Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The domestic energy storage market continues to thrive, and the demand for space photovoltaic is further strengthened. The recent acquisition of xAI by SpaceX and the approval of a million-satellite application by the FCC are expected to drive rapid growth in space energy, particularly solar wing demand [4][5] - The report highlights the positive changes and potential catalysts across various sectors within the power equipment industry, maintaining an overall "Recommended" rating for the sector [6] Summary by Sections Recent Performance - The power equipment sector has shown a performance increase of 3.0% over the last month, with a 54.2% increase over the past year, outperforming the CSI 300 index, which has decreased by 3.1% in the last month and increased by 20.8% over the past year [3] Key Events and Insights - In the photovoltaic sector, the approval of SpaceX's satellite application is expected to significantly boost demand for solar energy solutions. The report suggests focusing on companies involved in photovoltaic battery equipment and components, such as Maiwei Co., Jiejia Weichuang, and others [4] - The wind power sector is expected to accelerate following the signing of the "Hamburg Declaration," which commits nine countries to develop 100GW of offshore wind power, potentially benefiting domestic manufacturers [5] - The energy storage market saw a total order volume of 36.3GWh in January 2026, with significant contributions from regions like Ningxia and Hebei. The average price for a 4-hour system has increased by 42% compared to the lowest point in July 2025 [6] - The lithium battery sector is witnessing accelerated industrialization of dry electrode equipment, with companies like Xianzhong Intelligent and others leading the way [6] Recommendations - The report recommends focusing on key players in the photovoltaic sector, such as Longi Green Energy and Aiko Solar, as well as companies in the wind power sector like Goldwind Technology and Mingyang Smart Energy [5][6] - In the energy storage space, companies like Sungrow Power Supply and EVE Energy are highlighted as potential investment opportunities [6]

Group 1: Core Insights - The report highlights the promising prospects of space photovoltaic technology, with Elon Musk announcing plans for SpaceX and Tesla to achieve 100GW/year solar capacity each over the next three years, specifically for space AI data centers and Starlink satellites [1][79] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Amazon projected to spend approximately $200 billion in 2026, Google between $175 billion and $185 billion, and Meta between $115 billion and $135 billion, indicating a surge in demand for power equipment [2][25] - The solid-state battery industry is advancing with strategic partnerships and new equipment solutions, while applications are being tested by major automotive companies, suggesting a growing market for related companies [3][64] Group 2: Industry Summaries - The global energy storage demand is expected to grow steadily, with projections indicating a 40% year-on-year increase in global storage installations to reach 455GWh in 2026, driven by domestic policies and international market needs [3][30] - The wind power sector is anticipated to see a 10%-20% growth in new installations in 2026, supported by strong order backlogs and improving profitability for manufacturers, with a focus on both onshore and offshore wind projects [4][49] - The photovoltaic industry is undergoing a transformation with advancements in space solar technology and traditional solar production, with a focus on supply chain improvements and new technology integration, particularly in the context of reducing costs and enhancing efficiency [1][78] Group 3: Company Focus - Key companies to watch in the photovoltaic sector include Mibet, JinkoSolar, and Junda, which are actively engaging in space photovoltaic initiatives and partnerships with aerospace firms [1][79] - In the AI-driven power equipment sector, companies like Jinpan Technology, Xinte Electric, and Hewei Electric are positioned to benefit from the increased capital expenditures by major tech firms [2][25] - The solid-state battery supply chain includes companies like CATL, Rongbai Technology, and Dangsheng Technology, which are making significant strides in material and equipment development [3][64]

Core Viewpoint - The article discusses the strategies for investors in the last trading week before the Spring Festival, highlighting the mainstream recommendation of "holding stocks over the holiday" based on historical "Spring Festival effect" analysis and current economic expectations [1][5]. Market Trends and Historical Analysis - A-shares typically exhibit a "calendar effect" around the Spring Festival, characterized by "volume contraction before the festival and expansion afterward" [2][3]. - Historical data indicates that market volume usually starts to decline from T-8 days (T being the day of the festival), with significant volume drop observed around February 4, 2026, where trading amounts fell below 2.5 trillion yuan [2]. - The market tends to rebound in the last five trading days before the festival, with a clear upward trend often continuing until about T+6 days after the festival [2]. Fund Behavior and Market Dynamics - The "down then up" pattern of the index is attributed to risk-averse behavior of funds during the holiday, leading to a temporary market decline before a rebound as investors anticipate the "Spring Festival effect" [3]. - The rotation of large-cap and small-cap stocks is notable, with large-cap stocks performing better before the festival and small-cap stocks gaining an advantage afterward [3][4]. Investment Strategies and Recommendations - Multiple brokerage firms suggest a balanced approach to investment, emphasizing "stable allocation" before the festival and a focus on growth and industry trends afterward [8]. - Specific sectors such as low-volatility, high-dividend stocks in banking and consumer sectors are expected to attract funds during the pre-festival period [8]. - The technology sector remains a long-term consensus for investment, with a focus on AI applications, high-end manufacturing, and new energy post-festival [8]. Sector Focus and Future Outlook - Analysts recommend monitoring sectors that may experience marginal changes during the festival, including humanoid robots, AI industry chains, and gaming [9]. - The overall sentiment suggests that the market may see renewed upward momentum post-festival, driven by improved economic and profit expectations, as well as a favorable liquidity environment [6][7].

