未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 行业研究 市场研究部 2026 年 3 月 23 日 光伏行业周报（20260316-20260320） 本周光伏设备（申万）指数表现 本周（2026/03/16-2026/03/20）沪深 300 指数-2.19%，申万 31 个行 业指数 2个上涨，电力设备（申万）指数本周-3.06%，排在第 10位， 跑输指数 0.87pct。电力设备二级行业指数普跌，光伏设备行业指数- 0.16%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申万）、 风电设备（申万）、电机Ⅱ（申万）分别-0.71%、-7.54%、-6.81%、- 7.29%、-6.88%。从公司表现看，本周光伏设备行业（申万）公司涨 幅居前的是锦浪科技、沐邦高科、上能电气、昱能科技、禾迈股份， 跌幅居前的公司为双良节能、联泓新科、高测股份、帝尔激光、横店 东磁。 产业链上游价格下跌 根据 datayes，3 月 18 日硅料成交价 43 元/kg，环比-3 元/kg；硅片成 交价为 1.15 元/片，环比持平；电池成交价 0.41 元/W，环比-1 分/W； 组件成交价为 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The domestic demand for offshore wind energy is expected to see significant growth during the 14th Five-Year Plan, with a target of over 100 million kilowatts of cumulative grid-connected capacity by the end of the plan [6][11]. - The silicon material supply and demand situation in the photovoltaic sector is under pressure, with prices for polysilicon dropping and a potential slowdown in export growth due to changes in tax policies [28][29]. - The hydrogen energy sector is set to accelerate its industrialization process, supported by new pilot projects initiated by government agencies [7]. Summary by Sections Wind Power - The 14th Five-Year Plan outlines the construction of offshore wind power bases in various seas, aiming for over 100 million kilowatts of cumulative grid-connected capacity [6][11]. - As of December 2025, the total installed wind power capacity in China is projected to reach 640 million kilowatts, with a year-on-year growth of 23% [11]. - The offshore wind power sector is expected to add over 53 gigawatts (GW) during the 14th Five-Year Plan, with an average annual installation of over 10 GW [11]. Photovoltaics - The average transaction price for polysilicon has decreased to 39,900 yuan per ton, reflecting a 6.12% week-on-week decline [28]. - The photovoltaic industry faces challenges due to weak demand and high inventory levels, leading to a potential industry consolidation phase [28]. - The photovoltaic equipment index has seen a slight decline of 0.16%, while the solar cell component index dropped by 2.01% [29]. Energy Storage & Hydrogen Energy - A new pilot program for hydrogen energy applications has been launched, aiming for large-scale applications in urban areas by 2030, with hydrogen prices targeted to drop below 25 yuan per kilogram [7]. - The hydrogen energy sector is expected to see a doubling of fuel cell vehicle ownership by 2030, reaching around 100,000 vehicles [7]. - Investment recommendations include focusing on companies with strong competitive advantages in energy storage and hydrogen energy sectors [7].

尽管在两个月之内太空光伏概念板块已经发生过两轮受市场传 闻驱动的上涨行情，但到目前为止，还没有一家A股上市公司 公开确认拿到了来自SpaceX或特斯拉的太空光伏订单。那 么，在市场传闻的背后，太空光伏到底走到了哪一步？ 作者：郑晨烨 封图：图虫创意 3月20日下午，A股太空光伏板块再次集体拉升。 至当日收盘，上能电气（300827.SZ）20%涨停，每股报44.93元；捷佳伟创（300724.SZ）涨 9.41%，每股报129.11元；迈为股份（300751.SZ）涨9.19%，每股报273.60元；拉普拉斯 （688726.SH）涨7.41%，每股报64.64元；钧达股份（002865.SZ）涨2.23%，每股报84.77 元。 盘面拉升前，市场上出现了两则传闻。一则称SpaceX已向国内一家异质结设备企业采购了一批设 备，按计划将在5月初交付。另一则称特斯拉计划从中国采购总价29亿美元的光伏制造设备，正在 与多家中国企业谈判。 经济观察报记者当天下午就此分别致电捷佳伟创、钧达股份、迈为股份、拉普拉斯四家涨幅靠前的 公司，四家公司均未正面确认上述传闻。 其中，捷佳伟创相关工作人员表示，不清楚相关消息，公司会 ...

