电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -17% -8% 1% 10% 18% 27% 36% 45% 2025.02 2025.06 2025.10 2026.02 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：全年新增装 机超 300GW，关注太空光伏商业化进展》 2026-01-28 《电力设备及新能源行业点评报告："十五 五"国网投资四万亿，国内外电气设备需求 旺盛》 2026-01-20 《电力设备及新能源行业月报：硅片、电池 报价大幅提高，关注细分行业龙头》 2025- 12-26 投资要点： ⚫ 2 月光伏产业指数冲高盘整，细分子行业涨多跌少。截至 2 月 26 日收盘，光伏行业指数上涨 4.41%，大幅跑赢沪深 300 指数，板 块日均成交金额环比基本持平。细分子行业涨多跌少，光伏组件、 导电银浆涨幅居前。协鑫集成、聚和材料、晶盛机电、中利集团、 亿晶光电涨幅 ...

2月25日，晶盛机电涨4.15%，成交额29.67亿元。两融数据显示，当日晶盛机电获融资买入额4.32亿 元，融资偿还2.58亿元，融资净买入1.74亿元。截至2月25日，晶盛机电融资融券余额合计15.13亿元。 融资方面，晶盛机电当日融资买入4.32亿元。当前融资余额15.06亿元，占流通市值的2.14%，融资余额 超过近一年90%分位水平，处于高位。 分红方面，晶盛机电A股上市后累计派现32.41亿元。近三年，累计派现20.27亿元。 机构持仓方面，截止2025年9月30日，晶盛机电十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4248.66万股，相比上期减少53.84万股。易方达创业板ETF（159915）位居第四大流通股 东，持股1311.18万股，相比上期减少220.43万股。华泰柏瑞沪深300ETF（510300）位居第五大流通股 东，持股1121.38万股，相比上期减少54.22万股。易方达沪深300ETF（510310）位居第八大流通股东， 持股805.80万股，为新进股东。华夏国证半导体芯片ETF（159995）位居第九大流通股东，持股785.92 万股，相比上期减少290. ...

东吴证券近日发布2026年度光伏设备行业策略报告：商业航天运载成本持续下降，中美均规划百GW级 太空算力部署能力，太空数据中心对能源系统高度依赖光伏供电，光伏成为轨道算力体系的核心基础设 施。在规模化阶段，能源系统将由高成本砷化镓逐步转向更具成本优势与可扩展性的硅基技术，HJT薄 片化与柔性化特性在减重与卷展式阵列适配方面具备潜在优势。 以下为研究报告摘要： 2025年基本面已充分出清，2026年设备订单有望进入修复通道。2025年行业深度调整，主链亏损加剧、 扩产放缓，光伏设备新签订单阶段性承压，但龙头设备商凭借"3421/3601"等收款模式强化现金流管 理，应收账款结构集中于头部客户，信用减值充分计提，经营风险基本释放。随着落后产能出清提速、 行业规范与定价机制逐步优化，供给侧结构改善信号明确，我们预计2026年在海外需求释放与国内市场 化出清完成的背景下，设备订单有望进入修复通道，板块具备明显的周期修复弹性。 太空算力应用场景加速落地，光伏从地面能源走向轨道能源体系，打开远期成长空间。商业航天运载成 本持续下降，中美均规划百GW级太空算力部署能力，太空数据中心对能源系统高度依赖光伏供电，光 伏成为轨道 ...

