未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 行业研究 市场研究部 2026 年 1 月 19 日 光伏行业周报（20260112-20260116） 本周光伏设备（申万）指数表现 本周（2026/01/12-2026/01/16）沪深 300 指数-0.57%，申万 31 个行 业指数 30 个上涨，电力设备（申万）指数本周+0.79%，排在第 9 位， 跑赢指数 1.36pct。电力设备二级行业指数涨跌互现，光伏设备行业指 数+2.89%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申 万）、风电设备（申万）、电机Ⅱ（申万）分别-1.49%、+6.36%、- 1.98%、-4.64%、-0.56%。从公司表现看，本周光伏设备行业（申万） 公司涨幅居前的是帝科股份、钧达股份、明冠新材、海优新材、宇邦 新材，跌幅居前的公司为晶科能源、通威股份、大全能源、航天机电、 亿晶光电。 产业链主链价格全线上涨 根据 datayes，1 月 14 日硅料成交价 59 元/kg，环比持平；硅片成交 价为 1.50 元/片，环比持平；电池成交价 0.42 元/W，环比+2 分/W； 组件成交价为 ...

Core Viewpoint - The article discusses the upcoming IPO of a supplier to the State Grid, highlighting its dual focus on energy and robotics, indicating a diversification strategy in its business model [1] Group 1: Company Overview - The company is based in Shanghai and is positioned as a key supplier to the State Grid, which suggests a strong relationship with a major player in the energy sector [1] - The company is expanding its operations into the robotics sector, indicating a strategic move to diversify its revenue streams and reduce dependency on a single industry [1] Group 2: Market Implications - The IPO is expected to attract significant investor interest due to the company's involvement in both energy and technology sectors, which are seen as growth areas [1] - The dual focus on energy and robotics may provide the company with a competitive edge, allowing it to leverage synergies between the two industries [1]

来源：中航证券行业研究报告 随着"十四五"期间以风电、光伏为代表的新能源电源投资迅猛发展，我国电网系统正面临深刻的转型压 力与升级需求。根据中航证券研究报告分析，新能源装机的高速增长与传统电网系统的适配问题，正推 动一场规模空前的电网投资与改造浪潮。"十五五"期间，电网建设将成为支撑新型电力系统构建、保障 能源安全与绿色转型的核心抓手。 中航证券报告指出，"十四五"期间，我国风光新能源装机呈现"高潮迭起"态势。风光合计新增装机量于 2021年4月超过火电，累计装机量更于2025年2月实现对火电的超越。自2024年起，风光发电量合计占比 已超过水电，并于2025年突破15%的关键临界点。然而，新能源发电的间歇性与波动性，导致电网在功 率、频率、相位及谐波等方面扰动加剧，对电网安全稳定运行和用户用电质量构成显著挑战。 与此同时，中航证券报告分析指出，全球人工智能投资热潮正快速转化为对AI数据中心电力基础设施 的庞大需求。据国际能源署预测，2025至2030年间，全球IT负载将累计新增106GW。为确保稳定高效 供电，AI数据中心的配电系统成为关键，其投资约占数据中心总投入的10%。 "十五五"国内电网聚焦两大主线 ...

连日来，入冬后最强寒潮自北向南正席卷我国中东部及南方部分地区，暴雪、冻雨、强降温与大风叠加 侵袭，给电网安全稳定运行带来严峻考验，取暖用电需求也在同步激增。 保暖保供，电力是生命线。国家电网、南方电网密切跟踪气象变化，滚动研判负荷趋势，做好跨区跨省 电力支援准备，结合各地风险特点差异化落实防冰抗寒、保暖保供措施。一张覆盖全国、多级联动、快 速反应的电力保供网络全面铺开，广大电网员工顶风冒雪奋战在保电一线。 线路覆冰是寒潮侵袭下电网安全的首要威胁。各地电网依托智能装备与技术创新，打造"人工+智能 化"立体除冰体系，让抗冰保电更高效、更安全。 在湖北随州大洪山区，35千伏土白线易覆冰区段，远程遥控除冰机器人在线路上行进碾压，冰层簌簌脱 落。"机器人靠太阳能供电，我们在50公里外就能遥控作业，响应快、效率高，还能保障人员安全。"国 网随县供电公司输电班班长易能智说。目前已有20余套该型机器人在湖北随州、咸宁、十堰等地投入实 战。 这些天，山东电网取暖负荷持续走高，1月18日全网最高负荷达1.1亿千瓦，刷新今冬最高纪录。国网山 东电力一方面组织光伏电站调整光伏板倾角、启用扫雪机器人清理覆雪，保障新能源发电稳定；另一方 ...

