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 investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [1]. Core Insights - The recent release of the national capacity price policy for energy storage marks a significant step towards high-quality development in the energy storage sector. This policy establishes a capacity price mechanism for independent energy storage stations that support the safe operation of the power system [6][7]. - The capacity price will be based on local coal power capacity price standards and adjusted according to peak capacity, which is essential for ensuring stable power supply and promoting investment in energy storage [10][11]. - The demand for long-duration energy storage is expected to increase significantly, with independent energy storage becoming a major contributor to new installations [9][16]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 7,610.8 billion [2]. - The energy storage sector is experiencing rapid growth, with cumulative installed capacity expected to reach 136 GW/351 GWh by 2025, reflecting an 80% year-on-year increase in new installations [9][10]. Key Companies and Financial Metrics - **Ningde Times (300750.SZ)**: Market Cap: 1611.1 billion, 2024 EPS: 11.5, 2025 EPS: 14.9, 2025 PE: 23, PB: 5, Investment Rating: Strongly Recommended [1]. - **Yiwei Lithium Energy (300014.SZ)**: Market Cap: 132.3 billion, 2024 EPS: 2.0, 2025 EPS: 2.2, 2025 PE: 28, PB: 3, Investment Rating: Strongly Recommended [1]. - **Sungrow Power Supply (300274.SZ)**: Market Cap: 313.1 billion, 2024 EPS: 5.3, 2025 EPS: 5.9, 2025 PE: 26, PB: 7, Investment Rating: Strongly Recommended [1]. - **Huaibei Technology (688411.SH)**: Market Cap: 43.0 billion, 2024 EPS: 4.9, 2025 EPS: 5.5, 2025 PE: 43, PB: 10, Investment Rating: Not Rated [1]. - **Shenghong Co., Ltd. (300693.SZ)**: Market Cap: 11.9 billion, 2024 EPS: 1.4, 2025 EPS: 1.5, 2025 PE: 25, PB: 6, Investment Rating: Strongly Recommended [1]. - **Kehua Data (002335.SZ)**: Market Cap: 32.2 billion, 2024 EPS: 0.7, 2025 EPS: 1.2, 2025 PE: 53, PB: 5, Investment Rating: Strongly Recommended [1]. Market Performance - The absolute performance of the energy equipment and new energy sector has shown significant growth, with a 12-month increase of 59.4% [4].

2026 年 2 月 1 日 电力设备新能源、环保 《关于完善发电侧容量电价机制的通知》出台 ——电新环保行业周报 20260201 电力设备新能源 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 分析师：邓怡亮 执业证书编号：S0930525070003 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 80% 2025/1/30 2025/6/1 2025/10/1 2026/1/31 电力设备(申万) 环保(申万) 沪深300 资料来源：iFinD 要 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, aimed at various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, expanding the scope to include various energy sources and enhancing market-oriented reforms [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 targeting lightweight drones and Gen2 designed for eVTOLs, featuring a 10-minute fast charge and a range of 320km [2][15]. - The company plans to introduce a Gen3 battery with over 400Wh/kg energy density by 2026 and a 500Wh/kg all-solid-state battery by 2027 [15][19]. New Energy Generation - The new capacity compensation mechanism aims to create a more market-oriented and unified system, allowing various energy sources to participate in capacity compensation [3][38]. - The mechanism will assess the "reliable capacity" based on actual peak output rather than installed capacity, enhancing the scientific evaluation of capacity value [38][39]. Electric Equipment and Automation - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including the "Xinjiang Electricity into Hunan" project [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in national grid projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, supporting large-scale AI applications globally [5]. Company Earnings Forecasts - Key companies such as Ningde Times and Kodali are projected to have increasing earnings per share (EPS) from 2024 to 2026, with recommended ratings indicating strong future performance [6].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, targeting various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, aiming to create a more market-oriented and unified system [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 (320Wh/kg) for lightweight drones and Gen2 (380Wh/kg) for eVTOLs, featuring fast charging and high safety standards [2][15][19]. - The company plans to introduce Gen3 batteries with over 400Wh/kg energy density by 2026 and 500Wh/kg full solid-state batteries by 2027 [15][21]. New Energy Generation - The new capacity compensation mechanism expands the scope to include coal and gas power, as well as independent storage resources, promoting a more scientific and market-driven approach [3][38]. - The mechanism aims to unify compensation standards based on actual peak output capabilities rather than installed capacity, enhancing the reliability of power supply [38][39]. Electric Equipment and Industrial Control - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including high-voltage transmission projects [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in major power projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, indicating a significant advancement in commercial aerospace [5]. Market Performance - The report highlights key companies to watch, including Ningde Times, Kodali, and others, as they navigate the current market dynamics [12].

