AI数据中心的加速扩张，叠加"反内卷"浪潮的推进，新能源赛道2026年有望迎来新机遇。 两部门：到2030年，支撑新能源发电量占比达30％左右 2025年12月31日，国家发展改革委、国家能源局联合发布《关于促进电网高质量发展的指导意见》（简 称《意见》）。其中提出，到2030年，主干电网和配电网为重要基础、智能微电网为有益补充的新型电 网平台初步建成，主配微网形成界面清晰、功能完善、运行智能、互动高效的有机整体。电网资源优化 配置能力有效增强，"西电东送"规模超过4.2亿千瓦，新增省间电力互济能力4000万千瓦左右，支撑新 能源发电量占比达到30%左右，接纳分布式新能源能力达到9亿千瓦，支撑充电基础设施超过4000万 台，公共电网的基础作用充分发挥，智能微电网多元化发展，电力系统保持稳定运行，服务民生用电更 加有力。 《意见》还提出，到2035年，主干电网、配电网和智能微电网发展充分协同，贯通各级电网的安全治理 机制更加完善，电网设施全寿命周期智能化、数字化水平明显提升，有效支撑新型电力系统安全稳定运 行和各类并网主体健康发展，支撑实现国家自主贡献目标，为基本实现社会主义现代化提供坚强电力保 障。 新能源赛 ...

英大证券研究所证券研究报告 每 周 投 资 早 参 观点： 总量视角 【A 股大势研判】 上周五早盘 A 股时段，市场延续近期回暖态势，三大指数小幅冲高后随即快 速回落；临近午盘，卖盘涌现引发集体回调，指数瞬间翻绿。不过市场韧性凸显， 午后情绪迅速回暖，指数强势翻红收复失地。尾盘阶段，指数短暂回落，但多头 随即发力展开反击，最终三大指数均以红盘报收，成功延续连阳走势。盘面上看， 能源金属、贵金属、有色股表现活跃，海南自贸概念股大涨。 近期市场缓步上行得益于全球流动性担忧的缓解、政策利好及汇率改善的多 重驱动。首先，全球流动性担忧的显著缓解。美国 11 月核心 CPI 年率录得 2.6%， 为 2021 年 3 月以来新低（数据来源：财联社），直接推动市场加大 2026 年更早 降息的押注，全球流动性担忧的显著缓解，为 A 股反弹提供了外部支撑；其次， 政策层面，央行四季度例会明确释放"维护资本市场稳定"的信号，并提出用好证 券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排。 这种清晰的政策基调有效稳定了市场预期，显著增强了投资者信心；最后，汇率 层面，近期人民币兑美元呈现持续升值态势，离岸 ...

Core Viewpoint - The article emphasizes the importance of building a modern industrial system and strengthening the foundation of the real economy, as highlighted in the 20th Central Committee's Fourth Plenary Session of the Communist Party of China [1] Group 1: Company Performance - The production capacity of FAW Jiefang Sichuan Branch has significantly increased since its launch in 2023, with an expected output of 12,000 vehicles in 2024 and over 20,000 vehicles by November 2025, leading to an annual output value projected to exceed 10 billion yuan [1] - The company has achieved remarkable efficiency improvements, reducing the time to produce its first 10,000 vehicles from 540 days to just 148 days by 2025, and reaching the second 10,000 vehicles in only 113 days [1] - The proportion of new energy vehicles in the company's production has risen to over 50%, reflecting a strategic shift towards the new energy market [1] Group 2: Industry Development - The automotive industry chain in Deyang is rapidly forming, with 21 signed and ongoing projects related to vehicle assembly, totaling over 16.5 billion yuan in investment [1] - The establishment of a "half-hour supply circle" around the FAW Jiefang production base is enhancing local logistics and core component localization, which is crucial for the expansion of the "chain leader" enterprise's capacity [1] - Deyang has developed a comprehensive supply capability from chassis and casting to the "three electric" systems, with some companies already integrated into the supply chains of leading automotive brands like BMW and BYD [1]

证券代码：000528 证券简称：柳 工 债券代码：127084 债券简称：柳工转 2 广西柳工机械股份有限公司 投资者关系记录表 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 机构投资者、证券分析师等 60 位参会人员： 大成基金、国寿安保基金、国泰基金、国投瑞银基金、华泰柏瑞基金、华夏基 金、鹏华基金、平安基金、浦银安盛基金、银华基金、长信基金、招商基金、 中欧基金、百年保险资管、宁银理财、人保资产、太平资产、招商信诺资管、 中信资管、阿杏投资、和基投资； 中信证券、中信建投证券、中金公司、华泰证券、国泰海通证券、长江证券、 东吴证券、财通证券、诚通证券、光大证券、广发证券、国海证券、国金证券、 国联民生证券、华创证券、华福证券、华鑫证券、申万宏源、信达证券、招商 证券、中泰证券、Merrill Lynch (Asia Pacific) Limited 时间 2025 年 11 月 25 日—11 月 26 日 地点 柳工国际工业园、柳工挖掘机智慧工厂、柳工全球创新中心 上市公司接待 人员姓名 1．董事长：郑津先生 2 ...

