证券代码：601778 证券简称：晶科科技 公告编号：2026-003 晶科电力科技股份有限公司 关于参与设立股权投资基金进展暨完成备案的 为进一步推进储能业务的战略投资布局，加强与产业链、生态圈各方的战略 合作与协同，晶科电力科技股份有限公司（以下简称"公司"）与泉州兴水水务产 业投资合伙企业（有限合伙）、首正创信（上海）企业管理有限公司、上海上汽 创远创业投资合伙企业（有限合伙）、深圳市瑞能实业股份有限公司、自然人邓 天龙以及泉州风泉私募基金管理有限公司共同出资设立泉州风泉晶科绿能壹号 股权投资合伙企业（有限合伙）（以下简称"基金"），基金拟通过持股平台投向 工商侧储能项目。基金认缴出资额总额为人民币 1 亿元，首次出资额不低于各合 伙人对于合伙企业的认缴出资总额的 20%，后续出资根据投资项目实际进展确定。 公司作为有限合伙人之一，以自有资金认缴出资人民币 1,700 万元，占基金认缴 出资总额的 17%，首次出资额为人民币 340 万元。本次对外投资事项在总经理决 策权限内，无需提交公司董事会和股东会审议。具体内容详见公司于 2025 年 12 1 / 3 公告 本公司董事会及全体董事保证本公告内容不 ...

证券研究报告 公用环保 量化测算 Token 出海对中国电力的弹性 ——AI 能否带动电力提前跨越周期底部 II 华泰研究 2026 年 3 月 03 日│中国内地 深度研究 但随着硬件架构迭代，卡单 token 的成本下降，能源价格在全球 AI 竞争中 的重要性与日俱增。据我们测算，千万亿级全球日均 token 用量对中国电量 和电力或有 10%级别弹性，对绿证价格、容量电价甚至电量电价的拉动显 著。推荐：1）低估值的绿电，有望充分受益于 AIDC 清洁能耗需求；2）推 理时代电力瓶颈的出现大概率先于电量，容量电价市场化利好火电；3）重 申我们 1 月报告《中美电价剪刀差——中国电力股何时见底 I》的结论，2026 年开始电力供给侧降速，电力板块步入配置窗口，token 出海只是锦上添花。 推理时代，Token 出海对中国电量/电力的潜在拉动超过 10% 训练时代，海外大模型由于数据管制不会布局核心算力在中国，国内大模型 本土 AIDC 的需求增长又受制于国产芯片能力。推理时代，Anthropic/OpenAI 等海外企业部署边缘算力在中国的探索逐步成熟，而国内大模型的规模效应 与成本优势在 token 竞 ...

2026 年 3 月 2 日 行业研究 Token 出海，看好国内涉足"算电"协同业务的电力运营商 ——碳中和领域动态追踪（一百七十六） 要点 事件：近日，在线 AI 托管平台 OpenRouter 最新数据显示，由 MiniMax、月之 暗面（Moonshot AI）、智谱领衔的中国开源人工智能模型，已登顶全球 Token 使用量榜单。基于该平台的最新数据，在全球 Token 使用量上，中国开源 AI 模 型实现了全面反超。 相比美国主流 AI 模型，中国大模型 Token 输出价格优势显著。 中国模型的最大优势在于以极低的商业化成本实现了对标国际一线的模型性能： 当前美国主流 AI 模型的输出价格均在 10 美元/百万 Token 以上，而我国的主流 AI 模型输出价格基本处于 10~20 元人民币/百万 Token 区间，和美国模型相比 有近 7 倍的价格优势。 电价优势叠加产业趋势带动，中国大模型具备强竞争力。 未来随着"东数西算"工程的持续深化、全国一体化算力网络的加速成型、清洁 能源与智算产业的深度协同落地，叠加国内厂商在推理架构优化、算力调度效率 上的持续突破。电价维度来看，中国整体电价具备强竞 ...

行业研究 证 券 研 究 报 告 电力及公用事业行业重大事项点评 绿电下游新需求不断涌现，"电力+算力"为 推荐（维持） 绿电打开全新增长空间 事项： 国务院国资委日前提出积极扩大算力有效投资，推进"算力+电力"协同发展。 上市公司层面，近期绿电与算力、储能、绿醇等新型方向融合发展的案例不断， 强调绿电板块的投资机会。 评论： 电力及公用事业 2026 年 02 月 28 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱 ...

Core Viewpoint - The A-share market has seen a strong performance in the power sector, with several stocks hitting the daily limit up and others showing significant gains [1] Group 1: Stock Performance - Companies such as Xiexin Energy Technology, Gan Energy, Henan Energy Holding, and Huayin Power have all reached the daily limit up of 10% [1] - Gansu Energy and Leshan Power have increased by over 7%, while Guang'an Aizhong has risen by over 6% [1] Group 2: Detailed Stock Data - Xiexin Energy Technology (002015) has a market cap of 23 billion and a year-to-date increase of 42.31% [2] - Gan Energy (000899) has a market cap of 14.3 billion and a year-to-date increase of 47.58% [2] - Henan Energy Holding (001896) has a market cap of 20.4 billion and a year-to-date increase of 156.54% [2] - Huayin Power (600744) has a market cap of 16.1 billion and a year-to-date increase of 35.03% [2] - Leshan Power (600644) has a market cap of 7.48 billion and a year-to-date increase of 32.72% [2] - Guang'an Aizhong (600979) has a market cap of 6.74 billion and a year-to-date increase of 21.64% [2] - Other notable companies include Mingxing Power, Electric Investment Green Energy, and Jinkong Power, all showing gains of over 4% [1][2]

