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].

Investment Rating - The report maintains a "stronger than the market" investment rating for the industry [1] Core Views - The report highlights the introduction of a national capacity pricing policy for independent energy storage and anticipates a record high in domestic photovoltaic installations in 2025 [1][6] Wind Power - A significant event occurred on January 26, where nine countries signed the North Sea Offshore Wind Investment Agreement, committing to provide planning and investment guarantees for offshore wind projects, aiming for an annual addition of 15GW of offshore wind capacity from 2031 to 2040 [5][9] - The wind power index fell by 3.01% during the week, underperforming the CSI 300 index by 3.09 percentage points, with a current PE_TTM valuation of approximately 28.16 times [4][10] Photovoltaics - In 2025, the domestic photovoltaic installation is expected to reach a record high of 31.507 million kilowatts, a year-on-year increase of 13.67%, driven by the promotion of the 136 document [5][6] - The report forecasts that the domestic photovoltaic manufacturing industry will face significant supply-demand pressure and profitability challenges in 2026, with expected new installations between 200-250GW [5][6] Energy Storage & Hydrogen Energy - The national capacity pricing policy for independent energy storage has been established, allowing independent storage to earn revenue through a combination of capacity pricing and spot market arbitrage [6] - The report recommends investing in domestic and international large-scale storage companies, highlighting firms like Sungrow Power Supply, Huaneng Renewables, and others as having strong competitive advantages [6] Investment Recommendations - The report suggests focusing on companies with competitive advantages in high-efficiency battery technology and those involved in the emerging markets of distributed storage [6] - Specific recommendations include Ningde Times and Penghui Energy in the battery segment, and companies like Goldwind Technology and Mingyang Smart Energy in the wind power sector [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the photovoltaic industry, with the China Securities Photovoltaic Industry Index rising by 1.84% and key stocks like Dongfang Risheng and Nanjing Energy showing significant gains [1] - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism on the generation side, emphasizing the need for a reliable capacity compensation mechanism to ensure stable power supply during peak demand [1] - The reliable capacity compensation mechanism will be based on fixed costs that cannot be recovered in the energy and ancillary services markets, taking into account power supply-demand relationships and user affordability [1] Group 2 - Zhongyin Securities identifies "anti-involution" and "space photovoltaic" as the two main investment themes for 2026, with Elon Musk indicating the potential to establish a 100GW photovoltaic full industry chain, which is expected to enhance the demand for photovoltaic equipment [2] - The China Securities Photovoltaic Industry Index includes up to 50 representative listed companies involved in the photovoltaic industry chain, with the top ten weighted stocks accounting for 53.49% of the index [2] - The photovoltaic ETF fund closely tracks the China Securities Photovoltaic Industry Index, with various related index funds available for investors [2]

证券研究报告·行业点评报告·电力设备 电力设备行业点评报告 全国性储能容量电价出台，独立储能盈利模 式重构 增持（维持） [Table_Tag] [Table_Summary] 政策内容 2026 年 02 月 02 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -10% -3% 4% 11% 18% 25% 32% 39% 46% 53% 60% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 电力设备 沪深300 相关研究 免责及评级说明部分 免责声明 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本研究报告仅供东吴证券股份有限公司（以下简称"本公司"）的客户使用。本公司不 会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不 构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后 果负任何责任。任何形式 ...

