智通财经APP获悉，广发证券发布研报称，预计2025-2027年，国内陆风年新增装机约为100-105GW;海 风装机从9.0GW增至15.0GW，CAGR约29.1%。全球风电需求共振向上，欧洲海风蓬勃发展。2026年风 电板块站在"十五五"开局与国内外双景气共振的交汇点，配置逻辑围绕出海&产值结构性通胀。整机环 节关注海外客户占比较高及积极推进海风部署的厂商。 广发证券主要观点如下： 2026年系风电多重景气共振的新周期起点 国内136号文推动新能源全面入市，发电集团加码风电建设。该行预计2025-2027年，国内陆风年新增装 机约为100-105GW;海风装机从9.0GW增至15.0GW，CAGR约29.1%。全球风电需求共振向上，欧洲海风 蓬勃发展。该行预计全球风电2025–2030年新增装机CAGR约8.8%，中国与欧洲仍是主要增长支柱，合 计贡献73%的新增容量。其中陆风年均新增装机CAGR达6.6%;全球海风2025–2030年新增装机CAGR约 27%，2026年欧洲海风新增装机达8.7GW，2025-2027 CAGR高达54.3%。 反内卷成效显现+海外高毛利订单交付，26年产业链步入"价 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights the increasing procurement ratio of high-efficiency photovoltaic components by Huaneng Group, indicating a shift towards higher efficiency in solar energy production [6] - The development of concentrated solar power (CSP) is emphasized, with a target of reaching 15GW of installed capacity by 2030, aiming for cost parity with coal power [7] - The report notes significant growth in the wind power index, outperforming the broader market, and provides insights into the performance of various renewable energy sectors [4][11] Summary by Sections Wind Power - The wind power index increased by 5.97%, outperforming the CSI 300 index by 4.02 percentage points, with a current PE_TTM valuation of approximately 26.26 times [4][11] - The delivery of the world's first methanol dual-fuel super-large oil tanker indicates a growing demand for hydrogen and methanol applications in the shipping sector, which is seen as a promising direction for renewable energy [10][26] Photovoltaics - Huaneng Group has adjusted its procurement framework for photovoltaic components, increasing the expected procurement capacity for high-efficiency components from 2.5GW to 3.5GW, while reducing the capacity for medium-efficiency components [6][7] - The report suggests that the shift towards high-efficiency components aligns with the government's push for quality and responsible pricing in the photovoltaic sector [6] Energy Storage & Hydrogen - The National Development and Reform Commission and the National Energy Administration have released opinions promoting the large-scale development of CSP, targeting a total installed capacity of 15GW by 2030 [7] - The report recommends investments in energy storage companies and highlights the potential for growth in distributed energy storage markets, particularly in residential and commercial sectors [7] Investment Recommendations - The report suggests focusing on companies with strong competitive positions in energy storage and wind power, including Yangguang Electric and Mingyang Smart Energy, while also recommending attention to leading photovoltaic companies like Longi Green Energy and Trina Solar [7]

联合研究丨行业点评 [Table_Title] 氢能周度观察：氢氨醇政策逐步形成"制度建设 -资金扶持-产业规划等"体系 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本周我们重点梳理氢氨醇政策、产业端进展。近期国家发改委、能源局等核心部门密集出台涉 及氢氨醇产业链发展的政策文件，政策覆盖范围从制度建设、资金保障延伸至产业规划等全环 节。项目端：大项目投产/技术验证标志着绿色氢氨醇从示范探索迈入规模化商业运营的新阶段。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 8 %% %% %% %% research.95579.com 2 cjzqdt11111 2025-12-08 联合研究丨行业点评 更多研报请访问 长江研究小程序 ...

