声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月3日，四方股份涨5.12%，截至发稿，报39.66元/股，成交8.95亿元，换手率2.80%，总市值330.44亿 元。 责任编辑：小浪快报 易方达环保主题混合A（001856）成立日期2017年6月2日，最新规模32.69亿。今年以来收益7.57%，同 类排名1171/8874；近一年收益63.64%，同类排名809/8124；成立以来收益442.8%。 易方达环保主题混合A（001856）基金经理为祁禾。 截至发稿，祁禾累计任职时间8年41天，现任基金资产总规模151.31亿元，任职期间最佳基金回报 414.4%， 任职期间最差基金回报4.01%。 资料显示，北京四方继保自动化股份有限公司位于北京市海淀区上地信息产业基地四街9号，成立日期 1994年4月8日，上市日期2010年12月31日，公司主营业务涉及继电保护、电网自动化及发电厂自动化产 品的研发、生产、销售和技术服务。主 ...

Core Insights - The company has deep expertise in the power electronics field, having won 1 National Science and Technology Progress Award and over 20 provincial and ministerial first prizes, with multiple products included in national key project plans [1] - Key achievements include high-efficiency, high-density, large-capacity DC transformer components, critical technologies, and core equipment, as well as research and engineering applications for multi-terminal flexible DC distribution networks [1] Company Overview - The company has developed a comprehensive product matrix in power electronics and DC fields, including medium-voltage converters, power electronic transformers, DC control protection systems, coordinated controllers, shore power, and ice-melting systems, covering critical areas such as flexible DC transmission and distribution, grid-forming equipment, power quality management, and special power supplies [1] - The company has established a full industry chain layout from technology research and development to product manufacturing and engineering applications [1] Key Technology Focus - The company focuses on several key technology areas, including flexible DC transmission technology, where it has participated in multiple national key projects, accumulating rich core technologies [1] - The medium-voltage solid-state transformer (SST) series devices, energy management systems, and DC control protection systems have been applied in demonstration projects [1] - In grid-forming technology, the company leverages its deep understanding of grid interactions to propose solutions for various application scenarios, including grid-forming energy storage and grid-forming SVG [1] Recent Achievements - The company has made significant breakthroughs in power quality management, providing a 250 Mvar SVG power quality comprehensive management device for the first million-ton near-zero carbon steel production line at Baosteel's Zhanjiang Steel, marking a revolutionary shift from carbon metallurgy to hydrogen metallurgy in China's steel industry [1] - This project not only showcases the company's leading technological strength in power quality management but also supports steel enterprises in balancing environmental compliance with production efficiency [1] - The integration with hydrogen metallurgy processes creates a replicable and scalable system solution and engineering practice model for the green transformation of large-capacity electric arc furnaces [1]

Core Viewpoint - The data center sector is driving significant growth in the power equipment industry, with capital expenditures showing high growth trends, particularly in overseas markets, while domestic giants like Alibaba and Tencent are experiencing a slowdown in capital spending [1][3]. Demand Side - Overseas capital expenditures from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [3]. - Domestic capital expenditures for Alibaba amounted to 31.5 billion yuan in Q3 2025, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Alibaba reaffirmed its three-year investment framework of 380 billion yuan, indicating potential for further investment [3]. - Tencent's capital expenditures were 13 billion yuan in Q3 2025, showing a year-on-year decline of 24.05% and a quarter-on-quarter decline of 32.05%, with a downward revision of its annual guidance [3]. Supply Chain - NVIDIA reported total revenue of $57.006 billion in Q3 2025, with data center product revenue reaching $51.215 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44%, accounting for over 89% of total revenue [4]. - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% but a quarter-on-quarter decline of 2.5%, achieving a record high for the same period [4]. - The CPU price index rose to 99.04 in November 2025, up from 98.20 in October, while DRAM spot prices surged from $27.14 on November 17, 2025, to $71.25 by January 23, 2026, reflecting a significant increase of over 178% within two months [4]. - South Korea's semiconductor exports reached $10.73 billion from January 1 to January 20, 2026, representing a substantial year-on-year growth of 70.2% and accounting for 29.5% of total exports, an increase of 9.6 percentage points compared to the previous year [4]. Application Side - The number of models in use is steadily increasing, with token usage from January 13 to January 19, 2026, reaching 7.50 trillion, a slight decrease of 1.96% [5]. - The release of new models such as Grok4Fast, GPT-5nano, and gpt-oss-20B in Q3 2025 led to a decline of over 50% in the price of tokens for models scoring above 40 on the Artificial Analysis intelligence index [5]. Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to maintain high capital expenditures, with TSMC's capital expenditures projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [6]. - The increasing power density of data center cabinets is likely to enhance the penetration of HVDC and SST technologies, with smart busbars expected to see widespread adoption [6]. - Recommended stocks include Zhongheng Electric (002364), Oulu Tong (300870), Weiteng Electric (688226), and Sunshine Power (300274), with additional attention suggested for Kehua Data (002335), Keda (002518), Kelu Electronics (002121), Magmi Tech (002851), Jinpan Technology (688676), and Sifang Co. (601126) [6].

