Core Viewpoint - The report indicates a positive outlook for the wind power industry, with significant growth in bidding volumes and profitability expected for wind turbine manufacturers in the coming years [1] Industry Summary - According to Zheshang Securities, the cumulative bidding volume for wind power turbines in Q1-Q3 2025 is projected to reach 127.3 GW, representing a year-on-year increase of 16% [1] - The recovery in bidding prices, along with an expansion in export scale, is expected to drive the gross profit margin of wind turbine manufacturers back into an upward trend [1] - The period from Q3 to Q4 of this year is identified as a critical window for observing profit recovery, as the time from winning bids to actual revenue recognition typically spans 4-8 quarters [1] Company Summary - The report highlights that Chinese turbine manufacturers secured 34.3 GW of overseas orders in 2024, with 19.28 GW achieved in the first three quarters of 2025 [1] - Guosen Securities anticipates that domestic wind power installations will maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable pricing [1] - The profitability of main engine manufacturers is expected to improve quarterly, with increased exports boosting performance, indicating a synchronized growth trend in both domestic and international markets [1] - In the context of significant year-on-year growth in offshore wind installations and bidding, companies involved in subsea cables and piles are likely to experience a resonance in orders and performance [1]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the photovoltaic (PV) industry, highlighting the establishment of a multi-crystalline silicon storage platform by major companies to stabilize prices through coordinated production control. This initiative has already led to an increase in futures prices, with spot prices maintaining above 50,000 yuan, although transaction volumes remain limited. The platform is expected to enhance market confidence and drive price recovery across the industry [1][2][3]. Core Insights and Arguments - **Market Dynamics**: The overseas market is experiencing strong demand for photovoltaic products due to electricity shortages, with expectations for good demand in 2026. Conversely, the domestic market may see a decline in installed capacity next year, potentially setting the stage for a recovery [1][3]. - **Supply-Side Reforms**: The establishment of the multi-crystalline silicon storage platform, involving major players like Tongwei, Xiexin, and others, aims to achieve price stabilization and reasonable profitability across the supply chain. This contrasts with past supply-side reforms in industries like steel and cement [2]. - **Investment Opportunities**: The call emphasizes the importance of monitoring the photovoltaic sector and its supply-side reforms, which are expected to lead to a recovery in profitability [1][3]. Data Center Developments - The data center sector is focusing on the implementation of an 800-volt architecture to meet the power supply needs of AIGC (Artificial Intelligence Generated Content). This architecture enhances power density and reduces copper usage. Key components to watch include solid-state transformers, solid-state circuit breakers, and high-power PSUs [4]. Humanoid Robotics Progress - Recent developments in humanoid robotics include the launch of an application store by Yuzhu Technology, which allows users to share motion models, laying a foundation for ecosystem development. Additionally, Huawei has entered a procurement agreement with NewTaiKe, committing to purchase at least 1,000 units over the next three years, marking significant progress in the application of humanoid robots [5]. Solid-State Battery Advancements - The solid-state battery sector is gaining traction, with SAIC's new MG4 model featuring solid-state batteries completing its first batch of deliveries. QS, a key player in solid-state lithium metal technology, has signed a joint development agreement with the world's top ten automotive manufacturers, indicating steady progress in the solid-state battery supply chain [6]. Wind Power and Grid Construction Updates - In the wind power sector, downstream prices are recovering, and significant progress has been made in deep-sea projects, such as the successful grid connection of the 800 MW project in Jiangsu, which can supply electricity to 1.4 million households. The construction of ultra-high voltage (UHV) lines is also advancing, with new projects being approved and operational, indicating a steady progression in UHV construction and enhancing competitiveness in the wind power sector [7].

Core Viewpoint - Energy investment in China has shown strong growth this year, focusing on safety and transformation, with a projected completion investment of 3.54 trillion yuan, representing an 11% year-on-year increase [2] Investment Trends - Significant investments are observed in nuclear power, onshore wind power, distributed photovoltaic, and power grids, with rapid growth in new energy storage, charging infrastructure, and hydrogen energy [2] - Private enterprises have actively participated, with their investment completion amount increasing by 15% year-on-year [2] Policy and Mechanisms - The National Energy Administration has established mechanisms to facilitate private enterprise participation in nuclear power projects, with all 10 newly approved nuclear units this year involving private capital, with the highest share reaching 20% [2] - Support for private enterprises to invest in hydropower projects and oil and gas pipeline projects is being promoted under market principles, along with the approval of four large private coal mine projects [2]

