Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [5] Core Insights - The report highlights the introduction of a national capacity pricing policy for energy storage, which recognizes the capacity value of new energy storage systems [7][21] - It forecasts a significant increase in new energy storage installations, with an expected addition of 62.24 GW/183 GWh by 2025, marking an 84% growth compared to the end of 2024 [24] - The report emphasizes the ongoing high demand for energy storage both domestically and internationally, with leading companies expected to accelerate their performance [7][21] Summary by Sections Energy Storage - The national capacity pricing mechanism for energy storage has been established, allowing independent energy storage systems to receive compensation based on their peak capacity contributions [21][22] - The average storage duration is projected to increase to 2.58 hours, with an expected utilization of 1195 hours in 2025, reflecting a significant improvement in efficiency [25] - Key companies in the energy storage sector include Haibo Shichuang, Sunshine Power, and others, which are expected to benefit from the new policies and market conditions [7] Lithium Battery Sector - Xianhui Technology anticipates a net profit of 350 million yuan for 2025, a year-on-year increase of 56.93%, driven by improved operational efficiency and overseas project contributions [13] - Jiayuan Technology expects revenues between 9.5 billion and 9.75 billion yuan for 2025, with a return to profitability, highlighting a recovery in market demand [14] - The report recommends companies such as Ningde Times and Yiwei Lithium Energy for investment, indicating a positive outlook for the lithium battery sector [7] Electric Equipment - The report notes that Hunan Province plans to invest 45.2 billion yuan in 2026 to promote 24 major energy projects, indicating strong regional support for electric infrastructure [26] - The report also highlights the surge in electricity prices in the U.S., which reached unprecedented levels, suggesting potential volatility in energy markets [29] - Companies like Xujie Electric and Pinggao Electric are recommended for their roles in high-voltage projects and equipment exports [7][26] Photovoltaic Sector - The report indicates that new photovoltaic installations in China are expected to reach 315 GW in 2025, with a focus on companies like Longi Green Energy and Trina Solar [7] - The prices of photovoltaic components are experiencing fluctuations, with recent increases in battery and module prices due to market dynamics [31][33] - The report suggests that the photovoltaic sector remains a key area for investment, particularly in light of upcoming policy changes affecting export taxes [7][33]

Core Viewpoint - The European battery storage market is experiencing significant growth, with a record installation capacity expected to reach 27.1 GWh by 2025, marking a 45% year-on-year increase, primarily driven by utility-scale systems [3][4]. Group 1: Market Growth and Projections - The EU's battery storage capacity has increased tenfold since 2021, from 7.8 GWh to 77.3 GWh, indicating a robust growth trajectory [3]. - By 2030, the EU aims to achieve a tenfold increase in battery storage capacity to meet energy flexibility demands, targeting a total capacity of 750 GWh [3]. - Utility-scale systems contributed 55% of the new installations in 2025, highlighting their role as the main driver of market expansion [3]. Group 2: Manufacturing and Supply Chain Challenges - The EU's midstream battery production capacity is projected to reach 252 GWh by 2025, but there are structural gaps in the production of active materials for battery electrodes [4]. - Over 90% of battery cell production capacity is currently focused on electric vehicles rather than stationary storage, indicating a need for diversification [4]. - High production costs and project delays are hindering competitiveness, necessitating the establishment of a more resilient and integrated European battery supply chain [4]. Group 3: Recommendations for Development - To accelerate the deployment of battery storage systems, the report suggests simplifying approval processes for independent and hybrid projects, prioritizing mature and grid-compatible projects [5]. - The report calls for investments in innovation to ensure a reliable supply of key raw materials and to expand recycling capacities, aiming to create a resilient and cost-effective battery supply chain [5]. - It recommends the establishment of unified safety standards and accident reporting systems across the EU to enhance industry trust and performance, alongside stricter regulations on battery recycling and carbon footprint disclosure [5].

