Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery sector is expected to transition from a seasonal low to a peak demand period, with significant growth anticipated in 2026 [1] - The report highlights the potential of space photovoltaic technology and solid-state batteries, indicating a promising future for these segments [1] Industry Trends - The power equipment sector saw a 2.2% increase, outperforming the market, with solar energy rising by 3.43% and lithium batteries by 0.77% [3] - In January, the energy storage sector recorded a procurement of 36.3 GWh, with a 42% increase in the average price of 4-hour systems over six months [3] - The demand for energy storage is expected to grow by over 60% in 2026, driven by new policies and market dynamics [3][4] Company Developments - Ningde Times is positioned as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [4] - Sunpower is recognized as a global leader in inverters, with significant overseas market integration [4] - Other notable companies include Ganfeng Lithium, BYD, and Enjie, all of which are expected to benefit from the ongoing trends in the lithium battery and energy storage markets [4] Investment Strategy - The report emphasizes the importance of energy storage, predicting a compound annual growth rate of 30-50% over the next three years [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, such as Ningde Times and Yiwei Lithium Energy, as well as companies involved in energy storage integration [4] - The report also highlights the potential of humanoid robots and automation technologies, suggesting a significant market opportunity in the coming years [4]

东吴证券近日发布电力设备行业跟踪周报：电气设备10727上涨2.2%，表现强于大盘。(本周，2月2日-2 月6日，下同)，光伏涨3.43%，电气设备涨2.2%，锂电池涨0.77%，发电设备涨0.37%，核电跌0.35%， 新能源汽车跌0.12%，风电跌0.01%。 以下为研究报告摘要： 投资要点 电气设备10727上涨2.2%，表现强于大盘。(本周，2月2日-2月6日，下同)，光伏涨3.43%，电气设备涨 2.2%，锂电池涨0.77%，发电设备涨0.37%，核电跌0.35%，新能源汽车跌0.12%，风电跌0.01%，涨 幅前五为杭电股份（603618）、三变科技（002112）、新动力、通光线缆（300265）、晶盛机电 （300316）；跌幅前五为中电电机（603988）、中际旭创（300308）、中材科技（002080）、华光股 份、晓程科技（300139）。 行业层面：储能：1月储能采招：36.3GWh，4小时系统均价半年上涨42%，宁夏需求强劲；甘肃零碳园 区建设：储能容量占比/绿电直供比例/需求响应能力纳入指标体系；国网山东省电力公司：进一步优化 储能等项目接入管理；宁夏累计废止超15GWh储能项目 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The space photovoltaic industry is progressing, with significant capital expenditures from major CSP manufacturers exceeding expectations [1] - The demand for energy storage is driven by ongoing electricity shortages in the U.S., highlighting the cost-effectiveness of leading companies [14] - The report emphasizes the importance of new directions such as space photovoltaics, AIDC, and robotics, which are catalyzing investment opportunities [14] Summary by Sections Photovoltaics - The space photovoltaic sector is gaining traction, with SpaceX's application for 1 million satellites accepted by the FCC, indicating a robust future for space-based data centers [20] - The China Photovoltaic Industry Association released cost analysis, indicating that the average full cost of mainstream photovoltaic products is expected to stabilize, providing support for price recovery [21] - The report highlights the potential for significant growth in global photovoltaic installations, with annual additions projected between 725-870 GW during the 14th Five-Year Plan [22] Energy Storage - Sunshine Power announced plans to establish a production base in Poland, aiming for 20 GW of inverter capacity and 12.5 GWh of energy storage systems [39] - The report notes a 45% year-on-year increase in EU battery storage capacity, with large-scale storage systems becoming the main growth driver [39] - January saw a significant increase in independent storage projects, with a total of 12.3 GW/36 GWh of bids, despite a year-on-year decline due to procurement timing [40] Lithium Batteries - The demand for lithium batteries continues to strengthen, with all segments showing a willingness to maintain prices, indicating ongoing profitability improvements [14] - The report recommends focusing on battery segments, particularly companies like CATL and EVE Energy, which are expected to perform well in the medium term [14] Wind Power - The report emphasizes the start of a new wind power cycle during the 14th Five-Year Plan, with significant opportunities in commercial aerospace and offshore wind projects [14] - Companies involved in wind turbine manufacturing and components are highlighted as key investment opportunities [14] Power Equipment - The domestic power grid's investment plan is projected at 5 trillion yuan, with significant improvements in pricing and demand driven by electricity shortages in the U.S. [14] - The report suggests focusing on opportunities in AI for power management and virtual power plants [14] New Directions - The report highlights the importance of developments in humanoid robotics and AIDC technology, with specific companies recommended for investment based on their potential in these sectors [14]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [11]. Core Insights - The introduction of the capacity price mechanism by the National Development and Reform Commission and the National Energy Administration marks a significant shift in the new energy storage sector from a policy-driven approach to a market-driven demand approach [3][4]. - The capacity price mechanism is expected to enhance the revenue streams for new energy storage, with a projected capacity price of 165 RMB/k·year leading to compensation income of approximately 17 million RMB for a 100MW/4h independent storage station [4]. - The current market conditions show a recovery in investment willingness as lithium carbonate futures prices have returned to below 150,000 RMB, indicating a stabilization in the supply chain and production rates among leading storage battery manufacturers [5]. Summary by Sections Policy Background and Purpose - The policy aims to promote the full market entry of renewable energy and establish a capacity price mechanism for new energy storage alongside coal and pumped storage [3]. - The experience from mature markets suggests that long-term capacity contracts are crucial for ensuring reasonable internal rate of return (IRR) for new energy storage [3]. Capacity Price Mechanism - The expected capacity price will allow coal power plants to recover fixed costs, with a target of at least 50% recovery [4]. - The reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods, with a reliability coefficient example of 67% for a 4h storage system [4]. Current Status of Energy Storage - The rise in lithium carbonate prices has negatively impacted the investment sentiment, but the situation is improving as prices stabilize [5]. - Leading companies in the energy storage sector are expected to benefit from the surge in overseas demand, which will help mitigate fluctuations in domestic demand [5].

