Summary of Key Points from the Conference Call Industry Overview - **Sector**: Global Alternative Energy - **Outlook**: Improved investor sentiment driven by increased policy certainty in the US and global electricity load growth [2][7] Core Insights - **Load Growth**: - Load growth has been stagnant at approximately 0.5% annually over the past decade, but estimates have recently risen to around 2% or higher for the next five years due to AI-driven data center demand and broader electrification trends [5][6] - This growth is expected to exert upward pressure on power pricing, benefiting baseload power sources such as gas turbines, nuclear, and renewables paired with battery energy storage systems (BESS) [5][6] - **Policy Environment**: - Increased clarity in US renewable energy policy through the passage of significant legislation, though risks remain, including potential investigations and tariff decisions that could impact solar costs [5][6] - The Department of Commerce's investigations and permitting issues for solar and wind projects on federal land present uncertainties [6] Investment Preferences - **Top Picks in Clean Energy**: - **US**: GE Vernova (GEV), Brookfield Renewable (BEP/BEPC), NextPower (NXT), and EVgo (EVGO) [2][12][19] - **Europe**: Siemens Energy (ENR), Vestas (VWS), and Prysmian (PRY) [2][15][17] - **Asia**: Orient Cables (603606 CH), Daqo (DQ), GCL Tech (3800 HK), Arctech (688408 CH), and Sungrow (300274 CH) [2] Market Dynamics - **Solar Market**: - Preference for utility-scale solar over residential due to better positioning regarding policy and economic factors [7] - In China, polysilicon prices have recovered by approximately 50% due to policy interventions, with Daqo and GCL Tech highlighted as strong picks [20] - **Wind Market**: - BNEF forecasts significant growth in global wind installations, with a projected 16% growth in 2026 [17] - Vestas is expected to outperform the European Capital Goods sector due to stable input prices and lower interest rates [17] - **Energy Storage**: - Global energy storage demand exceeded expectations in 2025, with a forecasted 57% increase in battery shipments for 2025 [7] - The forecast for 2026 global ESS installations has been raised by approximately 30% [7] - **Electric Vehicle Charging**: - Sentiment around EV charging remains cautious, with anticipated declines in US EV sales [7] - EVgo is preferred due to its growing customer base and network throughput potential [19] Additional Insights - **Nuclear Fuel Cycle**: - Global nuclear generation is expected to reach record highs, increasing demand for enriched uranium [8] - Centrus Energy (LEU) is noted as a key player, though it faces execution risks [8] - **US Clean Energy Outlook**: - BNEF anticipates a decline in US clean energy build from 2026 to 2028 before returning to modest growth through 2035 [62] - The market is expected to consolidate as larger projects become more complex, favoring tier-1 developers [63] - **Residential Solar Market**: - A projected decline of 15-20% in US residential solar installations in 2026 due to the expiration of certain tax credits [64] - RUN is highlighted as a preferred pick in the residential space due to its visibility in solar lease/PPA qualifications [65] Conclusion - The global alternative energy sector is poised for growth driven by load demand and supportive policies, though challenges remain in the form of regulatory uncertainties and market dynamics. Key investment opportunities exist in diversified companies with strong balance sheets and exposure to emerging technologies.

1月23日，东方电缆涨1.69%，成交额7.30亿元。两融数据显示，当日东方电缆获融资买入额4820.34万 元，融资偿还8239.93万元，融资净买入-3419.59万元。截至1月23日，东方电缆融资融券余额合计4.81 亿元。 融资方面，东方电缆当日融资买入4820.34万元。当前融资余额4.79亿元，占流通市值的1.17%，融资余 额超过近一年90%分位水平，处于高位。 资料显示，宁波东方电缆股份有限公司位于浙江省宁波中山东路1800号国华金融中心49-50F，成立日期 1998年10月22日，上市日期2014年10月15日，公司主营业务涉及各种电线电缆的研发、生产、销售及其 服务。主营业务收入构成为：电力工程与装备线缆49.56%，海底电缆与高压电缆44.14%，海洋装备与 工程运维6.22%，其他(补充)0.09%。 截至11月10日，东方电缆股东户数2.88万，较上期增加0.00%；人均流通股23884股，较上期增加 0.00%。2025年1月-9月，东方电缆实现营业收入74.98亿元，同比增长11.93%；归母净利润9.14亿元，同 比减少1.95%。 分红方面，东方电缆A股上市后累计派现13. ...

