电力设备 多晶硅市场维持稳定，大金重工欧洲拓展加速 光伏：多晶硅市场整体维持稳定，电池酝酿挺价。据安泰科统计，本周多晶硅 n 型复投料成 交价格区间为 4.9-5.5 万元/吨，成交均价为 5.32 万元/吨，环比持平。n 型颗粒硅成交价格 区间为 5.0-5.1 万元/吨，成交均价为 5.05 万元/吨，环比持平。从成交情况看，主流签单企 业数量维持在 5 家，头部棒状硅企业和颗粒硅企业签单量和成交价格与前期基本持平。据 Infolink Consulting，本周 N 型电池片价格：183N、210RN 与 210N 价格持平，均价仍分别 为每瓦 0.285、0.275 与 0.285 元人民币，价格区间分别为每瓦 0.28-0.29、0.27-0.275 与 0.28-0.285 元人民币。由头部厂家带领，本月电池片环节进行大规模减产，其中 210RN 排 产占比显著下滑，本周部分电池片厂家正酝酿坚挺该尺寸价格，并给出每瓦 0.285 元人民币 的报价。组件价格方面，TOPCon 国内集中式项目交付范围落在每瓦 0.64-0.70 元人民币左 右；分布式项目落在每瓦 0.66-0.70 元人民币不等。近 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles are expected to continue growing, with a projected 20% year-on-year increase in domestic sales by 2025, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is anticipated to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak, leading to price fluctuations in the supply chain [1]. - The wind power sector is expected to see sustained growth, with government support for new projects [1]. - The energy storage market remains robust, with rising prices in upstream materials affecting downstream integration [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term energy development direction, with recommendations to focus on core suppliers in this area [1]. Summary by Sections New Energy Vehicles - The fourth quarter is a peak sales season, with a forecast of 1.72 million new energy vehicles sold in November 2025, a 20% year-on-year increase [2]. - Cumulative wholesale figures for the year show a 29% increase, totaling 13.78 million vehicles [2]. Battery Industry - The planned production for December 2025 is 148.84 GWh, reflecting a 2.27% month-on-month increase [2]. Photovoltaic and Wind Power - The utilization rates for wind and photovoltaic power are projected at 96.4% and 94.8% respectively for October 2025 [2]. - The announcement of new brands for polysilicon futures is expected to have limited impact on the supply landscape [1]. Energy Storage - By November 2025, 10 GW/29.7 GWh of energy storage systems have been tendered, with independent storage projects making up 90% of this [2]. - The demand for energy storage remains high, with upstream material price increases pushing up costs in downstream integration [1]. Hydrogen Energy - The National Energy Administration has announced pilot projects for hydrogen energy, indicating a growing focus on this sector [2]. Market Trends - The electric equipment and new energy sector saw a slight increase of 0.22% this week, with wind power leading the gains at 3.48% [10]. - The lithium battery index experienced a decline of 3.53%, indicating market volatility [13]. Price Observations - The price of lithium carbonate remains high, with battery-grade prices around 91,000 RMB per ton, reflecting a 2.6% increase [25]. - Energy storage cell prices are stable, with square lithium iron phosphate cells priced between 0.270-0.420 RMB per watt-hour [26].

Core Viewpoint - The article highlights the recent institutional research activities among listed companies, focusing on the performance of specific stocks and the strategic developments of key players in various industries. Group 1: Institutional Research Activities - A total of 223 listed companies received institutional research from December 1 to December 5, with only 30% of the researched stocks achieving positive returns during the week [3]. - Notable stocks that saw significant gains include Hai Xin Food, which rose nearly 32%, and others like Tongyu Communication, Jereh, and Kexiang, which increased by over 20% [4]. Group 2: Jereh's Strategic Developments - Jereh remains the most researched company, with 176 institutions participating in its December 2 research, resulting in a cumulative stock increase of 26.40% for the week [6]. - The company announced a sales contract for generator sets with a global AI giant, valued at over $100 million, marking a strategic upgrade in the North American market [8]. - Jereh aims to deepen its focus on data centers, industrial energy, and new power systems, emphasizing technological innovation and collaboration with clients [8]. Group 3: Tianhua New Energy's Growth - Tianhua New Energy hosted 76 institutional research sessions, with significant interest in its business areas, particularly lithium battery materials, which account for over 90% of its revenue [10]. - The company is set to receive an investment of over 2.6 billion yuan from CATL, making it the second-largest shareholder, which is expected to enhance its operational stability and growth potential [10][11]. Group 4: Three Gorges Tourism's Project Updates - Three Gorges Tourism engaged with 60 institutions, focusing on the progress of its inter-provincial cruise project, with the first two self-built cruise ships expected to operate by mid-2026 [13]. - The company has a low debt ratio of 18.81% as of Q3 2025, indicating strong financial health and the ability to self-fund project shortfalls [13]. Group 5: Dajin Heavy Industry's European Expansion - Dajin Heavy Industry received attention from 58 institutions, showcasing advancements in shipbuilding and overseas business expansion [15]. - The company has signed a contract worth approximately 1.339 billion yuan for a project with a leading European energy firm, expected to be delivered by 2027 [16]. - Dajin is focusing on enhancing its competitiveness in the European market by expanding its service offerings and local supply capabilities [16].

