611 lines
40 KiB
HTML
611 lines
40 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>深度研究报告：变压器出海</title>
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<script src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js" defer></script>
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<script src="https://cdn.tailwindcss.com"></script>
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
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<style>
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@import url('https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700&display=swap');
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body {
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font-family: 'Noto Sans SC', sans-serif;
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background-color: #0c0a15;
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color: #e0e0e0;
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overflow-x: hidden;
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.fui-container {
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position: relative;
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background: radial-gradient(circle at 10% 20%, rgba(58, 11, 100, 0.2), transparent 40%),
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radial-gradient(circle at 80% 90%, rgba(20, 48, 120, 0.2), transparent 40%),
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radial-gradient(circle at 50% 50%, rgba(12, 10, 21, 1), #0c0a15 70%);
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background: rgba(20, 20, 40, 0.3);
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backdrop-filter: blur(12px);
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-webkit-backdrop-filter: blur(12px);
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border: 1px solid rgba(100, 100, 220, 0.2);
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border-radius: 1.5rem; /* 24px */
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gap: 1.5rem;
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grid-template-columns: repeat(6, 1fr);
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padding: 1.5rem;
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font-weight: 700;
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.stat-title {
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.section-title {
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font-size: 2.25rem;
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line-height: 2.5rem;
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font-weight: 700;
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letter-spacing: -0.025em;
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.section-subtitle {
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font-size: 1.125rem;
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line-height: 1.75rem;
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color: #c4c4ff;
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</head>
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<body class="fui-container min-h-screen">
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<div class="max-w-7xl mx-auto px-4 sm:px-6 lg:px-8 py-12">
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<!-- Header -->
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<header class="text-center mb-24">
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<h1 class="text-5xl md:text-7xl font-bold text-transparent bg-clip-text bg-gradient-to-br from-white to-blue-300 tracking-tight text-glow">
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变压器出海
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</h1>
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<p class="mt-4 text-xl text-gray-400">深度研究报告</p>
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<div class="mt-8 text-xs text-gray-500 max-w-2xl mx-auto glass-card p-3 rounded-lg">
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<p>北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
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<p class="mt-1">本报告为AI合成数据，信息整合自公开市场资料，不构成任何投资建议，投资需谨慎。</p>
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</div>
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</header>
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<!-- Section 1: 核心观点与概念起源 -->
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<section class="mb-24">
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<div class="glass-card p-8">
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<h2 class="section-title text-glow">核心观点摘要</h2>
