Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The industry has shown significant developments, including a major order for humanoid robots from a leading AI model company, valued at over 50 million RMB, highlighting the integration of AI and robotics [2] - The Central Economic Work Conference has set the agenda for 2026, focusing on energy independence and green transformation, which will drive the demand for renewable energy solutions [4] - The report emphasizes the importance of optimizing market pricing for centralized renewable energy generation, as outlined by the National Development and Reform Commission and the National Energy Administration [5] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aiyu Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqo New Energy (688303.SH) - Buy - B - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A [3][4][7] Price Tracking - The average price of polysilicon remains stable at 52.0 RMB/kg, while the average price of silicon wafers and battery cells has shown signs of stabilization after previous declines [6][8][9] Investment Suggestions - Key recommendations focus on various sectors: - BC new technology: Aiyu Co., Ltd., Longi Green Energy - Supply-side: Daqo New Energy, Fulete - Energy storage: Haibo Innovation, Sungrow Power Supply, Deye Technology - Market-oriented: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Overseas expansion: Hengdian East Magnet, Bowei Alloy [10]

证券时报·数据宝统计显示，以发行日期为基准统计，截至12月15日，今年以来科创板累计有17家公司 发行新股，累计募资金额达350.89亿元，单家公司平均募集资金20.64亿元。分区间来看，募资金额超10 亿元的有12家，募资金额5亿元至10亿元的有4家，募资金额在5亿元以下的有1家。 摩尔线程为今年以来募资金额最多的科创板公司，首发募集资金达80.00亿元，募资主要投向使用部分 闲置募集资金进行现金管理，摩尔线程新一代自主可控AI训推一体芯片研发项目，摩尔线程新一代自 主可控图形芯片研发项目等；其次是西安奕材，募资金额为46.36亿元，募资主要用于西安奕斯伟硅产 业基地二期项目，使用部分募集资金进行现金管理等。募资金额较多的还有沐曦股份、禾元生物、屹唐 股份等，分别募资41.97亿元、25.99亿元、24.97亿元。 发行价格方面，今年已发行的科创板股平均首发价格为36.56元，发行价在50元以上的有4家，其中，发 行价超百元的有2家，发行价最高的是摩尔线程，发行价为114.28元，沐曦股份、昂瑞微次之，发行价 分别为104.66元、83.06元，发行价较低的有屹唐股份、西安奕材等，首发价格分别为8.45元、 ...

本报讯 （记者向炎涛）近日，标普全球能源（S&P Global Energy）发布最新《2025年电化学储能系统 集成商报告》。报告数据显示，北京海博思创科技股份有限公司（以下简称"海博思创"）再次位列全球 储能系统集成商前三强，在2024年新增装机规模中稳居全球第三，彰显其在全球储能市场的综合实力与 项目交付能力。 在亚太市场，海博思创在菲律宾等国家持续推进储能项目落地，结合当地潮湿高温环境、岛屿、矿山等 场景需求，推出定制化、高可靠的储能解决方案，助力清洁电力在该地区快速发展。 同时，海博思创已在欧洲、美洲、亚太几大区域市场设立本地化团队，具备覆盖项目交付、现场调试、 数字化监控与长期运维服务能力，形成全球化交付与全生命周期保障体系，为国际合作伙伴提供稳定、 可持续的长期价值。 海博思创创始人、董事长兼CEO张剑辉博士表示："再次获得标普全球排名认可，体现了海博思创在产 品技术、安全性能、系统交付与全球化能力上的综合优势，尤其是在整体系统交付与复杂项目管理方面 的实力。未来，我们将继续以可靠的技术研发和智能制造能力，为全球能源转型提供更高价值的储能解 决方案。" 在中国市场，海博思创继续保持领先优势。此次 ...

