新华财经上海2月27日电中信建投证券研报分析认为，AI数据中心（AIDC）建设进入高速增长期，测算 2025-2028年期间，美国AI需求带来的电力容量需求年复合增长率（CAGR）约55%，未来三年累计需求 超150GW，带来大量的电力需求，使得配套设备迎来机遇，而北美目前缺电问题凸显，自建电源成为 大趋势，燃气轮机凭借快速响应、高功率适配性、较低发电成本，高可靠性成为AIDC主电源优先解。 （文章来源：新华财经） 当前全球海外燃机龙头在手订单规模已远超其现有产能水平，全球燃气轮机巨头正推进产能扩张计划， 但海外上游供应链扩产相对谨慎，产业链紧缺不断加剧，国产燃机整机与核心零部件产业链迎来机遇。 ...

路透社近期披露，限制了五年的中国电力设备采购，印度终于扛不住了。印度已允许国有企业无需政府审批即可从中国采购电力传输设备，煤炭行业的类 似豁免也在酝酿中。 印度为什么突然在这个时候放宽了对中国电力的限制，或许有一个大家预想不到的原因，就是印度不仅想要成为制造大国，更想成为AI大国。 为抗衡中美AI，印度放宽了对中国电力限制 印度没有一家像样的AI公司，却在近期举办了AI峰会，眼看中美两国把AI的未来蛋糕都快分完了，再不刷下存在感就彻底沦为看客了，于是我们就看到 了在中国春节的特殊时间节点，印度面向全球高调举办的这场AI峰会。当然了，这场AI峰会被美国"政客网"嘲讽了。 美国政客网表示：印度方面则努力将自己塑造中、美科技轴线之外一个严肃而有分量的力量，但在台下，气氛却要复杂得多：缺少重量级嘉宾，安保封锁 与德里混乱的交通纠缠在一起，会议日程与全球政治事件撞车，还有一场演示意外变成了网络'梗图'素材。 嘲讽归嘲讽，但印度在AI领域的野心是存在的。在印度看来，要发展AI就要吸引AI领域的人才与资本，因此，印度的AI峰会可以视为印度为自己招商引 资搭台唱戏，怒刷一波存在感，借此吸引全球资本关注，但结果却不尽如人意，无 ...

商报讯（记者 汪株燚 郑炜 陈敏娜） 前来中国进行正式访问的德国总理默茨，于昨日专程飞抵杭州，乘 坐红旗车继续访华行程。德国总理一行先后考察了宇树科技、西门子能源等企业。这也是德国总理此次 访华行程中备受关注的"科技人文"亮点。 德国一直是工业老大哥，是"老师傅"，输出技术，输出标准，输出工程师，这是过去几十年，德国与中 资合作的基本模式。面对来自东方的创新力量，"老师傅们"坐不住了。据德媒此前披露，宇树科技之所 以被纳入行程，源于默茨希望深入了解机器人产业的前沿动态。浙江大学国际校区隐形冠军国际研究中 心副主任雷李楠分析认为，这反映出德国制造业正从汽车、化工等传统优势领域，向智能制造、机器人 及人工智能等方向拓展布局，这些也是全球制造强国竞逐高端市场的核心领域。 宇树科技成为此次默茨杭州站的重点对象。该公司凭借在足式及人形机器人领域的技术突破与产品性价 比，已在全球市场建立起影响力。从2021年牛年春晚的机器牛"犇犇"，到2025年蛇年春晚的《秧 BOT》，再到2026年马年春晚全球首次全自主人形机器人集群武术表演《武BOT》，其产品频繁亮相国 家级舞台，展现了快速的技术迭代能力。春晚效应直接转化为市场热度 ...

