它乘着新能源产业大发展的东风，上市8年就实现营收入增长7倍；四大产业线齐头并进，多元协同。本 期节目一起走进盛弘股份，了解新能源企业如何行稳致远！ ...

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].

全球开花，开启两年持续高增新周期 ——储能2026年度策略 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 电动车首席证券分析师 ：阮巧燕 执业证书编号：S0600517120002 联系邮箱：ruanqy@dwzq.com.cn 证券研究报告·行业研究·电力设备与新能源行业 联系电话：021-60199793 2025年12月14日 1 摘要 2 ◆ 国内：容量电价+商业模式创新，驱动储能需求高增。国内地方政府陆续出台容量电价补贴，储能电站IRR收益利率6-12%，叠加金租资 金支持+专业化运营，商业模式跑通，招标和备案量大幅提升。2025年1-11月国内储能招标190GWh，+138%，中标175GWh，同环 比+99%，备案量超1TWh，其中内蒙与新疆占比超50%。25年1-10月国内累计装机72GWh，同比增42%，我们预计全年装机 163GWh+，同比+47%，26年装机265GWh+，同比增长60%+。 ◆ 海外：美国AI催生需求，欧洲与新兴市场持续高增。美国AI数据规模快速增长，我们预计2030年用电量占电力需求超20%， ...

一、充换电设备行业相关概述 充换电设备是为电动汽车提供动力蓄电池充电及更换服务的相关设备总称，不仅包含直接实现补能功能 的核心设备，还涵盖保障设备运行的辅助设备与维护设备。而从政策文件的宽泛定义来看，其还可拓展 为充、换电设备及其他相关设施的总称，是衔接新能源汽车与电力系统的关键纽带，也是智慧交通与新 型电力系统融合的重要节点。 充换电设备可按核心功能分为充电设备、换电设备、电池箱及辅助与维护设备，其中充电设备涵盖交流 桩、直流快充桩、液冷超充桩等，适配不同补能场景；换电设备包含换电机器人、机械臂等自动化装 备，主打高效补能；辅助设备负责数据监控与信息传输，维护设备聚焦电池检测保养；按使用场景又可 分为私人自用、专用车辆配套及公共开放三类设施，全面覆盖多元补能需求。 充换电设备分类 内容概要：充换电设备作为衔接新能源汽车与电力系统的关键基础设施，涵盖充电、换电核心设备及辅 助维护设施，是智慧交通与新型电力系统融合的重要节点。在国家多项政策持续赋能与新能源汽车高增 长催生的刚性补能需求双重驱动下，行业进入"量质齐升"的发展阶段。截至2025年10月，全国充电基础 设施（枪）总量达1864.5万个，换电站达503 ...

智通财经APP获悉，东吴证券发布研报称，高压直流配电技术的应用能够助力AIDC客户降低系统能 耗，提高数据中心供电能量密度，并有助于实现绿电和算力的协同，HVDC将是下一代AIDC供电的方 向。随着供给端技术和产品逐渐成熟，该行预计SST有望在27年H2开始放量，29-30年有望逐渐成为 AIDC柜外电源的主流方案，到2030年全球SST市场规模有望超1000亿。 东吴证券主要观点如下： 高压直流配电技术是未来AIDC供电的方向 相比传统交流供电，直流克服了交流传输的"集肤效应"，具有输电损耗低、用铜量低、供电线路投入低 等优势。未来AIDC随着算力芯片性能提高向高能耗、高功率密度发展，高压直流配电技术的应用能够 助力AIDC客户降低系统能耗，提高数据中心供电能量密度，并有助于实现绿电和算力的协同，HVDC 将是下一代AIDC供电的方向。 柜外HVDC电源放量在即，巴拿马有望成为主流、SST将是最终方案 基于UPS的数据中心供电架构本质是传统交流配电系统设计标准下的产物，柜外电源向高压直流技术方 向演进，而国内和海外在产品形态、技术路线等方面略有不同。 1)国内数据中心柜外直流电源产业化应用较早，目前主要分为 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-11-28 | 300693 | 盛弘股份 | 35.99 | 12.00 | 431.88 招商证券股份有限 | 招商证券股份有限 | | | | | | | 公司西安北大街证 | 公司龙口港城大道 | | | | | | | 我营业部 | 证券营业部 | | 2025-11-28 | 300693 | 盛引股份 | 35.99 | 8.00 | 287.92 招商证券股份有限 | 招商证券股份有限 | | | | | | | 公司西安北大街证 | 公司龙口港城大道 | | | | | | | 学营业部 | 证券营业部 | | 2025-11-28 | 300693 | 壁引股份 | 35.99 | 8.00 | 287.92 中国中金财富证券 | 招商证券股份有限 | | | | | | | 有限公司深圳分公 | 公司龙口港城大 ...

11月26日盛弘股份大宗交易一览 | 成交量（万 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 价（%） | 业部 | | | 14.04 | 546.16 | 38.90 | 0.00 | 机构专 | 中信证券股份有限公司北京安外大 | | | | | | 用 | 街证券营业部 | 盛弘股份11月26日大宗交易平台出现一笔成交，成交量14.04万股，成交金额546.16万元，大宗交易成交 价为38.90元。该笔交易的买方营业部为机构专用，卖方营业部为中信证券股份有限公司北京安外大街 证券营业部。 证券时报·数据宝统计显示，盛弘股份今日收盘价为38.90元，下跌0.92%，日换手率为3.85%，成交额为 4.05亿元，全天主力资金净流出586.16万元，近5日该股累计下跌9.64%，近5日资金合计净流出7163.76 万元。 两融数据显示，该股最新融资余额为5.16亿元，近5日减少477.09万元，降幅为0.92%。（数据宝） （文章来源：证券时报网） ...

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

南财智讯11月21日电，盛弘股份公告，公司股东盛剑明于2025年8月21日至2025年11月20日通过集中竞 价方式累计减持公司股份311.0716万股，减持均价为43.97元/股。本次减持后，盛剑明持有公司股份 13,867,721股，占总股本比例降至4.4335%，不再为公司持股5%以上股东。本次减持计划的实施不会导 致公司控制权发生变更，不影响公司的治理结构和持续经营。 ...

Core Viewpoint - Shareholder Sheng Jianming plans to reduce his stake in Shenghong Co., Ltd. by selling 3.1107 million shares at an average price of 43.97 yuan per share, which represents approximately 0.9945% of the company's total share capital [1] Summary by Relevant Sections - **Share Reduction Details** - The share reduction will occur between August 21, 2025, and November 20, 2025, through centralized bidding [1] - The average selling price is set at 43.97 yuan per share [1] - **Impact on Shareholding** - After the reduction, Sheng Jianming's holdings will decrease to 13.8677 million shares, accounting for 4.4335% of the total share capital [1] - Excluding shares in the repurchase special account, his stake will be 4.4442% [1] - Following this transaction, he will no longer be a shareholder with more than 5% ownership [1]