Core Viewpoint - The A-share market has seen a strong performance in the power sector, with several stocks hitting the daily limit up and others showing significant gains [1] Group 1: Stock Performance - Companies such as Xiexin Energy Technology, Gan Energy, Henan Energy Holding, and Huayin Power all reached the daily limit up of 10% [1] - Gansu Energy and Leshan Power increased by over 7%, while Guang'an Aizhong rose by over 6% [1] - Other notable performers include Mingxing Power, Electric Investment Green Energy, Jinkong Power, and others, which all saw gains exceeding 4% [1] Group 2: Market Data - Xiexin Energy Technology (002015) had a market cap of 23 billion with a year-to-date increase of 42.31% [2] - Gan Energy (000899) reported a market cap of 14.3 billion and a year-to-date increase of 47.58% [2] - Henan Energy Holding (001896) had a market cap of 20.4 billion and a year-to-date increase of 156.54% [2] - Huayin Power (600744) had a market cap of 16.1 billion with a year-to-date increase of 35.03% [2] - Other companies like Leshan Power, Guang'an Aizhong, and Jinkong Power also showed significant market caps and year-to-date performance [2]

Core Viewpoint - The photovoltaic concept stocks in A-shares experienced a significant surge, driven by two main positive factors: Tesla's increased investment in photovoltaic manufacturing and positive signals in the industry fundamentals, leading to improved market confidence in supply-demand dynamics [1][3][6]. Group 1: Market Performance - A-shares photovoltaic concept stocks collectively surged, with nearly 30 stocks hitting the daily limit or rising over 10% by midday [1]. - The Space Photovoltaic Index rose over 6%, while other indices such as the BC Battery Index and Photovoltaic Glass Index increased by more than 5% [3]. Group 2: Positive Drivers - Tesla is reportedly evaluating multiple sites in the U.S. to expand its solar cell manufacturing capacity, aiming for an annual production capacity of 100 GW over the next three years [3][5]. - The Chinese photovoltaic equipment leaders are expected to meet Tesla and SpaceX's high standards, potentially capturing significant shares of their supply chains [5][8]. Group 3: Industry Fundamentals - Since 2026, leading manufacturers have repeatedly raised component prices, indicating a recovery in the photovoltaic industry after a prolonged downturn [6]. - The "anti-involution" policy and expectations of capacity clearance have enhanced market confidence regarding supply-demand improvements [6]. Group 4: Future Market Potential - The global demand for space photovoltaics is projected to reach 1 GW and a market space of over 80 billion yuan by 2030 under conservative scenarios, with optimistic scenarios suggesting demand could reach 70 GW and nearly 3 trillion yuan [8][9]. - The domestic photovoltaic industry is well-positioned to benefit from increased orders and profit growth as global demand for satellite launches and space photovoltaic technology expands [9].

Group 1 - The photovoltaic sector has seen significant gains, with multiple stocks experiencing substantial increases in their share prices [1][2][3] - Key performers include GCL-Poly Energy, which has achieved a four-day consecutive rise, and Shuangliang Energy, which has seen three increases in five days [1] - Other notable stocks that reached their daily limit include Suwen Electric, Juhe Materials, and several others, with increases of up to 20% [1][2] Group 2 - In the stock market, Tongxiang Technology led with a rise of 29.98%, followed by Suwen Electric and Juhe Materials, both at 20% [2] - Other significant gainers include Jieput, which rose by 18.86%, and Liancheng CNC, which increased by 15.02% [2] - The Hong Kong market also reflected positive trends in the photovoltaic sector, with Jun Da shares up over 15% and GCL-Poly Energy up over 14% [3][4]

Group 1 - The photovoltaic sector experienced significant gains, with multiple stocks hitting their daily limit up, including GCL-Poly Energy, which achieved a four-day consecutive rise [1] - Notable stocks with substantial increases include Suwen Electric, Juhe Materials, and others, all reaching a 20% limit up [1] - Several companies such as Jietu, Liancheng CNC, and Jinko Energy saw their stock prices rise by over 11% [1] Group 2 - Specific stock performance data shows that Tongxiang Technology surged by 29.98%, reaching a price of 25.23, with a net inflow of 7.89 million [2] - Suwen Electric and Juhe Materials both increased by 20%, with current prices of 26.16 and 89.23 respectively [2] - Other notable performers include Jietu with an 18.86% rise, and Liancheng CNC with a 15.02% increase [2] Group 3 - The Hong Kong stock market also reflected strong performance in the photovoltaic sector, with Jun Da shares rising over 15% and GCL-Poly Energy increasing by over 14% [3] - Other companies in the Hong Kong market, such as Kaisheng New Energy, also saw gains exceeding 7% [3]

Core Insights - The electricity sector experienced a rise of 0.88% on the trading day, with Nanfang Energy leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Group 1: Stock Performance - Nanfang Energy (003035) closed at 7.44, with a significant increase of 10.06%, and a trading volume of 1.9583 million shares, amounting to 1.38 billion yuan [1] - Langfang Development (600149) also saw a rise of 10.04%, closing at 5.92, with a trading volume of 137,700 shares and a transaction value of 81.5394 million yuan [1] - Jinko Technology (601778) increased by 6.46%, closing at 4.45, with a trading volume of 2.5261 million shares and a transaction value of 1.107 billion yuan [1] Group 2: Capital Flow - The electricity sector saw a net inflow of 28.7005 million yuan from main funds, while retail investors contributed a net inflow of 19.6 million yuan [2] - Speculative funds experienced a net outflow of 225 million yuan [2] - Nanfang Energy had a main fund net inflow of 21.5 million yuan, but speculative funds saw a net outflow of 10.4 million yuan [3]