Core Viewpoint - The A-share market has seen a strong performance in smart grid stocks, driven by significant investment announcements from major state-owned power companies, indicating a robust growth outlook for the sector [1] Group 1: Market Performance - Several smart grid stocks have experienced notable gains, with Hanlan Co. and Guangdian Electric hitting the daily limit up, while Huazi Technology and Jinxianda rose over 9% [1] - The total investment in the smart grid sector during the 14th Five-Year Plan period is projected to reach approximately 5 trillion yuan, significantly higher than previous periods [1] Group 2: Investment Announcements - The State Grid has announced a total fixed asset investment of 4 trillion yuan for the 15th Five-Year Plan period (2026-2030), representing a 40% increase compared to the 14th Five-Year Plan [1] - Southern Power Grid is expected to invest around 1 trillion yuan during the same period, with a total investment estimate of approximately 1.8 trillion yuan for the Southern Power Grid [1] Group 3: Stock Performance Data - Hanlan Co. (002498) has a market cap of 19.3 billion yuan and a year-to-date increase of 51.70% [2] - Guangdian Electric (601616) has a market cap of 5.199 billion yuan and a year-to-date increase of 57.77% [2] - Huazi Technology (300490) has a market cap of 5.845 billion yuan and a year-to-date increase of 22.27% [2]

坚实网架基础是应对高峰负荷的重要支撑。在江苏，1月20日最高用电负荷攀升至1.35亿千瓦。"此 次负荷峰值中，居民采暖及工商业供暖用电占比约为1/4。江苏省内10项主干网工程在入冬前投运，提 升了电力输送与互济能力。"国网江苏电力调控中心调度运行处处长仇晨光介绍。通过跨区跨省中长期 交易等方式，江苏在高峰时段已落实外来电超过3000万千瓦，补充省内供应。 雨雪冰冻天气中，输电线路容易产生覆冰，威胁电网安全。多地电力部门借助技术创新，让高科技 装备成为破冰利器。 观冰"千里眼"上线。安徽电网在易覆冰通道部署了480余套"观冰精灵"、近100套气象类监测装置。 安徽送变电公司宁国运检站站长许翔介绍，"观冰精灵"可以监测导线倾斜角、覆冰情况，还具备导线测 温等功能，将数据实时传输到后台，实现不间断远程监控。 人民日报记者 丁怡婷 国家能源局发布的最新数据显示：1月20日，全国最大用电负荷首次在冬季突破14亿千瓦，达14.17 亿千瓦。受大范围寒潮天气影响，1月18日以来全国用电负荷快速攀升，3天内增加1.5亿千瓦，保暖保 供进入关键时期。 这已是今年用电负荷第三次创冬季新高。1月4日，全国最大用电负荷达到13.51 ...

Summary of Conference Call on Power Equipment Industry Industry Overview - The National Grid's overall investment during the 14th Five-Year Plan (2021-2025) is expected to have a compound annual growth rate (CAGR) of 5.5% to 6% during the 15th Five-Year Plan (2026-2030), with potential dynamic adjustments [1][4] - Total investment is projected to be at least 450 billion to 500 billion yuan, including at least 16 DC and approximately 20 AC lines [1][4] - The investment growth rate for the main grid is expected to outpace that of the distribution network, with a significant acceleration in ultra-high voltage (UHV) construction [1][4] Key Investment Areas - **Main Grid Investment**: - Expected to increase from 45% in 2025 to 47%-48% in 2026, with UHV investment growth exceeding 10% [2] - Non-UHV main grid investment is also anticipated to grow rapidly [2] - **Distribution Network Investment**: - Focused on three main areas: 1. Upgrading old equipment, including transformers and switches 2. Enhancing reliability, particularly in rural and urban areas 3. Increasing capacity for distributed photovoltaic systems through transformer upgrades [5][6] Specific Projects and Developments - In 2026, several new UHV projects are set to begin construction, including those in Sichuan and other regions [4] - The investment in secondary equipment for the distribution network is critical, with less than 15% coverage of smart terminals in rural areas, necessitating significant investment in metering, communication, and monitoring equipment [3][8] Notable Companies and Growth Potential - **Main Grid Companies**: - Key players include Pinggao Electric, XJ Electric, China XD Electric, Guodian NARI, TBEA, and Sifang Electric, all of which have significant advantages in UHV technology [3][9] - Expected profit growth rates for 2026: - Pinggao Electric: 20% due to strong orders for 1,000 kV equipment [9][10] - XJ Electric: 15% with a doubling of revenue from UHV projects [9][10] - China XD Electric: 15% with successful bids for major projects [9][10] - Guodian NARI: 10% with new core components contributing to performance [9][10] - TBEA: Close to 20% growth due to breakthroughs in the National Grid sector [9][10] - Sifang Electric: 45% growth expected due to increased market share [9][10] - **Distribution Network Companies**: - Recommended companies include Samsung Medical and Oriental Electronics, with Samsung being a leader in distribution and Oriental focusing on digitalization [3][9] Investment Opportunities and Risks - The distribution network presents substantial investment opportunities, particularly in the latter half of the 15th Five-Year Plan, with a need for structural improvements in weak supply networks [8] - Companies with technological advantages and comprehensive solutions are expected to benefit from the increasing investment in the grid [7] Conclusion - The power equipment industry is poised for significant growth driven by government investment in both the main and distribution networks, with specific companies positioned to capitalize on these trends through their technological capabilities and market strategies [4][9]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the electric power industry, specifically the initiatives and investments by the State Grid Corporation of China (SGCC) to enhance the electric grid infrastructure and support renewable energy projects [1][2]. Core Insights and Arguments - **Investment Plans**: In 2026, SGCC plans to invest 4 trillion yuan in fixed assets, a significant increase from 2.85 trillion yuan during the previous five-year period, marking a new phase of high-intensity construction aimed at building a new power system to adapt to renewable energy and carbon neutrality goals [2]. - **Strengthening the Grid Platform**: SGCC aims to enhance the grid platform by focusing on UHV (Ultra High Voltage) construction to support the development of wind and solar resources in the western regions and hydropower projects in the southwest. Key equipment such as transformers, GIS (Gas Insulated Switchgear), and converters will see increased demand, benefiting companies like Pinggao Electric, China XD Electric, and XJ Electric [1][4]. - **Improving Regulation Capabilities**: SGCC is investing in virtual power plants, energy storage technologies, and digital upgrades of distribution networks, with a focus on smart terminals and automated distribution systems. Companies like Dongfang Electronics and Sifang Co. are expected to benefit from these investments [1][5]. - **Technological Empowerment**: The company is actively investing in technologies such as drone inspections and AI applications to enhance operational capabilities. Companies like Dongfang Electronics and Sifang Co. are positioned to benefit from these technological advancements [1][6][7]. - **Electric IT and Software Development**: A robust software platform is essential for digital transformation in areas like scheduling, marketing, and asset management. Companies like State Grid Information and Yuanguang Software are expected to benefit from these developments [1][8]. Additional Important Insights - **Global Market Opportunities**: There is a strong demand for electric equipment globally, particularly in North America and Southeast Asia, which presents significant growth opportunities for Chinese companies. The focus should be on capturing new cyclical development opportunities in these markets [3][9]. - **Space Photovoltaics Investment Logic**: The investment logic in space photovoltaics includes reduced launch costs due to commercial space advancements, increased power output per satellite, and the application of new technologies. Companies like Junda and Dongfang Risheng are leading in this field [3][10][11]. - **AIDC Power Trends**: The tightening of power supply in North America has led to increased electricity prices, driven by the demand from data centers. This trend is expected to continue, providing growth opportunities for Chinese power supply companies entering the North American market [3][12]. - **Investment Themes**: Current market themes include space photovoltaics, AIDC power, and solid-state batteries, which have clear long-term demand and investment value. The recent electric grid investment plans are likely to boost related equipment markets in the short term [3][13].

