东吴证券研报指出，天顺风能短期承压，后续有望迎来修复拐点。受益于海上风电行业高景气度，业绩 实现快速增长，2019-2021年实现营收60.58/81.00/81.72亿元，同比+58%/+34%/+1%；实现归母净利润 7.47/10.50/13.10亿元，同比+59%/+41%/+25%，2022~2023年，受标志性项目解决进展不顺利的影响， 我国海风装机表现不佳，营业收入下滑至67~77亿元，盈利下滑明显。伴随"十五五"陆海风装机景气度 共振，塔筒/管桩企业有望迎来单吨净利的向上弹性，实现量利双升。公司拟定增募资不超19.5亿元， 深化"海工+运输"全球布局。考虑公司在国内海风行业的龙头地位，历史上因项目延期导致公司业绩难 以释放，预计26年项目开工后将进入业绩拐点，维持"买入"评级。 ...

Core Viewpoint - The wind power sector is entering a new cycle of multiple prosperity starting in 2026, driven by domestic policies and global demand growth, particularly in offshore wind energy [1][2]. Group 1: Domestic Wind Power Installation Forecast - It is projected that from 2025 to 2027, the annual new installation capacity for onshore wind in China will be approximately 100-105 GW, while offshore wind capacity will increase from 9.0 GW to 15.0 GW, with a CAGR of about 29.1% [1]. - The global wind power demand is expected to grow, with a projected CAGR of about 8.8% for new installations from 2025 to 2030, with China and Europe contributing 73% of the new capacity [1]. Group 2: Pricing and Profitability Trends - Since Q4 2024, domestic onshore wind bidding prices have significantly rebounded, expected to maintain in the range of 1600-1700 RMB/kW (excluding towers) in 2025, reflecting a year-on-year increase of 10% [2]. - The industry is entering a profitability uptrend characterized by dual recovery in pricing and structure, alongside a decrease in expense ratios [2]. Group 3: New Growth Trends - The trend of large-scale wind turbine production is slowing, which is expected to reduce risks and provide long-term benefits to cost structures [3]. - There is a significant increase in overseas wind power demand, transitioning from merely exporting products to exporting capabilities and production capacity [3]. - The inclusion of renewable energy non-electric consumption in national assessments is accelerating the layout of hydrogen and ammonia production by wind turbine manufacturers [3].

Market Overview - The Hong Kong stock market started the new year positively, with the Hang Seng Index and the Hang Seng China Enterprises Index closing at 26,338 points and 9,169 points, down 2.8% and 2.9% respectively [1] - Total trading volume in Hong Kong reached HKD 140.9 billion, an increase of 18.4% compared to HKD 119 billion on December 31 [1] - The technology, materials, and consumer discretionary sectors saw increases of 3.9%, 3.5%, and 3.3% respectively, while consumer staples and utilities rose only 0.9% and 0.5% [1] - Baidu Group (9888 HK) and New Oriental (9901 HK) led the blue-chip stocks with gains of 9.4% and 7.2%, while Cheung Kong Infrastructure (1038 HK) and Tingyi (322 HK) experienced declines of 0.9% and 0.7% [1] IPO Market - The performance of new stocks was strong, which is expected to positively influence investor sentiment in the IPO market [1] - Wall Street's recent IPO of domestic GPU company Birran Technology (6082 HK) saw its stock price rise by 75.6% after an initial surge of approximately 1.2 times [1] Automotive Industry - On the first trading day of the new year, the Hong Kong automotive sector followed the market trend upward [3] - Geely Automobile (175 HK) announced a cumulative sales target of 3.024 million units for 2025, representing a year-on-year increase of 39%, exceeding its annual target [3] - The sales of new energy vehicles (NEVs) for Geely are expected to increase by 90% year-on-year, with a target of 3.45 million units for 2026, including 2.22 million NEVs, a year-on-year increase of 32% [3] - BYD (1211 HK) reported total sales of 4.602 million units last year, up 7.7%, with its stock price rising 3.6% [3] - Li Auto (2015 HK) saw its stock price increase by 4.9% [3] Renewable Energy Sector - The renewable energy and utilities sectors generally rose last Friday, with Goldwind Technology (2208 HK) surging by 21.0% [3] - The company’s stake in Blue Arrow Aerospace received approval for its IPO application on the A-share Sci-Tech Innovation Board, drawing comparisons to SpaceX [3] - Meanwhile, Weisheng Holdings (3393 HK) rose by 4.7%, as its subsidiary received investment from Boyu Capital, which is expected to enhance its smart grid and data center energy solutions business [3]

