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 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 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 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...

Core Viewpoint - The Finnish startup Donut Lab has announced the release of a solid-state battery, claiming it has a cycle life of up to 100,000 times, an energy density of 400 Wh/kg, and a rapid charging capability of 5 minutes, which has surprised the market and raised questions about the competitive landscape in solid-state battery technology [1][3][5]. Group 1: Donut Lab's Solid-State Battery - Donut Lab's solid-state battery is claimed to have a cycle life of 100,000 times and an energy density of 400 Wh/kg, with a charging time of just 5 minutes [3][5]. - The company asserts it has the capability for gigawatt-hour level mass production and can supply globally [3]. - The announcement has caused concern among investors, questioning whether the solid-state battery's "D-Day" has arrived while others remain passive [5]. Group 2: Market Reactions and Competitor Responses - Despite the significant announcement, the response from global battery and automotive manufacturers, particularly Chinese companies, has been muted [5][6]. - Chinese companies may not be worried due to previous announcements of breakthroughs in solid-state battery technology by other firms like Nissan and Toyota, which have not yet materialized into market-ready products [6][10]. - The lack of immediate reaction from Chinese firms suggests confidence in their existing technology and market position [21][29]. Group 3: Challenges and Skepticism - There are doubts about the feasibility of Donut Lab's claims, particularly regarding the cycle life and cost of solid-state batteries, which are traditionally much higher than lithium-ion batteries [14][16]. - The solid-state battery industry faces significant challenges, including interface resistance, slow ion transport, high manufacturing costs, and low yield rates [18][20]. - The skepticism is further fueled by the lack of detailed specifications and pricing information from Donut Lab [20]. Group 4: China's Position in Solid-State Battery Development - China has a comprehensive and robust supply chain for electric vehicle batteries, with significant advancements in solid-state battery technology expected in the coming years [27][29]. - Major Chinese companies like CATL and BYD are planning to launch solid-state batteries with competitive energy densities and production timelines, indicating a strong domestic market focus [25][26]. - The Chinese market's scale and the established supply chain provide a competitive advantage, making it less likely for Chinese firms to be intimidated by new entrants like Donut Lab [22][29].

Group 1 - The 2026 Brussels Motor Show opened on January 9 at the Brussels Exhibition Center, featuring a significant presence of Chinese electric vehicle brands [2][3][5] - Brands such as NIO, BYD, and Xpeng collectively attracted attention, becoming a focal point of the exhibition [2][3][5][7] Group 2 - The Chinese electric vehicle section drew many visitors, highlighting the growing interest in this segment within the European market [3][5][7]

Industry Overview - The electric power equipment and new energy sector rose by 5.02% this week, ranking 13th in terms of performance, outperforming the Shanghai Composite Index [48][59] - The nuclear power index saw the highest increase at 7.47%, while the lithium battery index had the smallest rise at 1.14% [50][59] New Energy Vehicles - In the period from January to November 2025, global power battery installation reached 1046 GWh, marking a year-on-year growth of 32.60% [2][8] - CATL led the market with 400 GWh, followed by BYD with 175.2 GWh and LG Energy with 96.9 GWh [2][9] - Hive Energy showed significant growth with an installation volume of 27.5 GWh, up 85.60% year-on-year [2][9] New Energy Generation - The Ministry of Finance announced the cancellation of the VAT export rebate for photovoltaic products starting April 1, 2026, with a reduction in the rebate rate for battery products from 9% to 6% until the end of 2026 [3][15] - The cancellation of export rebates is expected to increase direct costs for companies and reduce price competitiveness [3][15] Electric Power Equipment and Automation - The National Development and Reform Commission and the National Energy Administration plan to enhance grid construction, aiming to establish a new type of grid platform by 2030 [4][61] - The new grid platform will significantly improve resource allocation capabilities, with a target of over 420 million kW for the "West-to-East Power Transmission" project [4][61] Commercial Aerospace - China submitted an application for an additional 203,000 satellites to the International Telecommunication Union, which includes 14 satellite constellations [4][32] - This increase in satellite applications is expected to stimulate demand for rockets and satellites, positively impacting the industry chain [4][32] Key Companies to Watch - Companies of interest this week include CATL, Keda, Dajin Heavy Industry, Haili Wind Power, Deye Shares, Liangxin Shares, Shenghong Shares, Xiamen Tungsten New Energy, XJ Electric, and Mingyang Electric [5][62]

