Group 1 - The core viewpoint is that the maturity of reusable rocket technology is significantly reducing launch costs, leading to a "Moore's Law" moment in commercial space, which is driving huge demand for space photovoltaic technology [1] - Space photovoltaics must address high radiation, large temperature differences, and requirements for lightweight, cost-effective, and thin-film solutions [1] - Current technology pathways include gallium arsenide, which is mature but costly, and silicon technology, which has competitive routes such as P-type, HJT, and HBC that can achieve lightweight designs [1] - The market for space photovoltaics related to low Earth orbit satellites is projected to reach approximately 29.5 billion yuan by 2030, with optimistic scenarios suggesting the market could exceed one trillion yuan when considering space computing scenarios [1] Group 2 - The Science and Innovation New Energy ETF closely tracks the Shanghai Stock Exchange Science and Technology Innovation Board New Energy Index, which selects 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [2] - As of December 31, 2025, the top ten weighted stocks in the index include JinkoSolar, First Solar, Trina Solar, and others, collectively accounting for 46.84% of the index [2]

Core Viewpoint - The report from Guosheng Securities indicates a significant shift towards offshore wind power development in China, with expectations for accelerated planning and growth in the sector during the 14th Five-Year Plan period. Group 1: Wind Power Development - Onshore and offshore wind power tenders are projected to reach 97 GW and 5 GW respectively by the first three quarters of 2025, with approvals of 124 GW and 8.6 GW from January to November 2025 [1] - The "14th Five-Year Plan" aims to increase the share of wind power in new energy installations from 25% to 50%, targeting an annual installation capacity of 130 GW [1] - The government has explicitly stated the intention to develop offshore wind power, which is expected to be a key focus area for growth [1] Group 2: European Offshore Wind Market - European offshore wind is expected to accelerate, with policies supporting nearly 100 GW of offshore wind plans across multiple countries, and auction volumes anticipated to exceed 19.5 GW by 2025 [2] - The global floating wind market is projected to enter a growth phase, with an estimated 5.5 GW of floating wind projects expected to start installation by 2030 [2] - The domestic wind turbine market is experiencing price increases, with an average bid price for onshore wind turbines rising approximately 12% in the first ten months of 2025 compared to the previous year [2] Group 3: Submarine Cable Demand - The penetration rate of high-voltage direct current (HVDC) technology in domestic submarine cables is expected to increase, leading to a doubling of demand for submarine cables due to rising interconnection needs [3] - Major domestic cable manufacturers are expected to secure orders from Europe, where local production capacity is constrained [3] - The total demand for submarine cables from 2025 to 2040 is projected to reach 231,800 km, with approximately 89,000 km dedicated to power interconnections [3] Group 4: Offshore Engineering Sector - The domestic offshore engineering sector is witnessing a profitability turning point, with increased utilization rates expected to enhance earnings [4] - European offshore wind projects are facing tight capacity and rising prices due to production delays and labor strikes [4] - Companies that can produce floating foundations are likely to enjoy higher profit margins due to the complexity and cost associated with their production [4] Group 5: Component Market - The production capacity for main shaft castings is under pressure, with increased demand for gearboxes and bearings expected [5] - The market share for gearbox manufacturers is anticipated to grow as they expand production capacity [5] Group 6: Investment Recommendations - Key companies to watch in the turbine sector include Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Heavy Energy [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Oriental Cable, and Tianjun Wind Power are highlighted as potential investment opportunities [6] - Component manufacturers like Jinlei Co., Delijia, and Weili Transmission are also recommended for consideration [6]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...

