*免责声明：文章内容仅供参考，不构成投资建议 国投证券表示，从成长逻辑来看，AI算力的指数级增长将带动数据中心电力配套设施的刚性需求，而 高压化、高效化是核心技术发展趋势，800Vdc供电方案有望成为新一代数据中心的标配。招商证券则 指出，800Vdc技术的落地将大幅提升单台设备的能源利用效率，相关核心元器件的用量将随方案普及 实现倍数级增长，市场空间将随AI数据中心的扩张同步扩容。从产业链上下游来看，上游的功率半导 体、高压连接器企业将与下游的电力设备整机厂商同步受益于技术迭代与订单放量，形成从核心部件到 系统方案的全链条机遇。 公司方面，据上市公司互动平台表示， 阳光电源：公司是国内新能源电力设备龙头，已布局800Vdc高压供电相关技术，其数据中心高效供电 系统已通过北美部分客户的前期认证，近期正推进产能扩产以匹配潜在订单需求，在高压电力转换领域 的技术储备与客户资源处于行业领先地位。 科威尔：公司为小市值电力电子测试与电源设备企业，其高压电源产品可适配800Vdc供电方案的测试 与配套需求，目前已与多家国内算力设备厂商达成合作，且正在推进北美市场的产品认证工作。 据市场消息，英伟达将在加州圣克拉拉总部举 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

2025 年 12 月 12 日 ︱证券研究部 叶海燕, CFA, CESGA 电话: +852 2533 3723 电邮: evayip@sbichinacapital.com 储能行业专题报告 储能风光无限，把握行业高景气 核心观点 全球能源转型加速、风光装机大幅增加令电网消纳压力攀升、储能经济性逐 步凸显、海内外支持政策频出，以及人工智能数据中心（AIDC）等新兴领域 崛起等多重驱动因素的共振之下，储能作为支撑构建新型电力系统的关键技 术，需求持续提升，而这一增长趋势有望在未来持续。据 EESA 统计，2019- 2023 年全球新型储能市场平均增速为 93%，2024 年全球储能新增装机约 188.5GWh，同比增长 80%，继续保持较高增速。EESA 预计 2025 年全球 储能市场新增装机将达到 265.1GWh，同比增长 41%。 碳中和承诺加速新能源的发展。"双碳"目标的大背景下，新型储能 2020 年 正式进入商业化阶段，其中以锂电池储能为代表的电化学储能迎来高速增长。 2026 年储能市场或延续高速增长态势。核心的驱动因素包括：（1）能源结 构向低碳转型，全球范围内可再生能源发电占比不断上 ...

证券代码：300274 证券简称：阳光电源 公告编号：2025－091 阳光电源股份有限公司 关于子公司为子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 近日，阳光电源股份有限公司（以下简称"公司"）合并报表范围内子公司合 肥泰禾智能科技集团股份有限公司（以下简称"泰禾智能"）召开董事会和股东会， 审议通过了《关于增加 2025 年度担保额度预计并增加担保对象的议案》。泰禾智 能基于满足其下属子公司生产经营及业务拓展的资金需要等目的，拟为安徽阳光 优储新能源有限公司（以下简称"阳光优储"）及阳光优储下属子公司提供不超 过人民币 10,000.00 万元的担保额度，担保范围包括但不限于综合授信、贷款、 贸易融资、信用证、委托贷款、保理、保函、票据开立与贴现、融资租赁及供应 链金融等业务，实际担保金额、担保方式及担保期限以最终签订的担保合同为准。 泰禾智能授权管理层签署相关协议及文件，本次担保额度的决议有效期为自泰禾 智能 2025 年第二次临时股东会审议通过之日起至 2026 年 4 月 10 日止。 根据《深圳证券交易所创业 ...

Market Overview - The Shanghai Composite Index rose by 0.41% on December 12, with 21 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and electronics, with increases of 1.50% and 1.46% respectively. The power equipment sector ranked third in terms of gains [1] - The trading day saw a net outflow of 4.872 billion yuan from the main funds across the two markets. However, 14 sectors recorded net inflows, with the power equipment sector leading with a net inflow of 2.805 billion yuan, followed by the machinery equipment sector with a net inflow of 1.771 billion yuan [1] Power Equipment Sector Performance - The power equipment sector increased by 1.42%, with a total net inflow of 2.805 billion yuan. Out of 364 stocks in this sector, 263 stocks rose, including 19 that hit the daily limit, while 95 stocks fell, with 1 hitting the lower limit [2] - Among the stocks with significant net inflows, China Western Power topped the list with a net inflow of 621 million yuan, followed by Dongfang Electric and TBEA with net inflows of 581 million yuan and 543 million yuan respectively [2] - The sector also saw notable outflows, with 12 stocks experiencing net outflows exceeding 100 million yuan. The largest outflow was from Sungrow Power Supply, with a net outflow of 2.058 billion yuan, followed by Tianci Materials and Goldwind Technology with outflows of 436 million yuan and 296 million yuan respectively [4] Key Stocks in Power Equipment Sector - Top inflow stocks included: - China Western Power: +10.06%, turnover rate 4.89%, net inflow 620.6 million yuan - Dongfang Electric: +10.02%, turnover rate 6.10%, net inflow 581.1 million yuan - TBEA: +6.58%, turnover rate 8.08%, net inflow 543.1 million yuan [2] - Top outflow stocks included: - Sungrow Power Supply: +0.53%, turnover rate 5.13%, net outflow -2.058 billion yuan - Tianci Materials: -3.70%, turnover rate 7.01%, net outflow -436.6 million yuan - Goldwind Technology: 0.00%, turnover rate 7.89%, net outflow -296.6 million yuan [4]

