Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The photovoltaic industry chain is experiencing a price increase trend, while the price competition for lithium battery materials is intensifying [1]. - In the fourth quarter, which is the peak sales season for new energy vehicles, domestic sales of new energy vehicles are expected to maintain high growth in 2025, driving demand for batteries and materials [1]. - The solid-state battery industrialization is progressing, and attention should be paid to the verification progress of related materials and equipment companies [1]. - The report emphasizes a "de-involution" strategy as the main investment theme for photovoltaics, with the integration and acquisition of polysilicon production capacity becoming more proactive [1]. - The demand for wind power is expected to continue growing, with a focus on wind turbines and offshore wind power [1]. - The energy storage sector remains highly prosperous, with recommendations to focus on energy storage cells and large-scale integrated plants [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream hydrogen-based energy applications [1]. - The report suggests monitoring core suppliers in the nuclear fusion sector as it represents a long-term catalytic direction for future energy development [1]. Summary by Sections Market Overview - The power equipment and new energy sector rose by 5.37% this week, outperforming the Shanghai Composite Index, which increased by 1.88% [10]. - The wind power sector saw the highest increase at 7.14%, followed by the photovoltaic sector at 6.56% [13]. Lithium Battery Market - The price of lithium carbonate has continued to rise, with battery-grade lithium carbonate priced at approximately 98,000 RMB per ton, reflecting an 8% increase [25]. - The price of lithium iron phosphate battery cells has also seen an upward trend, with prices for various models ranging from 0.285 to 0.425 RMB per watt-hour [26]. Photovoltaic Market - The price of polysilicon remains stable, with tight supply and weak downstream demand affecting price transmission [15]. - The price of silicon wafers has shown a significant increase, driven by rising silver prices and industry self-discipline [16]. - The price of battery cells has increased to 0.34 RMB per watt, with manufacturers actively raising prices due to cost pressures [17]. Energy Storage Market - The price of energy storage systems has rebounded, with prices for various configurations ranging from 0.40 to 0.82 RMB per watt-hour [27]. - The demand for energy storage remains strong, particularly in overseas markets, contributing to price stability [26].

合肥12月28日电 28日，记者从中国科学院合肥物质科学研究院等离子体物理研究所（以下简称"合肥物 质院等离子体所"）获悉，由该所牵头承担的国际热核聚变实验堆（ITER）计划校正场线圈采购包，顺 利完成全部制造工程，最后4个校正场线圈竣工并正式交付，这标志着该采购包的制造任务全面收官。 据悉，ITER是目前全球规模最大、最复杂的托卡马克装置。ITER计划校正场线圈共有3组18个线圈，分 别均匀分布于ITER装置主机的顶部、中部、底部3个区域，是ITER装置主机最重要的磁体系统之一。校 正场线圈能否成功研制并如期完成安装，直接影响ITER装置等离子体运行参数。 合肥物质院等离子体所研究员卫靖介绍，ITER校正场线圈采购包由中国100%自主研发制造，项目团队 历时15年攻关完成交付。团队完成了大型非圆截面无张力超导磁体绕制生产线的100%自主开发，首创 三维曲面高精度绕制成型技术；发明的断续控温手工焊技术，核心指标较ITER标准提升3倍，该采购包 也成为ITER计划首个完成氦管焊接认证的采购包。团队还联合国内企业研发出ITER级316LN奥氏体不 锈钢挤压型材，突破材料国产化瓶颈，填补行业空白，并构建起涵盖标准、 ...

