行 电力设备 2026 年 03 月 02 日 业 研 究 行 业 电力设备 产业周跟踪：电池排产环比高增，美国缺电将刺 激光储电力设备出口加速 投资要点： 锂电板块核心观点：津巴布韦暂缓锂矿出口推升锂价，3 月锂电排产 环比持续高增。1）津巴布韦暂缓锂矿出口，碳酸锂价格或将持续上行；2） 3 月锂电行业旺季将至，锂电产业链排产预期环比持续高增。 定 期 报 告 光伏板块核心观点：美印关税协议落地，印度光伏出口迎结构性红利。 2026 年 2 月 3 日，美印签署双边贸易协议，美国将印度太阳能组件进口关 税由 25%大幅下调至 18%，显著降低印度组件对美出口成本。与此同时， 印度国内政策趋严，4 月起恢复硅料进口关税、6 月起强制 ALMM 本土认 证，非 DCR 组件内销空间受限。关税红利与政策挤压形成合力，将推动印 度光伏产业形成"DCR 主内、非 DCR 主外"的分化格局，印度对美光伏 出口有望进入新一轮快速增长期，并重塑美国光伏供应链结构。总的来看， 在内外政策共振驱动下，印度光伏产业正迎来从"内需驱动"向"出口驱 动"的战略转型，具备对美出口能力的制造商将率先受益于本轮结构性红 利。 风电板块核心 ...

查看最新行情 由美国总统特朗普创立的特朗普媒体与科技集团（TMTG）正在考虑将其社交媒体平台Truth Social分拆 成一家上市公司。 该公司周五表示，正在与TAE Technologies和Texas Ventures AcquisitionIII讨论拟议中的交易。 根据提议，分拆后公司的股份将分配给符合条件的TMTG股东，之后新实体将与一家特殊目的收购公司 合并。 这将把TMTG的社交媒体和数字媒体资产从其最近宣布的聚变能源企业中分离出来，从而有效地把公司 拆分成两个具有不同战略的上市企业。 2025年，Truth Social母公司的净亏损从一年前的4.009亿美元扩大到7.123亿美元，主要反映了该公司购 买比特币和Cronos带来的未实现亏损。 该公司表示，TMTG在2025年底的金融资产约为25亿美元，是去年同期7.768亿美元的三倍多。净销售 额从2024年的362万美元增至368万美元。 TMTG由特朗普创立，以其面向保守派受众的Truth Social平台而闻名，在大型社交网络的竞争和用户增 长不平衡的情况下，TMTG的媒体业务规模一直面临挑战。 现在，它正寻求在核心的Truth Soc ...

TMTG基本面仍面临挑战，如2025年第三季度净亏损5480万美元，营收不足100万美元，主要受加密货 币投资减值和法律费用拖累。合并交易虽带来题材热度，但实际效益需观察落地情况。 以上内容基于公开资料整理，不构成投资建议。 公司基本面 经济观察网 特朗普媒体与科技集团（TMTG）近期宣布与核聚变公司TAE Technologies达成重大合并交 易，引发市场关注。 近期事件 2025年12月18日，TMTG宣布与获得Alphabet支持的核聚变能源公司TAE Technologies进行全股票交易合 并，交易总价值超过60亿美元。该交易预计于2026年年中完成，合并后将共同建设公用事业规模聚变发 电厂，旨在为人工智能能源需求提供支持。交易完成后，双方股东将各持有新公司约50%股份，TMTG 首席执行官德文·努内斯与TAE首席执行官米克尔·宾德鲍尔将担任联席CEO。这一跨界合作可能重塑公 司业务结构，但需关注后续审批与整合进展。 ...

Core Viewpoint - The annual Spring Festival Gala showcased a blend of cultural celebration and technological advancements, highlighting contributions from the scientific community, including space exploration and quantum technology [1][2]. Group 1: Space Exploration - The Spring Festival Gala featured a live interaction with astronauts from the Shenzhou 21 mission, who sent New Year greetings from space, enhancing the festive atmosphere [2]. - Zhang Hongzhang, a researcher from the Dalian Institute of Chemical Physics, played a key role in conducting in-space research on lithium-ion batteries, emphasizing the importance of scientific contributions to national goals [2]. Group 2: Quantum Technology - Pan Jianwei, an academician from the Chinese Academy of Sciences, presented a model of the "Mozi" quantum satellite, discussing the future of quantum technology and its potential impact [3]. - Pan's team achieved significant breakthroughs in scalable quantum networks, including the first construction of a scalable quantum relay module and long-distance high-fidelity entanglement, marking a milestone in quantum communication [3]. Group 3: Nuclear Fusion - The gala highlighted advancements in nuclear fusion technology, with Yuan Wanshi, an academician from the Chinese Academy of Engineering, expressing confidence in the future of "artificial suns" for energy generation [4][5]. - The EAST facility achieved a significant milestone by maintaining plasma at 1 million degrees Celsius for 1066 seconds, indicating progress in nuclear fusion energy research [5][6]. - The "Kua Fu" facility in Hefei is being developed to support the construction of fusion reactors, providing a platform for large-scale research and testing [6].

