开年启航，电气风电（688660.SH）以"开局即冲刺"的姿态，接连在项目中标、履约、交付等多个关键节点，用实干与担当绘就"开门红"画卷，为全年高 质量发展注入强劲动能。 首单告捷！中标聊城181.25MW风电项目 开年首捷，电气风电成功中标山东聊城181.25MW风电项目，为2026年发展强势开篇。该项目由山能（冠县）风电有限公司投资建设，选址山东省聊城市 冠县，一期规划安装29台单机容量6.25MW的电气风电风力发电机组，配套29台箱式变压器，同步建设1座220kV升压站及运行管理中心，并铺设约16km 送出工程。 据悉，2025年度电气风电在国内外上百个项目中累计中标容量突破1300万千瓦。此次新年市场拓展"第一单"，不仅是市场对电气风电技术实力与服务能力 的双重认可，也为全年高质量发展强势开局。 此次并网赢得了业主的高度认可，以"极寒高效履约"诠释了电气风电"客户至上"的服务理念与卓越的项目执行力，为后续全面建设奠定坚实基础。 14小时全场并网！华能吉林洮南如意项目跑出冲刺加速度 -30℃极寒攻坚！京能内蒙锡林浩特项目完成首台并网 京能内蒙锡林浩特10万千瓦项目团队直面巴彦宝力格苏木零下30℃的严寒低 ...

Core Viewpoint - The renewable energy sector is experiencing mixed performance, with photovoltaic components and battery cells showing gains, while other indices are declining. The focus remains on the development of a new energy system, particularly in energy storage and smart grid construction [1]. Group 1: Market Performance - The China Securities Photovoltaic Industry Index increased by 1.1%, while the China Securities New Energy Index decreased by 0.3% [1]. - The National Securities New Energy Battery Index and the China Securities Shanghai Carbon Neutrality Index both fell by 0.7% [1]. - The E Fund Energy Storage ETF (159566) saw a net subscription of 18 million units throughout the day, indicating strong investor interest [1]. Group 2: Industry Outlook - Huatai Securities emphasizes the importance of accelerating the construction of a new energy system during the 14th Five-Year Plan, focusing on the development of new energy storage and smart grid initiatives [1]. - The energy storage index comprises 50 companies involved in battery manufacturing, energy storage battery inverters, and system integration, which are expected to benefit from future energy development opportunities [4]. - The photovoltaic ETF tracks the China Securities Photovoltaic Industry Index, which includes 50 representative companies across the upstream, midstream, and downstream of the photovoltaic industry [6].

Core Viewpoint - The global wind power market is expected to see significant growth, with new installations projected to reach 196 GW in 2026, representing an 18% year-on-year increase, driven by domestic and international demand [1][2]. Group 1: Global Wind Power Demand - Global wind power demand is anticipated to maintain a long-term growth trend due to economic drivers and a global electricity shortage exacerbated by increasing AI and electrification rates [2][3]. - For 2025, global new wind power installations are expected to be 167 GW, a 34% increase year-on-year, with domestic installations at 120 GW (+38%) and overseas installations at 47 GW (+24%) [2]. - The domestic wind power market is projected to break the cycle of the "Five-Year Plan" and continue to grow, supported by offshore wind, equipment upgrades, and green electricity connections [1][2]. Group 2: Offshore Wind Power Market - The European offshore wind market is expected to experience the fastest growth among international segments, with a CAGR of 32% from 2025 to 2030, driven by policy adjustments and increased project success rates [3]. - The demand for offshore wind power is projected to remain high, with a CAGR of 14% from 2025 to 2030, supported by the transition of the domestic supply chain to a full-service model [3]. Group 3: Equipment and Supply Chain Dynamics - The price of onshore wind turbines in China is expected to rise by approximately 11% in 2025, with continued profitability for manufacturers anticipated in 2026-2027 due to high-value orders [4]. - The export of wind turbine equipment is expected to accelerate, with new orders projected to reach 40 GW in 2025, a 43% increase year-on-year, driven by both domestic and international market growth [4]. Group 4: Domestic and International Supply Chain Orders - Supply chain orders for offshore wind projects in Europe are expected to be released 3-4 years before project grid connection, with significant orders for piles and submarine cables anticipated in 2026 and 2027 [5]. - In China, over 15 GW of offshore wind projects are ready to commence, indicating strong domestic demand and profitability potential in the supply chain [5]. Group 5: Investment Recommendations - The industry is expected to see improved profitability across various segments, with recommendations for companies in the turbine manufacturing sector, offshore cable and foundation segments, and component manufacturers benefiting from domestic and international market dynamics [7].