Core Viewpoint - BYD officially launched the 2026 Qin L DM-i and Qin PLUS DM-i models with a long-range version of 210 kilometers, priced between 89,800 yuan and 122,800 yuan [1] Group 1: Product Launch Details - The 2026 Qin L DM-i long-range version is priced at a promotional price of 112,800 to 122,800 yuan, while the Qin PLUS DM-i is priced between 89,800 and 99,800 yuan [1] - Both models feature a pure electric range of 210 kilometers and a combined range exceeding 2,110 kilometers with full fuel and battery [3] Group 2: Design and Features - The Qin L DM-i offers six color options including Ink Bamboo Green and Star River Beige, while the Qin PLUS DM-i adds three new colors: Pine Smoke Green and Weiyang Gray, totaling seven color choices [5] - Interior upgrades include an integrated electronic gear shift for enhanced storage and convenience [5] Group 3: Technology and Safety Features - The Qin L DM-i is equipped with the Yun Nian-C intelligent damping body control system and predictive systems, along with a multi-link independent suspension for improved ride quality [6] - The Qin PLUS DM-i features the Tian Shen Zhi Yan C auxiliary driving system, supporting advanced navigation and smart parking, along with a high-end DiLink 100 smart cockpit for entertainment [6] Group 4: Ecosystem and Promotions - BYD has established a "smart ecosystem" in collaboration with Goodbaby and Beiqing Song to enable voice control for smart children's seats and massage devices [8] - The top model of Qin L DM-i includes a limited-time offer of a 3,000 yuan TBC high-speed tire stability system, while the Qin PLUS DM-i offers up to 4,000 yuan in trade-in subsidies and 4,000 yuan in financial discounts [8]

Group 1 - The 2026 Brussels Motor Show opened on January 9 in Brussels, Belgium, showcasing several Chinese electric vehicle brands such as BYD, Xpeng, and NIO, which became one of the highlights of the exhibition [1]

近日，工信部公布新一批《道路机动车辆生产企业及产品公告》新产品公示，比亚迪旗下新增一个全新的汽车品牌领汇。此次产品公示中，领汇品牌共有 4款新车，其中3款是纯电轿车，包括领汇e5、领汇e7、领汇e9；1款插混MPV，即领汇M9。 根据公开的图片信息，上述4款领汇品牌的车标区别于比亚迪原车标，但领汇品牌的新车均由比亚迪王朝网、海洋网车型改款迭代而来，涉及的车型包括 比亚迪夏、汉DM-i、秦PLUS EV、海狮07 EV等。 比亚迪新品牌领汇。 记者了解到，领汇的商标已于2010年申请注册。根据规划，领汇品牌主要面向B端市场的大批量采购需求，该品牌整合比亚迪原对公事业部的e系列新能 源车型，拥有独立的渠道体系。设立领汇品牌的目的是为区别面向B端市场的车型和面向C端市场的车型，旨在推动比亚迪高端化战略。 2025年，比亚迪全年累计销量超过460万辆，同比增长7.73%。其中，定位主流市场的王朝网、海洋网销量约344.85万辆，定位高端品牌的腾势年销量约18 万辆。换言之，高端化仍是比亚迪需要突破的焦点。 无独有偶，去年，广汽集团旗下的广汽埃安也明确将区分B端市场和C端市场。为了改善大众对埃安固有的网约车品牌形象，广 ...

Core Insights - Chinese energy storage companies are rapidly expanding their overseas orders, with a total expected scale of nearly 284.26 GWh by 2025, which is 3.49 times the new installed capacity of 81.5 GWh in 2024 [2] - The leading regions for these orders are Europe (61.82 GWh), Australia (53.91 GWh), and Asia (excluding China) (51.50 GWh) [2] - Notable companies include CATL, which leads in Australia, the Middle East, and North America, while Hicharge Energy leads in Europe and Asia [2] Company Rankings - The top three companies by overseas order volume are: - CATL: 56.9 GWh - Hicharge Energy: 34.01 GWh - Star Charge: 33.74 GWh [2][5] - Other significant players include BYD (19.7 GWh), Trina Solar (16.613 GWh), and Yanshan Energy (12.56 GWh) [5][6] Regional Breakdown - The order distribution by region shows: - Europe: 61.82 GWh - Australia: 53.91 GWh - Asia (excluding China): 51.50 GWh - North America: 46.57 GWh - Middle East: 42 GWh - South America: 24.21 GWh - Africa: 4.37 GWh [2][5] Notable Contracts - Hicharge Energy signed a strategic cooperation agreement for a 1 GWh energy storage system with Energy 3000 in Europe [8] - Yanshan Energy has signed contracts for over 5 GWh of storage projects in Poland [8] - CATL has agreements for 3 GWh of battery storage systems in Australia with various partners [16][21]

