炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：尧望后势 地区结构上来看，外需多元化特征进一步强化，新兴市场的增量有效填补了美国市场的减量。受关税贸 易摩擦影响，2025年中国对美直接出口明显承压，同比下降19.79%，对出口总规模形成2.91%的拖累。 美国在中国出口中的比重进一步下降3.53pct至11.15%。新兴市场则接棒实现快速增长，成为新的出口 压舱石。除中国港澳台地区外，非洲/东盟/中东地区出口增速靠前，分别实现25.9%/13.64%/9.7%的同比 增长，对出口总规模形成1.29%/2.24%/0.64%的拉动。除此以外，中国对欧盟出口也正在稳步修复，同 比增长8.57%对出口总规模形成1.43%的正向拉动。 产品结构上来看，中国外贸商品结构持续向价值链上游攀升，中高端产品表现突出。2025年电机/电气 产品、机械、汽车、船舶等中高端制造业仍是出口主力，分别为出口总规模带来了 44.10%/17.67%/16.05%/6.99%的拉动。而家具、玩具、袜靴等传统轻工业制品出口规模则在关税摩擦和 产业链外迁的双重打击下出现明显下跌。 一、中国外贸走向多元化、高端化 ...

后十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率↑ | 偏离值 | | --- | --- | --- | --- | --- | | 宁德时代(03750) | 531.500 | 370 | -16.62% | -3.45% | | 药明康德(02359) | 126.000 | 98.7 | -6.17% | -8.08% | | 招商银行(03968) | 48.900 | 39.49 | -3.27% | -0.83% | | 潍柴动力(02338) | 31.120 | 25.93 | -0.19% | -7.28% | | 美的集团(00300) | 91.700 | 79.16 | 3.40% | -4.02% | | 紫金矿业(02899) | 43.520 | 39 | 7.33% | -6.37% | | 三一重工(06031) | 26.400 | 23.75 | 7.77% | -3.03% | | 中国中免(01880) | 106.600 | 97.1 | 9.11% | -13.33% | | 比亚迪股份(01211) | 97.800 | 90.0 ...

本报记者 王僖 矫月 在博杜安（潍坊）动力有限公司（以下简称"博杜安"）的装配车间里，AGV智能搬运机器人驮载零部 件灵活穿梭，自动化机械臂精准吊装庞大的大缸径发动机缸体；在柔性装配线上，工匠们依据型号参 数，对上百种关键零件进行灵活组装与精密调试。 "产线满负荷运行已持续很长时间，从去年下半年至今从未停过。"该车间负责人潘军亮对《证券日报》 记者说。 而潍柴电力设备有限公司的测试区同样机组轰鸣——一台台功率达5兆瓦的数据中心发电机组顺利完成 测试，列队待发，即将奔赴全球各地，成为支撑AI算力稳定的"电力生命线"。 严冬夜晚的山东潍坊，寒意渐浓，而潍柴动力产业园内却热气腾腾。 这一幕幕忙碌而有序的场景，正指向一个深刻的产业变迁：随着人工智能产业爆发式增长，全球数据中 心建设进入高潮，与之配套的高可靠性发电机组需求随之攀升。在这轮由"电力饥渴"驱动的市场机遇 中，潍柴动力股份有限公司（以下简称"潍柴动力"）作为长期与国际巨头同台竞技的动力装备龙头企 业，早已前瞻布局、精准切入，并逐步显现成效。 近日，《证券日报》记者走进潍柴动力，深入探寻这家商用车动力龙头如何精准卡位电力风口，实现 从"发动机制造商"向"能源解 ...

Summary of Conference Call Records Industry Overview - The North American data center industry is experiencing a significant electricity shortage, with current electricity and gas turbines accounting for 70%-80% of the primary power supply system. However, the overall supply is limited, leading to the introduction of multi-energy primary power solutions such as SOFC, natural gas, and nuclear energy. [1][1][1] Key Insights and Arguments - The demand for natural gas units in North America is expected to benefit from high overseas demand, particularly as domestic manufacturers like Weichai, which previously focused on marine applications, are now validating large medium-speed gas units (5-10MW+) for data centers. [1][1][1] - The application of large medium-speed gas units in North American data centers is still relatively small, but they present a cost advantage. The ceiling for demand in the U.S. could reach 3,000 units. [2][2][2] - Weichai's 2MW gas units can generate a profit of 400,000-500,000 yuan (20,000-25,000 yuan/MW), while a single 10MW+ large medium-speed gas unit has a value exceeding 30 million yuan (3 million yuan/MW), with a net profit margin of 15%-18% (450,000-550,000 yuan/MW). [2][2][2] Potential Profit Opportunities - Domestic manufacturers breaking into the North American medium-speed unit supply can achieve significant profit margins. Companies like Weichai Heavy Machinery and Weichai Power have the capacity to produce 500-1,500 large medium-speed and high-speed units (3-10MW+) and have received validation invitations from major North American manufacturers. [3][3][3] - The upstream supply chain for natural gas units and gas turbines is facing bottlenecks, particularly in global fuel injection systems, turbochargers, and AC motors, which are experiencing limited expansion and a trend of rising prices. A price increase of 15%-25% is expected by 2026. [3][3][3] - Key suppliers to monitor include Changyuan Donggu (cylinder blocks and heads), Fuda Co. & Tianrun Industrial (crankshafts), Yingliu Co. (turbines), and Bohai Automobile (pistons). [3][3][3]