Core Viewpoint - The large-scale investment in independent energy storage has officially begun, driven by the recognition of storage capacity value in the national pricing mechanism, marking a significant breakthrough in economic viability and asset securitization for independent storage stations [3][5]. Group 1: Policy Developments - On January 30, 2026, the National Development and Reform Commission and the National Energy Administration issued a notice that includes independent storage in the generation-side capacity pricing mechanism, enhancing the revenue certainty of independent storage assets [3]. - The 136 Document has removed mandatory storage requirements, allowing market-driven decisions regarding storage, and has established independent storage as a market entity capable of generating revenue through multiple channels [4][5]. - The 114 Document further optimizes the capacity pricing mechanism, aligning storage capacity pricing with coal power, thus recognizing independent storage's capacity value for the first time [5]. Group 2: Market Dynamics - In 2025, independent storage installations reached a record high of 62.24 GW/183 GWh, with independent storage accounting for 35.43 GW, or 56.6% of the total new installations, indicating a shift from policy-driven to value-driven growth in the storage industry [4]. - The introduction of capacity pricing and asset securitization is expected to drive large-scale development of independent storage by 2026, as these mechanisms provide a stable revenue foundation and open funding channels [3][6]. Group 3: Asset Securitization - The first asset-backed security (ABS) for independent storage was accepted by the Shanghai Stock Exchange, marking a significant step towards the standardization of independent storage in financial markets [7]. - The successful issuance of this ABS could transform the investment logic and valuation paradigm for storage, shifting from reliance on policy subsidies to a model anchored in long-term operational revenue [7][9]. - The acceleration of asset securitization in the renewable energy sector, including independent storage, is seen as a solution to the industry's challenges related to heavy assets and long investment cycles [8]. Group 4: Global Investment Trends - Global capital is increasingly seeking stable, tangible assets, with independent storage being likened to real estate in the AI era due to its strong demand and revenue certainty [10][12]. - Major investment firms are ramping up their investments in renewable energy projects, with a focus on energy, grid, and infrastructure assets, as these are viewed as low-risk and high-return opportunities [11][13]. - The trend of capital influx into independent storage is expected to accelerate in 2026, driven by both domestic and international investments, further solidifying its status as an income-generating infrastructure asset [13].

Group 1: Solar Power and Space Photovoltaics - The potential for space photovoltaics is significant, with Elon Musk announcing plans for SpaceX and Tesla to achieve 100GW/year solar capacity each over the next three years, specifically for space AI data centers and Starlink satellites [1][79] - Several domestic solar companies are actively engaging in the space photovoltaic business and collaborating with commercial aerospace firms, suggesting a focus on leading component companies such as Maiwei Co., JinkoSolar, JunDa Co., and Dongfang Risheng [1][79] Group 2: AI Capital Expenditure and AIDC Power Equipment - Major tech giants are significantly increasing their capital expenditures for 2026, with Amazon expected to reach approximately $200 billion (up over 50%), Google between $175 billion and $185 billion (up 91%-102%), and Meta between $115 billion and $135 billion (up 59%-87%) [2][25] - The AIDC power equipment sector is anticipated to benefit from this surge in capital expenditure, with a focus on companies like Jinpan Technology, Xinte Electric, Hewei Electric, Shenghong Co., and Zhongheng Electric [2][25] Group 3: Solid-State Battery Industry - The solid-state battery industry is advancing, with strategic partnerships formed between Enjie Co. and Guoxuan High-Tech, and advancements in equipment from companies like XianDao Intelligent and Lianying Laser [3][64] - The application side is also progressing, with the first prototype of a solid-state battery vehicle from China FAW and plans from Geely to complete the first battery pack by 2026 [3][64] Group 4: Energy Storage Demand - Global energy storage demand is expected to grow steadily, with projections for 2026 indicating a global energy storage installation demand of 455GWh, a year-on-year increase of 40% [3] - Key companies to watch in this sector include CATL, Yiwei Lithium Energy, Deye Co., Hewei Electric, Shenghong Co., and Kelu Electronics [3] Group 5: Wind Power Industry - The domestic wind power sector is projected to see a 10%-20% increase in new installations for 2026, supported by saturated orders and stable pricing [4][49] - Key companies in the wind power sector include Goldwind Technology, Taisen Wind Energy, Sany Renewable Energy, and others [4][50] Group 6: Investment Recommendations - Investment opportunities are highlighted in areas such as controlled nuclear fusion, green hydrogen, and ammonia industries, as well as the expansion of AIDC power equipment demand and the recovery of the grid equipment sector [4] - The report suggests monitoring the progress of solid-state battery industrialization and the impact of lithium material price increases on profitability [4] Group 7: Company Earnings Forecasts - Earnings forecasts for key companies indicate a positive outlook, with companies like KeliKe, DeliJia, Pinggao Electric, and Sifang Co. expected to show improved earnings per share (EPS) and price-to-earnings (PE) ratios for 2026 [5]

