走进工业生产一线，各类"硬核"技术接续"上新"，曾经高能耗、高排放的工厂能耗大幅降低，实现了烟 气净化；深入渤海的蔚蓝海面，海风吹拂中，辽宁1310万千瓦海上风电项目屹立海上、全速建设；踏上 毛乌素沙地腹地，在内蒙古鄂尔多斯嘎鲁图镇，一代代林草人将荒漠变成了绿洲……降碳、减排、治 污、增绿，让经济的每一次呼吸，都带着绿意。 日前召开的中央经济工作会议指出，坚持"双碳"引领，推动全面绿色转型。如何进一步落实"双碳"目 标？如何加快新型能源体系建设，深入打好蓝天、碧水、净土保卫战？记者对此进行了采访调研。 节能降碳改造，助力产业绿色转型 厂房林立的厂区，生产繁忙、烟囱高耸，却不见"烟火气"。在山西临汾，蓝天白云下，山西立恒焦化有 限公司正在有序生产。优美的厂区环境，是绿色改造升级带来的美丽蝶变。 焦化、火电、钢铁等是传统的高能耗、高排放行业。如何加强能源高效清洁利用，推进生产节能降碳？ 这些问题也曾困扰着立恒焦化。 面对这场"攻坚战"，立恒焦化推动了多项生产工序的整改。该企业总经理张天福介绍，公司配套了捣固 焦炉、顶装焦炉及全干熄焦装置，为提高能效筑牢硬件根基。比如，通过建设干熄焦装置，并率先在山 西省进行备用湿 ...

电力设备及新能源 2026 年 1 月 4 日 行业周报 宁德时代宣布规模应用钠电池，政策支持光伏知识产权保护 强于大市（维持） 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.12.29-2025.12.31）新能源细分板块行情回顾。风电指数 （866044.WI）下跌 1.40%，跑输沪深 300 指数 0.82 个百分点。截至本 周，风电板块 PE_TTM 估值约 25.62 倍。本周申万光伏设备指数 （801735.SI）下跌 3.29%，其中，申万光伏电池组件指数下跌 3.50%， 申万光伏加工设备指数上涨 2.15%，申万光伏辅材指数下跌 2.46% ...

Investment Rating - The report does not provide a specific investment rating for the industry [5] Core Insights - The report highlights the continuation of policies for the replacement of old electric vehicles in the new energy vehicle sector until 2026, with a focus on the need for 230GWh of energy storage in India by 2030 to support its non-fossil energy goals [1][20] - The report emphasizes the significant growth in energy storage projects in Shanxi Province, with a record increase in the number of projects and total capacity [21] - The report notes the introduction of a compensation mechanism for energy storage capacity in Gansu Province, which will support the development of new energy storage technologies [23] - The report discusses the anticipated large-scale application of sodium batteries by CATL starting in 2026, aimed at reducing reliance on lithium resources [13] Summary by Sections Lithium Battery Sector - CATL plans to apply sodium batteries in various fields from 2026 to reduce dependence on lithium [7][13] - The report forecasts a potential increase in performance and valuation for lithium battery companies over the next two years, recommending companies like CATL and EVE Energy [7] - The report tracks the performance of the battery industry index, noting a decline of 2.58% [11] Energy Storage Sector - India requires 230GWh of energy storage by 2030 to support its 500GW non-fossil energy target [20] - In November, Shanxi Province recorded a significant increase in energy storage project approvals, with 118 projects totaling over 50GWh [21] - Gansu Province has established a compensation mechanism for energy storage capacity, set at 330 RMB/kW per year [23] Power Equipment Sector - The report indicates support from government agencies for distributed independent storage and grid-replacement storage [25] - The report mentions the introduction of a single capacity pricing system for new energy consumption [25] Photovoltaic Sector - The report notes stable prices for silicon materials and an increase in silicon wafer prices, with expectations of limited market transactions due to high costs [29] - The report highlights the impact of rising silver prices on battery production costs, which may affect the pricing of photovoltaic components [29] Wind Power Sector - The report discusses ongoing projects in offshore wind power, indicating a robust growth outlook for domestic offshore wind installations [29]

Core Viewpoint - The construction of national-level zero-carbon parks is accelerating, with the first batch of 52 parks announced, featuring several leading wind power companies [1][2]. Group 1: Overview of Zero-Carbon Parks - The selected 52 parks include various types such as national economic development zones, high-tech zones, resource-based development zones, and specialized industrial parks, covering regions from energy bases like Inner Mongolia and Ningxia to traditional industrial provinces like Hebei and Shandong [2]. - The construction period for these parks is set between 2027 and 2030, with local governments required to provide support in funding, resources, technology, and finance [2]. Group 2: Participation of Wind Power Companies - Electric Wind Power (688660.SH) is involved in the Guangdong Shantou Haojiang Industrial Park, which integrates wind, solar, storage, and charging technologies into a "smart energy internet" demonstration project [2]. - Goldwind Technology (002202) is participating in multiple parks across various provinces, including a significant project in Jilin that aims to become the world's largest green hydrogen and ammonia integrated project, supported by a 510MW wind power project [3]. - Envision Group is focusing on providing comprehensive energy solutions through wind, solar, storage, and hydrogen projects, emphasizing AI-driven energy management to optimize renewable energy utilization [3][4]. Group 3: Industry Implications - The zero-carbon transformation of industrial parks is crucial for achieving China's dual carbon goals, as these parks account for approximately 31% of the country's carbon emissions [4]. - Leading wind power companies are well-positioned to meet the green transition needs of various industries, including steel, petrochemicals, and data centers, thereby creating significant market opportunities as the construction of national-level zero-carbon parks accelerates [4].