Core Viewpoint - The article addresses concerns regarding the carbon dioxide (CO2) concentration levels in high-speed train carriages, clarifying that the reported levels exceed standard limits due to a misunderstanding of applicable regulations [3]. Group 1: Standards and Regulations - The CO2 concentration control standard for passenger trains in China is governed by TB/T 3493-2017, which sets the limit at 2500 ppm under normal operating conditions [3]. - In comparison, European standards (EN13129-2016) allow for a CO2 concentration limit of up to 5000 ppm for passenger trains [3]. - The reported passenger measurements referenced the GB 50736-2012 standard for civil buildings, which is not applicable to passenger trains [3]. Group 2: Train Design and Air Quality Management - High-speed trains are designed with fully sealed car bodies, and air exchange is managed entirely by the air conditioning ventilation system, providing a fresh air volume of over 15 m³/h per person [4]. - The trains achieve an air exchange rate of 6 to 12 times per hour, and are equipped with a pressure protection system [4]. - During normal operation outside of tunnels, CO2 levels typically do not exceed 1500 ppm; however, in tunnels, the system temporarily closes external air passages to prevent pressure fluctuations, which may cause a short-term increase in CO2 levels without impacting passenger health [4].

陶桂东介绍，网传旅客实测值对照的是我国GB 50736-2012《民用建筑供暖通风与空气调节设计规范》 的民用建筑室内二氧化碳浓度限值标准，该标准不适用于旅客列车。各国旅客列车浓度标准限值均是依 据移动运载装备的内部压力波动、二氧化碳浓度等综合舒适性指标设定的。 2026年1月23日，针对网传"乘客实测高铁车厢内二氧化碳浓度超过标准限值1000ppm"的信息，记者采 访了来自中车青岛四方机车车辆股份有限公司的动车组专家陶桂东。 陶桂东介绍，轨道交通移动装备有其特殊性，我国旅客列车室内二氧化碳浓度控制标准执行TB/T 3493- 2017《铁道车辆空调 空调压力保护装置》，正常运行工况下标准限值为不超过2500ppm，欧洲 EN13129-2016《铁路设施主干线铁路机车车辆用空调舒适度参数和型式试验》规定旅客列车室内二氧 化碳浓度标准限值为不超过5000ppm。 环球时报记者 郭媛丹 陶桂东介绍，动车组列车为全气密车体，车内换气完全由空调通风系统实现，人均新风量超过15m³/h （每小时立方米），每小时换气次数为6至12次，同时动车组配置有压力保护系统。在非隧道区段运行 时，可实现连续换气，二氧化碳浓度一般不 ...

新华社北京1月24日电 24日，针对近日网络上"乘客实测高铁车厢内二氧化碳浓度超过1000ppm是否超 标"的讨论，记者采访了来自动车组制造厂商、中车青岛四方机车车辆股份有限公司的动车组专家陶桂 东。 陶桂东介绍，轨道交通移动装备有其特殊性，我国旅客列车室内二氧化碳浓度控制标准执行TB/T 3493- 2017《铁道车辆空调 空调压力保护装置》，正常运行工况下标准限值为不超过2500ppm，欧洲 EN13129-2016《铁路设施主干线铁路机车车辆用空调舒适度参数和型式试验》规定旅客列车室内二氧 化碳浓度标准限值为不超过5000ppm。 陶桂东介绍，网传旅客实测值对照的是我国GB 50736-2012《民用建筑供暖通风与空气调节设计规范》 的民用建筑室内二氧化碳浓度限值标准，该标准不适用于旅客列车。各国旅客列车浓度标准限值均是依 据移动运载装备的内部压力波动、二氧化碳浓度等综合舒适性指标设定的。 陶桂东介绍，作为全气密车体，动车组车内换气完全由空调通风系统实现，人均新风量超过15m³/h（每 小时立方米），每小时换气次数为6至12次，同时动车组配置有压力保护系统。在非隧道区段运行时， 可实现连续换气，二氧化碳 ...

我国旅客列车室内二氧化碳浓度标准限值为2500ppm，限值内浓度对旅客健康无影响。 1月23日，针对网传"乘客实测高铁车厢内二氧化碳浓度超过标准限值1000ppm"的信息， 记者采访了来自中车青岛四方机车车辆股份有限公司的动车组专家陶桂东。 陶桂东介绍，网传旅客实测值对照的是我国GB 50736- 201 2《民用建筑供暖通风与空气 调节设计规范》的民用建筑室内二氧化碳浓度限值标准，该标准不适用于旅客列车。各国 旅客列车浓度标准限值均是依据移动运载装备的内部压力波动、二氧化碳浓度等综合舒适 性指标设定的。 陶桂东介绍，动车组列车为全气密车体，车内换气完全由空调通风系统实现，人均新风量 超过15m³/ h（每小时立方米），每小时换气次数为6至12次，同时动车组配置有压力保护 系统。在非隧道区段运行时，可实现连续换气，二氧化碳浓度一般不超过1500ppm；当 通过连续隧道群时，为降低外界空气压力波动导致的旅客耳鸣，列车会采取压力保护动作 关闭与车外空气的通道，此时无法实现车内外空气交换，车厢内二氧化碳浓度短时间内会 有所升高，不会对旅客健康产生影响。 来源：环球网 End 陶桂东介绍，轨道交通移动装备有其特殊性， ...

