Core Viewpoint - The A-share market is experiencing high volatility at elevated levels, with external and internal factors limiting risk appetite ahead of the holiday season. The core drivers of the current spring market rally remain unchanged, suggesting potential opportunities for investment after adjustments [1][17]. Group 1: Market Analysis - The A-share market has shown a preference for value stocks, with a notable shift towards lower valuation sectors such as liquor and consumer goods, increasing the difficulty of capturing excess returns [1][17]. - Historical spring market adjustments are often driven by profit-taking pressures, policy and fundamental validations, and external environmental shocks. If adjustments are primarily due to fund behavior, they may provide space for subsequent increases [2][18][20]. Group 2: Economic Indicators - As of now, over 50% of annual performance forecasts have been disclosed across all A-shares, with a higher than average positive forecast rate in sectors such as non-bank financials, materials, and consumer goods. The sectors with the highest projected net profit growth include military, machinery, and consumer products [3][21]. - The overall industry prosperity index has risen for two consecutive months, indicating improvements in various sectors, including power equipment, semiconductors, and consumer goods [3][21]. Group 3: Valuation Observations - Current valuation and trading conditions indicate that sectors like computing power and materials are experiencing high levels of crowding, while consumer and export chains, as well as AI applications, are less crowded, presenting potential investment opportunities [4][22]. - The trading crowding in sectors such as semiconductors and aerospace equipment shows signs of decline, while consumer goods and financial sectors are beginning to recover from low trading crowding [4][22]. Group 4: Investment Recommendations - The market is expected to maintain volatility in the short term, with a potential continuation of the spring rally post-holiday. It is recommended to focus on high-quality, low-valuation sectors such as power equipment, semiconductors, and consumer goods [5][23]. - The investment strategy should include a shift towards sectors with high growth potential and favorable valuations, while also considering thematic investments in AI applications and consumer travel chains benefiting from the holiday season [5][23].

Market Outlook - The market is expected to remain volatile in February, with indices likely to perform better post-holiday compared to pre-holiday levels [1][2] - The lack of clear catalysts before the Spring Festival is anticipated to reduce market activity, while policy catalysts are expected to accelerate after the holiday due to the upcoming Two Sessions [2] Fundamental Analysis - The period of January to February is characterized as a data vacuum, with market focus on marginal improvements in performance driven by industrial changes [2] - Key sectors include cyclical price increases, particularly in semiconductors and AI-related products, which are expected to maintain a positive trend [2][5] Liquidity and Capital Supply - February is projected to see continued net inflows of incremental capital, with foreign capital expected to flow in before the holiday and financing likely to rebound afterward [4] - The central bank is expected to maintain a stable liquidity environment through targeted measures, despite some liquidity tightening from government bond issuances [4] Industry Recommendations - The report suggests focusing on cyclical and technology sectors, with increased attention on discretionary consumption as the Spring Festival approaches [3][6] - Recommended sectors include electronics (semiconductors), media (advertising, gaming, film), machinery (automation, engineering), power equipment (batteries, grid equipment, photovoltaic), basic chemicals, and social services [3][6] Performance Trends - In January, high-performing sectors included certain resource products, public utilities, and information technology, with notable price increases in industrial metals and chemicals [6] - The report highlights a recovery in profitability for certain sectors, particularly in resource products and TMT (Technology, Media, Telecommunications) driven by AI [5][6]