进一步统计，近3个月内该股累计发生11笔大宗交易，合计成交金额为1.58亿元。 阳光电源12月12日大宗交易平台共发生3笔成交，合计成交量22.12万股，成交金额3872.30万元。成交价 格均为174.98元。从参与大宗交易营业部来看，机构专用席位共出现在3笔成交的买方或卖方营业部 中，合计成交金额为3872.30万元。 证券时报·数据宝统计显示，阳光电源今日收盘价为174.98元，上涨0.53%，日换手率为5.13%，成交额 为141.57亿元，全天主力资金净流出20.58亿元，近5日该股累计下跌3.86%，近5日资金合计净流出45.79 亿元。 两融数据显示，该股最新融资余额为134.29亿元，近5日增加3.05亿元，增幅为2.33%。 | 成交量（万 | 成交金额（万 | 成交价格 | | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | | （%） | 部 | 部 | | 9.58 | 1677.04 | 174.98 | 0.00 | | 机构专用 | 机构专用 | | 9 ...

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].

Overview - The report highlights that the energy storage lithium battery industry is entering a new profit cycle, driven by strong demand and improved supply dynamics [1][17]. Energy Storage - The energy storage sector is experiencing a global high prosperity, with significant policy and market support leading to rapid development [5][19]. - As of September 2025, China's wind and solar power accounted for 46% of installed power capacity, while new energy storage only represented 3% and 6% of total installed capacity and new energy capacity, respectively, indicating substantial growth potential [5][28]. - The exit of mandatory storage policies has allowed independent storage to emerge as a profitable asset, with improved pricing mechanisms and market conditions [5][36]. - Domestic energy storage projects have seen a significant increase, with new installations reaching 43.7 GW in 2024, a year-on-year growth of 103% [20][24]. Lithium Batteries - The lithium battery sector is benefiting from the growth in energy storage demand, with the industry moving out of a price decline cycle and entering a phase of volume and profit recovery [15][17]. - The demand for energy storage batteries is rising, and the sales of power batteries remain robust, contributing to a healthy growth outlook [15][17]. - The supply side is improving, with many companies still operating at a loss or minimal profit, leading to a strong desire to increase prices amid high demand [5][15]. Solid-State Batteries - Solid-state batteries are seen as a key technology to overcome the performance limitations of lithium batteries, with ongoing industrialization efforts supported by policy and market participants [5][17]. - The demand for solid-state batteries is expected to grow in applications requiring high energy density and safety, such as low-altitude flying vehicles and humanoid robots [5][17]. - Key materials and equipment for solid-state battery production are making progress, with significant technological barriers that favor advanced participants in the industry [5][17]. Investment Recommendations - The report maintains a "stronger than market" rating for the energy storage and lithium battery sectors, recommending investments in leading companies such as Sungrow Power Supply, Haimo Technologies, and CATL [8][12]. - The solid-state battery sector is also highlighted for its growth potential, with recommendations to focus on companies involved in key materials and equipment [8][12].

Core Points - The article discusses the performance of the Chuangye 50 ETF (159682) as of December 12, noting a 0.48% increase, with a trading volume of 203 million yuan [1] - The article highlights the performance of key stocks within the ETF, including declines in stocks like Ningde Times and Sunshine Power, while others like Xinyisheng and Shenghong Technology saw gains [1] - The Chuangye 50 ETF has a performance benchmark of the ChiNext 50 Index, managed by Invesco Great Wall Fund Management, with a return of 46.75% since its inception on December 23, 2022, and a 2.02% return over the past month [1] Stock Performance - As of the midday close, Ningde Times decreased by 0.24%, while Xinyisheng increased by 2.63% [1] - Other notable stock performances include a 1.98% increase for Shenghong Technology and a 0.57% increase for Dongfang Caifu [1] - The ETF's performance reflects mixed results among its top holdings, indicating varying market conditions for these companies [1] Fund Management - The Chuangye 50 ETF is managed by Invesco Great Wall Fund Management, with fund managers Wang Yang and Zhang Xiaonan [1] - The fund's performance since inception and recent monthly returns suggest a strong management strategy, contributing to its overall growth [1]