Industry and Company Summary Industry: Lithium Battery and Energy Storage Key Points - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces expected to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing for multiple automotive companies regarding sodium batteries, with expectations for mass shipments in Q2 [1] - **Investment Focus**: The preferred investment hierarchy is as follows: energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper and aluminum foils (Nord and Dingsheng) [1] Industry: Sodium Battery and Lithium Carbonate Key Points - **Lithium Carbonate Price Adjustment**: Following a price adjustment, there is a strong expectation for a new upward trend in lithium carbonate prices, with downstream procurement becoming more active after recent price drops [2] - **Wind Power Sector Performance**: The wind power sector has seen numerous earnings forecasts that fell short of expectations due to a decline in Q4 shipment volumes and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major turbine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Industry: Photovoltaics Key Points - **Space Photovoltaics**: SpaceX's application to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high price of silver and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver production sector [3] - **Investment Focus in Photovoltaics**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery and auxiliary material producers (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] Industry: AIDC (Artificial Intelligence Data Center) Key Points - **New Bidding Round**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its bidding focus to high-voltage direct current solutions [3] - **NVIDIA Certification**: NVIDIA's GB300 liquid cooling certification is tightening, which may lead future investments to focus on core components and ASIC overflow [3] - **Increased Production Capacity**: The production capacity of Yingweike's QD is expected to increase by 20 times in Q1, strengthening ties with the NVIDIA ecosystem [3]

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

hyzqdatemark 2026 年 01 月 30 日 证券研究报告 电力设备 行业点评报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 板块表现： 电网投资持续位居高位 储能装机高景气 投资评级： 看好（维持） ——电力设备 2025 年业绩前瞻 投资要点： 风险提示：产品毛利率水平低于预期；项目跨期交付风险；竞争格局恶化风险 资料来源：Wind，华源证券研究所。注：除已出业绩预告的公司（华明装备）外，其余公司 2025 年归母净利润预测均来自华源证券研究所 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 3页 请务必仔细阅读正文之后的评级说明和重要声明 电网设备："十五五"国网投资有望再上台阶。按照 Wind 口径，2025 年前 11 个 月电网投资完成额 56 ...

Summary of Key Points from the Conference Call Industry Overview - **China Utilities & Renewables Sector**: The sector is experiencing significant developments, particularly in offshore wind and energy storage systems (ESS) installations. The domestic offshore wind turbine procurement capacity reached **8.42GW** in 2025, with **Mingyang** leading at **2.1GW** and **Goldwind** at **1.2GW** [2][13]. Core Insights - **Offshore Wind Market**: Mingyang's strong performance in offshore wind turbine order intakes is noted, with a significant share price rally attributed to positive sentiment from commercial aerospace and space solar developments [2][14]. - **Energy Storage Systems**: China's ESS installations surged **73% year-over-year**, reaching **189.5GWh** in 2025, indicating a shift towards independent storage solutions. **Sungrow** is highlighted as well-positioned to benefit from policy reforms and rising demand in high-end markets [3][16]. - **Solar Industry Performance**: The A-share PV Industry Index outperformed the market, driven by developments in space solar and commercial aerospace. Companies like **Daqo**, **GCL Tech**, and **Orient Cables** are recommended for their strong earnings growth prospects [3][15]. Company-Specific Insights - **Top Picks**: - **GCL Tech (3800 HK)**: Rated Overweight (OW) with a price target of **1.7**, indicating a **50% upside** due to its cost leadership and expected EBITDA turnaround [8]. - **Daqo (DQ US)**: OW rating with a price target of **38.0**, offering favorable risk/reward dynamics with a net cash position of **US$2.2 billion** [8]. - **Orient Cables (603606 CH)**: OW rating with a price target of **68.0**, benefiting from offshore wind demand and stable profitability [8]. - **Sungrow (300274 CH)**: OW rating, expected to benefit from high-end market demand and policy reforms [16]. - **Cautious Stance on Gas Utilities**: The gas utilities sector is facing challenges such as weak industrial volume growth and limited margin improvement. **Kunlun Energy** is the only company with proactive capital recycling strategies, making it a top pick, while **China Resources Gas** is viewed cautiously due to slow buyback progress and weak operating trends [4][17]. Additional Important Insights - **Market Sentiment**: The overall market sentiment is buoyed by developments in space solar and commercial aerospace, with significant stock price movements observed in related companies [3][15]. - **Stock Selection Strategy**: Investors are advised to focus on companies with strong earnings growth and recovery outlooks, particularly in the renewable energy sector [3][15]. - **Performance Metrics**: The report includes detailed valuation comparisons and performance metrics for various companies in the utilities and renewables sector, highlighting the financial health and market positions of key players [21]. This summary encapsulates the critical insights and recommendations from the conference call, focusing on the dynamics within the China utilities and renewables sector, key company performances, and strategic investment recommendations.

