证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态电池加速产业化，太空光伏潜力可期 2026 年 01 月 19 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 2026-01-12 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 东吴证券研究所 1 / 47 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10679 上涨 0.79%，表现强于大盘。（本周，1 月 12 日-1 月 16 日，下同），锂电池涨 1.5%，新 能源汽车涨 1.29%，光伏涨 0.87%，电气设备涨 0.79%，风电跌 4.74%，发电设备跌 4.15%，核电跌 2.09%。 涨幅前五为华光股份、亿华通、三变科技、合纵科技、保变电气；跌幅前五为向日葵、亿晶光电、金风科 技、宝胜股份、航天机电。 ◼ 行业层面：储能：乌克兰总理下令，加快 ...

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The report suggests a focus on the automotive industry, particularly on companies like BYD and Geely for vehicle manufacturing, and companies like Li Auto, Xpeng Motors, and others in the smart technology and robotics sectors [3][20]. Core Insights - The EU's implementation of a price commitment mechanism is expected to significantly alleviate the tariff pressure faced by Chinese electric vehicle manufacturers exporting to Europe, improving their profitability per vehicle [1][13]. - Boston Dynamics' Atlas humanoid robot is set to begin mass production in 2026, marking a shift from technology validation to commercial deployment, with significant partnerships in manufacturing and logistics [2][14]. - The first week of 2026 saw a decline in retail sales of passenger vehicles, but there is optimism for recovery in Q1 2026 due to upcoming policy support and seasonal demand [19][3]. - The report highlights the ongoing trend of increasing exports of passenger vehicles, particularly in the context of recovering demand in markets like Russia and the growing penetration of new energy vehicles [3][19]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.57%, while the automotive index increased by 0.49%, ranking 10th among 31 sectors [21]. - In the first week of January 2026, wholesale passenger vehicle sales were 381,000 units, down 40% year-on-year, with new energy vehicle sales at 167,000 units, also down 30% [5][27]. - In December 2025, the total wholesale passenger vehicle sales were 2.787 million units, a year-on-year decrease of 9.3%, while new energy vehicle sales increased by 3.4% [6][34]. - Exports of passenger vehicles in December 2025 reached 588,000 units, a year-on-year increase of 45.5%, with new energy vehicle exports at 270,000 units, up 122.9% [6][50][54]. Industry Dynamics - The report notes significant developments in the automotive sector, including the establishment of a new company by Jetta to focus on new energy vehicles, and plans by XPeng to build an independent overseas supply chain team [62][64]. - The Hong Kong government is advancing autonomous driving tests, which could provide valuable insights for the application of such technologies in urban environments [61].

2025年，在中国汽车产业版图的激烈重构中，"第一城"之争已从单一的产量竞赛，演变为发展模式与产业生态的全面比拼。 在成渝城市群，重庆凭借赛力斯在高端市场的突破和长安汽车的稳健增长，以全年近280万辆的汽车产量提前锁定"中国汽车第一城"，而隔壁的成都虽然 并不在第一梯队，但其通过与一汽的业务合作，以及与重庆的产业协同，也实现了汽车产业的快速发展。 在长三角，合肥借助"以投带引"的精准招商，在新能源汽车赛道异军突起，其2025年前11月新能源汽车产量全国第一。合肥的崛起，意味着此前上海一家 独大的区域产业格局，开始走向"群雄并起"的新时代。 在珠三角，2019年至2023年蝉联"中国汽车第一城"的广州，在产业转型浪潮中的掉队压力在2025年更为明显。2024年刚成为"中国汽车第一城"的深圳，虽 坐拥比亚迪与华为两大巨头，却并不热衷于制造环节，而是倾向于锁定更高附加值的产业链上游…… 这些风格迥异的城市区域，正以各自的方式重塑中国汽车产业的未来格局，同时也折射出地方政府在产业转型中的战略分化。 问界品牌的成功始于一场不被看好的豪赌。2021年问界品牌诞生之前，赛力斯还是一家在盈亏线上挣扎、以低端车型为主的车企。赛 ...