Investment Rating - The report maintains an "Overweight" investment rating for the power equipment industry [1]. Core Insights - The energy storage lithium battery sector is experiencing robust demand despite the off-season, while the photovoltaic industry is pushing back against internal competition [1]. - The report highlights significant growth in energy storage installations, particularly in the U.S., with a projected increase of over 60% in demand next year [4][9]. - The electric vehicle market is also showing strong performance, with November sales in China up 21% year-on-year, and an expected annual growth of 30% [4][29]. Industry Trends - **Energy Storage**: The report notes that the U.S. added 1,674 MW of energy storage capacity in October, a year-on-year increase of 131%, with a total of 10,692 MW installed from January to October, reflecting a 38% increase [9][22]. - **Electric Vehicles**: In November, domestic sales reached 182,000 units, with a cumulative total of 1,473,000 units for the year, marking a 31% increase year-on-year [29]. - **Photovoltaics**: The report indicates a decline in domestic terminal demand in Q4, with production expected to decrease, while prices for silicon materials are anticipated to rise [4]. Company-Specific Developments - **Ningde Times**: Recognized as a global leader in power and energy storage batteries, with a low valuation despite strong growth prospects [7]. - **Sunshine Power**: A global leader in inverters, benefiting from overseas energy storage integration [7]. - **Ganfeng Lithium**: Noted for its increasing self-mining ratio and strong position in the lithium carbonate market [7]. Investment Strategy - The report suggests a focus on leading companies in the energy storage and lithium battery sectors, with specific recommendations for companies like Ningde Times, Ganfeng Lithium, and Sunshine Power due to their strong growth potential and market positions [4][7].

Group 1 - The domestic energy storage sector is experiencing sustained demand, with significant GWh-level tenders such as CGN's 7.2GWh energy storage system and Xinjiang Production and Construction Corps' 1200MWh independent energy storage project [4] - The independent energy storage market is expected to maintain a good level in 2026, supported by the development of the energy market, capacity market, and ancillary services market [4] - The overseas energy storage demand remains strong, particularly in the U.S. and non-U.S. countries, with potential growth in regions like the Middle East and Ukraine [4] Group 2 - The world's largest integrated green hydrogen and ammonia project, the China Energy Construction Corporation's Songyuan Hydrogen Energy Industrial Park, has officially commenced production, indicating a positive trend for the hydrogen sector [5] - Poland has successfully awarded its first offshore wind power tenders, distributing 3.4GW of installed capacity, which is expected to enhance the European offshore wind market [5] - The hydrogen and ammonia sector is anticipated to receive more investment due to favorable policies and the emphasis on large-scale construction [5] Group 3 - Recent environmental assessments for the Qianxiawo lithium mine indicate a potential continuation of the lithium carbonate destocking trend, with expectations for demand in the lithium battery sector to remain strong [5] - The supply side of the lithium battery industry is expected to improve, with a focus on investment opportunities in lithium mines and segments like aluminum foil and anodes that are not yet supporting expansion [5]

Core Insights - The company plans to establish a wholly-owned subsidiary in Shanghai to focus on deep-sea wind power equipment, including core component R&D, sales, and system integration services [2][3] - The new subsidiary aims to leverage the company's expertise in thick-walled sliding bearings and customized components, which align with the high reliability and corrosion resistance requirements of deep-sea wind power equipment [2] - The establishment of the subsidiary is part of the company's strategy to transition from a supplier of components to a provider of comprehensive system solutions in the high-end equipment market [3] Business Expansion - Shanghai is identified as a key hub for renewable energy equipment R&D and manufacturing, providing significant advantages for the company to connect with industry resources and attract talent [3] - The company also plans to set up a research headquarters in Shanghai with an investment of up to 50 million RMB to support its strategic shift towards becoming a solutions provider [3] - Additionally, a wholly-owned subsidiary will be established in Zaozhuang, Shandong, with a registered capital of 20 million RMB to enhance manufacturing capabilities and optimize production capacity [4]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental sectors [1]. Core Views - The report expresses a positive outlook on investment opportunities in the energy storage and hydrogen-ammonia sectors, highlighting ongoing domestic and international developments that support growth in these areas [3][4][5]. Summary by Relevant Sections Energy Storage - Domestic energy storage continues to show strong demand, with significant GWh-level tenders such as CGN's 7.2GWh and Xinjiang Corps' 1200MWh projects. The expectation is that independent energy storage tenders will maintain good levels through 2026, supported by a complete revenue model from energy, capacity, and ancillary service markets [3][7]. - Internationally, the U.S. continues to face electricity shortages, driving demand for energy storage solutions. The latest capacity auction in the U.S. saw prices reach $333.44 per MW-day, indicating a strong need for reliable power sources [7]. - In November 2025, domestic new energy storage installations totaled 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [8]. Hydrogen-Ammonia and Wind Power - The report notes the launch of China's largest integrated green hydrogen-ammonia project in Jilin, which is expected to drive further development in this sector. Additionally, Poland's successful offshore wind auction for 3.4GW of capacity is anticipated to enhance the European offshore wind market [4]. - The report emphasizes the importance of hydrogen-ammonia as a key direction for renewable energy consumption and non-electric applications, supported by favorable policies and market conditions [4]. Lithium Battery Sector - The lithium market is experiencing a shift, with expectations of continued demand despite a potential slowdown in new energy vehicle sales. The report highlights the importance of monitoring supply chain dynamics, particularly in lithium mining and production [5][20]. - The report suggests that the ongoing negotiations for long-term contracts in the lithium battery supply chain may face challenges, but the overall supply-demand balance is expected to improve [23]. Wind Power - The report indicates that China's onshore wind power installations reached 75.8GW in 2024, a year-on-year increase of 9.68%, while offshore wind installations saw a decrease of 40.85% [9]. - The bidding capacity for wind turbines in 2024 is projected at 164.1GW, a 90% increase year-on-year, indicating a robust market outlook for wind power [14][19].

