Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report expresses a positive outlook on the hydrogen, ammonia, and methanol sectors, as well as the energy storage industry chain, highlighting significant investment opportunities [2][20]. - Domestic energy storage has shown strong bidding data, with November seeing a total of 10GW/29.7GWh completed, predominantly from independent storage projects [1][6]. - The report emphasizes the ongoing demand for energy storage in the U.S. and other countries, particularly in the context of data centers and reconstruction efforts in Ukraine [2][6]. - The hydrogen, ammonia, and methanol sectors are expected to gain more investment due to favorable policies and market conditions, particularly in light of the EU's carbon tariff [2][20]. Summary by Sections Energy Storage - Domestic energy storage remains robust, with high levels of bidding activity and production expected to continue into 2026 [1][6]. - The U.S. continues to face electricity shortages, driving demand for energy storage solutions, particularly in data centers [2][6]. - The report notes that the independent energy storage market is expected to establish a complete revenue model through various market segments [1]. Wind Power - The report indicates a significant increase in domestic wind power installations, with a 52.86% year-on-year growth in new installations from January to October 2025 [8][12]. - The bidding capacity for wind power equipment has also seen substantial growth, with a 90% increase in 2024 compared to the previous year [12][20]. Lithium Battery - The report highlights a stable production outlook for lithium batteries, with expectations for strong demand in December, particularly from the new energy vehicle sector [21][24]. - The supply chain for lithium materials is expected to stabilize, with a focus on investment opportunities in lithium mines and separators [21][24]. Investment Recommendations - The report suggests focusing on companies involved in overseas wind power and energy storage, particularly those that can benefit from the growing demand in Europe and the U.S. [20][24].

深耕光伏电站系统集成业务，积累优质国央企客户资源。公司多年专注于光伏发电系统技术研发，目前 已充分掌握了集中式光伏电站系统设计、各类支架设计开发、分布式光伏整体技术方案及光伏电站智能 运维领域等系列核心技术，应用范围基本覆盖所有光伏电站类型。并且依托于专业的光伏电站研发设计 能力，公司与国家电力投资集团有限公司、中国电力建设集团有限公司和广州发展集团股份有限公司等 优质客户建立了良好的长期合作关系。 拓展新能源技术领域应用边界，增强智慧能源综合技术服务能力。公司前瞻布局智慧能源综合技术，不 断加大在光伏新能源领域、新型储能智能微电网领域、商用车充换电系统、新能源电站智能云运维系统 等领域的研发投入。商用车充换电系统方面，公司最新升级的"小蚁"换电机器人（AGV 2.31）创新性 地应用了无轨智能、AI 视觉识别、SLAM 激光定位等多项技术，实现了远距离（25M）定位导航、路 径规划、智能搬运等功能，可以在3 分钟内轻松更换重达三吨的重卡电池。此外，公司与蚂蚁数科签署 了业务合作协议，双方将于能源可信设备、新能源和常规能源AI智能体、充换电、智算和智能运维服 务等多个领域开展合作。 投资建议：我们预计公司25 ...

岁末将至，A股市场进入跨年布局的关键窗口期。多家头部券商近期密集发布策略研报，围绕跨年行情的启动逻辑、驱动因素及配置方向形成密集研判。 尽管市场对行情强度存在分歧，但多数机构认为，在国内政策窗口期临近、全球流动性宽松预期升温、增量资金持续入场等多重因素共振下，2025年末至 2026年初的跨年行情已具备良好基础，"布局窗口"与"结构性机会"成为研报高频关键词。 （全文2314字，阅读需要8分钟） 记者｜朱开云 摄影｜朱开云 编辑｜朱开云 实习生｜赵涵萱 政策预期成跨年行情支撑逻辑 跨年行情的核心支撑逻辑，首 先源于政策面的明确预期。作为年末最重要的政策风向标，12月召开的中央政治局会议和中央经济工作会议将确定2026年经济发展目标与宏观政策基调， 成为市场凝聚共识的关键催化剂。中信证券在研报中指出，积极财政政策有望成为本次会议亮点，而"反内卷"、促消费、新质生产力等政策方向将直接催 化相关板块行情。中信建投则强调，近期地产、消费等产业政策已陆续推进，11月制造业PMI连续3个月上升并稳定在扩张区间，核心城市房地产销售面 积呈现企稳迹象，基本面边际改善为政策发力提供了良好基础，若会议释放超预期指引，将有效激活市 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights that the European offshore wind catalysis continues to strengthen, and the supply-demand pattern of lithium batteries is improving [1] - The overall performance of the power equipment sector shows positive changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [7] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -5.4% over the last month, 10.2% over the last three months, and 33.1% over the last year, compared to the CSI 300 index [3] Key Events and Insights - In the photovoltaic sector, there is a continued decline in prices for silicon wafers, batteries, and modules, with a significant reduction in domestic polysilicon production by 15.9% month-on-month in November [4] - In the wind power sector, domestic offshore wind turbine bidding has reached 10.3GW, a 9% increase from the previous year, with significant developments in emerging markets [5] - The energy storage sector is seeing growth, with Trina Solar's energy storage shipments expected to exceed 5GWh in Q4, and a focus on overseas markets [5] - The lithium battery industry is experiencing high prosperity, with production expected to remain at a historical high of around 220GWh in December [5] Recommendations - The report suggests focusing on companies in the silicon material sector such as GCL-Poly and Tongwei, as well as battery technology firms like LONGi Green Energy and Aiko Solar [4] - For wind power, companies like Dongfang Cable and Goldwind Technology are recommended due to their involvement in significant projects [5] - In the energy storage space, leading integrators and cell manufacturers such as Sungrow Power and CATL are highlighted as key players [5] - The lithium battery sector is advised to focus on leading companies like CATL and Yiwei Lithium Energy, as the industry is moving towards a more rational growth phase [5]