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<p class="mt-4 section-subtitle">
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“变压器出海”正从周期性工业品出口，演变为一场由全球能源转型、AI算力爆发和发达国家制造业短板共同驱动的、具备高度确定性的中长期成长叙事。核心驱动力在于海外市场（尤其是北美）“<span class="key-data">需求高增+供给刚性</span>”形成的巨大且持久的供需缺口。当前概念已进入基本面驱动阶段，市场的焦点将从“是否出海”转向“出海质量”，即拥有<span class="key-data">海外本土化产能、核心认证和高利润订单</span>的企业将获得显著的价值重估。
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</p>
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</div>
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<div class="mt-16">
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<h3 class="text-2xl font-bold text-center mb-8 text-gray-300">概念发酵：从结构性短缺到全球性机遇</h3>
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<ul class="timeline timeline-snap-icon max-md:timeline-compact timeline-vertical">
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<li>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-start md:text-end mb-10">
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<time class="font-mono italic">1970s-2020s</time>
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<div class="text-lg font-black">长期背景</div>
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美国电网建设高峰期已过，大量变压器进入老化替换周期。本土制造业外流整合，自给率降至仅<span class="key-data">20%</span>。
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</div>
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<hr/>
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</li>
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<li>
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<hr/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end mb-10">
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<time class="font-mono italic">2021-2023年</time>
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<div class="text-lg font-black">供需失衡加剧</div>
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疫情后供应链中断、美国《通胀削减法案》刺激新能源需求、俄乌冲突致欧洲需求转向，多重因素叠加。
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</div>
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<hr/>
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</li>
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<li>
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<hr/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-start md:text-end mb-10">
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<time class="font-mono italic">2024-2025年</time>
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<div class="text-lg font-black">AI算力引爆新需求</div>
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数据中心建设成为全新高利润增量市场。马斯克预言“一年后缺变压器”，中国出口数据创历史新高，企业纷纷宣布海外扩产。
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</div>
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<hr/>
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</li>
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<li>
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<hr/>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end">
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<time class="font-mono italic">未来</time>
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<div class="text-lg font-black">催化剂与风险</div>
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固态变压器（SST）技术迭代带来新机遇，而美国大选结果带来的关税政策是最大不确定性。
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</div>
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</li>
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</ul>
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</div>
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</section>
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<!-- Section 2: 核心逻辑 - 供需失衡的“完美风暴” -->
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<section class="mb-24">
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<h2 class="section-title text-center text-glow">三重需求叠加 & 供给侧结构性真空</h2>
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<p class="section-subtitle text-center mt-4 max-w-3xl mx-auto">
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存量替换、新能源增量与AI算力新贵构成了需求的“完美风暴”，而海外供给的结构性短板为中国企业留出了历史性的市场窗口。
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</p>
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<div class="bento-grid mt-12">
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<!-- Demand Driver 1: Grid Modernization -->
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<div class="col-span-2 bento-item glass-card flex flex-col justify-between">
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<div>
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<div class="flex items-center gap-3">
