Investment Rating - The report maintains a rating of "Increase" for the industry [4] Core Insights - Perovskite solar cells are entering the era of GW-level mass production, with leading companies like JinkoSolar and LONGi Green Energy accelerating capacity release [2][35] - The efficiency of perovskite cells is rapidly improving, with laboratory efficiencies reaching 27.3% for single-junction cells and 35.0% for perovskite-silicon tandem cells, significantly surpassing the maximum efficiency of silicon cells at 27.9% [15][19] - The cost competitiveness of perovskite cells is expected to improve, with unit production costs projected to drop to 1.0 RMB/W by 2026, potentially surpassing silicon cells [2][35] Summary by Sections Section 1: Perovskite as the Next Generation Photovoltaic Solution - Perovskite solar cells utilize a hybrid organic-inorganic metal halide semiconductor as the light-absorbing material, offering advantages such as high efficiency, low cost, and lightweight [8][11] Section 2: Efficiency and Stability Breakthroughs - The report highlights significant advancements in efficiency and stability, with perovskite cells achieving rapid efficiency improvements compared to silicon cells [15][18] - The industry is overcoming stability challenges through material modifications and process optimizations, with some products achieving IEC commercial standard certification [25][26] Section 3: GW-Level Production Era - The first GW-level production line for perovskite solar cells has been launched, marking the beginning of large-scale production [35] - By 2027, global production capacity is expected to exceed 5GW, with a complete supply chain being established [2][35] Section 4: Investment Recommendations - The report suggests focusing on leading companies in the perovskite supply chain, particularly those with clear capacity deployment and advancements in tandem technology, such as LONGi Green Energy and Trina Solar [3] - Equipment manufacturers with high domestic production rates and sufficient orders, like JinkoSolar and Mibet, are also recommended for investment [3]

电力设备 2026年02月06日 版 分头 看好 相关研究 证券分析师 型及立 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 刘宏达 A0230524020002 liuhd@swsresearch.com 王艺儒 A0230523110003 wangyr@swsresearch.com 曾子栋 A0230525070007 zengzd@swsresearch.com 联系人 马天一 A0230525040004 maty@swsresearch.com 申万宏源研究微信服务号 锂电储能周期拐点明显, 探底 电新行业 2025 年年报业绩前瞻 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 锂电：4Q25 锂电迎量价齐升，材料端盈利弹性凸显，电池环节盈利稳健。4Q25 行业排 ● 产环比高增，根据上海有色网，3Q25 产业环节产量均同比提升，三元正极/铁锂正极/负 极/隔膜/电解液/锂电池产量分别为 25 万吨/121 万吨/82 万吨/83 亿平/65 万吨 /600GWh，分 ...

Investment Rating - The report maintains an "Overweight" rating for the new energy sector, indicating a positive outlook for the industry compared to the overall market performance [2]. Core Insights - The lithium battery sector is expected to see a significant increase in both volume and price in Q4 2025, with production across various segments showing substantial year-on-year growth [2]. - The photovoltaic (PV) industry is experiencing a reduction in losses, but Q4 is anticipated to face renewed pressure due to rising costs in silver paste and silicon materials [2]. - The wind power sector is projected to recover significantly, driven by a 50.4% year-on-year increase in installed capacity, with expectations of improved profitability in 2025 [2]. - The energy storage market is expected to maintain high growth rates, with independent storage becoming a key growth driver [2]. - The report suggests focusing on four main investment lines: cyclical growth, technological innovation, supply-side optimization, and expanding into AIDC as a secondary business [2]. Summary by Sections Lithium Battery - Q4 2025 is projected to see a significant increase in production across various lithium battery components, with production volumes for ternary cathodes, lithium iron phosphate cathodes, anodes, separators, electrolytes, and batteries showing increases of 15% to 26% quarter-on-quarter [2]. - Prices for key materials such as lithium hexafluorophosphate and lithium iron phosphate are expected to rise, contributing to stable profitability in the battery segment [2]. Photovoltaic - The PV industry reported significant losses in the first three quarters of 2025, but with marginal improvements. Q4 is expected to be challenging due to cost increases and asset impairment provisions [2]. - The cash flow in the silicon material segment is beginning to recover, and financing inflows are increasing, indicating structural improvements [2]. Wind Power - The installed capacity of wind power in China is expected to reach 119.33 GW in 2025, marking a 50.4% increase year-on-year, leading to a substantial recovery in net profits for the sector [2]. - The report anticipates that the profitability of wind turbine manufacturing will improve significantly, especially with the clearing of low-price orders from 2025 [2]. Energy Storage - The energy storage sector is expected to continue its rapid growth, with independent storage becoming a core growth driver through capacity leasing and electricity market transactions [2]. - The report forecasts a strong demand for large-scale and commercial energy storage in 2026, driven by emerging markets and improved utilization rates in China [2].

