新能源赛道王者归来？基金、外资、融资客重仓这些新能源股！

Core Viewpoint - The recent surge in the A-share market for the new energy sector, particularly in photovoltaic and lithium battery stocks, indicates a strong recovery reminiscent of the bull market from 2020 to 2021, with significant gains observed in leading companies like Ningde Times and Sunshine Power [1][2]. Summary by Category Energy Storage - The energy storage sector is experiencing explosive growth, with domestic energy storage procurement reaching 313 GWh in the first nine months of 2025, a year-on-year increase of 185% [2]. - The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage capacity to exceed 180 million kilowatts by 2027, indicating substantial growth potential [5]. - Emerging markets in Asia, Africa, and Latin America are facing power supply challenges, leading to a shift in energy storage demand from optional to essential, driven by declining costs of "photovoltaic + energy storage" technologies [6]. Lithium Battery - Major lithium battery companies are operating at full capacity due to high demand, with production data showing a 1.5% increase in battery output in November [9]. - Prices for key materials in the lithium battery supply chain, such as lithium hexafluorophosphate, have surged over 140% since July, indicating a tightening supply and improving profitability for the industry [10]. - Solid-state batteries are progressing towards commercialization, with semi-solid batteries entering mass production, which will drive demand for materials and equipment in the lithium battery supply chain [10]. Photovoltaic Industry - The photovoltaic industry is entering a phase of price stabilization after a period of oversupply, with significant price increases observed in polysilicon and solar cell components since July [11][13]. - A coalition of 17 polysilicon companies is expected to form a fund of approximately 70 billion yuan for polysilicon storage, marking a significant step towards reducing overcapacity in the photovoltaic sector [13]. - The photovoltaic sector's future profitability will heavily depend on the implementation of anti-involution policies to manage supply and demand dynamics [13]. Investment Trends - The new energy sector is the second-largest investment focus for public funds, with a total market value of approximately 452.9 billion yuan in the power equipment industry [14]. - Foreign capital is also heavily invested in the new energy sector, with the market value exceeding 440 billion yuan, particularly in leading companies like Ningde Times and Sunshine Power [18]. - The financing balance for new energy stocks has reached a historical high, indicating strong investor sentiment and willingness to leverage investments in this sector [21].