2025 年 12 月 29 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 37 期 20251221-20251227）：储能、锂电有 望持续超预期，涨价、AI+提供弹性 ◼ 走势比较 ◼ 子行业评级 电站设备Ⅱ 无评级 电气设备 无评级 电源设备 无评级 新 能 源 动 力 系统 无评级 (20%) (6%) 8% 22% 36% 50% 24/12/30 25/3/12 25/5/23 25/8/3 25/10/14 25/12/25 电力设备及新能源 沪深300 ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 36 期 20251214-20251220）：重 视底部再布局：新技术持续落地+上 游供需持续向好>>--2025-12-22 <<【太平洋新能源】新能源+AI 周报 （第 35 期 20251207-20251213）：重 视中上游的定价权，反内卷增加弹 性>>--2025-12-15 <<【太平洋新能源】新能源+AI 周报 （第 34 期 20251130-20251206）：再 次进入关键布局期，隆基公告指引反 转机 ...

E A S T 当"碳达峰、碳中和"目标成为高质量发展的核心驱动力，全球能源转型进入攻坚阶段，可持续发展已从企业的可选题升级为必答题。易事特集团是数字能 源产品及风光储充解决方案优秀上市公司，聚焦"AI+新能源"领域，深耕UPS电源、数据算力中心、"新能源+储能"三大战略板块，始终将"为全球用户提 供优质的绿色能源"的使命深植于发展基因中，在技术创新、场景落地与生态共建中，开辟了一条兼具产业价值与环境责任的可持续发展之路。 根据国家能源局数据，截至2025年3月，我国风电与光伏发电总装机容量达14.82亿千瓦，首次超越火电装机，非化石能源发电量占比跃升至35.9%。能源 转型的"加速度"背后，离不开核心技术的强力支撑。集团以持续研发投入筑牢技术根基，近几年研发费用均超亿元，2024年研发投入占营业收入比例达 7.92%，重点攻关钠离子电池、液冷储能等前沿领域，累计获得授权专利及软件著作权逾千项。 技术创新价值最终需通过场景落地转化为减排实效。《2024年度可持续发展暨ESG报告》显示，自持有地面光伏电站、分布式光伏电站及风力发电站累计 贡献的清洁能源发电量达到67,116.2176万千瓦时，相当于为我国约16 ...

太平洋近日发布新能源+AI行业周报：2026年磷酸铁锂市场有望成为需求大年，则言咨询预测2025年产 量预计390万吨，2026年将达580万吨；四代持续紧缺（仅三四家稳定供应）。近期，中国化学与物理电 源行业协会发布数据显示，2025年10-11月磷酸铁锂成本持续上行，11月行业成本区间为16798.2- 17216.3元/吨（较10月增加89.6元/吨），市场价格区间13648.3-15761.3元/吨（平均14704.8元/吨，较10 月上涨279.3元/吨）。 AI+新能源、风电等产业链核心观点：重视新市场的突破。 重视中上游定价权增强的环节；预期降低带来新的布局机会，目前是较好时间点，需更重视龙头的确定 性和上游的弹性；光伏反内卷取得初步成效，重视底部机会。 新能源汽车产业链核心观点：向上新周期已开启 1、大圆柱、固态等电池创新持续落地，宁德时代、亿纬锂能、璞泰来等受益。1）近期，新一代BMW iX3在匈牙利德布勒森到德国慕尼黑的真实道路测试中，凭借亿纬锂能提供的新一代大圆柱电池，实测 续航达1007.7公里（远超其WLTP官方续航805公里）；亿纬锂能在宝马匈牙利德布勒森工厂附近建设规 划产能近3 ...

Core Viewpoint - The article discusses the integration of AI and renewable energy in the context of energy transformation and storage solutions, highlighting the importance of data centers and energy management in supporting the growth of AI-driven industries [3][11]. Industry Background - The energy sector is undergoing a transformation driven by AI and the dual carbon goals of 3060, with new policies guiding the renewable energy landscape [3]. - AI's growth is closely linked to energy demand, particularly in data centers, which require stable power supply to support their operations [3]. Company Solutions - The company offers modular data center solutions, including edge computing and large-scale data centers, to meet diverse energy needs [5]. - It provides comprehensive energy solutions for AI, including distributed and centralized wind power, and various solar energy applications [6]. - The company has developed a full range of charging solutions, including AC and DC charging stations, and energy storage systems for residential and commercial use [7]. Market Applications - The company targets high-energy-consuming industries with commercial energy storage solutions that leverage peak and valley price arbitrage [6]. - It has established a presence in international markets, particularly in residential energy storage, which is gaining traction in regions like Australia and Europe [8]. Innovative Products - The company has introduced a mobile energy storage robot that autonomously charges vehicles, enhancing efficiency and reducing the need for human intervention [9]. - It is a pioneer in the industrialization of microgrids, integrating renewable energy sources and optimizing energy management through intelligent platforms [9]. Collaboration and Investment - The company offers various collaboration models, including equipment supply, EPC integration, and investment in energy projects, allowing clients to benefit from energy management contracts without upfront costs [10].

