深 度 研 究 超配（维持） 电力设备及新能源行业之电网设备专题报告 铁塔凌云起，智电写春秋 2026 年 1 月 28 日 投资要点： SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 行业指数走势 资料来源：东莞证券研究所，iFinD 券 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电力设备及新能源行业 分析师：刘兴文 电网设备行业迈入新发展阶段。电网建设是电力行业发展的重要基 础，电网建设包括变电站和电力线路建设，当前我国智能电网、西 电东送、城乡电网改造等重要项目都需要大量的电网设备，并提出 了新的要求，高效、节能、环保的电网设备将成为未来市场的主流， 电源电网的转型升级为我国的电网设备制造业创造了巨大的发展机 遇。近年来，大数据、人工智能、物联网等技术的快速迭代，加速 了电网数字化转型的进程，智能开关设备、智能电表、数据采集终 端等智能电力设备产品在新型电力系统各个环节中得到广泛应用。 行 业 研 相关报告 ...

审议通过了《关于调整 2024 年员工持股计划管理委员会委员的议案》； 贺坤先生因工作调整，不再担任本次员工持股计划管理委员会委员职务。为了更好地 保障员工持股计划的整体利益，本次持有人会议决议补选李鹏女士为公司 2024 年员工持 股计划管理委员会委员，任期与本次员工持股计划存续期一致。李鹏女士将与廖俊德先生、 彭林女士共同组成本次员工持股计划管理委员会。 证券代码：002452 证券简称：长高电新 公告编号：2026-03 长高电新科技股份公司 2024 年员工持股计划第二次持有人会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假记载、 误导性陈述或者重大遗漏承担责任。 长高电新科技股份公司（以下称"公司"）2024 年员工持股计划（以下简称"员工 持股计划"）第二次持有人会议于 2026 年 1 月 26 日以通讯表决的方式召开。本次会议由 员工持股计划管理委员会召集，由管理委员会主任彭林女士主持，会议应出席持有人 99 人，实际出席 95 人，代表员工持股计划份额 28,186,791 份，占员工持股计划总份额的 97.88%。本次会议的召集、召开和表决程序符合员工持股 ...

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]

Investment Rating - The report maintains a strong buy rating for several key companies in the power equipment sector, including Guodian Nanrui, Siyuan Electric, and TBEA, while recommending an increase in holdings for others like Sifang Co. and China XD Electric [2][3]. Core Insights - The State Grid's planned investment of 4 trillion yuan during the 14th Five-Year Plan period represents a 40% increase compared to the previous plan, with an expected compound annual growth rate (CAGR) of 7% [1][9]. - The focus of this investment will be on green transformation, ultra-high voltage, distribution networks, energy storage, and digitalization, which is expected to significantly support the performance of related companies [1][9]. - The report highlights the increasing pressure on power consumption and the need for a new power system, emphasizing ultra-high voltage and energy storage as critical solutions to address this challenge [1][13][21]. Industry Overview - The total number of listed companies in the power equipment sector is 308, with a total market capitalization of 7,728.9 billion yuan [3]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 63.1% increase over 12 months [5]. Key Company Analysis - Guodian Nanrui is recognized as a leader in secondary equipment with strong technology barriers and stable operations, expected to see significant growth in high-voltage and system stability businesses [26]. - Siyuan Electric has established a comprehensive product system and service network in overseas markets, with a notable increase in overseas revenue [26]. - China XD Electric benefits from increased capital expenditure in domestic main networks and ultra-high voltage projects, with a growing presence in international markets [27]. - TBEA is experiencing rapid growth in orders, particularly in the Middle East and Europe, and is expected to benefit from ongoing power construction projects [28]. - Other notable companies include XJ Electric, Pinggao Electric, and Igor, each with unique strengths and growth prospects in the evolving power equipment landscape [29][30][31].

