电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 设备需求旺盛 ——电气设备行业点评报告 证券研究报告-行业点评报告 强于大市(上调) 电气设备相对沪深 300 指数表现 -7% 2% 12% 22% 31% 41% 51% 60% 2025.01 2025.05 2025.09 2026.01 电气设备 沪深300 资料来源：中原证券研究所，聚源 相关报告 《电气设备行业月报：内需驱动持续，行业发 展动能充足》 2025-05-30 发布日期：2026 年 01 月 20 日 第1页 / 共4页 《电气设备行业月报：关税扰动与需求提振交 织 ， 电 气 设 备 板 块 机 遇 挑 战 并 存 》 2025-04-25 《电气设备行业月报：机器人技术迭代叠加电 网建设周期加速，电气设备板块估值有望持续 修复》 2025-03-31 联系人：李智 事件： 近日国家电网宣布"十五五"期间公司固定资产投资预计达到 4万亿 元，较"十四五"增长 40%，重点投向能源绿色低碳转型、新型电力系统 建设、科技创新等领域，并提出跨省区输电能力提升超 ...

Key Insights - The report highlights that China's GDP for 2025 is projected to reach 1401879 billion yuan, reflecting a growth of 5.0% compared to the previous year, indicating a successful completion of the "14th Five-Year Plan" [5][8] - The semiconductor industry showed strong performance in December 2025, with a 5.11% increase in the domestic semiconductor sector, outperforming the broader market [19] - The electric power and utilities sector maintained a "stronger than market" investment rating, with a focus on stable, high-dividend companies in the sector [36][38] Domestic Market Performance - The Shanghai Composite Index closed at 4114.00, with a slight increase of 0.29%, while the Shenzhen Component Index rose by 0.09% to 14294.05 [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 16.80 and 53.52, respectively, indicating a favorable environment for medium to long-term investments [9][10] Industry Analysis - The aerospace and electric grid sectors led the A-share market with slight gains, while the internet services and software development sectors faced challenges [6][9] - The battery and semiconductor sectors are highlighted as key areas for investment, with significant growth potential driven by technological advancements and market demand [11][12] Economic Indicators - The report notes a trend of increased capital inflow into the equity market, with a notable rise in margin trading balances, suggesting a positive outlook for market continuation [10][11] - The CPI showed a slight increase in December 2025, indicating marginal improvements in domestic demand [10][11] Sector-Specific Insights - The new energy vehicle sector saw sales of 171.0 million units in December 2025, a year-on-year increase of 7.14%, supported by favorable policies [15] - The chemical industry experienced a slowdown in price declines, with specific focus on agricultural chemicals and polyester filament [17] - The gaming industry is projected to continue its steady growth, with animation films leading box office revenues [27][30]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [17]. Core Views - The A-share market experienced a low opening followed by a slight upward trend, with significant performance in sectors such as electric grid equipment, precious metals, aerospace, and general equipment, while sectors like internet services, cultural media, communication equipment, and software development showed weaker performance [2][3]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are currently at 16.80 times and 53.52 times, respectively, which are above the median levels of the past three years, suggesting a suitable environment for medium to long-term investments [3][16]. - The total trading volume on the two exchanges was 27,325 billion, which is above the median trading volume of the past three years, indicating robust market activity [3][16]. - The central bank's recent actions, including structural tools and interest rate cuts, signal a commitment to support economic transformation and boost market confidence [3][16]. - Regulatory measures are being implemented to encourage long-term capital inflow while maintaining market stability through adjustments in margin trading and transaction regulations [3][16]. - The market is expected to focus on performance and industry trends in the upcoming phase, with a likelihood of the Shanghai Composite Index maintaining a slight upward trend [3][16]. Summary by Sections A-share Market Overview - On January 19, the A-share market opened low but rose slightly, with the Shanghai Composite Index facing resistance around 4,126 points. The index closed at 4,114.00 points, up 0.29%, while the Shenzhen Component Index closed at 14,294.05 points, up 0.09% [7][8]. - Over 70% of stocks in the two markets rose, with notable gains in precious metals, electric grid equipment, aerospace, and tourism sectors, while sectors like communication equipment and internet services saw declines [7][9]. Future Market Outlook and Investment Recommendations - The report suggests that investors should closely monitor macroeconomic data, changes in overseas liquidity, and policy developments. Short-term investment opportunities are recommended in electric grid equipment, aerospace, precious metals, and general equipment sectors [3][16].