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<div class="bg-blue-900/50 p-2 rounded-xl"><svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 text-blue-300" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M19.428 15.428a8 8 0 11-12.856-12.856 8 8 0 0112.856 12.856zM12 6v6l4 2"></path></svg></div>
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<h3 class="text-xl font-bold text-gray-200">更新换代需求 (存量替换)</h3>
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</div>
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<p class="mt-3 text-gray-400">美国电网<span class="key-data">70%</span>设备已使用超25年，进入大规模替换周期，构成稳定且庞大的基本盘。</p>
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</div>
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<div class="stat mt-4">
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<div class="stat-title">欧美电网设备平均服役</div>
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<div class="stat-value text-blue-400 text-glow">>40年</div>
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<div class="stat-desc">远超30-40年设计寿命</div>
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</div>
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</div>
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<!-- Demand Driver 2: Green Energy -->
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<div class="col-span-2 bento-item glass-card flex flex-col justify-between">
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<div>
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<div class="flex items-center gap-3">
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<div class="bg-green-900/50 p-2 rounded-xl"><svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 text-green-300" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 10V3L4 14h7v7l9-11h-7z"></path></svg></div>
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<h3 class="text-xl font-bold text-gray-200">绿色能源需求 (新能源增量)</h3>
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</div>
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<p class="mt-3 text-gray-400">新能源并网需求激增，其对变压器需求量是传统机组的<span class="key-data">2-3倍</span>。</p>
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</div>
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<div class="stat mt-4">
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<div class="stat-title">全球待并网可再生能源项目</div>
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<div class="stat-value text-green-400 text-glow">~3000GW</div>
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<div class="stat-desc">电网升级扩容需求迫切</div>
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</div>
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</div>
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<!-- Demand Driver 3: AI & Data Centers -->
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<div class="col-span-2 bento-item glass-card flex flex-col justify-between">
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<div>
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<div class="flex items-center gap-3">
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<div class="bg-purple-900/50 p-2 rounded-xl"><svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 text-purple-300" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M5 12h14M12 5l7 7-7 7"></path></svg></div>
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<h3 class="text-xl font-bold text-gray-200">新兴算力需求 (AI增量)</h3>
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</div>
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<p class="mt-3 text-gray-400">AI数据中心成为“用电大户”，带来高压、高可靠性的高毛利增量市场。</p>
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</div>
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<div class="stat mt-4">
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<div class="stat-title">AI配套变压器增量空间测算</div>
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<div class="stat-value text-purple-400 text-glow">404亿</div>
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<div class="stat-desc">远超柴发、UPS等配套设备</div>
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</div>
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</div>
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<!-- Supply Side -->
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<div class="col-span-6 bento-item glass-card">
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<h3 class="text-2xl font-bold text-gray-200 mb-6 text-center">供给侧真空：海外产能的“远水难救近火”</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6 text-center">
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<div class="p-4 rounded-xl bg-black/20">
