晨会纪要 证券研究报告 2026 年 03 月 02 日 核心结论 分析师 【电子】2026 年电子年度策略：端云算力同频共振，自主可控步履铿锵 AI 硬件：国产 AI 芯片发展迅速，算力高景气度下，PCB、存储等供不应求。 半导体：全球资本开支重回增长轨道，晶圆扩产驱动设备国产化与先进封装 高景气。 端侧：AI 重塑终端形态，硬件升级与新兴品类开启新一轮创新周期。 【航海装备Ⅱ】船舶行业系列报告之二：船舶：摘取皇冠明珠，国产 LNG 船扬帆起航 LNG 运输船是现代造船工业皇冠上璀璨的明珠，其技术壁垒较高，是中国 造船业一直想要突破的高端船舶产品。2008 年 4 月 3 日，中国首制 14.7 万 立方米系列 LNG 船"大鹏昊"成功交付，打破了西方垄断 LNG 船市场的局 面，成功实现了"国轮国造"。 【计算机】英伟达 LPU 方案印证专用推理芯片的可行性 我们认为：英伟达将 LPU 整合进自身 AI 芯片体系，展现了专用推理芯片 （ASIC/DSA）在生成式 AI 推理计算中的重要性。这或将印证国产 AI 芯片 通过专业推理架构，在 AI 推理侧实现性能突破的可能性。AI 推理芯片的高 速迭代，或将推 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 电力设备 储能：2026 年 1 月国内储能 EPC 中标规模 4.92GW/12.42GWh。2026 年 1 月国内储能 EPC 中标项目共 25 个，总装机规模达 4916.5MW/12420.28MWh，项目单体平均规模为 196.7MW/496.8MWh，较 2025 年同期提升超 30%。2025 年国内新型储能新增装机 59GW/175GWh，2h 储能系统价格 0.55 元/wh，预计 2026 年碳酸锂价格上涨推动储能均价 上行。建议关注方向：建议关注国内外增速确定性高的大储方向，关注阳光电源、阿特斯、 海博思创、上能电气、科华数据、三晖电气、东方日升。 新能源车：2 月 27 日，鑫椤锂电公布 3 月锂电预排产数据。其中，国内电池样本企业 3 月 排产 149.59GWh，环比+21.93%；海外电池样本企业 22.4GWh，环比+11.27%；正极为 19.47 万吨，环比+23.3%；负极为 16.3 万吨，环比+16.42%；隔膜为 18.95 亿平，环比 +8.7%；电解液为 10.75 万吨， ...

电力设备 欧洲海风本土单桩产能再紧张，"十五五"期间将加大氢能政策支持力度 证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 光伏：硅片价格承压，电池组件价格维持稳定。据 Infolink，本周硅料无新单成交，龙头厂 家率先释出收整产能动作，产能收敛将迈向市场化调整。本周执行仍以前期订单为主，致密 复投料均价维持 50-53 元人民币、致密料混包价格 48-50 元人民币、颗粒料价格 50-51 元人 民币。据安泰科，本周硅片价格承压下行。其中，N 型 G10L 单晶硅片(182*183.75mm/130 μm)成交均价在 1.10 元/片，较节前下跌 8.33%；N 型 G12R 单晶硅片(182*210mm/130μ m)成交均价在 1.20 元/片，较节前下跌 4.76%；N 型 G12 单晶硅片(210*210mm/130μm) 成交均价在 1.40 元/片，较节前下跌 3.45%。电池组件方面，据 Infolink，N 型电池片价格 本周持平：183N、210RN 与 210N 均价为每瓦 0.44 元人民币，183N、210RN 与 210N 价格 区间皆为每 ...