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 grow rapidly in 2026, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is working to regulate competition in the power and energy storage battery industry, which is likely to improve profitability across the supply chain [1]. - Sodium batteries are anticipated to enter large-scale applications, while solid-state battery industrialization is progressing, highlighting the importance of related materials and equipment companies [1]. - The photovoltaic sector is focusing on "anti-involution" as a key investment theme, with regulatory discussions aimed at controlling upstream silicon material prices and enhancing profitability in downstream battery components [1]. - The demand for wind power is expected to continue growing, supported by government initiatives for new photovoltaic and wind power projects [1]. - The energy storage sector remains robust, with recommendations to focus on energy cell and large-scale integration manufacturers [1]. - Hydrogen energy is projected to open new demand avenues, particularly in green hydrogen applications, with a focus on equipment and operational segments [1]. - Nuclear fusion is identified as a long-term energy development direction, with recommendations to monitor core suppliers in this area [1]. Summary by Sections New Energy Vehicles - Expected sales in 2025 for new energy passenger vehicles in China are projected at 12.809 million units, a year-on-year increase of 17.6% [2]. Battery Technology - CATL announced plans for large-scale sodium battery applications in 2026, while solid-state battery prototypes are entering real vehicle testing [2]. Photovoltaic Industry - The cancellation of VAT export rebates for photovoltaic products is set to take effect from April 1, 2026, impacting market dynamics [2]. - The photovoltaic industry is experiencing price adjustments, with silicon material prices rising and a focus on maintaining profitability in the supply chain [15][19]. Wind Power - The wind power sector saw significant growth, with a 22.06% increase in stock prices for wind energy companies [10][13]. Energy Storage - The price of lithium carbonate has risen significantly, with current prices around 115,000-119,000 RMB per ton, reflecting a 19.1% increase [27]. - Energy cell prices for various models have also increased, with the average price for 100 Ah cells at 0.403 RMB per watt-hour, up from previous levels [28]. Market Trends - The overall power equipment and new energy sector saw a 5.02% increase in stock prices, outperforming the broader market indices [10][13].

证券时报记者 吴琦 凭借聚焦以AI为核心的TMT（科技、媒体和通信）板块，摩根士丹利基金投资总监、基金经理雷志勇 拿下2024年公募基金业绩冠军。时隔一年，雷志勇在2025年再度斩获85.95%的高回报。 若说2024年的业绩登顶尚存一定运气成分，那么2025年业绩的再度爆发，或能验证雷志勇AI投资框架 的有效性。AI投资带来高回报已经延续两年，近期AI投资泡沫论甚嚣尘上，展望2026年，AI能否再度 爆发，哪些投资机会值得关注？针对以上问题，近期雷志勇接受了证券时报记者采访。他明确指出，从 AI产业的整体演进来看，当前仍处于从0到1的起步阶段，局部领域的过热在某种程度上也将助力产业 加速发展，未来龙头公司的估值仍有较大提升空间。 坚守景气度比较 锚定投资确定性 雷志勇投资框架的核心为"坚守景气度比较，追求确定性"，聚焦契合人类社会远期发展趋势的产业方 向，在泛科技板块中锁定具备确定性的赛道，同时在个股层面做好估值评估与仓位配置。 具体来看，他基于中期维度（如未来2—3个季度）的行业景气度比较，重点跟踪行业订单展望与景气度 趋势，聚焦高景气赛道。同时，雷志勇结合自下而上的研究精选龙头个股。作为公募基金行业为数 ...