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<div class="stat-value text-red-400 text-glow">仅20%</div>
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<div class="stat-title mt-2">美国本土产能自给率</div>
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<p class="text-sm text-gray-500 mt-1">预计2025年电力变压器进口依赖度高达<span class="key-data">80%</span></p>
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</div>
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<div class="p-4 rounded-xl bg-black/20">
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<div class="stat-value text-red-400 text-glow">80-210周</div>
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<div class="stat-title mt-2">美国变压器交付周期</div>
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<p class="text-sm text-gray-500 mt-1">从疫情前的30-60周急剧延长</p>
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</div>
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<div class="p-4 rounded-xl bg-black/20">
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<div class="stat-value text-red-400 text-glow">2-3年</div>
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<div class="stat-title mt-2">海外龙头扩产周期</div>
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<p class="text-sm text-gray-500 mt-1">且面临劳动力和原材料短缺，产能释放缓慢</p>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- Section 3: 中国优势与出口数据 -->
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<section class="mb-24">
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<h2 class="section-title text-center text-glow">中国优势：填补全球缺口的核心力量</h2>
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<div class="mt-12 grid grid-cols-1 md:grid-cols-3 gap-8">
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<div class="glass-card p-6 text-center">
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<div class="text-6xl text-cyan-300 text-glow">30-50%</div>
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<h3 class="text-xl font-bold mt-4 text-gray-200">成本优势</h3>
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<p class="text-gray-400 mt-2">较欧美产品低30%-50%，即使加征关税仍具竞争力。硅钢、人工成本优势显著。</p>
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</div>
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<div class="glass-card p-6 text-center">
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<div class="text-6xl text-cyan-300 text-glow">5-6周</div>
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<h3 class="text-xl font-bold mt-4 text-gray-200">交付优势</h3>
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<p class="text-gray-400 mt-2">国内交货周期仅5-6周，远低于美国<span class="key-data">80周+</span>，服务响应及时。</p>
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</div>
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<div class="glass-card p-6 text-center">
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<div class="text-6xl text-cyan-300 text-glow">充足</div>
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<h3 class="text-xl font-bold mt-4 text-gray-200">产能优势</h3>
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<p class="text-gray-400 mt-2">具备强大的供应链和制造能力，可快速响应全球市场需求。</p>
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</div>
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</div>
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<div class="mt-16 grid grid-cols-1 lg:grid-cols-2 gap-8 items-center">
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<div class="glass-card p-6 h-full">
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<h3 class="text-xl font-bold text-gray-200 mb-4">出口数据持续高增</h3>
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<div id="export-trend-chart" style="width: 100%; height: 300px;"></div>
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<p class="text-sm text-gray-400 mt-2">2025年6月出口额达<span class="key-data">56.5亿元</span>，同比增长47.8%，创历史新高。2025年1-6月累计出口额<span class="key-data">281.6亿元</span>，同比增长37.5%。</p>
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</div>
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<div class="glass-card p-6 h-full">
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<h3 class="text-xl font-bold text-gray-200 mb-4">出口区域分布 (2024年1-11月)</h3>
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<div id="export-region-chart" style="width: 100%; height: 300px;"></div>
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<p class="text-sm text-gray-400 mt-2">北美洲和欧洲市场增速最快，分别达到<span class="key-data">+45%</span>和<span class="key-data">+48%</span>，显示高端市场需求强劲。</p>
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</div>
