其 他 报 告 2025年07月01日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3444 | 0.59 | 1.91 | | 深证成份指数 | 10465 | 0.83 | 3.73 | | 沪深300指数 | 3936 | 0.37 | 1.95 | | 创业板指数 | 2153 | 1.35 | 5.69 | | 上证国债指数 | 226 | 0.04 | 0.02 | | 上证基金指数 | 6939 | 0.11 | 0.37 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24072 | -0.87 | 3.20 | | 中国香港国企指数 | 8678 | -0.96 | 2.76 | | 中国台湾加权指数 | 22256 | -1.44 | 2.42 | | 道琼斯指数 | 43819 | 1.00 | 3.82 | | ...

《全球海上风电报告 2025》发布，储能招标价格继续下探 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 40% 2024/06/26 2024/11/26 2025/04/26 沪深300指数 电力设备及新能源 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 张之尧 投资咨询资格编号 S1060524070005 zhangzhiy ao757@pingan.com.cn 电力设备及新能源 2025 年 6 月 30 日 行业周报 平安观点： 本周（6 月 23 日-6 月 27 日）新能源细分板块行情回顾。本周风电指数 上涨 3.55%，跑赢沪深 300 指数 1.6 个百分点。截至本周，Wind 风电指 数整体市盈率（PE TTM） 为 19.3 倍。本周申万光伏设备指数 （801735.SI）上涨 3.31%，其中，申万光伏电池组件指数上涨 2.49%， 申万光伏加工设备指数上涨 3.39%，申万光伏辅材指数上涨 4.01%，当 前光伏板块市盈率约 30.01 倍。本周 储 能指 数（884790.WI）上 ...

Core Insights - China's rapid development in the clean energy sector is highlighted in the latest report "Overview of China's Energy Ecological Development," indicating a total investment of $625 billion in clean energy for 2024, accounting for one-third of global clean energy investments [1] - China leads the world in installed capacity for solar and wind energy, contributing over 45% to the global increase in non-fossil energy consumption over the past decade, showcasing significant progress in energy structure transformation and its role in global energy reform [1] Investment and Consumption Structure - The transition of China's energy structure has accelerated, with the share of non-fossil energy consumption rising from 9.4% in 2010 to 18.3% in 2024, while the proportion of coal power installations has fallen below 40% for the first time, marking a historic shift towards a greener, low-carbon, and sustainable energy system [3] - Technological innovations such as ultra-high voltage transmission and smart grid technologies have reached international top levels, providing solid technical support for the efficient utilization of clean energy [3] Market Position and Growth - Chinese companies hold over 70% of the global market share for key components in the wind power sector, demonstrating their exceptional strength and competitiveness in this field [3] - The installed capacity of new energy storage has increased fivefold compared to 2022, and the number of hydrogen refueling stations has surpassed 300, accelerating the construction of China's new energy system [3]

Group 1 - The contrast between the stability of the Eurozone and the uncertainty of the US economy is leading to a significant shift in capital flows, with investors increasingly viewing Europe as a more reliable option for hydrogen investments [1][2] - European stock funds attracted over $100 billion in inflows in the first half of 2025, a threefold increase compared to the same period last year, while US funds experienced a net outflow of nearly $87 billion, more than doubling year-on-year [1] - Foreign direct investment in Germany reached €46 billion in the first four months of 2025, doubling year-on-year and marking the highest level since 2022, with a rare phenomenon of German companies withdrawing investments from the US [1] Group 2 - Siemens CFO noted a significant increase in investor interest in the European market during recent roadshows, correlating with an 84% rise in the company's stock price this year [2] - The strategic shift of construction giant Hochtief, with its North American subsidiary Amrize performing poorly on its debut, contrasts with the 15% rise in the parent company's stock focused on Europe, Latin America, and North Africa [2] - The uncertainty caused by the Trump administration's trade policies is eroding investor confidence in the US capital markets, while the European Central Bank president sees positive signals from the capital flows into Europe [2]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 在此背景下， 势银（TrendBank）访谈了骥之翼总经理 刘海宁，并就 四足机器人 产品、技术挑 战、未来发展等问题展开了深入交流 。 7 7 刘海宁 总经理 骥之翼（济南）氢能科技有限公司 碧银访谈 添加文末微信，加 燃料电池 群 全球科技浪潮奔涌，具身智能（Embodied AI）正以前所未有的速度重塑现实。 在AI、环境感知算 法与高性能传感器等技术的强力驱动下，四足机器人作为具身智能的重要载体，其智能化水平正迈 向新的高度。以宇树科技Unitree系列、云深处科技绝影系列为代表的中国力量，已在工业检测、公 共安防、乃至家庭与娱乐等多元化场景中展现出强大的应用潜力。一个清晰的趋势已然显现： 在"技术成熟"与"成本下探"的双重引擎推动下，四足机器人的商业化大门正轰然开启，全球竞争格 局也从欧美主导加速转向中国企业领跑。 与此同时，一场深刻的能源变革正悄然融入这场智能革命。 氢能技术，作为清洁高效的未来能源 解决方案，近年来正加速与具 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银（银川）长时储能产业大会（7月，宁夏·银川） 点此报名 添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 1、电解水制氢行业动态 4、燃料电池行业动态 示 例 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 3、氢储运&加氢站行业动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电池行业发展 ...

