Zhi Tong Cai Jing·2025-12-18 06:19Core Viewpoint - The report from Guolian Minsheng Securities indicates that the industry will focus on a dual narrative of "new power systems + digital infrastructure" by 2026, with two main lines: new growth areas and high-quality development sectors [1] Summary by Relevant Sections 2025 Market Review - The market showed significant differentiation between the first and second halves of 2025, with the overall performance greatly outperforming the CSI 300 index, achieving a year-to-date increase of approximately 38.4% compared to the CSI 300's 15.7% [2] - As of December 11, 2025, the holding ratio of 306 selected electric new energy stocks was 11.59%, reflecting a quarter-on-quarter increase of 1.16 percentage points but a year-on-year decrease of 1.83 percentage points [2] - The market capitalization of electric new energy stocks accounted for 8.58% of the total A-share market capitalization, with a quarter-on-quarter increase of 1.25 percentage points and a year-on-year increase of 0.76 percentage points [2] 2026 Strategy Projection - The current narrative in the power equipment and renewable energy industry is based on the dual themes of "new power system construction + digital infrastructure construction," driven by policies, technology, and demand [3] - The report categorizes the electric new energy sectors into "new growth + high-quality development" lines, exploring investment opportunities across different segments based on their performance and market conditions [3] New Growth Areas - AIDC: The global energy transition is driving upgrades in power grids, with increased demand for AIDC power equipment due to accelerated capital expenditures from major internet companies [4] - Solid-State Batteries: Solid-state batteries offer significant advantages in energy density and safety, with accelerated industrialization and vast future development potential supported by favorable policies [4] - Humanoid Robots: The humanoid robot industry is maturing, driven by major manufacturers like Tesla and Yuzhu, with increasing demand for core components due to advancements in AI [4] High-Quality Development - Energy Storage: Independent energy storage in China is benefiting from capacity pricing, peak-valley arbitrage, and auxiliary services, leading to increased demand and economic viability [5] - Wind Power: Domestic onshore wind prices are recovering, while offshore wind is advancing into deeper waters; the domestic supply chain is expected to penetrate overseas markets, enhancing competitiveness [5] - Photovoltaics: Since 2025, high-level interventions have alleviated chaotic low-price competition, with improved operational conditions for main chain enterprises, indicating a potential industry reversal [5]