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]

Group 1: Solar Module Procurement - Six solar module companies have been shortlisted for the 2026 procurement by the Three Gorges Group, including Longi Green Energy, Tongwei Co., Jinko Solar, Hefei JA Solar, Huansheng Photovoltaic, and Chint New Energy [1][15] - The bidding prices for the modules range from 0.75 to 0.763 yuan/W, with an average price of 0.756 yuan/W [1][15] Group 2: Inverter Procurement - Five companies have been shortlisted for the 2026 inverter procurement, including Sungrow Power Supply, China National Building Material Group, Zhuzhou Converter Technology National Engineering Research Center, Shanghai Electric, and Xiamen Kehua Hengsheng [3][17] - The project scale for the inverters is 3000 MW, focusing on 300-400 kW string inverters and their auxiliary equipment [4][18] Group 3: Fixed Mounting Structure Procurement - Five companies have been shortlisted for the 2026 fixed mounting structure procurement, including Nanchang Nanfeng Fire Equipment Manufacturing, Suzhou Jusheng Solar Technology, Jiangsu Guoqiang Xingsheng Energy Technology, Yunnan Huaguo Technology, and Ningxia Longxiang New Energy [4][19] - The project scale for the fixed mounting structures is 2500 MW, with various bidding prices reported [5][19]

Core Viewpoint - The China Quality Certification Center (CQC) is enhancing quality management standards for photovoltaic companies, facilitating their entry into international markets through the development of a network-based certification model and international standards [1][2]. Group 1: Introduction - CQC, established in 1984, is the largest national certification body in China, with a presence in over 60 countries and a significant role in developing national and international standards in the renewable energy sector [1]. Group 2: Background - Chinese renewable energy companies face two main challenges in international competition: fragmented international standards increasing compliance costs and insufficient alignment between domestic certification systems and international rules, leading to trust barriers [2]. Group 3: Main Practices - CQC has developed quality certification standards that align with international requirements, creating the Grid Network Capability Index (GNI) model and the first global technical specification for grid-connected energy storage systems, which has been adopted by the UK National Grid [3]. - A closed-loop certification model has been established, integrating research, testing, certification, and production, which has led to significant improvements in technology and reduced testing costs by 65% [4]. - CQC has created a compliance toolkit for overseas expansion, which has reduced certification cycles by 40%, exemplified by a project that took only 11 days to complete [5]. Group 4: Results and Impact - The four-in-one service model has led to the establishment of a comprehensive standard system that enhances the quality of the energy storage industry, with a 15%-20% increase in product premium capabilities for domestic storage products [6]. - CQC's standards have facilitated entry into high-end European markets, generating over $200 million in initial export revenue and laying the groundwork for expansion into emerging markets along the Belt and Road Initiative [6]. Group 5: Lessons Learned - CQC's innovative service model addresses the challenges faced by the photovoltaic storage industry, breaking the monopoly of Western standards and creating a framework for international market entry [7]. - A three-phase approach to international expansion has been identified, emphasizing the collaboration between government, certification bodies, and leading enterprises to effectively navigate international standards and compliance [8].

Group 1 - The core viewpoint of the report is that Asian stock markets have risen approximately 25% this year, driven by a revaluation of price-to-earnings ratios, with strong support from a resilient macro environment and robust corporate earnings momentum [1] - The report highlights that South Korea and China maintain strong momentum, while India's stock market continues to reach new highs. Japan remains attractive amid accelerated reforms, and the Australian market shows steady performance [1] - The report anticipates that by mid-2026, the reality of AI returns will be tested, with a peak in the US dollar exchange rate, which will help Asian and emerging markets outperform the broader market [1] Group 2 - In China, strong earnings momentum is expected to drive a 15% upside potential, with a consensus forecast of 16% earnings growth per share by 2026. The private sector and high-tech manufacturing are expected to lead this growth [2] - The report identifies key sectors for 2026, including alternative energy (lithium batteries, solar), automotive, beauty, healthcare, industrial automation, internet technology, and semiconductors, while maintaining a cautious stance on materials and durable consumer goods [2] Group 3 - The report recommends several thematic stocks for 2026, including Tencent, CATL, Sungrow Power Supply, Mindray, Yili, Geely, Galaxy Entertainment, Huahai Pharmaceutical, Yihua Healthcare, and InnoCare Pharma [3]