行业周报 | 电力设备 亚马逊自研芯片上新，特高压新项目获批复 电新行业周报 20251201-20251207 核心结论 DeepSeek 宣布正式推出新一代大模型，亚马逊自研芯片上新。DeepSeek-V3.2 在公开推理类 Benchmark 上已达到 GPT-5 水平，在保证推理质量的前提下， 降低算力成本与用户等待时间。亚马逊推出新一代自研芯片，与同等 GPU 系统 相比，可将 AI 模型训练和运行成本降低 40%。AI 数据中心推荐思源电气、四方 股份、伊戈尔。建议关注联德股份、科士达、中恒电气。 攀西特高压项目获批复，配电网数字化评价指标发布。本周，四川省发展改革 委核准攀西特高压交流工程；《配电网数字化评价指标（2025）》的发布；可控 核聚变方面，ITER 项目完成了中性束"冷阀箱"及第五个真空室扇段的交付。 电力设备持续推荐东方电气、神马电力，建议关注哈尔滨电气、特变电工；可 控核聚变推荐许继电气，建议关注海陆重工、国光电气、赛晶科技、合锻智能。 大金重工滚吊一体多功能运输船发布，海外海风布局继续推进。近期，大金重 工发布滚吊一体多功能运输船；公司与德国 Briese 公司建立合作伙伴关系 ...

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].

证 券 研 究 报 告 励精图治 ——十五五规划十大投资机会梳理 证券分析师： 程翔 A0230518080007 王胜 A0230511060001 傅静涛 A0230516110001 2025.12.06 主要结论 www.swsresearch.com 2 ◼ 2025年9月3日，抗战胜利80周年大阅兵的举行，9月23日，中国国务院总理李强在出席第80届联合国大会相关活动时向全世界庄严 宣示，中国作为负责任的发展中大国，在世贸组织当前和未来谈判中，将不寻求新的特殊和差别待遇。四中全会召开前夕，"钟才 文"系列文章的发布，分别从军事安全、国际责任与国内预期等多个维度共同传递出了一个明确的信号：中国正从全球规则的适应 者，主动转变为共建者与责任承担者。 ◼ 10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》 发布， "统筹发展和安全"贯穿所有领域。科技 部分十五五首次将新兴产业定位为 "支柱产业"，聚焦新能源、新材料等，核心以集群化发展 + 场景规模化落地为路径，还提出 新技术新产品新场景大规模应用示范行动。从覆盖范围角度而言，三中全会聚焦"战略性产业"，"十五五"拓展至"传统-新 ...

