（文章来源：新华社） 人民财讯11月26日电，11月24日，哈密-重庆±800千伏特高压配套新能源项目首批837万千瓦并网送电。 哈密新能源装机突破3200万千瓦，总装机达4579万千瓦，新能源占比超70.5%。 ...

华龙证券近日发布电力设备行业动态点评报告：10月光伏新增装机12.60GW，同比-38%。截至2025年 10月底，光伏装机容量11.4亿千瓦，同比增长43.8%。2025年1-10月，国内光伏新增装机252.87GW，同 比+39%。10月份，国内光伏新增装机12.60GW，同比-38%。 以下为研究报告摘要： 事件： 投资：1-10月电源投资同比+0.7%，电网投资同比+7.2%。1-10月份，全国发电设备累计平均利用2619小 时，比上年同期降低260小时；全国主要发电企业电源工程完成投资7218亿元，同比增长0.7%；电网工 程完成投资4824亿元，同比增长7.2%。 国家能源局发布10月份全国电力工业统计数据。 投资建议：行业方面，新能源装机需求长期有望持续增长。维持行业"推荐"评级。个股方面，建议关注 光伏龙头隆基绿能、爱旭股份、晶科能源、阿特斯、TCL中环等，建议关注盈利性较强的逆变器及储能 环节，阳光电源、德业股份、上能电气等，虚拟电厂业务标的国能日新、安科瑞等。 观点： 风险提示：宏观经济下行风险，政策不及预期，装机进度不及预期，成本大幅波动，电价大幅下行，利 用小时数波动，行业竞争加剧，重 ...

Core Viewpoint - The report from CITIC Securities highlights the optimistic outlook for the energy storage sector, predicting significant growth in lithium battery and material shipments and price adjustments due to unexpected increases in energy storage demand [1][4]. Group 1: Energy Storage - The global energy storage demand is expected to surge, driven by the economic advantages of energy storage solutions, leading to a new cycle in the lithium battery industry [2][4]. - Domestic energy storage installations are projected to reach 300 GWh next year, contributing to a total lithium battery demand exceeding 2700 GWh, with a year-on-year growth rate of over 30% [4][5]. - The report anticipates that by Q4 2026, capacity utilization rates for key materials such as 6F, LFP, separator, and copper foil will reach 106%, 96%, 98%, and 95% respectively, indicating potential tightness in supply [1][5]. Group 2: Lithium Batteries - The demand for lithium batteries is expected to grow significantly, with domestic energy storage installations projected to double by 2026 and global energy storage battery shipment demand reaching 943 GWh, a year-on-year increase of 68% [5]. - The overall global lithium battery demand is forecasted to reach 2716 GWh by 2026, reflecting a year-on-year growth of 32% [5]. - Material supply constraints are anticipated due to a slowdown in production expansion among industry players, with current capacity utilization rates exceeding 75% and expected to surpass 80% by mid-2026 [5]. Group 3: Power Equipment - The export market for power equipment is experiencing high demand, particularly in North America and the Middle East, with core companies seeing significant growth in their export businesses [7]. - Domestic high-voltage equipment orders are robust, supporting a strong performance outlook for the industry in 2025 and beyond [7]. Group 4: Wind Power - The wind power industry is showing signs of recovery, with a focus on overseas markets, particularly offshore wind, expected to see significant growth during the "14th Five-Year Plan" period [8]. - The domestic wind power market is anticipated to improve, with a healthy recovery in pricing and profitability expected [8]. Group 5: Photovoltaics - The photovoltaic industry is undergoing a "de-involution" process, with improvements in profitability across most segments, particularly in the silicon material sector [9]. - Ongoing policies aimed at controlling production and sales in the silicon material sector are expected to lead to further industry consolidation [9]. Group 6: AIDC Power Distribution - The demand for AIDC (Artificial Intelligence Data Center) is experiencing a strong upward trend, with significant capital investments from major internet companies [10]. - The trend towards higher power density and the adoption of advanced power supply solutions, such as the 800V system, is driving innovation in the sector [10].

