电力设备及新能源周报 20260301 光伏行业整合有望加速，内蒙古深入推进电网建设 glmszqdatemark 本周（20260224-20260227）板块行情 电力设备与新能源板块：本周上涨 1.89%，涨跌幅排名第 16，弱于上证指数。本周风 力发电指数涨幅最大，锂电池指数跌幅最大。风力发电指数上涨 5.73%，核电指数上 涨 5.29%，储能指数上涨 4.64%，新能源汽车指数上涨 3.61%，工控自动化指数上涨 2.08%，太阳能指数上涨 1.25%，锂电池指数下跌 4.74%。 新能源车：26 年 1 月欧洲车市大众领跑但显疲态，中国新势力竞争力增强 2026 年 1 月，欧洲汽车市场混合动力车（HEV）占比最高，达 38.5%；纯电动车（BEV） 占比 19.7%。中资车企表现亮眼：上汽集团当月销量 1.93 万辆，市场份额 2.0%；比 亚迪销量 1.82 万辆，与上汽共同超越特斯拉。大众集团以 26.7%的份额、25.67 万辆 销量位居榜首，但同比下滑 3.8%。整体来看，中国品牌在欧洲新能源市场竞争力显著 增强。 新能源发电：光伏龙头筹划收购，行业破除"内卷"信号明显 通威股份筹划收 ...

以下文章来源于并购最前线 ，作者余梦莹 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 估值曾近140亿。 作者/余梦莹 报道/投资界-并购最前线 投 资 界 - 并 购 最 前 线 获 悉 ， 近 日 通 威 股 份 公 告 称 ， 拟 收 购 青 海 丽 豪 清 能 股 份 有 限 公 司 （简称"丽豪清能"）1 0 0 %股权，部分交易方已签署意向协议。 操 刀 这 笔 并 购 的 是 一 位 四 川 女 掌 门 ——3 7 岁 的 刘 舒 琪 。 三 年 前 ， 她 从 父 辈 手 中 接 过 帅 印，成为通威股份的年轻掌舵者。 有 趣 的 是 ， 卖 方 创 始 人 也 是 从 通 威 股 份 走 出 的 " 老 兵 " ， 后 来 公 司 融 资 估 值 攀 升 至 1 3 8 亿，一度传出要I PO的消息。此次把公司卖给老东家，背后一众投资人得以退出。 "不等IPO了。" 上市已不是唯一的退出渠道，不少企业开始 接纳 卖身的命运。 她要买下前员工的公司 估值曾近140亿 卖方丽豪清能背后，是一个高管出走创业的故事。 出生于1 9 7 4年，段雍曾任职东方希望集团，后加入通威股份 ...

Core Insights - InfoLink has released the global component shipment rankings for 2025, indicating a total shipment volume of approximately 536GW from the listed suppliers [4][9]. Group 1: Shipment Rankings - The top four companies account for about 58% of the total shipments, with a clear division at 60GW between the leading companies and the subsequent ones [10]. - The first tier of suppliers has a shipment range of 80-90GW, with JinkoSolar and Longi Green Energy tied for first place, following the addition of U.S. component manufacturers [11]. - The second tier, with shipments between 60-70GW, includes Trina Solar and JA Solar, which are tied for third place [11]. Group 2: Additional Tiers - The third tier has shipments ranging from 30-50GW, with Tongwei and Chint New Energy maintaining their existing rankings as fifth and sixth, respectively [12]. - The fourth tier has shipments between 20-30GW, featuring GCL-Poly in seventh place, while LONGi and Canadian Solar are tied for eighth. TCL Zhonghuan, Yingli Green Energy, and Jida New Energy are tied for tenth place [12]. Group 3: Technology Trends - In terms of technology, TOPCon components have become the dominant product among the top ten suppliers, with nearly 95% of shipments attributed to this technology, while PERC accounts for only 1-2% [12]. - The statistics do not accurately reflect the global market share of BC and HJT technologies, as major HJT manufacturers were not included in the rankings, focusing instead on the mainstream companies' shipment strategies [12].