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</div>
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</section>
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<!-- Section 4: 预期差与盈利能力 -->
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<section class="mb-24">
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<h2 class="section-title text-center text-glow">预期差：被低估的盈利弹性与隐形壁垒</h2>
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<div class="mt-12 grid grid-cols-1 lg:grid-cols-2 gap-8">
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<div class="glass-card p-8">
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<h3 class="text-2xl font-bold text-green-300">Positive Gap: 利润率的跃升</h3>
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<p class="mt-4 text-gray-300">市场普遍关注收入增长，但可能低估了出海业务带来的“利润率”提升。随着高毛利海外直销业务占比提升，相关公司的盈利弹性将远超市场预期。</p>
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<div class="mt-6 space-y-3">
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<div class="flex justify-between items-center p-3 bg-black/20 rounded-lg">
|
||
<span>思源电气北美油变出口毛利率</span>
|
||
<span class="text-2xl font-bold text-green-400 text-glow">>50%</span>
|
||
</div>
|
||
<div class="flex justify-between items-center p-3 bg-black/20 rounded-lg">
|
||
<span>伊戈尔海外业务毛利率</span>
|
||
<span class="text-2xl font-bold text-green-400 text-glow">32.84%</span>
|
||
</div>
|
||
<div class="flex justify-between items-center p-3 bg-black/20 rounded-lg">
|
||
<span>(对比) 伊戈尔国内业务毛利率</span>
|
||
<span class="text-2xl font-bold text-gray-400">21.19%</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="glass-card p-8">
|
||
<h3 class="text-2xl font-bold text-yellow-300">Negative Gap: 隐形的进入壁垒</h3>
|
||
<p class="mt-4 text-gray-300">市场对“出海”认知泛化，但忽略了进入欧美高端市场的“隐形壁垒”。并非所有企业都能分享盛宴，已完成认证、建有渠道和本土化产能的企业护城河远比想象中要深。</p>
|
||
<div class="mt-6 space-y-3">
|
||
<div class="flex justify-between items-center p-3 bg-black/20 rounded-lg">
|
||
<span>UL/CSA/DOE等北美认证周期</span>
|
||
<span class="text-2xl font-bold text-yellow-400">6-12个月</span>
|
||
</div>
|
||
<div class="flex justify-between items-center p-3 bg-black/20 rounded-lg">
|
||
<span>欧洲市场认证周期(含政治审查)</span>
|
||
<span class="text-2xl font-bold text-yellow-400">1-3年</span>
|
||
</div>
|
||
<div class="flex justify-between items-center p-3 bg-black/20 rounded-lg">
|
||
<span>战略价值凸显</span>
|
||
<span class="text-xl font-bold text-yellow-400">墨西哥建厂</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 5: 产业链与核心公司 -->
|
||
<section class="mb-24">
|
||
<h2 class="section-title text-center text-glow">产业链图谱与核心玩家</h2>
|
||
<div class="mt-12">
|
||
<!-- 产业链图谱 -->
|
||
<div class="flex flex-col md:flex-row justify-center items-center gap-4 text-center">
|
||
<div class="glass-card p-4 rounded-xl w-full md:w-1/4">
|
||
<h4 class="font-bold text-lg text-blue-300">上游</h4>
|
||
<p class="text-sm text-gray-400">取向硅钢、非晶合金</p>
|
||
</div>
|
||
<div class="text-2xl text-gray-500 font-mono hidden md:block">-></div>
|
||
<div class="glass-card p-4 rounded-xl w-full md:w-2/4">
|
||
<h4 class="font-bold text-lg text-purple-300">中游</h4>
|
||
<p class="text-sm text-gray-400">核心零部件 (分接开关)、变压器整机制造</p>
|
||
</div>
|
||
<div class="text-2xl text-gray-500 font-mono hidden md:block">-></div>
|
||
<div class="glass-card p-4 rounded-xl w-full md:w-1/4">
|
||
<h4 class="font-bold text-lg text-green-300">下游</h4>
|
||
<p class="text-sm text-gray-400">电网、新能源、AIDC</p>
|
||
</div>
|
||
</div>
|
||
<!-- 核心玩家 -->
|
||
<div class="mt-16 grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-8">
|
||
<div class="glass-card p-6">
|
||
<h4 class="text-xl font-bold text-gray-200">领导者梯队：思源电气</h4>
|
||
<p class="mt-2 text-gray-400 text-sm"><span class="font-bold text-cyan-300">优势:</span> 综合实力强，变压器产能高达<span class="key-data">100亿</span>，已获北美AIDC大厂直购订单，北美油变毛利超<span class="key-data">50%</span>。</p>
|
||
<p class="mt-1 text-gray-500 text-sm"><span class="font-bold text-yellow-400">风险:</span> 体量较大，出海业务弹性相对小盘股或有折价。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h4 class="text-xl font-bold text-gray-200">领导者梯队：金盘科技</h4>
|
||
<p class="mt-2 text-gray-400 text-sm"><span class="font-bold text-cyan-300">优势:</span> 全球化产能布局典范（墨西哥/波兰/美国工厂），深度绑定字节、亚马逊等AIDC核心客户。</p>
|
||
<p class="mt-1 text-gray-500 text-sm"><span class="font-bold text-yellow-400">风险:</span> 海外建厂资本开支大，产能爬坡与管理整合存不确定性。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h4 class="text-xl font-bold text-gray-200">追赶者梯队：伊戈尔</h4>
|
||
<p class="mt-2 text-gray-400 text-sm"><span class="font-bold text-cyan-300">优势:</span> "出口基因"，直接/间接出口比例近<span class="key-data">80%</span>，逻辑纯粹。已完成UL认证，墨西哥/美国工厂投产将带来质变。</p>
|
||