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [5][9]. Core Insights - The lithium battery sector experienced a price increase across the supply chain, with significant growth in raw material prices, particularly lithium carbonate and lithium hydroxide, which rose by 64.40% and 77.51% respectively from early December 2025 to mid-January 2026 [5][41]. - In December 2025, China's new energy vehicle (NEV) sales reached 1.71 million units, marking a year-on-year growth of 7.14% and a monthly market share of 52.26%, driven by supportive policies and improved cost-performance of new energy vehicles [5][14]. - The report highlights that the overall industry outlook remains positive, with expectations for continued growth in both the NEV and lithium battery sectors in 2026, despite a projected slowdown in sales growth due to base effects and tax incentives [5][14]. Summary by Sections Market Review - In December 2025, the lithium battery index fell by 1.04%, underperforming the CSI 300 index, which rose by 2.28% during the same period [2][9]. - The report notes that 48 stocks in the lithium battery sector rose, while 56 fell, with a median decline of 0.87% among the stocks [9]. New Energy Vehicle Sales and Industry Prices - NEV sales in December 2025 were 1.71 million units, with a year-on-year increase of 7.14% and a month-on-month decrease of 6.02% [5][14]. - The total installed capacity of power batteries in December 2025 was 98.1 GWh, reflecting a year-on-year growth of 30.11% [5][14]. - The report indicates that the prices of upstream raw materials have generally increased, with battery-grade lithium carbonate and lithium hydroxide prices significantly rising [5][41]. Industry and Company News - The report includes various industry updates, such as the launch of new battery production lines by major companies like CATL and the establishment of new manufacturing facilities in Europe [54].

Investment Rating - The report maintains an investment rating of "Outperform" for the lithium battery industry [5][6]. Core Insights - The lithium battery sector has experienced a general price increase across the supply chain, with significant growth in raw material prices, particularly lithium carbonate and lithium hydroxide, which have risen by 64.40% and 77.51% respectively since early December 2025 [5][6]. - In December 2025, China's new energy vehicle (NEV) sales reached 1.71 million units, marking a year-on-year increase of 7.14% and maintaining a monthly sales share of 52.26%, driven by supportive policies and improved cost-performance of new energy vehicles [5][14]. - The report highlights that the overall industry outlook remains positive, with expectations for continued growth in both the NEV and lithium battery sectors, despite a projected slowdown in sales growth rates for 2026 due to base effects and tax incentives [5][14]. Summary by Sections Market Review - In December 2025, the lithium battery index fell by 1.04%, underperforming the CSI 300 index, which rose by 2.28% during the same period [2][9]. - The report notes that 48 stocks in the lithium battery sector rose while 56 fell, with a median decline of 0.87% among the stocks [9]. New Energy Vehicle Sales and Industry Prices - NEV sales in December 2025 totaled 1.71 million units, with a year-on-year growth of 7.14% and a month-on-month decline of 6.02% [5][14]. - The total installed capacity of power batteries in December 2025 was 98.1 GWh, reflecting a year-on-year increase of 30.11% [5][14]. - The report indicates that the prices of key raw materials, including battery-grade lithium carbonate and lithium hydroxide, have seen substantial increases, with prices reaching 157,000 CNY/ton and 150,000 CNY/ton respectively [5][14]. Industry and Company News - The report mentions significant developments in the industry, including the launch of new production lines and the expansion of battery manufacturing capacities by major companies [54]. - Notable announcements include the establishment of a new battery cell production facility by Volkswagen in Germany and the opening of a large battery manufacturing plant by Envision AESC in the UK [54].

