据捷克太阳能协会1月15日消息，2025年捷光伏新增装机增速显著放缓，而电池储能领域则呈现上升态 势。2025年全年，捷新增光伏并网27298座，同比减少逾1.7万座；新增装机容量降至696兆瓦，降幅近 三分之一。尽管累计装机量已达5.16吉瓦，但受市场饱和及补贴中断影响，家庭需求大幅萎缩，市场重 心正逐步向企业项目转移，企业光伏装机量已反超家庭住宅领域。与此同时，称储能行业迎来新发展机 遇。2025年捷新增电池储能容量546兆瓦时，同比增长8%。随着《可再生能源法》修正案允许独立电池 系统并网，行业预计增速将进一步加快。然而，协会警告称，当前电网面临大量投机性的"地毯式"并网 申请，此类申请占据总量的65%，严重挤占电网容量。 ...

CSIWM 个股点评 2026 年 2 月 27 日 海庭集团 STM SP 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 新加坡资本货物行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 订单前景向好 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 26 日发布的题为《Orderbook prospects brighten》的报告，由于拨备增加，海庭集团利润率持续承压。2025 年下半年拨备增至 9,700 万新元 （2024 年下半年到 2025 年上半年期间为 4,300-7,000 万新元）。尽管这引发市场对执行一致性和公司盈利轨迹的担 忧，但管理层指引显示低利润率非 FPSO 遗留合同价值已降至 2.2 亿新元，表明拨备影响未来可能减弱。订单前景有 所改善。预计巴西国油（Petrobras）今年将启动四个 FPSO 招标，海庭集团仍处于有利竞争地位。其他潜在机会包 括德国与荷兰 TenneT 项目，这些共同支撑起超过 320 亿新元的潜在项 ...

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 （来源：中国节能协会碳中和专业委员会） 国家能源局新能源和可再生能源司司长李创军 党的二十届四中全会作出建设能源强国的战略擘画，提出初步建成新型能源体系的目标任务，为"十五 五"时期可再生能源发展提供了根本遵循。2026年全国能源工作会议强调，要紧紧围绕能源发展工作主 线，努力实现"十五五"良好开局，为中国式现代化建设提供坚强能源支撑。国家能源局新能源司认真贯 彻落实党的二十届四中全会和全国能源工作会议部署，推动"十五五"可再生能源扩量提质、可靠替代发 展，并以扎实有效的工作推动实现良好开局。 "十四五"以来，我国构建了全球最大、发展最快的可再生能源体系，建成了全球最大、最完整的新能源 产业链，可再生能源开发规模持续跃升，重大工程稳步推进，绿电应用场景不断拓宽，政策机制日益完 善，产业竞争力领跑全球，实现了高质量跃升发展。 一是开发规模持续跃升。"十四五"以来，我国风电、光伏发展速度和力度前所未有，新增装机屡上新台 阶，年均新增2.6亿千瓦 ...

法国计划到2035年将最终能源消耗量在2023年的基础上减少约30%，降至1100太瓦时。其中，化石燃料 消耗量将从900太瓦时大幅下降至约330太瓦时，化石燃料在最终能源消耗中的占比将从2030年的60%降 至40%，并在2035年进一步降至30%。 中化新网讯 近日，法国政府颁布法令，正式启动2026年至2035年期间的第三个长期能源计划(PPE3)。 该计划基于三大基本原则：确保能源供应稳定和主权、到2050年实现碳中和以及稳定能源价格。该计划 将作为未来十年的政策框架，与法国政府于去年12月公布的修订版国家低碳战略、欧盟气候目标以及 《巴黎协定》保持一致。 在可再生能源方面，计划到2035年将水力发电装机容量扩大到28.7吉瓦，并通过大规模项目招标引入15 吉瓦的海上风电。太阳能发电的目标是到2030年达到48吉瓦，到2035年达到55-80吉瓦;陆上风电的目标 是到2030年达到31吉瓦，到2035年达到35-40吉瓦。对于太阳能发电，计划采用招标方式并引入上网电 价补贴机制，在2028年之前每年设定2.9吉瓦的上限。对于陆上风电，每年将进行两次800兆瓦(MW)规 模的招标，同时优先考虑对现有设施 ...

