2月11日，2026年许昌市政府工作报告全文公布。 报告提到，许昌市2025年生产总值3583.4亿元，人均生产总值8.2万元，均居全省第6位。社会消费品零 售总额超1800亿元，较2020年增长53%。金融机构存贷款余额分别超4000亿元、3000亿元，较2020年增 长50%、41%。经营主体47.9万户、较2020年增长47%，规上工业企业突破2000家，境内外主板上市企 业11家、居全省第3位。 2026年，许昌将重点抓好9个方面工作。其中包括，实施提振消费专项行动，落实城乡居民增收计划、 个人消费贷款财政贴息、职工带薪错峰休假等政策，扩大优质商品和服务供给。优化实施消费品以旧换 新政策，推动汽车、家电、家装等大宗耐用消费品绿色化智能化升级，提高产品"得补率"。 落实更加积极的财政政策，全力争取超长期特别国债、专项债、中央预算内投资、新型政策性金融工具 等政策资金，力争有更多项目纳入上级政策"盘子"。大力推进总投资50亿元的胖东来梦之城、30亿元的 许继铁矿、25亿元的天目先导负极材料等418个重点项目，完成年度投资1260亿元。 围绕打造品质消费标杆之城，推广胖东来经验，加快胖东来高新技术产业园、科 ...

2026.02. 10 本文字数：966，阅读时长大约2分钟 据 中国电气装备集团有限公司消息， 2月9日，中国物流集团装备物流有限公司揭牌仪式在北京举 行。该公司由 中国电气装备与中国物流合资成立。 来源：长安街知事 报道称，该公司将锚定能源装备物流和特种大件物流领域"双一流"目标，以保障产业链供应链安全 为首要职责，致力于构建覆盖输配电设备全生命周期的定制化服务体系，通过科技创新打造装备物流 新质生产力，为保障国家能源战略、服务现代化产业体系贡献专业力量。 微信编辑 | 雨林 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 据介绍，中国物流于2021年12月6日，经国务院批准在北京正式组建成立，是国务院国资委直接监 管的股权多元化国有全资中央企业。主要业务包括铁路物资综合服务、制造业物流、工程物流、逆向 物流、快消品物流、国际物流、冷链物流、期现货交割物流、危险品物流和战 ...

行业观点概要 ■ 本周（20260202-20260206）板块行情 电力设备与新能源板块：本周上涨2.20%，涨跌幅排名第3，强于上证指数。本周锂电池指数涨幅最大，工控自动化指数跌幅最大。锂电池指数上涨 4.47%，太阳能指数上涨3.43%，储能指数上涨0.49%，风力发电指数上涨0.31%，新能源汽车指数下跌0.18%，核电指数下跌0.31%，工控自动化指数下跌 1.69%。 ■ 新能源车：1月新势力销量公布，固态电池大会召开 2026年1月，整体车市表现略显疲软，但多数车企实现同比正增长。极氪汽车1月交付23,852辆，同比激增99.7%。蔚来汽车1月交付27,182辆，同比 +96.1%。小米汽车1月交付超39,000辆，同比+70.3%。此外，比亚迪依然保持市场领先地位，1月交付210,051辆。整体来看，各大主流车企交付量呈现增 长态势，新能源车市场的强劲势头延续，各势力竞争激烈。2月7-8号，中国全固态产学研协同创新平台召开第三届中国全固态电池创新发展高峰论坛，围 绕关键材料、电芯创新、工艺装备、AI全链条赋能以及知识产权展开讨论。 ■ 新能源发电："十五五"全球光伏装机市场预计保持高增长 光伏 ...