《关于公司向不特定对象发行可转换公司债券申请获得中国证券监督管理委员会同意注册批复的 公告》 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。 最新公告列表 截至2026年1月19日收盘，长高电新（002452）报收于10.22元，较前一交易日上涨7.58%，最新总市值 为63.4亿元。该股当日开盘9.63元，最高10.3元，最低9.59元，成交额达9.13亿元，换手率为17.6%。 公司近日发布公告称，已于2026年1月16日收到中国证券监督管理委员会《关于同意长高电新科技股份 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2026〕74号），同意公司向不特定对 象发行可转换公司债券的注册申请。批复自同意注册之日起12个月内有效。公司需严格按照报送深圳证 券交易所的申报文件和发行方案实施发行，并在发生重大事项时及时报告。董事会将根据批复要求及法 律法规，在规定期限内办理相关事宜并履行信息披露义务。 ...

Market Overview - As of January 19, the Shanghai Composite Index rose by 0.29% to close at 4114.0001 points, while the Shenzhen Component Index increased by 0.09% to close at 14294.053 points [1] Top Gainers in Hunan Stocks - Changlan Technology opened at 20.800 and closed at 22.990, achieving a daily increase of 7.83%, with a highest price of 23.350 and a lowest price of 20.580, trading volume reached 310,056 lots [2] - Changgao Electric New opened at 9.630 and closed at 10.220, marking a daily rise of 7.58%, with a highest price of 10.300 and a lowest price of 9.590, trading volume was 907,740 lots [2] - Jinbei Electric opened at 13.550 and closed at 14.340, reflecting a daily increase of 5.75%, with a highest price of 14.340 and a lowest price of 13.550, trading volume was 530,320 lots [2] - Boyun New Materials opened at 11.580 and closed at 12.380, showing a daily rise of 5.72%, with a highest price of 12.640 and a lowest price of 11.510, trading volume reached 683,175 lots [2] - *ST Biological opened at 8.360 and closed at 8.930, achieving a daily increase of 5.06%, with a highest price of 8.930 and a lowest price of 8.360, trading volume was 39,799 lots [2] Top Losers in Hunan Stocks - Hengli Retreat opened at 0.160 and closed at 0.150, experiencing a daily drop of 11.76%, with a highest price of 0.170 and a lowest price of 0.150, trading volume was 611,606 lots [3] - Kaimete Gas opened at 23.120 and closed at 22.590, reflecting a daily decline of 2.67%, with a highest price of 23.290 and a lowest price of 22.500, trading volume reached 566,571 lots [3] - ST Jiajia opened at 6.700 and closed at 6.540, marking a daily decrease of 2.39%, with a highest price of 6.760 and a lowest price of 6.540, trading volume was 52,505 lots [3] - Tuowei Information opened at 33.940 and closed at 33.770, showing a daily drop of 1.29%, with a highest price of 34.400 and a lowest price of 33.630, trading volume reached 53,496 lots [3] - Aoshikang opened at 41.650 and closed at 41.130, experiencing a daily decline of 1.25%, with a highest price of 41.650 and a lowest price of 40.850, trading volume was 32,232 lots [3]

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].

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of Changgao Electric New Technology Co., Ltd. to issue convertible bonds to unspecified investors, valid for 12 months from the date of approval [1] Group 1 - The approval was granted on January 16, 2026 [1] - The company can issue convertible bonds to unspecified investors [1] - The registration approval is valid for 12 months from the date of issuance [1]

中国证券监督管理委员会同意注册批复的公告 证券代码：002452 证券简称：长高电新 公告编号：2026-02 长高电新科技股份公司 关于公司向不特定对象发行可转换公司债券申请获得 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东会的 授权，在规定期限内办理本次向不特定对象发行可转换公司债券的相关事项，并 及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 长高电新科技股份公司董事会 2026 年 1 月 17 日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 长高电新科技股份公司（以下简称"公司"）于 2026 年 1 月 16 日收到中国 证券监督管理委员会出具的《关于同意长高电新科技股份公司向不特定对象发行 可转换公司债券注册的批复》（证监许可〔2026〕74 号)）（以下简称"批复"）， 批复主要内容如下： 一、同意你公司向不特定对象发行可转换公司债券的注册申请。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和 ...