Core Insights - The report highlights the ongoing adjustments in the commercial real estate loan policies by the People's Bank of China, setting the minimum down payment ratio at 30% for commercial properties, including mixed-use properties [4][8] - The domestic battery and energy storage sectors are experiencing significant growth, with a reported cumulative production of 1,755.6 GWh and sales of 1,700.5 GWh in 2025, marking year-on-year increases of 60.1% and 63.6% respectively [5][8] - The semiconductor industry is witnessing a robust performance, with a 5.11% increase in the semiconductor sector index in December 2025, outperforming the broader market indices [16][17] - The food and beverage sector is under pressure, with a 4.05% decline in the sector index in December 2025, driven by poor performance in traditional categories like liquor and meat products [19][20] Market Performance - The A-share market has shown signs of volatility, with the Shanghai Composite Index closing at 4,101.91, down 0.26%, while the Shenzhen Component Index closed at 14,281.08, down 0.18% [3] - The semiconductor sector is highlighted as a leading performer, with significant increases in both production and sales, indicating strong demand and growth potential [16][17] - The food and beverage sector is facing challenges, with a notable decline in traditional product categories, while emerging categories like snacks and health products continue to show growth [19][20] Industry Analysis - The chemical industry is experiencing a slowdown in price declines, particularly in sectors like pesticides and polyester filament, suggesting a stabilization in pricing dynamics [14][15] - The gaming industry is reported to be growing steadily, with animation films leading box office growth, indicating a positive trend in entertainment consumption [23][26] - The new materials sector is projected to continue its growth trajectory, driven by increasing demand from manufacturing and technological advancements [30][31] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as semiconductor equipment, storage modules, and battery technologies, as they are expected to benefit from ongoing technological advancements and market demand [17][18] - In the food and beverage sector, investment opportunities are recommended in soft drinks, health products, and baked goods, which are showing resilience despite overall sector challenges [20][21] - The report emphasizes the importance of monitoring macroeconomic indicators and policy changes that could impact market dynamics and investment strategies [12][13]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected relative increase of over 10% compared to the CSI 300 index within the next six months [15]. Core Insights - The A-share market experienced slight fluctuations with a high opening, facing resistance around 4140 points, and sectors like consumer electronics, semiconductors, electronic components, and photovoltaic equipment performed well, while internet services, cultural media, energy metals, and mining sectors lagged [2][3][7]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 16.88 times and 53.38 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][14]. - The trading volume on January 16 was 30,568 billion, indicating active market participation, with a notable increase in margin financing balances, suggesting a clear influx of new capital [3][14]. - The continuous decline in domestic risk-free interest rates and the trend of household savings moving towards equity markets are providing a robust liquidity environment, enhancing the attractiveness of RMB assets and boosting market risk appetite [3][14]. - The Consumer Price Index (CPI) showed a slight increase year-on-year in December 2025, indicating marginal improvements in domestic demand [3][14]. - The report anticipates that the current market rally is likely to continue, recommending a dual focus on technological innovation and the recovery of traditional industries for investment strategies [3][14]. Summary by Sections A-share Market Overview - On January 16, the A-share market showed slight fluctuations, with the Shanghai Composite Index closing at 4,101.91 points, down 0.26%, and the Shenzhen Component Index at 14,281.08 points, down 0.18% [7][8]. - The market saw over 50% of stocks decline, with sectors like semiconductors, electric machinery, and electronic chemicals leading in gains, while cultural media and mining sectors faced significant losses [7][9]. Future Market Outlook and Investment Recommendations - The report suggests that the Shanghai Composite Index is likely to maintain a slight upward trend, advising investors to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments [3][14]. - Short-term investment opportunities are highlighted in sectors such as consumer electronics, semiconductors, electronic components, and photovoltaic equipment [3][14].