截至午间收盘，科创成长指数上涨1.5%，科创200指数上涨1.0%，科创100指数上涨0.9%，科创综指上涨0.6%，科创50指数上涨 0.1%。 | 科创50ETF易方达 低费率 | | | 588080 | | --- | --- | --- | --- | | 跟踪上证科创板50成份指数 | | | | | 该指数由科创板中市值大、流动性 | 截至午间收盘 | 该指数 | 该指数自2020年 | | 好的50只股票组成,"硬科技"龙 | 该指数涨跌 | 滚动市智率 | 发布以来估值分位 | | 头特征显著,半导体占比超65%, | | | | | 与医疗器械、软件开发、光伏设备 行业合计占比近80% | 0. 1% | 167. 3倍 | 95. 4% | | 【保要率 科创100ETF易方达 | | | 588210 | | 跟踪上证科创板100指数 | | | | | 该指数由科创板中市值中等且流动 性较好的100只股票组成,聚焦中 | 截至午间收盘 该指数涨跌 | 该指数 滚动市盈率 | 该指数 | | 小科创企业,电子、电力设备、医 | | | | | 药生物、计算机行业合计占比超 | | | ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Qingdao TGOOD Electric Co., Ltd. 青島特銳德電氣股份有限公司 (A joint stock company incorporated in the People's Republic of Chin ...

24 February 2026 | 9:55PM HKT Equity Research CHINA INDUSTRIAL TECH Cost inflation pressures 1Q26 margins; export-aligned names poised for better recovery ahead We revise our sector FY25-FY28E EPS by -27% to +4% and TP forecasts by -8% to +4% (-3% on average). Our changes primarily reflect the impact of raw material cost trends, partially offset by delayed pricing pass-through to customers and those with a higher sales mix from developed markets (DM). Specifically, we have cut 1-2Q26E EPS by up to -18% for ...

Group 1 - Global grid investment has been rapidly increasing since 2020, with projections of reaching $390 billion in 2024 and exceeding $400 billion in 2025 [1][2] - The condition of the U.S. energy infrastructure is largely below standard, and the significant increase in AI electricity demand is expected to initiate a mandatory upgrade cycle for U.S. grid equipment [1][2] - The delivery cycle for transformers in the U.S. has extended from 50 weeks to over 120 weeks, indicating supply chain challenges [1] Group 2 - Chinese companies in the grid equipment sector have advantages in delivery time, technology, and cost, leading to sustained export orders for transformers and other equipment [1] - In 2025, the cumulative export value of transformers is projected to reach $9.036 billion, with a growth rate of 34.83%, marking a historical high [1] - Key export products in December 2025, including transformers, wires and cables, copper winding wires, low-voltage switches, and insulators, showed significant year-on-year growth rates [1] Group 3 - The AIDC industry is expected to maintain high prosperity in 2026, driven by capital expenditure plans from leading domestic and international internet companies, with overseas CAPEX guidance generally exceeding 50% [2] - The growth in electricity demand from data centers in the U.S. and the aging of power equipment present opportunities for Chinese power equipment exporters [2] - Notable Hong Kong-listed companies in the power equipment sector include Dongfang Electric, Harbin Electric, Shanghai Electric, Weidong Holdings, Chongqing Machinery, and Weichai Power [3]

方正证券电力设备行业2026年策略指出，回顾2025年AIDC板块股价表现共经历五轮上涨行情，国内外 厂商上调CAPEX预计、业绩超预期和行业及公司技术进展成为主要驱动因素。展望2026年，AIDC行业 仍将保持高景气，一方面国内外头部互联网厂商纷纷公布2026年资本开支计划，海外厂商CAPEX指引 普遍高于50%，另一方面维谛、西门子、Flunce等海外头部电力设备厂商业绩表现亮眼，AIDC行业高成 长性或已反应在业绩端。而美国需求端因数据中心增长带来的用电量增长与供给端电力设备老旧现象严 重的矛盾为国内电力设备出海厂商带来机会。 ...