Core Viewpoint - The smart grid sector is experiencing strong performance, with several companies leading the market, showcasing advancements in technology and solutions for smart grid applications. Company Summaries - **Senyuan Electric (002358.SZ)**: Latest stock price: 6.45 CNY, daily increase: 10.07%. A leading provider of intelligent power equipment solutions, offering products like smart high and low voltage switchgear and smart substation automation systems with features such as status monitoring and remote control [1]. - **Hancable Co., Ltd. (002498.SZ)**: Latest stock price: 8.46 CNY, daily increase: 10.10%. Notable for its technological advantages in high and ultra-high voltage cross-linked cables, providing online monitoring solutions for smart substations, essential for the safe and stable operation of smart grids [2]. - **Electric Power Research Institute (300215.SZ)**: Latest stock price: 8.16 CNY. A national independent third-party comprehensive electrical testing organization, covering critical areas such as ultra-high voltage transmission and transformation equipment and smart grid devices [3]. - **Jicheng Electronics (002339.SZ)**: Latest stock price: 10.36 CNY, daily increase: 20.00%. A leading provider of overall solutions for smart grids, with a product line covering all aspects of generation, transmission, transformation, distribution, usage, and dispatch, featuring automated systems for fault diagnosis and self-healing [4]. - **Guangdian Electric (601616.SH)**: Latest stock price: 10.10 CNY, daily increase: 10.10%. Focused on smart transmission and distribution equipment for 40.5KV and below, integrating smart monitoring functions to meet the automation needs of smart grid distribution networks [5]. - **Hongsheng Huayuan (601096.SH)**: Latest stock price: 4.58 CNY, daily increase: 10.59%. Develops smart energy management systems, enabling real-time cloud monitoring of substation equipment through smart gateways and utilizing AI technology to optimize energy structures [6]. - **Siyuan Electric (002028.SZ)**: Latest stock price: 185.90 CNY, daily increase: 10.02%. Manufacturer with capabilities in research and production of primary and secondary equipment for power systems, covering five major categories of smart grid business including reactive power compensation and digital substations [7]. - **Xigao Institute (688334.SH)**: Latest stock price: 25.06 CNY, daily increase: 19.50%. A leader in testing for ultra-high voltage, focusing on the construction of smart grids and providing inspection, testing, certification, and technical services for key equipment like high voltage switches and transformers [8]. - **New Wind Light (688663.SH)**: Latest stock price: 55.00 CNY, daily increase: 15.55%. Offers high voltage dynamic reactive power compensation devices (SVG) and energy storage PCS products for smart grid projects, enhancing grid stability and power quality [9]. - **Hongxiang Co., Ltd. (300427.SZ)**: Latest stock price: 15.62 CNY, daily increase: 10.78%. Engages in providing power detection and monitoring equipment to ensure grid safety, along with secondary fusion switch devices and distribution automation terminals for smart distribution networks [10]. - **Wansheng Intelligent (300882.SZ)**: Latest stock price: 24.90 CNY, daily increase: 8.07%. Focuses on the power distribution industry, specializing in smart meters and electricity information collection systems, essential components of the smart grid usage segment [11]. - **Yubang Electric (688597.SH)**: Latest stock price: 9.93 CNY, daily increase: 7.70%. A key supplier for national smart grid and power IoT, providing smart meters, collection terminals, and intelligent inspection services, covering the entire chain of "source, network, load, storage, intelligence" [11]. - **Hualing Cable (001208.SZ)**: Latest stock price: 25.44 CNY, daily increase: 7.12%. A domestic special cable manufacturer responding to national smart grid construction, maintaining good business relationships with State Grid and Southern Grid [13]. - **Baiyun Electric (603861.SH)**: Latest stock price: 14.60 CNY, daily increase: 6.96%. A comprehensive service provider for power energy, increasing investment in "secondary" intelligent technology to offer green and intelligent transmission and distribution products and system solutions [14]. - **Jiechuang Intelligent (301248.SZ)**: Latest stock price: 66.73 CNY. Smart grid is part of the company's smart city business, providing intelligent solutions for Southern Grid and China General Nuclear Power, collaborating with various local grid units [15]. - **Changgao Electric New (002452.SZ)**: Latest stock price: 9.50 CNY, daily increase: 6.15%. A major manufacturer of high voltage isolating switches, widely used in smart grid transmission and distribution, recognized as an excellent supplier for State Grid and Southern Grid [16].