Group 1 - China's total investment in clean energy for 2024 is projected to reach $625 billion, accounting for one-third of global clean energy investments, showcasing its strong capabilities and determination [1] - China has maintained the world's largest installed capacity in photovoltaic and wind power for ten consecutive years, contributing over 45% to the global increase in non-fossil energy consumption [1] - The proportion of non-fossil energy consumption in China has significantly increased from 9.4% in 2010 to 18.3% in 2024, while the share of coal power installations has dropped below 40% for the first time [3] Group 2 - China has achieved international leadership in ultra-high voltage transmission and smart grid technologies, providing strong technical support for the efficient utilization of clean energy [3] - The market share of key components from Chinese companies in the wind power industry exceeds 70%, demonstrating their strong capabilities and competitiveness [3] - The installed capacity of new energy storage has grown fivefold compared to 2022, and the number of hydrogen refueling stations has surpassed 300, accelerating the construction of a new energy system in China [3]

Group 1 - The New Energy Testing Center has been selected as a demonstration project by the National Development and Reform Commission, focusing on green hydrogen equipment and fuel cell technology [2] - The project aims to establish a comprehensive evaluation system for the entire hydrogen energy and fuel cell technology chain, including hydrogen production, storage, transportation, and utilization [2] - The testing base is the largest of its kind in the world, covering over 50,000 square meters, and has completed all necessary approvals [2] Group 2 - The center aims to break down technical barriers in the hydrogen industry by creating a collaborative innovation platform involving nearly 50 related organizations [3] - The establishment of hydrogen technology alliances is intended to enhance the hydrogen industry's ecosystem and expand application scenarios [3] - The center plans to continuously inject strong momentum into the hydrogen industry's full-chain development through comprehensive evaluation capabilities and resource sharing [3]

Core Viewpoint - Fujian Province has issued a long-term plan for hydrogen energy industry innovation and development, aiming for large-scale commercial application by 2030 and a total output value exceeding 300 billion yuan by 2035 [1] Group 1: Development Phases - The period from 2025 to 2030 is designated as the initial development phase, with goals to cultivate 1-3 large-scale green hydrogen demonstration projects, establish 1-3 hydrogen-based green ship fuel refueling port pilot projects, and build 50 hydrogen refueling stations, targeting a green hydrogen production capacity of 30,000 tons/year and a hydrogen-based green fuel production capacity of 100,000 tons/year, with an industry output value exceeding 60 billion yuan/year [1] - The period from 2030 to 2035 is identified as the rapid growth phase, aiming to achieve a green hydrogen production capacity of 100,000 tons/year and a hydrogen-based green fuel production capacity of 1 million tons/year, with a total output value exceeding 300 billion yuan/year [1] Group 2: Industry Chain Layout - Fujian Province is strategically planning the entire hydrogen energy industry chain, focusing on utilizing industrial by-product hydrogen for supply in traditional sectors like steel, coal, and chemicals, aiding in the green transformation of traditional industries, and extending the industrial chain of major petrochemical projects [1] - In the medium to long term, the province aims to promote hydrogen production from renewable energy sources such as wind and solar, gradually reducing production costs and expanding production scale to make green hydrogen mainstream [1] Group 3: Storage, Transportation, and Application - In the storage and transportation sector, the focus is on developing high-pressure gaseous hydrogen storage and long-tube trailer transportation, promoting ammonia as a hydrogen storage medium, and supporting the development of organic liquid hydrogen, solid-state hydrogen storage, and related manufacturing [2] - For the refueling sector, the plan emphasizes building comprehensive hydrogen refueling stations and upgrading existing fuel stations to include hydrogen facilities, particularly in logistics, ports, and industrial parks [2] - In terms of applications, the plan aims to promote the industrialization of hydrogen-based fuels like ammonia and methanol in the chemical sector, scale up hydrogen fuel cell vehicles and ships in the transportation sector, and advance the demonstration of hydrogen energy in emergency backup power and grid peak-shaving scenarios [2]

国金证券近日发布电力设备与新能源行业研究：广大特材发布中报业绩预告，Q2业绩同 环比增长230%/69%，拉开风电板块强势半年报大幕，关注量价齐升背景下零部件业绩弹性 释放；国内5月新增风电装机26.3GW，同比+801%，环比+393%，看好下半年风电需求继续 强势。 本周重要行业事件： 风光储：《三北沙漠戈壁荒漠地区光伏治沙规划（2025-2030年）》、《上海市海洋产 业发展规划（2025-2030）征求意见稿》印发；光伏/风电5月新增装机高增；国信大丰 850MW海风项目首批机组成功并网；大金重工公告筹划赴港上市。 以下为研究报告摘要： 子行业周度核心观点： 风电：广大特材发布中报业绩预告，Q2业绩同环比增长230%/69%，拉开风电板块强势 半年报大幕，关注量价齐升背景下零部件业绩弹性释放；国内5月新增风电装机26.3GW，同 比+801%，环比+393%，看好下半年风电需求继续强势。本周我们发布风电板块中期策略， 当前时点风电板块具备值得坚定看好的短、中、长期三重逻辑，持续重点推荐。 锂电：关注液相法锂金属、液相法硫化锂环节变化。锂金属工艺路线除了压延、蒸镀 外，还有液相熔融法，相较压延法，其能制 ...