2026 年 2 月 1 日 电力设备新能源、环保 《关于完善发电侧容量电价机制的通知》出台 ——电新环保行业周报 20260201 电力设备新能源 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 分析师：邓怡亮 执业证书编号：S0930525070003 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 80% 2025/1/30 2025/6/1 2025/10/1 2026/1/31 电力设备(申万) 环保(申万) 沪深300 资料来源：iFinD 要 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the growth potential of the power equipment sector, particularly in overseas markets, driven by the implementation of capacity pricing policies and the increasing demand for energy storage solutions [4][25] - The sodium battery technology is expected to enter a phase of large-scale application due to its cost and performance advantages compared to lithium batteries, with significant growth anticipated in various sectors including energy storage and electric vehicles [2][18] - The expansion of AI data centers and the increase in photovoltaic capacity in North America are expected to benefit photovoltaic equipment manufacturers, particularly those with technological advantages and cost competitiveness [3][24] Summary by Sections 1. Humanoid Robots - The upcoming mass production of Tesla's Optimus robot is anticipated to drive demand for core components, with domestic suppliers positioned to benefit from the trend towards local substitution [1][15] - The report emphasizes the competitive landscape, with major tech companies entering the humanoid robot market, creating opportunities for component manufacturers [16][17] 2. Electric Vehicles - Sodium batteries are projected to gain traction due to their cost-effectiveness, with the price of lithium carbonate significantly impacting battery costs [2][18] - The report notes the maturity of sodium battery technology, which is expected to lead to widespread adoption in various applications [19][20] 3. New Energy - The report discusses the synergy between AI data centers and green electricity demand, alongside the expansion of photovoltaic capacity in North America, which is expected to drive equipment procurement [3][24] - The signing of the Hamburg Declaration by nine European countries aims to enhance offshore wind power capacity, providing opportunities for Chinese wind power companies to expand internationally [8][27] 4. Power Equipment & AIDC - Meta's significant increase in capital expenditure is expected to drive demand for power equipment, particularly in the context of expanding AI data centers and overseas grid construction [9][40] - The report identifies key beneficiaries in the power equipment sector, particularly those with strong technological capabilities and market positioning [7][9]

Investment Rating - The report maintains a positive outlook on the space and photovoltaic sectors, emphasizing the strong potential of SpaceX's satellite constellation plan and the "155 Strategy" from China Aerospace Science and Technology Corporation [2][6] Core Insights - The report highlights the recent submission of SpaceX's plan for a satellite constellation of up to one million satellites, marking a significant step towards advanced civilization and reinforcing the importance of space photovoltaic technology [7][8] - The introduction of a national storage capacity pricing policy is expected to inject certainty into storage project investments and improve the profitability outlook for photovoltaic power generation [12][22] - The report indicates a positive trend in the wind power sector, with a forecast of 120 GW of new wind power installations in China by 2025, reflecting a 50% year-on-year increase [13][18] Summary by Relevant Sections Space and Photovoltaics - SpaceX's satellite constellation plan is seen as a pivotal move towards utilizing solar energy in space, which could significantly impact the photovoltaic market [8][9] - The report notes that the recent drop in silver prices may alleviate cost pressures in battery components, potentially enhancing short-term profit expectations [6][12] Wind Power - The report mentions that January's wind turbine bidding reached 6.3 GW, with stable pricing, indicating a favorable outlook for profitability in the wind turbine sector from 2026 to 2027 [13][17] - The UK government is expected to make a decision soon regarding the construction of a factory by Mingyang in Europe, which could enhance the European offshore wind supply chain [19][20] Energy Storage and Lithium Batteries - The report emphasizes the importance of the upcoming 2026 China All-Solid-State Battery Innovation Development Summit, which will focus on key materials and innovations in battery technology [22][23] - The announcement of a long-term cooperation agreement between Haike New Source and BYD for the supply of battery materials is highlighted as a significant development in the lithium battery sector [25] Hydrogen and Fuel Cells - The report underscores the clear policy direction from the National Energy Administration regarding the hydrogen industry, with significant investments expected in hydrogen projects [28][29] - The expansion of supply chains and production capacity for hydrogen energy systems is anticipated to exceed expectations, creating investment opportunities in the sector [29][30] Grid and Electrical Equipment - ABB's recent financial results indicate strong growth in the electrification business, particularly in the Americas, suggesting a robust demand for electrical equipment [32][33] - The report anticipates accelerated investment in high-voltage transmission projects, with a focus on enhancing the grid's capacity and efficiency [34][36]