Group 1 - The core viewpoint of the report indicates that the Federal Reserve is unlikely to restart interest rate cuts in the first quarter of 2026, as the job market stabilizes and inflation has not yet shown a downward turning point [2] - The report highlights that New Oriental's FY26Q2 performance exceeded expectations, with net revenue of $1.191 billion, a year-on-year increase of 14.7%, and a net profit of $45.45 million, up 42.3% year-on-year [5] - The report projects an upward revision of New Oriental's net profit forecasts for FY26 to FY28, with estimates raised to $497 million, $585 million, and $680 million respectively, reflecting a 13%, 14%, and 17% increase [5] Group 2 - The A-share stock selection for February 2026 includes companies such as Zhongji Xuchuang, Hikvision, and China Life, indicating a focus on stable holdings during the holiday period [3] - The report notes that the bond market is increasingly influenced by non-bank financial sectors, emphasizing the need for macro-prudential mechanisms to address risks in the bond market [4]

Macro Strategy - The IPCA model shows better application effects in the domestic credit bond market compared to the US market, with a Sharpe ratio consistently above 1.45 and above 2.2 from May to December 2025 [1][13] - The strategy exhibits asymmetric risk/reward characteristics, with 75% of sample dates showing positive excess credit returns, and a maximum excess return of 0.13% from January 2024 to December 2025 [1][13] - The practical operability of the strategy is strong, allowing for investment in bonds with similar risk characteristics even when specific bonds are not available in the secondary market [1][13] Fixed Income Opportunities - The "14th Five-Year Plan" emphasizes the development of key industries, including new pillar industries, future industries, traditional industry upgrades, infrastructure construction, green transformation, and consumer upgrades, which are expected to receive policy support and financing breakthroughs [2][14] - A total of 1,098 bond-issuing entities align with the "14th Five-Year Plan," with a total bond scale of approximately 10.8 trillion yuan, primarily rated AAA and concentrated in East and North China [2][14] - The participation of bond-issuing entities in the six key industries shows significant differentiation, with infrastructure and new pillar industries leading in both the number of issuers and bond scale [2][14] Industry Insights - The public utility sector is expected to benefit from deepened electricity reforms, with recommendations to focus on green electricity, thermal power, hydropower, nuclear power, and the valuation of photovoltaic and charging pile assets [7] - The food and beverage sector is anticipated to experience a spring consumption surge, particularly in snacks, dining, and seasonal beverages, with a positive outlook for Q1 2026 due to favorable market conditions [7] - Companies like KaiGe Precision Machinery and HeMai Co. are positioned to benefit from the growing demand in AI computing and energy storage, with projected profit growth in the coming years [9][10]

