证券代码：600875 证券简称：东方电气 公告编号：2026-002 东方电气股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 高级管理人员持股的基本情况 东方电气股份有限公司（以下简称"公司）于 2025 年 12 月 4 日披露了《高 级管理人员减持股份计划公告》（以下简称《减持计划公告》（公告编号：2025-058）。 公司高级副总裁王军先生、副总裁胡修奎先生、副总裁但军先生因个人资金需求， 自减持计划公告披露之日起 15 个交易日后的 3 个月内（有关法律、行政法规、 规范性文件规定的不得减持股份的期间除外），通过上海证券交易所证券交易系 统以集中竞价交易方式减持公司股份。王军先生减持不超过 6250 股、胡修奎先 生减持不超过 16250 股、但军先生减持不超过 7500 股。以上人士减持股数均不 超过其本人上年末持股总数的 25%，减持价格将按照减持实施时的市场价格确定。 2 减持计划的实施结果情况 截至本公告披露日，王军先生通过集中竞价交易方式 ...

Summary of Key Points Core Viewpoint - Dongfang Electric (600875.SH) has disclosed the completion of a share reduction plan by key individuals, indicating potential changes in shareholder structure and market sentiment [1] Group 1: Share Reduction Details - Mr. Wang Jun reduced his shareholding by a total of 6,200 shares, representing 0.00018% of the company's total share capital [1] - Mr. Hu Xiukui reduced his shareholding by a total of 16,200 shares, representing 0.00047% of the company's total share capital [1] - Mr. Jun Jun reduced his shareholding by a total of 7,500 shares, representing 0.00022% of the company's total share capital [1] Group 2: Implementation Status - The share reduction plan has been fully implemented as of the announcement date [1]

Summary of Key Points Core Viewpoint - Dongfang Electric (600875.SH) has disclosed the completion of a share reduction plan by key individuals, indicating a potential shift in insider sentiment towards the company's stock [1] Group 1: Share Reduction Details - Mr. Wang Jun has reduced his holdings by a total of 6,200 shares, which represents 0.00018% of the company's total share capital [1] - Mr. Hu Xiukui has reduced his holdings by a total of 16,200 shares, accounting for 0.00047% of the company's total share capital [1] - Mr. Jun Tong has reduced his holdings by a total of 7,500 shares, which is 0.00022% of the company's total share capital [1] Group 2: Implementation Status - The share reduction plan has been fully implemented as of the date of the announcement [1]

Market Performance - The Hang Seng Technology Index increased by 1.34%, while the Hang Seng Index rose by 1.76% [1] - The Hong Kong Stock Connect ETF from Yinhua (159318) gained 1.64%, and the Technology ETF from Penghua (159751) increased by 1.79% [1] Sector Performance - The insurance and communication equipment sectors showed the highest gains, while the energy equipment and services sector experienced the largest declines [1] Individual Stock Movements - Lanke Technology surged over 63%, followed by Zhipu with a 36.22% increase, and MINIMAX-WP rising by 11.71% [1] - Notable gainers also included: - Zhaoyi Innovation (603986) up 11.43% - China Duty Free (601888) up 8.31% - Innovent Biologics up 7.42% - SANY Heavy Industry (600031) up 7.12% [1] - Other significant increases were seen in: - Laopu Gold up 6.35% - Fast Retailing up 6.26% - Pop Mart up 5.76% - Zijin Mining (601899) up 5.58% - Weichai Power (000338) up 5.23% - Minmetals Resources up 5.0% - Ping An Insurance up 4.88% - Swire Properties up 4.71% - Zhaojin Mining up 4.21% - China National Heavy Duty Truck (000951) up 4.17% - SMIC up 4.07% [1] - On the downside, Xixiangfeng Group fell by 5.88%, and Weilu Group dropped by 15.47% [1] - Noteworthy gainers included Changfei Optical Fiber (601869) with a 15.31% increase and Dongfang Electric (600875) up 14.34% [1]