Group 1 - China's offshore wind power installed capacity exceeds 50% of the global total, which is approximately 83 million kilowatts [5] - In 2023, China's newly connected offshore wind power capacity surpassed 3.5 million kilowatts, maintaining the top position globally for five consecutive years [5] - The first round of water storage for the Guangxi Nanning pumped storage power station was completed, with four 300,000-kilowatt units expected to generate 2.26 billion kilowatt-hours annually, reducing carbon dioxide emissions by 2.2 million tons [9] Group 2 - The core structure of the Hubei Hannan Yangtze River Bridge has been completed, with the south anchor block weighing 160,000 tons, which is crucial for supporting the main cable [13] - The Hannan Yangtze River Bridge is a key project for the Wuhan metropolitan area, aimed at enhancing the regional highway network and optimizing the Yangtze River crossing system [13]

Group 1: Offshore Wind Power - China has maintained the world's leading position in newly installed offshore wind power capacity for five consecutive years, with a cumulative grid-connected capacity of 44.61 million kilowatts and an addition of 3.5 million kilowatts as of September 2025 [2] Group 2: Innovative Bridge Construction - The world's first single-tower ground-anchored rotating cable-stayed bridge, the Jixin Expressway Yellow River Grand Canyon Bridge, has successfully completed load testing and is ready for official operation [5] - The bridge spans 555 meters and significantly reduces travel time across the Yellow River from two hours to twenty minutes, enhancing the highway network in Henan Province and promoting economic development and ecological protection in the Yellow River basin [8] Group 3: Longest Commercial Flight Route - China Eastern Airlines launched the world's longest single commercial flight route, MU745, from Shanghai to Buenos Aires, covering approximately 20,000 kilometers and reducing travel time to South America by over four hours [9][12] - The new route operates two round-trip flights weekly using Boeing 777-300 aircraft, providing a direct connection between Shanghai and major cities in South America, thus reshaping air travel between three continents [12]

Core Viewpoint - The Colombian government is developing a new regulatory strategy to promote the integration of more clean energy into the system, inviting Chinese companies to participate in wind power construction projects [1] Group 1: Regulatory Strategy - The Colombian Ministry of Mines and Energy is formulating a new regulatory framework aimed at facilitating the advancement of renewable energy projects [1] - The reforms will enable projects with actual generation capacity to progress smoothly, including proposals from several Chinese enterprises [1] Group 2: International Investment - The Colombian government is seeking to attract more international investment to enhance the regulatory framework [1] - The Minister of Mines and Energy, Palma, specifically invited Chinese solar companies with international experience to actively participate in the upcoming wind power bidding in Colombia [1]

Core Insights - The Global Wind Energy Council has released the "Global Offshore Wind Industry Chain Development Report 2025" highlighting the dominance of the Asia-Pacific region in wind turbine assembly and key component production [1] - China holds a central position in global offshore wind capacity, reinforcing its leadership in the industry [1] Regional Analysis - The Asia-Pacific region is identified as the largest center for wind turbine assembly and key component production, supported by a complete industrial system [1] - Onshore wind capacity is primarily concentrated in China and India, while offshore wind capacity is predominantly centered in China [1]

每经AI快讯，江南化工（SZ 002226，收盘价：6.35元）12月5日晚间发布公告称，抚矿十一厂隶属于抚 顺矿业集团有限责任公司，位于辽宁省抚顺市东洲区平山北街7号，主要从事民用爆炸物品生产，道路 货物运输。公司拟以公开摘牌方式参与本次民爆资产转让项目与出租项目，其中民爆资产转让项目转让 底价为含税价约1.46亿元，出租项目出租底价为5299.5万元/十年，最终金额以竞价结果确定。 2025年1至6月份，江南化工的营业收入构成为：民爆行业占比91.6%，风电行业占比7.86%，其他业务 占比0.53%。 每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 （记者 曾健辉） 截至发稿，江南化工市值为168亿元。 ...

Core Viewpoint - China Tianying (000035) clarified that not all green electricity generated from its wind power projects will be self-consumed, with approximately 20% being sold to the grid and 80% being used for its hydrogen-based green chemical industry chain [1] Summary by Category - **Green Electricity Generation** - Approximately 20% of the green electricity produced will be connected to the grid for sale [1] - The remaining 80% will be consumed on-site for the company's hydrogen-based energy green chemical industry chain [1]

Core Viewpoint - China Power (02380) announced the signing of two engineering general contracting agreements with Shandong Institute for the Yuekou Fozishan and Ganyizhaoshi projects, with a total contract value of RMB 939 million (approximately HKD 1.032 billion) [1] Group 1: Project Details - The projects are located in rural areas rich in wind energy resources and are designated by the Hubei provincial government as pilot projects for the national rural energy revolution [1] - The projects aim to optimize the local energy structure, promote rural revitalization, and support the national commitment to achieving carbon peak by 2030 and carbon neutrality by 2060 [1] Group 2: Contracting Process - The contracts were awarded to Shandong Institute through a rigorous competitive public bidding process on China's procurement and bidding platforms [2] - The contract prices are consistent with or better than those offered by independent third parties for comparable market projects [2]