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].

12月31日，辽宁省发展改革委发布关于全省风电项目建设方案有关事项的通知。 通知指出，2020年，为落实国家关于进一步淘汰煤电落后产能的有关要求，鼓励推动辽宁省煤电企业关停工作，积极促进新能源发展，结合辽宁省实际情 况，辽宁省发改委在《2020年建设方案》中研究制定了支持煤电关停企业等容量替代建设风电项目的政策条款，并在《2021年建设方案》中参照实施。 随着辽宁省能源结构的不断优化调整，在《2021年建设方案》项目报送完毕后，关于煤电关停企业等容量替代建设风电项目的政策已不再执行。 公告如下： 省发展改革委 省发展改革委关于全省风电项目建设方案有关事项的通知 各市发展改革委： 2025年12月31日 来源：辽宁省发展和改革委员会 12月31日，辽宁省发展改革委发布关于全省风电项目建设方案有关事项的通知。 近期，有关市发展改革委在开展2025年煤电行业淘汰落后产能工作过程中，向我委咨询贯彻执行《辽宁省风电项目建设方案》（辽发改能源〔2020〕253 号）（简称《2020年建设方案》）和《辽宁省新增风电项目建设方案》（辽发改能源〔2021〕378号）（简称《2021年建设方案》）等文件有关事宜。为 进一步做好全 ...

Group 1 - The Hunan Provincial Development and Reform Commission approved the second phase of the Taoyuan County Xian Wind Farm project and the upgrade project of the Huadian Chenzhou Beihu District Yangtian Lake Wind Farm on January 4 [2][7] Group 2 - The Taoyuan County Xian Wind Farm Phase II project is located in Taoyuan County, Changde City, with an installed capacity of 185 MW and a total investment of 966 million yuan. The project unit is Taoyuan County Yunhan New Energy Co., Ltd. [4][9] Group 3 - The Huadian Chenzhou Beihu District Yangtian Lake Wind Farm upgrade project is located in Beihu District, Chenzhou City. The original installed capacity was 36.3 MW. The upgrade involves retaining 13 units of 1.65 MW, dismantling 9 units of 1.65 MW, and constructing 7 new units of 6.25 MW. After the upgrade, the total capacity will be 65.2 MW, with an additional installed capacity of 28.9 MW and a new dynamic total investment of 217.79 million yuan. The project unit is Hunan Huadian Chenzhou Wind Power Generation Co., Ltd. [5][10]

Core Insights - The Chinese renewable energy industry has transitioned from rapid expansion to a more complex landscape, focusing on the interplay between wind, solar, and storage technologies under the "dual carbon" goals and new power system frameworks [1] Energy Storage Sector - By 2026, the global energy storage market is expected to reach 438 GWh in new installations, a significant 62% year-on-year increase, with China projected to contribute 250 GWh [2] - The driving logic for domestic energy storage has shifted from mandatory policies to economic incentives, allowing storage to generate independent revenue through market mechanisms [2] - AI's demand for computational power is creating new growth opportunities for energy storage, as data centers require reliable power supply and quality, positioning storage systems as essential infrastructure [2][3] Technological Advancements - Lithium battery prices have stabilized after a period of supply adjustment, with ongoing advancements in technology leading to lower lifecycle costs and the potential commercialization of solid-state batteries by 2026 [3] - The demand for long-duration energy storage solutions is increasing, with various technologies like flow batteries and compressed air storage gaining attention [4] Solar Energy Sector - The global solar market is expected to maintain steady growth, but the industry faces challenges from overcapacity and price pressures, leading to profit difficulties for many companies [5][6] - The growth dynamics are shifting from policy-driven to market-driven, with emerging markets becoming new growth engines while mature markets face integration challenges [7] - Technological innovation is crucial, with next-generation technologies like bifacial and perovskite solar cells showing promise for breaking the current competitive stagnation [7][8] Wind Energy Sector - The offshore wind sector is poised for accelerated project launches and grid connections, with China leading in cumulative installed capacity [8] - Regulatory improvements and policy support are essential for the development of deep-water offshore wind projects, which require significant investment [8][9] Systemic Integration - The future of the energy sector lies in the integration of wind, solar, and storage technologies, moving beyond individual competition to a collaborative ecosystem [10] - Innovative business models that optimize the combination of these technologies will be critical for reducing costs and enhancing system efficiency [11]

