2026年电新行业年度策略：反内卷与科技引领，触底反弹启新篇

Industry Overview - The electric power equipment and new energy industry index accelerated its rise in the second half of 2025, with an overall increase of 39.0% since the beginning of the year, ranking third among 29 industries that saw an increase [5] - The new energy industry has gradually emerged from difficulties, achieving supply-demand rebalancing and enhancing demand through new technologies and market expansion under the support of anti-involution policies [5] Key Trends - Nuclear Fusion: Supported by policies and capital expenditure, the industry is entering an acceleration phase, with a clear push from national and local governments to promote technology and application [32][35] - AIDC Power: Driven by computing power demand and SST technology revolution, new trends are emerging in the industry [29] - Lithium Battery: Demand growth and solid-state technology iteration are opening a new economic cycle [29] - Energy Storage: Market-oriented trading is expected to enhance demand, leading to a simultaneous increase in volume and price [29] - Wind Power: Continuous recovery in volume and profit, with clear main lines in the "two seas" [29] Investment Recommendations - Focus on segmented beta opportunities (lithium battery storage, significant growth in offshore wind, and recovery in photovoltaic auxiliary materials) and technology alpha opportunities (government-supported technology directions such as nuclear fusion, solid-state, and AIDC) [29][30] - The electric power equipment and new energy sector's fund allocation is currently at a historical low, indicating potential for increased investment as supply-demand conditions improve and prices rebound [18][20][24] Profitability Indicators - Overall industry profitability indicators have stopped declining, with lithium batteries, wind power, and the power grid showing signs of profit recovery, while photovoltaic profits are still under pressure but showing signs of bottoming out [10][11][7] Inventory and Investment Indicators - Inventory risks have significantly decreased, with battery inventories showing signs of recovery, while photovoltaic inventories continue to decline [11][14] - Capital expenditure indicators are trending downward, indicating a shift from chaotic expansion to a more structured investment approach [15][17] Fund Holdings Analysis - Fund holdings in the electric power equipment and new energy sector are at a relative historical low, with significant potential for increase as the industry recovers [18][20][24] - The top 15 companies in fund holdings within the new energy sector are predominantly from the lithium battery supply chain, indicating a strong correlation between institutional allocation trends and industry recovery [21][24] Future Directions - The report suggests focusing on high-value core supply chain manufacturers in nuclear energy, as both China and the US are strengthening their nuclear energy policies, with significant investments in nuclear fusion [53] - Key areas to watch include rare minerals and core materials, segmented beta opportunities in energy storage and offshore wind, and technology-driven sectors such as nuclear fusion and solid-state batteries [30][29]