作为一家中国储能行业的可再生能源解决方案及产品提供商，集团专注于研发并向集团的客户及终端用 户提供储能系统解决方案及产品。集团的储能系统解决方案和产品广泛应用于中国市场及海外市场的大 型电源侧及电网侧以及工商业及家庭场景。根据灼识咨询，集团为业内较早实现储能系统解决方案及╱ 或产品的互联网云端整合及开发数字化能源管理全景互联网云平台的参与者之一。 集团已与下惠开香港经济发展有限公司(惠开香港)、Dream'ee(Hong Kong)Open-ended Fund Company(Dream'ee HK Fund)及雾凇资本有限公司(雾凇资本)订立基石投资协议(各称及统称基石投资协 议)，据此，基石投资者已同意在若干条件规限下，按发售价认购或促使其指定实体认购一定数量的发 售股份(向下约整至最接近每手100股H股的完整买卖单位)，可供认购总金额为7425万港元(假设发售价 为20.1港元)，且不包括经纪佣金、证监会交易征费、会财局交易征费及联交所交易费(基石配售)。基于 发售价每股发售股份20.1港元，基石投资者将予认购的发售股份总数将为369.4万股H股。 果下科技(02655)于2025年12月8日-202 ...

Macro Strategy - The core viewpoint of the macro strategy report emphasizes that new consumption is expected to gradually take over traditional consumption as the main driver of China's commodity consumption, supported by a policy document issued by six ministries aimed at enhancing the adaptability of supply and demand in consumer goods [13][14] - The report highlights that the new consumption model focuses on emotional value and technological content, with short video platforms and experiential economies reshaping online and offline consumption scenarios [13][14] Fixed Income Strategy - The 2026 convertible bond strategy indicates that the main theme will revolve around the dual drivers of carbon neutrality and AI, with a focus on the entire "source-network-load-storage" chain, suggesting that the market will benefit from the expansion of mid and small-cap stocks [16] - The report anticipates that the supply-demand structure of convertible bonds will improve, with a notable increase in the availability of mainline targets, and emphasizes the importance of adapting traditional convertible bond allocation frameworks for success in 2026 [16] Industry Research - The research on the U.S. electricity and AI energy storage sector indicates that the demand for power supply and AI energy storage is expected to surge, driven by the increasing electricity consumption of AI data centers, with a projected compound annual growth rate over the next 3-5 years [21][22] - The report suggests that the integration of green electricity and storage solutions will be a primary focus, with significant growth potential in the market for energy storage systems, particularly benefiting companies like CATL and Sungrow [21][22] - The liquid cooling industry report states that the demand for liquid cooling solutions is expected to rise sharply due to the increasing power density of chips, with a projected market size of 353 billion yuan for ASIC liquid cooling systems and 697 billion yuan for NVIDIA liquid cooling systems by 2026 [23][24] Company Recommendations - Satellite Chemical (002648) is highlighted for its potential growth driven by high-end new materials, despite short-term impacts from maintenance activities, with adjusted profit forecasts for 2025-2027 indicating net profits of 55.5 billion, 69.7 billion, and 86.2 billion yuan respectively [7][24] - Changbai Mountain (603099) is recognized for its unique position in the tourism sector, with profit forecasts for 2025-2027 at 1.6 billion, 1.9 billion, and 2.3 billion yuan, reflecting its growth potential in the ice and snow tourism market [8][9] - Hangyang Co., Ltd. (002430) is noted for its transition from equipment manufacturing to gas supply, with profit forecasts for 2025-2027 at 11.57 billion, 12.94 billion, and 14.84 billion yuan, supported by its diverse business growth and favorable gas pricing [10][11]