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery prices are rapidly linked, and there is significant long-term potential in space photovoltaic technology [1] - The energy storage sector is expected to see substantial growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][7] - The electric vehicle market is anticipated to grow by 15% in 2026, supported by continued subsidies and a strong export contribution [26] Industry Trends - The electric power equipment sector experienced a decline of 2.18%, underperforming the market, with specific segments like wind power and new energy vehicles showing slight increases [3] - The report highlights the release of independent energy storage capacity compensation in Hubei Province at 165 RMB/kW·year, indicating government support for energy storage development [3] - The report notes that the global energy storage market is expected to grow significantly, with the U.S. projected to see a 60% increase in energy storage installations in 2025 [7] Market Prices and Changes - Lithium carbonate prices are reported at 112,500 RMB/ton, showing a slight decrease of 0.9% [3] - The average price of polysilicon is reported at 53.00 RMB/kg, with no change, while N-type silicon wafers have seen a price increase of 20% [3] - The report indicates that the average bidding price for onshore wind power is 1,800 RMB/kW, reflecting a competitive market environment [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong performance, with Ningde Times expected to see a net profit of 11-16 billion RMB in 2025, representing a year-on-year increase of 127%-230% [3] - Tianqi Lithium and Ganfeng Lithium are noted for their strategic partnerships and production capacity expansions, positioning them well in the lithium supply chain [3] - The report emphasizes the strong growth potential for companies involved in energy storage and lithium battery production, recommending investments in leading firms such as Ningde Times and Yiwei Lithium Energy [3][6]

Core Viewpoint - The Hong Kong stock market experienced a significant rise last Friday, marking a positive start to 2026, with major indices showing mixed performance but overall upward trends in technology and commodity sectors [1] Group 1: Market Performance - The Hang Seng Index opened slightly higher by 0.09%, while the Hang Seng China Enterprises Index opened down by 0.03%, and the Hang Seng Tech Index increased by 0.33% [1] - Major technology stocks saw continued gains, with Kuaishou rising approximately 6% and Alibaba increasing by 1.4% [1] Group 2: Sector Performance - Gold stocks experienced a collective rise amid geopolitical tensions, while the copper and other non-ferrous metal sectors were active [1] - Shipping stocks, robotics concept stocks, and autonomous driving concept stocks all saw increases [1] - Conversely, oil stocks, wind power stocks, and Chinese brokerage stocks mostly declined, with Goldwind Technology dropping by 4.5% and CNOOC falling by 3.65% [1]

Core Viewpoint - The sudden reversal of U.S. clean energy policy has severely impacted wind energy companies, leading to lawsuits against the White House by multiple firms [1][2]. Group 1: Impact on Wind Energy Companies - As of January 4, three companies have filed lawsuits against the Biden administration due to the halt of five offshore wind projects on the East Coast, citing unspecified national security concerns [1]. - The "Revolution Wind" project operator, Ørsted, and the developer of the "Empire Wind" project, Equinor, have both initiated legal action, arguing that their projects had previously received permits under the Biden administration and that national security concerns had been addressed [2]. - Dominion Energy, the developer of the Virginia Coast offshore wind project, filed a lawsuit claiming that the government's actions are causing "immediate and irreparable harm," with daily losses estimated at $5 million [2]. Group 2: Economic Implications - The halted Virginia offshore wind project was expected to be the largest in the U.S., with a completion date set for the end of 2026, and its suspension is seen as a barrier to affordable energy for the public [2]. - The regional grid operators in the affected states announced that auction prices for electricity have reached historic highs, exacerbating the energy cost crisis in the Eastern U.S. [2]. Group 3: Industry Perspectives - Industry leaders argue that the U.S. needs a comprehensive energy development strategy rather than a targeted attack on renewable energy based on personal preferences [3]. - The U.S. Secretary of the Interior has claimed that offshore wind energy is the most expensive form of energy, suggesting a shift towards natural gas [3]. - However, a report from the International Renewable Energy Agency indicates that wind power is currently 53% cheaper than fossil fuel generation, with onshore wind costs having decreased by 56% since 2010 due to technological advancements [3].

走进工业生产一线，各类"硬核"技术接续"上新"，曾经高能耗、高排放的工厂能耗大幅降低，实现了烟 气净化；深入渤海的蔚蓝海面，海风吹拂中，辽宁1310万千瓦海上风电项目屹立海上、全速建设；踏上 毛乌素沙地腹地，在内蒙古鄂尔多斯嘎鲁图镇，一代代林草人将荒漠变成了绿洲……降碳、减排、治 污、增绿，让经济的每一次呼吸，都带着绿意。 日前召开的中央经济工作会议指出，坚持"双碳"引领，推动全面绿色转型。如何进一步落实"双碳"目 标？如何加快新型能源体系建设，深入打好蓝天、碧水、净土保卫战？记者对此进行了采访调研。 节能降碳改造，助力产业绿色转型 厂房林立的厂区，生产繁忙、烟囱高耸，却不见"烟火气"。在山西临汾，蓝天白云下，山西立恒焦化有 限公司正在有序生产。优美的厂区环境，是绿色改造升级带来的美丽蝶变。 焦化、火电、钢铁等是传统的高能耗、高排放行业。如何加强能源高效清洁利用，推进生产节能降碳？ 这些问题也曾困扰着立恒焦化。 面对这场"攻坚战"，立恒焦化推动了多项生产工序的整改。该企业总经理张天福介绍，公司配套了捣固 焦炉、顶装焦炉及全干熄焦装置，为提高能效筑牢硬件根基。比如，通过建设干熄焦装置，并率先在山 西省进行备用湿 ...

