Group 1: Domestic Wind Power Market - In 2025, China's offshore wind installation is expected to reach 8-10 GW, with a growth of over 30% in 2026, reaching 11-13 GW [1] - Onshore wind installations are projected to exceed 100 GW in 2025, with a year-on-year increase of over 25% [1] - The average annual installation during the 14th Five-Year Plan period is expected to be over 20 GW for offshore wind [1] Group 2: European Offshore Wind Market - European offshore wind auctions are set to increase significantly, with 20 GW planned for 2024, a 46% increase [2] - The average annual compound growth rate for European offshore wind installations from 2025 to 2030 is projected to be 21% [2] - A new round of offshore wind Final Investment Decisions (FID) is expected to start in 2023-2024, indicating accelerated installation in the coming years [2] Group 3: Submarine Cable Market - The submarine cable market is expected to reach 10.7 billion yuan in 2025, with a year-on-year growth of 62% [3] - The market is projected to grow to 34.3 billion yuan by 2030, with a compound annual growth rate of 26% from 2025 to 2030 [3] - The profit margins for 220 kV submarine cables are stable at 35-40%, while higher voltage cables show margins of 45-55% [3] Group 4: Tower and Pile Market - Domestic production capacity utilization has rapidly increased since Q2 2025, indicating a profitability turning point for related companies [4] - Internationally, companies are expanding rapidly, with significant profit margins and recognition from overseas clients [4] Group 5: Wind Turbine Market - Wind turbine prices have stabilized and are expected to rebound by over 5%, improving profitability for domestic companies in 2026 [5] - Overseas orders and deliveries for wind turbine companies are significantly increasing, with profit margins 5-10 percentage points higher than domestic [5]

3. 中信建投：跨年行情蓄势待发 A股上涨的底层逻辑并未改变，目前市场已经基本完成调整，跨年有望迎来新一波行情。中期行业配置 方面，重点关注具有一定景气催化的有色金属和AI算力板块;主题投资方面，商业航天为主线，可控核 聚变和人形机器人也可适当关注。此外，港股市场中的潜在热点主要集中在互联网巨头、创新药两大方 向。 上周A股市场风格分化，成长风格整体走强。主要指数中，沪指累跌0.34%，深证成指累涨0.84%，创业 板指累涨2.74%。通信、军工、电子、机械设备领涨;煤炭、石油石化、钢铁、房地产板块下跌。 后市市场将如何演绎?且看最新十大券商策略汇总。 1. 中信证券：内外兼顾，寻求交集 从中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品 种和外需品种的预期和定价与去年存在巨大差异：去年底投资者对外需普遍谨慎，对内需充满期待，但 最终外需的表现大超预期;今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心;实际 上，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。从这些角度来看，海外敞口品种 业绩兑现力强，但估值继续提升难度大;内需敞口品种景气度一般 ...

Group 1: Policy and Economic Measures - The Ministry of Commerce, People's Bank of China, and Financial Regulatory Bureau issued a notice to enhance collaboration between commerce and finance to boost consumption, proposing 11 specific measures [1] - Measures include encouraging the use of digital RMB smart contract red packets, promoting personal consumption loans, and reducing penalties for early loan settlements in vehicle trade-ins [2] Group 2: Industry Developments - The China Academy of Information and Communications Technology reported that the AI industry in China is accelerating, with the core industry scale expected to exceed 1 trillion yuan by 2025, driven by significant growth in large model applications in manufacturing [2] - China National Offshore Oil Corporation announced the full production of the country's first deepwater oil field, Liuhua Oilfield, marking a significant advancement in deepwater complex reservoir development [2] Group 3: Company News - Xiangsheng Medical announced a profit distribution plan, proposing a cash dividend of 3 yuan per 10 shares to all shareholders based on the total share capital [4] - Anbo Tong plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its brand image and capital strength [5] - Jiaze New Energy intends to invest in two wind power projects with a total estimated investment of approximately 2.366 billion yuan [5] - Saiyi Information received approval for a major national science and technology project focused on intelligent manufacturing systems and robotics [6]