Core Viewpoint - The photovoltaic industry is witnessing a significant event as Tongwei Co., Ltd. announces its intention to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd., marking a potential major merger in the sector for 2026, which could reshape the competitive landscape of the silicon material segment and signal a market-driven capacity exit wave under the "anti-involution" policy direction [1][7]. Group 1: Acquisition Details - Tongwei has signed a share acquisition intention agreement with Lihua Qingneng's chairman Duan Yong and two other parties, indicating a strategic move to consolidate its position in the silicon material market [2]. - Lihua Qingneng, established in April 2021, specializes in the research, production, and sales of photovoltaic-grade high-purity crystalline silicon and electronic-grade polysilicon, and ranks sixth in industry capacity [2]. - The acquisition is seen as a return of an industry veteran, as Duan Yong previously played a crucial role in Tongwei's rise to the top of the global silicon material market [1][2]. Group 2: Strategic Implications - This acquisition is part of Tongwei's strategy to strengthen its leading position in the silicon material sector and optimize its production capacity structure, potentially increasing its capacity from 900,000 tons to over 1.1 million tons and market share from 30% to 36% [3]. - Tongwei has established a full industry chain layout, with capacities exceeding 300,000 tons for industrial silicon, 15 GW for silicon wafers, and 90 GW for modules, providing strong support for its risk resistance [3]. Group 3: Market Context - The acquisition occurs during a critical period of capacity excess and price decline in the photovoltaic industry, with polysilicon prices dropping below cost levels, prompting government policies to encourage orderly exit of backward capacity [7]. - The industry currently has a total polysilicon capacity of 3.354 million tons, with a monthly operating rate of less than 30%, leading to significant overcapacity and profitability erosion [7]. - Tongwei's acquisition is expected to facilitate a market-driven approach to address the current chaotic competition and align with the industry's high-quality development goals [7]. Group 4: Financial Considerations - Despite the strategic advantages, the acquisition faces uncertainties, including market skepticism due to Tongwei's previous failed acquisition attempt and potential regulatory scrutiny regarding market concentration [9]. - Tongwei's financial health is under pressure, with projected losses of 900 million to 10 billion yuan for 2025 and a debt ratio of 71.95%, raising concerns about its capacity to manage the financial implications of the acquisition [9].

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The photovoltaic industry index rose by 4.41% as of February 26, significantly outperforming the CSI 300 index, which had a return of 0.44% during the same period [8]. - The report highlights that the photovoltaic industry is currently undergoing a deep adjustment phase, with expectations for new installations in 2026 to be between 180-240 GW, following a short-term market correction [5][16]. - The industry is transitioning from scale expansion to value competition, with a focus on governance to mitigate internal competition [5][14]. Summary by Sections Industry Performance Review - The photovoltaic industry index experienced a significant rise, outperforming the CSI 300 index [8]. - Sub-sectors within the photovoltaic industry showed mixed performance, with photovoltaic modules and conductive silver paste leading the gains [10]. - Individual stock performance varied widely, with notable gains from companies like GCL-Poly Energy and JinkoSolar, while others like Sungrow Power and LONGi Green Energy faced declines [13][15]. Industry and Company Dynamics - The report discusses the implementation of a unified national electricity market system by 2030, which aims to enhance market participation and price mechanisms for renewable energy [14]. - The National Energy Administration reported that new photovoltaic installations reached 315.07 GW in 2025, with a year-on-year growth of 13.67% [17]. - The report notes that the photovoltaic industry is entering a demand off-season, with supply constraints expected to continue [5][26]. Key Data Points - In January 2026, the photovoltaic inverter bidding capacity was recorded at 1,056.29 MW, marking a low point typical of the seasonal downturn [26]. - The report indicates a significant reduction in polysilicon production, with expectations of a 15% decrease in January [28]. - The average price of polysilicon decreased slightly to 52 RMB/kg, reflecting a weak balance in supply and demand [40].

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The photovoltaic industry index rose by 4.41% as of February 26, significantly outperforming the CSI 300 index, which had a return of 0.44% during the same period [8]. - The photovoltaic sector is currently undergoing a deep adjustment phase, with expectations for new installations in 2026 to be between 180-240 GW, following a short-term market correction [5][16]. - The industry is transitioning from scale expansion to value competition, with a focus on governance to mitigate internal competition [5][14]. Summary by Sections Industry Performance Review - The photovoltaic industry index experienced a surge and subsequent consolidation in February, outperforming the CSI 300 index [8]. - Sub-sectors within the photovoltaic industry showed mixed performance, with photovoltaic modules and conductive silver paste leading the gains [10]. - Individual stock performance varied significantly, with notable gains from companies like GCL-Poly Energy and JinkoSolar, while others like Sungrow Power and LONGi Green Energy faced declines [13][15]. Industry and Company Dynamics - The government is enhancing the electricity pricing mechanism to support the photovoltaic sector, aiming for a unified national electricity market by 2030 [14]. - In 2025, the total new photovoltaic installations are projected to reach 317 GW, a 13.67% increase year-on-year, with significant contributions from both centralized and distributed installations [17][19]. - The industry is currently in a demand off-season, with a notable reduction in the production of polysilicon and silicon wafers due to decreased downstream demand [26][34]. Key Data Points - In January 2026, the photovoltaic inverter bidding capacity was recorded at 1,056.29 MW, marking a low point typical of the seasonal downturn [26]. - The production of polysilicon is expected to decrease by 15% in January, with further reductions anticipated in February [28]. - The average price of polysilicon has slightly decreased to 52 RMB/kg, reflecting a weak balance in supply and demand [40]. Investment Recommendations - The report suggests focusing on companies involved in perovskite solar cells, energy storage inverters, and leading integrated component manufacturers, as the photovoltaic industry remains undervalued historically [5].