Group 1 - The core viewpoint highlights that high payload capacity and reusability are driving down rocket launch costs, with the demand for propellants and launch-specific gases remaining rigid, leading to a long-term increase in value and market share [1] - The Falcon 9 rocket's single launch cost for propellants and specific gases is estimated at approximately $800,000, with the overall rocket cost decreasing from $50 million to $15 million due to reusability [1] - The demand for propellants and specific gases is becoming the most stable and predictable value segment in the rocket launch industry, with a recommendation for Jiufeng Energy to establish a specialized brand in aerospace propellant supply [1] Group 2 - The national winter electricity load has surpassed 1.4 billion kilowatts for the first time, reaching a peak of 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours during winter [1] - The average national grid purchase electricity price in January 2026 has decreased by 8% year-on-year, while the price of thermal coal has dropped by 9.03% week-on-week [1] - The total electricity consumption from January to November 2025 reached 9.46 trillion kilowatt-hours, representing a year-on-year increase of 5.2%, with various sectors showing different growth rates [1] Group 3 - The investment suggestions indicate that the deepening of electricity reform will lead to a significant revaluation of the power sector, with a focus on green electricity, thermal power, hydropower, nuclear power, and solar assets [2] - Recommendations include companies such as Longyuan Power, China Nuclear Power, and Yangtze Power, highlighting their potential for growth and value appreciation in the evolving energy market [2] - The emphasis is on the market-driven development of renewable energy and the revaluation of solar and charging station assets, suggesting a focus on companies like Nanfang Energy and Longxin Technology [2]

Investment Rating - The report maintains a rating of "Buy" for the utility sector [1]. Core Insights - The report highlights the increasing demand for rocket launch services driven by high payload capacity and reusability, which are key factors in reducing costs. The demand for propellant and launch gases is expected to remain rigid, with their value and market share projected to increase over the long term. The economic viability of rocket launches is becoming a crucial factor for the transition to high-density and standardized launches [4]. - The national winter electricity load has surpassed 1.4 billion kilowatts for the first time, reaching a peak of 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours during winter [4]. Industry Data Tracking - **Electricity Prices**: The average grid purchase price in January 2026 decreased by 8% year-on-year, averaging 374 RMB/MWh [38][44]. - **Coal Prices**: As of January 23, 2026, the price of thermal coal at Qinhuangdao port was 685 RMB/ton, down 0.29% year-on-year and 1.44% week-on-week [45]. - **Water Conditions**: As of January 23, 2026, the water level at the Three Gorges Reservoir was 169.85 meters, with inflow and outflow rates increasing by 15.8% and 12.8% year-on-year, respectively [52]. - **Electricity Consumption**: From January to November 2025, total electricity consumption reached 9.46 trillion kilowatt-hours, a year-on-year increase of 5.2% [13]. - **Power Generation**: Cumulative power generation from January to November 2025 was 8.86 trillion kilowatt-hours, reflecting a year-on-year growth of 2.4% [23]. - **Installed Capacity**: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kilowatts, with a year-on-year increase of 5.9% [46]. Investment Recommendations - **Green Energy**: The report suggests focusing on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection due to the easing of constraints on consumption, pricing, and subsidies for renewable energy [4]. - **Thermal Power**: Companies such as Huaneng International and Huadian International are recommended for their reliability and flexibility in transitioning [4]. - **Hydropower**: Longjiang Power is highlighted for its low-cost benefits and strong cash flow capabilities [4]. - **Nuclear Power**: China Nuclear Power and China General Nuclear Power are recommended due to their growth potential and expected increases in profitability and dividends [4]. - **Solar Assets and Charging Stations**: Companies like Southern Power Grid Energy and Longxin Technology are suggested for their potential value reassessment in the market [4].

Group 1 - The company identifies AIDC as an intelligent computing center that provides computing power, storage, and related services for artificial intelligence and big data applications [2] - The company has products like APF and SVG that can be utilized in data centers and intelligent computing centers, with plans to introduce more products tailored for AIDC applications in the future [2] - The company's energy storage business has experienced a short-term decline due to strategic and product strategy adjustments, but it aims to quickly recover growth [2] Group 2 - The company's gross margin decline is attributed to intensified market competition and adjustments in customer structure, prompting efforts to strengthen internal management and optimize supply chain strategies [2] - The company is focused on adjusting its downstream structure to stabilize gross margins [2]