% increase, resulting in a total market capitalization of 116.374 billion yuan and a circulating market capitalization of 76.162 billion yuan, with a total transaction amount of 3.457 billion yuan [1][2] Group 2 - The reasons for the limit-up of Dongfang Electric include the acceleration of its renewable energy strategy, with a cumulative investment of 6.48 billion yuan in wind power projects, aligning with the national dual carbon strategy, which provides significant growth potential for future performance [2] - The controlling shareholder, Dongfang Electric Group, completed an increase in holdings of over 100 million yuan, raising its shareholding ratio to 51.37%, demonstrating confidence in the company's long-term development [2] - The company established a joint venture with Waneng Energy, receiving a cash injection of 949 million yuan, which improves cash flow and alleviates some investment pressure while optimizing the governance structure [2] - The renewable energy sector is currently a hot market segment, with the overall performance of the sector being active on February 12, leading to a linkage effect among related stocks [2] - From a technical perspective, if the MACD indicator forms a golden cross and the stock price breaks through key resistance levels, it may attract more technical investors [2] - There was likely a significant inflow of funds into Dongfang Electric on that day, contributing to the limit-up of the stock price [2]

易方达沪深300ETF（510310）成立日期2013年3月6日，最新规模3002.2亿。今年以来收益1.99%，同类 排名4339/5569；近一年收益24.68%，同类排名2710/4295；成立以来收益143.07%。 2月12日，东方电气涨5.2%，截至发稿，报32.18元/股，成交16.91亿元，换手率2.36%，总市值1112.90 亿元。 资料显示，东方电气股份有限公司位于四川省成都市高新西区西芯大道18号，成立日期1993年12月28 日，上市日期1995年10月10日，公司主营业务涉及火力发电设备、水力发电设备、风力发电设备、核能 发电设备、燃气发电设备等的研发、制造、销售、服务,以及电站设计、电站设备成套技术开发、成套 设计销售及服务。电力电子与控制、金融、物流、贸易、新能源、工业智能装备。主营业务收入构成 为：清洁高效能源装备43.95%，可再生能源装备27.32%，新兴成长产业11.52%，现代制造服务业 8.98%，工程与供应链业务8.23%。 从东方电气十大流通股东角度 数据显示，易方达基金旗下1只基金位居东方电气十大流通股东。易方达沪深300ETF（510310）三季度 减持48 ...

每经AI快讯，2月12日，东方电气(01072.HK)一度涨超5%，截至发稿，涨3.71%，报31.36港元，成交额 1.66亿港元。 ...

Core Viewpoint - Oriental Electric (01072) has received a "Buy" rating from Bank of America, with a target price of HKD 33, reflecting a forecasted P/E ratio of 26 times for 2026, driven by strong order growth in thermal and nuclear power equipment from 2021 to 2025 [5][6]. Group 1: Company Performance - Oriental Electric's stock price increased by over 5% initially, with a current price of HKD 31.46 and a trading volume of HKD 1.82 billion [5]. - The company is expected to benefit significantly from the Yarlung Tsangpo project, which has a capital expenditure of HKD 1.2 trillion, contributing to long-term profitability [5]. Group 2: Market Position and Growth Potential - The company holds approximately 40% market share in the nuclear and hydropower equipment sectors and over 30% in the thermal power equipment market, positioning it as a major beneficiary of large-scale investments in these areas from 2021 to 2025 [5]. - Bank of America forecasts a compound annual growth rate (CAGR) of 13% for net profit from 2025 to 2027, supported by an increase in China's power capital expenditure cycle [5].

东方电气（600875）(01072)涨超5%，截至发稿，涨3.71%，报31.36港元，成交额1.66亿港元。 花旗发布研报称，东方电气股价过去六个月累计上涨约65%，该行认为，这主要是由于投资者预期其可 能向海外数据中心销售燃气轮机。与美国客户相比，东方电气从东南亚数据中心或公用事业客户获得新 订单的可能性更高。对于国内和海外市场，该行预测其50MW燃气轮机的售价为每台低于1亿元人民 币，毛利率料介乎10%至15%。 该行认为，公司售价和毛利率相较海外竞争对手为低，主要是由于技术差距以及缺乏规模经济效益所 致。公司于2022年10月研发中国首台F级50MW燃气轮机，其涡轮温度达到1400℃，而联合循环效率为 38%，相比之下，GE Vernova的机型涡轮温度达到1600℃，且联合循环效率为64%。从接到新订单到交 付产品，公司需要1至1.5年的时间。今年，公司表示计划新增一条生产线，年产能可达10台50MW燃气 轮机。 ...