<p class="mt-1 text-gray-500 text-sm"><span class="font-bold text-yellow-400">风险:</span> 当前直接出口体量和品牌知名度仍有差距。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h4 class="text-xl font-bold text-gray-200">细分领域冠军：华明装备</h4>
|
||
<p class="mt-2 text-gray-400 text-sm">分接开关龙头，作为“卖水者”受益于行业景气。核心看点是<span class="key-data">外挂式分接开关</span>在美国市场的批量突破。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h4 class="text-xl font-bold text-gray-200">上游材料商：望变电气/云路股份</h4>
|
||
<p class="mt-2 text-gray-400 text-sm">受益于取向硅钢、非晶合金等上游材料量价齐升，确定性高，但弹性可能不如整机厂。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h4 class="text-xl font-bold text-gray-200">下一代技术卡位者：新特电气/四方股份</h4>
|
||
<p class="mt-2 text-gray-400 text-sm">在固态变压器（SST）领域提前布局，有望在AI数据中心等前沿场景抓住技术代际更迭机会，实现弯道超车。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 6: 风险与挑战 -->
|
||
<section class="mb-24">
|
||
<h2 class="section-title text-center text-glow">潜在风险与挑战</h2>
|
||
<div class="mt-12 grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-6">
|
||
<div class="glass-card p-6 border-l-4 border-red-500">
|
||
<h4 class="font-bold text-lg text-red-300">政策与竞争风险 (最核心)</h4>
|
||
<ul class="list-disc list-inside mt-3 text-gray-400 space-y-2 text-sm">
|
||
<li><span class="font-semibold">贸易摩擦:</span> 美国大选后关税政策是最大不确定性。</li>
|
||
<li><span class="font-semibold">市场竞争加剧:</span> 高利润吸引厂商涌入，可能引发价格战。</li>
|
||
</ul>
|
||
</div>
|
||
<div class="glass-card p-6 border-l-4 border-yellow-500">
|
||
<h4 class="font-bold text-lg text-yellow-300">商业化风险</h4>
|
||
<ul class="list-disc list-inside mt-3 text-gray-400 space-y-2 text-sm">
|
||
<li><span class="font-semibold">需求不及预期:</span> AIDC建设或新能源项目推迟。</li>
|
||
<li><span class="font-semibold">成本波动:</span> 铜、取向硅钢等原材料价格上涨。</li>
|
||
<li><span class="font-semibold">汇率风险:</span> 人民币汇率波动影响汇兑损益。</li>
|
||
</ul>
|
||
</div>
|
||
<div class="glass-card p-6 border-l-4 border-orange-500">
|
||
<h4 class="font-bold text-lg text-orange-300">技术风险</h4>
|
||
<ul class="list-disc list-inside mt-3 text-gray-400 space-y-2 text-sm">
|
||
<li><span class="font-semibold">SST技术颠覆:</span> 固态变压器技术突破超预期，可能颠覆传统市场。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 7: 市场异动分析 -->
|
||
<section class="mb-24">
|
||
<h2 class="section-title text-center text-glow">市场异动个股解析</h2>
|
||
<div class="mt-12 grid grid-cols-1 lg:grid-cols-2 gap-8">
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-start">
|
||
<div>
|
||
<h4 class="text-xl font-bold text-gray-200">双杰电气 (300444)</h4>
|
||
<p class="text-sm text-gray-400">2025-11-05, <span class="font-bold text-green-400">+20.02%</span></p>
|
||
</div>
|
||
<div class="badge badge-accent badge-outline">稀缺标的</div>
|
||
</div>
|
||
<div class="mt-4 text-sm text-gray-300 space-y-2">
|
||
<p><strong class="text-cyan-300">核心逻辑:</strong> 官媒报道“全球变压器荒”，资金将已批量出口北美且手握UL/CSA认证的双杰电气视为A股最稀缺标的，机构抢筹涨停。</p>
|
||
<p><strong class="text-cyan-300">关键点:</strong> 2019年即获UL认证、北美干式变压器在手订单1.4亿元(+220%)、龙虎榜机构席位净买入1.8亿元。</p>
|
||
</div>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-start">
|
||
<div>
|
||
<h4 class="text-xl font-bold text-gray-200">白云电器 (603861)</h4>
|
||
<p class="text-sm text-gray-400">2025-09-11, <span class="font-bold text-green-400">+10.02%</span></p>
|
||
</div>
|
||
<div class="badge badge-primary badge-outline">订单驱动</div>
|
||
</div>
|
||
<div class="mt-4 text-sm text-gray-300 space-y-2">
|
||
<p><strong class="text-cyan-300">核心逻辑:</strong> 凭“UL+CSA双认证+墨西哥产能+3亿美元长单”成为机构抢筹首选，验证AI数据中心电力缺口外溢。</p>
|
||
<p><strong class="text-cyan-300">关键点:</strong> 墨西哥工厂投产、与Burns & McDonnell签5年3亿美元框架协议，成为唯一已签长单且有北美产能的民营标的。</p>
|
||
</div>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-start">
|
||
<div>
|
||
<h4 class="text-xl font-bold text-gray-200">顺钠股份 (000533)</h4>
|
||
<p class="text-sm text-gray-400">2025-11-05, <span class="font-bold text-green-400">+9.97%</span></p>
|
||
</div>
|
||
<div class="badge badge-secondary badge-outline">弹性标的</div>
|
||
</div>
|
||
<div class="mt-4 text-sm text-gray-300 space-y-2">
|
||
<p><strong class="text-cyan-300">核心逻辑:</strong> 北美AIDC配电变压器供需缺口叙事下，资金选择小市值、筹码轻的顺钠股份作为板块弹性标的。</p>
|
||
<p><strong class="text-cyan-300">关键点:</strong> 通过与施耐德合资平台，具备承接全球AIDC订单外溢的能力，借关税缓和情绪封板。</p>
|
||
</div>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-start">
|
||
<div>
|
||
<h4 class="text-xl font-bold text-gray-200">四方股份 (601126)</h4>
|
||
<p class="text-sm text-gray-400">2025-10-10, <span class="font-bold text-green-400">+10.01%</span></p>
|
||
</div>
|
||
<div class="badge badge-info badge-outline">技术引领</div>
|
||
</div>
|
||
<div class="mt-4 text-sm text-gray-300 space-y-2">
|
||
<p><strong class="text-cyan-300">核心逻辑:</strong> 因10kV级固态变压器(SST)已挂网运行并进入互联网大厂GW级方案，成为A股稀缺现货标的。</p>
|
||