Core Insights - The enthusiasm of private equity institutions for researching A-share listed companies has significantly increased in October, with a notable rise in the number of participating institutions, covered stocks, and overall research frequency compared to September [1] Group 1: Research Participation - In October, 1,072 private equity institutions participated in research, covering 549 listed companies across 29 Shenwan primary industries, with a total of 5,242 research instances, representing an 87.95% month-on-month increase from September's 2,789 instances [1] - Among the participating institutions, 49 billion-level private equity institutions also saw a significant increase in research activity, with their research instances rising by over 70% [1] Group 2: Market Drivers - The increase in research activity is driven by two main factors: the market's phase adjustment at the end of September, which provided a favorable allocation window due to valuation declines, and the concentrated disclosure period of Q3 reports, making company performance a focal point for private equity institutions [1] Group 3: Industry Focus - The electronic, pharmaceutical, and electric equipment sectors emerged as the top three areas of interest for private equity institutions, each receiving over 700 research instances [1] - The electronic industry has maintained its position as the most researched sector for several months, driven by the acceleration of domestic substitution in the semiconductor industry and the initiation of the consumer electronics innovation cycle [2] - The pharmaceutical industry is favored for its diverse individual stocks and broad subfields, allowing for a diversified investment approach by private equity institutions [2] - The electric equipment sector benefits from the continuous growth in new energy installations, with stable performance from upstream and downstream enterprises, attracting intensive research to verify production capacity and order status [2] Group 4: Active Institutions - Among the participating private equity institutions, 137 conducted at least 10 research instances in October, with Shenzhen Shangcheng Yipin Asset Management Co., Ltd. and Guangdong Zhengyuan Private Fund Management Co., Ltd. being the most active, each exceeding 100 research instances in a single month [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is under pressure due to reduced water inflow, but free cash flow has significantly improved [5] - The company reported a revenue of 40.6 billion yuan for the first three quarters, a year-on-year decrease of 8.61%, and a net profit attributable to shareholders of 6.517 billion yuan, down 0.92% year-on-year [6] - The company has a strong position in hydropower with significant potential for future growth, particularly in the Yalong River hydropower base [6] Summary by Sections Market Performance - Closing price as of November 4, 2025, is 14.53 yuan, with a yearly high of 16.90 yuan and a low of 13.00 yuan [3] - Total market capitalization is approximately 116.31 billion yuan [3] Financial Data - The company expects revenue to be 55.783 billion yuan in 2025, a decrease of 3.52% year-on-year, with a projected net profit of 7.091 billion yuan, an increase of 6.74% [5] - The company’s earnings per share (EPS) is projected to be 0.89 yuan in 2025, with a price-to-earnings (P/E) ratio of 16.40 [5] Operational Highlights - The company has improved its free cash flow significantly, with a net cash increase of 9 billion yuan in the first three quarters [6] - The company has a total installed capacity of 44.75 million kilowatts, with a focus on hydropower, thermal power, wind, solar, and energy storage [6] Future Outlook - The company is expected to maintain a dividend payout ratio of 55%, with a projected dividend yield of 3.35% in 2025 [5] - The Yalong River hydropower base has a total potential capacity of 30 million kilowatts, with over 7 GW of hydropower yet to be developed [6]

Group 1: Core Insights - The report highlights a dual growth in valuation and performance for the electricity sector by 2026, driven by stabilizing electricity prices and structural changes in supply and demand dynamics [1][3]. - The report indicates that coal-fired power generation in northern regions is expected to see price increases due to scarcity, while southern regions may experience price declines [3][22]. - The renewable energy sector, particularly wind and solar, is projected to continue as the main source of new capacity additions, with a focus on structural and regional investment opportunities [3][4]. Group 2: Supply and Demand Dynamics - By Q3 2025, national renewable energy installed capacity reached 1.71 billion kilowatts, with a compound annual growth rate (CAGR) of 27.4% from 2020 to 2024, accounting for 46% of total installed capacity [4]. - Gansu province's renewable energy installed capacity was 75GW, representing 64.8% of its total capacity, while Guangdong's was 74.1GW, only 30.5% of its total [4][7]. - The report notes that the share of coal-fired power generation is gradually decreasing, with northern regions showing a higher proportion of new energy installations compared to southern regions [12][18]. Group 3: Pricing Trends - The report discusses the recent upward trend in spot electricity prices in Gansu, marking the first increase after three years of decline, with expectations for annual long-term contracts to rise in 2026 [3][22]. - The average spot price for coal-fired electricity in Gansu is projected to increase, while prices in Guangdong are expected to decline [22][48]. - The report emphasizes that coal-fired power generation is sensitive to real-time supply and demand, with prices influenced by the operational hours outside of peak renewable generation [46]. Group 4: Renewable Energy Policies - The report outlines new targets for renewable energy installations, with wind and solar expected to dominate future capacity growth, supported by government policies aimed at stabilizing electricity prices [57][60]. - The impact of the 136 policy document is highlighted, indicating a shift towards prioritizing quality over quantity in renewable energy projects, which may lead to a slowdown in installation growth [58][60]. - The report also notes that competitive bidding results for renewable energy projects have led to lower mechanism prices, affecting project profitability and potentially reshaping the competitive landscape [61][62]. Group 5: Hydropower Insights - The report states that large hydropower projects have largely been developed, with remaining projects facing higher costs and longer construction periods, leading to increased scarcity of stable hydropower assets [67][71]. - It is projected that hydropower prices will see a moderate increase as market transactions advance, although they remain significantly lower than other energy sources [72][73].

