Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [5] Core Insights - The establishment of a polysilicon capacity integration acquisition platform is seen as a key measure to address the "involution" competition in the photovoltaic industry, aiming to enhance market efficiency through a dual-track model of "debt acquisition + flexible capacity utilization" [1][14] - The report highlights three main investment directions: 1) Opportunities for price increases in the supply chain under supply-side reforms, focusing on companies like Tongwei Co., Xiexin Technology, Longi Green Energy, and others; 2) Long-term growth opportunities driven by new technologies, with a focus on Maiwei Co., Aiko Solar, and others; 3) Industrialization opportunities from perovskite GW-level layouts, focusing on companies like Jinjing Technology and others [1][15] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The polysilicon capacity integration acquisition platform has officially launched, aimed at resolving severe competition within the industry [1][14] - Longi Green Energy has announced an employee stock ownership plan, indicating expectations for industry recovery by 2026 [15] 1.2 Wind Power & Grid - The Zhejiang UHV AC ring network project has been approved, with a total investment of 29.3 billion yuan, marking it as the largest UHV AC project in China [2][17] - Goldwind Technology won the "China IDC Industry Green Solution Award," showcasing the integration of green power solutions in data centers [2][16] 1.3 Hydrogen & Energy Storage - A milestone was reached with the delivery of 500 hydrogen fuel trucks, marking significant progress in the hydrogen corridor construction in Northwest China [3][19] - The report suggests focusing on high-growth energy storage companies, with average bidding prices for energy storage systems ranging from 0.5397 to 0.5854 yuan/Wh [3][20][28] 2. New Energy Vehicles - Samsung SDI signed a nearly 10 billion yuan order for lithium iron phosphate energy storage batteries, indicating a shift in production lines to meet local demand in the U.S. [4][29] - The report recommends focusing on leading battery manufacturers such as CATL and others, as well as material and equipment manufacturers [30]

新闻聚焦 ◐两部委通知：优化集中式新能源发电企业市场报价。 12月11日，国家发改委、国家能源局发布通知，优化集中式新能源发电 企业市场报价。参与集中报价的新能源发电企业，原则上集中后的总装机规模不应超过所在省（区、市）电力市场单个最大燃煤 发电厂装机规模（不含特高压输电通道配套电源）。原则上仅允许同一集团（同一母公司、同一控股股东、同一实际控制人等） 内同一省（区、市）的新能源发电企业进行集中报价，禁止跨集团、跨省（区、市）集中报价。禁止具有竞争关系的经营者达成 固定或变更商品关系的垄断协议。 【更多详情】 国内新闻 ◐ 国家能源局公示电力建设工程质量监督专家库专家名单。 12月11日，国家能源局发布《关于公示电力建设工程质量监督专家 库专家名单的通知》。根据相关要求，现将国家能源局电力建设工程质量监督专家库16 4名拟入库专家情况进行公示。公示期 间，如对拟入库专家有异议，请向国家能源局电力可靠性管理和工程质量监督中心反映。 【更多详情】 ◐ 国家矿山安全监察局开展煤矿安全监控系统摸底调研。 据国家矿山安全监察局网站消息，为全面掌握煤矿安全监控系统使用 及维护管理过程中存在的问题和情况，切实提升系统可靠性 ...

Group 1 - Huawei, Alipay, and China Mobile Internet signed a cooperation agreement to launch an intelligent communication era with "call as a service" [1] - The collaboration aims to innovate the AI + 5G new call DC ecosystem, transitioning traditional calls to intelligent and service-oriented solutions [1] - China Mobile Internet will leverage its extensive 5G network and user base for reliable communication support, while Alipay will integrate its digital ecosystem capabilities [1] Group 2 - Elon Musk confirmed that SpaceX plans to go public next year, aiming to raise over $30 billion with an estimated valuation of $1.5 trillion [2] - The IPO could potentially break the record for the largest fundraising in history, surpassing Saudi Aramco's $29 billion in 2019 [2] - SpaceX intends to use part of the IPO proceeds to develop a space data center [2] Group 3 - The Zhejiang Province is launching a major technology initiative for brain-computer interfaces, aiming to create a competitive industry cluster [3] - An international standard for brain-computer interface technology is being established to promote healthy and orderly development in the field [3] Group 4 - The China Internet Finance Association held a meeting to discuss self-regulation in supply chain finance, focusing on improving market monitoring and management [4] - The association aims to guide the industry towards reasonable control of financing costs and orderly exit of weaker platforms [4] Group 5 - The Ministry of Commerce plans to introduce policies to accelerate innovation and transformation in the retail sector during the 14th Five-Year Plan [5] - The focus will be on enhancing product and service quality and promoting fair competition between online and offline channels [5] Group 6 - The Xi'an Chida Aircraft's "Jiutian" drone successfully completed its maiden flight, showcasing versatility for both military and civilian applications [6] - The drone can be used for logistics, emergency rescue, and various surveying services, covering multiple sectors of the national economy [6] Group 7 - The National Development and Reform Commission and the National Energy Administration issued guidelines for centralized pricing of renewable energy generation [7] - The new rules restrict centralized pricing to renewable energy companies within the same group and province, preventing cross-group and cross-province pricing [7] Group 8 - Goldman Sachs predicts that gold prices could rise to $4,900 per ounce by the end of 2026, driven by increased investment in gold ETFs [8] - The current allocation of gold in U.S. financial portfolios is low, suggesting significant potential for price increases with higher ETF investments [8] Group 9 - Liaoning Province is soliciting opinions on a three-year action plan for high-quality development of ice and snow tourism [9] - The plan aims to enhance the province's ice and snow tourism brand and develop multiple tourism routes and resorts [9] Group 10 - In November, China's automobile exports reached 728,000 units, marking a 9.3% month-on-month increase and a 48.5% year-on-year increase [10] - The total exports for the first eleven months of 2025 reached 6.343 million units, with expectations to reach 7 million units for the entire year [10]