欧洲正陷入一种前所未有的矛盾：一方面，它试图以"开放性战略自主"捍卫经济主权；另一方面，却在贸易保护与对华示强中迷失方向。 2023年以来，欧盟依据《外国补贴条例》突查中国电商平台Temu、调查同方威视，并对光伏、风电等中企发起密集审查。这些行动背后，是欧洲在经济增 长乏力、创新滞后与美国压力下的集体焦虑。 2023年1月，欧盟《外国补贴条例》正式生效，首次赋予欧盟委员会审查非欧盟企业补贴的权力。条例实施后，欧盟发起的5起深度调查全部针对中国企业。 在公共采购领域，3起调查均以中企退出竞标告终；在经营者集中审查中，多家中国企业并购案被延长调查周期。 欧盟委员会主席冯德莱恩多次强调"去风险"战略，称欧盟需降低对华依赖。2024年，欧盟推出《关键原材料法案》，要求锂、稀土等战略资源对单一国家的 依赖不得超过65%；同年通过的《净零工业法案》明确要求欧盟到2040年占据全球15%的清洁技术产能。 这些政策表面针对所有第三方国家，但实际操作中优先指向中国。例如，欧盟对中国电动汽车启动反补贴调查时，未对美、日车企采取同等审查。 欧盟经济面临结构性挑战。在创新领域，全球市值前十的科技公司中无一来自欧盟。德国Statist ...

Core Viewpoint - The article emphasizes the importance of efficiently filtering and interpreting key announcements in the market to identify investment opportunities, enabling investors to grasp market dynamics quickly before trading begins [1]. Group 1: Recent Highlights - On December 7, the article highlighted advancements in supermaterials and their application in aerospace, leading to a 7.19% increase in Guangqi Technology's stock over several days [2]. - Snowman Group's stock rose significantly after being linked to the "Hualong One" nuclear power project, with consecutive gains following the announcement [2]. - Jingce Electronics saw a nearly 10% increase in stock price after signing a contract worth 433 million yuan for semiconductor testing equipment [2]. - Xingfu Electronics announced a 480 million yuan investment in an electronic-grade phosphoric acid project, resulting in a 12.79% stock price increase [2]. - Zhaoxin Co. gained attention for its acquisition of a leading company in the new energy operation sector, leading to a stock price surge [2]. - Jerry Holdings increased its stock price by 4.69% after announcing a significant increase in its share buyback price limit [2]. Group 2: Today's Overview - A company plans to invest 350 million yuan in a humanoid robot project, indicating a focus on advanced robotics and AI [3]. - Another company is leading a national major science and technology project related to AIGC and industrial internet, showcasing a commitment to innovation and domestic substitution [3]. - A company intends to invest 2.366 billion yuan in two wind power projects with a total capacity of 450 MW, reflecting a strong push towards renewable energy [3].