Core Insights - The report introduces a "Five-Dimensional Industry Comparison Framework" that integrates multiple factors affecting stock price performance, emphasizing the need for a comprehensive analysis rather than relying on a single indicator [3][9] - Historical backtesting from 2016 to February 2025 shows that industries with higher scores in this framework tend to perform better, with annualized returns for the top scoring group at 11.8% compared to -10.5% for the lowest scoring group [21][23] - The report suggests a focus on growth sectors for February, particularly in high valuation industries such as electronics, power equipment, machinery, non-ferrous metals, communications, and computers [3][34] Five-Dimensional Industry Comparison Framework - The framework consists of five dimensions: market style, fundamentals, liquidity, trading, and valuation, with subjective judgments applied to market style, liquidity, and valuation [9][12] - The scoring process involves adjusting weights based on market conditions, with equal weighting during non-earnings seasons and increased emphasis on fundamentals during earnings seasons [8][30] February Market Outlook - The report anticipates a growth-oriented market style for February, with expectations of net inflows from public funds and a focus on high valuation sectors [3][34] - Key industries identified for investment include electronics, power equipment, machinery, non-ferrous metals, communications, and computers, which are expected to benefit from favorable market conditions [34][35] Industry Recommendations - **Electronics and Communications**: Companies like Zhongji Xuchuang and ShenNan Circuit are highlighted for their strong positions in AI-related markets and expected growth in demand for high-end products [36] - **Power Equipment**: Firms such as Shenghong Co. and Yangguang Electric are recommended due to their potential benefits from overseas storage and AI power sectors [40] - **High-End Manufacturing**: Companies like Anpeilong and Jingjin Equipment are noted for their advancements in robotics and AI applications, with significant growth potential [42] - **Non-Ferrous Metals**: Companies like Zijin Mining and Luoyang Molybdenum are expected to benefit from rising copper prices and strategic stockpiling initiatives [46][47] - **Computers**: Firms such as Hikvision and Kingsoft are recognized for their strong AI capabilities and market positioning, with expectations for sustained growth [49][50]

Group 1 - The company, Sungrow Power Supply (300274.SZ), currently has no plans in the commercial aerospace sector [1]

Group 1 - The total value of the top 500 companies in China increased by 21 trillion yuan (38%), reaching 77 trillion yuan, with an average value growth of 41.5 billion yuan, now at 1.53 trillion yuan [1][2] - The entry threshold for the list rose to 34 billion yuan, an increase of 7.5 billion yuan from the previous year, marking a historical high [1][2] - The technology sector continues to be a growth engine, with significant increases in the number and market value of companies in semiconductor, biomedicine, artificial intelligence, and new energy sectors [1][2] Group 2 - Nearly 40% of this year's listed companies were not on the list four years ago, with new entrants primarily from consumer electronics, AI computing, and new energy sectors [2] - The semiconductor industry surpassed the life sciences sector to become the second-largest industry in the list, with TSMC leading the growth [3] - Notable semiconductor companies include TSMC, which saw a value increase of 3.5 trillion yuan, and Cambrian, which grew by 370 billion yuan [3] Group 3 - The new energy sector also performed well, with CATL's value increasing by 690 billion yuan, and other companies like Sungrow and EVE Energy showing significant growth [4] - The Shanghai region had 57 companies on the list, an increase of 7 from the previous year, making it the city with the fastest growth in the number of listed companies [10] - Shanghai is a key research and development hub, with 101 companies establishing their main R&D bases there, reflecting its strong innovation capabilities [10][11] Group 4 - The STAR Market (科创板) has a strong presence in the list, with 45 companies, showcasing the focus on hard technology sectors like semiconductors and biomedicine [6][7] - The semiconductor sector is particularly prominent among STAR Market companies, with many of the highest-valued startups in this field [8] - The overall trend indicates that STAR Market companies are in a high-growth phase, aligning with the broader trend of nearly 40% of this year's companies being new entrants [9]