新能源车：本周，锂电板块发布多则公告，涉及电解液、隔膜和铜箔等。1）电解液：高工锂电表示， 据韩国经济日报报道，韩国电解液企业Enchem 正准备与全球头部电池厂签署一份年供7 万吨、为期5 年的电解液供货协议，总量约35 万吨，合同金额约10.3 亿美元。 Q4 特高压招标有望加速，关注平高电气、许继电气、中国西电、大连电瓷、国电南瑞、思源电气、华 明装备、长高电新等。 氢能：全球首例，镁基固态储氢成功应用氢冶金。据全球氢能，近期，由氢枫提供吨级镁基固态储运氢 系统的全球首个针对氢冶金场景的工程成功示范，标志着我国在氢能储运及氢冶金领域应用取得了重大 突破，具有里程碑式的意义。该项目建立与镁基固态储运氢系统和工业余热耦合联用的热量管理单元， 通过技术创新与场景耦合，构建安全高效、经济可行的氢冶金用氢解决方案，为氢能在重工业领域规模 化应用奠定关键基础。建议关注优质设备厂商双良节能、华电重工、昇辉科技、华光环能。建议关注氢 气压缩机头部标的开山股份、冰轮环境、雪人股份。 储能：2025 年11 月W4 储能系统项目投标报价区间为0.52 元/Wh-0.6958 元/Wh。均价：11 月W4 EPC 投 标报价 ...

电力设备 多晶硅市场维持稳定，大金重工欧洲拓展加速 光伏：多晶硅市场整体维持稳定，电池酝酿挺价。据安泰科统计，本周多晶硅 n 型复投料成 交价格区间为 4.9-5.5 万元/吨，成交均价为 5.32 万元/吨，环比持平。n 型颗粒硅成交价格 区间为 5.0-5.1 万元/吨，成交均价为 5.05 万元/吨，环比持平。从成交情况看，主流签单企 业数量维持在 5 家，头部棒状硅企业和颗粒硅企业签单量和成交价格与前期基本持平。据 Infolink Consulting，本周 N 型电池片价格：183N、210RN 与 210N 价格持平，均价仍分别 为每瓦 0.285、0.275 与 0.285 元人民币，价格区间分别为每瓦 0.28-0.29、0.27-0.275 与 0.28-0.285 元人民币。由头部厂家带领，本月电池片环节进行大规模减产，其中 210RN 排 产占比显著下滑，本周部分电池片厂家正酝酿坚挺该尺寸价格，并给出每瓦 0.285 元人民币 的报价。组件价格方面，TOPCon 国内集中式项目交付范围落在每瓦 0.64-0.70 元人民币左 右；分布式项目落在每瓦 0.66-0.70 元人民币不等。近 ...

5日，记者从中国石油天然气集团公司青海油田分公司(下称"青海油田")获悉，青海油田2025年新能源 发电量达10.007亿千瓦时。青海油田生产区域位于柴达木盆地，平均海拔超3000米，是世界上海拔最高 的油田，油气勘探开发始于1954年，风光资源丰富，但同时也面临生态保护红线与传统业务转型的双重 挑战。（中国新闻网） ...