Core Viewpoint - The successful grid connection of the Huaneng Shandong Peninsula North L offshore wind power project marks a significant breakthrough for China's offshore wind power in deep waters, indicating a new direction for clean energy development in the country [1][2]. Group 1: Project Details - The Huaneng Shandong Peninsula North L offshore wind power project has a total installed capacity of 504,000 kilowatts and an annual power generation of approximately 1.7 billion kilowatt-hours, saving about 500,000 tons of standard coal each year [2]. - This project is not only the deepest offshore wind power project in commercial operation in China but also the farthest offshore and has the largest single unit capacity in Shandong Province [2]. - The project employs an innovative four-pile jacket foundation structure, reaching a height of 83.9 meters, which is the highest of its kind in the country, ensuring the safety and stability of wind turbines in complex geological environments [2]. Group 2: Industry Trends and Future Outlook - The successful grid connection of this project is seen as a key direction for future clean energy capacity additions, driving upgrades and innovations across the entire industrial chain, including high-end equipment manufacturing and intelligent operations [2]. - By 2035, China aims to achieve a wind and solar installed capacity of 3.6 billion kilowatts, with deep offshore wind power becoming an essential battlefield due to limited resources on land and nearshore [2]. - The offshore wind power sector is expected to enter a high-speed development phase during the 14th Five-Year Plan period, with annual new installed capacity projected to be no less than 15 million kilowatts [7]. Group 3: Policy Support - Recent government policies, including a 50% VAT refund for electricity generated from offshore wind, are expected to significantly reduce operational costs and enhance project profitability [5]. - The National Energy Administration has emphasized the need to promote deep offshore wind power development and is working on relevant planning and management policies to facilitate orderly construction [4][5]. - The focus of offshore wind power development is shifting from nearshore to deep offshore, with technological innovations moving towards more adaptable floating wind technologies [8]. Group 4: Market Activity - Several listed companies are actively entering the offshore wind power market, with Jinlun Technology launching a new generation of wind power products designed for deep offshore applications [8]. - The market is expected to see a significant increase in offshore wind turbine bidding, with projections of 15 to 20 gigawatts in 2026, setting a new historical high [7].

Core Viewpoint - The strong stock performance of Goldwind Technology is linked to its investment in Blue Arrow Aerospace, which is expected to become China's first commercial aerospace IPO, leading to significant market speculation and investor interest [2][4]. Investment Performance - Goldwind Technology's stock has experienced a four-day limit-up streak, with a market capitalization reaching 134.9 billion yuan [2][4]. - The company holds a 4.14% stake in Blue Arrow Aerospace, which is valued at approximately 31.06 million yuan based on the company's fundraising plans [6][7]. - Goldwind's investment strategy has shifted towards later-stage projects with clear technological paths and market prospects, collaborating with major venture capital firms [9]. Financial Performance - In the first three quarters of 2025, Goldwind achieved a net profit of 2.584 billion yuan, a year-on-year increase of about 44% [3][10]. - The company has consistently reported significant investment income, with net investment income exceeding 10 billion yuan annually from 2017 to 2021, and maintaining around 20 billion yuan in subsequent years [10]. - Cumulatively, Goldwind has generated approximately 37.5 billion yuan in profits since its listing in 2007 [11]. Market Position - Goldwind is a leading provider of wind power solutions, with a strong competitive edge in the wind energy sector, holding the top position in domestic and global new wind power installations for several consecutive years [13]. - The company has established a global presence, operating in 47 countries across six continents, with a total installed capacity of 11,214.62 MW outside China [13].

长江商报消息 ●长江商报记者 沈右荣 风电巨头金风科技（002202.SZ，02208.HK）因为"中国版SpaceX"火了。 1月9日，金风科技股票再度涨停。1月6日至9日，公司上演四连板，目前市值达1349亿元。 金风科技股价强势连收涨停，与蓝箭航天IPO有望成为"中国商业航天第一股"相关。 截至目前，金风科技通过投资平台持有蓝箭航天4.14%股权。作为早期投资者，市场预期金风科技将获利丰厚。 在投资方面，金风科技成绩斐然。公司曾相继投资金力永磁、上纬新材等多家知名公司。 在风电核心业务方面，金风科技丝毫未曾落下。公司业务已遍布全球六大洲、47个国家。 风电投资双轮驱动，金风科技盈利能力较强。2025年前三季度，公司实现归母净利润25.84亿元，同比增长约 44%。 Wind数据显示，2007年上市，金风科技累计盈利约375亿元。其中，2014年以来，公司年度盈利均超过10亿元。 投资发力股价创新高 A股市场上，商业航天概念异常火爆。"风电老大"金风科技也分到了一杯羹。 1月9日，二级市场上的金风科技，以涨停价开盘，全天虽然盘中涨停板几次被打开，但在午后仍然强势封板，收 报31.94元/股，创历史新高。 ...