Investment Rating - Maintain "Buy" rating for the renewable energy sector [6] Core Insights - The report highlights the profitability of the independent energy storage sector, with a significant policy shift towards market-oriented profitability [4] - The European offshore wind sector is at a growth inflection point, with a target of 300GW installed capacity by 2050, supported by cross-border cooperation among ten countries [20] - The hydrogen sector is seeing substantial investment, with a new green hydrogen project in Inner Mongolia involving 460 electrolyzers and a total investment of 10.9 billion yuan [3] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Silicon wafer prices are declining while battery module prices are rising, with the average price of battery cells reaching 0.45 yuan/watt [18] - The report identifies three key areas for investment: supply-side reform opportunities, long-term growth from new technologies, and industrialization opportunities from perovskite technology [19] 1.2 Wind Power & Grid - The report emphasizes the growth potential of the European offshore wind sector, projecting an annual installation of over 10GW from 2026 to 2050, with a CAGR of 8.7% [20] - Key companies to watch include Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy [21] 1.3 Hydrogen & Energy Storage - A new green hydrogen project in Inner Mongolia will produce 69.6 million tons of ammonia and 17.67 million tons of methanol annually, supported by 460 electrolyzers [3][22] - The introduction of a capacity pricing mechanism for new energy storage marks a shift towards market-based profitability, enhancing project revenue certainty [4][24] 2. New Energy Vehicles - CATL's new production base in Yunnan is set to begin construction in Q1 2026, indicating a positive outlook for lithium battery demand [28] - Recent expansions include a 120GWh capacity factory in Henan and a 25GWh battery project in Chongqing [30]

Group 1 - The core viewpoint of the articles indicates that national energy investment in China is expected to maintain rapid growth in 2025, with key project investments surpassing 3.5 trillion yuan for the first time, representing a year-on-year increase of nearly 11% [1] - The investment growth rate in the energy sector outpaces that of infrastructure and manufacturing by 12.9 and 10.1 percentage points, respectively [1] - Five provinces (Inner Mongolia, Xinjiang, Shandong, Guangdong, and Jiangsu) each completed energy investments exceeding 200 billion yuan last year [1] Group 2 - In 2025, investments in green energy transition new formats are accelerating, with new installed capacity for wind and solar power exceeding 430 million kilowatts and cumulative installed capacity surpassing 1.8 billion kilowatts [1] - Investment in onshore wind power is showing strong growth, with key projects seeing a year-on-year investment increase of nearly 50% [1] - The new energy storage and hydrogen energy industries are experiencing significant growth, with key project investments doubling compared to the previous year [1] Group 3 - Investment in energy security key areas is expanding effectively, with good growth in coal power and conventional hydropower investments [1] - Major hydropower projects in the southwestern region are progressing steadily, increasing physical workload [1] - Investment in the power grid is maintaining stable growth, with accelerated construction of cross-provincial and cross-regional transmission channels [1] Group 4 - Private enterprises in the energy sector are also experiencing rapid investment growth, with key project investments increasing by 12.9% year-on-year, surpassing the national energy project growth rate by approximately 2 percentage points [2] - Private investments are primarily focused on solar power generation, wind power, and coal mining, with double-digit growth in onshore wind and distributed solar photovoltaic sectors [2]

光明日报北京1月31日电 记者张翼31日从国家能源局获悉，2025年，全国能源投资保持较快增长，年度 重点项目完成投资额首次超过3.5万亿元，同比增长近11%，增速分别高于同期基础设施、制造业12.9、 10.1个百分点。 能源安全保障关键领域有效投资持续扩大。2025年，煤电、常规水电等领域投资增势良好，西南主要流 域新建在建梯级水电群项目有序推进、持续扩大实物工作量。电网等领域投资保持平稳增长，跨省跨区 输电通道加快建设，能源资源互补互济水平持续提升。 能源领域民营企业投资保持较快增长。2025年，民营企业能源重点项目完成投资额同比增长12.9%，高 于全国能源重点项目完成投资增速约2个百分点。民营企业投资重点在太阳能发电、风电、煤炭开采等 领域，其中在陆上风电、分布式光伏领域投资保持两位数增长。 《光明日报》（2026年02月01日 03版） 据介绍，内蒙古、新疆、山东、广东、江苏5个省（区）去年完成能源投资额均超过2000亿元。2025 年，我国能源绿色转型新业态投资加快释放，全国风电光伏新增装机超过4.3亿千瓦、累计装机规模突 破18亿千瓦。其中，陆上风电投资增势良好，重点项目完成投资额同比增长近5 ...