《关于促进新能源集成融合发展的指导意见》（以下简称"《指导意见》"）对新形势下新能源发展的总 体思路原则和发展路径进行了系统性梳理，提出了新能源供给侧、消费侧等各个环节集成融合发展的重 点任务，对促进新能源高质量发展、加快新型能源体系建设、助力经济社会发展全面绿色转型具有重大 意义。 新形势下新能源发展方式亟须转变升级 调节能力释放是新能源供给与消费侧集成融合发展的核心。加强源、荷、储灵活互动和协同优化调度运 行，降低项目整体对电网供应保障容量等需求，提升项目自平衡、自调峰能力，优化整体运行曲线，逐 步减少对大电网的依赖，既是此类项目区别于常规项目的显著特征，也是增强项目经济性的重要手段。 在此过程中，调节能力的释放特别是负荷侧的深度参与配合必不可少。为此，《指导意见》着重强调了 新能源与消费侧在运行层面的协同互动，鼓励传统产业开展生产工艺流程优化、自备电厂改造升级、科 学配置储能设施，分类挖掘算力负荷时空可调节潜力，提高电解水制氢调节控制能力，发挥热力系统灵 活互补优势。上述举措将进一步引导负荷侧加强调节能力建设，推动相关领域由单一的能源消费者逐步 向系统调节的主动参与者转变，构建起与新能源特性相匹配的新型 ...

Core Insights - The report by IDC highlights the strong market position of Zhongneng Shibei in the Chinese power industry big data solutions market, with a market share of 11.2% in 2023 and an expected increase to 11.5% in 2024, showcasing a growth rate of 8.2% and 8.5% respectively [1][3] Market Overview - The Chinese power industry big data solutions market is projected to reach approximately 1.98 billion RMB in 2024, reflecting a year-on-year growth of 4.8%, indicating robust industry momentum [3] - The market structure has evolved into a dual framework of "comprehensive cloud vendors + specialized technology vendors," with leading companies dominating the development direction due to their technological depth and resource integration capabilities [3] Company Positioning - Zhongneng Shibei is recognized as a core representative of specialized technology vendors, leveraging its "technical depth + scene adaptability" to lead the market alongside major players like Huawei [3][4] - The company has established a comprehensive core technology system covering industrial intelligence operating systems, IoT, big data, and AI, adhering to principles of "independence, controllability, safety, and reliability" [3][4] Client Engagement - Zhongneng Shibei has served over 1,000 enterprise-level clients nationwide, including major power groups such as State Grid, Southern Power Grid, and Huaneng Group, and has contributed to over 20 national and industry standards in smart energy [4] Industry Trends - IDC predicts that the Chinese power industry will enter a sustained high-growth "super cycle" over the next decade, driven by factors such as AI data center expansion, export structure transformation, accelerated electrification, and new energy utilization [5] - The dual impact of policy incentives and market demand is expected to create a significant demand for high-quality power big data services, particularly in areas like smart grid and energy efficiency management [5] Strategic Initiatives - Zhongneng Shibei is strategically positioned to capitalize on industry opportunities by integrating cutting-edge technology with core mechanisms of the power sector, enhancing the stability of renewable energy integration through multi-energy complementarity solutions [6] - The company aims to continue its leadership in the industrial intelligence sector, focusing on technological innovation and customer value to support the construction of a new power system in China [6]

Core Insights - Energy investment in China has shown robust growth, with key projects completing investments of 1.97 trillion yuan in the first eight months of the year, marking an 18.2% year-on-year increase [1] - The National Energy Administration has set ambitious targets for renewable energy capacity, aiming for wind and solar power to reach over 3.6 billion kilowatts by 2035, which is six times the capacity of 2020 [1] Group 1: Investment Growth - Energy investment in the first eight months reached 1.97 trillion yuan, a growth of 18.2% year-on-year [1] - Six provinces, including Shandong, Jiangsu, Guangdong, Xinjiang, Yunnan, and Inner Mongolia, each exceeded 100 billion yuan in investment by the end of August [1] Group 2: Renewable Energy Development Goals - The "14th Five-Year Plan" aims to significantly increase renewable energy capacity, targeting over 3.6 billion kilowatts by 2035 [1] - The focus is on expanding renewable energy supply and enhancing the integration of various energy sources [2] Group 3: Policy and Market Mechanisms - Policies will be developed to promote the integrated development of renewable energy with traditional industries and emerging sectors [2] - Efforts will be made to enhance the market and pricing mechanisms to support high proportions of renewable energy [3]

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Overview - The training on green electricity direct connection and non-electric utilization of renewable energy is organized by China Energy News and aims to help enterprises understand the latest policies and pathways for renewable energy utilization [2][3]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Overview - The training on green electricity direct connection and non-electric utilization of renewable energy is organized by China Energy News and aims to help enterprises understand the latest policies and pathways for renewable energy utilization [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].