有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2025 年 11 月 30 日 看好（维持） 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 用电高增有望延续，火电增速由负转正： | 2025-11-23 | | --- | --- | | 公 用 事 业 行 业 周 报 （2025.11.17- | | | 2025.11.21） | | | 长协电价预期上修，现货市场建设加速： | 2025-11-09 | | 公 用 事 业 行 业 周 报 （2025.11.03- | | | 2025.11.07） | | | 火电业绩持续高增，行业持仓已至低点： | 2025-11-02 | | 公 用 事 业 行 业 周 报 （2025.10.27- | | | 2025.10.31） | | 公用事业行业 行业研究 | 行业周报 港口煤价逐步走低，输配电价新 ...

11月28日，创业板新能源ETF华夏（159368）上涨0.21%，持仓股湖南裕能涨超7%，迈为股份涨超 6%，鹏辉能源涨超4%。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 机构认为，这不仅能缓解"弃风弃光"问题，还会吸引企业针对性布局储能配套，储能产业的收益稳 定性将提升，相关产业链有望迎来需求释放。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新 能源指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至 2025年10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达59%，固态 电池含量达32%，契合当下市场热点。（联接A：024419联接C：02442 ...

文 | 国家发展和改革委员会 11月27日，国家发展改革委修订输配电成本监审和定价办法。 其中《输配电定价成本监审办法》再次明确，抽水蓄能电站、 新型储能电站、电网所属电厂成本费、独立核算的售电公司的成本费用等 不得计入输配电定价成本。 此次修订，一是 促进新能源消纳利用。通过在输配电价中引入容量机制， 明确对新能源发电就近消纳等新业态实行单一容量制电价， 对以输送清洁能源电量为主的跨省跨区专项工程探索实行两部制或单一容量制电价， 降低新能源交易成本，从而促进新能源更大范围、 更高水平利用。 《省级电网输配电价定价办法》则明确：电动汽车充换电服务等辅助性业务单位及"三产"资产，和抽水蓄能电站、 新型储能电站、电厂 资产，不得纳入可计提收益的固定资产范围。 《跨省跨区专项工程输电价格定价办法》：跨省跨区专项工程输电价格实行单一电量电价制。适应新型电力系统和全国统一电力市场建 设需要，对以输送清洁能源电量为主或以联网功能为主的跨省跨区专项工程，可探索通过两部制或单一容量制形成输电价格，加强全过 程监管。探索实行输电权交易，以进一步提升专项工程利用率、促进电力资源优化配置。 《区域电网输电价格定价办法》：区域电网准 ...

储能赛道发展提速。国家能源局公布的数据显示，截至今年三季度末，我国新型储能装机规模超过1亿 千瓦，与"十三五"末相比增长超30倍，装机规模占全球总装机比例超过40%，跃居世界第一。 储能作为光伏、风力等新能源发电的重要消纳方式，已经成为光伏龙头企业重点布局的赛道。 近日，陕西省市场监督管理局网站发布的信息显示，隆基绿能科技股份有限公司（以下简称"隆基绿 能"）拟通过股权收购、增资入股及表决权委托等多重方式，取得苏州精控能源科技股份有限公司约 61.9998%的表决权，实现对这家储能"独角兽"企业的单独控制。 至此，去年光伏组件全球出货量排名前五的光伏龙头企业已经全部入局储能赛道。 而晶科能源股份有限公司（以下简称"晶科能源"）、晶澳太阳能科技股份有限公司（以下简称"晶澳科 技"）、天合光能股份有限公司（以下简称"天合光能"）等龙头亦早已入局储能赛道。Infolink数据显 示，晶科能源位列2024年全球光伏组件出货榜榜首，晶澳科技和隆基绿能并列第二，天合光能位列第 四，通威股份位列第五。 "光储融合已成为能源转型的必然趋势，也是构建新型电力系统的关键路径。"万联证券投资顾问屈放在 接受《证券日报》记者采访时表 ...