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Insights - The energy storage lithium battery sector is experiencing strong demand even in the off-season, with significant growth expected in 2025. The report highlights advancements in humanoid robotics and artificial intelligence-driven automation (AIDC) as key growth areas [1][3] Industry Trends - The electric equipment sector saw a slight increase of 0.22%, underperforming compared to the broader market. Wind power rose by 3.48%, while solar energy saw a decline of 1.61% [3] - The humanoid robot sector is gaining momentum, with significant developments such as the establishment of a national training base for humanoid robots in Beijing and the launch of emotional companion robots by companies like UBTECH [3] - In energy storage, there is a push for virtual power plant models in photovoltaic projects, and integrated "source-grid-load-storage" systems are being promoted in pilot areas [3] Market Data - In November, the wholesale sales of new energy vehicles in China reached 1.72 million units, a year-on-year increase of 20% [3] - The average price of cobalt increased by 2.6% to 413,500 CNY per ton, while lithium carbonate prices saw a slight decrease of 0.5% [3] - The report notes that the total investment in the power grid is projected to be 23.1 billion CNY, with the approval of a high-voltage AC project expected to commence next year [3] Investment Strategy - The report emphasizes the expected 60%+ growth in large-scale energy storage demand in China, driven by new pricing policies and robust market conditions. It forecasts a global energy storage installation growth of 50-60% in the coming year [3] - The report recommends several companies for investment, including CATL, Sungrow Power, and BYD, highlighting their strong market positions and growth potential [6]

Core Viewpoint - The overall market performance in the current year has been positive, with most stocks experiencing an increase, but there is significant differentiation based on fundamentals [4] Group 1: Market Performance - The cyclical industries are facing weak overall demand, while some sectors benefit from positive changes on the supply side, showing signs of profit recovery [4] - The real estate sector continues to see both volume and price declines, with over half of the companies reporting losses in the first three quarters [4] - The liquor industry is also experiencing structural demand decline, with many companies reporting rare negative profit growth in a single quarter [4] - Banks are showing weak cyclical characteristics, but have achieved positive returns this year due to a favorable interest margin [4] Group 2: Investment Strategy - The differentiation in the stock market has led to varied performance among fund managers, with the current portfolio showing slower growth [5] - The focus has been on learning about sectors like AI, semiconductors, and innovative pharmaceuticals, which occupy a significant portion of research time [5] - The portfolio has not changed much, indicating a low turnover rate, suggesting that new knowledge has not been effectively integrated into investment decisions [5] Group 3: Investment Philosophy - Understanding the valuation of a stock is complex and can be both quantitative and qualitative [6] - The concept of "weight" in stocks is emphasized, where long-term dividend discounting plays a crucial role in valuation [6] - The distinction between "derivative" and "integral" investment philosophies is highlighted, with each having its own merits and challenges [6] Group 4: Risk Assessment - The value of an investment can be compared to a chicken's ability to lay eggs, where various uncertainties exist regarding its future productivity [7] - The importance of negative imagination in investment decisions is stressed, as it can help mitigate potential losses [7] Group 5: Long-term Perspective - The overall returns for investors in the secondary market are derived from total dividends minus transaction costs, emphasizing the competitive nature of investment returns [8] - The company has achieved a mixed performance over the past seven years compared to the CSI 300 Total Return Index, with a goal of navigating through market cycles successfully [8]

Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Insights - The wind power equipment sector is experiencing positive fundamentals, with price increases for LFP (Lithium Iron Phosphate) and separators [1] - The report highlights a strong demand for energy storage and the upward trend in lithium battery material prices [5] - The report emphasizes the strategic partnerships and expansions among key players in the lithium battery and energy storage sectors [5] Summary by Sections Lithium Battery Sector - LFP prices have increased by over 3000 yuan per ton, with long-term contracts covering over 1 million tons signed by major companies [12] - The price of lithium battery separators has been raised, with wet separators increasing by 30% [13] - Notable contracts include Nord's agreement to supply over 373,000 tons of copper foil to a major client over three years [14] and Enjie’s acquisition of a company to expand separator production capacity by 4 billion square meters [16] Energy Storage Sector - The National Development and Reform Commission has included energy storage facilities in the 2025 REITs project scope, indicating a growing recognition of energy storage's importance [22] - A significant upgrade project in Henan aims to enhance coal-fired power plants' flexibility and efficiency, with 33 projects totaling 4.8GW planned [23] Power Equipment Sector - Starting in 2026, the proportion of fixed costs recovered through capacity pricing will increase to no less than 50%, up from 30% in previous years, marking a significant shift in the power market [26] Photovoltaic Sector - The report notes a stable price for silicon materials, with the average price for polysilicon remaining at 52 yuan per kilogram [33] - Silicon wafer prices have decreased, with expectations of further reductions due to high inventory levels and weak demand [33] Wind Power Sector - The report indicates ongoing progress in offshore wind projects, with several major projects in China and Europe moving forward [5] - Key companies benefiting from this trend include leading cable manufacturers and turbine producers [5]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report expresses a positive outlook on the hydrogen, ammonia, and methanol sectors, as well as the energy storage industry chain, highlighting significant investment opportunities [2][20]. - Domestic energy storage has shown strong bidding data, with November seeing a total of 10GW/29.7GWh completed, predominantly from independent storage projects [1][6]. - The report emphasizes the ongoing demand for energy storage in the U.S. and other countries, particularly in the context of data centers and reconstruction efforts in Ukraine [2][6]. - The hydrogen, ammonia, and methanol sectors are expected to gain more investment due to favorable policies and market conditions, particularly in light of the EU's carbon tariff [2][20]. Summary by Sections Energy Storage - Domestic energy storage remains robust, with high levels of bidding activity and production expected to continue into 2026 [1][6]. - The U.S. continues to face electricity shortages, driving demand for energy storage solutions, particularly in data centers [2][6]. - The report notes that the independent energy storage market is expected to establish a complete revenue model through various market segments [1]. Wind Power - The report indicates a significant increase in domestic wind power installations, with a 52.86% year-on-year growth in new installations from January to October 2025 [8][12]. - The bidding capacity for wind power equipment has also seen substantial growth, with a 90% increase in 2024 compared to the previous year [12][20]. Lithium Battery - The report highlights a stable production outlook for lithium batteries, with expectations for strong demand in December, particularly from the new energy vehicle sector [21][24]. - The supply chain for lithium materials is expected to stabilize, with a focus on investment opportunities in lithium mines and separators [21][24]. Investment Recommendations - The report suggests focusing on companies involved in overseas wind power and energy storage, particularly those that can benefit from the growing demand in Europe and the U.S. [20][24].

深耕光伏电站系统集成业务，积累优质国央企客户资源。公司多年专注于光伏发电系统技术研发，目前 已充分掌握了集中式光伏电站系统设计、各类支架设计开发、分布式光伏整体技术方案及光伏电站智能 运维领域等系列核心技术，应用范围基本覆盖所有光伏电站类型。并且依托于专业的光伏电站研发设计 能力，公司与国家电力投资集团有限公司、中国电力建设集团有限公司和广州发展集团股份有限公司等 优质客户建立了良好的长期合作关系。 拓展新能源技术领域应用边界，增强智慧能源综合技术服务能力。公司前瞻布局智慧能源综合技术，不 断加大在光伏新能源领域、新型储能智能微电网领域、商用车充换电系统、新能源电站智能云运维系统 等领域的研发投入。商用车充换电系统方面，公司最新升级的"小蚁"换电机器人（AGV 2.31）创新性 地应用了无轨智能、AI 视觉识别、SLAM 激光定位等多项技术，实现了远距离（25M）定位导航、路 径规划、智能搬运等功能，可以在3 分钟内轻松更换重达三吨的重卡电池。此外，公司与蚂蚁数科签署 了业务合作协议，双方将于能源可信设备、新能源和常规能源AI智能体、充换电、智算和智能运维服 务等多个领域开展合作。 投资建议：我们预计公司25 ...