格隆汇1月8日丨江苏新能(603693.SH)公布，近日，大丰项目的项目公司收到江苏省发展和改革委员会 于2026年1月7日出具的《省发展改革委关于江苏国信大丰 H19#海上风电项目核准的批复》(苏发改能源 发〔2026〕9号)，主要内容如下： 依据《行政许可法》《江苏省企业投资项目核准和备案管理办法》等有关规定，同意建设大丰 H19#海 上风电项目。项目法人为江苏国信润丰海上风力发电有限公司。项目建设场址位于盐城市大丰区东部黄 海海域，总装机规模50.6万千瓦。项目总投资为51亿元。 ...

Investment Rating - The report maintains a positive outlook on the wind power industry, indicating a long-term growth trend driven by economic factors and increasing demand for renewable energy [6]. Core Insights - Global wind power demand is expected to maintain a long-term boom due to economic drivers and the increasing electrification needs, with projected global new installations of 167GW in 2025, a year-on-year increase of 34%, and 196GW in 2026, a year-on-year increase of 18% [2][13]. - Domestic wind power installations are anticipated to break the five-year planning cycle, with significant contributions from offshore wind, replacement projects, and green electricity connections, leading to continued growth [2][14]. - The overseas wind power market is projected to experience sustained demand growth, with a compound annual growth rate (CAGR) of 14% from 2025 to 2030, particularly in the European offshore wind sector, which is expected to grow at a CAGR of 32% [3][50]. Summary by Sections Economic Drivers of Global Wind Power Demand - The report highlights that the global wind power demand is expected to remain robust due to economic factors and the electrification trend, with specific forecasts for new installations in 2025 and 2026 [2][13]. - Domestic demand is supported by market reforms and initiatives such as "old-for-new" replacements and green electricity connections, with expectations of continued growth in installations [14][19]. Profitability and Investment Recommendations - The report suggests that the profitability of wind turbine manufacturers is set to improve, with a notable increase in the average bidding price for onshore wind turbines in 2025, which is expected to rise by approximately 11% [4][29]. - The report recommends focusing on three main investment lines: turbine manufacturers, offshore cable and foundation suppliers, and component manufacturers benefiting from domestic and international market opportunities [6][51]. Offshore Wind Market Dynamics - The report indicates that the European offshore wind market is poised for significant growth, with a recovery in project bidding expected in 2026 after a period of delays and cancellations [59][67]. - The report emphasizes the importance of policy adjustments in Europe that are likely to enhance project success rates and support continued demand growth in the offshore wind sector [59][61].

Core Viewpoint - The company has been awarded the development rights for the 2024 offshore wind power project in Jiangsu Province, led by its controlling shareholder, Guoxin Group [1] Group 1: Project Details - The total investment for the Yancheng Dafeng H19 offshore wind power project is 5.1 billion yuan [1] - The project has a total installed capacity of 506,000 kilowatts [1] - The project has received approval from the Jiangsu Provincial Development and Reform Commission [1] Group 2: Support from Guoxin Group - Guoxin Group has agreed to make an initial investment in the Yancheng Dafeng H19 offshore wind power project to support the company's efforts in securing offshore wind resources [1]

Group 1: Spring Market Dynamics - The spring market is characterized by a combination of policy expectations, liquidity easing, and an earnings vacuum period, creating a stage for market opportunities rather than being solely driven by seasonal factors [1] - The initiation of the spring market has been occurring earlier, with data showing that in the last five years, three instances saw the spring market start in December of the previous year, indicating a new market trend of "year-end sprint" [2] Group 2: Historical Performance - Historical data indicates that the spring market has varied in duration and performance, with the Shanghai Composite Index showing significant gains in various years, such as a 47.20% increase in 2015 and a projected 15.20% increase in 2024 [3] Group 3: External and Domestic Support - On the international front, reduced uncertainties, such as the U.S. Federal Reserve's interest rate cuts and a weaker dollar, are expected to enhance liquidity and attract foreign capital into the A-share market [4] - Domestically, a series of policy measures and early issuance of local government bonds are expected to provide strong support for economic recovery and market growth, with significant inflows into A-share ETFs indicating a favorable liquidity environment [5] Group 4: Investment Strategies - Investors are advised to focus on three main sectors: - The technology sector, which is expected to benefit from policy support in areas like artificial intelligence and semiconductor industries [6] - The cyclical sector, particularly in renewable energy and high-end manufacturing, which is anticipated to gain from global economic recovery and domestic policy initiatives [6]