Core Insights - The report highlights a downward adjustment in the central bank's re-lending and rediscount rates by 0.25 percentage points, effective January 19, 2026, with the one-year re-lending rate decreasing from 1.5% to 1.25% [4][8] - The report indicates a significant increase in the re-lending quota for technological innovation and transformation, raising it from 800 billion to 1.2 trillion yuan, with a focus on supporting small and medium-sized private enterprises [5][8] - The semiconductor industry is experiencing robust growth, with a 29.8% year-on-year increase in global semiconductor sales in November 2025, marking the 25th consecutive month of growth [19][20] - The gaming industry is steadily growing, with animation films leading box office growth, indicating a strong market demand [26][29] Domestic Market Performance - The Shanghai Composite Index closed at 4,112.60, down 0.33%, while the Shenzhen Component Index closed at 14,306.73, up 0.41% [3] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.88 and 53.38, respectively, indicating a favorable long-term investment environment [9][10] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also saw declines of 0.45% and 0.15%, respectively [4] Industry Analysis - The chemical industry is experiencing a slowdown in price declines, with a focus on sectors such as pesticides and polyester filament [15][16] - The semiconductor sector is highlighted for its strong performance, with a 5.11% increase in December 2025, outperforming the broader market indices [18] - The food and beverage sector is under pressure, with a 4.05% decline in December 2025, particularly affecting traditional categories like liquor and meat products [22][23] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as technology innovation and traditional industry recovery, while also highlighting opportunities in the semiconductor and gaming industries [9][10][20] - Specific investment opportunities are recommended in the beverage and snack sectors, particularly in companies like Baoli Food and Dongpeng Beverage [24][26]

Economic Performance - In November 2025, Henan's industrial production maintained strong momentum with a year-on-year growth of 8.0%, surpassing the national average by 3.2 percentage points [21][24] - The province's social retail sales reached 2691.99 billion yuan, growing by 4.4% year-on-year, which is 3.1 percentage points higher than the national average [22][24] - Fixed asset investment in Henan increased by 4.3% year-on-year, outperforming the national average by 6.9 percentage points [23][24] Market Overview - In 2025, the Henan Index rose by 44.02%, outperforming the Shanghai Composite Index by 25.61 percentage points and the CSI 300 Index by 26.36 percentage points [55][57] - The top three A-share performers in Henan were Shijia Photon (442.55%), Litong Technology (217.20%), and Guojin Precision (212.43%) [60] - The top three H-share performers were Lingbao Gold (527.26%), Weiye Holdings (407.63%), and Luoyang Molybdenum (281.05%) [60] Company Listings - As of the end of 2025, Henan had a total of 138 listed companies, including 113 A-shares and 31 H-shares, maintaining its rankings at 12th and 9th nationally [65] - In 2025, only one new company was added to the listings in Henan, which was Aerospace Hongtu, migrating from Beijing to Hebi [65] - There were no IPOs completed in Henan in 2025, with only Shenglong Co. passing the review and awaiting issuance [65] Investment Opportunities - The report suggests focusing on three key themes for investment in 2026: the integration of the real economy and digital economy, strategic mergers and acquisitions driven by state-owned enterprise reforms, and companies related to the health and elderly care industries [6]

Market Overview - On January 15, the A-share market experienced a slight fluctuation after hitting resistance, with the Shanghai Composite Index encountering resistance around 4133 points[2] - The Shanghai Composite Index closed at 4112.60 points, down 0.33%, while the Shenzhen Component Index rose 0.41% to 14306.73 points[7] - Total trading volume for both markets was 29,388 billion yuan, slightly lower than the previous trading day[3] Sector Performance - Strong performers included the battery, semiconductor, non-ferrous metals, and energy metals sectors, while the internet services, cultural media, pharmaceutical commerce, and software development sectors lagged[3] - Over 50% of stocks in the market declined, with notable gains in electronic chemicals, precious metals, and fertilizers[7] Valuation and Investment Strategy - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.88 times and 53.38 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3] - The market has seen increased trading activity in January, with margin financing balances rising, suggesting a clear influx of new capital[3] Economic Indicators - The domestic risk-free interest rate continues to decline, and there is a trend of household deposits moving towards equity markets, providing ample liquidity[3] - The Consumer Price Index (CPI) year-on-year growth rate slightly expanded in December 2025, indicating marginal improvement in domestic demand[3] Future Outlook - The current market conditions, characterized by effective volume expansion, positive policy expectations, and ongoing industrial catalysts, suggest that the current market rally may continue[3] - Investors are advised to focus on opportunities in the battery, semiconductor, energy metals, and non-ferrous metals sectors in the short term[3]