Overall Viewpoint - Hydrogen ammonia and methanol, along with wind power, are expected to attract more investment due to the dual benefits of China's future industries and the EU carbon tariff in 2026. The global shipping industry is accelerating its decarbonization, and the International Maritime Organization (IMO) is promoting green fuel policies, which may keep green methanol prices high amid rising demand and limited supply. The current market expectations for the hydrogen ammonia and methanol sector are low, which can resonate with the wind power sector [4] - The ongoing electricity shortage in the U.S. is highlighted, with Nvidia's current shipment scale corresponding to data center power levels. The gap between actual power supply and grid capacity in the U.S. is a key focus for market speculation. Short-term fluctuations in stock prices are influenced by interest rate expectations and short-selling, but technology remains the main trend, with a focus on opportunities for rebounds in the overseas energy storage and SST sectors [4] Domestic Energy Storage - Heilongjiang Province has released a special implementation plan for large-scale new energy storage construction (2025-2027), aiming for an installed capacity of over 6GW by 2027. The first batch involves 1.45GW, with a reliable capacity compensation mechanism being established. Provinces are improving capacity price compensation mechanisms to ensure financing for independent energy storage. It is anticipated that independent energy storage bidding in 2026 will maintain a good level similar to 2025, and as the industry develops, independent storage will achieve a complete revenue model through energy, capacity, and ancillary service markets. After 2027, the growth of independent energy storage installations will align closely with load growth [5] Lithium Battery - The market is currently speculating on the production expectations for domestic energy storage in 2026, with short-term positive expectations remaining unchallenged. Growth expectations for power batteries and overseas energy storage are consistent. Additionally, the lithium battery supply chain is experiencing a "reverse involution" logic, indicating a trend of supply-demand improvement. From the perspective of supply-demand tightness in the supply chain, lithium hexafluorophosphate is the most constrained, followed by separators, copper foil, high-pressure lithium iron phosphate, and anodes. Short-term expectations for lithium hexafluorophosphate are already high, and subsequent stages are gradually entering long-term contract signing. Mid-term investment opportunities should focus on lithium mines with significant supply variability and separator segments where profitability does not support expansion [5]

Real Estate - In October, the core 30 cities saw a total of 133 residential land transactions, down 33.2% year-on-year, with an average floor price of 9,279 yuan per square meter, a decrease of 4.5% year-on-year [4] - From January to October, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% year-on-year [4] - The total transaction value of residential land in the core six cities reached 541.2 billion yuan, accounting for 44.7% of the total in 100 cities, indicating a further deepening of market differentiation [4] Non-ferrous Metals - Cable manufacturers' operating rates have increased for three consecutive weeks, with tight supply conditions persisting; the Q4 peak season for the power grid is expected to continue [5] - Air conditioning production in October decreased by 28% year-on-year, but there is a continuous improvement in production on a month-on-month basis [5] - The supply-demand balance for copper is expected to remain tight, with copper prices likely to continue rising after short-term fluctuations [5] Electric Power and Environmental Protection - The hydrogen ammonia methanol sector is expected to attract more investment as a key direction for new energy consumption and green electricity applications [6] - The ongoing electricity shortage in the U.S. presents opportunities for rebound in underperforming sectors such as overseas energy storage and solid-state batteries [6] - The independent energy storage bidding in China for 2026 is expected to maintain a favorable level compared to 2025 [6] Public Utilities - The domestic thermal coal price remained stable week-on-week, while imported coal prices increased significantly [7] - In October, the total electricity consumption in China reached 8,572 billion kilowatt-hours, a year-on-year increase of 10.4% [7] Pharmaceuticals - The small nucleic acid drug sector is experiencing significant advancements, indicating the onset of a new wave of innovative drugs [8] - The industry is entering a golden development period driven by "technological breakthroughs + commercial realization," with many domestic pharmaceutical companies advancing to clinical research stages since 2025 [8] Company Analysis - Hangyang Co., Ltd. reported a revenue of 11.43 billion yuan for Q1-Q3 2025, a year-on-year increase of 10.4%, and a net profit of 760 million yuan, up 12.1% year-on-year [9] - The gross margin was 20.6%, an increase of 0.2 percentage points year-on-year, while the net margin was 7.4%, up 0.3 percentage points year-on-year [9]

至此，去年光伏组件全球出货量排名前五的光伏龙头企业已经全部入局储能赛道。 本报记者 殷高峰 储能赛道发展提速。国家能源局公布的数据显示，截至今年三季度末，我国新型储能装机规模超过1亿 千瓦，与"十三五"末相比增长超30倍，装机规模占全球总装机比例超过40%，跃居世界第一。 储能作为光伏、风力等新能源发电的重要消纳方式，已经成为光伏龙头企业重点布局的赛道。 近日，陕西省市场监督管理局网站发布的信息显示，隆基绿能科技股份有限公司（以下简称"隆基绿 能"）拟通过股权收购、增资入股及表决权委托等多重方式，取得苏州精控能源科技股份有限公司约 61.9998%的表决权，实现对这家储能"独角兽"企业的单独控制。 而晶科能源股份有限公司（以下简称"晶科能源"）、晶澳太阳能科技股份有限公司（以下简称"晶澳科 技"）、天合光能股份有限公司（以下简称"天合光能"）等龙头亦早已入局储能赛道。Infolink数据显 示，晶科能源位列2024年全球光伏组件出货榜榜首，晶澳科技和隆基绿能并列第二，天合光能位列第 四，通威股份位列第五。 "光储融合已成为能源转型的必然趋势，也是构建新型电力系统的关键路径。"万联证券投资顾问屈放在 接受《证券 ...

