Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].

Core Viewpoint - The article emphasizes that the real bottleneck for the future of artificial intelligence (AI) is not computational power but electrical power, particularly the availability of large power transformers, which are crucial for the operation of AI data centers and energy infrastructure [4][6]. Group 1: Current Challenges in the U.S. and Europe - In the U.S., there is a significant shortage of large power transformers (LPTs), with an average delivery time of 128 weeks for standard transformers and 144 weeks for generator step-up transformers (GSUs) [6][8]. - The decline of U.S. manufacturing capabilities since the 1980s has led to over 80% of large power transformers being imported, primarily from China [7]. - European countries face similar issues, with many renewable energy projects unable to connect to the grid due to a lack of suitable transformers, highlighting a critical lag in the upgrade of transmission systems [10][11]. Group 2: The Role of China in Transformer Manufacturing - China has developed a complete and efficient transformer manufacturing supply chain, from raw materials to assembly, making it a key player in the global market [12][13]. - Chinese manufacturers can deliver large transformers in 10 to 14 months, significantly faster than their U.S. and European counterparts, which can take up to three years [13]. - The demand for Chinese transformers is increasing globally, as countries like the U.S. and those in Europe are forced to rely on Chinese imports despite political tensions and tariffs [15][18]. Group 3: Strategic Implications - The reliance on Chinese transformers reveals the limitations of "decoupling" strategies in critical infrastructure sectors, as the need for reliable electrical supply outweighs political considerations [15][18]. - The article suggests that the ability to produce essential infrastructure equipment domestically is a form of strategic deterrence in a world marked by supply chain vulnerabilities and geopolitical conflicts [18].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Group 1 - Foreign public funds are focusing on China's technology sector, with several products achieving over 50% net value growth in 2025, indicating significant investment opportunities in high-end manufacturing and AI [2] - The U.S. Treasury bonds are facing sell-offs from multiple countries, including India, which has reduced its holdings to a five-year low, raising concerns about the U.S. fiscal situation and investor confidence in dollar assets [2] - Zhongji Xuchuang has become the top holding stock for public funds, indicating a shift in industry allocation towards non-ferrous metals and communications, while reducing exposure to electronics and pharmaceuticals [2] Group 2 - Silver prices have surpassed $100 per ounce, and gold is nearing $5000 per ounce, driven by geopolitical uncertainties and expectations of interest rate cuts by the Federal Reserve, leading to increased demand for precious metals [3] - The investment in power grids is expected to boost the electricity sector, with a significant investment plan of 4 trillion yuan by the State Grid, benefiting companies like China Xidian, which has seen its stock price rise over 75% this year [3] - Several A-share companies, including Xinqianglian and Yongchuang Intelligent, have announced substantial profit increases, with Xinqianglian projecting a net profit growth of 1093.07% - 1307.21% due to a recovery in the wind power sector [3] Group 3 - Public funds have adjusted their holdings in response to market conditions, with a preference for technology stocks and increased allocations in sectors like non-ferrous metals and chemicals [4] - Elon Musk introduced the concept of a "prosperity" era at the Davos Forum, predicting that robots and AI will drive explosive economic growth, while highlighting electricity as a key development constraint [5] - The probability of Rick Riedel being elected as the new Federal Reserve Chairman has risen to 54%, with his focus on labor markets and interest rate cuts attracting attention [5] - Jing Sheng Co. plans to acquire 100% of Zhun Intelligent for 857 million yuan to enhance its semiconductor industry chain, indicating strategic growth through acquisitions [5]

记者丨凌晨编辑丨朱益民 伴随着电网建设进入高强度投资周期，电力板块景气度高增。 1月22日，A股三大指数集体上涨。电网设备ETF连续10个交易日获得资金净流入，合计"吸金"108.39亿元。 产业链企业随之受益。以中国西电为例，1月19日—21日该公司连续3个交易日内日收盘价格涨幅偏离值累计超20%。截至1月23日，中国西电报15.94元/ 股，总市值达817.1亿元，年内股价上涨超75%，周内上涨超22%。 这一市场波动的背景，来自多重因素的集体催化。 一方面，在全球能源转型加速、人工智能算力爆发的背景下，电网设备需求正在陆续释放。 天风证券研报表示，欧洲数据中心加速建设下电力供需矛盾显现，进一步催生海风和电力互联需求，欧洲电网改造需求持续高增，利好主网变压器、开 关。 另一方面，国内学界从底层技术层面，为电力装备的效能提升与产业升级提供新的解决方案。 如西安电子科技大学团队成功将粗糙的"岛状"界面转变为原子级平整的"薄膜"，已发表在《自然·通讯》与《科学进展》上。 市场行情、宏观政策与技术突破，正共同勾勒出电力产业链变革的清晰图景。 正因此，未来的4万亿投资计划，更为市场注入一剂强心针。 上述投资计划官宣 ...

证券代码：601179 证券简称：中国西电 公告编号：2026-006 中国西电电气股份有限公司 第五届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 中国西电电气股份有限公司（以下简称公司）第五届董事会第七次会议（以下简称本次会议）于2026年 1月16日以邮件、短信和电话方式发出会议通知，并于1月21日发出增加议案的补充通知，2026年1月23 日以现场方式召开，本次会议应出席董事7人，实到董事7人。本次会议的召集、召开程序符合《公司 法》等有关法律、行政法规、其他规范性文件及《公司章程》的相关规定。 本次会议经过有效表决，形成以下决议： 一、审议通过了关于调整公司组织机构的议案 表决结果：同意7票、反对0票、弃权0票，审议通过。 表决结果：同意7票、反对0票、弃权0票，审议通过。 表决结果：同意7票、反对0票、弃权0票，审议通过。 四、审议通过了关于聘任公司内部审计机构负责人的议案 表决结果：同意7票、反对0票、弃权0票，审议通过。 同意聘任皮文涛先生担任公司内部审计机构负责人。 五、审议通过了 ...