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]

Flash | 22 Jan 2026 12:52:32 ET │ 10 pages Ningbo Orient Wires & Cables (603606.SS) Positive Outlook on Order Execution and New Demand in 2026E CITI'S TAKE We hosted a call with the IR manager of NBO. Key takeaways: (i) NBO expects to deliver most of its order backlog, totaling over Rmb20bn by end-2025, during 2026-27E, including delivery of much high-voltage subsea cable orders likely in 2026E; (ii) management expects China offshore wind installation to be 10-12GW in 2026E and potentially up to 15GW p.a. i ...

AI基金工银新材料新能源股票（001158）披露2025年四季报，第四季度基金利润1.17亿元，加权平均基金份额本期利润0.1539元。报告期内，基金净值增长 率为8.96%，截至四季度末，基金规模为13.42亿元。 该基金属于标准股票型基金。截至1月22日，单位净值为2.07元。基金经理是张剑峰，目前管理的2只基金近一年均为正收益。其中，截至1月22日，工银新 材料新能源股票近一年复权单位净值增长率最高，达63.38%；工银优质成长混合A最低，为54.45%。 基金管理人在四季报中表示，大国博弈以及全球政治格局不确定性的增强，使得以有色为代表的资源受到越来越多的市场关注。美国货币政策的宽松加之 AI 算力投资带来的电力需求的大幅增长，使得美国国内相关的电力投资需求旺盛，我们仍看好有色金属，尤其是铜等相关品种的需求增长。 截至1月22日，工银新材料新能源股票近三个月复权单位净值增长率为23.29%，位于同类可比基金1/58；近半年复权单位净值增长率为53.45%，位于同类可 比基金3/58；近一年复权单位净值增长率为63.38%，位于同类可比基金10/57；近三年复权单位净值增长率为37.36%，位于同类可比 ...

Core Viewpoint - Yantai aims to leverage its marine resources and develop a modern marine economy during the "14th Five-Year Plan" period, focusing on blue development and ecological protection [1][9]. Group 1: Bay Planning - The government report emphasizes the need for comprehensive bay planning, aiming to create beautiful bays and achieve two national-level beautiful bays by 2026 [2][3]. - Yantai's marine economy is transitioning from "point development" to "overall planning," necessitating a shift from a large marine economy city to a modern marine strong city [2][3]. - A proposal for a special leadership group to initiate a comprehensive planning and high-quality development action for Yantai's main bays has been suggested, promoting a "one bay, one policy" approach for differentiated development [3]. Group 2: Port-Industry-City Integration - The government report highlights the construction of a world-class marine port and the deepening of port-industry-city integration, targeting a cargo throughput of over 550 million tons by 2026 [5]. - The integration of port and local industries is crucial, with plans to develop regional industry clusters such as stone, new energy, and high-end chemicals to enhance port competitiveness [5][6]. - The marine equipment industry is identified as a core support for Yantai's marine economy, with initiatives to strengthen marine equipment and marine renewable energy industry chains [6][7]. Group 3: Ecological Protection - The government report calls for the establishment of a model for island protection and development, including the construction of a zero-carbon island [7][8]. - The promotion of ecological aquaculture is essential for the "blue granary" initiative, with suggestions for a multi-species ecological farming model to enhance water quality and seafood quality [8]. - Plans to build deep-sea aquaculture facilities and a resource bank for marine species are set to strengthen Yantai's "blue granary" foundation, promoting a transition to technology-driven and ecologically sustainable fishing practices [8].

齐鲁晚报·齐鲁壹点 李楠楠 吕奇 张悦分析，"加快蓬莱海工产业园项目引育"，这是夯实传统优势，面向未来升级。蓬莱本身拥有优良的 港口条件和一定的海工产业基础。"引育"二字是关键，"引"是招商引资，吸引国内外领先的海工装备制 造、高技术船舶、深海装备、海洋新材料等企业入驻。"育"是培育本土企业，形成产业集群效应。这旨 在将蓬莱从传统的海工制造基地，升级为涵盖研发、总装、关键配套、高端服务的综合性产业园，服务 于国内深远海油气开发、海上风电建设以及国际高端市场。 "推进高端海缆北方产业基地建设"，则是抢抓新赛道，构建核心配套。海上风电是"蓝色经济"中最具爆 发力的增长极。而海缆（特别柔性直流海底电缆）是海上风电场的"血管"和"神经"，技术壁垒高、价值 量大，是产业链上的关键环节。该基地的建设，将解决我国北方（环渤海、山东半岛）海上风电项目对 高端海缆的本地化供应、快速响应和降低物流成本的迫切需求，使烟台从海风项目的"场地提供者"升级 为"核心装备供应商"。 高端海缆北方产业基地项目由国内海缆龙头宁波东方电缆（603606）投资建设。张悦介绍，"东方电缆 的'十五五'规划核心是巩固并扩大其在海缆领域的绝对领先优势， ...