Core Viewpoint - The Chinese power equipment industry is experiencing historic development opportunities driven by the dual goals of "dual carbon" and the construction of a new power system [3] Group 1: Industry Trends - The total electricity consumption in China is expected to reach 9.85 trillion kilowatt-hours in 2024, with a year-on-year growth of 6.8%. Investment in grid projects is projected to exceed 600 billion yuan, with investment in ultra-high voltage direct current projects surging by 227.5% [3][4] - The share of new energy installations is set to exceed 80%, with 430 million kilowatts of new power generation capacity added in 2024. Wind and solar power will account for 360 million kilowatts of this, marking a fundamental shift in energy structure [3][4] - The ultra-high voltage construction is entering a golden period, with grid project investments expected to reach 608.3 billion yuan in 2024, of which ±800 kV direct current project investments will account for 35% [4] - The demand for intelligent grid transformation is anticipated to continue to grow, driven by the penetration of technologies such as cloud computing, big data, and artificial intelligence [4] Group 2: Market Opportunities - The power equipment industry has entered a high prosperity phase, driven by the three major aspects: the new energy installation share exceeding 80%, ultra-high voltage investment growth exceeding 200%, and the technological revolution in smart grids [4] - In 2025, State Grid is expected to invest over 650 billion yuan, a year-on-year increase of over 10%, focusing on areas such as distribution network automation, distributed energy access, and virtual power plants, providing vast market space for core equipment suppliers [4]

Core Insights - The photovoltaic 50 ETF (159864) rose over 1.7% in early trading on November 3rd, indicating positive market sentiment towards the solar energy sector [1] - As of September 2025, the installed capacity for wind power is projected to reach approximately 580 million kilowatts, representing a year-on-year growth of 21.3%, while photovoltaic capacity is expected to reach 1.13 billion kilowatts, with a year-on-year increase of 45.7% [1] - From January to September, domestic wind power added 61.09 GW of new capacity, a year-on-year increase of 56%, although September saw a decline in new installations to 3.25 GW, down 41% year-on-year [1] - In the same period, photovoltaic installations added 240.27 GW, reflecting a year-on-year growth of 49%, but September's new installations were 9.66 GW, down 54% year-on-year [1] - Long-term demand for new energy installations is expected to continue growing [1] Industry Overview - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which selects listed companies across the entire solar energy value chain, including upstream materials, midstream component manufacturing, and downstream power station operations [1] - The index components are characterized by significant technological leadership and growth potential, aiming to comprehensively reflect the overall performance and long-term development trends of China's photovoltaic industry [1]

Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first three quarters of 2025, indicating improved cost management and profitability despite challenges in coal power generation [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 95.872 billion yuan, a year-on-year decrease of 9.72%, while net profit attributable to shareholders was 6.437 billion yuan, an increase of 15.87% [1]. - In Q3 2025, the company recorded operating revenue of 35.92 billion yuan, down 10.92% year-on-year, and net profit of 2.533 billion yuan, up 20.32% year-on-year [1]. - The average on-grid electricity price for the first three quarters was 509.55 yuan per megawatt-hour, a decrease of 2.76% year-on-year [1]. Profitability and Cost Structure - The company reported a gross margin of 12.12%, an increase of 3.03 percentage points year-on-year, and a net margin of 8.65%, up 1.53 percentage points year-on-year [2]. - Investment income for the first three quarters was 3.078 billion yuan, a slight increase of 0.16% year-on-year, while Q3 investment income was 597 million yuan, down 30.12% year-on-year [2]. Asset Management and Growth Potential - As of September 2025, the company's asset-liability ratio was 60.41%, a decrease of 2.29 percentage points from June 2025 [2]. - The company has ongoing projects and asset injections that are expected to drive high growth, with a planned increase in new energy capacity of 75 GW during the 14th Five-Year Plan [3]. - The company maintains net profit forecasts of 6.534 billion yuan, 7.171 billion yuan, and 7.973 billion yuan for 2025-2027, representing year-on-year growth of 15%, 10%, and 11% respectively [3].

Core Insights - Huadian International Power Co., Ltd. reported a revenue of 95.87 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 9.72% [1] - The net profit attributable to shareholders for the same period was 6.437 billion yuan, showing a year-on-year increase of 15.87% [1] Financial Performance - The total power generation for the first three quarters was 201.329 billion kWh, a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The total grid-connected power generation was 189.243 billion kWh, down about 5.94% from the adjusted figures of the previous year [1] - The average grid-connected electricity price for the first three quarters was approximately 509.55 yuan per MWh, which is a decrease of about 2.76% compared to the adjusted figures from the previous year [1] Industry Context - The decline in power generation and grid-connected power generation is primarily attributed to the continuous increase in installed capacity of renewable energy, leading to a reduction in the utilization hours of coal-fired power units [1]