Core Viewpoint - The power sector is experiencing high growth due to a significant investment cycle in grid construction, leading to increased market activity and stock performance in related companies [1][2][3]. Investment and Market Performance - On January 22, A-shares saw collective gains, with the grid equipment ETF attracting a net inflow of 10.839 billion yuan over ten consecutive trading days [2]. - China Xidian's stock price surged over 75% year-to-date, with a weekly increase of over 22%, reaching 15.94 yuan per share and a total market capitalization of 81.71 billion yuan [2]. Market Drivers - The demand for grid equipment is being driven by global energy transition and the explosion of AI computing power, particularly in Europe, where data center construction is accelerating [4]. - Domestic technological advancements are providing new solutions for enhancing the efficiency and upgrading the power equipment industry [4][5]. Investment Plans and Projections - The State Grid's announced 4 trillion yuan fixed asset investment plan marks a historic high and signifies a new development phase characterized by strong main grids, optimized distribution networks, and intelligent microgrids [6]. - This investment will focus on building a new grid platform to enhance inter-provincial transmission capacity, supporting large-scale wind and solar projects [6]. Company Performance and Orders - China Xidian has secured significant contracts, including a total of 2 billion yuan in recent bids, indicating strong order flow and market confidence [12][13]. - The company reported a revenue of 16.959 billion yuan for the first three quarters of 2025, reflecting an 11.85% year-on-year increase, with net profit rising by 19.29% [13]. Industry Outlook - The collective performance of companies in the power sector, including China Xidian, TBEA, and others, indicates a robust industry outlook, with many firms reporting substantial revenue growth [16]. - The stock prices of key players in the grid equipment sector have seen significant increases, with an average rise of 30.39% in the transmission and distribution equipment segment since the beginning of 2026 [18].

证券代码：601179 证券简称：中国西电 公告编号：2026-006 本次会议经过有效表决，形成以下决议： 一、审议通过了关于调整公司组织机构的议案 表决结果：同意7票、反对0票、弃权0票，审议通过。 同意将现有营销中心拆分为营销中心及国际营销中心。 中国西电电气股份有限公司 第五届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国西电电气股份有限公司（以下简称公司）第五届董 事会第七次会议（以下简称本次会议）于2026年1月16日以邮 件、短信和电话方式发出会议通知，并于1月21日发出增加议 案的补充通知，2026年1月23日以现场方式召开，本次会议应 出席董事7人，实到董事7人。本次会议的召集、召开程序符 合《公司法》等有关法律、行政法规、其他规范性文件及 《公司章程》的相关规定。 二、审议通过了关于调整对所属子公司投资计划的议案 表决结果：同意7票、反对0票、弃权0票，审议通过。 三、审议通过了关于2026年度重大经营风险预测评估报 告的议案 表决结果：同意7票、反对0票、弃权0票，审议通过 ...

1月23日，中国西电涨5.11%，截至发稿，报16.25元/股，成交37.78亿元，换手率4.68%，总市值832.96 亿元。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年280天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 186.88%， 任职期间最差基金回报-47.6%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，中国西电电气股份有限公司位于陕西省西安市高新区唐兴路7号A座，成立日期2008年4月30 日，上市日期2010年1月28日，公司主营业务涉及输配电及控制设备研发、设计、制造、销售、检测、 相关设备成套、技术研究、服务与工程承包等业务。主营业务收 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different industries, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Major Stocks with Capital Outflows - Sanhua Intelligent Control experienced a capital outflow of 1.402 billion, with a decline of 2.73% in stock price [2] - Tongfu Microelectronics saw a capital outflow of 1.309 billion, with a decrease of 1.55% [2] - Contemporary Amperex Technology reported a capital outflow of 1.143 billion, with a drop of 2.8% [2] - Zhaoyi Innovation also faced a capital outflow of 1.143 billion, with a decline of 1.93% [2] - Changdian Technology had a significant outflow of 861 million, with a sharp decrease of 6.25% [2] Group 2: Other Notable Stocks - Hunan Silver experienced a capital outflow of 836 million, but its stock price increased by 6.67% [2] - Huada Technology saw an outflow of 825 million, with a decline of 3.1% [2] - Yango Technology faced a capital outflow of 723 million, with a significant drop of 6.37% [2] - Sungrow Power Supply had an outflow of 720 million, with a decrease of 1.16% [2] - TBEA reported a capital outflow of 653 million, with a decline of 2.5% [2] Group 3: Additional Stocks with Capital Outflows - Baiwei Storage experienced a capital outflow of 588 million, with a slight decrease of 0.79% [2] - Nanda Optoelectronics saw an outflow of 577 million, with a decline of 4.25% [3] - Lens Technology faced a capital outflow of 565 million, with a decrease of 2.09% [3] - Zijin Mining reported an outflow of 556 million, with a decline of 2.31% [3] - EVE Energy experienced a capital outflow of 555 million, with a drop of 2.99% [3]