【中泰电新】欧洲九国联手开发100GW海风，海外海风β提振 事件：1月26日，北海峰会在德国汉堡举行，北海沿岸九个国家的元首、首脑以及能源部长齐聚，共同推动海上风 电扩张，会议上签署了《能源部长宣言》《北海海风联合投资协议》等多项协议 汉堡能源部长宣言： #再次确认北海地区实现2050年300GW海风的远景目标，同时进一步细化，#承诺通过大型联合项目交付100GW海 上风电 北海海上风电投资协议： #欧洲在2031年至2040年每年新增15GW海风装机 汉堡能源部长宣言： #再次确认北海地区实现2050年300GW海风的远景目标，同时进一步细化，#承诺通过大型联合项目交付100GW海 上风电 #为海风项目提供规划和投资保障，包括承诺将Cfd机制作为海风拍卖设计标准、取消企业PPA监管障碍等 北海海上风电投资协 【中泰电新】欧洲九国联手开发100GW海风，海外海风β提振 事件：1月26日，北海峰会在德国汉堡举行，北海沿岸九个国家的元首、首脑以及能源部长齐聚，共同推动海上风 电扩张，会议上签署了《能源部长宣言》《北海海风联合投资协议》等多项协议 #TSO在2027年前确定20GW具有经济效益的跨境项目，以便在20 ...

Group 1: Offshore Wind Power - In 2022, the procurement capacity of offshore wind power units in mainland China reached 8.42 gigawatts, with Mingyang Smart Energy (601615.SH) leading at 2.1 gigawatts and Goldwind Technology (02208) ranking fourth at 1.2 gigawatts [1] - The stock prices of Mingyang Smart Energy and Goldwind Technology have significantly risen at the beginning of this year, driven by positive sentiment surrounding commercial aerospace and solar energy in space [1] - The report suggests investors shift their focus to Dongfang Cable (603606.SH) in the upstream wind power sector [1] Group 2: Photovoltaic Industry - The A-share photovoltaic industry index has significantly outperformed the market, driven by optimistic sentiment regarding solar energy in space and commercial aerospace [1] - The report recommends stock selection to focus on companies with strong profit growth prospects, such as Dongfang Cable, Daqo New Energy (DQ.US), and Xiexin Technology (03800) [1] - In 2022, the installed capacity of energy storage systems in China surged by 73%, with Sungrow Power Supply (300274.SZ) expected to benefit from policy reforms and rising demand in the high-end market [1] Group 3: Gas Utility Sector - The outlook for the Chinese gas utility sector is cautious due to weak growth in industrial gas consumption, limited margin improvement, and a continuous decline in new connections [2] - The warm winter in the fourth quarter of last year resulted in only slight growth in natural gas sales, with expectations that some companies may not meet their 2025 annual gas consumption guidance [2] - Kunlun Energy (00135) is identified as the only company actively engaging in capital recovery within the sector and is considered the industry favorite [2] - Caution is advised regarding China Resources Gas (01193) due to slow progress in share buybacks and weak operational trends [2]

Group 1 - The A-share market experienced slight fluctuations on January 27, with the ChiNext Index and Shanghai Composite Index turning positive, while the electric grid equipment sector saw a strong afternoon rally [1] - The Electric Grid Equipment ETF (159326) recorded a decline of 1.85% with a trading volume of 1.167 billion yuan, and its holdings, including Dongfang Cable, Far East Holdings, Ping An Electric, and Baiyun Electric, saw increases [1] - The Electric Grid Equipment ETF has seen net inflows for 13 consecutive trading days, totaling over 12.6 billion yuan, reaching a new high of 17.545 billion yuan, making it the largest power-related ETF in the market [1] Group 2 - According to Everbright Securities, global investment in electric grids is expected to continue growing to address the impact of increasing shares of wind and solar power on the grid, indicating a long-term bullish outlook for global grid investment [2] - On the generation side, the rapid growth of wind and solar industries has led to a significant increase in investment in power generation, outpacing grid investment, which necessitates increased spending on grid infrastructure to accommodate the rising share of renewable energy [2] - The Electric Grid Equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation, and communication cables, featuring a high weighting of 88% in smart grids and 65% in ultra-high voltage [2]

