以下为研究报告摘要： 华源证券近日发布电力设备行业2026年投资策略：OpenAI已将其截至2033年算力投资规模上调至 250GW，2030年美国最高用电负荷有望接近1000GW(目前在820GW上下)，需求大幅上调导致美国可能 出现缺电问题。主要关注三个方向投资机会：(1)燃气轮机：气电是美国解决缺电的主要手段，中国企 业有望出海；(2)电网设备出口：美国电网投资有望增加，我国2025年前9个月变压器对美、对非美国国 家和地区出口均大幅增长；(3)SST：800VDC是演化趋势，SST或将是长期解决方案。 报告要点 电力全面市场化元年，电力行业有望迎高质量发展。"双碳"战略提出以来，为适应日益提高的新能源并 网比例，我国电力市场化进展加速，并不断进行着电力体制改革。从发改价格[2021]1439号文提出煤电 和工商业用户全面进入电力市场开始，我国电改脉络事实上已非常清晰，即在为新能源接入以及电力市 场化服务。在"十四五"最后一年，多项被忽视但事实上有深远影响的政策推出，"十五五"我国电力市场 有望有序推进，电力行业有望迎高质量发展。 国内电网：电改有望推动特高压和配网加速建设。(1)特高压：历史上特高压建 ...

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

本报讯(张文婧张学法)日前，射阳港经济开发区CQC新能源创新基地第三实验台日前正式投用，标志着 全球唯一可同时检测6支200米级风电叶片的全尺寸检测平台全面启用，填补了国内深远海大兆瓦风电叶 片全尺寸检测空白，为我国风电产业向"大兆瓦、长叶片、深远海"转型提供坚实支撑。 据了解，该全尺寸叶片检测平台是射阳港零碳产业园的核心配套检测设施，由中国质量认证中心(CQC) 与射阳港绿色零碳产业园开发有限公司携手共建，采用"央地联动、政企协同"的建设运营模式。其中， 平台的核心技术参数与检测标准要求由CQC牵头制定，充分保障了检测工作的专业性与权威性；属地 企业负责基础设施建设，精准对接平台功能需求，为平台高效落地奠定了坚实基础；平台建成后，由 CQC统一采购高端测试设备，并组建专业技术团队负责日常运营、检测服务与数据管理工作。 近日，记者实地探访看到，上海电气（601727）风电股份有限公司、运达能源科技集团有限公司、明阳 智慧能源集团股份公司、金风科技（002202）有限公司等头部企业的多支叶片，正在平台上有序开展检 测。据统计，平台单支叶片测试周期为6—8个月，年检测叶片20台(套)，2026年订单已排满。 ...

2020-2025年中国金属冶炼设备产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：中钢国际（000928）,中信重工（601608）,大连重工（002204）,太原重工（600169）,中国一 重（601106）,上海电气（601727）,东方电气（600875） 相关报告：智研咨询发布的《2026-2032年中国冶金专用设备制造行业市场发展态势及投资机会研判报 告》 根据国家统计局数据显示：2025年12月中国金属冶炼设备产量为6.8万吨，同比下降18.6%；2025年1-12 月中国金属冶炼设备累计产量为69.7万吨，累计下降15.1%。 ...

企业名称上海乾宇智创机器人有限公司法定代表人王庆东注册资本1000万人民币国标行业科学研究和技 术服务业>专业技术服务业>工业与专业设计及其他专业技术服务地址中国（上海）自由贸易试验区环 科路999弄1号3层企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2026-2-6至无固 定期限登记机关自由贸易试验区市场监管局 来源：市场资讯 序号股东名称持股比例1上海电气自动化集团有限公司100% 经营范围含智能机器人的研发；软件开发；货物进出口；技术进出口。（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）许可项目：特种设备安装改造修理；特种设备检验检测。（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为 准）自主展示（特色）项目：智能机器人销售；工业机器人销售；服务消费机器人销售；人工智能硬件 销售；工业机器人安装、维修；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；人 工智能应用软件开发；信息系统集成服务；通用设备修理；特种设备销售；信息技术咨询服务；计算机 软硬件及辅助设备批发；伺服控制机构销售；机械设备租赁；机械设备研发； ...