行业供需失衡背景下，新一轮技术迭代成为产能重置关键变量 商业航天运载成本持续下降，中美均规划百GW级太空算力部署能力，太空数据中心对能源系统高度依 赖光伏供电，光伏成为轨道算力体系的核心基础设施。在规模化阶段，能源系统将由高成本砷化镓逐步 转向更具成本优势与可扩展性的硅基技术，HJT薄片化与柔性化特性在减重与卷展式阵列适配方面具备 潜在优势。该行认为，太空算力为光伏设备行业引入"类半导体设备"的长周期成长逻辑。 海外地面需求成为2026年现实增量来源，美国与中东等地共振驱动扩产 美国新增装机保持高景气，本土制造政策强化供应链安全与成本可控，特斯拉规划100GW地面光伏产 能以匹配AI算力电力需求。在高人工、高水电成本背景下，HJT凭借低工序、低用电、低水耗、低人工 优势更契合美国制造环境，且不存在TOPCon在美面临的专利风险，中长期具备竞争优势。与此同时， 中东资源禀赋优势突出，装机规划持续上调，中资主链企业加速本土建厂，国产设备"借船出海"逻辑强 化，海外收入占比提升趋势明确。 智通财经APP获悉，东吴证券发布研报称，2025年光伏基本面已充分出清，2026年设备订单有望进入修 复通道。2025年行业深度 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic equipment industry, indicating a recovery and growth trajectory for 2026, driven by space computing applications and increasing overseas ground demand. Core Insights - The photovoltaic equipment sector is characterized by both growth and cyclical attributes, with supply, demand, and technological factors resonating together [2]. - The industry is expected to enter a recovery phase in 2026, following a significant adjustment in 2025, where leading equipment manufacturers have strengthened cash flow management and reduced operational risks [5]. - The emergence of space computing applications is anticipated to expand the long-term growth potential of the photovoltaic sector, transitioning from ground energy to orbital energy systems [5]. - Overseas demand, particularly from the U.S. and the Middle East, is projected to be a significant source of incremental growth in 2026, with U.S. solar installations remaining robust and local manufacturing policies enhancing supply chain security [5]. - A new round of technological iterations is seen as a key variable for capacity reset amid supply-demand imbalances, with advancements in HJT technology expected to drive structural expansion [5]. Summary by Sections Section 1: 2025 Industry Fundamentals and 2026 Outlook - The fundamentals of leading photovoltaic equipment manufacturers are expected to bottom out in 2025, with a positive outlook for 2026 driven by recovery in equipment orders [5]. - The report highlights the importance of cash flow management and risk control among leading manufacturers, with adjustments in payment models to mitigate risks during industry downturns [9][10]. Section 2: Space Computing Applications - The report discusses the significant reduction in launch costs due to advancements in reusable rocket technology, which is expected to facilitate the deployment of space data centers powered by photovoltaic energy [38]. - The U.S. and China are leading in the planning and deployment of space computing capabilities, with ambitious goals for satellite constellations and data centers [41][42]. Section 3: Overseas Ground Demand - The U.S. market is highlighted as a key area for growth, with local manufacturing policies and high installation rates driving demand for photovoltaic equipment [5]. - The report notes that Middle Eastern countries are also increasing their solar installation plans, providing further opportunities for growth [5]. Section 4: Domestic Policy Changes and Technological Iteration - The report emphasizes the need to monitor domestic policy changes and the ongoing technological advancements within the industry, which are crucial for maintaining competitiveness [5]. Section 5: Investment Recommendations - The report recommends focusing on leading companies in the HJT technology space, such as Maiwei Co., Jinsheng Electric, and Aotwei, as well as those specializing in automation and thin silicon wafer cutting equipment [5].

浙商机械 邱世梁丨王华君【太空光伏】江浙产业链调研，面向签约客户，欢迎报名！ 浙商机械 邱世梁丨王华君【太空光伏】江浙产业链调研，面向签约客户，欢迎报名！ 1、【晶盛机电】光伏硅片设备+半导体设备+碳化硅衬底材料龙头 2月26日（周四）上午10点，浙江杭州 2、【西子洁能】燃机锅炉龙头，光热、核电、钙钛矿多点开花 2月26日（周四）午餐交流+下午参观，浙江杭州 3、【连城数控】光伏硅片设备+半导体设备龙头 2月27日（周五），江苏无锡 4、 1、【晶盛机电】光伏硅片设备+半导体设备+碳化硅衬底材料龙头 2月26日（周四）上午10点，浙江杭州 2、【西子洁能】燃机锅炉龙头，光热、核电、钙钛矿多点开花 2月26日（周四）午餐交流+下午参观，浙江杭州 3、【连城数控】光伏硅片设备+半导体设备龙头 2月27日（周五），江苏无锡 4、【晶升股份】光伏设备+碳化硅设备领军者 3月2日（周一）下午3点，江苏南京 近期11场【太空光伏】产业链调研 【迈为股份、奥特维、东方日升、杭州科林、金辰股份、德龙激光、上海港 湾、弘元绿能、钧达股份、苏州固锝、京山轻机等】等，欢迎沟通 5、其他待定【杭氧股份(杭州)、微导纳米(无锡)】等 ...