文 | 中关村储能产业技术联盟 第十四届储能国际峰会暨展览会ESIE 2026迎来重要节点： A1楚能馆、A2宁德时代馆两 大展馆所有展位，已全部告罄！ 这不仅是招展工作的重大节点，更是行业对ESIE 202 6盛会高度认可的最佳证明。 中 车 株洲所、阳光电源、双登股份、远景储能、楚能新能源、宁德时代、国轩高科、瑞浦兰 钧、科华数能、新源智储、索英电气、智光储能、科陆电子、比亚迪、华为数字能源、亿 纬锂能 等产业链领军企业将于4月齐聚北京，一个汇聚产业核心力量、定义年度技术风向 的顶级平台已蔚然成型！ 展位售罄，展商抢先看 01 | A1楚能馆 | | | --- | --- | | A1C08 | 楚能新能源股份有 | | A1101 | 费加罗传感科技 | | A1102 | 南通福美新材料有 | | A1103 | 东莞市志盈五 | | A1104 | 佛山市迪璐特科技 | | A1105 | 扬州浦发塑业有限 | | A1107 | 美国安丰认证有限 | | A1108 | 威纳尔 | | A1109 | Et | | A1110 | | --- | | A1111T, A1112T | | A11 ...

文 | 川承储能 川 承 储 能 已 确 认 参 展 第 十 四 届 储 能 国 际 峰 会 暨 展 览 会 ESIE 2026 ， 诚 邀 产 业 同 仁 共 赴 ESIE 2026全球储能产业盛会。 1月2 8日下午，上海市虹口区召开市区协同绿色低碳产业推进会暨场景"揭榜挂帅"签约仪 式。区委书记李谦，区委副书记、区长蒋蕊，市经信委副主任蒲亚鹏，同济大学党委常 委、副校长石振明，区委常委、副区长吴伟平，副区长陈帅等领导出席并共同见证签约仪 式。作为虹口区绿色低碳产业招引的重要成果之一， 陕西川承储能科技有限公司（以下 简称"川承储能"）在会上正式签约落户 ，将成为区域打造千亿级绿色低碳产业集群的关 键力量。 据悉， 川承储能计划在虹口总投资约3 0亿元，聚焦全钒液流电池储能系统的研发、制造 与规模化应用。 企业将以上海为基地，辐射华东等地区，广泛吸纳研发与技术人才，打 造本土化高端研发集群，为能源转型提供安全、高效的全钒液流储能系统及定制化解决方 案，成为区域绿色能源体系建设的关键参与方，为上海建设绿色低碳示范城市贡献川承储 能的智慧与力量。 中国储能产业发展的风向标 第十四届储能国际峰会暨展览会 ESI ...

Core Viewpoint - By 2025, China's energy supply security capacity will be significantly enhanced, with multiple important policy measures being introduced to solidify the foundation for a new energy system, promoting green energy development and high-quality investment opportunities [1]. Investment and Project Completion - National energy investment is expected to maintain rapid growth, with key project investments exceeding 3.5 trillion yuan, marking an 11% year-on-year increase, outpacing infrastructure and manufacturing growth by 12.9 and 10.1 percentage points respectively [3]. - The production of raw coal remains stable, with a 1.2% increase in industrial raw coal output. Oil and gas production will reach historical highs, with industrial crude oil output increasing by 1.5% and natural gas output by 6.2% [3]. Renewable Energy and Market Transactions - New installed capacity for wind and solar energy is projected to exceed 430 million kilowatts, with total installed capacity surpassing 1.8 billion kilowatts, accounting for over 60% of renewable energy generation capacity [3]. - Renewable energy generation is expected to reach approximately 4 trillion kilowatt-hours, exceeding the combined electricity consumption of the EU's 27 countries [3]. - The cumulative electricity trading volume in the national power market is anticipated to reach 6.64 trillion kilowatt-hours, a 7.4% increase year-on-year, with market-based transactions accounting for 64% of total electricity consumption, up 1.3 percentage points [3]. Green Electricity Trading and Certificates - Green electricity trading volume is projected to reach 328.5 billion kilowatt-hours, a 38.3% increase year-on-year, with long-term green electricity agreements totaling 60 billion kilowatt-hours [4]. - The green certificate market is expected to see significant growth, with cumulative transactions reaching 930 million certificates, a 120% increase year-on-year, and the average transaction price rising by 90% in the second half of 2025 [4]. Power Grid Development - China has established the world's largest and most complex AC/DC hybrid power grid, enhancing resource allocation capabilities with 45 ultra-high voltage transmission channels [6]. - The grid supports an annual average of 80 million kilowatts of new power load demand, ensuring reliable electricity supply equivalent to the total consumption of the US, EU, and Japan combined [6]. New Energy Storage Growth - New energy storage capacity is expected to grow by 84% by the end of 2025, reaching 136 million kilowatts/351 million kilowatt-hours, a more than 40-fold increase compared to the end of the 13th Five-Year Plan [10]. - The average storage duration is projected to increase to 2.58 hours, with significant contributions from regions like North China and Northwest China [10][11]. Future Grid Development - The future power system will exhibit high penetration of new energy, high electrification, and increased complexity, necessitating new requirements for grid development [7]. - The upcoming focus will be on constructing a coordinated development framework for main, distribution, and micro grids, enhancing the overall efficiency and reliability of the power supply [8].

