Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][48]. Core Viewpoints - The Central Economic Work Conference emphasized the need to deepen the rectification of "involution" competition, particularly in the photovoltaic industry, which is expected to accelerate the exit of backward production capacity and promote the recovery of industry profit margins [4][43]. - The report suggests focusing on leading new energy companies that excel in technology and scale [4][43]. Market Review - As of December 11, 2025, the Shenwan Power Equipment industry rose by 1.32% over the past two weeks, outperforming the CSI 300 index by 0.51 percentage points, ranking 12th among 31 industries [11]. - Year-to-date, the Shenwan Power Equipment sector has increased by 40.05%, surpassing the CSI 300 index by 24.36 percentage points, ranking 5th among 31 industries [11]. - The wind power equipment sector increased by 5.79%, while the photovoltaic equipment sector decreased by 0.82% in the last two weeks [16]. Valuation and Industry Data - As of December 11, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.90 times [24]. - The PE ratios for sub-sectors are as follows: Electric Motor II at 56.45 times, Other Power Equipment II at 51.83 times, Photovoltaic Equipment at 30.06 times, Wind Power Equipment at 33.63 times, Battery at 32.83 times, and Grid Equipment at 28.49 times [24]. Company Announcements - The report highlights significant projects and developments, including the approval of the Zhejiang UHV AC Ring Network Project with a total investment of 29.3 billion yuan, which is the highest for a single UHV AC project in China [38][39]. - The report also notes various company announcements regarding share repurchases and changes in control, indicating active corporate governance within the sector [42][43]. Weekly Perspective - The report reiterates the importance of adhering to the "dual carbon" goals and promoting a comprehensive green transition, with a focus on energy efficiency and carbon reduction in key industries [4][43]. - It emphasizes the need for technological innovation and quality improvement in the photovoltaic sector, moving away from mere scale expansion [4][43].

大和发表研报指，注意到金风科技股价在昨日早盘交易时段录得10%的上涨，这可能与SpaceX的潜在 IPO有关。大和也注意到，市场传言金风科技持有一家中国民营火箭公司蓝箭航天的大量股份，该公司 近期一直在积极进行IPO的初步准备工作，并计划在上海证券交易所的科创板上市。大和将金风科技此 次股价上涨视为事件驱动的短期波动，维持"持有"评级。 ...

美联储降息落地，A股板块轮动加速！ 投资者如何应对？ 北京时间12月11日凌晨，美联储宣布降息25个基点，将联邦基金利率目标区间下调至3.5%至3.75%之间。 这是2025年内的第三次降息，累计降幅达75个基点。 决议公布后，美股三大指数短线跳涨，纳斯达克中国金龙指数上涨 0.64%。 点阵图显示，决策者预计2026年仅会再降息一次，2027年再降息一次，随后利率将回归3%的长期水平。 这一信号被市场解读 为"鸽派不及预期"，导致全球资产价格波动加剧。 A股市场今日开盘时，三大指数均小幅高开，沪指涨0.09%，深成指涨0.13%，创业板指涨0.05%。 但开盘后市场迅速分化，黄 白线背离，微盘股指数跌超1.5%。 半日成交额达1.16万亿元，较前一交易日放量206亿元。 创业板指一度冲高逾1%，但随后回落，最终午盘收涨0.3%。 市场资金 从热门题材向防御性板块转移的趋势明显。 商业航天板块成为今日最大亮点，再升科技连续第四日涨停，西部材料反包走出四天三板，华菱线缆、金风科技等多股跟涨。 板块上涨动力来自SpaceX估值冲高至1.5万亿美元的消息刺激，以及国内商业航天产业链进入密集发射期。 机构认为，商业航 ...

| 证券简称 | 日涨跌(%) | 每笔成交(股) | 环比(%) | 笔数 | 笔数环比(%) | | --- | --- | --- | --- | --- | --- | | 通光线缆 | 19.98 | 1755 | 148.18 | 39338 | 112.64 | | 兴源环境 | 19.92 | 5551 | 143.73 | 31444 | 390.93 | | --- | --- | --- | --- | --- | --- | | 汉缆股份 | 7.59 | 2925 | 107.44 | 63775 | 198.61 | | 金风科技 | 9.97 | 1507 | 105.78 | 160869 | 127.14 | | 法尔胜 | 10.10 | 2804 | 83.15 | 20341 | 57.24 | | 迎丰股份 | 9.96 | 926 | 78.11 | 13401 | 125.45 | | 溢多利 | -5.22 | 1282 | 77.21 | 12616 | 67.45 | | 盘江股份 | -0.43 | 2012 | 76.81 | 13316 | 65.27 ...

光大证券研报表示，聚变能作为"人类终极能源"，具备较高的战略价值，AI巨头纷纷对聚变能进行布 局。基于未来AI产业发展对于用电结构的重塑，可控核聚变产业具备长期增长潜力。伴随可控核聚变 产业进程的不断推进，相关公司有望持续受益。 今日，新能源概念股表现活跃，风电设备板块涨幅居前，可控核聚变、超导概念板块表现强势。截至收 盘，金风科技（002202）涨停，天力复合"30CM"涨停，永鼎股份（600105）、合锻智能（603011）涨 停。 期货日报网讯（记者 肖佳煊）12月11日，A股三大指数集体回调。截至收盘，上证指数跌0.7%，深证 成指跌1.27%，创业板指跌1.41%，北证50涨3.84%。全市场成交额约1.88万亿元，近4400只个股下跌。 ...