Investment Rating - The report suggests a positive investment outlook for the North American electricity sector, particularly focusing on gas turbines and related technologies due to the ongoing electricity shortage driven by AI data center demands [2][6][30]. Core Insights - The North American electricity shortage is characterized by a contradiction between the non-linear growth of AI electricity demand and the aging infrastructure of the power grid. The demand side sees a surge in AIDC projects, while the supply side faces challenges with declining stable supply and regional electricity shortages [2][6][24]. - The report highlights that gas turbines are currently the optimal solution for AIDC self-built power generation, with gas internal combustion engines, SOFC, and diesel generation serving as effective supplements [2][37]. - The North American Electric Reliability Corporation (NERC) predicts an average peak electricity gap of over 20GW from 2027 to 2030, with significant risks in Texas, the Mid-Atlantic, the Midwest, and California [2][32]. Summary by Sections Section 1: Current Electricity Shortage in North America - The electricity shortage is driven by the non-linear growth of AI demand and the aging power grid infrastructure. The electricity consumption in the U.S. is expected to reach historical highs in 2025-2026, with data centers' planned installed capacity increasing from 5GW in early 2023 to over 245GW by October 2025 [6][19]. - The average lifespan of power infrastructure in the U.S. is around 35-40 years, leading to frequent outages and an inability to meet the reliability demands of AIDC [15][19]. Section 2: Power Source Selection - Gas turbines are identified as the primary power source, with gas internal combustion engines, SOFC, and diesel generation as supplementary options. The report emphasizes the efficiency and cost-effectiveness of gas turbines, which can achieve over 60% efficiency and have the lowest cost per kilowatt-hour [2][37]. - The report also discusses the expected increase in gas turbine installations, with global new installations projected to approach previous cycle peaks by 2025, driven by the surge in AIDC electricity demand [48][52]. Section 3: Investment Recommendations - The report recommends focusing on various technologies due to the ongoing electricity shortage, suggesting investments in gas turbines, gas internal combustion engines, SOFC, and diesel generation. Specific companies are highlighted for potential investment opportunities, including Jerry Holdings, Yingliu Co., Dongfang Electric, and others [2][37][39].

Group 1 - The Xinhua 500 Index (989001) closed at 5315.77 points on February 9, with an increase of 1.72% [1][3] - The index experienced a high opening and continued to rise throughout the day, reaching a maximum of 5316.60 points and a minimum of 5271.16 points [3] - The total trading volume of the constituent stocks for the day was reported at 750.1 billion yuan [3] Group 2 - Among the constituent stocks, Meichang Co. led the gains with a rise of 12%, while several other stocks including Dongfang Electric, Perfect World, and TCL Zhonghuan hit the daily limit [3] - Aier Eye Hospital was the biggest loser, falling by 2.98%, with Tianhua New Energy and Zhongkong Technology also showing significant declines [3]

Core Viewpoint - The gas turbine sector is experiencing rapid growth, driven by an increased demand for energy solutions in North America, particularly due to a projected power shortfall in data centers from 44 GW to 47 GW between 2025 and 2028, equivalent to the total electricity consumption of 9 Miami or 15 Philadelphia [1][2] Group 1: Market Performance - Gas turbine concept stocks surged, with Linde Co. hitting the daily limit, and other companies like Yingliu Co. rising over 9% [1] - Several companies, including Jereh and Boying Special Welding, have been the focus of intensive research by multiple brokerages and fund companies [1] Group 2: Industry Insights - The gas turbine industry chain includes key components such as blades, casings, and combustion chambers, with domestic manufacturers like Yingliu Co., Haomai Technology, Feiwo Technology, and Wanze Co. making significant breakthroughs [2] - Jereh has entered the North American data center energy system integration market, providing complete power generation solutions and securing orders worth hundreds of millions from AI clients [2] - The current supply-demand tension is opening up overseas opportunities for Chinese gas turbine manufacturers like Dongfang Electric, Shanghai Electric, and Harbin Electric [2] - The demand for heat recovery steam generators (HRSG) is also increasing alongside gas turbines, with companies like Boying Special Welding, Xizi Clean Energy, Binglun Environment, and Changbao Co. being noteworthy players [2]

