电力设备新能源行业2026年投资策略报告：驭风逐光，破卷新章

Group 1: Photovoltaic Industry - The photovoltaic industry is expected to recover from losses in 2026, driven by supply-side reforms and increased demand from AI infrastructure, with a potential for exceeding global demand expectations[1] - In 2025, China's photovoltaic installations reached 315.07 GW, a year-on-year growth of 13.67%, despite a significant drop in December's installations by 43% compared to the previous year[14] - The average price of polysilicon increased by over 50% from June to November 2025, indicating a recovery in pricing dynamics within the industry[22] Group 2: Wind Power Industry - The wind power sector is experiencing a favorable supply-demand balance, with significant growth expected in offshore wind installations and exports in 2026[1] - Wind power bidding has maintained high levels of activity since 2025, indicating a robust market outlook for domestic wind power growth[1] - The offshore wind market is projected to become a key growth area, with increasing demand for domestic and international projects[1] Group 3: Electric Vehicle Market - In 2025, China's new energy vehicle sales reached 16.49 million units, reflecting a year-on-year growth of 28.2%, continuing the industry's rapid development[2] - The prices of key materials for electric vehicles, such as lithium hexafluorophosphate and vinyl carbonate, surged by 222.67% and 254.21% respectively in the second half of 2025, contributing to improved profitability in the sector[2] - The industry is entering a new phase of quality improvement and efficiency enhancement, driven by technological innovations and supply chain autonomy[2] Group 4: Investment Recommendations - For photovoltaic investments, focus on leading companies with technological and cost advantages, such as GCL-Poly Energy and JA Solar[3] - In the wind power sector, recommend investing in turbine manufacturers like Goldwind Technology and cable companies like Orient Cable, which are well-positioned for growth[3] - In the lithium battery sector, prioritize companies with improving profitability, such as CATL and Guoxuan High-Tech, as the market recovers[8]