Domestic News - China has released an international standard for a universal simulation model for renewable energy generation, which will support the safe integration of large-scale renewable energy into the grid [7] - Hubei's 14th Five-Year Plan emphasizes the development of event economy, exhibition economy, and performing arts economy to enhance consumption and economic growth [8] - Zhiji Auto has introduced a year-end purchase tax subsidy plan, offering up to 15,000 yuan for customers who complete orders by December 31, 2025 [9] - Dongfeng Fengxing has launched a year-end purchase incentive policy with a maximum vehicle replacement subsidy of 35,000 yuan [10] - Changan Automobile plans to introduce its Avita and Nevo brands in the European market within the next two years [11] - BYD aims to expand its dealer network in South Africa to 60-70 by the end of 2026 [12] - Li Auto has achieved the milestone of 20,000 supercharging piles in 2 years and 8 months, becoming the leading company in supercharging infrastructure in China [13] - Hello's first L4 autonomous driving model is expected to go into mass production in June 2026 [14] Foreign News - Former President Trump announced a reduction in fuel economy standards for vehicles produced in the U.S., with the new standard set at approximately 34.5 miles per gallon by 2031, down from 50.4 miles per gallon [16] - The UK energy regulator has allocated £28 billion for upgrading the energy network, with £17.8 billion for gas network maintenance and £10.3 billion for strengthening the transmission network [17] - Volkswagen Group plans to transform its Dresden factory into an AI and chip technology center after ceasing vehicle production [18] - Stellantis CEO announced a strategic shift towards hybrid vehicles as a core focus in the U.S. market, moving away from the previous emphasis on fully electric vehicles [19] Commercial Vehicles - Iveco's off-road vehicle, the Eurocargo, has been awarded "Off-Road Vehicle of the Year" at the 2026 China Commercial Vehicle Annual Model event [20] - The first locally manufactured Scania Super trucks have officially rolled off the production line in Jiangsu, marking a significant milestone for Scania in the Chinese market [21] - All models of the Maxus commercial vehicles have received a five-star safety rating from Euro NCAP, establishing a new safety benchmark in the global commercial vehicle sector [22] - Guangzhou has launched the second batch of fuel cell vehicle demonstration operation subsidies for 2025, with subsidies up to 100,000 yuan for heavy hydrogen fuel cell vehicles [23]

Market Overview - On December 4, the Shanghai Composite Index fell by 0.06%, while the Shenzhen Component Index rose by 0.4%, and the ChiNext Index increased by 1.01%[2] - The total trading volume on December 4 was 1.56 trillion yuan, a decrease of approximately 130 billion yuan compared to the previous trading day[1] Sector Performance - The main sectors that saw inflows of capital were semiconductors, military electronics, and aerospace equipment, while the sectors with the largest outflows included liquor, small metals, and marine equipment[3] - The technology sector showed signs of stabilization, particularly in the STAR Market and ChiNext, which experienced notable gains[1] Investment Trends - The first national major scientific infrastructure in the information and communication field, the Future Network Experimental Facility, has officially commenced operations, enhancing China's capabilities in network technology innovation[5] - The eSports industry in China is projected to generate revenues of 29.331 billion yuan in 2025, reflecting a year-on-year growth of 6.40%[11] Fund Dynamics - The first batch of Beijing Stock Exchange thematic funds has seen an average cumulative return of over 100% in the past two years, indicating strong interest in this investment area[12] - Private equity product registrations surged by nearly 30% in November, marking the second-highest monthly registration volume of the year, with stock strategy products accounting for 66.07% of the total[14]

我国首个在新能源发电建模技术领域成功牵头制定的国际标准发布。 日前，由我国牵头研制的国际标准《用于电力系统动态分析的基于变流器发电单元的通用 均方根值（RMS）仿真模型》发布。该标准是我国首个在新能源发电建模技术领域成功 牵头制定的国际标准。 近年来，以风能发电和太阳能发电为代表的新能源发电在世界范围内得到快速发展，并开 始在能源供应中发挥重要作用。大规模新能源发电的迅猛发展给电力系统规划、运行、控 制等各个方面带来挑战，对电网的影响范围也从局部地区扩展至整个电力系统，对保证大 规模新能源发电安全、可靠并网运行的技术和标准均提出了迫切需求。 "动态仿真"作为评估新能源占比较高的电力系统稳定性和安全性的重要手段，依赖于高效 准确的数学模型。此次发布的国际标准，首次提出了新能源发电系统标准化通用仿真模 型，应用对象覆盖输电系统运营商、配电系统运营商、发电设备制造商、电力系统软件开 发商等，将为新能源规模化发展和含大规模新能源接入电网的安全评估提供坚实技术基 础。 该国际标准由中国专家牵头，与来自德国、法国、丹麦、瑞士、西班牙、美国等1 3个国家 的专家，历经4年协同合作编制完成。该标准的发布实施对于保证当前大规模 ...

记者今天了解到，由我国牵头研制的国际标准《用于电力系统动态分析的基于变流器发电单元的通用均 方根值（RMS）仿真模型》发布。该标准是我国首个在新能源发电建模技术领域成功牵头制定的国际 标准。 该国际标准由中国专家牵头，与来自德国、法国、丹麦、瑞士、西班牙、美国等13个国家的专家，历经 4年协同合作编制完成。该标准的发布实施对于保证当前大规模新能源发电安全并网、推动新能源为主 体的新型电力系统构建、助力"双碳"目标实现方面具有非常重要的意义，不仅体现了我国在新能源发展 方面卓越的技术实力，也是我国为国际标准体系不断完善作出的新贡献。 （文章来源：央视新闻） 近年来，以风能发电和太阳能发电为代表的新能源发电在世界范围内得到快速发展，并开始在能源供应 中发挥重要作用。大规模新能源发电的迅猛发展给电力系统规划、运行、控制等各个方面带来挑战，对 电网的影响范围也从局部地区扩展至整个电力系统，对保证大规模新能源发电安全、可靠并网运行的技 术和标准均提出了迫切需求。 "动态仿真"作为评估新能源占比较高的电力系统稳定性和安全性的重要手段，依赖于高效准确的数学模 型。此次发布的国际标准，首次提出了新能源发电系统标准化通用仿真模 ...