在纯电动汽车（EV）用电池领域，中国企业的市场份额正在增加。2025年超过7成，与2021 年的近5成相比，垄断进一步加强。在全球EV需求放缓的背景下，最大企业宁德时代新能源科 技（CATL）在中国和欧洲扩大订单，刷新利润新高。与在主要的美国市场陷入苦战的韩国企 业相比，领先优势扩大。 宁德时代的车载电池展示（2025年、四川省成都市） 中国企业在EV电池的份额2025年超过7成，与2021年的近5成相比，垄断进一步加强。在全球EV需求放 缓的背景下，最大企业宁德时代在中国和欧洲扩大订单，刷新利润新高。形成对照的是，韩国企业明显 陷入苦战…… 通过推出广泛的产品，竞争优势正在提高——宁德时代2025财年（截至2025年12月）的财 报显示，净利润同比增长42%，达到722亿元，刷新了利润新高。该公司高管在最近召开的 财报说明会上充满自信。 宁德时代为EV和插电式混合动力车（PHV）提供广泛价位的多种电池。客户包括中国大型汽 车企业，与德国大众和梅赛德斯·奔驰集团等欧洲企业也在扩大合作。 韩国调查公司SNE Research的数据显示，在面向EV等的车载电池装车量方面，宁德时代位 居世界首位。2025年的市场份 ...

数说新能源 欢迎订购2026年月度电池装机数据库、中国汽车上险数据库、月度锂电排产数据、海外汽车销量、汽车零售和批发 销量 联系方式：13220160736（同微信） 2月国内动力/储能电池当月销量74.5/38.6GWh，分别同比+11.4%/+67.3%，分别环 比-27.4%/-16.2%。1-2月国内动力/储能电池累计销量177.2/84.8GWh，分别同比+36.5%/+108.9%。 2月国内动力/储能电池当月出口16.9/7.0GWh，分别同比+31.9%/-15.5%，分别环比-4.6%/+9.3%。 1-2月国内动力/储能电池累计出口34.6/13.5GWh，分别同比+44.6%/-8.2%。 2月国内动力电池装机量26.3GWh，同比-24.6%，环比-37.4%。其中三元/磷酸铁锂装机量为 5.7/20.6GWh，占比为21.7%/78.3%。1-2月国内动力电池累计装机量68.3GWh，同比-7.2%。其中三元/磷酸铁锂装 机量为15.1/53.3GWh，占比为22.1%/77.9%。 2月国内动力电池装机量TOP3为：宁德时代12.90GWh，占比49.1%；比亚迪3.56GWh，占 ...

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the industry, driven by various government policies and market dynamics [3][7] Industry Trends - The report notes significant price increases in various segments, including lithium carbonate and battery materials, indicating a robust market environment [3] - The energy storage capacity in the U.S. is projected to grow significantly, with expectations of 51% year-on-year growth in 2026 [7] - The report emphasizes the importance of new energy policies in various regions, including the U.S. and Europe, which are expected to further stimulate demand for energy storage solutions [3][19] Company Performance - Notable companies such as CATL and Tianqi Lithium are highlighted for their strong financial performance, with CATL's net profit expected to reach 72.2 billion yuan in 2025, a year-on-year increase of 42.3% [3] - The report mentions several companies with significant growth potential, including Ningde Times, Sunshine Power, and others, which are positioned well in the energy storage and lithium battery markets [3][6] Investment Strategy - The report suggests a focus on leading companies in the energy storage and lithium battery sectors, recommending investments in firms like CATL, Yihua Lithium Energy, and others due to their strong growth prospects and market positions [3][6] - The report also indicates a favorable outlook for companies involved in the development of solid-state batteries and advanced energy storage technologies [3][4]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电景气上行、欧洲海风北美缺电持续 2026 年 03 月 16 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -18% -10% -2% 6% 14% 22% 30% 38% 46% 54% 2025/3/17 2025/7/15 2025/11/12 2026/3/12 电力设备 沪深300 相关研究 《缺电电力设备高景气、储能需求持 续向好》 2026-03-08 《缺电带来电网 Supercycle，户储景气 向好》 2026-03-02 东吴证券研究所 1 / 50 请务必阅读正文之后的免责声明部分 ◼ 电气设备 11620 上涨 4.55%，表现强于大盘。（本周，3 月 9 日-3 月 13 日，下同），风电涨 12.9%，光伏 涨 8.21%，锂电池涨 5.37%，发 ...