Overall Viewpoint - This week, there were multiple supply-side events in the new energy sector: (1) Four ministries held a symposium on power and energy storage battery industries to regulate industry competition; (2) The "anti-involution" trend in the photovoltaic sector was influenced by market information, leading to a continuous decline in polysilicon futures; (3) Export tax rebates for photovoltaic products will be canceled starting April 1, 2026, while battery product export tax rates will gradually decrease to a cancellation by 2027. The new energy industry's "anti-involution" is inherently complex and challenging, with the state aiming to maintain international competitiveness. Balancing market and policy adjustments will evolve accordingly. Therefore, the direction of the photovoltaic industry's "anti-involution" will not change, focusing more on execution coordination and method restructuring; the battery industry is more about preventive reminders against energy storage battery oversupply; the adjustment of export tax rebate policies is expected to optimize the supply side, potentially leading to a short-term export rush [4]. Investment Perspective - (1) Market enthusiasm is currently focused on commercial aerospace and space computing, with wind power stocks such as Goldwind Technology, Taisheng Wind Energy, and Mingyang Smart Energy, as well as photovoltaic stocks like Junda Co., Oriental Sunrise, and Maiwei Co., having accumulated significant price increases, detaching from their core business fundamentals, making it inadvisable to chase high prices at this time [4]. - (2) AI power: There is optimism regarding domestic computing power demand rebounding after the NVIDIA H200 release; the HVDC solution is expected to ramp up, and SST technology and collaboration progress are likely to materialize; this can also align with AI applications to form sector rotation; the capital expenditure situation for North American data centers in 2027 needs to be assessed during the US stock annual report period for risk evaluation [4]. - (3) During the "14th Five-Year Plan" period, based on the dual benefits of China's future industries and the EU carbon tariff in 2026, there is optimism for the coordinated, large-scale, and advanced construction of hydrogen, ammonia, and methanol [5]. - (4) For energy storage/lithium battery upstream: The overall game on the lithium battery demand side is focused on domestic energy storage bidding in 2026; data on energy storage and vehicle terminals still need to be tracked, making it difficult to confirm or refute; the investment ranking for lithium battery materials is: lithium carbonate > lithium hexafluorophosphate > aluminum foil > separator > copper foil > anode; lithium carbonate prices still have upward momentum in the short term [5].

Group 1 - The semiconductor equipment orders continue to show strong growth at the beginning of 2026, following a robust trend since the second half of 2025, supported by accelerated project implementation and increased customer delivery speed [1] - Emerging industries, including energy storage, new energy vehicles, wind power, artificial intelligence, and commercial aviation, have recently announced significant orders, indicating a combination of industry cycles, market demand, and corporate strategies [1] - The new semiconductor manufacturing base in Zhengzhou, with a total investment of 1.8 billion yuan, is expected to be completed by 2027, focusing on core equipment for semiconductor back-end testing and IoT safety production equipment [2] Group 2 - The energy storage sector has also seen a notable increase in order volume, with several companies announcing large orders that are expected to significantly boost future performance [2] - Companies like Haiqi Communications have secured multiple large energy storage orders since November 2025, validating their market recognition and laying a solid foundation for future business expansion [2] - Many companies are prioritizing overseas orders as a key growth area for 2026, with firms like Aibisen planning to optimize global layouts and consolidate overseas market advantages [3] Group 3 - The recent surge in orders at the beginning of the year is attributed to a combination of industry cycles, market demand, and corporate strategies, emphasizing the importance of accurately capturing industry recovery points and opportunities [4] - The immediate impact of large orders on cash flow and market confidence is significant, but the quality of performance realization depends on the company's execution capabilities and cost control [4] - High-quality orders can drive technological iteration and capacity optimization, creating a positive cycle from orders to production and further orders [4] Group 4 - The announcement of large orders at the beginning of the year can significantly boost stock prices, but investors should focus on the sustainability of these orders [5] - It is crucial to differentiate between contract amounts and revenue that can be recognized in the current year, paying attention to order gross margins and the company's capacity to meet delivery schedules [5]