岁末将至，A股市场进入跨年布局的关键窗口期。多家头部券商近期密集发布策略研报，围绕跨年行情的启动逻辑、驱动因素及配置方向形成密集研判。 尽管市场对行情强度存在分歧，但多数机构认为，在国内政策窗口期临近、全球流动性宽松预期升温、增量资金持续入场等多重因素共振下，2025年末至 2026年初的跨年行情已具备良好基础，"布局窗口"与"结构性机会"成为研报高频关键词。 （全文2314字，阅读需要8分钟） 记者｜朱开云 摄影｜朱开云 编辑｜朱开云 实习生｜赵涵萱 政策预期成跨年行情支撑逻辑 跨年行情的核心支撑逻辑，首 先源于政策面的明确预期。作为年末最重要的政策风向标，12月召开的中央政治局会议和中央经济工作会议将确定2026年经济发展目标与宏观政策基调， 成为市场凝聚共识的关键催化剂。中信证券在研报中指出，积极财政政策有望成为本次会议亮点，而"反内卷"、促消费、新质生产力等政策方向将直接催 化相关板块行情。中信建投则强调，近期地产、消费等产业政策已陆续推进，11月制造业PMI连续3个月上升并稳定在扩张区间，核心城市房地产销售面 积呈现企稳迹象，基本面边际改善为政策发力提供了良好基础，若会议释放超预期指引，将有效激活市 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights that the European offshore wind catalysis continues to strengthen, and the supply-demand pattern of lithium batteries is improving [1] - The overall performance of the power equipment sector shows positive changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [7] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -5.4% over the last month, 10.2% over the last three months, and 33.1% over the last year, compared to the CSI 300 index [3] Key Events and Insights - In the photovoltaic sector, there is a continued decline in prices for silicon wafers, batteries, and modules, with a significant reduction in domestic polysilicon production by 15.9% month-on-month in November [4] - In the wind power sector, domestic offshore wind turbine bidding has reached 10.3GW, a 9% increase from the previous year, with significant developments in emerging markets [5] - The energy storage sector is seeing growth, with Trina Solar's energy storage shipments expected to exceed 5GWh in Q4, and a focus on overseas markets [5] - The lithium battery industry is experiencing high prosperity, with production expected to remain at a historical high of around 220GWh in December [5] Recommendations - The report suggests focusing on companies in the silicon material sector such as GCL-Poly and Tongwei, as well as battery technology firms like LONGi Green Energy and Aiko Solar [4] - For wind power, companies like Dongfang Cable and Goldwind Technology are recommended due to their involvement in significant projects [5] - In the energy storage space, leading integrators and cell manufacturers such as Sungrow Power and CATL are highlighted as key players [5] - The lithium battery sector is advised to focus on leading companies like CATL and Yiwei Lithium Energy, as the industry is moving towards a more rational growth phase [5]

行业周报 | 电力设备 亚马逊自研芯片上新，特高压新项目获批复 电新行业周报 20251201-20251207 核心结论 DeepSeek 宣布正式推出新一代大模型，亚马逊自研芯片上新。DeepSeek-V3.2 在公开推理类 Benchmark 上已达到 GPT-5 水平，在保证推理质量的前提下， 降低算力成本与用户等待时间。亚马逊推出新一代自研芯片，与同等 GPU 系统 相比，可将 AI 模型训练和运行成本降低 40%。AI 数据中心推荐思源电气、四方 股份、伊戈尔。建议关注联德股份、科士达、中恒电气。 攀西特高压项目获批复，配电网数字化评价指标发布。本周，四川省发展改革 委核准攀西特高压交流工程；《配电网数字化评价指标（2025）》的发布；可控 核聚变方面，ITER 项目完成了中性束"冷阀箱"及第五个真空室扇段的交付。 电力设备持续推荐东方电气、神马电力，建议关注哈尔滨电气、特变电工；可 控核聚变推荐许继电气，建议关注海陆重工、国光电气、赛晶科技、合锻智能。 大金重工滚吊一体多功能运输船发布，海外海风布局继续推进。近期，大金重 工发布滚吊一体多功能运输船；公司与德国 Briese 公司建立合作伙伴关系 ...