点拾导读：我们一直说，股票长期是"称重器"，但到底如何给股票"称重"呢？在今天的这篇分享中，中泰资管姜诚提出了一个原创定义：称重 是对长期分红折现值"求积分"，而非"求导"。那么背后的逻辑又是什么呢？下面分享这篇来自姜诚的原创思考，希望给大家带来帮助 时间飞快，年关将至，又到了总结和反思的时候。 先当事后诸葛亮，复一下盘。今年市场整体表现不错，多数股票上涨。但表现也有分化，基本面是主线。顺周期行业整体需求难言强劲，但一 些行业受益于供给端的良性变化，利润有见底回升迹象；个别产能过剩且没有出清迹象的行业则收入和利润两端承压。房地产的量价都继续下 行，报表端还在消化库存压力，超过一半的公司前三季度录得亏损；白酒受累于结构性的需求下行，多数企业单季度释放出少见的利润负增 长，跟房地产成了难兄难弟；银行的弱周期属性越来越明显，在息差阶段性见底的利好加持下，今年获得了正收益。也有亮眼的明星，储能、 AI等领域的需求都有强劲增长，虽然在技术路线上有分歧，但阶段性的高增长确定性明摆，分歧较小的方向涨幅最大。 股市的分化，必然导致基金经理业绩的冰火两重天。今年我们的组合涨得慢了点，是懈怠还是投资框架所致？也需要复一下盘。 今 ...

以下文章来源于中泰证券资管 ，作者文/姜诚 中泰证券资管 . 中泰证券（上海）资产管理有限公司官方公众订阅号，投资路上的好朋友。 点拾导读：我们一直说，股票长期是"称重器"，但到底如何给股票"称重"呢？在今天的这篇分享 中，中泰资管姜诚提出了一个原创定义：称重是对长期分红折现值"求积分"，而非"求导"。那么背 后的逻辑又是什么呢？下面分享这篇来自姜诚的原创思考，希望给大家带来帮助 时间飞快，年关将至，又到了总结和反思的时候。 先当事后诸葛亮，复一下盘。今年市场整体表现不错，多数股票上涨。但表现也有分化，基本面 是主线。顺周期行业整体需求难言强劲，但一些行业受益于供给端的良性变化，利润有见底回升 迹象；个别产能过剩且没有出清迹象的行业则收入和利润两端承压。房地产的量价都继续下行， 报表端还在消化库存压力，超过一半的公司前三季度录得亏损；白酒受累于结构性的需求下行， 多数企业单季度释放出少见的利润负增长，跟房地产成了难兄难弟；银行的弱周期属性越来越明 显，在息差阶段性见底的利好加持下，今年获得了正收益。也有亮眼的明星，储能、AI等领域的 需求都有强劲增长，虽然在技术路线上有分歧，但阶段性的高增长确定性明摆，分歧较 ...

Core Viewpoint - The article highlights the collaboration between Hai Chen Energy and CRRC Zhuzhou Institute, focusing on the supply of 120GWh of energy storage products and the development of advanced energy storage technologies, which is expected to significantly impact the global energy storage market. Group 1: Event Information - The 2025 (10th) Starting Point Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, at the Venus Royal Hotel in Shenzhen [2] - The event will feature over 1200 offline participants and 30,000 online viewers, showcasing the importance of the lithium battery and energy storage sectors [2] Group 2: Partnership Details - Hai Chen Energy signed a cooperation agreement with CRRC Zhuzhou Institute on December 5, 2025, to supply a minimum of 120GWh of energy storage products from 2026 to 2030 [3] - The partnership will focus on various energy storage applications, including smart storage, commercial storage, shared storage, and distributed storage [4] Group 3: Market Position and Growth - In 2024, global energy storage system shipments are projected to reach 418.3GWh, a 92.7% increase year-on-year, with CRRC Zhuzhou Institute ranked third globally in shipments [4] - Hai Chen Energy is also positioned third in global energy storage lithium battery shipments, with a cumulative shipment exceeding 100GWh by August 2025 [4] Group 4: Technological Advancements - The ∞Cell series, particularly the ∞Cell 1175Ah and ∞Cell 587Ah batteries, are key products in the partnership, designed for long-duration energy storage and sharing a common system architecture to reduce costs [5][6] - The ∞Cell 587Ah battery was launched in 2024 and achieved mass production by August 2025, while the ∞Cell 1175Ah battery, the world's first mass-produced single-cell energy storage battery over 1000Ah, began production in June 2025 [6] Group 5: Financial Performance - Hai Chen Energy reported a revenue increase of 224.6% year-on-year in the first half of 2025, reaching 6.971 billion yuan, with a net profit of 213 million yuan and a gross margin of 13.1% [8] - The company has over 44.5GWh in total orders as of November 2025, with long-duration storage projects accounting for 70% of the orders [8] Group 6: Future Outlook - The successful listing of Hai Chen Energy on the Hong Kong Stock Exchange is anticipated to further strengthen its position in the global energy storage industry [9]