——电新环保行业周报20260111：重点关注国产算力、氢能、储能上游-20260111

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Insights - The report highlights several recent developments in the new energy supply side, including a meeting by four ministries to regulate competition in the power and energy storage battery industries, a significant drop in polysilicon futures prices, and the planned cancellation of export tax rebates for photovoltaic products starting April 1, 2026 [3]. - The report emphasizes that the "anti-involution" efforts in the new energy sector are complex and challenging, with the government aiming to maintain international competitiveness while balancing market and policy adjustments [3]. - Investment recommendations include focusing on domestic computing power, hydrogen energy, and energy storage upstream sectors, with specific companies suggested for investment based on their market positioning and growth potential [3]. Summary by Sections New Energy Supply Side - Recent events include a meeting to regulate competition in the power and energy storage battery industries, a decline in polysilicon futures, and adjustments to export tax rebates for photovoltaic products [3]. - The report suggests that the direction of "anti-involution" in the photovoltaic industry will remain unchanged, focusing on execution and coordination [3]. Investment Recommendations - The report advises caution in pursuing high-flying stocks in commercial aerospace and related sectors due to significant price increases detached from fundamental performance [3]. - It recommends focusing on companies like Sifang Co., Shenghong Co., and others in the AI power sector, as well as those involved in hydrogen energy and energy storage [3]. - The report highlights the importance of monitoring the domestic energy storage market and the upcoming bidding situation for energy storage projects [5][6]. Wind Power - The report notes that the newly installed capacity for onshore wind power in 2024 is expected to reach 75.8 GW, a year-on-year increase of 9.68%, while offshore wind power is projected to decline by 40.85% [7]. - The report indicates a significant increase in domestic wind power installations, with a total of 82.50 GW added from January to November 2025, representing a year-on-year growth of 59.42% [7]. Lithium Battery Sector - The report discusses the impact of the cancellation of export tax rebates on lithium batteries, which is expected to create pressure on smaller battery manufacturers while benefiting larger firms [19]. - It highlights the anticipated demand for lithium batteries in 2026, with a total production estimate of approximately 210 GWh in China, despite a seasonal decline [20]. - The report emphasizes the importance of monitoring supply chain dynamics and pricing trends in lithium battery materials, particularly lithium carbonate and other components [21].