证券分析师 曾朵红 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电需求旺盛、明年盈利修复可期 2025 年 11 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 相关研究 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 2024-11-25 2025-3-25 2025-7-23 2025-11-20 电力设备 沪深300 《锂电需求旺盛涨价诉求强、AIDC 潜 力可观》 2025-10-19 《动储产销两旺，量利双升，继续强 推》 2025-10-12 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9617 下跌 10.54%，表现弱于大盘。核电跌 7.06%，新能源汽车跌 7.34%，风电跌 7.41%，发电设 备跌 8.09%，电 ...

Core Viewpoint - The photovoltaic industry has entered a new phase as the storage sector experiences rapid growth, prompting leading companies like Longi Green Energy to diversify into energy storage [1][2]. Group 1: Longi Green Energy's Strategic Shift - Longi Green Energy plans to acquire Suzhou Jingkong Energy Technology Co., Ltd., marking its entry into the electrochemical energy storage sector [1]. - Previously, Longi Green Energy focused on hydrogen energy, establishing a subsidiary for hydrogen production in March 2021, but has now shifted its strategy due to the lack of significant progress in hydrogen business [6][9]. - The company's stock has rebounded significantly, with a nearly 20% increase year-to-date and over 60% since late June [2]. Group 2: Market Dynamics and Demand - Global demand for energy storage is expected to surge, with a projected 30% increase in battery shipments by 2026, reaching approximately 770 GWh [2]. - Morgan Stanley has revised its lithium market outlook from surplus to shortage, raising its 2026 lithium price forecast from 70,000 RMB/ton to 90,000 RMB/ton, with current prices exceeding 100,000 RMB/ton [2]. - The energy storage market is anticipated to grow significantly, particularly in China, which is expected to have 1,473 operational energy storage stations by the end of 2024, with a total installed capacity of 62.13 GW/141.37 GWh [11]. Group 3: Competitive Landscape - The energy storage sector is highly competitive, with established players like CATL, BYD, and Sungrow leading the market [12]. - Longi Green Energy's acquisition of Jingkong Energy is seen as a strategic move to quickly enter the energy storage market amid increasing competition and price wars [13]. - Jingkong Energy, founded in 2015, has a production capacity of 31 GWh and ranks third in global energy storage system shipments [13].

□本报记者 王雪青 关于光伏，业内曾有一句略带残酷的评价："如果有一个行业通过惨烈来实现价值，那必然是光伏。" 陆彬在今年三季报中表示："新能源产业过去几年的高速发展，供需格局一度不佳，但也带来了行业自 发性供给侧出清，当前我们看到行业的盈利水平已降至低位，出现改善迹象，广泛分布在光伏、锂电、 风电等多个细分领域。整体而言，当前市场已经基本消化行业基本面中的不利因素，并有望迎来持续的 盈利修复和估值扩张，后续表现值得期待。" 这个曾把一批基金经理送上神坛的赛道，也在随后漫长的下行周期里，留下了很多产品净值曲线上 的"深坑"。如今，剧情再度反转。经历三年调整之后，光伏板块终于在今年迎来一轮像样的翻身仗。 数据显示，从今年7月初至11月14日，光伏指数涨超30%，阳光电源、阿特斯、先导智能、科士达等行 业龙头表现不俗。"从6月底我们推荐光伏行业以来，市场看多的观点越来越多，但分歧仍在。"一位资 深证券分析师如是说。 如今，光伏板块再次站在了分岔路口。那些曾经抱团光伏的基金经理，今天是否还有人坚守？谁在黎明 前转向，又有谁重新押注？ 坚守：等待新一轮上行期 上一轮光伏板块的高歌猛进，让不少基金经理尝到了高景气赛道的 ...