12月10日， 金风科技与中金数据共同打造的 "中金数据乌兰察布低碳算力基地源网荷储一体化项 目"（以下简称"中金数据项目"） 荣获"2025年度中国IDC产业绿色解决方案奖"。 该评选历时两个 月，以推动产业智能化与绿色化协同发展为评价目标，重点挖掘年度行业内的典范案例。金风科技作为 唯一的获奖风电企业，以破界融合为绿色算力发展提供示范。 中金数据项目是全国首个以数据中心为稳定负荷且送电成功的算电协同项目，安装26台金风科技 GWH221-7.7MW风电机组，总装机容量20.02万千瓦，已于今年7月全容量投运。 项目秉持"以荷定 源、源荷互动"思路，构建了"绿色能源供给-智能电网调度-高效算力负载-新型储能系统"的全链条协 同体系，打造兼具成本最优、时延可控与安全可信的算电协同园区。通过智能调度系统实现了算力负载 与电力供给的动态平衡，开创了"绿电随算力而动"的创新运营方式。 项目每年可生产8.48亿千瓦时自 发自用绿电，可再生能源替代率达38.74%，相当于每年减少58万吨碳排放，可使该算力基地的AI算力 成本降低25%以上，经济效益与绿色效益显著。 多年来，金风科技致力于构建面向新型电力系统的零碳解决方 ...

联合解读中央经济工作会议 20251211 摘要 会议强调通过城乡居民增收计划、清理消费限制等措施提振消费，并推 动投资止跌回稳，稳定房地产市场，清理拖欠企业账款，回应社会广泛 关注问题。 财政政策保持积极，货币政策延续适度宽松基调，灵活运用降准降息等 工具，并强调创新驱动，培育壮大新动能，与现代化产业体系和科技自 立自强相一致。 积极稳妥化解房地产债务风险和地方政府融资平台经营性债务风险，对 房地产市场表述积极，旨在防范系统性金融风险，确保经济持续健康发 展。 会议对资本市场直接表态不多，但提到持续深化资本市场投融资综合改 革，需注重投资者中长期回报，防止市场大起大落。看好大盘成长风格 及 AI+新能源领域。 货币政策更加强调质量，灵活高效运用降准降息等工具，探索新的结构 性货币政策方向，以支持有效优质供给，或加快货币政策的放松步伐。 Q&A 这次中央经济工作会议有哪些新的提法和表述？ 这次中央经济工作会议以务实为主，明确回应了社会关注的多个问题。首先， 会议强调扩大内需，将其作为 2026 年工作的首要任务，提出坚持内需主导， 建设国内强大市场，从居民收入、清理消费限制、优化政策等多方面入手，并 制定城乡 ...

12月9日，第八届社会责任大会暨"2025奥纳奖颁奖典礼"隆重举行。易事特集团凭借在ESG领域的卓越实践与创新探索，获评"奥纳奖-2025年度可持续发 展贡献企业"。集团创始人何思模教授荣获"奥纳奖-2025年度杰出爱心企业家"称号。 双项殊荣 现场照片 此次大会由社会责任大会组委会主办，企业公民委员会指导，众多权威媒体全程宣传报道，奥纳奖的评选经过严格的提报与审议流程，其权威性与影响力 备受行业认可。易事特集团能够从132家获奖企业中脱颖而出，与众多知名企业共同跻身荣誉榜单，充分彰显了其在"影响力""责任感""可持续""公益 性"等方面的综合实力。 作为深耕"AI+新能源"领域36年的领军企业，易事特集团始终将"对利益相关方、社会和环境负责"的理念融入公司运营，与本次大会"探索企业利益与社会 责任和谐共生"的核心议题高度契合。在绿色发展成为国家战略的时代背景下，集团紧跟"十四五"规划收官与"十五五"规划布局的政策导向，积极贯彻新 发展理念，将技术创新与可持续发展深度绑定。 在产品与技术层面 易事特集团锚定"AI+新能源"战略，构建起"风光-储能-充电-电源电池-算力-能源管理"全链条生态，推动能源结构向清洁 ...

