Core Viewpoint - The Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration have issued the "Power Equipment Industry Steady Growth Work Plan (2025-2026)", aiming for a stable growth trajectory in the power equipment sector, with specific revenue growth targets and strategic initiatives to enhance the industry's overall performance [1][2]. Group 1: Industry Goals and Performance - The main objectives for the power equipment industry from 2025 to 2026 include maintaining an average annual revenue growth rate of around 6% for traditional power equipment and ensuring steady growth in revenue for new energy equipment [1]. - The production of power generation equipment is expected to remain within a reasonable range, ensuring effective supply, while the export volume of new energy equipment is projected to increase [1]. - Key regions and enterprises are expected to play a stronger role, with the national advanced manufacturing clusters in the power equipment sector targeting an average annual revenue growth rate of approximately 7%, and leading companies aiming for a 10% growth rate [1]. Group 2: Industry Development and Achievements - The power equipment industry is a dominant and foundational sector of the industrial economy, significantly contributing to economic stability [1]. - Recent achievements in the industry include a total installed power generation capacity of 3.65 billion kilowatts, with notable breakthroughs such as the operation of 18-megawatt offshore wind turbines and the mass application of the "Hualong One" and "Guohe One" third-generation nuclear power units [1]. - New energy equipment has emerged as a competitive area for China's manufacturing sector, with supply levels continuously improving to meet domestic demand [1]. Group 3: Strategic Initiatives - The plan outlines a series of measures aimed at improving equipment supply quality, expanding domestic effective demand, actively exploring international markets, accelerating equipment promotion and application, strengthening standard support, optimizing the industry development environment, promoting digital and green transformation, and enhancing industry chain collaboration [2]. - These initiatives are designed to solidify the growth foundation of the power equipment industry and provide robust support for overall economic improvement [2].

Core Viewpoint - The "Power Equipment Industry Stability Growth Work Plan (2025-2026)" aims to ensure steady growth in the power equipment sector, focusing on both traditional and renewable energy equipment, with specific revenue growth targets and measures to address current industry challenges [1][2]. Group 1: Development Goals - The plan sets a target for an average annual revenue growth rate of around 6% for traditional power equipment from 2025 to 2026, while ensuring stable growth for renewable energy equipment [1]. - It aims for an average annual revenue growth rate of 7% for national advanced manufacturing clusters in the power equipment sector and 10% for leading enterprises [1][2]. Group 2: Supply-Side Measures - The plan emphasizes the implementation of major technological equipment projects and industrial foundation reconstruction to enhance supply capabilities, addressing both strengths and weaknesses in the industry [1][2]. - It includes the promotion of key equipment breakthroughs and applications to improve the overall supply level of the power equipment industry [2]. Group 3: Demand-Side Strategies - The plan focuses on stabilizing domestic demand through major energy projects such as large wind and solar bases, offshore wind farms, and smart grids, while also expanding overseas markets [1][3]. - It highlights the need to accelerate the construction of new energy bases and ensure the supply of key core products in the renewable energy and smart grid sectors [3]. Group 4: Environmental Considerations - The plan aims to implement policies for the promotion and application of first sets of equipment, establish industry standards for wind and solar sectors, and enhance product quality through standardization [2]. - It seeks to strengthen the synergy within the industry chain to promote sustainable and healthy development [2]. Group 5: International Market Expansion - The plan outlines strategies for expanding into international markets, particularly in the context of global energy transition, emphasizing cooperation with emerging market countries in the wind, solar, and energy storage sectors [3]. - It aims to leverage bilateral cooperation mechanisms to enhance the global competitiveness of the power equipment industry [3].