国家能源局发布的最新数据显示：1月20日，全国最大用电负荷首次在冬季突破14亿千瓦，达14.17亿千瓦。受大范围寒潮 天气影响，1月18日以来全国用电负荷快速攀升，3天内增加1.5亿千瓦，保暖保供进入关键时期。 这已是今年用电负荷第三次创冬季新高。1月4日，全国最大用电负荷达到13.51亿千瓦，首创冬季负荷历史新高。1月19日 最高达13.79亿千瓦、20日最高达14.17亿千瓦，连续两天再创冬季负荷新高。 今年以来，全国日用电量维持高位。1月5日，单日用电量首次在冬季突破300亿千瓦时，1月5日至7日、1月19日单日用电 量均超300亿千瓦时。 国家能源局"一省一策"部署做好应对举措，克服新能源出力大幅波动、雨雪冰冻灾害造成的设备故障等困难挑战，保障保 暖保供工作平稳有序。国家电网优化电网运行方式，利用跨区跨省输电通道，支援重点地区保暖保供。南方电网在冻雨多 发区增设覆冰监测装置，提前做好抢修物资盘点补充和抢修队伍前置等准备工作。 坚实网架基础是应对高峰负荷的重要支撑。在江苏，1月20日最高用电负荷攀升至1.35亿千瓦。"此次负荷峰值中，居民采 暖及工商业供暖用电占比约为1/4。江苏省内10项主干网工程在入 ...

Group 1 - The core investment of 4 trillion yuan by the State Grid during the 14th Five-Year Plan period aims to build a smarter and greener power grid system, marking a 40% increase compared to the previous plan [1][2][8] - This investment focuses on addressing three major challenges in renewable energy development: the ability to generate, transmit, and utilize wind and solar power effectively [2][8] - The goal is to increase the share of non-fossil energy consumption to 25% and the proportion of electricity in final energy consumption to 35%, supporting the "dual carbon" targets [2][8] Group 2 - The plan includes meeting the demand for 35 million charging facilities, directly addressing the growing need for charging infrastructure as the number of electric vehicles continues to rise [3][4][8] - A widespread charging network will alleviate range anxiety, significantly enhancing the convenience of using electric vehicles and encouraging the transition from fuel vehicles to new energy vehicles [4][8] - The integration of charging facilities with renewable energy will promote zero-carbon travel, reducing carbon emissions in the transportation sector [5][8] Group 3 - The investment will enable the construction of a new type of power grid platform, enhancing the capacity for cross-regional power transmission by over 30% compared to the end of the previous plan [9][10] - The focus will be on strengthening key core technologies and fostering innovation in the energy and power sector, aiming to create a globally influential technology hub [10][11] - The company will continue to play a stabilizing role in the national economy through sustained high-intensity investments, ensuring energy security and contributing to the establishment of a new energy system [11][12]