Summary of Key Points from the Conference Call Industry and Company Overview - The focus is on the Chinese equity market, particularly in relation to US investor interest and the implications of regulatory actions on companies like Trip.com [2][3][10]. Core Insights and Arguments 1. **US Investor Interest in Chinese Equities**: There is a growing interest from US investors in diversifying their portfolios to include Chinese equities, with expectations of potential upside from government measures to boost household income and consumption [2][4]. 2. **Trip.com Anti-Trust Investigations**: Concerns were raised regarding the anti-trust investigations into Trip.com, but it is viewed as a company-specific issue rather than a sector-wide problem. Historical trends suggest that affected companies may see their share prices underperform for 4-6 months [3][10]. 3. **Economic Outlook Alignment**: US investors' views on the Chinese economy align with domestic investors, acknowledging challenges like the property downturn but not anticipating a systemic breakdown. There is hope for more stimulus to boost consumption [4][5]. 4. **Market Sentiment and Regulatory Actions**: Recent tightening of regulations in the A-share market has cooled sentiment, but these measures are seen as temporary, aimed at fostering a sustainable bull market rather than suppressing long-term growth [5][20]. 5. **Performance Expectations Leading to NPC Meeting**: Historically, the A-share market performs well leading up to the National People's Congress (NPC) meetings, and there is an expectation for a buoyant market in the first half of the year due to institutional inflows and retail participation [5][33]. 6. **Sector Preferences**: The model portfolio has shifted to favor copper over the solar supply chain, reflecting better supply/demand dynamics and a thematic play on global energy shortages [8][9]. 7. **Bullish and Bearish Scenarios for 2026**: - **Base Case**: Assumes 10% earnings growth driven by 5% revenue growth and margin expansion [29]. - **Bull Case**: Envisions a global AI boom leading to higher productivity and earnings growth, with a potential re-rating of valuations [30]. - **Bear Case**: Considers a global AI bust leading to a significant selloff in equities, particularly impacting AI-related stocks in the MSCI China index [31]. 8. **Going Global Theme**: US investors are interested in "going abroad" stocks, which are high-quality exporters with significant overseas revenue exposure, as domestic demand remains subdued [50][55]. Other Important Insights 1. **Regulatory Environment**: The tightening of margin financing requirements is seen as a measure to prevent market overheating, with historical highs in A-share market turnover and margin financing balance [20][21]. 2. **Market Performance Around Key Events**: The HK equity market typically performs better before the Chinese New Year, while A-shares tend to do well before NPC meetings, with expectations of policy stimulus influencing market reactions [46][47]. 3. **Valuation and Risk Considerations**: Risks facing Chinese equities include a potential hard landing in the property market and slow structural reforms. Excessive stimulus could hinder the transition to a consumption-driven economy [57]. This summary encapsulates the key points discussed in the conference call, highlighting the current sentiment and outlook for the Chinese equity market, particularly in relation to US investors and regulatory impacts.

Industry Overview - The Ministry of Commerce will launch a national-level overseas comprehensive service platform to streamline services related to foreign affairs, legal, financial, and logistics, aiming to reduce cross-border compliance costs and improve decision-making efficiency for enterprises [3] - China's foreign trade continues to grow, with the total import and export value expected to reach 45.47 trillion yuan by 2025, a year-on-year increase of 3.8%. The number of provinces with foreign trade exceeding one trillion yuan has expanded to nine [4] - The current trend in China's energy storage sector is shifting from scale expansion to value cultivation, with renewed interest in overseas factory construction [5] Company Dynamics - AliExpress has seen a significant increase in website traffic in developed markets, with a year-on-year growth of 18.7% in the U.S. for 2025, making it one of the fastest-growing platforms [7] - Anta Sports announced the acquisition of a 29.06% stake in PUMA for 1.506 billion euros, positioning itself as the largest shareholder and aiming to enhance its global brand and channel presence [8] - Kimi reported that its overseas revenue has surpassed domestic revenue, with a fourfold increase in global paid users following the launch of its K2.5 model [10] - Caocao Travel has expanded its ride-hailing services to approximately 16,000 cities across 42 countries, providing a comprehensive international travel service network [11] - BYD is collaborating with Kim Long Motor to build a $130 million battery factory in Vietnam, highlighting a shift towards local manufacturing and technical support [12] - Qatar Investment Authority (QIA) led a $150 million cornerstone investment in Dongpeng Beverage's Hong Kong IPO, marking its first significant investment in a Chinese consumer company [13] - Titanium Technology announced a strategic partnership with Silicon Valley's DeepLumen to develop an AI-driven marketing infrastructure [14]