英大证券指出，2025年我国可再生能源发展实现了多项历史性突破，电力供应主体逐渐转变为新能源。 全国可再生能源发电新增装机4.52亿千瓦，同比增长21%，占全国电力新增装机的83%，其中风电、太 阳能发电累计装机占比历史性超过火电。新型电力系统建设持续推进，截至2025年12月末，中国已投运 电力储能项目累计装机规模同比增长54%，其中新型储能累计装机同比增长85%。全国统一电力市场顶 层设计出台，电力市场化改革进入了全国一盘棋、系统化推进的新阶段，政策旨在推动市场规则统一协 同，使电力的多维价值在市场中被"显性化"。 绿色电力ETF（159669）跟踪的是绿色电力指数（399438），该指数从沪深市场中选取覆盖水电、风 电、光伏等清洁能源发电领域，并聚焦于具备低碳属性的电力企业上市公司证券作为指数样本，以反映 清洁能源发电相关上市公司证券的整体表现。该指数具备抗周期性强、现金流充沛的特点，是投资"双 碳"目标的有效工具。 可再生能源实现历史性突破，2月26日，绿电板块上扬，绿色电力ETF国泰（159669）涨超1%。 ...

可再生能源实现历史性突破，2月26日，绿电板块上扬，绿色电力ETF国泰（159669）涨超1%。 绿色电力ETF（159669）跟踪的是绿色电力指数（399438），该指数从沪深市场中选取覆盖水电、风 电、光伏等清洁能源发电领域，并聚焦于具备低碳属性的电力企业上市公司证券作为指数样本，以反映 清洁能源发电相关上市公司证券的整体表现。该指数具备抗周期性强、现金流充沛的特点，是投资"双 碳"目标的有效工具。 （文章来源：每日经济新闻） 英大证券指出，2025年我国可再生能源发展实现了多项历史性突破，电力供应主体逐渐转变为新能源。 全国可再生能源发电新增装机4.52亿千瓦，同比增长21%，占全国电力新增装机的83%，其中风电、太 阳能发电累计装机占比历史性超过火电。新型电力系统建设持续推进，截至2025年12月末，中国已投运 电力储能项目累计装机规模同比增长54%，其中新型储能累计装机同比增长85%。全国统一电力市场顶 层设计出台，电力市场化改革进入了全国一盘棋、系统化推进的新阶段，政策旨在推动市场规则统一协 同，使电力的多维价值在市场中被"显性化"。 ...

Core Viewpoint - The article emphasizes the strategic development of renewable energy in China during the 14th and 15th Five-Year Plans, focusing on expanding capacity, improving quality, and ensuring reliable alternatives to fossil fuels [1][5]. Group 1: Development Goals and Achievements - Since the 14th Five-Year Plan, China has established the world's largest and fastest-growing renewable energy system, with a total installed capacity of renewable energy exceeding 2.3 billion kilowatts, accounting for 60% of total installed capacity by 2025 [2][3]. - The annual increase in installed capacity for wind and solar energy has reached 260 million kilowatts, with total installed capacity expected to reach 1.84 billion kilowatts by the end of 2025, surpassing thermal power for the first time [2][3]. Group 2: Major Projects and Progress - Significant projects include the approval and commencement of the Yarlung Tsangpo River downstream hydropower project, with total conventional hydropower capacity reaching 380 million kilowatts and pumped storage capacity exceeding 66 million kilowatts [3]. - The "Shagehuang" renewable energy base has achieved over 150 million kilowatts of wind and solar installed capacity, contributing to the construction of a "New Energy Great Wall" in arid regions [3]. Group 3: Technological and Industrial Leadership - China leads globally in manufacturing capabilities for large hydropower turbines and has set world records in offshore wind turbine capacity and solar power conversion efficiency [4]. - The number of renewable energy patents accounts for over 40% of the global total, indicating a strong innovation capacity and competitive market environment [4]. Group 4: Policy Support and Framework - A comprehensive policy support system has been established, including the issuance of guidelines for promoting integrated development of renewable energy and optimizing the responsibility system for renewable energy consumption [4][9]. - The government aims to enhance the green certificate market and improve the regulatory framework to support the sustainable development of renewable energy [4][11]. Group 5: Future Directions and Targets - The 15th Five-Year Plan aims to achieve a total installed capacity of wind and solar power reaching 3.6 billion kilowatts by 2035, with renewable energy accounting for over 50% of total installed capacity [7]. - The plan includes targets for increasing renewable energy's share of total electricity generation to around 30% by 2030 and enhancing non-electric applications of renewable energy [7].