Core Viewpoint - The Liaoning Provincial Development and Reform Commission has announced the cessation of policies supporting the construction of wind power projects as capacity replacements for shut-down coal power plants, following the completion of project submissions under the 2021 construction plan [2][4][7]. Group 1 - In 2020, the commission developed policy provisions in the "2020 Construction Plan" to support the shutdown of coal power enterprises and promote the development of renewable energy, in line with national requirements to eliminate outdated coal power capacity [4][9]. - The "2021 Construction Plan" referenced the policies from the "2020 Construction Plan" and required local development and reform commissions to report on project owners and scales within six months of the document's issuance [4][9]. - After the completion of project submissions under the "2021 Construction Plan," the policies regarding capacity replacement for coal power shutdowns are no longer in effect [2][7].

Group 1 - The Hunan Provincial Development and Reform Commission approved the second phase of the Taoyuan County Xian Wind Farm project and the upgrade project of the Huadian Chenzhou Beihu District Yangtian Lake Wind Farm on January 4 [2][7] Group 2 - The Taoyuan County Xian Wind Farm Phase II project is located in Taoyuan County, Changde City, with an installed capacity of 185 MW and a total investment of 966 million yuan. The project unit is Taoyuan County Yunhan New Energy Co., Ltd. [4][9] Group 3 - The Huadian Chenzhou Beihu District Yangtian Lake Wind Farm upgrade project is located in Beihu District, Chenzhou City. The original installed capacity was 36.3 MW. The upgrade involves retaining 13 units of 1.65 MW, dismantling 9 units of 1.65 MW, and constructing 7 new units of 6.25 MW. After the upgrade, the total capacity will be 65.2 MW, with an additional installed capacity of 28.9 MW and a new dynamic total investment of 217.79 million yuan. The project unit is Hunan Huadian Chenzhou Wind Power Generation Co., Ltd. [5][10]

Core Insights - The Chinese renewable energy industry has transitioned from rapid expansion to a more complex landscape, focusing on the interplay between wind, solar, and storage technologies under the "dual carbon" goals and new power system frameworks [1] Energy Storage Sector - By 2026, the global energy storage market is expected to reach 438 GWh in new installations, a significant 62% year-on-year increase, with China projected to contribute 250 GWh [2] - The driving logic for domestic energy storage has shifted from mandatory policies to economic incentives, allowing storage to generate independent revenue through market mechanisms [2] - AI's demand for computational power is creating new growth opportunities for energy storage, as data centers require reliable power supply and quality, positioning storage systems as essential infrastructure [2][3] Technological Advancements - Lithium battery prices have stabilized after a period of supply adjustment, with ongoing advancements in technology leading to lower lifecycle costs and the potential commercialization of solid-state batteries by 2026 [3] - The demand for long-duration energy storage solutions is increasing, with various technologies like flow batteries and compressed air storage gaining attention [4] Solar Energy Sector - The global solar market is expected to maintain steady growth, but the industry faces challenges from overcapacity and price pressures, leading to profit difficulties for many companies [5][6] - The growth dynamics are shifting from policy-driven to market-driven, with emerging markets becoming new growth engines while mature markets face integration challenges [7] - Technological innovation is crucial, with next-generation technologies like bifacial and perovskite solar cells showing promise for breaking the current competitive stagnation [7][8] Wind Energy Sector - The offshore wind sector is poised for accelerated project launches and grid connections, with China leading in cumulative installed capacity [8] - Regulatory improvements and policy support are essential for the development of deep-water offshore wind projects, which require significant investment [8][9] Systemic Integration - The future of the energy sector lies in the integration of wind, solar, and storage technologies, moving beyond individual competition to a collaborative ecosystem [10] - Innovative business models that optimize the combination of these technologies will be critical for reducing costs and enhancing system efficiency [11]

