华源证券近日发布大能源行业2026年第4周周报：截至2025年底，全国累计发电装机容量38.9亿千瓦， 全年新能源新增装机434GW，超出市场预期，其中风电119GW、光伏315GW。需要注意的是，火电新 增95GW。单12月看，太阳能新增装机41GW、风电新增装机38GW，远高于6-11月单月情况，预计与年 底风光大基地项目并网有关。 我们预计更多省份有望出台容量电价政策，具备投决过会和项目开工落地条件的省级市场增多，国内独 储市场规模有望变大，储能集成商、上游零部件及电池企业等有望受益。 投资分析意见：建议关注1)集成商：海博思创、阳光电源（300274）、阿特斯；2)电池企业：宁德时代 （300750）、亿纬锂能（300014）、鹏辉能源（300438）、中创新航、欣旺达（300207）、国轩高科 （002074）、瑞浦兰钧；3)储能变流器：科华数据（002335）、正泰电源（002150）、盛弘股份 （300693）、禾望电气（603063）、上能电气（300827）；4)新布局储能行业并有望受益于赛道成长性 的个股：海希通讯、壹连科技（301631）。 电力：完善发电侧容量电价政策25年电源新增装机 ...

智通财经APP获悉，东吴证券发布研报称，国家层面首次明确电网独立新型储能容量电价机制，实行清 单制管理、加速储能项目建设进度。该行预计后续多省将出台相关补贴，25年新型储能并网183GWh， 该行预计26年仍可实现50%增长至275GWh。全国性储能容量电价出台+碳酸锂价格回调，储能需求恢 复，并看好中游材料，推荐隔膜、电解液、负极、正极、铝箔、铜箔等相关产业标的。 东吴证券主要观点如下： 国家层面首次明确电网独立新型储能容量电价机制、战略意义大 1)容量电价计算规则：以当地煤电容量电价标准为基础(165-330元/kw*年)，根据顶峰能力按一定比例折 算(折算比例为满功率连续放电时长除以全年最长净负荷高峰持续时长，最高不超过1)，并考虑电力市 场建设进展、电力系统需求等因素确定。 实行清单制管理、加速储能项目建设进度 项目具体清单由省级能源主管部门会同价格主管部门制定，管理要求由国家能源局另行明确。该行预计 对储能电站的申报、考核、建设周期等明显要求，一定程度上推动一部分暂停项目的建设进度。 明确容量电价承担方、电费结算与市场参与 1)明确新型储能容量补偿费用，纳入当地系统运行费用，成为电价构成部分，由终端 ...

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping 2.48% to 4015.75 points and the Shenzhen Component Index falling 2.69% to 13824.35 points, as trading volume reached 2.6 trillion yuan, slightly lower than the previous day [1] - The market sentiment was negatively impacted by the nomination of Kevin Warsh as the next Federal Reserve Chairman, raising concerns about prolonged high interest rates and a notable drop in risk appetite [1] Pharmaceutical and Biotech Sector - The pharmaceutical and biotech sector demonstrated strong capital attraction, with the Guotai Innovation Drug ETF (589720) seeing a net inflow of 667 million yuan over ten consecutive trading days [3][4] - Key mergers and acquisitions, such as China Biopharmaceutical's acquisition of Hejia Biotech for 1.2 billion yuan and Rongchang Biopharmaceutical's exclusive licensing agreement with AbbVie worth up to 650 million USD, have boosted market confidence and highlighted the global competitiveness of Chinese pharmaceutical companies [3][4] - The investment logic in the pharmaceutical sector is supported by "innovation realization" and "valuation recovery," as domestic innovative drugs enter a commercialization and internationalization phase [3][4] Solar Energy Sector - The solar energy sector saw a strong performance, with the solar industry index rising over 2% before retreating, driven by Tesla CEO Elon Musk's proposal for a "space solar" project [5][6] - The sector is transitioning from a "post-decline rebound" to a deeper "supply-demand pattern reshaping," with significant potential for Chinese solar companies due to their advantages in equipment and core material supply [5][6] - The solar industry has faced intense price competition, leading to significant losses for major players, but recent policies aimed at reducing competition and clearing out outdated capacity are expected to enhance market concentration and improve the profitability of leading firms [5][6] Electric Grid Sector - The electric grid sector is experiencing robust domestic demand, with transformer factories in regions like Guangdong and Jiangsu operating at full capacity, and significant investments expected from the State Grid Corporation [7][8] - Major electric grid equipment companies reported impressive earnings, with projected revenues of 21.205 billion yuan, a 37.18% increase year-on-year, and net profits of 3.163 billion yuan, up 54.35% from the previous year [7][8] - The global energy transition is driving demand for electric grid construction, particularly in underdeveloped regions, presenting substantial growth opportunities for domestic electric grid companies [7][8] Precious Metals Sector - The precious metals sector, particularly gold, is undergoing significant volatility, with COMEX gold prices dropping below 4500 [9][10] - Concerns over monetary policy tightening following Warsh's nomination have led to market sell-offs, exacerbated by high leverage and profit-taking after previous price surges [9][10] - Despite short-term adjustments, long-term support for gold prices remains due to expectations of Federal Reserve rate cuts and ongoing geopolitical tensions [9][10]

