新华财经上海12月15日电（记者魏雨田）2025年全球主要资本市场呈现震荡分化态势，而A股在国内经 济稳步复苏、产业政策精准发力的支撑下，走出上行行情。面对这一格局，2026年A股能否延续向好势 头、资本市场投资主线将指向何方？12月14日，汇正财经2026年度资本市场策略会如期举行，经济学 家、金融机构首席、私募合伙人等业内人士齐聚一堂，围绕宏观经济走向、产业发展机遇及资本市场配 置逻辑展开深度研讨，为投资者勾勒出明年市场的清晰图景。 从宏观层面来看，东吴期货首席投资官吴照银给出了明确的乐观预期。他表示，A股长期上行的核心支 撑因素并未发生改变，政策、资金与估值将共同护航市场发展。其一，政策层面的呵护力度将持续加 大，围绕稳增长和资本市场深化改革的相关政策有望持续落地，为市场运行提供坚实的托底；其二，国 内低利率环境将保持稳定，在低利率环境下会进一步推升股票等风险资产的估值水平；其三，A股当前 处于全球主要资本市场的估值洼地，与美股、欧股等市场相比，A股整体市盈率、市净率处于低位，具 备显著的估值性价比，中国资产有望迎来全球资金的重估与增配进程。 产业赛道的机遇挖掘成为本次策略会的核心议题，其中人工智能（A ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Views - The report highlights the ongoing trends in various sectors, including lithium batteries, photovoltaic, wind energy, nuclear fusion, energy storage, electric power equipment, industrial control, and hydrogen energy [2][4][5][6][34][41][46][59][66] Summary by Sections Lithium Battery Sector - The State Administration for Market Regulation is proposing to standardize pricing behaviors in the automotive industry, with major battery cell companies announcing price increases due to rising raw material costs [10][11] - Companies like CATL and others with cost advantages are expected to widen their competitive gap [12] Photovoltaic Sector - A new "silicon material storage platform" has been established to stabilize silicon prices above 60,000 yuan/ton and facilitate the exit of outdated production capacity [18] - The central economic work conference emphasizes the need to address "involution" in competition, marking a shift towards government-led market consolidation [18] Wind Energy Sector - The central economic work conference stresses the importance of the "dual carbon" strategy and promotes a comprehensive green transition [34] - A project to develop a 25MW offshore wind turbine has been initiated, focusing on technological advancements for deep-sea wind energy [35] Nuclear Fusion Sector - The Tokamak fusion smart digital power station project has been launched, marking a significant step towards commercializing fusion energy in China [41] - The project aims to create a digital twin model for fusion reactors, enhancing the integration of technology and capital [42] Energy Storage Sector - The AIDC energy storage market is projected to experience explosive growth, with lithium battery shipments expected to reach 300GWh by 2030 [46] - Leading companies are accelerating their layouts in the AIDC sector, with significant collaborations underway [47][48] Electric Power Equipment Sector - NVIDIA is set to hold a closed-door summit to address power shortages in the AI era, indicating a proactive approach to energy solutions [59] - The Zhejiang power "big ring" project is expected to be completed by 2029, which will be the first provincial ultra-high voltage AC ring network in the country [60] Industrial Control and Robotics Sector - Chery's Mocha robot is set to deliver its 1,000th unit by 2025, indicating growth in the robotics market [66] - SoftBank is reportedly negotiating a significant investment in Skild AI, highlighting the increasing interest in AI-driven robotics [68]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The establishment of a silicon material storage platform company is seen as a significant step towards addressing the "involution" competition in the photovoltaic industry [5][28] - The development of deep-sea wind power in Guangdong is expected to accelerate, with the establishment of Shenzhen Energy's marine energy company indicating progress in offshore wind project development [5][10] Summary by Sections Wind Power - The establishment of Shenzhen Energy's marine energy company aims to develop 3-5 offshore wind projects in Guangdong, signaling a boost in the region's offshore wind development [5][10] - The wind power index increased by 1.35%, outperforming the CSI 300 index by 1.42 percentage points, with a current PE_TTM valuation of approximately 25.32 times [4][11] Photovoltaics - The newly formed Beijing Guanghe Qiancheng Technology Co., Ltd. has a registered capital of 30 billion yuan, marking the launch of a long-anticipated "polysilicon capacity integration acquisition platform" [5][28] - The establishment of this platform is viewed as a key measure to mitigate the competitive pressures within the photovoltaic sector [5][28] Energy Storage & Hydrogen Energy - Energy storage facilities have been included in the REITs project list, providing a new exit strategy for operators and addressing the challenges of large investment scales and long recovery periods [6] - The report recommends investments in domestic and international large-scale storage, highlighting companies like Sungrow Power Supply and Shanghai Electric Power Equipment [6]