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能全球开花需求旺盛、AIDC 和人形加速 2025 年 12 月 21 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 2024/12/23 2025/4/22 2025/8/20 2025/12/18 电力设备 沪深300 相关研究 《储能全球开花需求旺盛，AIDC 和人 形加速》 2025-12-14 《储能锂电淡季不淡、AIDC 和人形加 2025-12-07 东吴证券研究所 1 / 50 请务必阅读正文之后的免责声明部分 速》 ◼ 电气设备 9787 下跌 3.12%，表现弱于大盘。（本周，12 月 15 日-12 月 19 日），发电设备跌 3.77%，风电 跌 3.22 ...

Core Conclusions - The first AI Innovation Conference successfully held, leading to a scale-up phase in the commercial aerospace industry as major companies go public [1] - The national AI computing open ecosystem is accelerating, with a decoupled architecture promoting efficient collaboration across the industry chain [1] - Recommended companies for AI computing data centers include Dongfang Electric, Siyuan Electric, Sifang Co., and Igor [1] - The commercial aerospace sector is seeing a surge in interest as five leading companies aim for the Sci-Tech Innovation Board, with a focus on reusable rocket technology [1] Industry Dynamics - Indonesia plans to significantly reduce its nickel ore production target for 2026 to stabilize nickel prices, setting the target at approximately 250 million tons, down from 379 million tons in 2025 [2] - The lithium mine in Jiangxiawo has entered its first environmental assessment public stage [2] - Recommended companies in the nickel-cobalt sector include Greeenmei, with attention on Huayou Cobalt and Fangyuan Co. [2] - The energy work conference outlined key tasks for the 14th Five-Year Plan, emphasizing the importance of controlled nuclear fusion commercialization [2] Energy Sector Developments - The largest battery factory in the UK, a 15.8GWh facility by Envision AESC, has commenced operations, indicating a growing energy storage market [3] - The first humanoid robot production line for battery packs has been launched by CATL, marking a breakthrough in embodied intelligence [3] - The 600MW offshore wind power project by Datang has officially started construction, continuing the momentum in offshore wind project development [3] Price Trends - Silver prices have driven an increase in battery cell prices, with Topcon 183N cell prices stabilizing at 0.28-0.285 CNY/W, corresponding to an FOB China price increase to 0.038-0.041 USD/W [4] - The price of lithium carbonate has risen to 97,700 CNY/ton, up 3,150 CNY/ton week-on-week [21] - The price of cobalt has also increased, with average prices for electrolytic cobalt at 413,500 CNY/ton, up 3,000 CNY/ton week-on-week [24] Market Recommendations - In the energy storage sector, recommended companies include Sungrow Power Supply, Yiwei Lithium Energy, and CATL, with attention on Tongrun Equipment and Canadian Solar [3] - In the commercial aerospace sector, recommended companies include Maiwei Co., with attention on Hualing Cable and Dongfang Risen [1] - In the solid-state battery sector, recommended companies include Dangsheng Technology and Sanxiang New Materials, with attention on Taihe Technology and Honggong Technology [2]

Core Viewpoint - The company is establishing a wholly-owned subsidiary in Shanghai to focus on the deep-sea wind power sector, aligning with national "dual carbon" strategies and the growth of the new energy industry [1] Group 1: Company Strategy - The new subsidiary, named Shanghai Shenke Deep-Sea Wind Power Technology Co., Ltd., will have a registered capital of 30 million RMB [1] - The subsidiary will concentrate on the research, sales, and system integration services of core components for deep-sea wind power equipment [1] - The company aims to expand into the high-end new energy equipment market by developing customized components and related system solutions for deep-sea wind power [1] Group 2: Industry Context - The establishment of the subsidiary is a response to the rapid growth opportunities in the deep-sea wind power industry [1] - The company is transitioning towards a focus on "thick-walled sliding bearings + bearing component kits + power equipment system solutions" [1]