Group 1: Consumption and Trade Development - In 2026, China will implement special actions to boost consumption, promote trade innovation, and gradually expand the autonomous opening of the service sector [1][5] - The focus will be on cultivating new growth points in service consumption, optimizing the old-for-new consumption policy, and enhancing the international consumption environment [1] - The development of digital, green, and health consumption will be prioritized to stimulate consumption in lower-tier markets [1] Group 2: Foreign Investment and Trade Integration - China aims to create new advantages in attracting foreign investment and will expand the autonomous opening of the service sector [8] - The country will optimize and upgrade goods trade, significantly develop service trade, and encourage service exports [5] - Innovations in digital and green trade will be promoted to facilitate the integration of trade and investment [5] Group 3: Agricultural Development and Rural Revitalization - The Ministry of Agriculture and Rural Affairs will prioritize grain production to ensure stable supply of grain and important agricultural products [10][13] - A new round of actions to enhance grain production capacity will be implemented, aiming for a target of 1 trillion jin of grain [13] - Efforts will be made to consolidate and expand poverty alleviation achievements, transitioning to a normalized and precise assistance phase [15] Group 4: Energy Sector Outlook - The 2026 energy economic forecast indicates that high-innovation fields such as hydrogen energy, new energy vehicle batteries, and photovoltaic components will maintain high levels of interest [19] - There is potential for collaborative development in nuclear power and biomass energy [19] Group 5: Corporate Financing - In 2025, over 2,300 enterprises financed more than 10.1 trillion yuan in the interbank market, effectively reducing financing costs and supporting the transformation of private enterprises [21]

Core Viewpoint - Guofu Hydrogen (02582) has seen a stock price increase of nearly 5% during trading, currently up by 3.66% at HKD 28.9, with a trading volume of HKD 29.67 million. The company announced a pre-purchase order agreement with Line Hydrogen (Australia) Pty Ltd for a hydrogen energy project in Tasmania, Australia, marking a significant step in its international strategy and global presence in the hydrogen market [1]. Group 1 - The pre-purchase order agreement includes procurement of equipment for water electrolysis hydrogen production, hydrogen refueling stations, multi-element gas container (MEGC) equipment, and related installation, commissioning, technical training, and operational services [1]. - The agreement is a key initiative for the company to implement its international strategy and establish a global footprint in the hydrogen market [1]. - Successful execution of the transactions under the agreement and collaboration with leading Australian companies may positively impact the company's rapid entry into the Australian market, reduce independent project development risks, and enhance the company's international brand influence [1].

Core Viewpoint - The EU's Carbon Border Adjustment Mechanism (CBAM) has transitioned into a mandatory phase, posing significant challenges and opportunities for China's petroleum and chemical industries, necessitating a shift towards greener practices and compliance with international standards [1] Group 1: Fertilizer Industry - The default emission value for Chinese urea products is set at 2.85 tons of CO2 per ton, nearly double that of major natural gas-producing countries like Algeria, while anhydrous ammonia has a default value of 4.36 tons of CO2 per ton [2] - Fertilizer companies must transition from "extensive management" to "refined accounting" by establishing a Monitoring, Reporting, and Verification (MRV) system that meets international standards to counter unreasonable default values [2] Group 2: Hydrogen Industry - The hydrogen industry, although small, is crucial for the green development of the petrochemical sector, with a default emission intensity for Chinese hydrogen set at 26.64 tons of CO2 per ton [2] - The CBAM's inclusion of hydrogen signifies a rejection of traditional "grey hydrogen" production methods, pushing the industry towards green hydrogen production using renewable energy [2] Group 3: Refining and Chemical Industries - The refining and organic chemicals sectors are identified as potential main battlegrounds under CBAM, with the EU targeting organic chemicals and polymers to prevent "carbon leakage" [3] - Refining products will have their carbon footprints traced throughout the supply chain, and any expansion of CBAM will impact the entire petrochemical industry, including synthetic resins and plastics [3] Group 4: Data Management and Compliance - CBAM challenges companies not only in production processes but also in data governance, requiring transparent and verifiable supply chain data [4] - Companies need to establish a digital carbon management platform to track carbon footprints from raw material procurement to end products, while adhering to compliance standards [4] - The industry must view the CBAM as both a long-term and a critical challenge, transforming external carbon constraints into internal green momentum through technological innovation and management upgrades [4]

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].

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]

电力设备 2026 年 01 月 11 日 行 业 研 究 行 业 电力设备 产业周跟踪：光伏锂电取消出口退税利好短期抢 装和长期发展，继续重视商业航天太空光伏赛道 投资要点： 锂电板块核心观点：四部门召开座谈会规范锂电池竞争秩序，拟取消 锂电池出口退税。1）四部门召开座谈会，进一步规范动力和储能电池产业 竞争秩序；2）中国拟取消或降低电池相关产品出口退税。 定 期 报 告 光伏板块核心观点：光伏出口退税正式取消，加速落后产能出清与全 球化布局。1 月 9 日，财政部、税务总局发布公告，宣布自 2026 年 4 月 1 日起取消光伏等产品增值税出口退税。这一政策标志着光伏行业"退税红 利"时代终结。我们认为，虽然短期内会对企业出口成本造成直接冲击， 但在政策生效前的"窗口期"内有望迎来抢装潮与订单激增；长期看，此 举将有效抑制低价内卷，加速落后产能出清，倒逼企业向技术创新与品牌 建设转型，并推动中国光伏企业加速全球化产能布局，利好具备高品牌溢 价与技术优势的龙头企业。 风电板块核心观点：江苏多个海风项目获得核准，国内深远海海上风 电项目持续向前推进。1）广东 1GW 海风项目中标候选人公示，江苏 0.8GW ...

