本报讯(记者李昱丞)1月6日至9日，国际消费电子展(CES2026)举行。本届CES汇聚了来自全球160多个国 家和地区的超过4500家企业参展。 展会上，华宝新能（301327）旗下品牌Jackery携全方位家庭绿电解决方案及多款新品亮相，首次展示 了光储技术与AI、机器人的"跨界融合"，向全球呈现中国品牌在能源自主领域的前沿探索，为数智时代 的具身智能与家庭绿电形态提供了创新思路。 Jackery Solar Gazebo作为"可发电的户外遮阳棚"，突破了传统光伏产品的形态限制。其结构融合了 2000W高功率光伏系统，在抵挡风雨雪的同时，为庭院照明、娱乐设备等提供电力。通过与储能系统联 动，该产品实现了从"遮阳设施"到"发电资产"的功能跃升，真正践行了"空间即能源"的场景化理念。 Jackery Explorer1500Ultra则专为严苛环境设计，具备IP65防护等级、9级抗震等性能，搭载1800W输出 功率与1536Wh储能容量。产品采用离心风道设计与航空级散热金属底座，提升高负荷运行时的散热效 率与稳定性，适用于应急救援、户外作业及极限探险等多种高要求场景。 目前，华宝新能已建立覆盖便携光储、阳台光 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 30 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《锂电行业跟踪：动力电池和储能电池需求旺 盛，锂电材料价格回升》2025-12-23 《数据中心供配电设备行业跟踪：AI 与数据中 心景气延续，电力设备需求持续高企》 2025-12-22 《光储行业跟踪：11 月光伏组件出口额同比高 增，海外需求持续旺盛》2025-12-22 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 证券分析师 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 11 月国内光伏装机同比增长，双玻组件 价格小幅上涨 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——光储行业跟踪 强于大市 投资要点： 排产：1）光伏组件：据 SMM，2 ...

光伏"反内卷"持续推进，隆基、爱旭、协鑫科技等受益。1）近期，多家光伏头部企业围绕行业自律、 反内卷展开讨论并初步形成《光伏行业自律倡议书》，核心内容包括取消光伏行业出口退税、对光伏设 备及部件出口/海外制造投资实施窗口指导、2026 年硅料总体供应量控制在80-100 万吨、电池组件开工 率不低于70%等，同时明确长单策略与组件价格底线约束。2）近期，工信部明确2026 光伏六大重点工 作：以市场化法治化手段加强产能调控、推动落后产能退出以实现产能动态平衡，健全价格监测机制、 严打价格违法与质量不达标行为以遏制无序竞争，强化创新驱动以构建产学研用协同创新体系、突破先 进技术与设备，完善标准体系以加快强制性国家标准制修订及推进分级分类与碳足迹核算标准应用，敦 促行业自律、鼓励企业协商共识并支持行业协会发挥作用，深化国际合作以推动人才、技术、标准国际 化助力产业高水平 "走出去"。 智通财经APP获悉，太平洋证券发布研报称，重视新能源行业底部再布局，新技术持续落地+上游供需 持续向好，重视中上游定价权增强的环节；预期降低带来新的布局机会，目前是较好时间点，需更重视 龙头的确定性和上游的弹性；光伏反内卷取得初步成 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 22 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 《锂电行业跟踪：11 月国内动力电池装车量和 出口量同比增长，锂电材料价格趋于稳定》 2025-12-15 《数据中心及 AI 景气上行，电力设备需求持续 增长》2025-12-12 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——光储行业跟踪 11 月光伏组件出口额同比高增，海外需 求持续旺盛 目录 | 1. 11 月国内光伏组件产量环比下降，储能需求旺盛 ...

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [2][36]. Core Viewpoints - The report highlights a decline in domestic photovoltaic module production in November, while the demand for energy storage remains robust [2][5]. - The production forecast for December indicates a 5.3% month-on-month increase in battery production, with energy storage cells accounting for approximately 35.3% of the total [2][12]. - The report suggests focusing on companies related to photovoltaic and energy storage sectors, recommending specific stocks such as Sunshine Power, Nandu Power, and others [2][36]. Summary by Sections Production - In November 2025, the overall production of photovoltaic modules decreased by 2.43% compared to October [2][5]. - The forecast for December indicates a total production of 220 GWh for the Chinese market, with a month-on-month growth of 5.3% [2][12]. Prices - As of December 3, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers decreased slightly to 1.18 CNY/piece [2][12]. - The average bid price for lithium iron phosphate battery energy storage systems in October was 0.5547 CNY/Wh, reflecting a 10% month-on-month increase [2][20]. Domestic Demand - In October 2025, the domestic photovoltaic installation capacity increased by 30.4% month-on-month, totaling 12.6 GW, while the cumulative installation for the year reached 252.87 GW, a 39.5% year-on-year increase [2][22]. - The energy storage sector saw a significant increase in new tender projects, with a year-on-year growth of 85% [2][28]. Overseas Demand - In October 2025, the export value of photovoltaic modules was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% [2][32]. - The report notes a significant growth potential in emerging markets, particularly in Australia, where inverter exports have seen a substantial increase [2][34].