Market Performance - On November 11, the Shanghai Composite Index fell by 0.39%, the Shenzhen Component Index dropped by 1.03%, and the ChiNext Index decreased by 1.4%[3] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.99 trillion yuan, a decrease of over 180 billion yuan compared to the previous trading day[1] Sector Analysis - The sectors with the highest gains included commerce, real estate, banking, chemicals, steel, and building materials, while electronics, communications, computers, and non-bank financials saw the largest declines[1] - The number of stocks that rose in the two markets exceeded 2,780, with themes like cultivated diamonds, perovskite batteries, and geothermal energy leading the gains[1] New Energy Sector - The new energy sector, particularly photovoltaic and energy storage, has attracted significant market interest, with the installed capacity of photovoltaic power generation reaching 1.125 billion kilowatts, a year-on-year increase of 45.7%[2] - Wind power saw an addition of 61.09 million kilowatts, with a cumulative installed capacity of 582 million kilowatts, reflecting a year-on-year growth of 21.3%[2] Fund Flow - On November 11, the net outflow from the Shanghai Stock Exchange was 6.869 billion yuan, while the Shenzhen Stock Exchange experienced a net outflow of 13.722 billion yuan[4] - The top three sectors for capital inflow were chemical raw materials, general equipment, and chemical products, while the largest outflows were from semiconductors, communication equipment, and securities[4] Industry Developments - In October, the sales of new energy vehicles in China exceeded 50% of total vehicle sales for the first time, reaching 51.6%[10] - The cumulative production and sales of new energy vehicles from January to October were 13.015 million and 12.943 million units, respectively, with year-on-year growth of 33.1% and 32.7%[10] Fundraising Activity - This week, 39 new public funds are expected to be launched, a slight increase of 5.41% from the previous week, with equity products making up over 70% of the new offerings[14] - The average fundraising period for new funds has decreased from 19 days to less than 17 days, indicating growing investor interest in public fund products[14]

Core Viewpoint - The recent surge in the A-share market for the new energy sector, particularly in photovoltaic and lithium battery stocks, indicates a strong recovery reminiscent of the bull market from 2020 to 2021, with significant gains observed in leading companies like Ningde Times and Sunshine Power [1][2]. Summary by Category Energy Storage - The energy storage sector is experiencing explosive growth, with domestic energy storage procurement reaching 313 GWh in the first nine months of 2025, a year-on-year increase of 185% [2]. - The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage capacity to exceed 180 million kilowatts by 2027, indicating substantial growth potential [5]. - Emerging markets in Asia, Africa, and Latin America are facing power supply challenges, leading to a shift in energy storage demand from optional to essential, driven by declining costs of "photovoltaic + energy storage" technologies [6]. Lithium Battery - Major lithium battery companies are operating at full capacity due to high demand, with production data showing a 1.5% increase in battery output in November [9]. - Prices for key materials in the lithium battery supply chain, such as lithium hexafluorophosphate, have surged over 140% since July, indicating a tightening supply and improving profitability for the industry [10]. - Solid-state batteries are progressing towards commercialization, with semi-solid batteries entering mass production, which will drive demand for materials and equipment in the lithium battery supply chain [10]. Photovoltaic Industry - The photovoltaic industry is entering a phase of price stabilization after a period of oversupply, with significant price increases observed in polysilicon and solar cell components since July [11][13]. - A coalition of 17 polysilicon companies is expected to form a fund of approximately 70 billion yuan for polysilicon storage, marking a significant step towards reducing overcapacity in the photovoltaic sector [13]. - The photovoltaic sector's future profitability will heavily depend on the implementation of anti-involution policies to manage supply and demand dynamics [13]. Investment Trends - The new energy sector is the second-largest investment focus for public funds, with a total market value of approximately 452.9 billion yuan in the power equipment industry [14]. - Foreign capital is also heavily invested in the new energy sector, with the market value exceeding 440 billion yuan, particularly in leading companies like Ningde Times and Sunshine Power [18]. - The financing balance for new energy stocks has reached a historical high, indicating strong investor sentiment and willingness to leverage investments in this sector [21].