智通财经APP获悉，东方电气(01072)涨超5%，截至发稿，涨3.71%，报31.36港元，成交额1.66亿港元。 花旗发布研报称，东方电气股价过去六个月累计上涨约65%，该行认为，这主要是由于投资者预期其可 能向海外数据中心销售燃气轮机。与美国客户相比，东方电气从东南亚数据中心或公用事业客户获得新 订单的可能性更高。对于国内和海外市场，该行预测其50MW燃气轮机的售价为每台低于1亿元人民 币，毛利率料介乎10%至15%。 该行认为，公司售价和毛利率相较海外竞争对手为低，主要是由于技术差距以及缺乏规模经济效益所 致。公司于2022年10月研发中国首台F级50MW燃气轮机，其涡轮温度达到1400℃，而联合循环效率为 38%，相比之下，GE Vernova的机型涡轮温度达到1600℃，且联合循环效率为64%。从接到新订单到交 付产品，公司需要1至1.5年的时间。今年，公司表示计划新增一条生产线，年产能可达10台50MW燃气 轮机。 ...

Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

Summary of Conference Call on Gas Turbine Industry Industry Overview - The conference focused on the gas turbine industry, particularly in the context of North America's electricity shortage and the increasing demand for power generation technologies [2][4]. Key Points and Arguments 1. **Global Demand and Supply Dynamics**: - In 2022, the global demand for gas turbines was 40 GW, increasing to 44 GW in 2023 and projected to reach 58 GW in 2024. By 2025, new orders are expected to be around 85 GW, with a long-term demand forecast exceeding 200 GW by 2030 [3][4]. - Current supply is constrained, with only 57 GW available against a demand of 87 GW for new orders in 2025, leading to a significant supply-demand gap [3][4]. 2. **Technological Adjustments**: - The industry is experiencing a dynamic adjustment in technology paths due to supply chain constraints and regional demand imbalances. Gas turbines remain the primary technology, but there is a shift towards other technologies as well [4][5]. 3. **Investment Opportunities**: - The investment focus should be on segments with the tightest supply constraints, such as gas turbine hot-end components and large-bore engines. There is also potential in domestic and export replacements, as well as companies that are well-positioned within global supply chains [7][12]. 4. **Service Market Growth**: - The global gas turbine service market is projected to grow from $38 billion in 2023 to approximately $87 billion by 2033, indicating a significant compound annual growth rate [8]. 5. **Gas Internal Combustion Engines**: - Gas internal combustion engines, particularly medium-speed engines, are gaining traction due to their cost-effectiveness and shorter delivery times compared to gas turbines. The cost per kilowatt-hour for medium-speed engines is competitive, making them attractive for specific applications [9][10]. 6. **Diesel Generators**: - Diesel generators are recognized as essential backup power sources, especially in data centers. The demand for diesel generators is expected to grow significantly, with a projected market size increase from over $11 billion in 2025 to approximately $16.5 billion by 2029 [10][11]. Additional Important Insights - **Market Concentration**: - The gas turbine market is highly concentrated, with a few key players dominating the supply chain. This concentration leads to rigid supply constraints, particularly in the production of critical components like hot-end blades [6][7]. - **Company Recommendations**: - Key companies highlighted include: - **Jereh**: Strong performance in gas turbine manufacturing and global supply chain advantages [12]. - **Inflow**: Focused on hot-end components with strong order visibility and partnerships with major global players [13]. - **Haomai**: A leading supplier of cold-end components with stable growth prospects [14]. - **Dongfang Electric**: A major domestic player with a significant market share and potential for valuation appreciation [15]. - **LianDe**: Positioned well across multiple segments with a focus on efficiency and cost reduction [16]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the gas turbine industry and its investment landscape.