Group 1: Business Development Strategies - The company maintains steady growth in its industrial automation business, focusing on "driving + control + intelligent manufacturing" to promote digital and intelligent upgrades [2][3] - A systematic transformation is underway, enhancing product, marketing, and platform capabilities through strategic planning and global expansion [3] - The company aims to transition from a single equipment supplier to a comprehensive solution provider covering control, drive, and execution [3] Group 2: Network Energy Business - The customer structure for the network energy business has shifted towards strategic industries such as telecommunications, finance, and power, while maintaining a solid foundation in traditional sectors [4] - Recent breakthroughs include securing procurement projects with major telecommunications operators and expanding data center operations in overseas markets [4] - The company plans to enhance its core competitiveness through product iteration and comprehensive solution capabilities [4] Group 3: New Energy Vehicle Business - In the first three quarters of the year, the new energy vehicle business generated revenue of 4.6 billion yuan, with over 80% of this revenue coming from commercial vehicle sales [5] - The company continues to focus on product competitiveness to drive business growth despite a strategic contraction in the passenger vehicle segment [5] Group 4: Solar Storage Business - The company is actively enhancing its solar storage business by integrating teams and resources to improve capabilities from product development to market delivery [5] - There is confidence in the future development of the solar storage business, aiming to provide efficient and reliable solutions to customers [5] Group 5: Investor Relations - The company conducted investor relations activities, including a broker strategy meeting, ensuring compliance with information disclosure regulations [2][5] - Investors engaged in thorough communication during the on-site research, with no significant undisclosed information leaks reported [5]

Core Viewpoint - The announcement indicates that Deye Technology Co., Ltd. is planning an H-share listing to advance its global development strategy, enhance brand international influence and core competitiveness, and broaden financing channels through international capital markets [1] Group 1: H-Share Listing - The goal of the H-share listing is to promote Deye's globalization strategy and improve governance levels [1] - The H-share listing will not change the controlling shareholder or actual controller of Deye [1] - Deye is currently discussing specific details of the H-share listing with relevant intermediaries [1] Group 2: Company Overview - Deye Technology is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [1] - The company was successfully listed on the Shanghai Stock Exchange in April 2021 and has three core industrial chains: photovoltaic inverters, energy storage battery packs, and environmental appliances [1] Group 3: Financial Performance - In the first three quarters of 2025, Deye achieved revenue of 8.846 billion yuan, a year-on-year increase of 10.36% [2] - The net profit attributable to shareholders was 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [2] - The stable performance provides a solid foundation for the company's Hong Kong IPO [2]

Core Insights - The Anhui Province Photovoltaic and Energy Storage Industry Innovation Development Conference was held on November 8, focusing on technological breakthroughs, scenario expansion, and ecological co-construction in the photovoltaic and energy storage industry, resulting in 26 project signings with an investment amount of 9.283 billion yuan [1] - The conference showcased advanced technologies, products, and application scenarios in the photovoltaic and energy storage sectors, highlighting the latest achievements in industry development [1] - Anhui has prioritized the development of the new energy industry, particularly advanced photovoltaic and new energy storage, achieving a comprehensive competitive strength ranking third nationally since the 14th Five-Year Plan [1] Industry Development - Anhui's photovoltaic glass, batteries, components, inverters, and energy storage systems are globally leading in performance, with cutting-edge technologies like perovskite and solid-state batteries ranking in the top tier of the industry [2] - The province has nurtured 10 enterprises in the energy storage sector with revenues exceeding 10 billion yuan, 48 national-level "little giant" enterprises, and 161 provincial-level specialized and innovative enterprises, creating a robust enterprise ecosystem [2] - The revenue scale of Anhui's energy storage industry has grown from 80 billion yuan in 2020 to over 400 billion yuan by the end of last year, achieving a fivefold increase in four years [2] Future Projections - By September 2025, Anhui aims to reach an installed capacity of 54.38 million kilowatts for advanced photovoltaics and 3.73 million kilowatts for new energy storage, representing a threefold and 21-fold increase, respectively, since the 14th Five-Year Plan [2] - The export value of Anhui's energy storage products has increased from 13.9 billion yuan to 43.9 billion yuan during the 14th Five-Year Plan, more than doubling in four years [2] - Companies like Sungrow Power Supply Co., Ltd. have achieved the highest global shipment volume for energy storage systems, while Guoxuan High-Tech has established production bases overseas, enhancing the international recognition of Anhui's energy storage brands [2]

