电力设备及新能源行业2026年策略：“反内卷”背景下景气度回升，关注各环节景气链出海机遇

Group 1: Lithium Battery Industry - The lithium battery industry has emerged from a cyclical bottom, with demand maintaining unexpectedly high growth, leading to price stabilization and profit recovery in various segments [4][19] - In 2025, the domestic new energy vehicle sales are expected to reach 16.5 million units, a year-on-year increase of 28%, driven by policies and market demand [19][20] - The battery segment is anticipated to see price increases and a cyclical upturn in 2026, benefiting from unexpected growth in energy storage demand and new technologies [4][48] Group 2: Photovoltaic Industry - The photovoltaic industry is undergoing a "de-involution" process, optimizing the supply side and driving high demand for energy storage, with significant growth expected in 2026 [6][28] - The integration of energy storage and photovoltaic systems is expected to enhance the economic viability of storage solutions, leading to sustained high growth in the energy storage sector [6][36] - Key beneficiaries in the photovoltaic sector include leading companies in silicon materials and integrated component manufacturers, such as Tongwei Co., Ltd. [6][28] Group 3: Wind Power Industry - The domestic wind power installation is expected to remain high, with the "de-involution" orders stabilizing prices and improving overall industry profitability [7][8] - The global offshore wind power market is entering an expansion phase, driven by technological advancements and supportive policies, creating growth opportunities for domestic manufacturers [7][8] - Companies that have successfully entered overseas markets and secured significant orders are expected to see strong performance in the coming years [7][8] Group 4: Investment Strategies - Investment opportunities in the lithium battery sector should focus on companies with strong pricing power and profitability, such as Guoxuan High-Tech and other related beneficiaries [4][5] - In the photovoltaic sector, investment should target companies benefiting from the "de-involution" process and those involved in energy storage solutions, such as Sungrow Power Supply [6][28] - For the wind power industry, attention should be given to companies with established overseas operations and strong product profitability, particularly in offshore wind components [7][8]