【专家澄清：#我国旅客列车室内二氧化碳浓度没超标#】#高铁二氧化碳浓度无需过度恐慌#2026年1月 23日，针对网传"乘客实测高铁车厢内二氧化碳浓度超过标准限值1000ppm"的信息，记者采访了来自中 车青岛四方机车车辆股份有限公司的动车组专家陶桂东。陶桂东介绍，轨道交通移动装备有其特殊性， 我国旅客列车室内二氧化碳浓度控制标准执行TB/T 3493-2017《铁道车辆空调 空调压力保护装置》，正 常运行工况下标准限值为不超过2500ppm，欧洲EN13129-2016《铁路设施主干线铁路机车车辆用空调舒 适度参数和型式试验》规定旅客列车室内二氧化碳浓度标准限值为不超过5000ppm。陶桂东介绍，网传 旅客实测值对照的是我国GB 50736-2012《民用建筑供暖通风与空气调节设计规范》的民用建筑室内二 氧化碳浓度限值标准，该标准不适用于旅客列车。各国旅客列车浓度标准限值均是依据移动运载装备的 内部压力波动、二氧化碳浓度等综合舒适性指标设定的。陶桂东介绍，动车组列车为全气密车体，车内 换气完全由空调通风系统实现，人均新风量超过15m³/h（每小时立方米），每小时换气次数为6至12 次，同时动车组配置有压力保护 ...

Core Insights - The AI Fund Changjiang New Energy Industry Mixed A (011446) reported a profit of 12.24 million yuan for Q4 2025, with a weighted average profit per fund share of 0.1594 yuan. The fund's net value growth rate for the reporting period was 10.18%, and the fund size reached 123 million yuan by the end of Q4 2025 [2][13]. Fund Performance - As of January 21, the fund's unit net value was 1.932 yuan. Over the past year, the fund achieved a cumulative growth rate of 76.8%, outperforming its peers [2]. - The fund's performance over different time frames includes a 27.27% growth rate over the past three months, ranking 7 out of 621 comparable funds, and a 59.78% growth rate over the past six months, ranking 27 out of 621 [3]. Investment Strategy - The fund focuses on the new energy industry and its upstream and downstream sectors, seeking opportunities in supply-demand reversals and technological advancements within the industry. The management plans to continue tracking and identifying investment opportunities in these areas [2]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.6629, ranking 173 out of 526 comparable funds [7]. - The maximum drawdown over the past three years was 43.48%, with the largest single-quarter drawdown occurring in Q2 2022 at 21.13% [9]. Portfolio Composition - As of December 31, the fund's average stock position over the past three years was 78.37%, compared to the industry average of 85.83%. The fund reached its highest stock position of 86.26% at the end of 2021 and its lowest of 72.55% by the end of Q3 2024 [12]. - The top ten holdings of the fund include Tianqi Lithium, Huayou Cobalt, CATL, Tianhua New Energy, Yongxing Materials, China National Materials, Liyuanheng, Guoci Materials, Sifang Co., and Keda Technology [16].

1月23日，针对网传"乘客实测高铁车厢内二氧化碳浓度超过标准限值1000ppm"的信息，中车青岛四方 机车车辆股份有限公司的动车组专家陶桂东表示，轨道交通移动装备有其特殊性，我国旅客列车室内二 氧化碳浓度控制标准执行TB/T 3493-2017《铁道车辆空调 空调压力保护装置》，正常运行工况下标准限 值为不超过2500ppm，欧洲EN13129-2016《铁路设施主干线铁路机车车辆用空调舒适度参数和型式试 验》规定旅客列车室内二氧化碳浓度标准限值为不超过5000ppm。 视频拍摄者余先生介绍，在最近一次的长途旅行中，余先生用仪器测量了高铁二等座车厢内的二氧化碳 浓度，车辆行驶时已经超过了2000ppm。 去年6月，"难怪我一上高铁就睡觉"相关话题就在社交平台引发热议，有网友测评称，在高铁车厢内随 着人流量增加车内二氧化碳含量逐渐增高。有网友称，缺氧会让人感觉昏昏欲睡。据中新经纬，铁路 12306一位客服表示，高铁车厢虽然是密闭空间，但在行驶过程中中央空调在保持恒温的前提下会实时 更换空气，提供氧气，（所以）即便是长时间行驶乘客也不会出现缺氧的情况。 智通财经记者 邵冰燕 陶桂东介绍，动车组列车为全气密车体，车 ...