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 新款悦意03上市，售价7.98-11.99万元； 岚图梦想家冠军版上市，售价30.99万元； iCAR V27上市，售价16.98-19.68万元； 五菱缤果S 525km旗舰版上市，售价8.98万元； 方程豹钛3闪充版上市，售价15.38-16.98万元； 方程豹钛7闪充版开启预售，预售价22-25万元； 奇瑞QQ3开启预售，预售价6.892-8.9985万元； 莲花For Me开启预售，预售价52.8-58.8万元； 启境GT7公布； MG 4X亮相，MG豪掷100亿all in新能源； 3月多款新车登陆工信部； 公司动态： 蔚来发布2025全年财报，四季度实现盈利； 特斯拉2月销量超3.8万辆； 比亚迪有望参加F1赛事； 保时捷2025年营收362.7亿欧元，利润暴跌93%； 宁德时代2025年营收4237亿元，利润722亿元； 理想汽车2025年净利润11亿元； 本田汽车首次遭遇年度亏损； 比亚迪正式加入国际汽车工作组； 宝马宣布暂时放弃L3自动驾驶研发； 大众与小鹏首款合作车型开始投产； 国内新闻： 全国高速公路服 ...

Core Insights - The report emphasizes that the energy crisis and advancements in AI are accelerating the development of the renewable energy industry, presenting significant investment opportunities [1]. Wind Power - The UK has eliminated import tariffs on 33 wind power components, which will reduce manufacturing costs and enhance investment efficiency in the supply chain. This includes key components such as cables and turbine blades [11][12]. - The UK is expected to see a peak in grid connection over the next five years, supported by a record 8.4GW of offshore wind investment [11]. Energy Storage - Government subsidies and the energy crisis are driving rapid growth in household energy storage demand, particularly in Europe and Australia. For instance, Hungary has introduced a subsidy policy covering up to 80% of household storage system costs [13]. - The domestic market is also expected to see significant growth, with projected energy storage demand reaching 154GWh, 254GWh, and 337GWh in 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 40.2%, 65.2%, and 32.5% [14]. Lithium Batteries - Despite high lithium prices, the demand for energy storage remains resilient, with a projected total lithium battery demand of 2423GWh in 2026, a 27% increase from 2025 [17]. - The report notes that the domestic market for energy storage batteries saw a year-on-year increase of 108.9% in early 2026, indicating strong growth potential [16]. Power Equipment - The concept of "computing and electricity collaboration" has been included in the government work report for the first time, marking it as a national strategic deployment. This collaboration aims to address spatial and temporal mismatches in energy supply and demand [18][21]. - The report suggests that investment opportunities will arise in planning, construction, trading, and scheduling within the power equipment sector, particularly for companies involved in supporting computing power and renewable energy integration [26]. Investment Recommendations - For wind power, the report recommends focusing on companies with high overseas customer ratios and those actively promoting offshore wind deployment, such as Goldwind Technology and Sany Heavy Energy [23]. - In energy storage, leading companies like Dewei Co., Airo Energy, and Goodwe are highlighted as key players to watch [24]. - The lithium battery sector is advised to focus on companies with pricing elasticity, including CATL and EVE Energy [25]. - In the power equipment sector, companies like Southern Power Grid Technology and Fuling Electric are recommended for their roles in supporting the new energy infrastructure [26].

Investment Rating - The report maintains a positive outlook on the wind power sector, emphasizing a potential overall value reassessment and recommending key players in wind turbine manufacturing, offshore wind exports, and core components [2][8]. Core Insights - The "14th Five-Year Plan" has been updated to emphasize the development of a clean, low-carbon, safe, and efficient new energy system, with specific targets for non-fossil energy and the promotion of green hydrogen and ammonia [6][15]. - The report highlights the intersection of green hydrogen and green computing power with electricity demand, particularly through wind power's ability to provide stable and continuous energy supply [7][8]. - The European offshore wind sector is expected to see significant growth, driven by policy changes such as the UK's zero-tariff law on offshore wind products and increasing demand for energy independence [3][9]. Summary by Sections Wind Power - The UK has implemented a zero-tariff policy for offshore wind industrial products, reinforcing the commitment to offshore wind development in Europe [3][9]. - The report anticipates a doubling of annual offshore wind installation capacity in Europe by 2031, with significant orders expected to validate this growth [9][10]. - Key recommendations include leading manufacturers in wind turbine production and companies involved in offshore wind supply chains [10][11]. Solar & Energy Storage - The report identifies structural opportunities in the solar sector, particularly related to space and ground materials, and emphasizes the importance of energy storage in the context of new power infrastructure [3][11]. - The establishment of the "Utilize Alliance" in the US aims to enhance grid utilization amid rising electricity demands driven by AI [13][14]. Hydrogen and Fuel Cells - Hydrogen is positioned as a critical solution for energy security and deep decarbonization, with projected demand reaching 65 million tons during the "14th Five-Year Plan" period [15][16]. - The report outlines the economic viability of green hydrogen and its applications in transportation and chemical industries, driven by policy support and market dynamics [15][17]. Power Grid - The State Grid has accelerated investment in ultra-high voltage projects, with a significant increase in fixed asset investment reported [4][20]. - The report suggests that the ultra-high voltage and main grid will remain key investment areas during the "14th Five-Year Plan," with recommendations for stable leading companies in this sector [22][23]. Lithium Battery - The lithium battery sector is experiencing a recovery in production and price dynamics, with a focus on high-demand materials such as lithium salts and iron lithium cathodes [29][30]. - The report highlights the importance of monitoring price trends and production capacity expansions in the lithium battery supply chain [29][30].