<p><strong class="text-cyan-300">关键点:</strong> SST被列为第二增长曲线，已与互联网大厂联合开发，具备2026年订单落地能见度。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 8: 相关概念股 -->
|
||
<section>
|
||
<h2 class="section-title text-center text-glow">“变压器出海”概念相关股票</h2>
|
||
<div class="overflow-x-auto mt-12">
|
||
<table class="table table-custom w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心逻辑/市场定位</th>
|
||
<th>出口占比(参考)</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr><td>特变电工</td><td><a href="https://valuefrontier.cn/company?scode=600089" target="_blank" class="link link-hover text-blue-400">600089</a></td><td>变压器行业龙头，出口中亚、美国、中东</td><td>9%</td></tr>
|
||
<tr><td>思源电气</td><td><a href="https://valuefrontier.cn/company?scode=002028" target="_blank" class="link link-hover text-blue-400">002028</a></td><td>电力设备出海龙头，变压器产能扩张至100亿</td><td>17%</td></tr>
|
||
<tr><td>金盘科技</td><td><a href="https://valuefrontier.cn/company?scode=688676" target="_blank" class="link link-hover text-blue-400">688676</a></td><td>全球干式变压器优势企业，墨西哥/美国工厂已布局</td><td>13%</td></tr>
|
||
<tr><td>华明装备</td><td><a href="https://valuefrontier.cn/company?scode=002270" target="_blank" class="link link-hover text-blue-400">002270</a></td><td>国内分接开关领军企业，墨西哥设厂服务美国市场</td><td>13%</td></tr>
|
||
<tr><td>伊戈尔</td><td><a href="https://valuefrontier.cn/company?scode=002922" target="_blank" class="link link-hover text-blue-400">002922</a></td><td>华为高频变压器供应商，出口基因，全球化产能布局</td><td>27%</td></tr>
|
||
<tr><td>望变电气</td><td><a href="https://valuefrontier.cn/company?scode=603191" target="_blank" class="link link-hover text-blue-400">603191</a></td><td>国内唯一同时销售取向硅钢和变压器的全产业链企业</td><td>10%</td></tr>
|
||
<tr><td>云路股份</td><td><a href="https://valuefrontier.cn/company?scode=688190" target="_blank" class="link link-hover text-blue-400">688190</a></td><td>中国航发旗下，全球最大非晶带材生产基地</td><td>36%</td></tr>
|
||
<tr><td>新特电气</td><td><a href="https://valuefrontier.cn/company?scode=301120" target="_blank" class="link link-hover text-blue-400">301120</a></td><td>国产变频用变压器市占率第一，布局SST</td><td>1%</td></tr>
|
||
<tr><td>扬电科技</td><td><a href="https://valuefrontier.cn/company?scode=301012" target="_blank" class="link link-hover text-blue-400">301012</a></td><td>较早投身非晶变压器制造领域的民营企业</td><td>3%</td></tr>
|
||
<tr><td>顺钠股份</td><td><a href="https://valuefrontier.cn/company?scode=000553" target="_blank" class="link link-hover text-blue-400">000553</a></td><td>输配电设备产品链完善，通过施耐德合资平台出海</td><td>7%</td></tr>
|
||
<tr><td>三变科技</td><td><a href="https://valuefrontier.cn/company?scode=002112" target="_blank" class="link link-hover text-blue-400">002112</a></td><td>国家电网和南方电网的供应商</td><td>1%</td></tr>
|
||
<tr><td>保变电气</td><td><a href="https://valuefrontier.cn/company?scode=600550" target="_blank" class="link link-hover text-blue-400">600550</a></td><td>兵工旗下输变电设备企业</td><td>3%</td></tr>
|
||
<tr><td>中国西电</td><td><a href="https://valuefrontier.cn/company?scode=601179" target="_blank" class="link link-hover text-blue-400">601179</a></td><td>输变电设备龙头，受益于特高压及一带一路出海</td><td>-</td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</section>
|
||
|
||
</div>
|
||
|
||
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|
||
color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [
|
||
{ offset: 0, color: '#83bff6' },
|
||
{ offset: 0.5, color: '#188df0' },
|
||
{ offset: 1, color: '#188df0' }
|
||
])
|
||
}
|
||
},
|
||
{
|
||
name: '同比增长率',
|
||
type: 'line',
|
||
yAxisIndex: 1,
|
||
data: [31.6, 37.5, 47.8],
|
||
itemStyle: { color: '#22c55e' },
|
||
smooth: true
|
||
}
|
||
]
|
||
};
|
||
myChart1.setOption(option1);
|
||
|
||
const chartDom2 = document.getElementById('export-region-chart');
|
||
const myChart2 = echarts.init(chartDom2, 'dark');
|
||
const option2 = {
|
||
backgroundColor: 'transparent',
|
||
tooltip: {
|
||
trigger: 'item',
|
||
formatter: '{a} <br/>{b}: {c}%'
|
||
},
|
||
legend: {
|
||
orient: 'vertical',
|
||
left: 10,
|
||
data: ['亚洲', '欧洲', '北美洲', '拉丁美洲', '其他'],
|
||
textStyle: { color: '#ccc' }
|
||
},
|
||
series: [
|
||
{
|
||
name: '出口占比',
|
||
type: 'pie',
|
||
radius: ['50%', '70%'],
|
||
avoidLabelOverlap: false,
|
||
label: { show: false, position: 'center' },
|
||
emphasis: {
|
||
label: {
|
||
show: true,
|
||
fontSize: '20',
|
||
fontWeight: 'bold'
|
||
}
|
||
},
|
||
labelLine: { show: false },
|
||
data: [
|
||
{ value: 50, name: '亚洲' },
|
||
{ value: 19, name: '欧洲' },
|
||
{ value: 11, name: '北美洲' },
|
||
{ value: 10, name: '拉丁美洲' },
|
||
{ value: 10, name: '其他' } // 39+12+11
|
||
]
|
||
}
|
||
]
|
||
};
|
||
myChart2.setOption(option2);
|
||
|
||
window.addEventListener('resize', () => {
|
||
myChart1.resize();
|
||
myChart2.resize();
|
||
});
|
||
});
|
||
</script>
|
||
</body>
|
||
</html> |