公司的储能系统集成业务以大型储能系统产品为主。公司控股子公司宁波双一力是一家集研发、生产、 销售、服务为一体的高新技术企业，致力于成为全球领先的全场景储能系统解决方案服务商。旗下产品 涵盖从BMS、PCS、EMS、直流侧集成系统到中压集成系统，可通过全栈自研为客户提供高安全、高能 量密度、高可靠性的垂直一体化解决方案。 在配合光伏风电实现对传统发电站的替代、平滑新能源发电、电网调峰调频、工商业、微电网等应用领 域，东方日升储能凭借新一代eTron凭借新一代eTron（5MWh储能系统）、iCon(100kW/215kWh工商业 一体机)等储能产品以及整体解决方案取得了不菲的成绩。在产品应用区域方面，已投运的储能项目以 欧美等发达国家为主，百兆瓦级大型储能项目遍布全球，同时保持着全球0安全事故的记录，产品可靠 性、安全性、交付与服务能力得到海内外客户的普遍认可。 12月11日，东方日升（300118）工商业堆叠式储能一体机斩获高工金球奖2025年度十大产品奖。作为东 方日升上半年推出的储能新品，此次获奖不仅是对产品硬核实力的高度认可，更彰显了公司在储能领域 的技术积淀与行业影响力。 东方日升工商业堆叠式储能系列 ...

Core Insights - Chinese energy storage companies continue to expand their overseas presence, with 22 companies signing approximately 34 contracts totaling around 44.88 GWh in November [1][3]. Group 1: Market Overview - The overseas expansion of Chinese energy storage companies is characterized by a dual strategy of deepening traditional markets (Europe, North America, Australia) while penetrating emerging markets (Latin America, Asia) [3][5]. - Europe remains the primary battleground for Chinese energy storage firms, with over 15 contracts signed in November, totaling approximately 6.1 GWh [3][4]. Group 2: Regional Performance - Latin America showed significant growth, with two contracts focused on Chile, amounting to 9.6 GWh, making it the largest regional contract size in November [5]. - The Asian market also saw activity, with seven contracts totaling 6.3 GWh, including notable orders from CATL in Japan and projects in Israel and India [5][7]. Group 3: Company Performance - Among 21 companies, Haicheng Energy, Trina Storage, and Far East Energy performed exceptionally well in November, with signed contracts of 11.5 GWh, 7.86 GWh, and 7.59 GWh respectively [7][8]. - Other companies like CATL, EVE Energy, and Sungrow also secured overseas orders exceeding 2 GWh in November [8][9]. Group 4: Notable Contracts - A strategic collaboration among Haicheng Energy, Boda New Energy, and Aton Energy aims to advance no less than 10 GWh of energy storage projects across key markets in the next three years [8][12]. - Significant contracts include a 1.6 GWh project in Germany between Haibo Energy and LEAG Clean Power GmbH, and a 5 GWh memorandum of understanding between Trina Storage and Pacific Green in Australia [4][10].

同力天启近日完成了公司名称和证券简称的变更，由原来的江苏同力日升机械股份有限公司(同力日升) 变更为江苏同力天启科技有限公司(同力天启)。同力天启有关负责人表示，公司新能源业务对合并报表 净利润贡献已超过 50%，公司名称和证券简称的变更，可以更全面地体现公司的核心业务和产业布 局，准确反映公司未来战略发展方向。 AI模块提升储能电站效率 同力天启自2022年完成对北京天启鸿源新能源科技股份有限公司(简称"天启鸿源")51%股权收购以来， 新能源业务实现了稳定增长。截至2024年12月31日，公司新能源业务对合并报表净利润贡献已超过 50%，实现了新老主营业务协同发展。 天启鸿源成立于2019年，在电化学储能技术方面已形成较好的积累。凭借相关技术，天启鸿源在软件层 面能够实现大规模储能系统下的单个电芯实时监测和动态自我调整，在遏制火灾风险的同时优化系统效 能；在物理层面，通过整体结构设计优化储能系统风道和散热元器件布局，控制箱内电芯温差，在控制 安全隐患的同时确保系统稳定。 探索算电协同智能调度模式 天启鸿源完成过多个风、光、储、微网领域标杆性项目，同时布局有大型集中式风电站和分散式风电项 目资源储备，核心是 ...

