持股过节，关注成长 ——2026年2月五维行业比较观点 策略组 张宇生 SAC编号：S0930521030001 策略组 王国兴 SAC编号：S0930524070013 请务必参阅正文之后的重要声明 核心观点 2026年2月8日 证券研究报告 1 国海富兰克林基金 请务必参阅正文之后的重要声明 五维行业比较框架介绍。股价表现受多重因素影响，单一指标难以有效指导行业比较。想要做好行业比较，需要对各种可能 影响股价的因素均进行分析并做出综合判断，并且对于未来可能的市场主导因素，应该赋予更高的权重。基于此，我们综合 市场风格、基本面、资金面、交易面、估值五个维度，构建了"五维行业比较框架" ，在非财报季时期，我们对于五个维 度进行等权打分，而在财报季，则给予基本面维度更高权重，并降低市场风格及估值维度的权重。 历史回测来看，五维行业比较框架表现优异，得分越高的行业表现往往更好。通过复盘2016年至2025年2月期间五维行业比 较框架的历史表现，可以发现该框架下得分越高的行业股价表现往往更好，按得分高低将行业依次分为第1组、第2组 、第3 组、第4组、第5组，各组的年化收益率分别为11.8%、1.3%、-1.4%、 ...

全国范围的储能容量电价政策出台 | 执业证书编号：S0740522020001 | | --- | | Email：zengbiao@zts.com.cn | 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn 分析师：赵宇鹏 执业证书编号：S0740522100005 Email：zhaoyp02@zts.com.cn 执业证书编号：S0740525020001 Email：xumc@zts.com.cn 执业证书编号：S0740526010001 Email：yangzw02@zts.com.cn 分析师：王欣悦 执业证书编号：S0740524060006 Email：wangxy23@zts.com.cn 分析师：郭琳 执业证书编号：S0740525080002 Email：guolin@zts.com.cn | 上市公司数 | 399 | | --- | --- | | 行业总市值(亿元) | 86,111.22 | | 行业流通市值(亿元) | 77,284.44 | | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | ...

证券研究报告 | 行业点评报告 2026 年 02 月 01 日 储能系列报告（18） 全国容量电价政策重磅发布，大储迈向高质量发展 中游制造/电力设备及新能源 事件：近日，国家发改委、能源局发布《关于完善发电侧容量电价机制的通知》， 文件明确建立电网侧独立新型储能容量电价机制。对服务于电力系统安全运行、 未参与配储的电网侧独立新型储能电站，各地可给予容量电价。容量电价水平 以当地煤电容量电价标准为基础，根据顶峰能力按一定比例折算 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 宁德时代 | 300750.SZ | 1611.1 | 11.5 | 14.9 | 23 | 5 | 强烈推荐 | | 亿纬锂能 | 300014.SZ | 132.3 | 2.0 | 2.2 | 28 | 3 | 强烈推荐 | | 阳光电源 | 300274.SZ | 313.1 | 5.3 | 5.9 | 26 | 7 | 强烈推荐 | | 海 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, aimed at various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, expanding the scope to include various energy sources and enhancing market-oriented reforms [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 targeting lightweight drones and Gen2 designed for eVTOLs, featuring a 10-minute fast charge and a range of 320km [2][15]. - The company plans to introduce a Gen3 battery with over 400Wh/kg energy density by 2026 and a 500Wh/kg all-solid-state battery by 2027 [15][19]. New Energy Generation - The new capacity compensation mechanism aims to create a more market-oriented and unified system, allowing various energy sources to participate in capacity compensation [3][38]. - The mechanism will assess the "reliable capacity" based on actual peak output rather than installed capacity, enhancing the scientific evaluation of capacity value [38][39]. Electric Equipment and Automation - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including the "Xinjiang Electricity into Hunan" project [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in national grid projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, supporting large-scale AI applications globally [5]. Company Earnings Forecasts - Key companies such as Ningde Times and Kodali are projected to have increasing earnings per share (EPS) from 2024 to 2026, with recommended ratings indicating strong future performance [6].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, targeting various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, aiming to create a more market-oriented and unified system [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 (320Wh/kg) for lightweight drones and Gen2 (380Wh/kg) for eVTOLs, featuring fast charging and high safety standards [2][15][19]. - The company plans to introduce Gen3 batteries with over 400Wh/kg energy density by 2026 and 500Wh/kg full solid-state batteries by 2027 [15][21]. New Energy Generation - The new capacity compensation mechanism expands the scope to include coal and gas power, as well as independent storage resources, promoting a more scientific and market-driven approach [3][38]. - The mechanism aims to unify compensation standards based on actual peak output capabilities rather than installed capacity, enhancing the reliability of power supply [38][39]. Electric Equipment and Industrial Control - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including high-voltage transmission projects [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in major power projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, indicating a significant advancement in commercial aerospace [5]. Market Performance - The report highlights key companies to watch, including Ningde Times, Kodali, and others, as they navigate the current market dynamics [12].

证券日报网讯 1月26日，盛弘股份在互动平台回答投资者提问时表示，AIDC为智算中心，是专门为人 工智能和大数据应用提供算力、存储和相关服务的数据中心。公司部分电能质量产品如APF、SVG可用 于数据中心和智算中心，未来公司也将适时推出更多符合AIDC应用场景的新产品。公司储能业务是战 略及产品策略的调整所导致的短期下滑，公司会快速调整并尽力恢复增长。公司毛利率下滑由市场竞争 加剧、客户结构调整等多重因素影响导致，公司会继续加强内部管理，优化供应链策略，调整下游架 构，努力保证毛利率的稳定。 （文章来源：证券日报） ...

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

Group 1 - The core viewpoint of the article is that Shenghong Co., Ltd. (300693) clarifies the classification of data center storage based on customer usage and project size [1] - The classification can be divided into industrial and commercial storage projects based on customer type [1] - Some projects may also be classified as large storage based on the installed capacity [1]

证券日报网讯1月22日，盛弘股份（300693）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司的股东户数为36782户。 ...

Group 1 - The company, Shenghong Co., Ltd. (300693.SZ), stated on an interactive platform that it does not produce transformer products [1] - The company's products are not directly applicable for upgrading power grid renovation [1]