Core Viewpoint - The recent resurgence of the new energy sector in the A-share market, particularly in solar energy and lithium batteries, is driven by strong demand and favorable policies, leading to significant stock price increases for key companies in these industries [2][5][12]. Group 1: Energy Storage - The domestic energy storage market has seen explosive growth, with a 185% year-on-year increase in procurement, totaling 313 GWh from January to September 2025 [2]. - The National Development and Reform Commission and the National Energy Administration aim for a new energy storage capacity of over 180 million kilowatts by 2027, indicating substantial growth potential [5]. - Leading companies in the energy storage sector, such as Sungrow Power Supply, reported a 56.34% increase in net profit year-on-year for the first three quarters [6][8]. Group 2: Lithium Batteries - The lithium battery industry is experiencing renewed growth due to surging demand in energy storage and solid-state batteries, with major manufacturers operating at full capacity [8]. - The price of key materials in the lithium battery supply chain has risen significantly, with 6F material prices increasing over 140% since July [9]. - The industrialization of solid-state batteries is progressing, with semi-solid batteries entering mass production, creating new demand for materials and equipment [8]. Group 3: Photovoltaics - The global push for carbon neutrality has driven the photovoltaic industry, with significant cost reductions leading to a shift towards grid parity [10]. - The industry has faced overcapacity, with nominal production capacity exceeding 1200 GW, while global installation demand is projected at only 570-630 GW by 2025 [10][11]. - Recent policy measures have stabilized prices across the photovoltaic supply chain, with significant price increases observed since July 2025 [11]. Group 4: Investment Trends - The new energy sector is the second-largest investment focus for public funds, with a total market value of approximately 452.9 billion yuan in the power equipment sector [12]. - As of the end of the third quarter of 2025, 33 new energy stocks had over 1 billion yuan in holdings by public funds, with CATL leading at over 200 billion yuan [12][17]. - Northbound capital has also heavily invested in the new energy sector, with a total holding value exceeding 440 billion yuan, indicating strong investor confidence [16][17]. Group 5: Financing and Market Sentiment - The financing balance in the A-share market reached a historical high of 2.5 trillion yuan, reflecting strong bullish sentiment among investors [19]. - As of November 6, 2025, 36 new energy stocks had financing balances exceeding 1 billion yuan, with both CATL and Sungrow Power Supply surpassing 100 billion yuan [20].

Core Viewpoint - Jingquan Hua has achieved a four-day consecutive limit-up in trading, indicating strong market interest and performance in the stock [1] Company Summary - Jingquan Hua is a core supplier for BYD, with a technological focus in high-voltage magnetic devices [1] - The company is involved in the new energy sector, as well as concepts related to Huawei's automotive and charging pile initiatives [1] Market Context - Recent market attention towards the new energy and automotive supply chain has contributed to the stock's sustained price increase [1] - The stock recorded a trading volume of 2.903 billion yuan and a turnover rate of 37.45% during the limit-up trading session [1]

Group 1 - The A-share market opened lower but rebounded strongly, with all three major indices turning positive in the afternoon, driven by the new energy sectors such as lithium batteries, energy storage, and photovoltaics, with the ChiNext Index rising over 1% and rebounding nearly 3% from its opening low [1] - The Chuangye 50 ETF (159682) saw a rise of 1.32% with a trading volume exceeding 250 million yuan, indicating active trading; major stocks included EVE Energy, which surged over 8%, and Sungrow Power, which rose over 5% [1] - There was a net inflow of over 90 million yuan into the Chuangye 50 ETF (159682) despite its decline the previous day, indicating strong investor interest [1] Group 2 - The energy storage industry is experiencing a robust supply and demand dynamic, with both domestic and international demand resonating; leading battery companies are operating at full capacity, and battery prices continue to rise, supported by supply chain price transmission capabilities [2] - Current industry focus includes growth directions in technology and advanced manufacturing, as well as sectors benefiting from "anti-involution" policies, with attention on power equipment and basic chemicals as stable growth industries [2]

Group 1: Management Changes in Financial Institutions - The appointment of Ying Chaohui as the new General Manager of Caitong Securities marks a significant management change, with expectations for improved strategic positioning in regional financial markets due to his extensive experience in financial regulation and local financial institution management [1] Group 2: Public Fund Growth - The total scale of public equity funds has surpassed 10 trillion yuan, reflecting a recovery in market confidence, with an increase of 2 trillion yuan in the third quarter alone [2] - The top holding stock for public funds is Ningde Times, indicating institutional recognition of the long-term value in the new energy sector, which may lead to continued capital inflow into leading stocks [2] Group 3: Asset Management Performance - Several securities asset management firms, including Dongfanghong Asset Management, have reported significant growth in public fund management scale, with Dongfanghong's scale exceeding 200 billion yuan, showcasing the market's recognition of active equity investment capabilities [3] - The recovery of A-share market has led to a general increase in the scale of active equity products among securities asset management firms, highlighting a trend towards active management in the industry [3] Group 4: Bond Fund Trends - Bond funds experienced over 500 billion units of net redemptions in the third quarter, with more than 55% of bond funds being redeemed, reflecting cautious market sentiment towards bond market volatility [4] - Despite the redemptions, convertible bond funds performed well, achieving returns exceeding 20%, indicating a shift of funds from the bond market to equity markets [4][5] - Fund managers believe that the long-end interest rates have limited upward potential, suggesting that the bond market may return to being driven by fundamentals [5]