1月29日，在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目现场，一名工人清理塔筒。新华社记者 陈俊锋 摄 由中国企业金风科技参与建设的格鲁吉亚鲁伊西风电项目于2025年12月进入风机吊装阶段。鲁伊西风电项目位于格鲁吉亚中部的什达－卡尔特里大区，距离 格首都第比利斯约100公里。 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的一座已经安装完毕的风机。新华社记者 陈俊锋 摄 1月29日，在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目现场，工人正在安装风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的正在吊装的风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的正在吊装的风机。新华社记者 陈俊锋 摄 1月29日，在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目现场，工人正在安装风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的已经安装完毕的风机。新华社记者 陈俊锋 摄 这是1月29日在格鲁吉亚什达－卡尔特里大区鲁伊西风电项目拍摄的准备安装的风机发电机。新华社记者 陈俊锋 摄 ...

与此同时，能源安全保障关键领域有效投资持续扩大，跨省份跨区输电通道加快建设，能源资源互 补互济水平持续提升；民营企业投资保持较快增长，重点项目完成投资额同比增长12.9%，高于全国能 源重点项目完成投资额增速约2个百分点。民营企业投资重点在太阳能发电、风电、煤炭开采等领域， 其中陆上风电、分布式光伏领域投资保持两位数增长。 "2025年，国家能源局加大政策供给、强化政策联动，推动能源向'绿'而兴、投资向'新'而行。"邢 翼腾说，例如需求侧方面，出台绿电直连政策，为新能源和用户开启"绿电直通车"，目前已有20多个省 份的数据中心、芯片制造、生物制药、电解铝产业以及工业园区、零碳园区等加快项目落地。 2026年，国家能源局将围绕激发市场活力、优化发展环境等加大政策支持力度，打通项目落地"最 后一公里"。一方面，强化政策靶向发力，让收益看得见。出台多用户绿电直连政策，加快零碳园区、 工业微电网等落地，促进耗能大户实现清洁替代。完善适应高比例新能源的市场机制，稳定新能源发展 预期。另一方面，健全制度保障体系，让项目转得动。强化用地用海等要素保障，形成政策与市场同频 发力、协同推进的能源投资导向。 人民日报记者 丁怡婷 ...

【文/观察者网专栏作者 心智观察所】 在瑞士达沃斯的世界经济论坛上，特朗普抛出了一个看似简单却颇具嘲讽意味的问题：中国制造了几乎 所有的风力发电机，可他在中国却找不到任何风力发电场。他还不忘补上一句，称"中国非常聪明，他 们生产风力发电机，然后以高价出售。他们把这些发电机卖给那些愚蠢的买家，但他们自己却不用"。 这番言论在社交媒体上引发了不小的波澜，但如果我们只把它当作又一次政治口水战的素材，那就真正 错失了这场争论背后更深层的故事——一个关于能源、基建、算力，以及大国竞争的故事。 事实上，特朗普的这番"找不到风电场"的说辞，要么是故意的误导，要么是对中国能源转型的严重信息 滞后。截至2025年11月底，中国的风电装机容量已经超过6亿千瓦，相当于600吉瓦。这个数字意味着什 么？它意味着中国的风电装机规模已经连续15年稳居世界第一，相当于大约600座核电机组的发电能 力。 从内蒙古苏尼特石旗那片一望无际的草原上竖立的千兆瓦级风储项目，到江苏盐城海域那些随波起伏的 850兆瓦海上风电阵列，再到广东阳江沙扒那座国内首个百万千瓦级海上风电场——这些巨型工程正在 改写着中国的能源版图。说中国没有风电场，就像说美国没有 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688349 证券简称：三一重能 公告编号：2026-003 三一重能股份有限公司 2025年年度业绩预告公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润68,000.00万元到 88,000.00万元，与上年同期（法定披露数据）相比，将减少93,198.30万元到113,198.30万元，同比减少 51.43%到62.47%。 （2）归属于母公司所有者的扣除非经常性损益的净利润41,500.00万元到61,500.00万元，与上年同期 （法定披露数据）相比，将减少97,983.10万元到117,983.10万元，同比减少61.44%到73.98%。 二、上年同期业绩情况和财务状况 （一）利润总额：214,998.9万元。归属于母公司所有者的净利润：181,198.3万元。归属于母 ...