Group 1 - The core investment focus of the State Grid during the 14th Five-Year Plan includes 4 trillion yuan directed towards ultra-high voltage, smart distribution networks, energy storage systems, direct current transmission, and digital transformation, with a significant emphasis on high-tech barriers [2] - The fastest-growing segments are intelligent distribution networks and core components of energy storage, indicating a shift towards advanced technology solutions [2] - Companies that can ensure AI reliability, self-repairing power grids, and doubled energy storage efficiency are seen as the true investment opportunities, particularly those with unique global technologies and strong overseas demand [2] Group 2 - Siyi Electric is recognized for its advanced technology, specifically its 126kV hybrid DC circuit breaker, which can cut off 100,000 amperes of current in 3 milliseconds, crucial for protecting AI data centers [4] - Siyi Electric is the only Chinese company capable of mass-producing this equipment, with orders extending to 2027 and over 33% of revenue coming from international markets [6] - The company's projected net profit for 2025 is 3.16 billion yuan, reflecting a 54% year-on-year increase, with a stable gross margin above 32% [6] Group 3 - Siyi Electric is positioned as a critical player in the global power grid, providing essential components that ensure power safety in the AI era, thus holding significant pricing power [8] - Sifang Co. is noted for its AI-powered self-healing distribution system, which can predict line aging and insulation damage 0.5 seconds before faults occur, significantly improving restoration times [8] - Sifang Co. has a dominant market share in smart distribution systems, with over 60% of the national market utilizing its solutions [10] Group 4 - Igor is recognized for its high-frequency magnetic components, essential for energy storage in inverters, with a production capability that significantly reduces costs compared to imports [12] - Igor's revenue from energy storage has surpassed 50%, and it has seen a 300% increase in overseas orders, indicating strong growth potential [14] - The company is considered a small giant in the power equipment industry, with a market value of 16.4 billion yuan, and is crucial to China's energy storage supply chain [14] Group 5 - The State Grid's 4 trillion yuan investment is expected to create substantial opportunities in the electric equipment sector, particularly in ultra-high voltage and smart grid technologies [18] - The focus is on investing in components that support AI operations and ensure uninterrupted power supply, highlighting the importance of advanced technology in future energy solutions [18] - The first quarter of 2026 is identified as a strategic time for investment, with recommendations to build positions gradually rather than chasing high prices [18]

2026 年 2 月 1 日 春季行情有望延续 投 资 2026 年 2 月份投资策略报告 投资要点： S0340523110001 电话：0769-22119276 邮箱：zenghao@dgzq.com.cn | 邮箱：zenghao@dgzq.com.cn 上证指数 4117.95 深证成指 14205.89 | 涨跌幅 3.76% 5.03% 证 券 研 究 | | --- | --- | | 收盘点位 | | | 沪深 300 4706.34 | 1.65% | | 创业板指 3346.36 | 4.47% | | 北证 50 1531.55 | 6.33% | | 科创 50 1509.40 | 12.29% | | 资料来源：东莞证券研究所，iFinD 上证指数月线走势 | 报 | | 告 | | | 资料来源：东莞证券研究所，Wind | | 上证指数月线走势 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 月度策略/A 股市场 分析师：费小平 资料来源：东莞证券研究所，Wind SAC 执业证 ...

Group 1 - In January 2026, the A-share ETF market showed a clear divergence, with over 200 billion yuan flowing into industry-themed ETFs such as non-ferrous metals, gold, chemicals, and satellite, while core broad-based ETFs like CSI 300 and CSI 1000 experienced a net outflow exceeding 1 trillion yuan [1][6] - The Shanghai Composite Index rose by 3.76% in January, reaching above the 4100-point mark, while the Sci-Tech 50 Index saw an increase of over 12% [2] - Significant gains were observed in various ETFs, with semiconductor and gold stock ETFs rising over 40%, and mining and non-ferrous metal ETFs increasing by over 20% [2][3] Group 2 - In January, the banking ETF fell by over 6%, along with declines in the automotive and battery ETFs [4] - On January 28, a notable increase in ETF trading volume was recorded, with the Huatai-PineBridge CSI 300 ETF exceeding 40 billion yuan in trading volume, marking the highest since 2015 for the SSE 50 ETF [5] - Over 1 trillion yuan was withdrawn from broad-based ETFs in January, with significant outflows from the CSI 300, CSI 1000, and SSE 50 ETFs, while industry-themed ETFs saw net inflows exceeding 10 billion yuan [6] Group 3 - In January, there was a substantial inflow of overseas funds into Chinese stock assets, with a net inflow of 16.659 billion USD into mainland Chinese stock funds, according to Goldman Sachs [7]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - As of January 30, 2026, the installed capacity of new energy storage in China reached 136 million kilowatts, marking an 84% increase compared to the end of 2024 and over 40 times growth compared to the end of the 13th Five-Year Plan [2][40] - The report highlights significant growth in the photovoltaic and wind power sectors, with new installations expected to reach 315.1 GW and 119.3 GW respectively in 2025, representing year-on-year increases of 13.7% and 50.4% [42] - The report emphasizes the increasing flexibility of new energy storage systems, which play a crucial role in enhancing the stability and safety of the power system [42] Market Review - The power equipment sector experienced a decline of 0.47% over the past two weeks, underperforming the CSI 300 index by 0.53 percentage points, ranking 19th among 31 sectors [11] - In January 2026, the power equipment sector saw a monthly increase of 4.56%, outperforming the CSI 300 index by 1.88 percentage points [11] - The wind power equipment sector rose by 1.77%, while the photovoltaic equipment sector increased by 4.24% during the same period [18] Valuation and Industry Data - As of January 29, 2026, the price-to-earnings (PE) ratio for the power equipment sector was 34.76 times, with sub-sectors such as electric motors and other power equipment showing PE ratios of 59.88 and 59.64 respectively [24] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in their market performance [25] Company Announcements - The report notes that several companies, including Gree and Enjie, are expected to turn profitable in 2025, with projected net profits ranging from 34 million to 164 million yuan [41][44] - The report highlights the importance of technological advancements and market strategies for companies in the power equipment sector to maintain competitive advantages [43]