卫蓝新能源产品主要应用领域涵盖新能源汽车、储能、低空经济动力三大部分。 官网信息显示，卫蓝新能源典型电芯产品——360Wh/kg高能量密度动力电芯，具备超高能量密度，单次续航里程超过1000km，已于2023年底量产交付蔚来 汽车，并在多家知名整车厂获得定点；卫蓝新能源280Ah超高安全储能电芯也已于2023年下半年量产交付，为三峡、海博思创、国电投等多个储能项目供 货。 日前，中国证监会官网显示，北京卫蓝新能源科技股份有限公司（简称"卫蓝新能源"）启动A股IPO并提交辅导备案，公司拟在创业板上市，辅导机构为中 信建投。 | 北京卫蓝新能源科技股份有 | 中信建投证券股份有限公司 2025-12-10 辅导备案 | | | | | | --- | --- | --- | --- | --- | --- | | 辅导对象 限公司 | 辅导机构 备案时间 | 辅导状态 | 派出机构 北京证监局 | 报告类型 | 报告标题 关于北京卫蓝新能 ... | 卫蓝新能源官网显示，卫蓝新能源是中国科学院物理研究所固态电池产学研孵化企业，成立于2016年，位于北京房山窦店，主营固态锂离子电池，集研发、 生产、市场、销售于一体 ...

2025 年 12 月 12 日 储能锂电行业 2026 年度策略报告 产业链否极泰来，储能引领盈利新周期 电力设备及新能源 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 40% 50% 2024/11/27 2025/04/27 2025/09/27 沪深300指数 电力设备及新能源 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | 平安观点： 行 业 报 告 行 业 年 度 策 略 报 证 券 研 究 报 告 告 储能：政策、市场推进，全球高景气确立。储能是构建新型电力系统的 重要基础，"十五五"规划建议提出"大力发展新型储能"，储能 有望迎 来快速发展 ...

中证报中证网讯（王珞）近日，以"AI下一个十年：场景驱动×新质引擎"为主题的2025人工智能+大会 在北京举办，海博思创凭借"储能系统全生命周期智能化平台项目案例"斩获"AI 100应用标杆"奖项，成 为"人工智能+"产业融合的实践典范。 据悉，该榜单以"推动AI技术落地、树立行业应用典范"为核心目标，旨在"定义标杆、链接生态、引领 产业"，寻找AI改变世界的百种可能。 据介绍，海博思创的"储能系统全生命周期智能化平台"面向大型电化学储能电站，融合人工智能、大数 据与多智能体优化技术，实现从运行监测、健康评估、预测性维护到市场调度与收益管理的全流程智能 化。平台以"安全、高效、长寿命、高收益"为目标，支撑储能资产的数字化、智能化运维与经营决策。 该平台集成自然语言查询与RAG大模型，支持数据检索、告警分析、工单生成等多轮语义交互。智能 运维助手可自动完成"发现问题—生成方案—创建工单"闭环，大幅提升运维自动化与决策效率。 在电力交易智能决策领域，该平台支持储能参与现货与调频市场的多市场自调度，通过深度学习与强化 学习结合电价预测与区间优化，实现收益最大化。大型储能可作为"价格影响者"参与博弈，小型储能则 以" ...