Core Insights - The "Power Equipment Industry Steady Growth Work Plan (2025-2026)" aims for an average annual revenue growth of around 6% for traditional power equipment and stable growth for new energy equipment from 2025 to 2026 [1] - The plan emphasizes the importance of financial and tax support, including R&D expense deductions and tax incentives for energy-saving and resource utilization [1] - The introduction of ultra-long-term special treasury bonds is expected to enhance confidence in the industry and reduce local debt risks while supporting large-scale equipment updates [1] Financial Support and Innovation - Financial institutions are encouraged to provide innovative financial services tailored to the actual needs of power equipment companies [2] - The plan suggests that financial institutions can offer loans based on intellectual property and technology achievements to help companies facing financing difficulties due to lack of collateral [2] - A one-stop financial service model is proposed to meet the diverse financial needs of power equipment enterprises, improving service quality and customer satisfaction [2]

Group 1 - The core viewpoint of the news is the release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology, which sets four main goals for the power equipment industry, including maintaining an average revenue growth rate of around 6% for traditional power equipment and a steady increase for new energy equipment [1][2] - The new plan emphasizes precise efforts and aims for an average revenue growth rate of 10% for leading enterprises in the power equipment sector, reflecting a shift from the previous plan's broader targets [2][4] - The plan outlines measures to enhance supply-side capabilities, expand effective demand on the demand side, and optimize the development environment on the environmental side, focusing on improving equipment supply quality and promoting innovative product applications [1][3][4] Group 2 - The current development targets of 6%-10% are more suitable for the present state of the power industry, especially in the context of new energy equipment, which has seen rapid growth but is expected to slow down in the second half of the year [3] - As of June 2023, the installed capacity of wind and solar power in China reached 1.67 billion kilowatts, surpassing that of thermal power, but the system's adjustment capacity has not kept pace, leading to challenges in renewable energy consumption [3] - The plan aims to strengthen the combination of quality supply and effective demand, with a focus on accelerating the construction of major energy projects and expanding international market cooperation in the wind and solar sectors [5]

新华社北京9月12日电（记者王悦阳）记者12日从工业和信息化部获悉，工业和信息化部、市场监管总 局、国家能源局三部门日前印发《电力装备行业稳增长工作方案（2025—2026年）》，其中提出，到 2026年，我国传统电力装备年均营收增速保持6%左右，新能源装备营收稳中有升。 方案还明确了一系列2025年至2026年电力装备行业稳增长主要目标：发电装备产量保持在合理区间，供 给得到有效保障，新能源装备出口量实现增长；重点地区、重点企业带动作用加强，电力装备领域国家 先进制造业集群年均营收增速7%左右，龙头企业年均营收增速10%左右；推动一批标志性装备攻关突 破和推广应用。 近年来，全球能源结构绿色低碳转型加速推进，我国正加快构建新型电力系统，为电力装备行业带来旺 盛需求，整体来看，电力装备行业稳增长形势良好。 在供给侧，统筹实施产业基础再造和重大技术装备攻关，突破一批标志性装备；依托能源等领域国家科 技专项，新部署一批项目；提升装备智能化、绿色化水平。 在需求侧，依托大型风电光伏基地、海上风电基地、智能电网、抽水蓄能电站等能源领域重大工程建 设，稳定电力装备国内需求，充分利用全球能源绿色低碳转型的重要机遇，积极拓 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with other regulatory bodies, has released a work plan for the power equipment industry aimed at stabilizing growth from 2025 to 2026, focusing on expanding domestic demand, accelerating equipment promotion, and optimizing the industry environment [1][2]. Supply Side - The plan emphasizes improving the quality of equipment supply and promoting a green and intelligent transformation. It aims to enhance the supply level of power equipment through the implementation of industrial foundation reconstruction and breakthroughs in key technologies [2][3]. - A focus on high-quality development of new energy equipment, particularly in wind power, is highlighted, alongside the implementation of innovative actions in new energy storage technology [2][3]. Demand Side - The plan aims to stabilize demand for power equipment by leveraging major engineering projects and accelerating the development of large-scale onshore wind and photovoltaic bases, as well as promoting orderly construction of offshore wind power [2][3]. Environmental Aspects - The plan outlines measures to optimize the industry environment, including enhancing self-discipline within the power equipment sector and fostering a competitive environment. It also includes the development of industry standards for wind power equipment manufacturing [3]. - The integration of new-generation information technology with power equipment is encouraged, aiming for a green upgrade and digital transformation across the industry [3].