2026.03. 20 本文字数：732，阅读时长大约1分钟 作者 | 一财阿驴 3月20日，沪指失守4000点，创年内新低，截至收盘，沪指跌1.24%，深成指跌0.25%，创业板指 涨1.30%，科创综指跌1.15%。 | 名称 | 涨跌 现价 | | --- | --- | | 上证指数 | 3957.05 c -49.50 -1.24% | | 深证成指 | 13866.20c -35.37 -0.25% | | 万得全A | 6471.92c -80.64 -1.23% | | 科创综指 | 1669.98c -19.36 -1.15% | | 创业板指 | 3352.10c 43.00 1.30% | | -150 | 1316.14c -13.42 -1.01% | Wind数据显示，全市场近4800股下跌。 沪深两市成交额2.29万亿。 盘面上看，行业板块呈现普跌态势，光伏设备、电力、电池板块逆市上涨。 具体来看，光伏设备板块表现强势，上能电气、首航新能20%涨停，永臻股份、正泰电源、国晟科 技涨停，锦浪科技、海优新材等多股涨超10%。 | 代码 名称 | | 涨幅 | 总金额 | 总市值 | ...

Market Overview - The photovoltaic and optical communication sectors experienced a significant rise, contributing to a rebound in the A-share market, with the ChiNext Index surging by 3.3% [2] - As of the morning close, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.57%, and the Sci-Tech Innovation Index gained 0.78% [2][3] Optical Communication Sector - The optical communication industry chain saw a strong performance, with stocks like Yuanjie Technology hitting a peak increase of 20%, closing up 19.83% at 1138.42 yuan, marking a cumulative rise of over 1100% since April 9, 2025 [3][5] - Major players in the optical module sector, including Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng, also showed robust growth, reflecting a market consensus shift following the OFC (Optical Fiber Communication Conference) [5][6] - Analysts noted that the optical communication industry is transitioning from "cyclical fluctuations" to a "main rising channel driven by AI computing power demand," with significant changes in supply and demand dynamics compared to previous cycles [5][6] Investment Opportunities in Optical Communication - The investment approach in the optical communication sector is evolving, focusing on new technologies such as CPO, NPO, and OCS, which are on the verge of explosive growth, presenting historical opportunities [6] - The demand for optical modules is expected to surge due to AI advancements, with a shift from 400G to 800G and rapid progression towards 1.6T, indicating a strong market for high-end specifications [6] Photovoltaic Equipment Sector - The photovoltaic equipment sector experienced a notable increase, with companies like Shangneng Electric, Shouhang New Energy, and Airo Energy seeing significant stock price rises [8][9] - The photovoltaic equipment index rose by 5.14%, with key stocks achieving substantial gains, such as Shangneng Electric up by 20.01% and Shouhang New Energy also hitting a 20% increase [9] Tesla's Solar Initiative - Tesla plans to procure $2.9 billion worth of solar panels and battery manufacturing equipment from Chinese suppliers to achieve a target of 100 GW of solar capacity in the U.S. by the end of 2028 [10] - The ongoing power shortages in North America are expected to drive demand for solar products, potentially leading to a revaluation of related domestic materials and equipment companies [10]

证券代码：300827 证券简称：上能电气 公告编号：2026-016 上能电气股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的公告 公司持股 5%以上股东、副董事长段育鹤，保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动系上能电气股份有限公司（以下简称"公司"）持股 5%以 上股东段育鹤先生减持公司股票，导致其持有公司股份比例下降，同时公司 2022 年度限制性股票激励计划股票归属、2024 年年度权益分派涉及资本公积金转增 股本、2023 年度向特定对象发行股票股份上市，导致其持股比例由 8.9071%降至 7.4004%（剔除公司回购专用账户股份数量后,持股比例由 8.9071%下降至 7.4369%），持股比例变动触及 1%刻度。 2、本次权益变动因被动稀释及主动减持所致，不触及要约收购。 3、本次权益变动不会导致公司控股股东、实际控制人发生变化。 具体权益变动情况如下： | 信息披露义务人 | 权益变动前 | | | 权益变动 ...

