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].

Core Viewpoint - The article highlights various companies' initiatives and collaborations aimed at expanding their international presence and leveraging technology, particularly AI, to enhance their operations and market reach [5][6][8][10][12]. Group 1: Company Initiatives - The video blogger team "影视飓风" has entered the B2B overseas platform Alibaba International Station, utilizing AI Agents to expand into international markets, receiving cooperation intentions from over 30 countries [5]. - The company "智动力" has successfully entered and is servicing key markets in Vietnam and India, establishing strong partnerships and making overseas business a significant part of its operations [5]. - "出门问问" launched the world's first 4G AI recording headset, TicNote Pods, which operates independently of a smartphone and is designed for various dialogue scenarios [5]. Group 2: Collaborations and Partnerships - Temu signed a memorandum of understanding with Belgian postal operator bpost group to enhance cross-border e-commerce supply chain capabilities and logistics systems in Europe and North America [6]. - Riyadh Airlines and Huawei signed a cooperation memorandum to create a new generation of digital aviation ecosystem, focusing on enhancing digital capabilities for seamless travel experiences [8]. - "北斗智联" completed a strategic financing round to accelerate its overseas expansion and product development in AI and low-altitude economy sectors, with a focus on Europe, North America, and Southeast Asia [12]. Group 3: Market Expansion and Investments - "新凤鸣" plans to invest approximately $280 million in a 360,000-ton/year functional fiber project in Egypt, aiming to enhance local textile industry capabilities [10]. - "Airwallex" completed a $330 million Series G financing round, raising its valuation to $8 billion, which will support its expansion in the U.S. and other key markets [10]. - "快造科技" achieved a record-breaking crowdfunding amount for its 3D printer, indicating strong market interest and potential for significant revenue growth [10].

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]

Core Insights - The article discusses the challenges and opportunities in the U.S. power supply, particularly in the context of AI and energy demands, highlighting the "impossible triangle" of energy policy, economic growth, and AI needs [5][6]. Group 1: Energy Supply Challenges - The U.S. power grid is aging, with an average establishment time of over 40 years, leading to structural issues and a mismatch between supply and demand [5]. - The Biden administration's goal to eliminate 100GW of fossil fuel power generation by 2030 is threatened by the sudden surge in AI energy demands, creating a dilemma for energy policy [5]. - The U.S. power system lacks the capability for large-scale inter-regional energy distribution, unlike China's "West-to-East Power Transmission" [5]. Group 2: AI Power Export Opportunities - The article outlines three main directions for AI power export to North America by 2026: power sources (gas turbines, SOFC), power grid equipment (transformers, large-scale storage), and energy-saving technologies for data centers (SST) [6][19]. - The demand for gas turbines is expected to grow significantly, with an average annual demand of 80-110GW projected from 2026 to 2030, driven by the need for stable and green energy sources [8][9]. Group 3: Gas Turbine Market Dynamics - The supply side of the gas turbine market faces challenges due to complex production processes and a shortage of skilled labor, with an average training period of 1-2 years for workers [8]. - Major gas turbine manufacturers like Siemens Energy, GE, and Mitsubishi Heavy Industries dominate the market, leading to a tight supply situation with orders extending to 2028-2029 [9][10]. Group 4: SOFC and Energy Storage - The demand for SOFC is expected to reach 1.5-2GW by 2026, with a growth rate of over 30-50% annually, driven by major tech companies' procurement needs [14]. - The large-scale storage market in North America is projected to see demand exceed 70-80GWh by 2026, supported by favorable economic returns and declining system costs [17]. Group 5: Data Center Energy Efficiency - SST technology is anticipated to significantly reduce energy consumption and space requirements for data centers, with a projected market space of $25-35 billion by 2027 [19]. - The SST market is expected to see a penetration rate of 15-20% by 2027, with major players including Eaton and emerging domestic manufacturers [19][20].

- The report indicates that the market is on the edge of an upward trend signal, with the core observation indicator being whether the profitability effect is positive. The current trend line of the WIND All A Index is around 6262 points, and the closing price is at 6264 points, just on the verge of turning positive[2][5][7] - The timing system signal shows that the distance between the moving averages is 4.03%, significantly greater than the absolute value of 3%, indicating that the market has returned to an upward trend pattern[2][5][6] - The industry trend allocation model shows that the mid-term distress reversal expectation model signals attention to liquor and real estate; the TWO BETA model continues to recommend the technology sector, focusing on consumer electronics and domestic computing power. The industry trend model shows that the engineering machinery/industrial metals/energy storage sectors continue their upward trend[2][5][7] - From the valuation indicators, the PE of the WIND All A Index is around the 80th percentile, which is a medium level, and the PB is around the 50th percentile, which is a relatively low level. Based on the short-term trend judgment and the position management model, it is recommended that absolute return products with the WIND All A as the main stock allocation should have a position of 60%[5][7][12]