（二）扩大国内有效需求。依托能源领域重大工程项目，稳定电力装备需求。加快推进陆上大型风电光 伏基地，推动海上风电规范有序建设，积极推进风电和光伏发电分布式开发、水风光一体化开发。继续 实施煤电"三改联动"，推进新一代煤电改造建设，稳妥有序淘汰落后产能。积极稳妥推动重大水电建 设，积极有序开发建设抽水蓄能。稳步推进核电开发，积极安全有序推动一批沿海核电项目核准建设。 优化全国电力系统设计，核准建设一批重点电力互济工程。推进智能微电网建设和电源电网侧储能应 用，提高电网对清洁能源接纳、配置和调控能力。 （三）积极开拓国际市场。积极参与全球能源绿色低碳转型，加强绿色基建、新型基建等领域合作，拓 展电力装备海外市场。发挥好双多边合作机制作用，深化与新兴市场国家在风电、光伏、储能等领域全 产业链合作,引导企业合理有序开展海外布局，强化产品质量，打造电力装备品牌形象。支持电力领域 对外承包工程合作，鼓励能源开发企业、装备制造企业、金融机构组团出海。深化国际合作，鼓励零部 件制造企业积极融入海外供应链。 积极安全有序推动一批沿海核电项目核准建设。 9月12日，工业和信息化部、市场监管总局、国家能源局印发《电力装备行业稳增长 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights the acceleration of pilot lines for solid-state batteries both domestically and internationally, with equipment deliveries expected to peak soon. A significant order of $1 billion for eVTOLs utilizing solid-state batteries has been secured [2][9] - The photovoltaic sector is poised to benefit from a new round of growth stabilization policies from the Ministry of Industry and Information Technology, emphasizing structural adjustments and technological innovation [3][18] - The offshore wind sector is seeing positive developments with the UK easing entry barriers for offshore wind projects, which is expected to expedite project approvals [30][31] - The energy storage sector is witnessing the introduction of the first provincial capacity pricing policy in Gansu, clarifying the revenue model for independent storage [38][39] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - The solid-state battery pilot lines are being rapidly constructed, with significant orders for eVTOLs [9][10] - Companies like Funeng Technology are set to launch advanced solid-state batteries by 2025, with a focus on high energy density [9][10] - Key companies to watch include CATL, Keda Technology, and others with competitive advantages in cost and technology [12] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - The Ministry of Industry and Information Technology is implementing a new growth stabilization plan for key industries, including photovoltaics [18][19] - The report suggests that the photovoltaic industry should leverage policy opportunities to enhance competitiveness through innovation [19][20] - Investment recommendations include companies benefiting from supply-side reforms and those with strong demand growth [27][28] 2.2 Wind Power Sector - The UK has relaxed entry requirements for offshore wind projects, potentially increasing the number of projects eligible for funding [30][31] - The report highlights the progress of the Zhejiang deep-sea wind power base, which is expected to accelerate development [31][32] - Companies in the wind power supply chain are recommended for investment based on their growth potential [35] 3. Energy Storage Sector - Gansu Province has introduced a capacity pricing policy, which is expected to clarify revenue models for energy storage [38][39] - The Qinghai green electricity direct connection plan aims to optimize energy usage and enhance system flexibility [40][41] - Investment opportunities include companies involved in energy storage integration and those benefiting from the growth of the energy storage market [44] 4. Power Equipment Sector - The State Grid has announced the results of its third batch of ultra-high voltage equipment tenders, indicating ongoing investment in power infrastructure [47][48] - The Ministry of Industry and Information Technology is set to release growth stabilization plans for the power equipment sector, focusing on digital transformation [48][49] - Companies with overseas expansion capabilities and those involved in digital power solutions are highlighted as investment opportunities [49][52] 5. Industrial Control and Robotics Sector - The industrial sector is showing signs of recovery, with significant acquisitions and advancements in robotics technology [55][56] - The introduction of autonomous battery-swapping humanoid robots represents a significant innovation in the sector [57] - Investment recommendations focus on companies leading in automation and robotics technology [58][60] 6. Hydrogen Energy Sector - The report emphasizes the need to accelerate hydrogen energy applications in traditional industries, with a focus on green transformation [63] - The establishment of zero-carbon parks in Shandong is part of the broader strategy to promote hydrogen energy [64] - Companies involved in hydrogen production and fuel cell technology are recommended for investment [65]