Investment Rating - The report maintains an "Overweight" rating for the new energy sector, indicating a positive outlook for the industry compared to the overall market performance [2]. Core Insights - The lithium battery sector is expected to see a significant increase in both volume and price in Q4 2025, with production across various segments showing substantial year-on-year growth [2]. - The photovoltaic (PV) industry is experiencing a reduction in losses, but Q4 is anticipated to face renewed pressure due to rising costs in silver paste and silicon materials [2]. - The wind power sector is projected to recover significantly, driven by a 50.4% year-on-year increase in installed capacity, with expectations of improved profitability in 2025 [2]. - The energy storage market is expected to maintain high growth rates, with independent storage becoming a key growth driver [2]. - The report suggests focusing on four main investment lines: cyclical growth, technological innovation, supply-side optimization, and expanding into AIDC as a secondary business [2]. Summary by Sections Lithium Battery - Q4 2025 is projected to see a significant increase in production across various lithium battery components, with production volumes for ternary cathodes, lithium iron phosphate cathodes, anodes, separators, electrolytes, and batteries showing increases of 15% to 26% quarter-on-quarter [2]. - Prices for key materials such as lithium hexafluorophosphate and lithium iron phosphate are expected to rise, contributing to stable profitability in the battery segment [2]. Photovoltaic - The PV industry reported significant losses in the first three quarters of 2025, but with marginal improvements. Q4 is expected to be challenging due to cost increases and asset impairment provisions [2]. - The cash flow in the silicon material segment is beginning to recover, and financing inflows are increasing, indicating structural improvements [2]. Wind Power - The installed capacity of wind power in China is expected to reach 119.33 GW in 2025, marking a 50.4% increase year-on-year, leading to a substantial recovery in net profits for the sector [2]. - The report anticipates that the profitability of wind turbine manufacturing will improve significantly, especially with the clearing of low-price orders from 2025 [2]. Energy Storage - The energy storage sector is expected to continue its rapid growth, with independent storage becoming a core growth driver through capacity leasing and electricity market transactions [2]. - The report forecasts a strong demand for large-scale and commercial energy storage in 2026, driven by emerging markets and improved utilization rates in China [2].

Group 1 - The core viewpoint of the articles highlights the strong performance of the battery sector, driven by technological advancements and accelerated industry chain development, with significant gains in stock prices for key companies [1][2] - The CS battery index increased by 2.61%, with notable individual stock performances including Multi-Flor and Zhenyu Technology, which rose over 8% and 7% respectively [1] - The battery ETF managed by Jiashi (562880) saw a 2.44% increase, with a trading volume of 22.759 million yuan and a turnover rate of 2.18%, reflecting a 64.95% increase over the past year [1] Group 2 - Citic Securities indicates that the solid-state battery sector is supported by improvements in the fundamentals of related companies and accelerated industry development, suggesting strong sustainability and investment value [2] - The top ten weighted stocks in the Jiashi battery ETF include CATL, Sungrow Power, and EVE Energy, collectively accounting for over 50.68% of the fund [2] - The current management fee for the Jiashi battery ETF is 0.50% annually, with a custody fee of 0.10% annually [2]

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-28.83 billion), Zhongji Xuchuang (-15.50 billion), and Aerospace Development (-13.04 billion) [1] - The sectors affected by the capital outflows primarily include communication equipment, internet services, and optical electronics [2][3] - The largest percentage decline in stock prices was observed in Zhejiang Wenlian, which fell by 9.79% [2] Group 2 - Other notable stocks with substantial capital outflows include Guizhou Moutai (-5.44 billion), Sunshine Power (-5.46 billion), and Sanan Optoelectronics (-4.11 billion) [1][3] - The overall trend indicates a negative sentiment in the market, particularly in the communication equipment and internet service sectors [2][3] - The data reflects a broader market trend of capital withdrawal, impacting various industries including agriculture, aerospace, and cultural media [1][2]