【天风电新】东方电缆再推荐：被错杀的海缆龙头，持续看好海外放量-0121 ———————————— 公司近期调整较多主要由于mona&morgan项目没进AR7，#但并非mm没进ar7公司就颗粒无收，就此更新如下： 1、AR7拍卖了8.4GW海风超预期，对应业主主要是RWE和SSE，SSE是公司老客户，会有订单。 公司近期调整较多主要由于mona&morgan项目没进AR7，#但并非mm没进ar7公司就颗粒无收，就此更新如下： 1、AR7拍卖了8.4GW海风超预期，对应业主主要是RWE和SSE，SSE是公司老客户，会有订单。 #且RWE本次进AR7的项目公司也已参与投标。 2、Mona项目原大业主已收购EnBW股权，预计将进AR8，项目体量1.5GW，对应20亿以上海缆。 3、#海缆同时面向海风+电力互联，供需缺口更大。 公司已有海外海缆的交付，进展已领先国内大部分海风出海链，#看好海外订单持续放量。 【为什么持续看好东缆】 26年是中欧海风β共振第一年，东缆是【唯一】同时在国内+海外份额都较高的：国内龙头格局稳定&海外份额进 一步提升。 #且RWE本次进AR7的项目公司也已参与投标。 【天风电新】东方电缆再 ...

Group 1 - The A-share market in 2025 experienced significant changes, primarily driven by valuation increases across various sectors, with the non-ferrous metals industry leading the gains [4] - The overall A-share market performance can be divided into four phases: Phase 1 (Jan-Mar): Technology concepts led the "tech bull"; Phase 2 (Apr-Jun): External shocks and internal support boosted the market; Phase 3 (Jun-Nov): Liquidity and economic conditions resonated, accelerating trends; Phase 4 (Nov-Dec): A period of consolidation after the main index rise [4] - Key characteristics of the 2025 A-share market include a new level of total market capitalization, continuous inflow of new funds, and a shift in market structure, with the electronics sector reaching the highest market value for the first time [4] Group 2 - Yonyou Network expects a reduction in losses for 2025, projecting a net profit of -1.3 billion to -1.39 billion yuan, with revenue expected to be between 9.17 billion and 9.27 billion yuan [6][8] - The company is transitioning to a subscription-based business model, which is expected to impact revenue growth rates, despite a recovery in contract signing amounts starting from the second quarter of 2025 [7] - The launch of the BIP "Ontology-Driven Agent" aims to enhance AI capabilities in enterprises, shifting from probabilistic generation to logical execution, providing a new foundation for high-quality AI applications [10][11] Group 3 - Ant Group's collaboration with Weining Health has led to the rapid deployment of AI products, with the monthly active users of the Ant Health app exceeding 30 million, indicating strong market penetration [12][13] - Weining Health's WiNEX series AI products have been implemented in nearly 150 medical institutions, enhancing clinical decision-making and documentation efficiency [14] - The Chinese medical software system market is projected to reach 11.5 billion yuan by 2029, with Weining Health focusing on domestic innovation and adaptation [15][16] Group 4 - The People's Bank of China reported stable loan rates and increased corporate loan issuance, indicating a positive outlook for the banking sector [18][19] - The December social financing data showed a year-on-year increase in new loans, primarily driven by corporate loans, suggesting a robust lending environment [19][20] Group 5 - The UK AR7 offshore wind auction results exceeded expectations, with a total auction volume of 8.4GW, marking a 58% increase from the previous round, indicating strong future demand for offshore wind projects [21][22] - Domestic manufacturers are expected to benefit from increased orders as a result of the AR7 auction outcomes, with significant growth anticipated in the offshore wind sector [24] Group 6 - Tencent Holdings is projected to achieve a revenue of 195.4 billion yuan in Q4 2025, with strong growth in its gaming and advertising segments [25][26] - The company is expected to maintain robust performance across its core businesses, with AI capabilities enhancing its overall ecosystem [27] Group 7 - The coal market is expected to see price support due to seasonal demand and supply constraints, with current prices at 695 yuan/ton [28][31] - The coking coal market is experiencing a recovery in demand as steel production increases, leading to a rise in coking coal prices [29][30] Group 8 - The State Grid's investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, significantly boosting the power equipment supply chain [41] - The focus on new energy systems and AI integration in power operations is expected to enhance operational efficiency and support the growth of emerging industries [41]

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].