潍柴动力 20260212 摘要 AIDC 投入增加导致分布式发电需求紧张，潍柴动力产品量价齐升。预 计到 2030 年，美国数据中心新增用电需求巨大，潍柴动力的燃气发电 机组和 SOFC 有望填补部分缺口，市场潜力巨大。 潍柴动力重卡业务出口预计增长，国内市场稳健，预计 2026 年业绩 153 亿人民币，2027 年达 177 亿人民币。目前市盈率低于行业平均水 平，存在估值提升空间。 潍柴动力在往复式燃气发电机组领域具备技术和经验优势，收购 PSI 公 司加速了其在该领域的布局，并已与多家数据中心厂家对接，为未来增 长奠定基础。 SOFC 技术对潍柴动力至关重要，其快速响应特性契合数据中心需求。 通过与英国西里斯公司合作，潍柴在 SOFC 领域深入布局，有望带来可 观利润。 柴油发电设备市场需求旺盛但扩产受限，供应链瓶颈导致供给不足。潍 柴动力柴油发电业务竞争力强劲，有望实现量价齐升，对公司业绩贡献 显著。 Q&A 潍柴动力在北美市场的表现如何？ SOFC（固体氧化物燃料电池）技术对潍柴动力非常重要。这种技术响应速度 快，非常适合数据中心高功率、高频变化的需求。然而，目前 SOFC 的发展时 间较短，规 ...

（原标题：摩根大通减持潍柴动力(02338)约821.47万股 每股均价约26.67港元） 智通财经APP获悉，香港联交所最新资料显示，2月6日，摩根大通减持潍柴动力(02338)821.4741万股， 每股均价26.6735港元，总金额约为2.19亿港元。减持后最新持股数目约为1.55亿股，持股比例为 7.98%。 ...

香港联交所最新资料显示，2月6日，摩根大通减持潍柴动力（000338）(02338)821.4741万股，每股均价 26.6735港元，总金额约为2.19亿港元。减持后最新持股数目约为1.55亿股，持股比例为7.98%。 ...

Core Viewpoint - JPMorgan's long position in Weichai Power Co., Ltd. - H shares decreased from 8.41% to 7.98% as of February 6, 2026 [1] Company Summary - JPMorgan's holding in Weichai Power has seen a reduction in percentage, indicating a potential shift in investment strategy or market sentiment towards the company [1]

Group 1 - Tsugami Machine Tool China (01651) saw a nearly 6% increase, reaching a historical high, with revenue of 81.58 billion yen in China, up 28.3% year-on-year, and segment profit of 22.534 billion yen, up 51.2% [1] - Zhizhu (02513) surged over 26%, with a 25.8% increase reported, following the launch of its flagship model GLM-5, which achieved state-of-the-art performance in coding and agent capabilities [1] - China Nuclear International (02302) rose over 7%, with a forecasted revenue of no less than 2.46 billion HKD for 2025, driven by increased uranium trading volume [1] Group 2 - Tianyu Semiconductor (02658) increased nearly 8% after announcing a strategic partnership with EYEQ Lab Inc., a leader in third-generation semiconductors in South Korea [2] - Harbin Electric (01133) rose 7.95% after announcing an expected net profit of 2.65 billion yuan for 2025, a year-on-year increase of approximately 57.2% [2] - Weichai Power (02338) increased over 5.6%, with Morgan Stanley raising the projected cumulative power gap for U.S. data centers from 44 GW to 47 GW for 2025-2028 [2] Group 3 - SOLV Energy (MWH.US) debuted on the U.S. stock market with a 22.68% increase, focusing on large-scale solar power and battery storage projects [4] - Gilead Sciences (GILD.US) rose 5.82%, with a reported revenue growth of 2.4% year-on-year and a significant net profit increase of approximately 16.73 times [4] - TSMC (TSM.US) increased by 3.37%, reporting a January revenue growth of 36.8% year-on-year, marking its strongest monthly revenue ever [5] Group 4 - Bilibili (BILI.US) rose 2.84% after announcing collaboration with the Spring Festival Gala, marking the first involvement of UP owners in the event [6] - Micron Technology (MU.US) surged 9.94% as the memory market experienced a rapid increase, with prices rising 80%-90% since the end of Q4 2025 [7] - Kingsoft Cloud (KC.US) increased by 9.98%, with Goldman Sachs predicting Xiaomi's investment in AI to reach approximately 10 billion yuan in 2026, benefiting Kingsoft Cloud [8]

Core Viewpoint - Weichai Power (000338)(02338) has seen its stock price rise over 4%, reaching a historical high of 30.98 HKD, driven by increasing demand for power supply solutions in the AI data center sector [1] Group 1: Company Performance - Weichai Power's stock increased by 4.73%, with a trading volume of 2.78 billion HKD [1] - The company is transitioning from primarily manufacturing heavy-duty truck powertrains to becoming a comprehensive supplier of AIDC power generation equipment [1] Group 2: Industry Context - Morgan Stanley has raised the projected cumulative power gap for U.S. data centers from 44 GW to 47 GW, equivalent to the total electricity consumption of 9 Miami or 15 Philadelphia [1] - The shortage of electricity supply is a critical bottleneck for the expansion of AI computing power, prompting tech giants to seek new solutions, including building their own power facilities [1] - Weichai Power's various AIDC power generation equipment businesses, such as reciprocating gas generator sets and SOFC, are expected to experience significant growth due to the rapid increase in global AIDC investments and the deepening electricity shortage in the U.S. [1]