消息面上，1、据工信部消息，近期召开的光伏行业座谈会再度强调以"反内卷"引导行业回归良性竞 争。2、同时，财政部公告自2026年4月1日起将分阶段取消光伏产品增值税出口退税。3、在产业层面， 太空光伏概念持续受到关注，马斯克提出的太空能源计划为行业带来新动能。4、此外，据隆众石化网 消息，近期白银价格自高位回落，有助于缓解电池片环节的成本压力。 盘面上，两市低开高走，光伏板块上涨。相关ETF方面，光伏ETF（159857）标的指数盘中涨超2%，成 交额达2.68亿元。成分股中，协鑫集成涨停，拉普拉斯、奥特维、晶科能源、罗博特科涨超5%，南网 能源、中信博、迈为股份等多股跟涨。 值得关注的是，Wind显示，光伏ETF（159857）盘中申购近1亿份，最近十个交易日累计获资金净流入 2.60亿元。截至2026年2月5日，该基金最新规模为23.22亿元，为深市同标的第一。 光伏ETF（159857）紧密跟踪光伏产业指数，其行业配置主要包括光伏设备（61.53%）、电网设备 （13.3%）、电力（8.57%）等，前五大成分股为特变电工、隆基绿能、TCL科技、阳光电源、迈为股 份。 中信建投指出，白银价格高企正倒逼光伏 ...

受马斯克旗下SpaceX团队近日到访中国多家光伏企业的消息影响，2月4日A股太空光伏概念大涨。 然而，2月5日太空光伏概念没能延续前一日的火爆行情，太空光伏指数（8841929）跌4.86%，钧达股份、金辰股份、双良节能 跌停，高测股份、捷佳伟创、迈为股份、晶盛机电、海优新材等个股跌超9%。天合光能跌超7%，晶科能源跌超6%，金晶科技 跌超3%。 此外，今日美股开盘后，中概股晶科能源一度跌超4%。 | ( | 太空光伏指数(8841929) 3837.43 -195.95 -4.86% | | | O | | --- | --- | --- | --- | --- | | .. | | | | | | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 现价 | 涨跌巾一 | | 捷佳伟创 | | | 129.40 | -12.39% | | 300724.SZ | | | | | | 钧达股份 | | | | TO OD | | 002865.SZ | IU400 | = IV.UV / | | --- | --- | --- | | 明阳智能 | 23.27 | -9.98% ...

智通财经APP获悉，2月5日，硅业分会发文称，据安泰科统计，本周硅片价格承压下行。其中，N型 G10L单晶硅片(182*183.75mm/130μm)成交均价在1.20元/片，环比上周下跌4.76%；N型G12R单晶硅片 (182*210mm/130μm)成交均价在1.26元/片，环比上周下跌4.55%；N型G12单晶硅片(210*210 mm/130μm) 成交均价在1.45元/片，环比上周下跌4.61%。据调研了解，本周下游电池片、组件价格暂无明显变化， 较上周持平，其中电池片主流价格0.41-0.45元/W，组件主流价格0.71-0.75元/W。 受下游需求疲弱影响，本周硅片市场成交清淡，价格承压下行。具体而言，终端装机需求持续疲软，加 之银价攀升致使下游电池企业面临高成本压力，行业悲观情绪弥漫，减产幅度显著，导致硅片采购需求 明显萎缩。同时，部分硅片企业为加速资金回笼，采取降价促销策略。在上述因素共同作用下，硅片价 格延续弱势运行态势。根据调研数据，本周行业整体开工率小幅下调，其中两家一线企业开工率分别为 50%和46%，一体化企业开工率维持在50%–68%，其余企业开工率介于50%–70%之间。 短 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable losses in both percentage and monetary terms across multiple sectors, particularly in metals, communication equipment, and renewable energy [1][2][3] Group 1: Stock Performance and Capital Outflow - Zijin Mining experienced a capital outflow of 2.275 billion, with a decline of 4.37% [2] - Xinyi Technology saw an outflow of 1.816 billion, with a decrease of 4.06% [2] - Aerospace Development had a capital outflow of 1.691 billion, reflecting a drop of 1.54% [2] - TBEA reported an outflow of 1.553 billion, with a decline of 5.05% [2] - Goldwind Technology faced a capital outflow of 1.217 billion, down by 9.02% [2] - Luoyang Molybdenum experienced an outflow of 1.203 billion, with a decrease of 6.34% [2] - BlueFocus Media saw an outflow of 1.145 billion, down by 5.76% [2] - Longi Green Energy had a capital outflow of 1.106 billion, with a decline of 5.59% [2] - Zhongjin Gold experienced an outflow of 1.033 billion, down by 5.20% [2] - Shanzhi High-Tech saw an outflow of 0.975 billion, with a decrease of 6.23% [2] - Sungrow Power Supply experienced an outflow of 0.963 billion, down by 4.12% [2] Group 2: Additional Stocks and Their Performance - Xinyi Silver experienced a capital outflow of 0.850 billion, with a decline of 6.33% [3] - China Western Power saw an outflow of 0.833 billion, down by 7.14% [3] - Inovance Technology had a capital outflow of 0.811 billion, with a decrease of 6.62% [3] - Sanhua Intelligent Control experienced an outflow of 0.806 billion, down by 3.04% [3] - TCL Zhonghuan saw an outflow of 0.781 billion, with a slight increase of 1.61% [3] - Jiangxi Copper experienced a capital outflow of 0.707 billion, down by 5.10% [3] - Shandong Gold saw an outflow of 0.683 billion, with a decline of 3.92% [3] - SMIC experienced a capital outflow of 0.676 billion, down by 2.65% [3] - Jiejia Weichuang faced an outflow of 0.626 billion, with a significant drop of 12.39% [3]