Company and Industry Summary Company: 大金重工 (Dajin Heavy Industry) Key Points 1. **Valuation Perspective**: Despite a recent increase in stock price, the valuation of 大金重工 remains comparable to domestic competitors like 海力风电 (Haili Wind Power) and 东方电缆 (Oriental Cable), which is deemed unreasonable as they are valued at 25-30X [1][1][1] 2. **High Barrier Business Model**: 大金重工 operates a unique business model that extends beyond manufacturing to include services such as shipping logistics and system services. This "京东模式" (JD model) in offshore wind represents a manufacturing upgrade that adds significant value and enhances global competitiveness [1][1][1] 3. **Market Pricing Challenges**: The absence of comparable global benchmarks may lead to difficulties in accurately pricing 大金重工's unique business model in the market. Future financial performance is expected to improve market expectations [1][1][1] 4. **Shipping Logistics System**: The establishment of a proprietary ocean shipping logistics system is a high-barrier asset that is anticipated to significantly enhance the company's global competitiveness. This system is expected to contribute positively to financial statements beyond current expectations [2][2][2] 5. **Customer Willingness to Pay**: Insights from clients indicate that the proprietary transportation model offers significant convenience, leading customers to be willing to pay a premium. This competitive advantage is expected to become more pronounced as no other companies currently offer a similar model [2][2][2] 6. **Expansion into Port Services**: In addition to logistics, 大金重工 is also expanding into port services, which will further bolster its global competitiveness [1][1][1] 7. **Floating Wind Projects**: The company is focusing on securing orders for floating wind projects in 2026. Concerns about the commercialization of floating wind technology have led to a lack of market pricing for this segment [2][2][2] 8. **Economic Viability of Floating Projects**: Although floating wind projects have not yet achieved economic viability based on market electricity prices, countries like the UK have independent pricing mechanisms that make these projects economically feasible. Successful auctions for floating projects in the UK (AR6, AR7) support this [2][2][2] 9. **GreenVolt Project Participation**: 大金重工 is actively participating in the GreenVolt floating wind project in the UK, with an estimated order size of 70,000 tons, which could yield approximately 600 million in profit based on a net profit of 8,000 yuan per ton [2][2][2] 10. **Future Growth Potential**: The performance and order fulfillment of the shipping and floating wind business are expected to gradually materialize by 2026, presenting a significant upside potential for the company, with projections suggesting a market value growth of nearly 200% [3][3][3]

证券日报网讯2月24日，海力风电（301155）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司股东人数为18850户。 ...

Group 1 - A total of 481 funds that reported negative returns last year have achieved positive net value growth rates as of February 23, with 19 funds showing a difference in net value growth rates exceeding 20 percentage points [1] - Among these funds, medium to long-term pure bond funds and equity hybrid funds are predominant, accounting for 57.1% (275 funds) and 10.6% (51 funds) respectively [1] - Medium to long-term pure bond funds are characterized by stable operations and low volatility, with their previous negative returns largely influenced by market interest rate fluctuations and liquidity issues [1] Group 2 - The average stock position of the 51 equity hybrid funds reached 88% by the end of last year, providing fund managers with flexibility to switch sectors quickly [1] - The naming of "performance reversal" funds frequently includes terms like "strategy," "value," and "preferred," indicating a strong rotation strategy that combines top-down sector selection and bottom-up stock picking [1] - Most "performance reversal" funds are small-sized, with 15 out of the 19 funds showing a difference of over 20 percentage points having a scale of less than 1 billion yuan [1] Group 3 - Small-sized funds have higher flexibility in adjusting their portfolios, allowing them to quickly build positions in limited-capacity sectors like precious metals and niche manufacturing, which is a key advantage for capturing structural opportunities [2] - The core logic of "performance reversal" funds is characterized by "high turnover + strong rotation," as exemplified by the Jin Ying Transformation Power Mixed Fund, which shifted its holdings from AI applications to new energy midstream equipment companies [2] - High turnover strategies require fund managers to have strong industry judgment and timing skills, as missteps in sector switching can lead to rapid declines in performance [2] Group 4 - Investors are advised to track fund adjustments through regular reports, as consistent successful sector switching may validate the effectiveness of the fund's strategy [3] - Conversely, if a fund fails to demonstrate effective switching, caution in allocation is recommended [3]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," aiming to establish a unified electricity market by 2030, with market transactions accounting for about 70% of total electricity consumption [4][40] - The report highlights the performance of the power equipment sector, which has seen a year-to-date increase of 9.76%, outperforming the CSI 300 index by 7.82 percentage points [11][14] - The report emphasizes the importance of new operational entities like virtual power plants and smart microgrids in participating flexibly in the electricity market [45] Summary by Sections Market Review - As of February 12, 2026, the power equipment sector rose by 4.97% over the past two weeks, ranking third among 31 sectors [11] - The wind power equipment sector decreased by 3.07%, while the photovoltaic equipment sector increased by 3.93% [18][20] Valuation and Industry Data - As of February 12, 2026, the price-to-earnings (PE) ratio for the power equipment sector is 36.66 times, with sub-sectors like the battery sector at 33.19 times and the photovoltaic sector at 34.99 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to their historical averages [25] Industry News - The report discusses the significant growth in renewable energy installations, with a total installed capacity of 2.34 billion kilowatts by the end of 2025, accounting for 60% of the national power generation capacity [40] - It also notes the government's focus on upgrading traditional industries and promoting new energy sectors, including hydrogen energy [40] Company Announcements - The report includes recent announcements from companies in the sector, such as government subsidies received by various firms, indicating ongoing support for the industry [43]