本周（2月23日-2月27日）多家能源领域上市公司披露业绩快报；光伏行业再现重磅并购，硅料龙头通 威股份拟收购丽豪清能100%股权。 一、政策要闻 国家能源局：将发布实施新型能源体系和系列分领域能源规划 据国家能源局官微2月23日消息，国家能源局规划司司长任育之表示，2026年是"十五五"规划开局之 年，我们将发布实施新型能源体系和系列分领域能源规划，深入践行能源安全新战略，加快建设新型能 源体系，推进能源强国建设，为基本实现社会主义现代化取得决定性进展提供坚强能源支撑。 其中，工程项目是规划实施的重要抓手，要强化"项目跟着规划走"。一方面，扎实推进战略性标志性重 大工程建设，安全有序推进雅下水电工程建设，布局建设"三北"风电光伏基地、西南水风光一体化基 地、沿海核电基地、海上风电基地，优化建设电力、油气等骨干通道。另一方面，加快建设一批"小而 美"项目，实施电动汽车充电网络提升工程，布局建设若干个风光氢氨醇一体化基地，建设一批光热发 电工程，建成一批零碳园区，推动热力系统绿色转型。 国家能源局公布新型电力系统建设能力提升试点第一批名单 2月26日，为加快建设新型能源体系、构建新型电力系统，国家能源局发布《关 ...

以下文章来源于华夏能源网 ，作者www.hxny.com 华夏能源网 . 能源产业与财经信息服务平台 硅料行业的兼并重组起了个头。 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨 田思 编辑丨 韩成功 来源丨 华夏能源网 正月初八，节后开工首日，光伏行业传出重大收购案。 华夏能源网获悉，2月24日，通威股份(SH:600438)发布公告，正在筹划通过发行股份及支付现金的方式，购买青海丽豪清能股份有限公司（以下简 称"青海丽豪"）100%股权，并募集配套资金。 公告表示，因本次交易尚处于筹划阶段，有关事项尚存在不确定性，公司股票、可转债债券以及可转债转股自2026年2月25日（星期三）开市起开始停 牌，预计停牌时间不超过10个交易日。 通威作为光伏电池片与硅料环节的双龙头，此前曾有意收购另一家电池片企业润阳股份，但最终不了了之。现在通威又要对硅料产能第六的青海丽 豪"出手"了。这一次，它能够如愿吗？ 另外，这也是光伏行业2026年第二桩大型并购案。今年1月16日，TCL中环（SZ：002129）宣布拟收购一道新能。不到两个月时间，行业接连曝出两 桩重磅并购，这预示着光伏产能出清进入最后的攻坚阶段。 高管出 ...

| 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | 20.5RMB | 2026 年 2 月 27 日 m 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2026/2/26) | 18.16 | | 上证指数(2026/2/26) | 4146.63 | | 股价 12 个月高/低 | 27.75/14.89 | | 总发行股数(百万) | 4501.99 | | A 股数(百万) | 4501.99 | | A 市值(亿元) | 817.56 | | 主要股东 | 通威集团有限 | | | 公司(45.24%) | | 每股净值(元) | 9.27 | | 股价/账面净值 | 1.96 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -1.8 -21.0 -15.2 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | -- | -- | -- | | | 产品组合 | | | | | 光伏 | | | 66% | | ...

m 2026 年 2 月 27 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | 20.5RMB | 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2026/2/26) | 18.16 | | 上证指数(2026/2/26) | 4146.63 | | 股价 12 个月高/低 | 27.75/14.89 | | 总发行股数(百万) | 4501.99 | | A 股数(百万) | 4501.99 | | A 市值(亿元) | 817.56 | | 主要股东 | 通威集团有限 | | | 公司(45.24%) | | 每股净值(元) | 9.27 | | 股价/账面净值 | 1.96 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -1.8 -21.0 -15.2 | 近期评等 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 通威股份 (600438.SH) Trading Buy 区间操作 公司筹划收购 ...