证券研究报告 行业研究 / 行业点评 2025 年 12 月 02 日 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心能耗和功率提升推动供电架构革新， SST 市场空间广阔》2025-11-26 《储能锂电需求向好，锂电材料价格温和抬升》 2025-11-25 《10 月光伏出口环比下滑，储能需求旺盛》 2025-11-25 《动力和储能电池需求强劲，原材料和电芯价 格明显回升》2025-11-19 《电新行业 2025Q3 公募基金持仓分析》 2025-11-19 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 行业及产业 10 月国内光伏装机量环比上涨，储能电 芯排产延续增长态势 ——光储行业跟踪 强于大市 投资要点： 排产：1）光伏组件：据 SMM，2025 年下半年以来，光伏组件排产较为稳定。11 月国内组 件企业排产增减不一，头部企业排产稍有上升，其他大多数企业减产清库 ...

Investment Rating - The industry is rated as "Outperform" compared to the market [2][37]. Core Insights - The report highlights strong demand for energy storage and power batteries, with a notable recovery in raw material and cell prices [2][5]. - The photovoltaic (PV) component production is expected to be below 44.5 GW in November 2025, with potential for profit recovery leading to increased production [5][9]. - The report suggests focusing on energy storage-related companies due to significant growth in tender capacity for energy storage projects [2][21]. Summary by Sections Production - PV component production has been stable since the second half of 2025, with leading companies slightly increasing production while most others are reducing to clear inventory [5]. - In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [5][9]. Prices - As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [9][16]. - The average price for lithium iron phosphate battery storage systems is reported at 0.5547 CNY/Wh, with a month-on-month increase of 10% [16][21]. Domestic Demand - In September 2025, the domestic PV installation capacity increased by 31.3% month-on-month to 9.7 GW, but saw a year-on-year decline of 53.8% [20][21]. - The cumulative new PV installation from January to September 2025 reached 240.27 GW, representing a year-on-year growth of 49.3% [20]. Overseas Demand - In October 2025, the export value of PV components was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [26][27]. - The cumulative export value from January to October 2025 reached 23.473 billion USD, a year-on-year decrease of 4.89% [26].

Group 1 - The 8th China International Photovoltaic and Energy Storage Industry Conference will be held from November 17 to 20, 2025, in Chengdu, China, focusing on showcasing new products, technologies, and trends in the global energy storage industry [1] - The exhibition area will exceed 60,000 square meters, with over 6,000 participating companies expected, including more than 100 confirmed overseas buyers interested in high-quality renewable energy products [1] - The overseas buyers show strong demand for solar photovoltaic panels, energy storage systems, and related products across the entire photovoltaic supply chain [1] Group 2 - The "Sun God" Global Energy Storage and Chinese Brand Series Awards will be launched in 2024, recognizing companies across the entire industry chain, including categories for silicon materials, battery cells, and equipment [2] - Companies such as TCL Zhonghuan, Tongwei Co., Longi Green Energy, and others are predicted to have the highest chances of winning, with their stock prices already showing significant movements ahead of the event [4] Group 3 - Strong future demand for energy storage is anticipated, with a projected growth of 30-40% in the next two years due to supply tightness and increasing demand in emerging markets [3] - The cumulative penetration rate of energy storage in China is still below 10%, with an upward revision of new installations to 300 GWh expected next year [3] - Major opportunities in energy storage are linked to data centers, with leading companies already securing substantial orders [3] Group 4 - Historical performance of leading companies shows significant stock price increases, with TCL Zhonghuan experiencing a maximum increase of over 37% from October 18 to October 29, 2024 [4] - Tongwei Co. saw a maximum increase of over 35% from October 23 to November 6, 2024 [7] Group 5 - Key players in the domestic energy storage sector include CATL and Yiwei Lithium Energy for battery cells, and companies like Sungrow Power Supply and Canadian Solar for energy storage systems [9] - Leading companies in household energy storage include Deye Technology, Airo Energy, and Pylon Technologies [9]