中金2026年展望 | 电力设备新能源：筑基待势，万象启新（要点版）

Group 1: New Energy Vehicles - The new energy vehicle sector is expected to enter a new upward cycle starting in 2025, driven by improvements in supply-demand structure and price stabilization within the industry chain [6][7] - Key drivers include changes in demand structure, diversification of application scenarios, and the release of a new vehicle cycle overseas [6] - The introduction of high-voltage fast-charging and extended-range models is expected to increase the battery capacity per vehicle, expanding applications beyond passenger cars to include heavy trucks, engineering machinery, and electric ships [6][7] Group 2: Energy Storage - The energy storage market is anticipated to grow significantly due to declining prices of lithium batteries, inverters, and photovoltaic components, making "photovoltaic + energy storage" economically viable in many countries [4][10] - The global energy storage market is projected to maintain an upward trend, with expected annual shipments surpassing 600 GWh and growth rates exceeding 20% by 2026 [10] - The domestic energy storage market is expected to reach an economic turning point following policy reforms, while emerging markets in Asia, Africa, and Latin America are becoming new growth areas [10][11] Group 3: Industrial Automation - The industrial automation sector is experiencing stable growth, with structural opportunities arising from the recovery of the new energy sector since 2025 [14][15] - The demand for high-performance power supply for AI data centers is driving growth in AIDC (Automated Identification and Data Capture) and robotics [15] - Companies are extending their existing technology into robotics, with a focus on humanoid robots and advanced motor technologies such as axial flux motors [15][16] Group 4: Power Equipment - The investment climate for domestic power grids is expected to remain positive, with a projected CAGR of around 7% for grid investment from 2026 to 2027 [17][19] - The focus on high-voltage direct current (HVDC) and flexible direct current transmission is expected to drive significant investment in the power grid [17] - The export potential for power equipment remains strong, with a 23% year-on-year increase in exports from January to August 2025, driven by global demand for renewable energy and grid modernization [19]