Core Viewpoints - The market is expected to experience a stable upward trend, with a potential for a red closing in the upcoming trading days despite minor fluctuations [3][10][15] Industry Comparison - The market has shown a consistent expectation for a rally in technology and dividend stocks since March 2023, indicating that the investment opportunities are shifting towards mid-cap blue-chip stocks after a four-year lull [4][16] Industry Allocation - Investment opportunities are identified in mid-risk stocks across three main lines: 1) The cyclical sector is undergoing a revaluation due to technological empowerment and supply constraints, with a focus on new materials, chemicals, metals, and agricultural products [5][17] 2) The consumer sector, which has been stagnant for years, is at a turning point with generally undervalued stocks and supply contraction, suggesting potential price increases [5][17] 3) The manufacturing sector is transitioning from mere "story speculation" to validating "orders and revenues," with attention on communication, electronics, power equipment, and machinery that show performance verification expectations [5][17] Thematic Investments - Key areas of focus include: - Aerospace satellites, which are becoming a short-term market focal point, with potential for increased volatility and significant IPO progress in satellite networks and commercial rockets [6][18] - Price increases in upstream sectors, driven by supply contraction and structural demand growth, particularly in non-ferrous metals and new energy industries [6][18] - Artificial intelligence, which has shown rotation across various segments but with lower-than-expected intensity, suggesting a need for continued monitoring [6][18] - Nuclear fusion, which is moving from theoretical research to engineering practice, indicating a potential for significant investment demand as commercialization progresses [6][18] Semiconductor Expansion and Domestic Substitution - Domestic wafer fabs are expected to expand production next year, and the capitalization processes of major domestic memory chip manufacturers are advancing, highlighting opportunities in domestic chip manufacturers and semiconductor materials [7][19] Solid-State Batteries - The solid-state battery sector has seen prolonged adjustments, but potential industry catalysts may emerge in the first quarter, warranting attention on the solid-state battery supply chain [7][19]

行 华福证券 电力设备 2025 年 12 月 28 日 业 研 究 行 业 电力设备 产业周跟踪：锂电、光伏产业链限产提价，重申 坚定看好 投资要点： 锂电板块核心观点：两大铁锂企业减产检修，天齐碳酸锂定价体系重 构。1）两大铁锂企业减产检修，影响短期供给；2）结算锚定"Mysteel+ 期货"，天齐碳酸锂定价体系重构。 定 期 报 告 光伏板块核心观点：市场监管总局对光伏行业开展价格竞争合规指导， 高质量发展成为明确方向。市场监管总局在合肥对光伏行业开展价格竞争 合规指导，标志着政策面对行业长期"内卷"和"劣币驱逐良币"困境的 正式介入与纠偏。此举短期旨在打击价格串通等违法行为，维护公平秩序； 长期则是引导行业从同质化低价竞争，转向技术创新与优质优价的健康发 展轨道。这为具备技术、成本优势的头部企业创造了更有利环境，并与近 期硅片企业协同挺价的市场行为形成共振。行业竞争规则正在重塑，高质 量发展成为明确方向。 风电板块核心观点：国内风电装机量快速增长，江苏多个海风项目获 核准。1）1-11 月国内风电新增装机 82.5GW，实现快速增长；2）江苏 2024 年竞配海风项目进展积极，有望在 2026 年下半 ...

Market Review - A-shares led global indices with major broad-based indices generally rising, particularly the CSI 500 and ChiNext, while the Shanghai Composite Index recorded an eight-day winning streak approaching 4000 points [1] - The market liquidity is abundant, with A-share trading volume continuing to expand, reaching over 2 trillion yuan on Friday, and the financing balance exceeding 2.5 trillion yuan, setting a historical high [1] - In terms of style, small-cap and growth styles outperformed, with sectors such as non-ferrous metals, defense, and electric equipment leading gains, while beauty care, social services, and banking sectors declined [1] Market Outlook - Multiple funds are rushing to capitalize on the "spring rally," with a focus on buying on dips. The uncertainty in overseas monetary policy is dissipating, and the upcoming Chinese New Year and "Two Sessions" are expected to support risk appetite [2] - The "spring rally" conditions are accumulating, with key factors including reasonable valuation levels, a loose liquidity environment, and catalysts to boost risk appetite such as domestic policies and external risk mitigation [2] - The latest risk premium for the CSI 300 is at the median level of the past decade, indicating reasonable A-share valuations, while the central bank emphasizes continued implementation of a moderately loose monetary policy [2] Fund Flows - The net subscription of A500 ETFs has become one of the important sources of incremental funds for A-shares at year-end, with a cumulative net subscription of 90.8 billion yuan in December, the highest since April [3] - The top six A500 ETF products saw a net inflow of 97.2 billion yuan since December, reflecting accelerated inflow of institutional funds [3] Financing and Currency Trends - The financing balance of A-shares reached a historical high of 2.53 trillion yuan as of December 25, with a net buy of 72 billion yuan in financing funds since December, indicating a recovery in market sentiment [4] - The strong performance of the RMB is favorable for foreign capital inflow, with the offshore RMB briefly surpassing the 7.0 mark against the USD, reflecting market confidence in the Chinese economy [4] Industry Allocation Recommendations - Focus on growth themes benefiting from industrial policy support, such as domestic substitution, robotics, commercial aerospace, nuclear fusion, innovative drugs, and energy storage [5] - Pay attention to sectors benefiting from "anti-involution" price increases, such as chemicals, energy metals, and new energy [5] - Look for potential catalytic opportunities in the consumer sector due to the deepening of consumption policies [5]