9月10日，中国能建2025年度光伏组件集中采购项目招标公告发布。公告显示，项目规模预估总量为17GW，本招标项目划分为8个标包。 公告如下： 光伏头条获悉，11月22日，中国能建2025年度光伏组件集中采购项目中标候选人公示。 合肥晶澳太阳能科技有限公司、晶科能源股份有限公司、正泰新能科技股份有限公司、通威股份有限公司、天合光能股份有限公司、隆基乐叶光伏科技有限公司、东方日升新能源股份有限公司、 | | 中国能建2025年度光伏组件集中采购项目 | | | --- | --- | --- | | | 中标候选人 | | | | 光伏头条 制表 | | | 标段 | 中标候选人 | 投标报价 | | | 合肥晶澳太阳能科技有限公司 | (元) | | | 晶科能源股份有限公司 | 2886000000 2916000000 | | | 正泰新能科技股份有限公司 | 2872000000 | | | 通威股份有限公司 | 2892000000 | | | 天合光能股份有限公司 | 2906000000 | | | 隆基乐叶光伏科技有限公司 | 2916000000 | | | 东方日升新能源股份有限公司 | 2 ...

Core Insights - The rapid development of China's new energy industry is highlighted, with a focus on the "14th Five-Year Plan" achievements and the upcoming "15th Five-Year Plan" emphasizing energy security and the transition to a new energy system [1][5][9]. Group 1: Industry Development - The "15th Five-Year Plan" aims to promote quantum technology, biomanufacturing, hydrogen energy, and new energy storage as new economic growth points [1]. - During the "14th Five-Year Plan," China's energy consumption structure improved significantly, with the average cost of global wind power projects decreasing by over 60% and solar photovoltaic (PV) project costs dropping by over 80% in the past decade [3][5]. - The new energy sector is expected to transition from subsidy-dependent growth to a market-driven high-quality development phase during the "15th Five-Year Plan" [15]. Group 2: Technological Trends - The solar PV industry is focusing on optimizing silicon technology to maintain cost advantages, with a shift towards using less silver and more affordable metals like copper and aluminum [7]. - Lithium-ion batteries, particularly lithium iron phosphate batteries, are projected to dominate the new energy storage market, maintaining over 90% market share in the next five years [9]. - The integration of digital technologies in energy management is becoming crucial for enhancing operational efficiency and enabling smart decision-making in the energy sector [26][27]. Group 3: Market Dynamics - The global market for energy equipment is expected to reach approximately $1.27 trillion in 2024, with significant growth potential in the energy digitalization sector, projected to reach $173 billion by 2025 [27][28]. - The focus is shifting from merely increasing installed capacity to achieving efficient collaboration across the energy system, enhancing the penetration and reliability of new energy sources [11]. - The energy storage industry is urged to achieve equal treatment in capacity pricing with other flexible resources, emphasizing the need for fair compensation for the services provided by energy storage [9][15]. Group 4: Policy and Strategic Initiatives - The "15th Five-Year Plan" emphasizes the importance of energy security as a primary task for the energy industry, necessitating a shift towards a new energy system and collaborative strategies [5][13]. - The launch of the "Energy Digitalization Development White Paper" aims to explore the strategic significance and implementation paths for energy digitalization in China [28].

证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 23 日 [Table_Title] 人形机器人产业催化持续，看好 AIDC 景气度 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 2. 新能源汽车 《磷酸铁锂材料行业成本研究》发布 我们认为，在前期行业需求低迷的背景下，国内磷酸铁锂产能过剩 导致价格大幅下行，多数企业实现亏损。2025 年下半年以来，国内 外动力和储能共振，需求得以修复，带动磷酸铁锂行业开工率处于 高位，头部企业订单已经排至 2026 年。此次磷酸铁锂行业平均成 本区间公布后，磷酸铁锂产品价格具备一定参考标准。叠加阶段性 需求恢复+产能短期结构性供给不足，磷酸铁锂材料价格有望企稳 上行。 3. 新能源 中信博斩获海外支架订单 ...