在全球能源转型与"双碳"战略的驱动下，储能产业正从规模化扩张迈向高质量发展阶段。然而，传统渠道模式因层级冗余、信息割裂、协同低 效等问题，导致集成商与安装服务商面临成本攀升、响应滞后、服务碎片化等挑战。数商云通过S2B2B2B数字化渠道管理系统，以区块链溯 源、智能合约、AI预测等技术为支撑，重构产业链协作网络，为集成商与安装服务商提供"去中间化、数据驱动、服务标准化"的解决方案，助 力行业效率提升与价值重构。 一、传统渠道模式的痛点与转型需求 储能产业链涉及设备制造、系统集成、安装运维等多个环节，传统渠道模式存在三大核心矛盾： 在此背景下，渠道扁平化与数字化成为行业共识。数商云通过技术整合与模式创新，为集成商与安装服务商提供全链路数字化工具，推动产业 链从"线性协作"向"网络化协同"升级。 数商云系统通过"供应商门户+物流中台+安装商工作台"三端联动，构建实时数据同步网络： 2. 区块链溯源：构建信任基础设施，保障全生命周期合规 为安装服务商配备专属移动端应用，实现： 案例1：头部储能集成商的渠道变革 某企业通过数商云系统重构渠道体系后，实现三大突破： 针对储能设备长周期、高价值的特点，数商云引入区块链技术 ...

如果将2025年的A股市场比作一场大戏，海博思创无疑是其中最扣人心弦的主角。 当你打开它的K线图，一股强烈的视觉冲击力会瞬间抓住你的眼球：股价从年初那看似沉寂的57.00元低点起步，仿佛被点燃的火 箭，旱地拔葱般一路狂飙。 年初刚上市的时候估值才最低16倍（按静态PE，去年业绩算），正好是在储能行业最为悲观的时候。11月中旬盘中最高触及 426.01元的高位，这种单年内接近14倍的惊人涨幅，画出了一条陡峭而昂扬的上升曲线。 这并非单纯的资金博弈，K线背后，是市场对一家公司认知的修正。 01 "重估" 公司三季度表现，呈现了作为业务转折点的写照。 从最新招标数据来看，2025年1-11月，国内新型储能新增招标规模已突破400GWh，较之去年同比增长75%。高增长趋势背后，储 能行业拐点已经浮现。 单季度实现营收33.90亿元，同比增长高达124.4%；归母净利润单季达到3.07亿元，同比暴增872%。前三季度营收增长超过50%， 利润增长接近翻倍。 除了利润表的惊艳，现金流表的改善更具含金量。三季报显示，公司经营性现金流净额大幅转正，达到8.52亿元。此外，公司交付 数据、应收帐款/应付账款/存货周转天数显示， ...

天眼查工商信息显示，近日，北京晶澳储能科技有限公司成立，法定代表人为金斌，注册资本3亿人民 币，经营范围包括新兴能源技术研发、储能技术服务、新能源原动设备制造、新能源原动设备销售等。 股东信息显示，该公司由晶澳科技（002459）旗下晶澳太阳能有限公司全资持股。 ...

12月12日，内蒙古能源集团磴口县 40万千瓦/160万千瓦时 独立储能项目成功并网，并完成首批次储能单元充放电，标志着蒙能磴口 储能电站 总容量提升至100.5万千瓦/301万千瓦时 。 该项目并未采用单一技术路线，而是创新采用了"全钒液流电池+磷酸铁锂电池"的混合储能模式，实现了功率型与能量型储能的优势互 补： 其中全钒液流电池系统是自治区"揭榜挂帅"科技示范项目。 文 | 内蒙古日报 技术领跑：全钒液流+锂电"混合双打" 其单电池额定电流密度在 500mA/cm² 时，能量效率可达 80% ；系统能量效率高于 72% 。各项性能指标均 显著优于行业标准 。 80天极速并网 在属地政府的全力支持下，项目 跑出了令人惊叹的加速度。 项目自开工以来， 仅用80多天 完成全部主体施工与并网调试， 高效完成 了这一世界级工程的建设任务，刷新了大规模储能电站建设周期的纪录。 从项目全部手续办结获批到建成并网也仅用139天， 战略支撑：赋能4.45GW光伏蓝海 蒙能新能源公司在磴口县已建有高达 445万千瓦（4.45GW）的光伏装机容量。 该超级电站的投运，将大幅提升区域新能源消纳能力， 为当地独特的"防沙治沙+风电 ...