——电新环保行业周报20260118：国网十五五投资达4万亿，持续关注氢氨醇、AIDC电源、固态电池-20260118

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental sectors [1]. Core Insights - The National Grid's fixed asset investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, with an average annual growth rate of 7%, slightly exceeding expectations. Key areas benefiting from this investment include ultra-high voltage, main distribution networks, smart technology, and major projects [3]. - The domestic energy storage project bidding scale for 2025 is projected to be 447 GWh, with a significant portion being non-collective bidding [3]. - The report highlights the potential for hydrogen, ammonia, and methanol industries, particularly in Shanghai, which aims to establish an international green fuel refueling and trading center by 2030 [4]. Summary by Sections Power Equipment and New Energy - The report emphasizes the importance of the National Grid's investment and its implications for various sectors, including ultra-high voltage and smart grid technologies [3]. - It suggests monitoring companies like TBEA, Pinggao Electric, and XJ Electric for potential investment opportunities [4]. Energy Storage - The report notes a continuous increase in the domestic energy storage market, with significant project bids already in place for 2026 [8]. - It highlights the ongoing demand for energy storage solutions in both domestic and international markets, particularly in North America and Ukraine [8]. Wind Power - The report indicates a substantial increase in new wind power installations, with a projected 82.5 GW added in 2025, marking a 59.42% year-on-year growth [10]. - It suggests that companies involved in offshore wind projects in Europe are likely to benefit from upcoming orders and market growth [23]. Lithium Battery and Materials - The report discusses the dynamics of lithium battery materials, noting a recovery in demand and price stabilization across various segments, including lithium carbonate and iron phosphate lithium [25][27]. - It emphasizes the potential for a surge in demand due to changes in export tax policies and the ongoing transition to solid-state batteries [28]. Environmental Sector - The report maintains a positive outlook on the environmental sector, driven by increased investments and policy support for clean energy initiatives [1][4]. - It suggests that companies involved in hydrogen and ammonia production, as well as those in the energy storage sector, are well-positioned for growth [4].