Investment Rating - Maintain "Buy" rating for the industry [5] Core Insights - The report emphasizes the robust development of the photovoltaic industry, with a focus on the "10 million kilowatt photovoltaic" project over the next five years, which is expected to enhance confidence in high-quality growth [17][19] - The wind power sector is highlighted by significant contracts, such as the 1.34 billion yuan order for the European offshore wind project by Daikin Heavy Industries, indicating strong market demand [2][20] - The hydrogen energy sector is witnessing advancements with the launch of a 1000 kg commercial ammonia hydrogen production and refueling station, showcasing innovative technology [3][24] - The energy storage market is projected to grow, with recent bidding data indicating a competitive landscape and price ranges for storage systems [30][33] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The government aims to advance the "10 million kilowatt photovoltaic" project, which is expected to boost the industry's confidence. Key companies to watch include Longi Green Energy, JA Solar, JinkoSolar, and Trina Solar [17][19] - **Wind Power & Grid**: Daikin Heavy Industries signed a 1.34 billion yuan contract for the Gennaker offshore wind project in Germany, with a planned capacity of 976.5 MW. The report suggests focusing on companies like Goldwind Technology and Mingyang Smart Energy [2][20][22] - **Hydrogen & Energy Storage**: The first commercial ammonia hydrogen production station was launched, utilizing advanced low-temperature ammonia decomposition technology. The energy storage sector is also highlighted with competitive bidding data showing significant project sizes [3][24][30] 2. New Energy Vehicles - **Solid-State Batteries**: Yinglian Co. signed a strategic procurement contract worth 300-400 million yuan for composite aluminum foil for solid-state batteries, indicating strong demand in the electric vehicle sector. Companies like Ningde Times and Yiwei Lithium Energy are recommended for investment [4][34][36]

11月17日至20日，2025第八届中国国际光伏与储能产业大会在成都世纪城新国际会展中 心隆重举行。作为全球前三的光储行业国际盛会，本届大会以"光储同辉 融合赋能 智创未 来"为主题，汇聚全球智慧、链接产业资源、共商发展大计。在短短四天时间里，大会以高 标准的办会理念、高规格的嘉宾阵容、高水平的专业会议，打造中国光储产业"强磁场"， 从"蓉"出发，"链"接世界，为全球能源转型注入澎湃动力。 本届大会继续保持"高规格、高水平、高标准"历届特点，以全球化视野、专业化水准、产 业化担当，交出了一份亮眼的"成绩单"，多项数据创历史之最：国家、省、市各级重要领 导、全球领袖企业家、权威专家学者等嘉宾规格再创新高；外籍嘉宾的参会人数、联袂组织 的权威机构数量，均创历史之最；4天时间举办主会议、各类平行会议、晚会等共计45场， 参会、参展企业5000余家，各类项目签约总额超330亿元；隆重发布《"破除'内卷式'竞争 筑牢全球能源安全基石"成都宣言》、"太阳神"全球光储·中国名片系列大奖隆重颁 发、"2025中国光储节"盛大启幕、全球光储行业新媒体联盟隆重成立；全球200余家媒体 聚焦大会，全网传播量突破2亿人次。 自201 ...

11月17日至20日，2025第八届中国国际光伏与储能产业大会在成都世纪城新国际会展中心隆重举行。作 为全球前三的光储行业国际盛会，本届大会以"光储同辉融合赋能智创未来"为主题，汇聚全球智慧、链 接产业资源、共商发展大计。在短短四天时间里，大会以高标准的办会理念、高规格的嘉宾阵容、高水 平的专业会议，打造中国光储产业"强磁场"，从"蓉"出发，"链"接世界，为全球能源转型注入澎湃动 力。 本届大会继续保持"高规格、高水平、高标准"历届特点，以全球化视野、专业化水准、产业化担当，交 出了一份亮眼的"成绩单"，多项数据创历史之最：国家、省、市各级重要领导、全球领袖企业家、权威 专家学者等嘉宾规格再创新高；外籍嘉宾的参会人数、联袂组织的权威机构数量，均创历史之最；4天 时间举办主会议、各类平行会议、晚会等共计45场，参会、参展企业5000余家，各类项目签约总额超 330亿元；隆重发布《"破除'内卷式'竞争筑牢全球能源安全基石"成都宣言》、"太阳神"全球光储·中国名 片系列大奖隆重颁发、"2025中国光储节"盛大启幕、全球光储行业新媒体联盟隆重成立；全球200余家 媒体聚焦大会，全网传播量突破2亿人次。 自2018年起 ...

公告显示，本次增持完成后，钟宝申持有隆基绿能1.11亿股股份，占公司总股本的1.46%。 北京商报讯（记者 马换换 王蔓蕾）11月22日，隆基绿能（601012）披露公告称，截至11月21日，董事 长钟宝申通过上交所交易系统集中竞价交易方式累计增持公司股份613.19万股，占公司总股本的 0.08%，累计增持金额为1.01亿元，本次增持计划已实施完毕。 ...