编辑 | 闪电 作为能源物联网领域的领军企业，威胜信息在这场产业变革中占据了独特位置。在近日的上市六周年投资者接待日上，威胜信息董事长李鸿对于公司"算 电融合"战略纵深和全球化版图的擘画表明：它不再仅仅是电网的设备供应商，而是正将自己重塑为"算电融合"时代解决能源系统"神经末梢"感知与控制 痛感的"外科医生"。 从通信芯片到AI智算平台，从智能电网到天地一体化的卫星物联，威胜信息的业务图谱与"十五五"电网投资的重点方向高度同频，由此也带来了公司业绩 的持续向上。 公开资料显示，上市以来，威胜信息持续实现了营收和净利润的双增长，ROE稳定在20%以上，TSR总股东回报率也在20%以上，累计现金分红超10亿 元、股票回购4.49亿元，以40%的基准分红率回报股东。 加之手握智能电网数智升级方案、卫星遥感+通信融合方案以及AI+能源物联网三大引爆行业的重磅产品，威胜信息作为观察中国新型电力系统产业链进 化的标杆，自然引来行业广泛关注。 用"算电融合"打通 美编 | 倩倩 审核 | 颂文 国家电网"十五五"规划正式出炉，固定资产投资预计达到4万亿元，较"十四五"增长40%，为中国能源版图定下了新基调。南方电网紧跟其后 ...

机构持仓方面，截止2025年9月30日，威胜信息十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股531.09万股，为新进股东。国泰智能汽车股票A（001790）退出十大流通股东之列。 资料显示，威胜信息技术股份有限公司位于湖南省长沙高新技术产业开发区桐梓坡西路468号，成立日 期2004年5月8日，上市日期2020年1月21日，公司主营业务涉及依托覆盖物联网架构各层级的关键技术 储备,主要从事电监测终端、水气热传感终端、通信网关、通信模块、智慧公用事业管理系统软件等物 联网各层级软硬件产品的研发、生产和销售，并基于上述产品为客户提供智慧公用领域整体解决方案。 主营业务收入构成为：通信网关32.56%，电监测终端28.92%，通信模块19.41%，智慧公用事业管理系 统12.25%，水气热传感终端6.39%，其他(补充)0.48%。 截至9月30日，威胜信息股东户数1.08万，较上期增加44.78%；人均流通股45665股，较上期减少 30.93%。2025年1月-9月，威胜信息实现营业收入21.12亿元，同比增长8.80%；归母净利润4.74亿元，同 比增长12.24%。 2月2日，威胜信息跌1 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **grid and electrical equipment** sector, particularly in the context of global investment trends and structural demand drivers across regions including **China, ASEAN, the US, and the EU** [2][3][10]. Core Insights and Arguments - **Structural Upcycle**: Analysts believe the current upcycle in grid equipment is structural rather than cyclical, supported by high manufacturing utilization and multi-year order visibility across **APAC** [3][10]. - **Investment Needs**: Global grid investment reached approximately **$450 billion** in 2025, but this is still below the estimated **$1 trillion** needed annually by 2050 to meet demand [4]. - **Aging Infrastructure**: About **45%** of global grid assets are over **20 years old**, with significant replacement needs emerging, particularly in the US where the average transformer is around **40 years old** [4][10]. - **OEM Backlogs**: Equipment suppliers are experiencing unprecedented demand, with average selling prices for transformers increasing by approximately **75%** since 2019, and high-voltage cable costs nearly doubling [5][10]. Regional Developments - **China**: The 15th Five-Year Plan mandates a record investment of **RMB 4 trillion** by 2030, a **40%** increase from previous plans, focusing on high-voltage expansion to support renewable energy [7]. - **ASEAN**: Leaders have agreed to accelerate the ASEAN Power Grid, aiming to double cross-border capacity by 2040, supported by an **$800 billion** financing initiative [7]. - **US**: Federal programs, including a **$65 billion** grid modernization fund, are pushing utilities to enhance and expand networks [7]. - **Europe**: The European Commission has introduced a new Grid Package requiring **€584 billion** in transmission investment by 2030 [7]. Capacity and Constraints - Manufacturing capacity for grid equipment is tight across APAC, with Japan operating at nearly **100%** utilization. Expansion plans are in place, but skilled labor shortages and input constraints remain significant challenges [12]. - Orderbooks are strong, particularly in Korea, where companies report **30%** year-over-year growth in orderbooks, with lead times extending to **3-4 years** [13]. Pricing Dynamics - Anticipated price increases in China due to potential tariff adjustments in the 2026 regulatory cycle are expected to support average selling price hikes and margin expansion [14]. - Japan's Hitachi aims to increase EBITDA margins from **13-15%** to **16-20%** by FY30, indicating a focus on disciplined pricing and higher-value products [14]. Demand Drivers - Demand is driven by a multi-year structural grid upgrade cycle across APAC, with significant needs for replacement and modernization of aging infrastructure, as well as the integration of digital automation and smart grid technologies [15][16]. Investment Recommendations - Companies positioned at the core of structural grid equipment demands, such as **NARI Technology**, **Hitachi**, and **Hyundai Electric**, are highlighted as key beneficiaries of the ongoing investment cycle [18][19]. - NARI Technology is particularly noted for its alignment with China's domestic grid investment priorities, with expectations of sustained pricing uplift and market share gains [18]. Conclusion - The combination of aging infrastructure, rising demand from renewable energy, and the need for modernization and digitalization in grid systems suggests a robust growth outlook for the grid equipment sector across APAC, with favorable pricing power and earnings durability anticipated [10][11].