Core Viewpoint - The recent adjustment in the A-share market is primarily driven by internal factors, such as proactive cooling measures and a sell-off in broad-based ETFs, while external factors include political actions by Trump, the change in the Federal Reserve chair, geopolitical tensions in Iran, and a decline in global AI stock preferences. Despite these disturbances, the fundamental industry outlook in China remains intact, and the market sentiment has sufficiently released, suggesting a potential continuation of the spring rally after the Spring Festival [1][2][9]. Internal Factors - The proactive cooling measures by regulators have led to a sell-off in broad-based ETFs, resulting in a temporary decline in market risk appetite. Some thematic sectors have experienced speculative bubbles, prompting the China Securities Regulatory Commission to implement "counter-cyclical adjustments" [9][11]. - The adjustment is viewed as phase-specific, with the proactive cooling measures nearing completion and seasonal factors related to the Spring Festival and the Two Sessions expected to support market recovery [2][11]. External Factors - External disturbances, including Trump's political actions, the new Federal Reserve chair's policy expectations, and geopolitical tensions in Iran, have amplified the adjustment pressure. However, these factors are not expected to have a long-term impact on the A-share market due to its weak correlation with global markets [9][11][13]. - The current external disturbances do not possess the necessary conditions to transmit long-term impacts to the A-share market, as they primarily pertain to financial and political short-term disruptions rather than fundamental changes in supply chains or demand [13][15]. Market Sentiment and Liquidity - Market sentiment has sufficiently cooled, with a significant reduction in trading volume and a drop in the Shanghai Composite Index below its 20-day moving average. This indicates that the previously overheated market sentiment has been effectively resolved [18][20]. - The sell-off in broad-based ETFs has shown signs of easing since January 30, which is expected to improve the independent funding environment of the A-share market [15][18]. Industry Focus and Investment Opportunities - Key sectors to focus on include AI computing power, chemicals, electric equipment, and energy storage, with potential investment opportunities arising from upcoming policy signals from local Two Sessions and the national Two Sessions [20][28]. - The AI computing power sector is expected to see significant capital expenditure increases, with major companies like Meta, Google, Amazon, and Microsoft planning substantial investments in AI infrastructure [20][21]. - The chemical sector is experiencing a valuation recovery driven by price increases in various sub-sectors, with leading companies in PET, polyurethane, and other chemical products becoming focal points for investment [24][25]. - The energy storage industry is benefiting from both domestic and international demand, particularly from AI-driven data center projects in North America, highlighting its critical role in power solutions [28][29].

Group 1 - The A-share market has experienced declines, with the Shanghai Composite Index down 1.27%, the Shenzhen Component down 2.11%, the ChiNext down 3.28%, and the Sci-Tech Innovation Board down 4.31% [1] - Citic Securities highlights a conflict between short-term interests and long-term value in overseas markets, driven by a heightened urgency for real economy investments and the disruptive innovation brought by AI [1] - China’s capital market has already transitioned towards real economy pricing, focusing on quality and efficiency improvements, suggesting that short-term market fluctuations should not cause anxiety [1] Group 2 - China Galaxy Securities recommends a "light position for the holiday" strategy to mitigate risks while retaining opportunities for the post-holiday spring market, particularly in a transitional phase where policy expectations have partially materialized [2] - The focus should be on two main lines: the "anti-involution" concept driven by improved supply-demand dynamics and the emphasis on sectors with safety margins in valuations, such as non-ferrous metals, basic chemicals, steel, cement, and financials [2] - The second line of focus includes key areas like semiconductors, AI, new energy, military, and aerospace, which are aligned with the new production capacity logic in the domestic economy [2] Group 3 - Zhongtai Securities indicates that the market will maintain a structurally active and oscillating pattern, with technology sectors remaining active in the short term, particularly in AI applications, robotics, and semiconductor equipment [3] - High-dividend sectors are expected to gain traction as the market transitions from high-elasticity trading to more certain configurations post-Spring Festival, with a focus on low-valuation, stable earnings, and high dividend certainty [3] Group 4 - Guojin Securities notes that the global AI industry cycle is entering a new phase, with a shift in focus towards infrastructure investments that cannot be disrupted by AI, leading to a revaluation of physical assets [4] - Recommendations include investing in physical assets like oil, copper, aluminum, and lithium, as well as sectors with global comparative advantages such as electrical equipment and engineering machinery [4] - The consumption recovery channel is expected to benefit from capital inflows, easing of balance sheet pressures, and trends in personnel re-entry, particularly in aviation, duty-free, hotels, and food and beverage sectors [4]