Group 1: Financial Performance - The company's non-net profit growth rate significantly outpaced the net profit growth rate in the first three quarters of 2025, primarily due to stable cash flow from core operations like waste-to-energy and the transition of hazardous waste treatment from loss to profit [2][3] - The revenue from the new energy dual-carbon business accounts for approximately 74% of total revenue, with a gross margin of around 37%, maintaining a strong position in the industry [8][9] Group 2: Core Business Segments - The traditional business consists of four main segments: waste-to-energy, hazardous waste treatment, flue gas desulfurization and denitrification, and long-term stable operation of quality environmental projects [3][4] - Waste-to-energy operations have leading industry performance in terms of operational and maintenance rates, ensuring steady and continuous revenue growth [3] Group 3: Strategic Focus and Future Growth - The company aims to focus on high-profit projects, avoiding low-margin and high-capital projects, while leveraging AI and new energy as core growth areas [4] - The strategy includes a dual approach of maintaining traditional business stability while expanding into AI applications in the energy sector, creating a synergy between traditional and new business models [4][7] Group 4: AI Market Insights - The global AI market in the energy sector is projected to reach approximately $120 billion in 2023, with a growth rate of about 38% [5] - The domestic AI market in energy is expected to exceed $500 billion, indicating significant opportunities for growth and investment [5] Group 5: AI Business Positioning - The company's AI business focuses on the "AI + New Energy" sector, targeting the energy and power industry for practical applications [7] - Core customer segments include power grid systems, energy groups, and other industrial clients, each with distinct needs and characteristics [8]

Core Insights - The energy storage market is showing signs of recovery, driven by economic factors and capacity pricing policies in the domestic market, while the overseas market presents significant opportunities due to increased demand from data centers [1] Company Performance - In the first three quarters of 2025, the company reported revenue of 2.461 billion yuan, a year-on-year increase of 6.52%, but net profit attributable to shareholders decreased by 54.25% to 94.2681 million yuan [1] - The third quarter revenue reached 794 million yuan, up 16.62% year-on-year, while net profit dropped significantly by 89.32% to 8.692 million yuan [1] - The decline in profit was primarily due to a one-time provision for investor litigation in the third quarter, indicating that the core business profitability has significantly improved when excluding this impact [2] Profitability and Cash Flow - The company's non-GAAP net profit for the first three quarters was 146 million yuan, a year-on-year increase of 4.13%, with a substantial growth of 82.77% in the third quarter's non-GAAP net profit to 54.6026 million yuan [2] - Operating cash flow for the first three quarters surged by 364.48% to 1.038 billion yuan, primarily due to improved sales collections, providing a solid foundation for future development [2] Strategic Initiatives - The improvement in financial fundamentals is attributed to the company's "AI + New Energy" dual-driven strategy, focusing on core products and system solutions in the power electronics sector [2] - The energy storage segment showed remarkable performance, with revenue from storage products and systems reaching 523 million yuan in the first half of 2025, a year-on-year increase of 153.45% [2] Market Signals and Future Outlook - The company's new energy business now accounts for 56.83% of total revenue, with the charging pile business also showing steady growth, achieving revenue of 73.3783 million yuan, up 24.56% [3] - Positive market signals include the entry of notable investor Wei Wei, who acquired shares worth 235 million yuan, indicating strong confidence in the company [4] - Increased institutional interest is evident, with multiple investment institutions conducting research on the company, suggesting a deeper exploration of its value [4] - The potential removal of the ST label is a focal point for the market, as the company has been actively working on business transformation and financial optimization [4] - Overall, despite the apparent profit pressure in the third-quarter report, the underlying improvements in core business, cash flow, and strategic positioning suggest a solid foundation for value reassessment in the context of the high growth potential in the energy storage industry [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown strong revenue growth, with a 36.97% year-on-year increase in revenue for Q1-Q3 2025, reaching 500 million yuan, and a 41.75% increase in net profit attributable to shareholders, amounting to 75 million yuan [2][4] - The company is positioned in the high-growth "AI + New Energy" sector, with the recent launch of the "Kuangming" New Energy Model 3.0, which enhances power prediction accuracy and identifies extreme weather conditions [3][4] - The company is expanding its ecosystem through strategic investments, which are expected to accelerate performance growth, particularly in the distributed power station segment [3][4] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 179 million yuan, a year-on-year increase of 27.12%, and a net profit of 29 million yuan, up 59.13% [2][4] - The company’s sales net profit margin improved to 17.01%, an increase of 3.41 percentage points year-on-year [2] - The projected net profits for 2025-2027 are expected to be 131 million, 189 million, and 236 million yuan, reflecting growth rates of 40.0%, 43.9%, and 24.9% respectively [4][5] Key Financial Data - Revenue projections for 2025 are estimated at 754 million yuan, with a growth rate of 37.2% [5] - The earnings per share (EPS) are projected to be 0.99 yuan for 2025, increasing to 1.42 yuan in 2026 and 1.78 yuan in 2027 [5] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 90.9 in 2023 to 32.5 by 2027, indicating improving valuation metrics [5]