Group 1 - The A-share market experienced a collective decline on January 27, with the only electric grid equipment ETF (159326) falling by 2.98% and achieving a trading volume of 7.19 billion yuan [1] - The electric grid equipment ETF has seen a net inflow of funds for 13 consecutive trading days, totaling 12.611 billion yuan, reaching a new high of 17.545 billion yuan, making it the largest power-related ETF in the market [1] - Southern Power Grid Company plans to invest 180 billion yuan in fixed assets in 2026, marking the fifth consecutive year of record capital expenditure, with an average annual growth rate of 9.5% over the past five years [1] Group 2 - The investment plan aligns with national dual carbon goals and the new power system construction plan, promoting projects like the Yangjiang Sanshan Island offshore wind power project [2] - The electric grid equipment ETF tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, and cable components [2] - The smart grid accounts for 88% of the index weight, while ultra-high voltage accounts for 65%, both being the highest in the market [2]

Summary of Key Points from the Conference Call Industry Overview - **Sector**: Global Alternative Energy - **Outlook**: Improved investor sentiment driven by increased policy certainty in the US and global electricity load growth [2][7] Core Insights - **Load Growth**: - Load growth has been stagnant at approximately 0.5% annually over the past decade, but estimates have recently risen to around 2% or higher for the next five years due to AI-driven data center demand and broader electrification trends [5][6] - This growth is expected to exert upward pressure on power pricing, benefiting baseload power sources such as gas turbines, nuclear, and renewables paired with battery energy storage systems (BESS) [5][6] - **Policy Environment**: - Increased clarity in US renewable energy policy through the passage of significant legislation, though risks remain, including potential investigations and tariff decisions that could impact solar costs [5][6] - The Department of Commerce's investigations and permitting issues for solar and wind projects on federal land present uncertainties [6] Investment Preferences - **Top Picks in Clean Energy**: - **US**: GE Vernova (GEV), Brookfield Renewable (BEP/BEPC), NextPower (NXT), and EVgo (EVGO) [2][12][19] - **Europe**: Siemens Energy (ENR), Vestas (VWS), and Prysmian (PRY) [2][15][17] - **Asia**: Orient Cables (603606 CH), Daqo (DQ), GCL Tech (3800 HK), Arctech (688408 CH), and Sungrow (300274 CH) [2] Market Dynamics - **Solar Market**: - Preference for utility-scale solar over residential due to better positioning regarding policy and economic factors [7] - In China, polysilicon prices have recovered by approximately 50% due to policy interventions, with Daqo and GCL Tech highlighted as strong picks [20] - **Wind Market**: - BNEF forecasts significant growth in global wind installations, with a projected 16% growth in 2026 [17] - Vestas is expected to outperform the European Capital Goods sector due to stable input prices and lower interest rates [17] - **Energy Storage**: - Global energy storage demand exceeded expectations in 2025, with a forecasted 57% increase in battery shipments for 2025 [7] - The forecast for 2026 global ESS installations has been raised by approximately 30% [7] - **Electric Vehicle Charging**: - Sentiment around EV charging remains cautious, with anticipated declines in US EV sales [7] - EVgo is preferred due to its growing customer base and network throughput potential [19] Additional Insights - **Nuclear Fuel Cycle**: - Global nuclear generation is expected to reach record highs, increasing demand for enriched uranium [8] - Centrus Energy (LEU) is noted as a key player, though it faces execution risks [8] - **US Clean Energy Outlook**: - BNEF anticipates a decline in US clean energy build from 2026 to 2028 before returning to modest growth through 2035 [62] - The market is expected to consolidate as larger projects become more complex, favoring tier-1 developers [63] - **Residential Solar Market**: - A projected decline of 15-20% in US residential solar installations in 2026 due to the expiration of certain tax credits [64] - RUN is highlighted as a preferred pick in the residential space due to its visibility in solar lease/PPA qualifications [65] Conclusion - The global alternative energy sector is poised for growth driven by load demand and supportive policies, though challenges remain in the form of regulatory uncertainties and market dynamics. Key investment opportunities exist in diversified companies with strong balance sheets and exposure to emerging technologies.

Group 1 - The core viewpoint of the news is that Dongfang Cable has shown a mixed performance in terms of financing activities and stockholder statistics, with a notable increase in revenue but a slight decrease in net profit [1][2][3]. Group 2 - On January 23, Dongfang Cable's stock rose by 1.69%, with a trading volume of 730 million yuan. The financing buy amount was 48.20 million yuan, while the financing repayment was 82.40 million yuan, resulting in a net financing outflow of 34.20 million yuan [1]. - As of January 23, the total balance of margin trading for Dongfang Cable was 481 million yuan, with the financing balance accounting for 1.17% of the circulating market value, indicating a high level compared to the past year [1]. - The company reported a revenue of 7.50 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 11.93%, while the net profit attributable to the parent company was 914 million yuan, showing a decrease of 1.95% [2]. - Since its A-share listing, Dongfang Cable has distributed a total of 1.38 billion yuan in dividends, with 790 million yuan distributed in the last three years [3].