We turn more bullish on China's power grid equipment names, underpinned by our assumed 11% China grid CAPEX CAGR in 2026-30E, up from 9% previously. While we highlighted upside to grid CAPEX (volume) and T&D tariffs (price) in our previous note, we now believe actual grid CAPEX could again exceed official plans, driven by accelerated backbone and distribution grid build-out enhancing system stability and reliability. This could translate into earnings upgrades and valuation re-ratings for power grid equipme ...

证券日报网讯1月26日，威胜信息在互动平台回答投资者提问时表示，公司多年来立足"三芯多模"战 略，在碳化硅器件和相关电力电子模块方面有多年的技术投入，目前在高功率电源模块和固态开关方面 有技术和产品储备。 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][44]. Core Insights - The communication industry index has shown a cumulative increase of 1.61% over the past two weeks (January 9 to January 22), outperforming the CSI 300 index by 1.91 percentage points, ranking 21st among 31 first-level industries [4][11]. - In January, the communication sector has risen by 2.48%, again surpassing the CSI 300 index by 0.45 percentage points [4][11]. - The report highlights a critical period of annual performance forecasts for listed companies, which serves as a key window to validate the growth potential and market conditions of various sectors [4][39]. Industry Performance Review - The communication sector's six sub-sectors have varied performance over the past two weeks, with the highest increase in the SW Communication Application Value-Added Services (+11.59%) and the lowest in SW Communication Terminals and Accessories (-1.64%) [4][15]. - The report notes that the communication industry is entering a phase of technological iteration and policy benefits, with new growth drivers expected from AI, quantum communication, and low-altitude economy [4][39]. Industry News and Company Announcements - IDC predicts that by 2030, AI agents will become a significant part of the global workforce, with a projected increase from approximately 28.6 million active agents in 2025 to 2.216 billion [16]. - China Mobile has established a special office for computing power strategy, marking a new phase in its systematic approach to computing power deployment [17][19]. - The Ministry of Industry and Information Technology reports that AI has penetrated over 70% of business scenarios in leading smart factories [20]. - Tianfu Communication expects a net profit increase of 40%-60% for 2025, driven by the growth in AI and data center construction [23]. - Changxin Bochuang anticipates a net profit increase of 344%-413% for 2025, fueled by demand in cloud computing and AI [24]. Industry Data Updates - As of November 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.20% [27]. - The internet broadband access user base was about 697 million, reflecting a year-on-year increase of 4.28% [29]. - The length of optical cable lines reached approximately 74.44 million kilometers, with a year-on-year growth of 3.63% [30]. - By November 2025, the total number of 5G base stations reached 4.83 million, with a net increase of 579,000 from the previous year [36]. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty," highlighting potential opportunities in the sector [4][39]. - Recommended stocks include China Mobile (600941.SH), China Telecom (601728.SH), ZTE Corporation (000063.SZ), Changfei Optical Fiber (601869.SH), and Weisheng Information (688100.SH) [40][42].

Group 1 - The core viewpoint of the article is that Weisheng Information will disclose the number of shareholders in its regular reports to ensure fairness in information dissemination to investors [1]

Group 1 - The company focuses on the core area of energy digitalization, driving development through technological innovation [1] - The company is continuously deepening its integration in the fields of IoT, chips, and artificial intelligence [1] - The company is actively exploring emerging business opportunities [1]

Core Viewpoint - The strong stock performance of Weisheng Holdings is attributed to optimistic investment expectations from the State Grid during the 14th Five-Year Plan, with total investments expected to reach 4 trillion yuan, and the global AIDC wave leading to a revaluation of Weisheng as a scarce asset in energy management [1] Group 1: Company Performance - Weisheng Information, as the core smart energy company under Weisheng Holdings, is expected to undergo a reassessment of its mid-term value [1] - The company possesses a natural advantage in the intelligentization process of AIDC energy systems, leveraging its power IoT digital foundation [1] Group 2: Financial Projections - Projected net profits attributable to the parent company for the years 2025, 2026, and 2027 are expected to be 720 million yuan, 870 million yuan, and 1.05 billion yuan respectively [1] - The current stock price corresponds to price-to-earnings ratios of 28, 24, and 20 times for the years 2025, 2026, and 2027 [1] Group 3: Investment Rating - The investment rating for Weisheng Holdings is maintained at "Buy" [1]

Group 1 - The A-share market saw a collective surge in smart grid stocks, with companies like China Xidian, Xinlian Electronics, Dingxin Communications, and others hitting the daily limit up [1] - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), representing a 40% increase compared to the previous plan, with an average annual investment of 800 billion yuan [1] - Southern Power Grid is expected to invest around 1 trillion yuan during the same period, leading to a total investment of nearly 5 trillion yuan from both major grids, significantly exceeding the 2.64 trillion yuan and 2.85 trillion yuan investments during the 13th and 14th Five-Year Plans, respectively [1] Group 2 - China Xidian's stock rose by 10.03%, with a total market value of 81 billion yuan and a year-to-date increase of 73.63% [2] - Xinlian Electronics experienced a 10.01% increase, with a market capitalization of 8.34 billion yuan and a year-to-date rise of 43.06% [2] - Dingxin Communications, Hanlan Co., and other companies also saw significant stock price increases, with various percentages ranging from 5.19% to 10% [2]