北美缺电持续演绎，燃气机组迎"主电"新机遇 20260226 摘要 美国数据中心装机量激增导致电力缺口扩大，预计到 2030 年累计装机 量在中性情景下约为 65GW，乐观情景下高达 200GW，电力缺口可能 达到 200GW，年化缺口接近 40GW，对电力供应构成严峻挑战。 传统电力并网周期长（火电 3-6 年，地热 3-8 年，核电 2-3 年），难以 满足数据中心快速增长的需求，促使离网/分布式发电成为重要解决方案， 预计 2027 年占比接近 25%，2030 年接近 30%。 分布式发电主要技术路径包括燃气轮机（占比约 60%）、燃气发电机组 （占比约 30%）和固态氧化物燃料电池（SOFC，占比约 10%），其中 燃气轮机单机容量大，但占地面积也大，燃气发电机组则更适用于中小 型数据中心。 燃气发电机组经济性优于燃气轮机，交付周期更短（半年可交付），但 海外龙头企业如瓦锡兰、卡特产能不足，订单已排至 2028-2029 年， 为中国企业带来市场机遇。 Q&A 北美"缺电"的核心矛盾来自哪里，未来数据中心装机的增长弹性如何，电力 缺口在不同情景下对应什么量级？ 北美缺电的核心驱动来自数据中心在人工智 ...

证券研究报告 下游航运景气度持续上升，船舶ETF上市行业流动性增强 ——2026年2月造船观察&船舶ETF解读 核心观点：下游航运景气度持续上升，船舶ETF上市行业流动性增强 www.swsresearch.com 证券研究报告 2 资料来源：克拉克森数据库，申万宏源研究 证券分析师： 王晨鉴 A0230525030001 闫海 A0230519010004 2026.2.26 ◼ 船舶ETF（ 560710 ）成功上市，为国内首支船舶产业链ETF，覆盖全产业链核心标的，可增强板块流动性。船舶产业链具 有重资产性质且不易被技术淘汰，属于HALO类资产。 ◼ VLCC期租逼近10万美元/天，高景气度有望加速向上游造船传导。 • 油轮期租大幅上涨，反映市场高景气度。油运市场供给端约束确定性强，需求端存在黑油与合规油结构变化逻辑，中周期上行态势确定 性较强。当前VLCC最新1年期租已经提升至9.25万美元/天，反映市场供给紧缺，景气度持续高位。 ◼ 集运进入新一轮运力竞赛，后续新签订单贡献能力被低估。 • 班轮公司在手现金充足，增加运力是提升市场份额的必经途径，新一轮运力军备竞赛已经开启。经历2021及2024两轮 ...

Investment Rating - The report assigns an "Increase" rating for the retail and wholesale trade industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by over 15% [5]. Core Insights - The U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to a proposed 5% reduction in tariffs on Chinese goods through the implementation of Section 122 of the Trade Act of 1974 [2][5]. - The Section 122 tariffs will have a broad exemption list, including critical minerals, energy products, certain agricultural products, pharmaceuticals, and vehicles, ensuring limited scope for the tariffs [4]. - The new tariffs will apply a uniform global rate of up to 15%, eliminating previous country-specific differences, thus impacting most trade partners similarly [4]. Summary by Sections Legal Context - The Supreme Court's decision on February 20, 2026, overturned the previous tariffs under IEEPA, stating that the power to impose taxes lies with Congress, not the President [5]. - The new tariffs under Section 122 are set to be temporary, with a maximum duration of 150 days unless extended by Congress [5]. Tariff Structure - The current tariff structure on Chinese goods includes four categories: 301 tariffs (7.5%-25%), 232 tariffs (25-50%), the new 122 tariffs (15%), and special taxes (e.g., fentanyl and reciprocal tariffs totaling 20%) [5]. - The ruling results in a net reduction of approximately 5% in tariffs on Chinese goods, alleviating some pressure on trade [5]. Investment Recommendations - The report recommends several companies for investment, including Anker Innovations, Ugreen Technology, Saiwei Times, Sumida, Jihong Co., and Zhiou Technology, all rated for "Increase" [5][6].

Core Viewpoint - The company has entered into two shipbuilding contracts for the construction of two bulk carriers, reflecting its strategy to modernize and expand its fleet while phasing out older vessels [1][2] Group 1: Shipbuilding Contracts - The company’s indirect subsidiaries, Jinlang Marine Inc. and Jinyu Marine Inc., have signed contracts with Su-meida Shipbuilding Co., Ltd. for the construction of two bulk carriers at a contract price of $34 million each, totaling $68 million [1] - The first vessel is scheduled for delivery by May 15, 2029, and the second vessel by July 31, 2029, both with a deadweight of 64,100 metric tons [1] Group 2: Fleet Modernization Strategy - The acquisition of the new vessels aligns with the company’s ongoing strategy to modernize its fleet with larger and higher-quality ships, replacing older vessels [2] - The company has noted a lack of suitable second-hand vessels in the market that meet the required specifications, delivery timelines, and reasonable pricing [2] - The new vessels are expected to enhance fuel efficiency and operational efficiency, complying with the latest maritime regulations and environmental standards [2] Group 3: Revenue Generation - Upon completion of the vessel acquisitions, the ships will be leased to third parties for the transportation of bulk dry goods, generating regular freight and charter income for the company [2] - The company currently operates 21 vessels, including 18 owned and 3 leased, with a total carrying capacity of approximately 1.7 million metric tons [2]

Core Viewpoint - The company, Sumida, responded to investor inquiries on its business composition, directing them to refer to its "2025 Semi-Annual Report" and other periodic reports and announcements for detailed information [2] Group 1 - The company is actively engaging with investors through an interactive platform [2] - The business composition details are available in the company's periodic reports [2] - The reference to the "2025 Semi-Annual Report" indicates a forward-looking approach in providing transparency [2]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

Group 1 - The stock price of Sumida increased by 0.88%, reaching 12.58 yuan per share, marking a new high [1] - The total market capitalization of Sumida surpassed 16.438 billion yuan [1] - The trading volume amounted to 18.5022 million yuan [1]

Group 1 - The core point of the article is that Sumida (600710.SH) has seen its stock price increase by 1.57%, reaching a historical high of 12.310 yuan, with a total market capitalization of 16.086 billion yuan [1]

Group 1 - The trade sector increased by 2.76% on February 3, with Su Mei Da leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the trade sector showed significant price increases, with Su Mei Da rising by 6.69% to a closing price of 12.12 [1] Group 2 - The trade sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of 227 million yuan [2] - The trading volume and turnover for key stocks in the trade sector varied, with Su Mei Da achieving a turnover of 491 million yuan [1][2] - The net inflow and outflow of funds for individual stocks showed mixed results, with Su Mei Da having a net inflow of 23.69 million yuan from institutional investors [3]