从资金流向上来看，当日电网设备板块主力资金净流出35.2亿元，游资资金净流出3.59亿元，散户资金净 流入38.79亿元。电网设备板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688330 | 宏力达 | 45.80 | 16.90% | 15.19万 | | 6.45亿 | | 603861 | 白云电器 | 16.62 | 9.99% | 36.76万 | | · 5.93亿 | | 603618 | 杭电股份 | 9.04 | 9.98% | 49.98万 | | 4.27亿 | | 002857 | 三晖电气 | 23.64 | 6.01% | 7.32万 | | 1.69亿 | | 688663 | 新风光 | 56.27 | 5.18% | 7.47万 | | 4.09亿 | | 605196 | 不便提起 | 45.70 | 3.84% | 16.20万 | | 6.96亿 | | 300670 | 大烨智能 | 6.68 | 3.09% ...

hyzqdatemark 2026 年 01 月 30 日 证券研究报告 电力设备 行业点评报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 板块表现： 电网投资持续位居高位 储能装机高景气 投资评级： 看好（维持） ——电力设备 2025 年业绩前瞻 投资要点： 风险提示：产品毛利率水平低于预期；项目跨期交付风险；竞争格局恶化风险 资料来源：Wind，华源证券研究所。注：除已出业绩预告的公司（华明装备）外，其余公司 2025 年归母净利润预测均来自华源证券研究所 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 3页 请务必仔细阅读正文之后的评级说明和重要声明 电网设备："十五五"国网投资有望再上台阶。按照 Wind 口径，2025 年前 11 个 月电网投资完成额 56 ...

Group 1 - The core viewpoint is that Musk's ambitious guidance of "100GW in space and 100GW on the ground within three years" has ignited optimism in the photovoltaic sector, with Chinese photovoltaic companies poised to benefit from their leading advantages in equipment, core raw material supply, and capacity construction [1] - The photovoltaic sector is expected to see companies' 2025 performance forecasts reflect an "early clearing of balance sheets" and sufficient stock price corrections, with a positive outlook for a revival in 2026 driven by synergistic efforts and resonance between terrestrial and celestial factors [1] - In the wind power sector, CWEA forecasts that domestic wind power installations will maintain a level of 120GW from 2026 to 2028, indicating significant potential for domestic wind power development [1] Group 2 - European offshore wind developer Ørsted is considering procuring Chinese wind turbines, indicating a positive outlook for domestic wind turbine exports [1] - In the power equipment sector, major electricity equipment exports are expected to maintain rapid growth in 2025, supported by long-term high demand from overseas markets [1] - The Southern Power Grid is projected to invest 180 billion yuan in fixed assets in 2026, with a total investment of nearly 5 trillion yuan during the 14th Five-Year Plan, laying a foundation for sustained high prosperity in the domestic market [1] Group 3 - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which reflects the overall performance of upstream, midstream, and downstream companies in the photovoltaic industry, covering key sectors such as silicon materials, silicon wafers, battery cells, modules, and photovoltaic equipment [1]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Ningde Times, China Railway, and Shanghai Jahwa, reflecting strong market confidence in these sectors [1][2]. Group 2 - On January 29, the companies with the highest target price increases were Ningde Times (75.79%), China Railway (53.99%), and Shanghai Jahwa (52.17%), indicating significant bullish sentiment in the battery, infrastructure, and cosmetics industries respectively [1][2]. - A total of 27 listed companies received broker recommendations on January 29, with Qingdao Bank receiving the most recommendations at 5, followed by Mingyang Smart Energy and Ruoyuchen with 2 each [1][3]. - Three companies had their ratings upgraded on January 29, including TBEA, which was upgraded from "Hold" to "Buy" by Huatai Securities, reflecting improved outlooks for these firms [4][6]. - Five companies received initial coverage on January 29, with Qingdao Bank rated "Recommended" by Guolian Minsheng Securities, indicating new interest from analysts in these stocks [6][7].