Group 1 - The core view of the report indicates that the photovoltaic equipment sector is expected to recover in 2026, driven by the application of space computing power and growth in overseas ground demand [5][8] - The report highlights that the supply and demand dynamics, along with technological factors, give photovoltaic equipment both growth and cyclical attributes [2] - The report emphasizes that the leading equipment manufacturers have strengthened cash flow management through adjusted payment models, which enhances their risk control capabilities [9][10] Group 2 - The application of space computing power is accelerating, transitioning photovoltaic energy from terrestrial to orbital energy systems, thus opening up long-term growth potential [5][38] - The report notes that overseas ground demand, particularly in the U.S. and the Middle East, is expected to be a significant source of incremental growth in 2026 [5][41] - The report discusses the importance of domestic policy changes and the continuous iteration of new technologies in the photovoltaic equipment industry [5][34] Group 3 - The report suggests that the photovoltaic equipment sector is entering a new structural expansion window driven by technological upgrades, as the industry faces a supply-demand imbalance [5][56] - Investment recommendations include focusing on leading companies in HJT technology, low-oxygen monocrystalline furnaces, and automation equipment [5][34]

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院光伏设备行业研究小组发布的《中国光伏设备行业市场前瞻与投 资战略规划分析报告》。 行业主要上市公司：捷佳伟创(300724)、晶盛机电(300316)、迈为股份(300751)、京山轻机(000821)、连 城数控(920368)、北方华创(002371)、奥特维(688516) 金辰股份(603396)、帝尔激光(300776)、罗博特科 (300757)、高测股份(688556)、双良节能(600481) 先导智能(300450)、微导纳米(688147)、大族激光 (002008)、博硕光电(831019)、拉普拉斯(688726)、宇晶股份(002943)、京运通(601908)等 本文核心数据：光伏设备行业企业布局情况;中国光伏设备行业发展历程;中国光伏设备行业规模 光伏设备种类繁多 参考中国光伏行业协会的资料，光伏设备指光伏制造企业用于生产原料、电池及电池组件、零部件等产 品中使用的，并在反复使用中基本保持原有实物形态和功能的机器设备。 光伏设备的种类较多，主要包括硅棒/硅锭制造设备、硅片制造设备、电池片制造设备、晶体硅电池组 件制造设备、薄 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Investment Rating - The report suggests focusing on investment opportunities in the photovoltaic industry, particularly those benefiting from supply-side reforms, technological advancements, and changes in demand expectations [3]. Core Insights - The photovoltaic equipment sector index increased by 3.36% during the week of February 2 to February 6, 2026, outperforming the broader market index by 3.53 percentage points [11][14]. - Key companies in the photovoltaic equipment sector that showed significant gains include GCL-Poly Energy, JinkoSolar, and Jinglong Technology, while companies like Sungrow Power and Jinbo Technology experienced notable declines [18][20]. - The report highlights the importance of monitoring policy implementation and technological order fulfillment in the short term, while emphasizing long-term investments in high-efficiency technologies and leading companies [3]. Summary by Sections 1. Market Performance Review - The Shanghai Composite Index decreased by 1.13%, while the power equipment sector index rose by 2.20%, ranking third among 31 industry indices [11]. - The photovoltaic equipment sector index's performance was notably strong, with a 3.36% increase [14]. 2. Industry Chain Price Trends - As of February 4, 2026, the prices for key materials in the photovoltaic industry were as follows: silicon material at 56 CNY/kg (unchanged), silicon wafers at 1.35 CNY/piece (down 0.1 CNY), battery cells at 0.45 CNY/W (unchanged), and modules at 0.82 CNY/W (unchanged) [22]. 3. Industry News - Shanxi Province aims to establish a new energy base in the coal mining subsidence area, with plans for large-scale wind and solar projects [30]. - The utilization rates for wind and solar energy in 2025 were reported at 94.3% and 94.8%, respectively, indicating strong integration of renewable energy [31]. - Concerns were raised about potential negative growth in photovoltaic installations in 2026 due to policy adjustments and market conditions [32].