Core Viewpoint - The company, Sunshine Power, has achieved a remarkable market capitalization leap from 300 billion to 400 billion CNY within two months, reflecting strong performance in the photovoltaic and energy storage sectors [1][3]. Financial Performance - In the first three quarters of 2025, Sunshine Power reported revenue of 66.402 billion CNY, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 11.881 billion CNY, up 56.34% [5]. - The third quarter alone saw revenue of 22.869 billion CNY, a 20.83% increase year-on-year, with net profit reaching 4.147 billion CNY, marking a 57.04% increase [5][6]. - Operating cash flow significantly improved, with a net cash flow from operating activities of 9.914 billion CNY, reflecting a growth of over ten times year-on-year [6]. Inventory and Credit Management - The company has made provisions for credit and asset impairments totaling 1.280 billion CNY, impacting current profits, with inventory write-downs accounting for 84.8% of total asset impairments [7]. - The reduction in accounts receivable by 4.6 billion CNY compared to the beginning of the year indicates enhanced cash flow recovery capabilities [6]. Business Segments - Sunshine Power's growth focus has shifted towards energy storage, with energy storage shipments increasing by 70% year-on-year, while photovoltaic inverter revenue grew by approximately 6% [9][10]. - The share of overseas shipments in energy storage has risen from 63% to 83% year-on-year, contributing to stable profit margins [10]. Market Trends - The global lithium battery storage market has seen significant growth, with a 68% year-on-year increase in installations, driven by both domestic and international demand [11]. - The company has increased its market share in North America to 12%, with overseas revenue reaching 25.379 billion CNY, a growth of 88.32% year-on-year, accounting for 58.30% of total revenue [12]. Future Growth Drivers - The European market is expected to be a key growth driver, with projections of a 50% growth rate over the next three years due to the rise of dynamic electricity pricing in countries like Germany [14]. - Sunshine Power is also positioning itself for future growth in data center power demand, with plans to deliver customized energy storage solutions by 2026 [15].

Core Viewpoint - The article highlights the significant growth of Yangguang Power (300274.SZ), which has achieved a market capitalization leap from 300 billion to 400 billion CNY within two months, driven by strong performance in both revenue and profit amidst a challenging photovoltaic market [1][3]. Financial Performance - In the first three quarters of 2025, Yangguang Power reported revenue of 664.02 billion CNY, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 118.81 billion CNY, up 56.34% [5]. - The third quarter alone saw revenue of 228.69 billion CNY, with a net profit of 41.47 billion CNY, marking the highest quarterly net profit since the company's listing [5]. - Operating cash flow significantly improved, with a net cash flow from operating activities of 99.14 billion CNY, reflecting a growth of over ten times year-on-year [5]. Inventory and Credit Management - The company has made provisions for credit and asset impairments totaling 12.80 billion CNY, which has impacted current profits [6]. - Inventory impairment losses accounted for 84.8% of total asset impairment, indicating ongoing challenges in inventory management [6]. Business Segmentation and Growth - Yangguang Power's growth focus has shifted towards energy storage, with a 70% year-on-year increase in energy storage shipments, aligning with market installation growth [8]. - The revenue from photovoltaic inverters grew approximately 6% year-on-year, with improved gross margins due to a shift in market structure [8]. International Market Dynamics - The company has seen a significant increase in overseas shipments, with the share of overseas shipments in energy storage rising from 63% to 83% year-on-year [8]. - The North American market has become a critical component of Yangguang Power's overseas business, contributing to 58.30% of total revenue in the first half of 2025, with a year-on-year growth of 88.32% [9]. Future Growth Drivers - The company is positioning itself for future growth in the data center power demand sector, with plans to deliver customized energy storage solutions by 2026 [10]. - The European market is expected to see substantial growth, driven by dynamic pricing and increased demand for energy storage solutions [10].