Key Insights - The report indicates that the central economic work conference and the Federal Reserve's interest rate meeting have concluded smoothly, with overall policy coherence and limited marginal changes, suggesting that the market will continue to experience high-level fluctuations [1] - The report emphasizes that industry rotation remains the main theme, but the difficulty of grasping this trend is increasing, recommending careful positioning for the next phase of the market, particularly focusing on the AI industry chain as a core direction [1][4] - Additionally, sectors experiencing supply-demand recovery and upward economic trends, such as storage and energy chains, are also highlighted as areas of importance [1] Market Data Analysis - The economic data released for November shows a continuation of the previous trend of marginal slowdown, with exports maintaining a high level of prosperity, while financial data indicates weak domestic demand [3][10] - The Consumer Price Index (CPI) shows a strong trend primarily driven by fresh vegetable prices, while the Producer Price Index (PPI) has not shown a significant narrowing of decline, indicating a stable low price level [14][16] - The report notes that the social financing increased by 24,885 billion yuan in November, with a year-on-year increase of 1,597 billion yuan, while the increase in RMB loans was 3,181 billion yuan, which is a year-on-year decrease of 917 billion yuan, mainly due to the weak performance in the household sector [11][14] Industry Configuration - The report suggests continuing to focus on the AI industry chain for investment opportunities, indicating that the current growth style and communication sector are at relatively low turnover rates, implying a significant potential for short-term price increases [24][35] - The analysis of turnover rates indicates that during the first phase of the growth industry cycle, turnover rates can serve as an effective auxiliary indicator for observing the growth style and strong main lines, with high turnover rates often preceding market corrections [24][35] - The report outlines a three-phase framework for the growth industry cycle, emphasizing that the current market is still in the early stages of this cycle, with significant room for growth remaining [25][35] Specific Sector Insights - The AI industry is identified as a core main line with a clear upward trend, and the report suggests that adjustments in this sector provide good opportunities for future positioning [37] - The report also highlights the importance of sectors experiencing supply-demand improvements, particularly in storage and energy chains, which are expected to benefit from AI-driven demand and other market dynamics [37][39]

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]

Group 1 - The core viewpoint of the report emphasizes the recovery of PPI as a significant macroeconomic theme for 2026, which is expected to strengthen corporate profitability and provide solid fundamental support compared to 2025 [7][19][20] - The report predicts that the net profit growth rate for the non-financial sector of the entire A-share market is expected to exceed 10% in 2026, driven by the recovery of PPI [20][22] - The report highlights that the recovery slope of PPI will depend on the degree of fiscal expansion, with a steeper recovery indicating stronger market performance [26][32] Group 2 - The report identifies key industry configurations for 2026, including sectors benefiting from U.S. interest rate cuts, external demand, AI, price increases, and an active capital market [8][19] - Specific sectors such as industrial metals, electric grid equipment, energy storage, battery materials, and certain chemicals are expected to benefit from increased external demand and U.S. capital expenditure expansion [8][19] - The report suggests that the technology sector, particularly in AI and robotics, will continue to see high demand and potential growth, with a focus on software, media, and innovative pharmaceuticals [8][19][40] Group 3 - The report anticipates that the first half of 2026 will present a favorable time window for growth performance, driven by domestic policy initiatives and external interest rate cuts [7][44] - The potential for a "spring rally" is highlighted, with expectations that it may occur earlier than usual due to clearer interest rate cut expectations and favorable market conditions [7][49] - The report emphasizes the importance of monitoring the pace of resident deposit migration and foreign capital inflow as critical variables influencing market dynamics [7][36][41]

本报（chinatimes.net.cn）记者刘诗萌 北京报道 继2025年之后，"反内卷"将继续成为下一年经济工作的重点之一。 12月10日至11日，中央经济工作会议在北京举行。会议提出，要坚持改革攻坚，增强高质量发展动力活 力，具体措施包括制定全国统一大市场建设条例，深入整治"内卷式"竞争；加紧清理拖欠企业账款；推 动平台企业和平台内经营者、劳动者共赢发展；拓展要素市场化改革试点；健全地方税体系等。 对比2024年年终中央经济工作会议在这一领域的表述会发现，推动全国统一大市场建设的表述从去年 的"制定全国统一大市场建设指引"增加到两条，位置从第三条上升到了第一条，国企改革、促进民营经 济的表述相应推后。对于平台经济的表述，也从整体上加强监管有了具体的指向，要推动三方共赢。此 外，对于财税体制的改革、增加地方自主财力的方法也有了明确的方向，即健全地方税体系。 "反内卷"已初见成效 2025年，"反内卷"是中国最重要的经济政策之一。 1月，《全国统一大市场建设指引（试行）》正式发布，提出构建全国统一大市场的重点为"五统一、一 破除"；3月，综合整治"内卷式"竞争首次写入政府工作报告，不仅是对上一年7月政治局会 ...

长时储能落地提速行业竞争转向"价值创造" 值得注意的是，近期，海辰储能再次向港交所递交上市申请，更新的财务数据凸显其强劲增长态势。招 股书显示，2022年-2024年，公司营业收入从的36.15亿元快速提升至129.17亿元；今年上半年营收达 69.71亿元，同比增长224.6%。利润方面，海辰储能于2024年实现扭亏为盈，净利润为2.88亿元，2025 上半年继续保持盈利，净利润为2.13亿元。 中证报中证网讯(记者罗京)在近日举办的第三届海辰储能生态日上，公司发布了包括8小时长时储能专 用电芯及其解决方案、锂钠协同AIDC全时长储能解决方案等创新产品，直击新能源消纳与AIDC能源转 型两大核心痛点。海辰储能联合创始人、总裁王鹏程在接受记者采访时表示，此次发布不仅是技术层面 的突破，更是公司推动储能行业从"价格战"走向"价值回归"的关键一步。 今年以来，全球储能市场呈现爆发态势。王鹏程表示，行业机构年初预测，全年全球储能出货量为 520GWh，但结合今年实际情况看，出货量有望突破550GWh，2026年或将超过900GWh。在规模扩张的 同时，企业竞争逻辑正在发生深刻变化。王鹏程指出，行业已从单纯追求低价转 ...