Investment Rating - The report maintains a positive outlook on the electric new energy sector, particularly highlighting the potential for strong performance in 2026 [5][10]. Core Insights - The electric new energy sector is experiencing significant catalysts, including the rapid IPO progress of companies like Blue Arrow Aerospace and price increases in solar components by Trina Solar, indicating a recovery in profitability [1][5]. - The report emphasizes the importance of space photovoltaics and commercial aerospace as key investment themes, alongside the rising prices in energy storage and lithium batteries [5][10]. - The report suggests that the photovoltaic industry is on track for a recovery, driven by price increases and improved profitability across the supply chain [9][10]. Summary by Relevant Sections Photovoltaics & Energy Storage - The report highlights the acceleration of IPOs in the commercial aerospace sector, particularly for space photovoltaics, with significant growth potential [6][8]. - Trina Solar has set a new price range for distributed solar components at 0.82-1.06 CNY/W, which is significantly higher than recent market prices, indicating the start of a price recovery [8][9]. - The report notes ongoing efforts to strengthen intellectual property protections in the photovoltaic industry, which supports the trend of profitability recovery [6][9]. Wind Power - In December, new wind turbine tenders in China reached approximately 10.6 GW, marking a year-on-year increase of 37% and a quarter-on-quarter increase of 36% [2][11]. - The report anticipates continued growth in domestic demand for wind power in 2026, with significant overseas orders expected to materialize [12][15]. - The average bidding price for land-based wind turbines has remained high, with all power segments achieving over 10% price increases year-on-year [15][16]. Lithium Batteries - January production data indicates a slight decrease in domestic battery production, with a total of 142.54 GWh, down 4.23% month-on-month [22][23]. - Tianqi Lithium has forecasted a substantial increase in net profit for 2025, driven by strong demand in the electric vehicle and energy storage markets [22][23]. - The report highlights the ongoing price recovery in lithium battery materials, with significant growth in sales volumes contributing to improved profitability [22][23]. AIDC (Artificial Intelligence Data Center) - The report notes a sustained high market interest in the liquid cooling sector, driven by industry trends and the penetration of leading domestic companies [30][31]. - Investment opportunities are identified in companies that provide comprehensive liquid cooling solutions, particularly as demand for data center infrastructure grows [30][31]. Power Grid - The report mentions the approval of significant high-voltage projects, indicating a rapid acceleration in approvals and tenders for high-voltage equipment [32][33]. - The total tendering amount for the State Grid in 2025 is projected to reach 454.4 billion CNY, reflecting a 4% year-on-year increase [32][39]. - The report emphasizes the importance of transformer technology and the expected supply-demand imbalance in the North American market, presenting opportunities for companies with strong delivery capabilities [34][35].

Group 1 - The core viewpoint of the articles highlights the rapid development of offshore wind power in Jiangsu, with the completion of the 800 MW offshore wind power project expected to generate over 2.8 billion kWh annually, emphasizing the importance of wind power in optimizing energy structure amid energy transition [1] - Jiangsu's offshore wind power installed capacity exceeded 12 million kW by the end of November 2025, with a potential development capacity of 60 million kW, showcasing the province's significant resources and growth in wind energy [1] - The integration of green electricity into the power grid is being enhanced through projects like the Jiangsu 500 kV coastal second channel, ensuring stable transmission of large-scale offshore wind power to various cities in the Yangtze River Delta [1] Group 2 - In 2025, Jiangsu's green electricity trading volume is projected to exceed 21 billion kWh, with an annual growth rate of 96% since the national green electricity trading began in 2021, indicating a strong market for green energy [2] - The establishment of a zero-carbon industrial park in Jiangsu is facilitating the production of electric bicycles using exclusively green electricity, enhancing the products' green value and competitiveness in international markets [2] - Jiangsu's power grid is implementing independent busbars in substations to connect green electricity sources directly to enterprises, achieving a closed-loop traceability system from generation to consumption [2] Group 3 - The use of green electricity in the near-zero carbon industrial park can reach an average of 80%, reducing carbon emissions by nearly 6,000 tons monthly and lowering electricity costs by 5%, demonstrating the economic benefits of green energy [3] - The establishment of a green electricity traceability system at the 220 kV Shuangnan substation allows for point-to-point supply of green electricity from wind farms to enterprises, enhancing product competitiveness in international markets [3] - Predictions indicate that during the 14th Five-Year Plan period, Jiangsu's total installed capacity of wind and solar energy will exceed 172 million kW, contributing to the development of a new type of power system that is clean, low-carbon, and economically efficient [3]

Core Insights - The article discusses the launch of the "Yangtze River Delta Climate Risk Online Service," aimed at helping investors and project developers make informed decisions based on climate risk assessments, thereby enhancing the safety and precision of funding directed towards climate-resilient projects [1][3]. Group 1: Climate Risk Assessment Tools - The service includes two main tools: a climate risk map that provides a 30-year archive of extreme weather events in the Yangtze River Delta, focusing on key risks such as high temperatures, heavy rainfall, typhoons, and strong winds, which aids in regional planning and project site selection [3][4]. - The second tool allows users to input geographic information to generate a tailored climate resilience report, offering critical insights for project location, operation, and investment evaluation [3][4]. Group 2: Transition to Comprehensive Financial Services - The climate financing pilot in Pudong is evolving from a phase focused on providing carbon reduction profiles to a more integrated financial model that emphasizes project value and risk hedging [4]. - By internalizing climate risk as a core parameter in financial pricing, Pudong aims to not only manage risks but also guide the market towards creating a more climate-resilient economic structure [4].