中新社合肥12月28日电 (记者 吴兰)12月28日，中国科学院合肥物质科学研究院等离子体物理研究所承 担的国际热核聚变实验堆(ITER)校正场线圈采购包，完成全部的制造任务，最后4个线圈顺利竣工交 付。 该校正场线圈共有三组18个线圈，分别均匀分布于ITER装置主机的顶部、中部、底部三个区域，是 ITER装置主机最重要的磁体系统之一。校正场线圈能否成功研制并如期完成安装，直接影响ITER装置 等离子体运行参数。 据介绍，ITER校正场线圈采购包由中国100%自主研发和制造，项目团队历时15年攻关并竣工交付。项 目团队还同步构建了涵盖标准、专利及多个专业实验室的研发支撑体系，为中国聚变领域的基础研究和 应用提供有力支撑。 中国科学院合肥物质科学研究院等离子体物理研究所作为ITER中国工作组重要单位之一，承担了超导 导体、校正场线圈、磁体馈线、电源、诊断等众多采购包和工程总装以及数十项现金合同，占中国承担 ITER份额的绝大部分。(完) ...

Group 1 - The core achievement is the successful completion of the manufacturing tasks for the ITER correction field coils, with the last four coils delivered in Hefei, Anhui [1] - The ITER correction field coils consist of three groups of 18 coils, which are crucial components of the main magnetic system of the ITER device, directly affecting plasma operation parameters [1] - The procurement package for the correction field coils was entirely developed and manufactured independently by China, taking 15 years from preliminary research in 2010 to completion in 2023, showcasing advancements in superconducting magnet engineering [2] Group 2 - The manufacturing of the ITER correction field coils involved strict requirements for size, welding, deformation control, and testing environments, highlighting the technical challenges faced [2] - The Institute of Plasma Physics at the Hefei Institute of Physical Science, part of the Chinese Academy of Sciences, plays a significant role in the ITER project, handling various procurement packages and contracts, which constitute a large portion of China's responsibilities in the ITER project [2]

Core Viewpoint - Lansi Heavy Industry (603169) is advancing its development in nuclear energy and hydrogen energy equipment by establishing joint laboratories with Hefei Comprehensive National Science Center's Energy Research Institute to promote research and industrial development in zero-carbon technologies and high-performance fusion heat exchange equipment [2][3][4]. Group 1: Joint Laboratory Agreements - Lansi Heavy Industry and its subsidiary signed agreements to establish joint laboratories focused on hydrogen-ammonia fusion engineering technology and high-efficiency fusion heat exchange equipment [2][3]. - The collaboration aims to enhance research in controlled nuclear fusion and develop new technologies for high-performance heat exchange systems [3][4]. Group 2: Research Directions and Goals - The joint laboratory for fusion heat exchange equipment will focus on three main areas: compact and efficient heat exchange systems for fusion power generation, low-temperature heat exchange equipment, and optimization of flow channels in Tokamak devices [3][4]. - The goal is to create a roadmap for technology development within one year and achieve significant results in the fusion energy sector within two to five years, including prototypes for efficient heat exchange equipment [4]. Group 3: Hydrogen-Ammonia Fusion Technology - The establishment of the hydrogen-ammonia fusion engineering technology laboratory will facilitate research in modular flexible ammonia synthesis, green hydrogen liquefaction, and ammonia cracking for hydrogen production [4][5]. - The aim is to develop a modular industrial ammonia synthesis facility powered by renewable energy sources and establish a hydrogen station with a capacity exceeding 1000 kg/d [5]. Group 4: Market Position and Growth - Lansi Heavy Industry has built a robust industry system in the fusion heat exchange equipment sector, achieving a 90% market share in nuclear-grade plate heat exchangers [6]. - The company reported a 32.16% year-on-year increase in nuclear energy orders, amounting to 306 million yuan in the first half of 2025, and is enhancing production capacity to meet future market demands [7].