Core Viewpoint - Nanyuan Energy has confirmed its participation in the 14th International Energy Storage Summit and Exhibition (ESIE 2026), inviting industry peers to visit their booth [3][10]. Procurement Project Summary - The procurement project for Nanyuan Energy's lithium iron phosphate electrochemical energy storage system equipment has a total scale of 2GWh, divided into three lots: 1.2GWh for 0.25C and 0.8GWh for 0.5C [5][6]. - The candidates for Lot 1 (Battery Cabin Integration Package) include BYD Auto, Shanghai Pylon Energy Technology, Tianjin Ruiyuan Electric, Xiamen Beichen Star Energy Development, and Xinyuan Zhichu Energy Development [4][6]. - The candidates for Lot 2 (PCS Power Conversion Package) include Suzhou Inovance Technology, Tianjin Ruiyuan Electric, Shangen Electric, Yisite Group, and Sungrow Power Supply [4][6]. - The candidates for Lot 3 (Energy Management System) include Nanjing Zhonghui Electric Technology, Yisite Group, Guoneng Rixin Technology, and Tianjin Ruiyuan Electric [4][6]. Project Requirements - The project requires bidders to have a cumulative supply performance of no less than 2GWh within one year and at least one single project performance of 400MWh or more [6][7]. - The procurement includes lithium iron phosphate batteries, battery management systems, bidirectional inverters, energy management systems, and various supporting facilities [6][8]. Event Details - The opening of bids took place on March 5, 2026, at a designated location in Lanzhou, Gansu Province [7]. - The public announcement of the shortlisted suppliers will be from March 11 to March 13, 2026 [7][8]. - The ESIE 2026 event will be held from April 1 to April 3, 2026, at the Capital International Exhibition Center in Beijing [10].

Investment Rating - The report maintains a "Strongly Outperform" rating for the industry [1]. Core Insights - The government work report emphasizes hydrogen energy, indicating a commitment to developing this sector [6]. - The Philippines has initiated a 3.3GW offshore wind tender, signaling growth potential in emerging offshore wind markets [5][10]. - The report highlights a decline in polysilicon prices, which may impact the solar energy sector negatively [5][6]. Summary by Sections Wind Power - The Philippines' Department of Energy has launched the fifth round of green energy auctions, offering 3.3GW of fixed-bottom offshore wind capacity, with results expected by September 22 [5][10]. - The wind power index decreased by 0.02%, outperforming the CSI 300 index by 1.04 percentage points, with a current PE_TTM valuation of approximately 25.45 times [3][11]. Solar Power - Polysilicon prices have significantly declined, with n-type polysilicon trading between 45,000 to 53,000 CNY per ton, averaging 48,300 CNY per ton, a decrease of 6.58% week-on-week [5][6]. - The solar equipment index fell by 2.38%, with specific declines in solar cell and module indices [3]. Energy Storage & Hydrogen Energy - The government work report mentions hydrogen energy twice, highlighting the establishment of a national low-carbon transition fund to foster new growth points in hydrogen and green fuels [6]. - The report suggests a high demand for new energy storage solutions, recommending investments in leading companies in the domestic and international markets [6]. Investment Recommendations - For energy storage, the report recommends focusing on large-scale storage and competitive companies like Sungrow Power and Huaneng [6]. - In the lithium battery sector, it suggests investing in companies like CATL and Penghui Energy, as the industry emerges from a price decline cycle [6]. - In wind power, it highlights opportunities in companies like Goldwind Technology and Mingyang Smart Energy, especially with the acceleration of deep-sea and floating wind projects [6]. - In solar power, it emphasizes the importance of companies involved in the BC cell industry and those with storage capabilities, such as LONGi Green Energy and Trina Solar [6].