Core Insights - Tian Gong International Limited has reached a strategic cooperation agreement with Bodycote, a global leader in heat treatment and hot isostatic pressing (HIP) technology, to integrate core advantages and collaborate in high-end manufacturing sectors such as aerospace, automotive, and energy [1] Group 1: Strategic Cooperation - The partnership aims to create a global collaborative development model combining technology, capacity, and market [1] - Bodycote, listed on the London Stock Exchange since 1972, operates in 21 countries with 150 facilities and is recognized for its advanced heat treatment services in the aerospace industry [1] - This collaboration is a significant step for Bodycote in establishing a presence in China's high-end materials industry and acknowledges Tian Gong International's strength in the powder metallurgy supply chain [1] Group 2: Company Developments - Tian Gong International has developed a complete powder metallurgy supply chain, from smelting and atomization to end applications, becoming a leader in high-end alloy materials in China [2] - The company is planning a second phase project for Jiangsu Tian Gong Xin Zhi Materials Co., which includes the addition of five hot isostatic pressing devices to enhance its production capacity and technological advantages [2] - In the electric vehicle sector, Tian Gong International has innovated a specialized mold steel that improves cooling efficiency by over 30%, successfully entering the global supply chain and receiving certification from Volkswagen [2] Group 3: Future Growth Potential - The company is also focusing on nuclear fusion energy, participating in a joint laboratory for high-end metal materials, and is involved in the development of specialized materials for nuclear fusion components [3] - The strategic partnership with Bodycote will leverage Tian Gong International's supply chain and production capacity alongside Bodycote's advanced technology and global market access [3] - With ongoing projects and collaborations, Tian Gong International is transitioning from a leader in tool steel to a comprehensive service provider in high-end new materials, positioning itself strongly in the global high-end materials market [3]

Group 1 - The core point of the article is that Trump Media Technology Group (DJT.US) plans to merge with TAE Technologies, a fusion energy company supported by Google, with a transaction valuation exceeding $6 billion [1] - Post-merger, shareholders of both companies will each hold approximately 50% of the new entity [1] - The new company aims to establish a 50 megawatt fusion power plant by mid-2026 [1] Group 2 - The merger process requires approval from the U.S. Securities and Exchange Commission and a vote from the group's shareholders, which may affect the timeline and final outcome [2]

Investment Rating - The report suggests focusing on core equipment companies within the industry [5]. Core Insights - Strong policy certainty and strategic benefits are continuously being released, with fusion energy identified as a new economic growth point in the national "14th Five-Year Plan" [4][8]. - The approach towards commercialization is heating up, with significant technological milestones expected to be reached by 2027, particularly with the BEST project, which aims to validate steady-state operation of burning plasma and the entire power generation process [4][10]. - Global capital is increasingly flowing into the fusion sector, with investment in the private fusion industry nearing €13 billion as of November 2025, reflecting a 50% increase in just five months [9]. Industry Dynamics - The "2026 Fusion Energy Technology and Industry Conference" held in Hefei, China, gathered over 1,600 industry professionals and 111 exhibiting companies, highlighting the growing importance of fusion energy as a strategic national initiative [3][8]. - The BEST project aims to complete the world's first compact fusion energy experimental device by 2027, focusing on reducing risks associated with commercial reactor construction [10][11]. - The CRAFT project has achieved significant milestones, nearing 95% completion, and is expected to provide critical support for the development of fusion materials and technologies [18][19]. Global and Domestic Development Trends - China has established a significant position in the global fusion commercialization competition, with a focus on enhancing original innovation capabilities in fusion energy [8][9]. - The report indicates that the next decade (2025-2035) will be crucial for the commercialization of fusion energy, with ongoing technological validation and industry cultivation [9]. Project Progress - The BEST project has completed 35% of its overall progress, with all design work finalized and entering the product research and manufacturing phase [11]. - The CRAFT project has successfully passed initial performance tests and is on track to complete its construction and national acceptance by 2026 [18][19].