Core Viewpoint - Lanzhou University has established the School of Nuclear Fusion Science and Engineering to align with national strategic energy needs and promote innovative talent cultivation in the field of nuclear fusion [3][4]. Group 1: Establishment and Purpose - The School of Nuclear Fusion Science and Engineering was officially launched on December 26, with a focus on addressing key scientific issues in nuclear fusion [1][3]. - The establishment is part of a broader initiative to support China's "14th Five-Year Plan," which emphasizes the development of future industries such as quantum technology and nuclear fusion energy [3][4]. Group 2: Leadership and Structure - The academic committee chair and management personnel for the new school were appointed during the establishment ceremony, with significant collaboration agreements signed with five initial member units [3][4]. - Chen Ximeng, the dean of the new school, outlined the construction report, emphasizing a multi-disciplinary approach to talent development and research [4][6]. Group 3: Historical Context - The history of nuclear science education at Lanzhou University dates back to 1955, with the establishment of the modern physics department, which has evolved into the current School of Nuclear Science and Technology [7]. - The university has a long-standing reputation in nuclear science, being one of the first institutions in China to offer nuclear-related programs and degrees [7].

Core Viewpoint - A new wave of price increases is anticipated across various industries, driven by factors such as supply reduction, wage increases, and government policies aimed at stimulating domestic demand [1][5][30]. Group 1: Price Increases in Various Industries - McDonald's will raise prices on several menu items by 0.5-1 yuan starting December 15, 2025 [2]. - Moutai's wholesale prices for all products have increased, with the 25-year Flying Moutai rising by 40 yuan to 1600 yuan per bottle, and the Zodiac Snake variant surging by 230 yuan to 2000 yuan per bottle [3]. - SMIC has implemented a price increase of approximately 10% on certain production capacities, particularly focusing on the 8-inch BCD process platform [4]. - Major global shipping companies, including MSC, CMA CGM, Maersk, and Hapag-Lloyd, have announced plans to adjust freight rates starting January 1, 2026, including seasonal surcharges [4]. - Smartphone manufacturers like Xiaomi, OPPO, vivo, and Honor have raised prices on new models by 100 to 600 yuan compared to previous generations since October [5]. Group 2: Reasons Behind Price Increases - Price increases are partly a response to policies aimed at reducing overcapacity and promoting quality over quantity in production, as seen in industries like Moutai and SMIC [5][6]. - The price of lithium carbonate has risen from 92,800 yuan per ton to 104,900 yuan per ton, reflecting a monthly increase of over 13%, driven by production cuts from leading companies [6]. - The government has emphasized the need to stimulate domestic demand by increasing residents' income, which may lead to higher wages and consequently higher prices [6][7]. Group 3: Economic Outlook and Market Trends - The expectation is that inflation will become the main theme moving forward, with CPI gradually rising as the economy recovers from deflation [28][45]. - Monetary policies, including potential interest rate cuts, are anticipated to continue, providing a basis for inflation as liquidity increases in the market [34][40]. - The A-share market is expected to experience a slow bull market due to improved regulations, increased long-term capital inflows, and enhanced liquidity [41][43]. - As capital markets stabilize and residents' financial conditions improve, consumer spending is likely to increase, further driving price rises across various sectors [42][44].