Core Viewpoint - The global AI industry is entering a second phase, leading to a shift in the performance of the technology chain, making it complex to determine which companies will succeed [1] Group 1: Industry Trends - The trend of recovery in overseas manufacturing is strengthening, indicating a shift in the core contradictions of AI investment towards infrastructure represented by energy [1] - A quiet revaluation of global physical assets that cannot be disrupted by AI is beginning, with the return of funds from export enterprises signaling a resonance between domestic and external demand [1] Group 2: Investment Recommendations - The revaluation logic of physical assets is shifting from liquidity and dollar credit to low inventory and stabilizing demand, focusing on commodities such as crude oil, oil transportation, copper, aluminum, tin, lithium, and rare earths [1] - The Chinese equipment export chain, which has a global comparative advantage and confirmed cyclical bottom, includes sectors like power grid equipment, energy storage, engineering machinery, and wafer manufacturing [1] - Domestic manufacturing sectors that are at the bottom of the cycle include petrochemicals, dyeing, coal chemicals, pesticides, polyurethane, and titanium dioxide [1] - The consumption recovery channel is driven by the return of funds, easing of balance sheet pressures, and trends in personnel entry, focusing on sectors like aviation, duty-free, hotels, and food and beverages [1] - Non-bank financials are expected to benefit from the expansion of capital markets and the bottoming out of long-term asset returns [1]

文 | 中关村储能产业技术联盟 2 0 26 年 1 月 30 日 ， 爱 思 唯 尔 （ Els e vi e r ） 发 布 2025 年 " 中 国 高 被 引 学 者 " （ Hi ghl y Cit e d Ch i ne s e Re s e a r c he rs）榜单，先进压缩空气储能技术创始人中国科学院工程热物理研究 所陈海生研究员入选，这是他自2014年以来的连续第12次入选。 第十四届储能国际峰会暨展览会 ESIE 2026 时间： 202 6年3月3 1日- 4月3日 地点： 北京·首都国际会展中心 陈海生研究员长期从事先进压缩空气储能等大规模物理储能的基础理论、关键技术及系统 集成研究，带领团队建成国际首套1.5MW、1 0MW、100MW、3 0 0MW先进压缩空气储 能示范项目。已发表学术论文7 00余篇，其中SCI论文400余篇；论文总引30000余次，其 中SCI他引1 8 0 0 0余次；授权专利5 0 0余项。曾荣获中国青年科技奖特别奖、北京市科学 技术奖一等奖、北京市技术发明奖一等奖、中科院杰出成就奖、中科院青年科学家奖、腾 讯科学探索奖、英国皇家学会牛顿高级学者奖等奖 ...

以下文章来源于中国科学院工程热物理研究所 ，作者. 文 | 中国科学院工程热物理研究所 中国科学院工程热物理研究所 . 研究所重要新闻和科研动态；工程热物理学科前沿和科普知识 先进压缩空气储能系统压缩机 近日，我国在压缩空气储能技术研发方面取得重大突破。 由中国科学院工程热物理研究 所联合中储国能（北京）技术有限公司研制的国际首套、单机功率最大的压缩空气储能压 缩 机 通 过 具 有 CNAS 资 质 的 第 三 方 测 试 。 测 试 结 果 表 明 ， 该 压 缩 机 最 高 排 气 压 力 达 1 0 .1MPa ，最高功率101MW ，变工况范围为38.7%- 118.4%，最高排气压力下的效率为 8 8 .1%，达到国际领先水平。 压缩机是压缩空气储能系统的最重要的核心部件之一，其作用主要是在储能时，将常压空 气压缩至高压状态，并储存至储气装置中，实现将电能转化为空气的压力能和热能的过 程。研究所通过自主创新，突破了总体设计及优化、全三维流动优化、长转子复杂轴系结 构设计、高效变工况控制等关键技术难题，研制成功了国际首套单机功率超过100MW的 压 缩 空 气 储 能 压 缩 机 ， 该 压 缩 机 ...