Group 1 - The article highlights the successful implementation of Jiangsu's first 8-hour commercial long-duration energy storage project by Weiheng Intelligent Technology Co., Ltd., which serves as a model for the development of commercial energy storage under the electricity market reform [3][7] - The project, located at Suzhou Jingzheng New Materials Technology Co., Ltd., features a 5MW/40MWh energy storage system designed to alleviate high electricity costs during peak production hours, specifically from 14:00 to 22:00 [3][5] - The system utilizes Weiheng Intelligent's proprietary WHES OS smart energy management platform for intelligent scheduling, optimizing charging and discharging strategies based on solar output, load characteristics, and electricity price signals [5][9] Group 2 - The strategic value of the project lies in its alignment with Jiangsu's latest electricity market reform direction, which shifts from fixed time-based pricing to market-driven pricing, allowing independent storage to participate in trading as both a generator and a consumer [7][8] - The transition to a market-based pricing mechanism poses challenges for traditional energy storage models, necessitating a shift towards long-duration storage systems (4 hours and above) that can adapt to structural changes in time-of-use pricing [8][9] - The 5MW/40MWh project has successfully integrated into the medium- and long-term trading system, demonstrating the viability of long-duration storage as a solution to the challenges posed by narrowing price differentials [8][9] Group 3 - The article discusses the advantages of 4-hour and longer energy storage systems, which can effectively address the structural adjustments in time-of-use pricing policies, providing flexibility to cover extended peak pricing periods and enhancing supply stability [8][9] - Various companies are launching 4-hour and longer energy storage solutions tailored for commercial applications, indicating a growing market trend towards these systems [10] - A table is provided detailing several 4-hour commercial energy storage systems from different companies, showcasing their capacities and features, which highlight the competitive landscape in the energy storage sector [11]

证券之星消息，2月2日光伏设备板块较上一交易日下跌1.5%，微导纳米领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。光伏设备板块个股涨跌见下表： 从资金流向上来看，当日光伏设备板块主力资金净流出9515.49万元，游资资金净流入8.01亿元，散户资 金净流出7.06亿元。光伏设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600537 亿晶光电 | | 1.71 Z | 21.86% | -5353.12万 | -6.86% | -1.17 Z | -15.01% | | 600481 | 双良节能 | 1.39亿 | 9.88% | -2418.45万 | -1.72% | -1.15 Z | -8.16% | | 300274 阳光电源 | | 1.39 Z | 1.50% | 5569.08万 | - 0.60% | -1. ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

SST四问四答： 下一代AIDC供电方案，0-1进程 有望加速 长江证券研究所电新研究小组 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 %% %% 2026-02-02 %% %% %% %% research.95579.com %% %% research.95579.com 2 01 SST是什么？ 02 SST为何必要？ 03 SST有何壁垒？ 04 SST进展几何？ 目 录 % research.95579.com 3 01 SST是什么？ %% %% %% %% research.95579.com 4 01 SST是什么：基于电力电子的高集成度供电架构 ➢ 固态变压器（SST, Solid-State Transformer）是基于电力电子技术的高频、高效率电能变换装置，可替代传统工频变压器，实现电压变换 ...