未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 风电行业周报（20260202-20260206） 本周风电设备（申万）指数表现 本周（2026/02/02-2026/02/06）沪深 300 指数-1.13%，申万 31 个行 业指数 18 个上涨，电力设备（申万）指数本周+2.20%，排在第 3 位， 跑赢指数 3.53pct。电力设备二级行业指数涨跌互现，风电设备行业指 数-0.88%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申 万）、光伏设备（申万）、电机Ⅱ（申万）分别+3.24%、+2.04%、- 3.28%、+3.36%、-0.94%。从公司表现看，本周风电设备行业（申万） 公司涨幅居前的公司为振江股份、中环海陆、天顺风能、三一重能、 明阳智能，跌幅居前的公司是时代新材、运达股份新强联、海力风电、 飞沃科技。 本周原材料价格小幅波动 本周铁矿石期货收盘价 760.5 元/吨，环比-31 元/吨；铸造生铁价格 3040 元/吨，环比持平；中厚板价格 3332 元/吨，环比-14 元/吨；铜、 铝现货价格分别为 12840、3045 美元/吨，单价分别-529.5、-6 ...

Core Viewpoint - The company, Hai Li Wind Power, forecasts a significant increase in net profit for 2025, with an expected year-on-year growth of 394.76% to 504.71% [1][2]. Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between 327 million yuan and 400 million yuan, reflecting a substantial increase compared to previous years [2]. - Analysts predict that the company's net profit for 2026 could reach 844 million yuan, supported by the recovery of the offshore wind power industry and an expected increase in domestic offshore wind power installations [3]. Project Development - The company is actively expanding into overseas markets, particularly in Europe, where there is a growing demand for deep-sea jacket structures, potentially leading to significant order opportunities in 2026 [4]. - Ongoing capacity projects, such as the Zhanjiang heavy equipment manufacturing export base, are aimed at enhancing the company's long-term competitiveness [4]. Financial Situation - Recent trends indicate a net outflow of funds, with a notable outflow of 1.0332 million yuan on February 3, 2026, putting short-term pressure on the stock price [5]. - The company's current price-to-earnings ratio (TTM) stands at 53.97, which is higher than the industry average, raising concerns about the alignment between valuation and performance [5].

Group 1: Photovoltaic Industry - The photovoltaic industry is expected to recover from losses in 2026, driven by supply-side reforms and increased demand from AI infrastructure, with a potential for exceeding global demand expectations[1] - In 2025, China's photovoltaic installations reached 315.07 GW, a year-on-year growth of 13.67%, despite a significant drop in December's installations by 43% compared to the previous year[14] - The average price of polysilicon increased by over 50% from June to November 2025, indicating a recovery in pricing dynamics within the industry[22] Group 2: Wind Power Industry - The wind power sector is experiencing a favorable supply-demand balance, with significant growth expected in offshore wind installations and exports in 2026[1] - Wind power bidding has maintained high levels of activity since 2025, indicating a robust market outlook for domestic wind power growth[1] - The offshore wind market is projected to become a key growth area, with increasing demand for domestic and international projects[1] Group 3: Electric Vehicle Market - In 2025, China's new energy vehicle sales reached 16.49 million units, reflecting a year-on-year growth of 28.2%, continuing the industry's rapid development[2] - The prices of key materials for electric vehicles, such as lithium hexafluorophosphate and vinyl carbonate, surged by 222.67% and 254.21% respectively in the second half of 2025, contributing to improved profitability in the sector[2] - The industry is entering a new phase of quality improvement and efficiency enhancement, driven by technological innovations and supply chain autonomy[2] Group 4: Investment Recommendations - For photovoltaic investments, focus on leading companies with technological and cost advantages, such as GCL-Poly Energy and JA Solar[3] - In the wind power sector, recommend investing in turbine manufacturers like Goldwind Technology and cable companies like Orient Cable, which are well-positioned for growth[3] - In the lithium battery sector, prioritize companies with improving profitability, such as CATL and Guoxuan High-Tech, as the market recovers[8]