12月11日，三大指数均下跌，全市场成交额1.89万亿元，较前一交易日增量936亿元，超4300股下跌。市场热点聚焦可控核聚变、风电设备板块，房地产、 免税概念走低。 高位股方面，福建本地股东百集团5连板、安妮股份6天5板，商业航天概念股再升科技4连板。北交所个股表现活跃，天力复合、驰诚股份30CM涨停。 | 代码 | 名称 | 涨幅 | 现价 几天月板� | 涨停分析 | | --- | --- | --- | --- | --- | | 002232 | 安妮股份 | +10.03% | 13.60 6大5板 | 控制权变更+福建自贸区+防 | | 600693 | 东白集团 | +10.03% | 14.92 5连板 | ■店经济+海峡两岸+仓储物 | | 603709 | 中源家居 | +10.00% | 21.67 6天4板 | 跨境电商+功能沙发+越南基 | | 001270 | *ST锁昌 | +5.01% | 58.30 5天4板 | 商业航天+T/R芯片+扭写为森 | | 603601 | 再升科技 | +10.06% | 7.66 4连板 | 商业航大+协议转让+玻璃微 | | 60034 ...

资金流向方面，今日该股主力资金净流入11.36亿元，其中，特大单净流入11.49亿元，大单资金净流出 1259.99万元。近5日主力资金净流入11.36亿元。 融资融券数据显示，该股最新（12月10日）两融余额为15.21亿元，其中，融资余额为15.01亿元，融券 余额为2023.04万元。近5日融资余额合计减少7288.90万元，降幅为4.63%，融券余额合计减少289.66万 元，降幅12.52%。（数据宝） 金风科技12月11日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 20617.07 | 13753.99 | | 买二 | 开源证券股份有限公司西安西大街证券营业部 | 11994.45 | 13.29 | | 买三 | 平安证券股份有限公司杭州曙光路证券营业部 | 9036.44 | 218.38 | | 买四 | 机构专用 | 8437.78 | 2565.67 | | 买五 | 兴业证券股份有限公司深圳分公司 | 7685.30 | 40.23 | | 卖一 | ...

从资金流向上来看，当日风电设备板块主力资金净流入13.29亿元，游资资金净流出5.35亿元，散户资金 净流出7.94亿元。风电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。 证券之星消息，12月11日风电设备板块较上一交易日上涨2.59%，金风科技领涨。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。风电设备板块个股涨跌见下表： ...

Overview - The renewable energy sector saw a 42% increase in 2025, outperforming the CSI 300 index by 24.78 percentage points, driven by strong demand for energy storage and the gradual implementation of anti-involution policies [11][14]. Solar Energy - The domestic solar market is expected to face pressure in 2026, with new installations projected to decline to 200-250 GW, down from an estimated 300 GW in 2025, which represents an 8% year-on-year growth [5][28]. - In 2025, China added 252.9 GW of new solar capacity from January to October, a year-on-year increase of 71.8 GW, with a significant portion of installations occurring in the first half of the year due to policy influences [5][18]. - Global solar installations are expected to reach 655 GW in 2025, a 10% increase year-on-year, but demand is anticipated to stabilize or slightly decline in 2026 due to various market challenges [36][37]. - The supply side is undergoing restructuring due to anti-involution policies, with significant reductions in production and inventory pressures observed in the polysilicon market [40][45]. - The BC battery technology is gaining traction, with expected rapid increases in penetration rates, potentially becoming the mainstream technology by 2030 [48][53]. Wind Energy - The domestic wind power market is projected to maintain stable growth, with onshore wind installations expected to remain flat in 2026, while offshore wind installations are forecasted to increase by over 40% to approximately 11.2 GW [5][16]. - The wind turbine market is experiencing a recovery in profitability, supported by stable pricing and expansion into overseas markets, creating new growth opportunities [16][18]. - The development of hydrogen and ammonia markets is expected to provide additional growth avenues for wind turbine manufacturers [5][16]. Investment Recommendations - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting key companies to watch in wind energy, such as Goldwind Technology, Mingyang Smart Energy, and Yunda Co., and in solar energy, including LONGi Green Energy and Aiko Solar [5][7].

作者 | 一财阿驴 12 月 11 日 ， A 股 三 大 指 数 震 荡 走 低 ， 截 至 收 盘 ， 沪 指 跌 0.7% ， 深 成 指 跌 1.27% ， 创 业 板 指 跌 1.41%。北证50指数大涨近4%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Wh 8 | 3873.32 c | -27.18 | -0.70% | | 399001 | 深证成指 | WA | 13147.39 с | -169.04 | -1.27% | | 399006 | 创业板指 | Status and States of Canadian | 3163.67 c | -45.33 | -1.41% | | 899050 | 北证50 | Var | 1443.17 c | 53.37 | 3.84% | 2025.12. 11 本文字数：751，阅读时长大约2分钟 盘面上，房地产、零售、文化传媒、通信设备跌幅靠前，CPO、两岸融合、免税店、电商、算力硬 件、AI应用题材纷纷 ...