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, with specific recommendations for companies involved in these industries [1][2][3]. Core Insights - The report highlights the tightening of local monopile production capacity in European offshore wind, suggesting a favorable environment for Chinese companies to expand internationally [2]. - In the solar sector, silicon wafer prices are under pressure while battery component prices remain stable, indicating a potential market adjustment [1][14]. - The hydrogen energy sector is set to receive increased policy support during the 14th Five-Year Plan, with a projected doubling of renewable hydrogen production capacity by the end of 2025 [3][18]. - The energy storage market is experiencing significant growth, with a marked increase in project scale and a forecasted rise in lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafers averaging 1.10 RMB per piece, down 8.33% from previous levels [1][14]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [1][14]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [1][15]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the challenges in local monopile production [2][16]. - The report suggests monitoring companies like Dajin Heavy Industry and Tianjun Wind Power as they expand internationally [2][16]. - The wind turbine sector is expected to see profitability improvements in 2026, with companies like Goldwind and Mingyang Smart Energy being key players [2][17]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons of renewable hydrogen production capacity by 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy and Huadian Heavy Industries, focusing on equipment manufacturing and hydrogen compression technology [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC bidding scale reached 4.92 GW, with a total installed capacity of 12.42 GWh, reflecting over 30% growth compared to the previous year [4][19]. - The report emphasizes the importance of companies like Sungrow Power Supply and Aiko Solar in the energy storage market, which is expected to grow significantly [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected to reach 149.59 GWh, with a 21.93% month-on-month increase, indicating strong demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL and BYD, with a focus on maintaining resilience in battery demand [5][26].

Core Insights - The Chinese inverter market experienced a contraction from 2018 to 2019 due to significant price drops in inverter products and a slowdown in new solar photovoltaic installations, with the market size falling to 10.069 billion yuan in 2019, a year-on-year decrease of 20.47% [1] - Since 2020, the market has rebounded strongly, driven by technological advancements in the photovoltaic industry and the transition to grid parity, with the market size projected to reach 56.17 billion yuan by 2025 [1] - The inverter industry is expected to maintain a growth trend in the context of ongoing green and low-carbon energy transitions [1] Inverter Industry Overview - Inverters convert direct current (DC) from sources like batteries into alternating current (AC) for various applications, including household appliances and renewable energy systems [2] - The inverter industry is categorized by various classifications, including active vs. passive inverters, grid-connected vs. off-grid inverters, and different power levels [2][3] Industry Policies - The photovoltaic industry is a strategically supported sector in China, with numerous policies aimed at promoting growth, including financial subsidies and industry standards [3] - Recent policies encourage the upgrade of old photovoltaic equipment and the development of high-efficiency inverters to enhance energy density and efficiency [3][4] Industry Supply Chain - The inverter supply chain includes upstream raw materials and components, midstream research and manufacturing, and downstream applications in solar and wind energy, UPS systems, and electric vehicles [4] Current Industry Status - The global inverter market is projected to grow from $5.06 billion in 2015 to $21.429 billion by 2025, with a compound annual growth rate (CAGR) of 16% [6] - China's inverter production is expected to increase from 21.4 GW in 2015 to 334.8 GW by 2025, with demand rising from 13.16 GW to 186.9 GW during the same period [9] Competitive Landscape - The Chinese inverter market features a competitive landscape with both domestic and international players, including leading companies like Huawei and Sungrow, which are gaining market share through innovation and cost advantages [10] - Domestic companies are focusing on niche markets such as residential and distributed energy systems, enhancing their market positions through differentiated products [10] Key Companies - Sungrow Power Supply Co., Ltd. specializes in renewable energy equipment, including inverters, and reported a revenue of 15.327 billion yuan for its inverter products in the first half of 2025, a year-on-year increase of 17.06% [11] - Jinlang Technology Co., Ltd. focuses on photovoltaic inverters and reported a revenue of 1.82 billion yuan for grid-connected inverters in the first half of 2025, a decrease of 11.22%, while its energy storage inverters saw a significant increase of 313.51% [12] Industry Development Trends - The inverter industry is evolving towards higher power density and energy conversion efficiency, utilizing new semiconductor materials and advanced technologies [13] - Inverters are transitioning from mere energy conversion devices to integrated energy management nodes, supporting smart grid functionalities [13][14] - Future developments will include multi-energy coupling and system integration, enabling comprehensive energy management systems [15]