文 | 中关村储能产业技术联盟 第十四届储能国际峰会暨展览会ESIE 2026迎来重要节点： A1楚能馆、A2宁德时代馆两 大展馆所有展位，已全部告罄！ 这不仅是招展工作的重大节点，更是行业对ESIE 202 6盛会高度认可的最佳证明。 中 车 株洲所、阳光电源、双登股份、远景储能、楚能新能源、宁德时代、国轩高科、瑞浦兰 钧、科华数能、新源智储、索英电气、智光储能、科陆电子、比亚迪、华为数字能源、亿 纬锂能 等产业链领军企业将于4月齐聚北京，一个汇聚产业核心力量、定义年度技术风向 的顶级平台已蔚然成型！ 展位售罄，展商抢先看 01 | A1楚能馆 | | | --- | --- | | A1C08 | 楚能新能源股份有 | | A1101 | 费加罗传感科技 | | A1102 | 南通福美新材料有 | | A1103 | 东莞市志盈五 | | A1104 | 佛山市迪璐特科技 | | A1105 | 扬州浦发塑业有限 | | A1107 | 美国安丰认证有限 | | A1108 | 威纳尔 | | A1109 | Et | | A1110 | | --- | | A1111T, A1112T | | A11 ...

格隆汇2月2日｜今日特高压、光伏板块表现亮眼，电网设备ETF(159326)飙涨3.25%，盘中获资金净申 购1亿份，光伏ETF华夏(515370)涨0.88%。 相关产品： 特高压权重超60%+智能电网含量55%+可控核聚变含量14%"：电网设备ETF(159326)，权重股包括国电 南瑞（国内电网智能龙头）、特变电工（全球特高压设备核心供应商）、思源电气（电力设备研发与制 造）等。该ETF年初至今累计净流入124亿元，位居同类第一。 高纯度光伏产业覆盖：光伏ETF华夏(515370)，权重股包括特变电工（硅料+输变电双龙头）、隆基绿 能（硅片+ BC组件龙头）、阳光电源（全球逆变器王者）。 电力转型全链条：绿电ETF(562550)，核心权重股：长江电力（国内最大水电运营商）、三峡能源（国 内最大的新能源运营商）。 消息面上： ①据央视财经，全球AI算力建设进入爆发期，电力设备变压器正升级为算力基础设施的核心，大量变 压器工厂已经处于满产的状态，其中部分面向数据中心的业务订单都排到了2027年，美国市场交付周期 已经从50周延长至127周。 ②中信证券最新研报指出，太空光伏并非炒作，正在进入规模化部署的前 ...

Investment Rating - The report indicates a bullish stance on the energy storage sector, highlighting it as the most favored sector for investment in 2026 due to expected high growth [6][1]. Core Insights - The energy storage industry is anticipated to experience significant growth in 2026, driven by the recent implementation of the capacity tariff policy and adjustments in lithium carbonate prices, which enhance the valuation attractiveness of energy storage companies [6][1]. - The capacity tariff policy, issued by the National Development and Reform Commission and the National Energy Administration, clarifies the pricing mechanism for new-type energy storage, establishing its market position and accelerating nationwide implementation [9][3]. Summary by Sections Weekly Recommendation Logic - The energy storage sector is expected to see high certainty growth in 2026, making it a top investment choice. Recent underperformance is attributed to seasonal demand and rising raw material prices, but valuations have become attractive post-adjustment [6][1]. - The release of the capacity tariff policy and corrections in lithium carbonate prices are key reasons for the positive outlook on the energy storage sector [6][1]. Weekly Recommended Portfolio - Top Picks: Contemporary Amperex Technology Co., Limited (CATL), Sungrow Power Supply Co., Ltd., EVE Energy Co., Ltd., Hyperstrong Energy Storage Technology Co., Ltd. [7][2]. - Sustained Picks: Tsugami Machinery (China) Co., Ltd., Sunwoda Electronic Co., Ltd., Shenzhen Sinexcel Electric Co., Ltd., CALB Group Co., Ltd., Sichuan Fulin Precision Machinery Co., Ltd., Jiangsu Longpan Technology Co., Ltd. [7][2]. Commentary on the Capacity Tariff Policy - The capacity tariff policy categorizes the pricing mechanism for various energy sources, including new-type energy storage, based on local coal-fired power standards and peak-shaving capacity [8][3]. - The policy aims to establish a clear development direction and tariff formulation methodology, which is significant for the national development of the energy storage industry [9][3].