Investment Rating - The report maintains a positive outlook on the electric new energy sector, particularly highlighting the potential for strong performance in 2026 [5][10]. Core Insights - The electric new energy sector is experiencing significant catalysts, including the rapid IPO progress of companies like Blue Arrow Aerospace and price increases in solar components by Trina Solar, indicating a recovery in profitability [1][5]. - The report emphasizes the importance of space photovoltaics and commercial aerospace as key investment themes, alongside the rising prices in energy storage and lithium batteries [5][10]. - The report suggests that the photovoltaic industry is on track for a recovery, driven by price increases and improved profitability across the supply chain [9][10]. Summary by Relevant Sections Photovoltaics & Energy Storage - The report highlights the acceleration of IPOs in the commercial aerospace sector, particularly for space photovoltaics, with significant growth potential [6][8]. - Trina Solar has set a new price range for distributed solar components at 0.82-1.06 CNY/W, which is significantly higher than recent market prices, indicating the start of a price recovery [8][9]. - The report notes ongoing efforts to strengthen intellectual property protections in the photovoltaic industry, which supports the trend of profitability recovery [6][9]. Wind Power - In December, new wind turbine tenders in China reached approximately 10.6 GW, marking a year-on-year increase of 37% and a quarter-on-quarter increase of 36% [2][11]. - The report anticipates continued growth in domestic demand for wind power in 2026, with significant overseas orders expected to materialize [12][15]. - The average bidding price for land-based wind turbines has remained high, with all power segments achieving over 10% price increases year-on-year [15][16]. Lithium Batteries - January production data indicates a slight decrease in domestic battery production, with a total of 142.54 GWh, down 4.23% month-on-month [22][23]. - Tianqi Lithium has forecasted a substantial increase in net profit for 2025, driven by strong demand in the electric vehicle and energy storage markets [22][23]. - The report highlights the ongoing price recovery in lithium battery materials, with significant growth in sales volumes contributing to improved profitability [22][23]. AIDC (Artificial Intelligence Data Center) - The report notes a sustained high market interest in the liquid cooling sector, driven by industry trends and the penetration of leading domestic companies [30][31]. - Investment opportunities are identified in companies that provide comprehensive liquid cooling solutions, particularly as demand for data center infrastructure grows [30][31]. Power Grid - The report mentions the approval of significant high-voltage projects, indicating a rapid acceleration in approvals and tenders for high-voltage equipment [32][33]. - The total tendering amount for the State Grid in 2025 is projected to reach 454.4 billion CNY, reflecting a 4% year-on-year increase [32][39]. - The report emphasizes the importance of transformer technology and the expected supply-demand imbalance in the North American market, presenting opportunities for companies with strong delivery capabilities [34][35].

在能源转型的背景下，风电作为绿色低碳发展的核心赛道，肩负着优化能源结构的重要使命。而坐拥得 天独厚海上风能资源的江苏，正以迅猛势头领跑风电发展。 从2004年中国第一个风力发电特许权项目——如东一期10万千瓦风电项目开工，江苏的风力发电飞速发 展。数据显示，2025年11月底，江苏省海上风电装机规模超过1200万千瓦。据国网江苏经研院主网规划 研究所副所长张文嘉介绍，江苏海上风电开发潜力达到6000万千瓦。 源源不断的"绿电"通过海底电缆汇流至升压站，接入全国最大规模的海上风电并网输变电工程——江苏 500千伏沿海二通道工程，将大规模海上风电汇集省内500千伏电力主网，并通过省内6条高等级跨江输 电通道送至长三角各个城市。 为了保障高比例、大规模新能源的接入，国网江苏省电力有限公司不断推动电网转型升级，确保风 电"发得出"更要"送得稳"。 "目前，我们正加快规划建设苏通GIL直流工程、扬镇交直流改造工程等一批项目建设，将江苏沿海的 绿电送至苏南发达地区。"张文嘉说。 2025年12月15日，我国离岸最远海上风电项目——三峡江苏大丰800兆瓦海上风电项目全容量并网，预 计年发电量将超28亿千瓦时。 "目前产线年 ...