电力设备及新能源 2026 年 1 月 4 日 行业周报 宁德时代宣布规模应用钠电池，政策支持光伏知识产权保护 强于大市（维持） 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 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 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.12.29-2025.12.31）新能源细分板块行情回顾。风电指数 （866044.WI）下跌 1.40%，跑输沪深 300 指数 0.82 个百分点。截至本 周，风电板块 PE_TTM 估值约 25.62 倍。本周申万光伏设备指数 （801735.SI）下跌 3.29%，其中，申万光伏电池组件指数下跌 3.50%， 申万光伏加工设备指数上涨 2.15%，申万光伏辅材指数下跌 2.46% ...

Investment Rating - The report does not provide a specific investment rating for the industry [5] Core Insights - The report highlights the continuation of policies for the replacement of old electric vehicles in the new energy vehicle sector until 2026, with a focus on the need for 230GWh of energy storage in India by 2030 to support its non-fossil energy goals [1][20] - The report emphasizes the significant growth in energy storage projects in Shanxi Province, with a record increase in the number of projects and total capacity [21] - The report notes the introduction of a compensation mechanism for energy storage capacity in Gansu Province, which will support the development of new energy storage technologies [23] - The report discusses the anticipated large-scale application of sodium batteries by CATL starting in 2026, aimed at reducing reliance on lithium resources [13] Summary by Sections Lithium Battery Sector - CATL plans to apply sodium batteries in various fields from 2026 to reduce dependence on lithium [7][13] - The report forecasts a potential increase in performance and valuation for lithium battery companies over the next two years, recommending companies like CATL and EVE Energy [7] - The report tracks the performance of the battery industry index, noting a decline of 2.58% [11] Energy Storage Sector - India requires 230GWh of energy storage by 2030 to support its 500GW non-fossil energy target [20] - In November, Shanxi Province recorded a significant increase in energy storage project approvals, with 118 projects totaling over 50GWh [21] - Gansu Province has established a compensation mechanism for energy storage capacity, set at 330 RMB/kW per year [23] Power Equipment Sector - The report indicates support from government agencies for distributed independent storage and grid-replacement storage [25] - The report mentions the introduction of a single capacity pricing system for new energy consumption [25] Photovoltaic Sector - The report notes stable prices for silicon materials and an increase in silicon wafer prices, with expectations of limited market transactions due to high costs [29] - The report highlights the impact of rising silver prices on battery production costs, which may affect the pricing of photovoltaic components [29] Wind Power Sector - The report discusses ongoing projects in offshore wind power, indicating a robust growth outlook for domestic offshore wind installations [29]

Core Viewpoint - The construction of national-level zero-carbon parks is accelerating, with the first batch of 52 parks announced, featuring several leading wind power companies [1][2]. Group 1: Overview of Zero-Carbon Parks - The selected 52 parks include various types such as national economic development zones, high-tech zones, resource-based development zones, and specialized industrial parks, covering regions from energy bases like Inner Mongolia and Ningxia to traditional industrial provinces like Hebei and Shandong [2]. - The construction period for these parks is set between 2027 and 2030, with local governments required to provide support in funding, resources, technology, and finance [2]. Group 2: Participation of Wind Power Companies - Electric Wind Power (688660.SH) is involved in the Guangdong Shantou Haojiang Industrial Park, which integrates wind, solar, storage, and charging technologies into a "smart energy internet" demonstration project [2]. - Goldwind Technology (002202) is participating in multiple parks across various provinces, including a significant project in Jilin that aims to become the world's largest green hydrogen and ammonia integrated project, supported by a 510MW wind power project [3]. - Envision Group is focusing on providing comprehensive energy solutions through wind, solar, storage, and hydrogen projects, emphasizing AI-driven energy management to optimize renewable energy utilization [3][4]. Group 3: Industry Implications - The zero-carbon transformation of industrial parks is crucial for achieving China's dual carbon goals, as these parks account for approximately 31% of the country's carbon emissions [4]. - Leading wind power companies are well-positioned to meet the green transition needs of various industries, including steel, petrochemicals, and data centers, thereby creating significant market opportunities as the construction of national-level zero-carbon parks accelerates [4].