无低温，不电池？ 开年以来，宁德时代、比亚迪、国轩高科等锂电巨头，围绕材料、场景、补能配套等多个方面交出了低温解决方案。他们的目标都十分清晰，即电动 化下半场。 可以认为，电动化已经发展至 "无低温，不电池"的焦灼状态。 充电要低温、放电要低温、长续航要低温、启动要低温、启停也要低温、乘用车要低 温、商用车要低温，几乎是全场景、全性能的全方位低温之争。 到底多少度才能算得上低温？从近年来电池企业及主机厂最心怡的冬测实验城市来看，冬季平均气温比南极还低的 东北及内蒙 等地，以零下 3 0- 40 度的绝对低温，成为电池企业及主机厂最响亮的 传播符号 。 现阶段， 800V已成为快充竞逐的门槛。而800V高压平台车型在2025年的渗透率已超过10%，销量接近150万辆，预测在2026年实现15%的渗 透。 近年来密集的冬测，也代表了电池企业与主机厂对电车驶进山海关的美好愿景。 而围绕零下 3 0 度，比亚迪近期发布的第二代刀片电池将低温闪充逼近 1 2 分钟以内，宁德时代 天行 II轻商低温版钠离子电池 则可在零下 3 0 度 实现即插即充，无需提前预热。 国轩高科G刻电池携手长安启源A06，在 -40℃的极致低 ...

子行业周度核心观点： 整体观点：《十五五规划纲要》近日发布，其中绿氢氨醇、算电协同是能源领域重要增量。"绿色氢能"被明确列入"新 产业新赛道"专栏中，并强调"推动绿氢产业链向绿色氨醇、可持续航空燃料延伸"；在"强化算力算法数据高效供 给"章节中，明确提出"推动绿色电力与算力协同布局"。风电凭借全天候发电能力、较低的"出力同时率"特征，就 是绿色算力和绿氢氨醇对电力需求的交集！同时，海风作为欧洲资源禀赋最优、本土产业链相对完善的可再生能源形 式，将在未来很长一段时间成为欧洲各国能源建设重点方向。我们看好风电板块有望迎来整体价值重估，再次强调对 风电整机龙头、海风出海、核心零部件的重点推荐。此外继续重点推荐：1）同样在算力与能源自主诉求下全球需求长 期共振的储能、电网设备；2）光伏结构性机会（太空/马斯克辅材+设备、BC+无银化），3）锂电排产回升驱动下，高 景气材料环节（锂盐、铁锂正极、负极等）涨价；4）AIDC 电源（三次电源+HVDC/SST）&液冷（新材料迭代）。 风电：英国海风零关税法案落地再次强化欧洲海风发展决心，数据中心需求爆发+地缘政治唤起的能源独立诉求将持 续带动欧洲海风长期景气度上行，再次重申 ...

Core Viewpoint - The article emphasizes the significant growth potential in the energy storage sector driven by global energy transitions and the increasing demand for renewable energy solutions, particularly in the context of geopolitical tensions and the rise of AI data centers [5][32]. Group 1: Market Dynamics - The international oil prices have surged past $100 per barrel due to ongoing geopolitical uncertainties, heightening global concerns over energy security [5]. - The energy storage industry is experiencing a global demand surge, with Wood Mackenzie projecting that by 2025, the global installed capacity for energy storage will reach 106 GW, a 46% year-on-year increase, marking a significant milestone [11]. - The U.S. market is identified as a key driver of this growth, with expected new installations of 19 GW in 2025, reflecting a 53% increase in power capacity and a 45% increase in energy capacity [14]. Group 2: Supply and Policy Environment - The supply side of the energy storage industry is witnessing a recovery as policies are implemented to curb low-price dumping and excess capacity, leading to a rebound in lithium carbonate prices [18]. - The domestic market in China is benefiting from ongoing policy support, with projections indicating that new energy storage installations could reach 203 GW by 2026 following the removal of mandatory storage requirements [17]. Group 3: Company Performance - Leading companies in the energy storage sector are reporting significant growth in their performance, with Sunshine Power's storage business seeing a 70% increase in shipment volume and a 56% rise in net profit year-on-year for the first three quarters of 2025 [19]. Group 4: Investment Opportunities - Investors are advised to focus on segments of the energy storage value chain that have high barriers to entry and strong profit certainty, particularly those benefiting from the AI-driven demand surge [22]. - The energy storage cell segment is highlighted as critical, with global shipments expected to exceed 500 GWh by 2025, showing a growth of over 68% year-on-year [23]. - The inverter/PCS segment is dominated by Chinese companies, which hold over 80% of the global market share, indicating a strong competitive advantage [25]. - The energy storage system integration segment is characterized by a stable top-tier market, with Tesla and Sunshine Power leading in their respective markets [26]. Group 5: Future Outlook - The article concludes that the intersection of the energy revolution and AI revolution positions energy storage as a core area for investment, with the potential for significant structural opportunities in the industry [32].