Group 1 - The central economic work conference emphasizes expanding domestic circulation as a key focus, similar to last year, but with significant differences in expectations and pricing for domestic and foreign demand stocks [1][12] - There is a strong performance expectation for overseas exposure stocks, but the difficulty in further valuation increases is acknowledged; meanwhile, domestic demand stocks have potential for significant valuation elasticity if they exceed expectations [1][12] - The market is currently viewed as an important window for positioning in the spring market, with expectations for large-cap growth driven by industry trends and benefiting from insurance capital allocations [2][13] Group 2 - The market is expected to enter a new wave of trends as the underlying logic of the bull market remains intact, driven by structural trends and capital market reforms [3][14] - A-shares are still in an upward channel, with a transition from policy-driven momentum to profit-driven momentum anticipated, supported by recovering prices and domestic demand [4][15] - The upcoming policies are expected to create a favorable environment for risk assets, with a focus on sectors such as artificial intelligence, new energy, and consumer services [5][16] Group 3 - The cross-year market is likely to see a rotation of sectors, with a focus on technology and advanced manufacturing, while defensive and consumer sectors may also be considered in the short term [7][17] - The economic gears are expected to continue moving forward despite fluctuations in market expectations, with a focus on fundamental changes rather than price volatility [8][18] - The market structure is anticipated to evolve from a tech-dominated landscape to a more balanced bull market across various sectors, driven by policy support for growth and structural transformation [6][19]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Views - The Central Economic Work Conference promotes a comprehensive green transition, with expectations for high growth in domestic new energy vehicle sales in 2025, driving demand for batteries and materials [1] - The Ministry of Industry and Information Technology is pushing for a "de-involution" in the battery industry, which is expected to restore profitability across the supply chain [1] - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1] - The photovoltaic sector is seeing ongoing supply-side reforms, with the integration of polysilicon production capacity and rising silver prices optimizing the battery cell segment [1] - Wind power demand is expected to continue growing, with government support for new projects [1] - Energy storage remains in high demand, with rising prices for upstream materials affecting downstream integration [1] - Hydrogen energy is anticipated to open up new demand for green hydrogen, with a focus on downstream applications [1] - Nuclear fusion is highlighted as a long-term energy development direction, with recommendations to focus on core suppliers in this area [1] Summary by Sections Market Overview - The electric equipment and new energy sector rose by 1.19%, outperforming the Shanghai Composite Index, which fell by 0.34% [10] - Key sectors included power generation equipment (+5.64%) and nuclear power (+3.21%), while the photovoltaic sector saw a decline of 0.59% [13] New Energy Vehicles - In November, production and sales of new energy vehicles reached 1.88 million and 1.823 million units, respectively, marking a year-on-year growth of 20% and 20.6% [26] - The penetration rate of new energy vehicles reached 53.2% [26] Battery Industry - Domestic battery installation reached 93.5 GWh in November, a year-on-year increase of 39.2% [26] - The price of battery products is expected to rise, with Dejia Energy announcing a 15% price increase [26] Photovoltaic and Wind Power - The establishment of a polysilicon production capacity integration platform has been officially launched [26] - A 1,422 MW offshore wind power project in Jiangsu has been announced [26] Energy Storage - The newly added bidding scale for energy storage systems reached 21.8 GW/64 GWh in November, a 65% increase month-on-month [26] Company Developments - Tianjun Wind Power plans to raise up to 1.95 billion yuan for expansion projects [28] - Ningde Times intends to issue bonds not exceeding 10 billion yuan [28] - Longi Green Energy is planning an employee stock ownership plan with performance targets set for 2026 and beyond [28]

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 14 日 [Table_Title] AI 驱动基础设施需求，看好北美电力产业链 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1. 人形机器人 优必选斩获 AI 大模型公司超 0.5 亿元订单 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 2. 新能源汽车 多家车企公布 11 月新能源汽车交付/销量 我们认为，在行业旺季趋势下，11月国内多数车企实现新能源汽车 交付/销量环比增长，全年新能源汽车表现亮眼。明年展望来看， 国内新能源汽车预计保持稳定增长，商用车电动化率提升叠加单车 带电量的增加预计带动动力电池需求较快增长。叠加国内外储能高 景气度，预计全年锂电池出货同比增长明显。在前期供给过剩导致 价格大幅下跌的背景下，动力及储能电池产业链 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The establishment of a silicon material storage platform company enhances confidence in the profitability reversal of the photovoltaic industry. The platform, with a registered capital of 3 billion yuan, is expected to confirm reasonable pricing and storage targets for polysilicon sales [5][6] - The wind power sector shows strong bidding activity, with domestic land wind turbine bidding reaching 5.06GW in December, indicating sustained high demand [6][7] - The energy storage market is experiencing significant growth, with over 1,600 new user-side storage projects added in the first ten months of 2025, reflecting a 26% increase in project numbers and an 86% increase in installed capacity year-on-year [6][7] - The lithium battery industry is advancing solid-state battery layouts, with companies actively pursuing strategic partnerships and price adjustments in response to rising raw material costs [7][8] Summary by Sections Photovoltaic Sector - The establishment of the silicon material storage platform is expected to lead to increased registered capital and improved pricing strategies for polysilicon [5] - Demand remains weak in the short term, with component manufacturers planning significant production cuts in December [6] Wind Power Sector - Domestic land wind turbine bidding has reached 5.06GW, with a notable increase in procurement for both land and offshore wind projects [6] - The average bidding price for new land wind projects has shown a recovery, indicating a positive trend in the market [6] Energy Storage Sector - The user-side energy storage market is rapidly growing, with significant increases in both project numbers and installed capacity [6] - A major independent energy storage project in Inner Mongolia has commenced operations, highlighting the sector's development [6] Lithium Battery Sector - Companies are focusing on solid-state battery innovations and adjusting prices due to rising production costs [7] - The price transmission within the lithium battery supply chain is improving, with leading companies actively managing supply and customer relationships [7]