Group 1: Industry Trends - The high-tech manufacturing PMI is at 52.0%, indicating a sustained positive development trend in related industries such as electronics, software, and communication services [1] - Policies aimed at boosting domestic demand are being implemented, including a focus on promoting consumption of durable goods like automobiles and home appliances [1] - There is a shift from "involution" competition to value-oriented competition, creating investment opportunities in sectors like energy metals and specialty steel [1] Group 2: Investment Opportunities - The top five sectors with net inflows include shipbuilding, military industry, film and television, automotive parts, and semiconductors [1] - The leading concepts with net inflows are military groups, liquid-cooled servers, large fund concepts, drones, and Tencent-related stocks [1] - The top ten individual stocks with net inflows include Light Media, Bona Film Group, Invec, Daily Interaction, Hailanxin, China Shipbuilding, Huafeng Technology, Northern Huachuang, Zhongji Xuchuang, and Wangsu Technology [1] Group 3: AI and Technology Developments - The AI healthcare market in China is projected to reach 97.6 billion yuan by 2028, with significant applications in areas like consultation and medical report generation [3] - The global AI computing power center is experiencing explosive growth, leading to a scarcity of transformers, with delivery times in the U.S. extending from 50 weeks to 127 weeks [3] - Domestic large model manufacturers are leveraging major holiday events to enhance user engagement and accelerate commercialization in AI applications [5] Group 4: Market Overview - The overall market trend is weak, with limited new capital entering and a weak profit-making effect [7] - The Shanghai Composite Index saw a nearly 20% increase over the past year, but the market remains challenging for traders [11] - The valuation metrics indicate that the stock market is relatively low compared to historical averages, with the overall A-share index PE at 23.3 [11]

Summary of Conference Call Records Industry Overview - The focus is on the AIDC (Artificial Intelligence Data Center) sector, particularly regarding power supply equipment and energy solutions. The industry is experiencing significant growth driven by high demand for data center infrastructure and energy solutions [1][2]. Key Company Insights - **Financial Performance**: The company reported a 203% year-over-year increase in Q4 2025 revenue, with new orders up 252% and backlog orders increasing by 109%, reaching $15 billion. This indicates a robust growth cycle in overseas computing infrastructure [1]. - **Acquisitions**: The company announced a $4.75 billion acquisition of Intersect Power, a leading U.S. battery storage system developer and operator, which previously set a record for the largest energy storage order globally with a 15.3 GWh Tesla Megapack order [1]. - **Investment Demand**: The "seedance" project is expected to generate over 6 GW of investment demand within three years, alongside the initiation of an 800V HVDC pilot project [1]. Core Arguments and Rationale - **Electricity Shortage Logic**: The underlying reason for the electricity shortage is strong downstream demand, which benefits power grid and supply equipment sectors, including gas turbines, SOFC, and diesel generators [2]. - **Direct Correlation**: Power supply, distribution, and liquid cooling solutions are directly linked to downstream computing power demand, indicating that the AIDC sector's growth is driving demand for upstream suppliers [2]. - **Performance Indicators**: The performance of companies like Weidi, which exceeded expectations in both revenue and order volume, further illustrates the symbiotic relationship between downstream demand and upstream supply [2]. Additional Recommendations - **Top Picks**: The report recommends focusing on companies such as: - **Rubin**: Ranked first in PSU power supply testing. - **Sungrow**: Expected to secure orders from Amazon and Google for energy storage solutions. - **Kostad**: Collaborating with Eaton for UPS solutions in the North American market. - **Liangxin**: Entering the Weidi supply chain with UL certification and developing solid-state circuit breakers [3]. Other Notable Mentions - Companies to watch include: - **Oulutong**: Collaborating with Google on PSU development. - **InnoSky**: Focusing on cabinet DCDC power supplies. - **Zhongheng Electric**: Manufacturing HVDC for Schneider with a strong historical market share. - **Kehua Data**: Along with others like Siyuan Electric, TBEA, Jinpan Technology, and Igor [4][5]. Industry Trends - The AIDC power revolution is officially underway, with a focus on four key areas: power supply units, energy storage, power semiconductors, and core components, indicating a comprehensive transformation in the industry [6].