Investment Rating - The report maintains an "Outperform" rating for the industry [2][3] Core Insights - The global sales of new energy vehicles are expected to continue growing rapidly in 2026, driving demand for batteries and materials [2] - The solid-state battery technology is entering a critical phase of engineering validation, with a focus on related materials and equipment companies [2] - The photovoltaic sector is seeing investment driven by "anti-involution" and "space photovoltaics," with significant projects like Musk's plan for a 100GW photovoltaic supply chain [2] - The wind power sector is projected to grow continuously, with government support for new projects [2] - The energy storage sector remains in high demand, with recommendations to focus on energy cell and large storage integration manufacturers [2] - Hydrogen energy is expected to see increased demand, particularly in green hydrogen applications, with a focus on equipment and operational segments [2] - Nuclear fusion is highlighted as a long-term energy development direction, with recommendations to monitor core suppliers in this area [2] Industry Dynamics - The report notes a 5.10% decline in the electric power equipment and new energy sector this week, which is higher than the Shanghai Composite Index [11] - Key information includes the introduction of subsidies for new energy vehicles in Shanghai, and significant growth in installed capacity for solar and wind energy in 2025 [24] - The report highlights the commercial viability of silicon anode solid-state batteries proposed by SK On [24] - The National Energy Administration projects that by the end of 2025, China's renewable energy hydrogen production capacity will exceed 250,000 tons per year, doubling from the previous year [24] Company Insights - Enjie Co., Ltd. expects a net profit of 109-164 million yuan in 2025, turning profitable [25] - Tianqi Lithium Industries anticipates a net profit of 369-553 million yuan in 2025, also turning profitable [25] - Longpan Technology expects a net loss of 148-180 million yuan in 2025, but a reduction in losses compared to previous years [25] - Greeenme expects a net profit of 1.429-1.735 billion yuan in 2025, representing a year-on-year growth of 40%-70% [25] - Mingyang Smart Energy anticipates a net profit of 800-1,000 million yuan in 2025, with a significant year-on-year growth of 131%-189% [25]

（文章来源：每日经济新闻） 《关于完善发电侧容量电价机制的通知》（114号文）近日发布，其中提出，电力现货市场连续运行 后，有序建立发电侧可靠容量补偿机制，对机组可靠容量根据顶峰能力按统一原则进行补偿，公平反映 不同机组对电力系统顶峰贡献。 光大证券研报称，该政策首次明确电网侧独立储能容量电价，从稳预期、未来衔接容量市场角度看，具 有标志性意义，其核心意图在于推动储能行业规划有序、竞争公平、良性发展。 国证新能源电池指数聚焦储能产业链核心环节，储能系统占比约65%，有望深度受益于储能产业贝塔的 持续上行。储能电池ETF易方达（159566）最新规模超45亿元，在同标的指数ETF中位居第一，可助力 投资者便捷把握产业发展机遇。 2月2日早盘，市场延续调整，光伏、储能产业链股逆势走强。截至9:56，国证新能源电池指数上涨 0.9%，成分股中，申菱环境、鹏辉能源涨超6%，永福股份、新风光涨超4%，储能电池ETF易方达 （159566）成交额近1亿元，较上一交易日同期放量。 ...

