证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 1 日 钠电池有望进入放量应用阶段 我们认为，钠电兼具成本和性能优势。根据 SMM 数据，1 月 30 日，国产电池级碳酸锂（99.5%）日均价为 16.05 万元，同比 （2025 年 1 月 27 日 7.78 万元）增长 106.3%。由于碳酸锂在锂 电池成本中的比重较高，假设 1GWh 锂电池需要 600 吨碳酸锂计 算，碳酸锂价格上涨 10 万元，将带来锂电池成本增加 0.06 元， 因此碳酸锂价格的明显上涨将带来锂电池成本的提升。而钠元 素凭借资源禀赋优势，相比之下性价比优势突显。根据 SMM 数 据，1 月 30 日，电池级碳酸钠（99.5%）平均价为 4150 元/吨。 此外，经过多年的发展，钠电池技术和工艺逐步成熟，在储 能、商用车、乘用车等领域，以及换电、低温等场景中的性能 优势明显，钠电池有望实现规模应用，布局钠电池以及相关材 料的企业有望受益。 [Table_Title] 看好电力设备出海成长性，容量电价政策落地 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 ...

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

证券之星消息，根据企查查数据显示阳光电源（300274）公布了一项国际专利申请，专利名为"储能箱 及用电设备"，专利申请号为PCT/CN2025/091200，国际公布日为2026年1月29日。 数据来源：企查查 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。 图片来源：世界知识产权组织（WIPO） 今年以来阳光电源已公布的国际专利申请3个，与去年同期持平。结合公司2025年中报财务数据，2025 上半年公司在研发方面投入了20.37亿元，同比增37.08%。 专利详情如下： ...

证券日报网讯1月30日，阳光电源（300274）在互动平台回答投资者提问时表示，公司跟合作伙伴有长 期协议和年度框架协议保障供应，未来如果原材料涨价，公司依托规模优势和优秀的供应链管理能力能 保持供应链竞争优势。当原材料成本发生显著变动时，公司会积极与客户沟通，相较于同行，公司在品 牌、产品及供应链层面均具备优势，有信心做好适度传导。 ...

证券之星消息，1月30日光伏设备板块较上一交易日下跌2.59%，赛伍技术领跌。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。光伏设备板块个股涨跌见下表： 从资金流向上来看，当日光伏设备板块主力资金净流出39.46亿元，游资资金净流出4.62亿元，散户资金 净流入44.08亿元。光伏设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300274 阳光电源 | | | 8.14亿 | 6.81% | -5.98 Z | -5.00% | -2.16 Z | -1.80% | | 300724 捷佳伟创 | | | 3.18 Z | 6.17% | -7034.50万 | -1.37% | -2.47 Z | -4.81% | | 300776 帝尔激光 | | | 5644.10万 | 4.10% | -1229.08万 | ...

证券日报网讯1月30日，阳光电源（300274）在互动平台回答投资者提问时表示，《深圳证券交易所创 业板股票上市规则》对业绩预告的披露标准有明确规定，若达到相关标准，公司会按规定履行信披义 务。 ...

阳光电源（300274.SZ）1月30日在投资者互动平台表示，目前我司与全球头部互联网和云服务公司保持 积极合作沟通，未来规划的产品会考虑全球头部客户的需求，产品开发按公司计划正常进行，争取在 2026年实现产品的落地和小规模的交付，希望未来能为公司业绩做出积极贡献。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司致力于35KV固态变压器技术上已有约十年的预研 积累，那么目前海外需求巨大，公司管理层能否抓住现在的机遇，让固态变压器（SST）成为公司第三 增长曲线？ ...

Group 1: Precious Metals Market - Spot gold first broke the $5500/oz mark, reaching nearly $5600/oz before dropping below $5200/oz [1] - The non-ferrous metals sector saw significant declines, with major companies like Zijin Mining and Luoyang Molybdenum falling over 8% and 9% respectively [1] - The performance of the non-ferrous metals sector pressured the Shanghai Composite Index and Shenzhen Component Index, while the ChiNext Index rose due to gains in key stocks like CATL and Sungrow [1] Group 2: Agricultural and Consumer Sectors - Some cyclical sectors showed strong performance, with agriculture and aquaculture sectors rising significantly, indicating a typical rotation pattern in commodity markets [1] - The rise in agricultural products is expected to transmit to the aquaculture sector and further into the consumer market [1] - By the close of the morning session, the Shanghai Composite Index fell by 1.19%, the Shenzhen Component Index by 0.96%, while the ChiNext Index increased by 0.8% [1] Group 3: Film and Entertainment Sector - The film and cinema sector saw active performance, with stocks like Hengdian Film and Happiness Blue Sea experiencing significant gains [4][6] - A favorable policy environment, including the State Council's plan to enhance service consumption, is expected to support the film industry [6][7] - The upcoming 2026 Spring Festival film lineup is anticipated to drive market recovery, with multiple new films scheduled for release [7] Group 4: AI and Optical Communication Sector - The North American computing power chain showed strong performance, with stocks like "Yizhongtian" and Tianfu Communication reaching historical highs [7] - The demand for AI computing power is driving upgrades in the optical communication industry, with strong demand for high-speed optical modules [10] - Despite short-term supply gaps in high-speed optical chips, upstream manufacturers are actively expanding production, which is expected to alleviate supply chain bottlenecks [10]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向阳光电源提问："300274：财政部宣布4月1日起下调电池产品出口退税率，请问 这对公司的出口业务影响如何？公司出口的储能产品主要是电池单品还是储能系统集成，如果是系统集 成应该不受这次退税政策的影响，对吗？谢谢！" 来源：市场资讯 针对上述提问，阳光电源回应称："感谢您对公司的关注。光伏逆变器不在本次出口退税调整清单内， 预计该部分业务不会受到影响。公司储能产品是储能系统集成，需要采购储能电芯，公司储能业务会努 力传导成本上升，预计整体影响可控。谢谢！" ...

格隆汇1月30日丨阳光电源(300274.SZ)在投资者互动平台表示，公司不涉及电池片、组件业务。 ...