来源：中新经纬 马斯克团队光伏调研消息引爆A股太空光伏概念，多家上市公司进行回应。 | ( 日 | 太空光伏指数(8841929) | | Q | | --- | --- | --- | --- | | | 4033.38 195.86 5.10% | | | | 芸教 成分 | 资讯 相关基金 | | 月度收益 | | 名称 | | 现价 | 涨跌幅 -- | | 温科能源 | | 8.40 | 20.00% | | 688223.SH | | | | | 中来股份 | | 10.32 | 20.00% | | 300393.SZ | | | | | 拓日新能 | | 7.04 | 10.00% | | 002218.SZ | | | | | 天合光能 | | 22.09 | 8.93% | | 45 6668889 | | | | | 金晶科技 | | 6.94 | 8.44% | | 600586.SH | | | | | ST京机 | | 14.95 | 4.99% | | 000821.SZ | | | | | 西子洁能 | | 18.70 | 4.59% | | 002534.SZ | | | | ...

化。 ·人形机器人应用趋势与个股：人形机器人行业需求结构正逐步演变，2025 年市场需求主要集中在早期研发相关场 景，包括科学研究、教育、AI 模型训练以及数据工厂的数据采集等领域，数百家数据工厂是重要需求来源。展望 未来，行业需求将逐步转向导购、汽车经销商导览、博物馆导览、展会导览等专用场景，这类场景对机器人的导 航、交互及任务规划能力要求相对较低，契合当前AI 能力发展阶段。在通用自主能力尚未取得突破性进展的背景 下，聚焦专用场景是更务实的发展路径，企业可通过这类场景实现营收，同时积累真实世界运行数据反哺产品迭 代优化。个股选择上，更偏好SanHua Edge，主要原因是其估值更具吸引力，与A 股相关标的相比存在更深估值折 价；其他核心个股因长期增长预期已充分反映在当前股价中，若缺乏实际技术进展或业绩支撑，股价可能面临回 调压力。 2 、电力供应个股投资逻辑分析 1 、人形机器人行业及个股观点 ·人形机器人板块评级逻辑：对人形机器人板块持相对谨慎态度，核心逻辑在于市场对行业长期增长的乐观预期已 充分反映在当前股价中。自2025 年11 月起将Sunwah Intelligent ControlAsia 的 ...

（文章来源：证券日报） 证券日报网讯 2月4日，隆基绿能发布公告称，截至2026年1月31日，公司及子公司已提供的担保金额累 计为237.42亿元，占公司最近一期经审计归母净资产38.99%，其中，公司及合并报表范围内子公司之间 的担保金额为233.83亿元。公司未对控股股东和实际控制人及其关联人提供担保。截至2026年1月31 日，公司为户用分布式光伏业务客户提供的保证金担保逾期代偿余额1.01万元，该担保事项由经销商提 供反担保，截至本公告披露日，代偿金额已由经销商存放于公司的保证金冲抵。 ...