Core Viewpoint - The article highlights the recent developments in the electric vehicle (EV) market, focusing on new model launches, company collaborations, and government initiatives to promote green consumption in the automotive sector [2][3][111]. New Car Launches - The new XPeng P7+ was launched with a price range of 186,800 to 198,800 yuan, offering both pure electric and extended range versions [3][11]. - The XPeng G6 was introduced at a price of 176,800 to 186,800 yuan, maintaining the design of its predecessor [13][20]. - The XPeng G7 extended range version is priced between 195,800 and 205,800 yuan, featuring upgraded technology and design [21][30]. - The XPeng G9 was launched with a price range of 248,800 to 278,800 yuan, showcasing new color options and advanced features [32][39]. - BYD's new Qin PLUS DM-i is priced at 79,800 to 99,800 yuan, maintaining its design while enhancing battery capacity [42][57]. - The BYD Qin L DM-i was launched at 96,800 to 126,800 yuan, featuring improved battery specifications [48][55]. - The BYD Song Pro DM-i was introduced at a price of 99,800 to 127,800 yuan, focusing on battery upgrades [59][65]. - The new Xiaomi SU7 is available for pre-sale at 229,900 to 309,900 yuan, with significant upgrades in technology and design [66][75]. - The Geely Galaxy V900 is set for pre-sale at 319,800 to 389,800 yuan, featuring a spacious interior and advanced powertrain [76][86]. Company Dynamics - BAIC Arcfox has partnered with Sinopec Kunlun Network Electric to enhance charging network services, with the first batch of charging stations already operational in Beijing [87][91]. - BMW Group announced a target of delivering 2,463,715 vehicles globally by 2025, with a focus on increasing electric vehicle sales [92][93]. - Porsche and Bentley have announced recalls for specific models due to safety concerns, highlighting ongoing quality control measures in the luxury automotive sector [97][100]. - NIO celebrated the production of its one millionth vehicle, marking a significant milestone in its growth trajectory [107][110]. Government Initiatives - The Ministry of Commerce and nine other departments have issued a notice to promote green consumption in the automotive sector, supporting the purchase of new energy vehicles [111][114]. - The initiative aims to strengthen the automotive industry chain and explore potential in the used car market, car rentals, and other related sectors [112][114].

Group 1 - The investment rating for the automotive industry is positive, with expectations for steady demand growth driven by the implementation of the "Two New" policy in 2026 [1][12][14] - The core viewpoint emphasizes that the subsidy policy has shifted from fixed amounts to a percentage of the vehicle price, which is expected to benefit high-end vehicles while putting pressure on low-priced cars [1][14] - The report anticipates a marginal recovery in sales growth in Q1 2026, with an upward revision of the annual domestic sales growth forecast to -2% [1][14][16] Group 2 - The report highlights opportunities in themes such as smart technology and overseas expansion, with passenger car exports maintaining a growth rate of over 20% year-on-year [2][17] - Key companies to watch include BYD, Geely, and Li Auto in the automotive sector, and Horizon Robotics and Top Group in the smart technology and robotics sectors [2][22] - The report notes that the export volume of passenger cars is expected to maintain double-digit growth in 2026, driven by recovering demand in markets like Russia and the increasing penetration of fuel and new energy vehicles [2][17] Group 3 - The automotive market saw a wholesale sales volume of 1.457 million units in the last week of December 2025, with a year-on-year increase of 5%, while new energy vehicles accounted for 772,000 units, up 22% year-on-year [4][31] - In December 2025, the total wholesale sales volume was 2.759 million units, down 10% year-on-year, with new energy vehicles at 1.554 million units, showing a 3% increase [4][31] - The retail sales data for December 2025 indicated a total of 2.296 million units sold, down 13% year-on-year, while new energy vehicles saw a 7% increase in retail sales [4][31][46]