汽车与零部件行业 行业研究 | 行业周报 Optimus V3 持续预热，继续关注机器人及 智驾产业链公司 机器人相关标的：新泉股份、拓普集团、银轮股份、岱美股份、三花智控、浙江荣泰、 旭升集团、嵘泰股份、斯菱智驱、爱柯迪、精锻科技；液冷相关标的：英维克、银轮股 份、拓普集团、飞龙股份、川环科技等；智驾相关标的：经纬恒润、伯特利、德赛西 威；其他相关标的：上汽集团、江淮汽车、比亚迪、赛力斯、中国重汽、宇通客车；博 俊科技、沪光股份、保隆科技、华阳集团、华域汽车、科博达、星宇股份、潍柴动力、 福耀玻璃等。 核心观点 投资建议与投资标的 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2026 年 01 月 18 日 中性（维持） 从投资策略上看，预计高级别自动驾驶产业链及能确定进入特斯拉、Figure、智元、宇树 等机器人配套产业链的汽零将受益，具备竞争力的自主品牌及在智驾技术方面领先的企 业将继续扩大市场份额。建议持续关注人形机器人链、液冷产业链、T 链、智驾产业链公 司。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 | 姜雪晴 | 执业证书编号：S086051206 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The report highlights three major investment opportunities in the mechanical equipment sector: the Belt and Road Initiative, demand recovery in Europe and the US, and the transition from capacity to technology export in high-end manufacturing [2][18] - Solid-state battery technology is accelerating, benefiting equipment manufacturers, with significant investments from leading companies like BYD and Gotion [3][20] - The humanoid robot sector is poised for growth with Tesla's Optimus V3 nearing mass production, indicating strong market potential for core suppliers [4][41] Summary by Sections Investment Recommendations - Recommended companies include: Northern Huachuang, Sany Heavy Industry, Zhongwei Company, Hengli Hydraulic, CIMC, Tuojing Technology, Haitai International, Bichu Electronics, Jingsheng Mechanical, and others [1][15] Mechanical Equipment Export - China’s foreign investment is growing rapidly, with a focus on the Belt and Road Initiative, which is driving demand for domestic equipment in resource-rich countries [2][18] - The report emphasizes the importance of high-quality targets with significant exposure to European and American markets, particularly in hand tools and forklifts [19] Lithium Battery Equipment - The solid-state battery industry is experiencing rapid industrialization, with key players accelerating their production capabilities [3][20] - Recommended companies in this sector include: Xian Dao Intelligent, Lian Ying Laser, and Hangke Technology [3][20] Humanoid Robots - The report notes that the release and mass production of Tesla's Optimus V3 will be a significant event for the industry, with a focus on core suppliers with high production certainty [4][41] - Recommended companies include: Hengli Hydraulic, Sanhua Intelligent Control, and Top Group [4][41] Forklift Industry - The report indicates a decline in domestic forklift sales but anticipates a recovery in 2026 due to low base effects and improving overseas market conditions [5][19] - Recommended companies include: Hangcha Group, Anhui Heli, and Zhongli [5][19] High-end Manufacturing Export - The report highlights the shift from capacity export to technology export, with a focus on light module equipment and lithium battery equipment [2][18] - Recommended companies include: certain HJT equipment leaders and Aotewei [20][39] Data Center and Liquid Cooling - The report discusses the emergence of liquid cooling technology as essential for data centers, driven by increasing power density and cooling demands [45] - Recommended companies in this sector include: Yingwei Technology and others [34][45]

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].

