中银证券（601696）近日发布电力设备与新能源行业1月第2周周报：本周板块行情：本周电力设备和新 能源板块上涨0.79%，其中工控自动化上涨4.19%，新能源汽车指数上涨1.44%，光伏板块上涨0.87%， 核电板块上涨0.66%，发电设备下跌2.27%，锂电池指数下跌3.55%，风电板块下跌4.74%。 本周行业重点信息：新能源车：中汽协：2025年，新能源汽车销量1,649万辆，同比增长28.2%，新能源 汽车新车销量达到汽车新车总销量的47.9%，预计2026年新能源汽车销量为1,900万辆，同比增长 15.2%。乘联分会：1月1-11日，全国乘用车新能源市场零售11.7万辆，同比下降38%。动力电池：中国 汽车动力电池产业创新联盟：2025年国内动力电池累计装车量769.7GWh，累计同比增长40.4%。工信 部：加快突破全固态电池、高级别自动驾驶等技术。上海证券报：比亚迪（002594）正在进行GWh级 别的全固态电池设备招标。新能源发电：隆基绿能（601012）BC二代高功率组件正式迈入交付阶段， 量产功率峰值达到680W，最高转换效率突破至25.2%。储能：阳光电源（300274）与Scate ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1] Core Insights - The global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [1] - The solid-state battery technology is entering a critical phase of engineering validation, with a focus on related materials and equipment companies [1] - The photovoltaic sector is expected to benefit from regulatory oversight on polysilicon prices, which may enhance profitability in downstream battery components [1] - The demand for wind power is projected to continue growing, with government initiatives supporting significant new projects [1] - The energy storage sector remains highly prosperous, with recommendations to focus on energy cell and large-scale storage integration manufacturers [1] - Hydrogen energy is anticipated to open new demand avenues, particularly in green hydrogen applications [1] Industry Dynamics - The power equipment and new energy sector saw a 0.79% increase this week, outperforming the Shanghai Composite Index [10] - The automotive industry anticipates 16.49 million new energy vehicle sales in 2025, a 28.2% year-on-year increase, with projections of 19 million units in 2026 [23] - The domestic power battery cumulative installation is expected to reach 769.7 GWh by 2025, reflecting a 40.4% year-on-year growth [23] - The second-generation high-power components from Longi Green Energy have entered the delivery phase, achieving a peak power of 680W and a conversion efficiency of 25.2% [23] Company Updates - Tianji Co. expects a net profit of 70 million to 105 million yuan in 2025, marking a turnaround [25] - Siyuan Electric anticipates a net profit of 3.163 billion yuan in 2025, a 54.35% increase year-on-year [25] - TCL Zhonghuan forecasts a net loss of 8.2 to 9.6 billion yuan in 2025 and plans to invest in new energy to accelerate its integration strategy [25] - Rongbai Technology signed a procurement agreement with CATL for lithium iron phosphate cathode materials, with a total sales amount exceeding 120 billion yuan [25]