Investment Rating - The report indicates a bullish stance on the energy storage sector, highlighting it as the most favored sector for investment in 2026 due to expected high growth [6][1]. Core Insights - The energy storage industry is anticipated to experience significant growth in 2026, driven by the recent implementation of the capacity tariff policy and adjustments in lithium carbonate prices, which enhance the valuation attractiveness of energy storage companies [6][1]. - The capacity tariff policy, issued by the National Development and Reform Commission and the National Energy Administration, clarifies the pricing mechanism for new-type energy storage, establishing its market position and accelerating nationwide implementation [9][3]. Summary by Sections Weekly Recommendation Logic - The energy storage sector is expected to see high certainty growth in 2026, making it a top investment choice. Recent underperformance is attributed to seasonal demand and rising raw material prices, but valuations have become attractive post-adjustment [6][1]. - The release of the capacity tariff policy and corrections in lithium carbonate prices are key reasons for the positive outlook on the energy storage sector [6][1]. Weekly Recommended Portfolio - Top Picks: Contemporary Amperex Technology Co., Limited (CATL), Sungrow Power Supply Co., Ltd., EVE Energy Co., Ltd., Hyperstrong Energy Storage Technology Co., Ltd. [7][2]. - Sustained Picks: Tsugami Machinery (China) Co., Ltd., Sunwoda Electronic Co., Ltd., Shenzhen Sinexcel Electric Co., Ltd., CALB Group Co., Ltd., Sichuan Fulin Precision Machinery Co., Ltd., Jiangsu Longpan Technology Co., Ltd. [7][2]. Commentary on the Capacity Tariff Policy - The capacity tariff policy categorizes the pricing mechanism for various energy sources, including new-type energy storage, based on local coal-fired power standards and peak-shaving capacity [8][3]. - The policy aims to establish a clear development direction and tariff formulation methodology, which is significant for the national development of the energy storage industry [9][3].

Investment Rating - The report maintains a "stronger than the market" investment rating for the industry [1] Core Views - The report highlights the introduction of a national capacity pricing policy for independent energy storage and anticipates a record high in domestic photovoltaic installations in 2025 [1][6] Wind Power - A significant event occurred on January 26, where nine countries signed the North Sea Offshore Wind Investment Agreement, committing to provide planning and investment guarantees for offshore wind projects, aiming for an annual addition of 15GW of offshore wind capacity from 2031 to 2040 [5][9] - The wind power index fell by 3.01% during the week, underperforming the CSI 300 index by 3.09 percentage points, with a current PE_TTM valuation of approximately 28.16 times [4][10] Photovoltaics - In 2025, the domestic photovoltaic installation is expected to reach a record high of 31.507 million kilowatts, a year-on-year increase of 13.67%, driven by the promotion of the 136 document [5][6] - The report forecasts that the domestic photovoltaic manufacturing industry will face significant supply-demand pressure and profitability challenges in 2026, with expected new installations between 200-250GW [5][6] Energy Storage & Hydrogen Energy - The national capacity pricing policy for independent energy storage has been established, allowing independent storage to earn revenue through a combination of capacity pricing and spot market arbitrage [6] - The report recommends investing in domestic and international large-scale storage companies, highlighting firms like Sungrow Power Supply, Huaneng Renewables, and others as having strong competitive advantages [6] Investment Recommendations - The report suggests focusing on companies with competitive advantages in high-efficiency battery technology and those involved in the emerging markets of distributed storage [6] - Specific recommendations include Ningde Times and Penghui Energy in the battery segment, and companies like Goldwind Technology and Mingyang Smart Energy in the wind power sector [6]

证券研究报告·行业点评报告·电力设备 电力设备行业点评报告 全国性储能容量电价出台，独立储能盈利模 式重构 增持（维持） [Table_Tag] [Table_Summary] 政策内容 2026 年 02 月 02 日 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 ruanqy@dwzq.com.cn 行业走势 -10% -3% 4% 11% 18% 25% 32% 39% 46% 53% 60% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 电力设备 沪深300 相关研究 免责及评级说明部分 免责声明 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本研究报告仅供东吴证券股份有限公司（以下简称"本公司"）的客户使用。本公司不 会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不 构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后 果负任何责任。任何形式 ...