Group 1 - The core point of the news is that Shanghai Electric Group Co., Ltd. has won a procurement project from China General Nuclear Power Group for a gas power plant, with a contract value of 791 million yuan [1][2]. - The company operates in the industrial sector, with major product types including semiconductor solar photovoltaic, packaging machinery, ship parts and maintenance, low-voltage electrical equipment, power machinery, generators and auxiliary equipment, industrial control machinery, boilers and auxiliary equipment, environmental protection machinery, relay protection and dispatch automation, monitoring equipment and systems, gas turbines and auxiliary equipment, light construction machinery, flue gas desulfurization systems, heavy construction machinery, heavy trucks and special vehicles, and specialized equipment and components [2][3]. Group 2 - In 2024, the company's revenue is projected to be 116.186 billion yuan, with a revenue growth rate of 1.21%. The net profit attributable to the parent company is expected to be 752 million yuan, with a net profit growth rate of -6.33% and a return on equity of 1.42% [1][2]. - For the first half of 2025, the company reported a revenue of 54.303 billion yuan, with a revenue growth rate of 8.89%. The net profit attributable to the parent company is 821 million yuan, with a net profit growth rate of 7.32% [3]. - The main business composition for 2024 is as follows: sales of goods (76.75%), provision of services (9.94%), engineering construction (7.5%), and other businesses (5.81%) [2][3].

该行将上海电气H股目标价由3.4港元下调至2.6港元，相当预测今年市账率0.4倍，维持"买入"评级，其估值远低于同 行东方电气(01072.HK)。该行建议在12个月的基础上增持上海电气并减持东方电气。 花旗表示，上海电气2021年业绩差过预期，不过假设杜拜项目损失和前管理层不当行为的负面影响主要反映在2021年 的业绩中，预计未来不会再产生太大影响，另外假设上海电气的盈利能力将在2023年前大致恢复。 花旗发表报告，将上海电气(2727.HK)2022年和2023年净利润预测分别下调67%和37%，以考虑到在供应链中断的情况 下原材料、零部件和物流成本增加，不过随着上海市逐步解封，相信其最坏的情况已经过去。 ...

Core Viewpoint - The company is establishing a wholly-owned subsidiary for gas turbine business in Shanghai by December 2025 to seize opportunities in the gas turbine industry and expand its high-end equipment manufacturing sector [2] Group 1: Strategic Positioning - The gas turbine business is one of the main focus areas for the company, alongside deep-sea wind power and nuclear power [2] - The establishment of the specialized subsidiary is a specific measure to extend the company's business from component supply to systematic solution provision, aligning with its strategic positioning as a "thick-walled sliding bearing and power equipment system solution provider" [2] Group 2: Partnerships and Collaborations - The company collaborates with major domestic power enterprises, including Shanghai Electric, Harbin Electric, and Dongfang Electric [2] - The company is recognized as an important qualified supplier of sliding bearings and structural components for Siemens in the Asia-Pacific region [2]

证券之星消息，2月4日其他电源设备板块较上一交易日下跌0.43%，科华数据领跌。当日上证指数报收 于4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。其他电源设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002534 | 西子洁能 | 18.70 | 4.59% | 27.78万 | 5.14亿 | | 600482 | 中国动力 | 27.77 | 1.28% | 34.41万 | 9.53亿 | | 600405 | 动力源 | 5.37 | 1.13% | 0 8.05万 | 4288.83万 | | 600875 | 东方电气 | 25.99 | 1.09% | 43.05万 | 11.19 Z | | 002364 | 中恒电气 | 33.07 | 1.01% | 56.85万 | 18.87亿 | | 301516 | 中远通 | 16.68 | 0.97% | 2.09万 | 3471.62万 | | 688551 | 科威尔 ...

Core Viewpoint - The 2026 China Wind Energy New Year Tea Party highlighted the achievements of Shanghai Electric Wind Power Group Co., Ltd., which won multiple awards for its contributions to industry expansion and technological innovation in the past year [1] Group 1: Awards and Recognition - Shanghai Electric Wind Power Group Co., Ltd. received the "Pioneer Award," "Youth Pioneer Award," and "Advanced Worker Award" at the event, showcasing external recognition of its achievements in zero-carbon technology research and talent development [1]