Core Viewpoint - The article emphasizes the strategic plan for the development of renewable energy during the "14th Five-Year Plan" and outlines the goals and initiatives for the "15th Five-Year Plan" to enhance the quality and quantity of renewable energy in China, aiming for a robust energy support for modernization efforts [2][8]. Group 1: Achievements During the "14th Five-Year Plan" - China has established the world's largest and fastest-growing renewable energy system, with significant advancements in wind and solar power, achieving an average annual increase of 260 million kilowatts in installed capacity, reaching a total of 1.84 billion kilowatts by the end of 2025, which accounts for 47% of total installed capacity [4][5]. - Major projects have progressed, including the approval and commencement of the Yarlung Tsangpo River hydropower project, with total conventional hydropower capacity reaching 380 million kilowatts and pumped storage capacity exceeding 66 million kilowatts [4]. - The contribution of renewable energy to the power supply has become more prominent, with renewable energy generation expected to reach approximately 4 trillion kilowatt-hours by 2025, accounting for 38.3% of total electricity generation [5]. Group 2: Goals for the "15th Five-Year Plan" - The main focus will be on expanding the scale and improving the quality of renewable energy, with a target for renewable energy to exceed 50% of total installed capacity by 2035 [9][10]. - The plan includes increasing renewable energy generation to cover the growing electricity demand, aiming for a 30% share of renewable energy in total generation by 2030 [10]. - There will be an emphasis on non-electric applications of renewable energy, such as hydrogen production and renewable heating and cooling, to enhance the overall utilization of renewable resources [10]. Group 3: Policy and Implementation Strategies - The government will strengthen policy support and improve the regulatory framework to facilitate the rapid development of renewable energy, including revising the Renewable Energy Law and implementing the "15th Five-Year Plan" for renewable energy development [12][13]. - There will be a focus on integrating renewable energy development with ecological conservation, particularly in desert areas, and promoting offshore wind power projects [13]. - The establishment of a green certificate market and the enhancement of green electricity consumption responsibilities will be prioritized to ensure sustainable growth in renewable energy consumption [15].

Core Viewpoint - The article emphasizes the strategic plan for the development of renewable energy during the "14th Five-Year Plan" and outlines the goals and initiatives for the "15th Five-Year Plan" to enhance the scale and quality of renewable energy in China, aiming for a robust energy support for modernization efforts [2][8]. Group 1: Achievements During the "14th Five-Year Plan" - China has established the world's largest and fastest-growing renewable energy system, with significant advancements in wind and solar power, achieving an average annual increase of 260 million kilowatts in installed capacity, reaching a total of 1.84 billion kilowatts by the end of 2025, which accounts for 47% of total installed capacity [4]. - Major projects have progressed, including the approval and commencement of the Yarlung Tsangpo River hydropower project, with total conventional hydropower capacity reaching 380 million kilowatts and pumped storage capacity exceeding 66 million kilowatts [4]. - Renewable energy generation is projected to reach approximately 4 trillion kilowatt-hours by 2025, constituting 38.3% of total electricity generation, with wind and solar power contributing 2.3 trillion kilowatt-hours [5]. Group 2: Policy and Support Mechanisms - A comprehensive policy support system has been established, including the issuance of guidelines for the integrated development of renewable energy and the optimization of the renewable energy power consumption responsibility system [6]. - The government aims to enhance the green certificate system and promote the international recognition of green certificates, facilitating the growth of green electricity consumption [6][15]. Group 3: Goals for the "15th Five-Year Plan" - The "15th Five-Year Plan" aims to exceed 50% of renewable energy in total installed capacity, with a target of 30% for renewable energy generation by 2030 [10]. - The plan includes enhancing the reliability of renewable energy to replace fossil fuels and improving the capacity for renewable energy to participate in power balancing [10]. - The focus will be on integrated development, collaborative growth, and efficient development to ensure sustainable and healthy industry growth [9].

Core Viewpoint - First Solar's stock price dropped over 17% due to significantly lower annual sales forecasts compared to Wall Street expectations, amidst uncertainties in renewable energy and tariff policies in the U.S. [1] Group 1: Company Performance - First Solar expects net sales for 2026 to be in the range of $4.9 billion to $5.2 billion, which is below the average analyst expectation of approximately $6 billion [1] - The company anticipates tariff impacts to be between $125 million and $135 million, which is much higher than market consensus [2] - First Solar's Series 6 solar modules, designed for data centers and utility-scale solar plants, are facing significant demand constraints [3] Group 2: Industry Context - The AI infrastructure boom is expected to significantly increase the demand for renewable energy, with data center electricity demand projected to rise by approximately 220% by 2030 compared to 2023 [2] - Renewable energy, particularly solar and wind, is becoming the preferred choice for new power generation due to decreasing costs, as highlighted by a Morgan Stanley report [4] - Major tech companies like Google and Microsoft are increasingly focused on clean energy to meet their operational needs, with substantial investments planned in renewable energy projects [5][6] Group 3: Market Sentiment - Analysts view First Solar's growth narrative as a "2027 story," indicating that the market is not currently optimistic about the company's near-term growth prospects [1][3] - The current U.S. administration's support for traditional energy sources is creating headwinds for the renewable energy sector, impacting First Solar's growth outlook [1]