头条大事 "迪拜商业论坛·中国"5月亮相深圳，报名通道已开启 TikTok Shop 在欧洲四国推出本地托管模式 1月16日，TikTok Shop 跨境电商本地托管正式上线，并率先在欧洲市场开放。在"本地托管"模式下，商家只需要备货至平台的欧洲本地仓，后续仓储、销 售、配送、退换货均由 TikTok Shop 完成。入驻商家可享受高效的本地达人撮合服务、给消费者提供更高效的物流体验。目前，本地托管适合在欧盟四国 （德国、法国、意大利、西班牙）拥有差异化商品资源和本地备货能力的商家，尤其欢迎品牌商家及经销商。欧盟四国主体、中国内地主体和中国香港主体 商家均可申请入驻。（TikTok Shop 官方） Temu 在阿联酋推出本地卖家计划 1月13日消息，Temu 已在阿联酋扩大本地业务布局，正式推出面向当地卖家的本地卖家计划，以提升配送效率并丰富平台商品品类。该计划是其"本地对本 地"（local-to-local）运营模式的一部分，允许在阿联酋注册、并持有本地库存的企业入驻 Temu 平台销售商品。通过这一机制，当地卖家可获得新的线上销 售渠道，而消费者则有望享受到更快的配送服务。Temu 表示，本地库存和本 ...

今非昔比，用来形容当下欧洲对中国的态度，再贴切不过。曾经，欧洲各国眼巴巴地盼着中国"买买买"，如今，却开始绞尽脑汁地防着"中国制造"。这戏剧 性的转变，并非一蹴而就，实乃多年累积、错综复杂的地缘经济变局。 回溯过往，彼时的欧洲，在他们眼中，中国仿佛一块散发着诱人香气的巨大蛋糕，人人都想分一杯羹。德国祭出精密机床和豪华汽车，法国力推空中客车， 意大利则将琳琅满目的奢侈品摆上货架，静候中国消费者的光临。那段日子，欧洲企业赚得盆满钵满，尤其以德国汽车工业为甚。大众、奔驰等品牌在中国 市场的销量，一度占据其全球业绩的半壁江山。中欧贸易额如同火箭般蹿升，以德国为例，2010年至2020年间，对华出口额几乎翻了一番。当时，欧洲专注 于技术输出和高端产品制造，而中国则扮演着消费引擎的角色。甚至有瑞士媒体将中国誉为欧洲经济的"发动机"。 然而，风水轮流转，2022年前后，局势悄然生变。中国不再仅仅是挥金如土的"金主"，而是华丽转身，成为国际市场上举足轻重的"卖货郎"。中国产业升级 和国产替代的速度令人惊叹，尤其在新能源汽车和动力电池等新兴领域，中国品牌以摧枯拉朽之势席卷全球市场。德国《世界报》等欧洲媒体开始拉响警 报，将中国 ...

政策潮水慢慢退去，电车行业正面临着从"政策输血"到"市场造血"的转向。 作者 | 娜娜 来源 | 豹变 2025年，中国新能源车渗透率首次突破50%，这个数字背后，是"油电倒挂"时代的真正到来。 随着充电桩遍布街头巷尾，续航轻松突破500公里，"续航焦虑"几乎不成为购车困扰。国产力量的集体 崛起与激烈的内部竞争，彻底改写了赛场规则。 热闹的销量背后，是"电动化"的逐渐完善，这也意味着"智能化"竞争正式开始，各家车企把"智能化"的 概念炒得火热，噱头层出不穷。可当消费者真正坐进车里，却发现城区智驾还得时刻盯着，系统急刹、 误判时有发生。 技术在进步，体验却没跟上营销节奏。 更关键的转折点出现在2026年，购置税减半、补贴政策调整，电车行业面临着从"政策输血"到"自我造 血"的转向。除了比智驾这项硬实力，用户体验这个软实力也不容忽视。 根据乘联会公布的2025年1-12月新能源厂商零售销量排行榜，比亚迪汽车以348.45万辆的累计销量稳居 榜首，虽然同比下滑6.3%，但市场份额依然高达27.2%，是唯一一家销量超300万辆的车企。 榜首之外的座次排列在2025年迎来重新洗牌。部分传统车企转型见效，在新能源赛道快速 ...