Core Insights - The article discusses the launch of the "Yangtze River Delta Climate Risk Online Service," aimed at helping investors and project developers make informed decisions based on climate risk assessments, thereby enhancing the safety and precision of funding directed towards climate-resilient projects [1][3]. Group 1: Climate Risk Assessment Tools - The service includes two main tools: a climate risk map that provides a 30-year archive of extreme weather events in the Yangtze River Delta, focusing on key risks such as high temperatures, heavy rainfall, typhoons, and strong winds, which aids in regional planning and project site selection [3][4]. - The second tool allows users to input geographic information to generate a tailored climate resilience report, offering critical insights for project location, operation, and investment evaluation [3][4]. Group 2: Transition to Comprehensive Financial Services - The climate financing pilot in Pudong is evolving from a phase focused on providing carbon reduction profiles to a more integrated financial model that emphasizes project value and risk hedging [4]. - By internalizing climate risk as a core parameter in financial pricing, Pudong aims to not only manage risks but also guide the market towards creating a more climate-resilient economic structure [4].

Core Conclusions - The global AI computing competition is intensifying, with xAI planning to enhance its training computing power to 2GW, recommending companies like Dongfang Electric and Sifang Co. for AI data center support [1] - Blue Arrow Aerospace's IPO application has been accepted, indicating a thriving commercial aerospace sector, with recommendations for companies like Goldwind Technology and Maiwei [1] - The opening of JD×Yushu's first national store in Beijing marks a significant step in the commercialization of robotics, with recommended companies including UBTECH and Wuzhou New Spring [1] Group 1: Silver Price and HJT Battery - Silver and polysilicon futures have reached new highs, potentially improving the cost-effectiveness of HJT and BC battery technologies [2] - Recommended stocks in the solar storage sector include Aiko and Foster, with a focus on companies like Dongfang Risen and Dike [2] Group 2: New Energy Installation and Pricing Mechanisms - New energy installations continue to rise, supported by improved electricity pricing mechanisms and transmission channels, with projects like the Shandong Dengzhou Station receiving approval [2] - Recommended companies in the power equipment sector include Pinggao Electric and Shunhua Power, with a focus on TBEA [2] Group 3: Electric Vehicle and Consumer Electronics Demand - The introduction of a new subsidy policy for replacing old vehicles is expected to boost demand for electric vehicles and consumer electronics, with subsidies of up to 15% for certain products [3] - Recommended companies in the electric vehicle sector include CATL and EVE Energy, with a focus on companies benefiting from overseas markets [3] Group 4: Offshore Wind Power Development - Two large offshore wind power projects in China have achieved full capacity grid connection, indicating rapid development in the offshore wind industry [3] - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3] Group 5: Energy Storage Capacity Compensation Mechanism - Gansu Province has officially released a compensation mechanism for energy storage capacity, set at 330 RMB/kW·year, which is expected to maintain high industry prosperity [4] - Recommended companies in the energy storage sector include Sungrow Power and EVE Energy [4] Group 6: Market Trends and Price Changes - The overall sales of major domestic new energy vehicle companies increased by 15.13% year-on-year in 2025, with a total delivery of 7.42 million vehicles [9] - Prices for lithium salts and nickel have risen, with battery-grade lithium carbonate reaching 118,500 RMB/ton, up 5.90% week-on-week [21][24]