联合研究丨行业点评 [Table_Title] 氢能周度观察（7）：中央及地方扶持政策密集发 布，关注产业"十五五"变局 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年 12 月以来氢能政策密集出台。12 月底工信部正式发布《2025 年度重点产品、工艺"一 条龙"应用计划方向的通知》，其中氢能领域包括了氢燃料电池系统及关键零部件、膈膜式氢气 压缩机、燃煤机组掺氨发电技术等三项。此外，河南、厦门、芜湖、深圳、广州、重庆等超七 个省市发布专项扶持，形成上下联动之势。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 6 %% %% %% %% research.95579.com 2 2025 年 12 月以来氢能政策密集 ...

2026 年 01 月 11 日 核聚变技术资本共振，脑机与量子 进阶突破，氢能普及提速 ——未来产业周报第 5 期（2026/1/4-2026/1/10） 相关研究 《脑机接口产业化提速，机器人场 景创新，氢能向电网"调节者"转 变——未来产业周报第 4 期 （2025/12/28-2026/1/3）》 2026/01/05 《国家创投引导基金启动，全球多 国加速布局竞逐未来产业——未来 产业周报第 3 期（2025/12/21- 2025/12/27）》 2025/12/28 证券分析师 王雪蓉 A0230523070003 wangxr@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 王璐 A0230516080007 wanglu@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 牟瑾瑾 A0230524100 ...

此次合作的首个碟式光热裂解水rSOC制氢落地项目为曹妃甸区滦海公路加氢站站内制氢项目。该项目 依托曹妃甸区丰富的可再生能源资源，在加氢站站内布局绿氢制氢设备，实现"制储加一体化"运营模 式。此举不仅能减少绿氢储运环节的成本与损耗，还能保障加氢站氢气供应的稳定性与清洁性，提供高 效、环保的氢能补给服务。双方合作的另一核心合作板块为绿氢供应合作项目。该项目将整合各自在新 能源、氢能制备、市场渠道等方面的资源优势，建立长期稳定的绿氢供应体系。 唐山市新能源集团将发挥区域能源布局优势，为绿氢生产提供可再生能源支撑。和曦新能源凭借在碟式 光热裂解水rSOC制氢技术研发与应用方面的经验，负责绿氢的制备、提纯与配送，满足工业、交通等 领域的绿氢需求，助力张承唐氢能区域试点的产业化突破。 本报讯 （记者张薇 通讯员张艳）1月9日，高新区企业和曦新能源有限公司与唐山市新能源集团有限公 司就绿氢业务合作举行签约仪式。 张家口、承德、唐山三市联合申报的河北张承唐氢能区域试点纳入首批全国能源领域氢能试点名单，该 试点成为全国9个氢能区域试点之一，围绕氢能"制、储、输、用"全链条开展系统示范，着力构建"张承 制氢、唐山应用"的跨区域协 ...

被"盐"锁死的能源死局 地球表面71%是水，看着全是取之不尽的"氢矿"，实则全是吞噬设备的陷阱。海水里溶解了92种化学元 素，对于精密的电解槽来说，这就是一锅不折不扣的"剧毒汤"。 过去五十年，全球顶尖科学家都在和两个看不见的鬼东西搏命：一个是氯，一个是镁。 通电的一瞬间，海水中高浓度的氯离子会迅速氧化成氯气。这东西毒性极大，对电极材料的腐蚀性堪比 强酸，能把昂贵的贵金属电极啃得骨头都不剩。 海水制氢，听着性感，实则是全球能源界的"百年天坑"。西方搞了半个世纪，要么被盐堵死，要么被氯 腐蚀，最终只能无奈退回"先淡化、再制氢"的高成本老路。但2025年12月，深圳的一纸采购单，直接宣 告了这条西方老路的终结。 谢和平院士团队的"100标方"级设备正式落地。这不是实验室的瓶瓶罐罐，这是工业级的钢铁怪兽。中 国人这次没用蛮力，而是用一层"膜"，把大海变成了纯净水厂，一举将能耗打到了4.5kWh/Nm³的极致 水平。 而镁离子更狡猾，它们会在电极表面形成氢氧化镁沉淀，像厚厚的水垢一样糊死电极微孔。 公开数据显示，普通的电解设备直接丢进海水里，寿命是以小时计算的。往往还没跑出几个气泡，电极 就已经报废了。 面对这个死局 ...