证券研究报告 行业研究 / 行业点评 2026 年 01 月 27 日 行业及产业 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 《数据中心供配电设备行业跟踪：台积电 2025Q4 营收同比增长，DRAM 价格持续上涨》 2026-01-21 《锂电行业跟踪：2025 年 12 月国内电池产量 和装车量同比高增，六氟磷酸锂价格下降》 2026-01-21 《光储行业跟踪：光伏出口退税将取消，电池 片价格持续上涨》2026-01-21 《数据中心供配电设备行业跟踪：台积电 2025Q4 营收创新高，DRAM 涨价趋势延续》 2026-01-14 《锂电行业跟踪：2025 年 11 月新能源车销量 高景气延续，碳酸锂价格快速上行》 2026-01-13 证券分析师 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——锂电行业跟踪 2025 年 12 月国内电池产销延续高速增 长，储能电 ...

Core Insights - The power battery and energy storage sectors have shown significant growth, with notable increases in stock prices for related companies [1][2] - The China Automotive Power Battery Industry Innovation Alliance reported record monthly installation volumes for lithium iron phosphate and ternary power batteries in November 2025 [1][2] - Several brokerage firms recommend focusing on core enterprises in battery cells with strong overseas layouts and the synergy between power batteries and energy storage [1][2] Sector Performance - The performance of various battery sectors as of January 15 includes: - Power batteries: +2.6% - Lithium batteries: +2.1% - Solid-state batteries: +1.8% - Sodium-ion batteries: +1.7% - Energy storage: +1.1% [1][2] Battery Installation Data - In November 2025, the monthly installation volume for lithium iron phosphate batteries reached 75.3 GWh, marking a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [1][2] - The monthly installation volume for ternary power batteries was 18.2 GWh, with a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [1][2] Energy Storage Project Bidding - From January to October 2025, the monthly new bidding capacity for domestic new energy storage projects exceeded the same period in 2024, with November slightly lower than 2024 [1][2] - The new bidding scale for EPC/PC (including direct current equipment) and energy storage systems reached 21.8 GW/64 GWh, setting a monthly record for 2025, with a month-on-month increase of 65% and a year-on-year decrease of 4% [1][2]