智通财经APP获悉，华源证券发布研报称，风电设备整机盈利能力有望持续提升，国内企业加速出海。 国内风电招标量维持高位，招标价格呈上升趋势，该行判断2026年整机成本端或仍有改善趋势，风机盈 利能力有望恢复。此外我国风机企业成本优势明显，出口加速，国内外共振下风电整机有望迎来投资机 遇。 (1)特高压：历史上特高压建设节奏与电力供需变化有关。"十四五"后期我国电力供需形式趋于缓和， 特高压建设也随之放缓。但"十五五"我国电改全面铺开，绿电需求有望上升，特高压作为新能源输送和 消纳的核心环节之一，建设有望重新提速，此外新输配电价定价机制允许特高压直流采用容量电价，有 望进一步提高建设积极性;(2)配电网："十四五"投资占比持续位于低位，有望成为"十五五"建设重 点。"十四五"期间配电网的投资比例持续下降，但最高用电负荷增长较快，导致配网容载比持续下降， 供电可靠性受到挑战。但绿电直连项目采用容量电价政策同时利好用户和电网公司，加上最新一批配网 招标价格回升，2026年配网设备有望迎量价齐升。建议关注：许继电气、国电南瑞、平高电气、中国西 电等。 电力设备出海：算力投资不断上调，美国电力供需显著不足 OpenAI已 ...

Group 1 - The core viewpoint of the report indicates that the power industry is expected to undergo high-quality development due to accelerated marketization and ongoing reforms in the electricity system in China, particularly in the context of the "dual carbon" strategy [2] - The report highlights that the investment in the power grid is anticipated to increase, with significant growth in transformer exports to the U.S. and other countries in the first nine months of 2025 [4] - The report emphasizes the importance of gas turbines as a primary solution for addressing electricity shortages in the U.S., with Chinese companies expected to expand their presence in international markets [4] Group 2 - The report notes that the construction of ultra-high voltage (UHV) power lines is likely to accelerate due to the rising demand for green electricity, despite a slowdown in construction during the latter part of the 14th Five-Year Plan [3] - The investment in distribution networks is expected to become a key focus during the 15th Five-Year Plan, as the reliability of power supply is challenged by the rapid growth in peak electricity load [3] - The profitability of wind power equipment is projected to continue improving, with domestic companies accelerating their international expansion, supported by high bidding volumes and rising prices [5]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The global photovoltaic market is expected to maintain high growth during the "14th Five-Year Plan" period, with annual new installations projected to reach 725-870 GW globally and 238-287 GW domestically [3][39]. - The electric power equipment sector is witnessing significant developments, including the approval of major grid projects and the awarding of contracts for high-voltage equipment [4][39]. - The new energy vehicle market continues to show strong momentum, with major manufacturers reporting significant year-on-year delivery increases [2][14]. Summary by Sections New Energy Vehicles - In January 2026, several new energy vehicle manufacturers reported substantial delivery growth, with NIO delivering 27,182 units (+96.1% YoY) and BYD maintaining a leading position with 210,051 units delivered [2][14][24]. - The third China All-Solid-State Battery Innovation Development Summit was held, focusing on key materials and technological advancements [2][27]. New Energy Generation - The photovoltaic industry is transitioning from scale expansion to high-quality development, with a focus on technological integration and new application scenarios [39][40]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, marks a shift to full market competition, pushing companies towards innovation and sustainable competitiveness [45][48]. Electric Power Equipment and Automation - The State Grid's recent tender for ultra-high voltage equipment involved 119 packages, with 115 awarded, indicating robust demand in the sector [4][39]. - The approval of the first major grid project by the National Development and Reform Commission signifies a positive outlook for infrastructure development in the electric power sector [4][39]. Commercial Aerospace - The domestic first "one rocket, 36 satellites" satellite launch technology facility has been accepted, indicating advancements in commercial aerospace capabilities [5]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 2.20%, outperforming the Shanghai Composite Index, with lithium battery and solar indices showing significant gains [1].

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

黑龙江绿色甲醇与电解槽项目进入实施阶段，特斯拉官宣干电极工艺量产 光伏：硅片价格下跌，电池价格保持稳定。据安泰科，本周多晶硅主流产品无公开报价、无 实际成交。据 Infolink，硅片市场延续上周走弱态势，整体仍处于价格下探阶段。各尺寸硅 片价格普遍承压，市场价格重心进一步下移。N 型电池片价格方面，本周 183N、210RN、 210N 型号均价持稳于 0.45 元/W，价格区间维持 0.43-0.45 元/W。尽管此前银价冲高回落 带动市场形成电池片降价预期，但当前实体白银现货供给偏紧，厂家采购仍需加价，头部企 业报价暂未调整，继续维持 0.45 元/W 的主流水平。组件市场受银价波动传导，成本端呈现 起伏态势，各组件厂基于自身成本核算调整报价。本周国内分布式组件公开报价区间为 0.80- 0.88 元/W，实际成交价格则下探至 0.75-0.80 元/W；TOPCon 组件公示价格保持稳定，国内 均价 0.739 元/W，分布式实际成交均价 0.76 元/W。核心关注：1）供给侧改革下的产业链 涨价机会，核心关注通威股份、协鑫科技、隆基绿能、晶澳科技、晶科能源、天合光能等； 2）新技术背景下带来的中长期 ...