Group 1: Development Goals and Framework - The State-owned Assets Supervision and Administration Commission (SASAC) has set the annual development goals centered on "two guarantees and two strives" for 2026, marking a shift towards quality and efficiency in state-owned enterprises (SOEs) [4] - The total assets of central enterprises have surpassed 95 trillion yuan, with R&D investment exceeding 1 trillion yuan for four consecutive years, indicating a focus on quality-driven growth [8] - The framework aims to guide state capital towards strategic security, public welfare, and emerging industries, providing a clear action plan for reform and development [4] Group 2: Industry Integration and Collaboration - In 2025, the restructuring of central enterprises will follow a dual-track approach, focusing on strategic formation of new central enterprises and multi-field professional integration [13] - The establishment of new central enterprises, such as China Yajiang Group and China Chang'an Automobile Group, aims to serve national macro strategies and enhance industry collaboration [14] - A total of 17 units signed agreements in key areas like artificial intelligence and new materials, creating a multi-party collaborative model involving central enterprises, private enterprises, and local governments [16] Group 3: Capital Investment and Fund Management - The total scale of the China Chengtong fund system reached 710 billion yuan, with 97.99% allocated to strategic emerging industries, demonstrating a strong focus on high-tech sectors [18] - The National Investment Group manages 61 funds with a total scale of 345.1 billion yuan, having invested in 1,249 projects and facilitated 293 companies going public [20] - The investment strategy emphasizes long-term support for innovative enterprises, with over two-thirds of funds directed towards private enterprises [20] Group 4: Resource Integration and Security - Central enterprises are undergoing intensive integration in key mineral sectors, such as iron ore and rare earths, to enhance resource control and pricing power [24] - The integration aims to create a closed-loop industry chain, improving domestic supply security and reducing reliance on imports [25] - This strategic move is seen as a vital step in ensuring national resource security and enhancing the global influence of China's mineral resources [24]

Core Viewpoint - The surge in construction of data centers in the United States has led to an electricity shortage, creating opportunities for companies like Dongfang Electric to expand their gas turbine market share and export capabilities [1] Group 1: Company Performance - Dongfang Electric's stock price increased by 11.39%, reaching HKD 27.96, with a trading volume of HKD 269 million [1] - The company has been collaborating with Mitsubishi Heavy Industries since the early 2000s to enhance its gas turbine manufacturing capabilities [1] Group 2: Industry Trends - As of January 2026, the installed capacity of natural gas power generation in the U.S. under construction is expected to exceed 29 GW, more than doubling within a year [1] - Domestic advancements in gas turbine technology are expected to provide effective support to the U.S. electricity supply chain, particularly as the North American electricity shortage intensifies [1] Group 3: Market Projections - Dongfang Electric's market share in the gas-electric sector is projected to reach 70% by October 2025, with the localization rate increasing from 46.5% at the start of the collaboration to an expected 90% by the end of 2025 [1] - The overseas demand for gas turbines is anticipated to grow due to the supply-demand gap in North America, presenting export opportunities for Chinese manufacturers [1]

Core Viewpoint - The surge in stock price of Dongfang Electric (01072) is attributed to the increasing demand for natural gas power generation in the U.S., driven by a construction boom in data centers, leading to a power shortage [1] Group 1: Company Developments - Dongfang Electric's stock rose by over 11%, reaching HKD 27.96, with a trading volume of HKD 269 million [1] - The company has been collaborating with Mitsubishi Heavy Industries since the early 2000s to enter the gas turbine market, focusing on technology transfer and manufacturing [1] - By October 2025, Dongfang Electric aims to achieve a 70% market share in the gas power sector, with the localization rate increasing from 46.5% at the start of the partnership to an expected 90% by the end of 2025 [1] Group 2: Industry Insights - As of January 2026, the U.S. is projected to have over 29 GW of natural gas power generation capacity under construction, more than doubling within a year [1] - The energy monitoring agency's data indicates that the construction of data centers in the U.S. is exacerbating the power shortage, creating opportunities for Chinese gas turbine exports to fill the supply gap [1] - Tianfeng Securities highlights that the intensifying power shortage in North America due to AIDC construction presents a significant opportunity for Chinese gas turbine manufacturers [1]