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 continue rapid growth through 2026, driving demand for batteries and materials [1]. - Lithium carbonate prices have been on the rise, recently surpassing 180,000 RMB per ton, which will impact the pricing of cathode materials and batteries [1]. - The solid-state battery technology is entering a critical phase of engineering validation, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the report emphasizes a "de-involution" strategy, with Tesla's CEO announcing plans to enhance solar manufacturing capacity, which is expected to boost the output of core equipment and materials in China [1]. - The demand for wind power is projected to remain strong, with government initiatives supporting significant new projects [1]. - The energy storage sector is expected to maintain high demand, with a recommendation to focus on energy cell and large-scale integration manufacturers [1]. - Hydrogen energy is anticipated to see increased demand, particularly in green hydrogen applications, with a focus on equipment and operational segments [1]. - The report highlights the long-term potential of nuclear fusion as a future energy direction, suggesting attention to core suppliers in this area [1]. Summary by Sections Market Overview - The power equipment and new energy sector saw a 3.57% increase this week, outperforming the Shanghai Composite Index [2][10]. - The wind power sector experienced the highest growth at 7.78%, followed by power generation equipment at 6.54% and nuclear power at 4.16% [2][13]. New Energy Vehicles - The retail market for narrow passenger vehicles in January is estimated at around 1.8 million units, with new energy vehicles accounting for approximately 800,000 units and a penetration rate of 44.4% [2]. Battery Materials - Lithium carbonate prices have surged, with battery-grade prices reaching approximately 171,500 RMB per ton, reflecting a 12.46% increase [14]. - The report notes that the price of NCM523 and NCM811 cathode materials has also risen, indicating a trend of increasing costs across battery materials [14]. Photovoltaic Sector - The report indicates that silicon material prices are under pressure due to weak demand, with current prices for dense materials around 50-60 RMB per kg [15]. - The price of battery cells has increased, with N-type battery cells reaching approximately 0.42 RMB per watt [17]. Energy Storage - The price of lithium concentrate has risen significantly, with CIF prices reaching approximately 1,955 USD per ton, marking a 28.2% increase [24]. - Energy cell prices for square lithium iron phosphate have also increased, with a range of 0.395-0.465 RMB per watt-hour [25]. Hydrogen Energy - The report highlights the potential for green hydrogen demand to grow, particularly in applications related to coal chemical processes and green methanol [1]. Nuclear Fusion - The report suggests that nuclear fusion could catalyze future energy developments, recommending attention to core suppliers in this field [1].

Financing Activities - Haier New Energy completed over 1 billion RMB in Series B financing, with funds primarily allocated for R&D and market expansion in photovoltaic and energy storage systems [2] - Supermagnetic New Energy announced several hundred million RMB in angel round financing, focusing on the development of high-temperature superconducting magnetic systems for controllable nuclear fusion [2] - Ailios Biotech secured over 100 million RMB in pre-B round financing to enhance its self-developed filtration membranes for biopharmaceutical applications [3] - Anhui Anpin Intelligent Technology completed angel round financing to accelerate the promotion of intelligent tavern operation solutions [3] - Dongyi Technology raised over 100 million RMB in angel++ round financing to advance its "Robot for AI" strategy [4] - Dvision Medical completed several tens of millions RMB in A2 round financing to promote the development of super-microsurgery robots [5] - AI startup Anthropic is pursuing a new financing round aiming to raise 25 billion USD, with significant investments from major tech firms [5] - Xingsai Biotech completed nearly 100 million RMB in A++ round financing, focusing on single-cell analysis instruments [6] - Today Sleep, a startup, announced several tens of millions RMB in seed round financing to develop sleep-related smart products [7] - Zhejiang Dejin Biotech completed several tens of millions RMB in A round financing to advance its recombinant botulinum toxin products [7] - Yupan Intelligent completed 513 million RMB in Pre-IPO+ financing to enhance its capabilities in embodied intelligence and global expansion [8] - Nanjing Hairong Pharmaceutical raised 140 million RMB in a new round of financing to accelerate the development of innovative drugs [9] - Xibei Restaurant Group completed A round financing, with investments from various parties including the founder of a well-known restaurant brand [10] - New Yue Biotech completed several tens of millions RMB in A+ round financing to enhance its AI drug development capabilities [10] - AtomForm announced a new round of financing exceeding 100 million RMB to accelerate its commercialization process [11] - Liangxuan Technology completed several hundred million RMB in C round financing to promote quantum computing applications [12] - Lianbo Precision completed over 100 million RMB in C round financing to support high-end manufacturing initiatives [13] - Juwei Technology completed nearly 100 million RMB in A round financing to enhance its industrial IoT capabilities [14] - Lanjing Technology secured several tens of millions RMB in A+ round financing to focus on agricultural robotics [14] - Zhejiang Humanoid Robot Innovation Center completed 450 million RMB in Pre-A round financing, reflecting strong market confidence [15] - Epuji completed nearly 100 million USD in B round financing to strengthen its data center delivery capabilities [16] Investment Funds - The establishment of various investment funds, including a 20 billion RMB seed fund in Shanghai focusing on AI and intelligent models [19] - The launch of a 50 billion RMB investment fund in Zhengzhou aimed at supporting innovative industries [20] - The creation of a 10 billion RMB fusion energy venture capital fund in Hefei to support key technologies in nuclear fusion [20]

人民财讯1月23日电，核工业西南物理研究院(简称"西物院")1月23日发布消息，西物院联合体与国际热 核聚变实验堆(ITER)组织在法国总部签署边缘局域模电源系统(ELM-PS)现金合同，该合同涵盖27套电 源的设计、制造、测试、安装及调试全过程，标志着中方在ITER电源领域取得重要进展。据悉，该合 同由西物院牵头，联合荣信汇科电气股份有限公司、中国核工业二三建设有限公司、中国核电 （601985）工程有限公司、中国科学院等离子体物理研究所共同实施。 ...