许继电气2月6日公告，许继电气九届三十五次董事会已审议通过公司《关于选举第九届董事会董事长的议案》，即， 公司董事会选举季侃先生为公司第 九届董事会董事长，任期至第九届董事会届满之日止，同时为代表公司执行公司事务的董事。在公司总经理空缺期间，由季侃先生代行公司总经理职责。 季侃的职业生涯始终围绕电力系统核心技术领域展开。1969年出生的他拥有教授级高级工程师职称和博士学位，早年在国网电力科学研究院担任城乡电网 自动化研究所所长，随后进入国内电网自动化领域龙头企业国电南瑞科技股份有限公司，从副总经理逐步晋升至总经理，并担任党委副书记等职务。这段 经历使其积累了深厚的电网自动化技术背景和大型科技企业管理经验。 此后他调任山东电工电气集团有限公司，先后担任副总经理、总经理等职务，进一步拓展了在电气装备制造领域的实践视野。 季侃目前仍兼任中国电气装备集团储能科技有限公司党委书记、董事长，这种跨公司、跨领域的双重任职模式，体现了当前能源产业变革对复合型领导人 才的特殊需求。 中国电气装备集团于2021年正式成立，由许继集团、山东电工电气等企业重组组建，核心目标是提升输配电装备产业链的整体竞争力，季侃的任职正是这 一战略 ...

Core Viewpoint - HeMai Co., Ltd. (禾迈股份) has experienced a dramatic decline in stock price and market value, reflecting the harsh cycle of the photovoltaic industry, transitioning from a peak valuation to significant losses and inventory issues [2][4]. Financial Performance - HeMai's net profit from 2021 to 2024 was 2.02 billion, 5.33 billion, 5.12 billion, and 3.44 billion respectively, with a projected net loss of 1.35 billion to 1.65 billion for 2025, marking the first annual loss since its listing [4][5]. - The company’s stock price peaked at 1,300 yuan per share, with a market capitalization nearing 100 billion yuan, but has since dropped significantly, resulting in a market value loss exceeding 70 billion yuan [2][5]. Market Dynamics - The global micro-inverter market grew from 2.958 billion USD in 2019 to 4.275 billion USD in 2021, with a compound annual growth rate exceeding 50%, but demand has since plummeted due to various market pressures [5][6]. - In 2023, the demand for micro-inverters fell sharply, with exports to the U.S. declining by 30%, leading to a significant inventory surplus in the industry [6]. Production and Inventory Issues - HeMai's production capacity reached 6 million units in 2023, but actual sales were only 3.5 million units, resulting in a capacity utilization rate of less than 60% [6]. - The company's inventory surged from 380 million yuan in 2021 to 1.25 billion yuan in 2023, with a significant portion of products facing obsolescence and price drops exceeding 40% [7]. Strategic Shifts - HeMai is transitioning from being a micro-inverter supplier to a comprehensive energy storage solution provider, aiming to leverage synergies between micro-inverters and energy storage systems [9][10]. - The company has restructured into three divisions and six product lines, with a focus on global marketing and rapid growth in its energy storage business, which generated 312 million yuan in revenue in 2024 [10][11]. Future Outlook - HeMai anticipates that its energy storage business will exceed 1 billion yuan in revenue by 2026, with a gross margin of 30% to 40% for its household and commercial storage products [10][11]. - The company is actively expanding into high-margin overseas markets and investing heavily in research and development, with R&D spending increasing from 46 million yuan in 2021 to 266 million yuan in 2024 [11][12].