点击下方 观看电站投运纪实视频 今年 ， 扬州地区规模最大的电网侧储能电站 ——江苏华电仪征120MW/240MWh风光集中配建储能项目正式投运。 该项目占地47.8亩， 构建了"储‑转‑升‑调"一体化的智能化能源枢纽，预计每年可消纳可再生能源电量超6800万千瓦时，减少二氧化碳排放约4万吨，显著提升区 域电网调节与应急保供能力。 作为扬州区域规模最大的电网侧储能电站，项目配置 24台5MW升压逆变一体机和48套5MWh储能电池预制舱，采用标准化单元设计，每台 一体机搭配两套电池系统构成10MWh储能单元，共部署24个单元，并配套建设220kV升压站，形成集约高效的能源调控平台。 在技术方案上，项目选用安全性高、循环寿命长的磷酸铁锂电池，并由派能科技作为核心储能系统供应商，为其提供 80MWh储能系统。该系 统以"从芯到舱"全链路安全设计为核心，通过智能BMS实现毫秒级电池状态监测，液冷热管理技术保障温度精准控制，并配备五重联动消防 保护机制，覆盖主动预警、快速响应与多级灭火全流程，形成严密的安全闭环。 该电站在夏季用电高峰可两小时内向电网输送 24万度电，直接缓解供电压力。 其毫秒级响应能力还能瞬时平衡电网 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The hydrogen ammonia and wind power sectors are expected to benefit from China's future industrial policies and the EU's carbon tariff by 2026, leading to increased investment opportunities. The global shipping industry is accelerating its decarbonization, with green methanol prices likely to remain high due to rising demand and limited supply [3]. - In the U.S., the ongoing electricity shortage presents opportunities for rebound in related stocks, particularly in the overseas energy storage and SST sectors. Key companies to watch include Sunshine Power, Jinpan Technology, and others [3]. - Domestic energy storage is projected to grow significantly, with Heilongjiang Province aiming for over 6GW of installed capacity by 2027. The independent energy storage market is expected to maintain a good level of bidding in 2026 [4]. - The lithium battery sector is experiencing a tightening supply-demand dynamic, with significant growth expected in both domestic and overseas markets. Key investment opportunities are identified in lithium mines and the separator segment [4][20]. Summary by Sections Wind Power - In 2024, China's onshore wind power is expected to add 75.8GW of capacity, a year-on-year increase of 9.68%, while offshore wind power is projected to add 4.0GW, a decrease of 40.85% [6]. - The public tender capacity for wind power in 2024 is 164.1GW, a 90% increase year-on-year, with onshore wind accounting for 152.8GW [9]. Lithium Battery - The domestic production of lithium carbonate is expected to remain stable, with strong demand from the power battery sector driven by the rapid growth of the new energy vehicle market [20]. - The supply of lithium hexafluorophosphate remains tight, with prices expected to continue rising due to increased demand from downstream applications [23]. Investment Recommendations - The report suggests focusing on companies such as Goldwind Technology, Sunshine Power, and Ningde Times, which are well-positioned to benefit from the trends in wind power and lithium battery sectors [19][24].

Domestic Macro Policy - The Chinese government is focusing on enhancing the adaptability of consumer goods supply and demand to further promote consumption, with a strategic emphasis on the "Two Heavy" construction during the 14th Five-Year Plan period[2] - The National Development and Reform Commission (NDRC) has recommended 105 infrastructure REITs projects, with a total fund issuance of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments[12] - The Ministry of Finance emphasizes improving the effectiveness of fiscal policy and macroeconomic regulation to better promote high-quality development during the 14th Five-Year Plan period[14] Infrastructure and Industry Policy - By 2030, a multi-level and efficient renewable energy consumption and regulation system is expected to be established, with new electricity demand primarily met by new renewable energy generation[3] - As of October 29, 500 billion yuan in new policy financial tools have been fully deployed, supporting key areas of private investment projects[12] Real Estate Policy - Policies are being implemented to accelerate the construction of quality housing and promote urban renewal actions across various cities, including Shanghai and Chengdu[16] Financial Regulation - China International Capital Corporation (CICC) announced a merger with Dongxing Securities and Xinda Securities through a share swap, aiming to enhance its capabilities in the investment banking sector[18] Overseas Macro Policy - The probability of a Federal Reserve rate cut in December has increased to approximately 70%, with significant discussions among officials regarding the need for further rate adjustments[23] - The U.S. government has ended its shutdown, which had significant economic implications, with losses estimated at 1.5 trillion yuan[26] Risk Warning - There is a persistent divergence in domestic and foreign monetary policies, with domestic policy execution potentially falling short of expectations[29]