证券之星消息，12月10日其他电源设备板块较上一交易日下跌0.91%，海博思创领跌。当日上证指数报 收于3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。其他电源设备板块个股涨跌见下表： 从资金流向上来看，当日其他电源设备板块主力资金净流出6.52亿元，游资资金净流入865.67万元，散 户资金净流入6.43亿元。其他电源设备板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the solar energy sector, with specific ratings of "Buy-A" and "Buy-B" assigned to various stocks [1]. Core Insights - In October 2025, the domestic solar photovoltaic (PV) new installed capacity decreased by 38.3% year-on-year, while the cumulative installed capacity from January to October increased by 39.5% year-on-year [2][12]. - The export value of solar modules in October was 16.08 billion yuan, showing a year-on-year increase of 4.9% but a month-on-month decrease of 19.5% [2][15]. - The inverter export value in October was 4.82 billion yuan, reflecting a year-on-year growth of 3.4% but a month-on-month decline of 5.2% [3][25]. - Solar power generation in October increased by 5.9% year-on-year, accounting for 4.77% of the total national power generation [4][38]. Summary by Sections Domestic Solar New Installed Capacity - In October 2025, the new installed capacity was 12.6 GW, down 38.3% year-on-year but up 30.4% month-on-month. The cumulative installed capacity from January to October reached 252.87 GW [2][12]. Export Data - Solar module exports in October totaled 16.08 billion yuan, with a year-on-year increase of 4.9% and a month-on-month decrease of 19.5%. Cumulative exports from January to October were 168.26 billion yuan, down 11.8% year-on-year [2][15]. - Inverter exports in October were valued at 4.82 billion yuan, with a year-on-year increase of 3.4% and a month-on-month decrease of 5.2%. Cumulative inverter exports from January to October reached 53.31 billion yuan, up 7.2% year-on-year [3][25]. Solar Power Generation - The solar power generation in October was 39.37 billion kWh, representing a year-on-year growth of 5.9% and a slight decrease in its share of total power generation [4][38]. Investment Recommendations - The report recommends focusing on companies such as Aishuo Co., Longi Green Energy, and Daqian Energy for new technology and supply-side directions. It also highlights companies like Haibo Sichuang and Sunshine Power for energy storage, and suggests attention to various other companies in the solar sector [4][42].

Investment Rating - The report recommends an "Accumulate" rating for leading energy storage companies, specifically Haibo Sichuang and Sunshine Power, along with related companies such as Canadian Solar and Xidian New Energy [5]. Core Insights - The development of AIDC (Artificial Intelligence Data Center) may exacerbate electricity shortages in the U.S., with data center energy storage serving as a short-term solution for peak shaving and frequency regulation, while potentially becoming a self-sufficient power source in the long term [2][3]. - Fluence is currently negotiating over 30 GWh of AIDC energy storage projects, with 80% of these projects initiated after the end of Q4 2025, indicating a significant emerging market opportunity [3][4]. - The energy consumption of data centers in the U.S. is projected to grow significantly, with estimates suggesting an increase from 176 TWh in 2023 to between 325-580 TWh by 2028, which will raise their share of total U.S. electricity consumption from 4.4% to between 6.7% and 12% [3][4]. Summary by Sections AIDC Development and Energy Demand - AIDC's high energy consumption could lead to increased electricity shortages in the U.S. According to the Department of Energy (DOE), data center electricity demand is expected to grow annually by 13%-27% from 2023 to 2028 [4]. - If 50 GW of new data center capacity is added by 2030, the projected electricity gap could reach 23 GW, potentially larger when considering the retirement of existing power plants [4]. Energy Storage Solutions - Short-term energy storage solutions are beneficial for data centers to manage power fluctuations and facilitate grid connection, with the current grid connection process taking several years [4]. - Long-term, solar and storage solutions may evolve into self-sufficient power sources for data centers, with the economic viability of solar storage already being demonstrated [4]. Company Recommendations - The report highlights the potential of long-duration energy storage (6-8 hours) as an emerging opportunity, particularly in markets with high renewable energy penetration like Europe and California [3][4]. - The report emphasizes the advantages of solar storage over gas turbines, particularly in terms of connection timelines and economic feasibility [4].

电力设备及新能源 2025 年 12 月 2 日 行业周报 储能产业链大单涌现，隆基签约中东 BC 组件大型项目 强于大市（维持） 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.11.24-2025.11.28）新能源 细分板块行情回顾。风电指数 （866044.WI）上涨 4.06%，跑赢沪深 300 指数 2.42 个百分点。截至本 周，风电板块 PE_TTM 估值约 25.13 倍。本周申万 光伏 设 备 指 数 （801735.SI）上涨 4.18%，其中，申万光伏电池组件指数上涨 0.42%， 申万光伏加工设备指数上涨 8.70%，申万光伏辅材指数上 ...