Core Viewpoint - Morgan Stanley reports a significant increase in solar wafer and battery prices by December 2025, primarily driven by rising costs of key materials such as polysilicon and silver paste, along with some influence from anti-involution policies [1] Group 1: Industry Insights - The establishment of a polysilicon industry consolidation platform is expected by early December 2025, with policy-driven industry consolidation anticipated to occur in 2026 [1] - The report indicates that the price increase in solar components is a result of both material cost pressures and regulatory influences [1] Group 2: Company Ratings - Morgan Stanley has assigned an "overweight" rating to GCL-Poly Energy and DAQO New Energy, indicating a positive outlook for these companies [1] - The report suggests that the stock price of Goldwind Technology may have risen excessively due to the IPO of Blue Arrow Aerospace [1] - In the upstream wind power sector, the report advises investors to shift their focus towards Oriental Cable [1]

1月6日，协合新能源在新加坡交易所主板正式挂牌，成为新交所今年首个挂牌股票。这家在香港上市的可再生能 源企业以介绍形式完成第二上市，不发行新股也不募集资金。 市场反应积极，股价一度升逾16%，全日交易量达204.55万股。而在港交所，其股价同日下跌1.47%。这一升一降 的背后，是企业国际化布局的战略选择。 一、9%涨幅开门红：一家风电企业的"新交所时刻" 协合新能源的"新交所首秀"取得了开门红。公司股价在新交所首日交易中收盘报0.061新元，较开盘价上涨9%。 这家成立于1997年的公司，2023年将总部迁至新加坡。作为专注可再生能源的企业，其2025财年前6个月的风力发 电占营收的八成，太阳能发电占一成半，99%的营收来自中国。 新交所集团全球业务发起和拓展部资本市场主管许仁和指出，这是首个在新交所挂牌的专注可再生能源企业。他 认为本地市场将有一批对可持续领域感兴趣的新投资者。 协合新能源此次以介绍形式在新交所第二上市，不涉及新股发行或融资活动。这意味着公司并非为了短期资金需 求，而是一次 "战略卡位"，将新加坡视为区域和国际扩张的枢纽，提升国际品牌形象。 协合高管合影，图源：SGX，联合早报，侵删 二、 ...

光储、锂电、风电 20260107 我们认为 2026 年锂电中游整体价格走势，从锂电池延伸到锂矿，将呈现量利 齐增态势。固态电池、钠离子电池等新技术将持续取得重要突破。动力来看， 风电行业整体招标量下滑，但海上风电招标量提升至约 11GW。陆上风 机中标价格回暖，主机厂商盈利能力有望在一季度或上半年回暖。深远 海风电开发重要性提升，需从省管海域转向国管海域。 储能方面，国内商业模式逐步跑通，国外市场高增速带来需求高景气度， 将实现持续高增长。美国数据中心功耗激增，欧洲大储项目占据重要地 位，印度及东南亚需配套储能解决消纳问题，中东加速能源转型。 光伏方面，反内卷推动供给侧改革，低价无序竞争得到整治，落后产能 退出，产业链价格回暖。BC 电池和钙钛矿等新技术将推动下游应用提速， 并可能催生新的市场需求，如太空光伏。 尽管车补贴退坡，但新能源车销量仍将稳步增长。欧洲市场完全复苏，加速推 行电动化趋势明显。因此，我们预计全球新能源车增速为 5%-10%，而动力电 池增速超过 20%。储能需求更为旺盛，大储、户储、工商储均供不应求，预计 同比增速超过 40%，甚至达到 50%-60%。 摘要 2026 年锂电中游预 ...