证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 03 月 01 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 重视"双碳"考核 重点氢能项目总结 ——大能源行业 2026 年第 8 周周报（20260301） 投资要点： 电力：重视"双碳"考核及绿电消纳 "十五五"开局之年，计划与市场转型关键期，重申重视"双碳"考核。从考核看 投资方向，1）存量角度看配额机制，参考发电企业碳配额交易情况看，预计钢铁、 水泥、铝冶炼进入碳市场后，将进一步从"绿色"的角度加快供给侧出清，上述高 耗能企业承担"绿色"转型责任。2）增量角度看绿电需求，考虑到"十五五"期间 考核指标从能耗转为碳排放，有利于高耗能企业增强清洁能源的使用，其中绿证 ...

电力设备 | 证券研究报告 — 行业周报 2026 年 3 月 1 日 jiaxiong.wu@bocichina.com 证券投资咨询业务证书编号：S1300523070001 证券分析师：李扬 yang.li@bocichina.com 证券投资咨询业务证书编号：S1300523080002 强于大市 电力设备与新能源行业 2 月 第 4 周周报 国家能源局定调新能源发展，津巴布韦暂停锂精 矿出口 新能源汽车方面，我们预计 2026 年全球新能源汽车销量有望保持较快增长，带 动电池和材料需求增长。动力电池方面，近期材料价格波动较大，津巴布韦的锂 精矿出口禁令引发碳酸锂价格上涨，重点关注产业链顺价情况。新技术方面，固 态电池迈向工程化验证关键期，关注相关材料和设备企业验证进展。光伏方面， "反内卷"、"太空光伏"是 2026 年光伏投资双主线，马斯克团队开始针对国内厂 商进行调研，光伏设备景气度进一步提升，短期设备订单具备增量订单，长期看 好国内优势材料兑现海外增量利润。国内方面，国家工信部再次点名"反内卷"， 由于白银价格上涨，电池片环节格局正在优化，贱金属导入速度有望加快。国内 已出现高功率组件需求，下 ...

[Table_StockName电Rpt力Typ设e] 备 行业周报 人形机器人惊艳亮相春晚，储能电芯集采涨价 行业评级： 增持 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 执业证书号：S0010125040047 邮箱：caijinyang@hazq.com 求支撑明显 2026-01-22 2.北美缺电逻辑演绎，储能成为核心 解法 2026-01-22 东大储需求高增 2026-01-17 主要观点： 报告日期： 2026-02-27 储能：储能电芯集采价格上涨，阳光电源欧洲工厂落地 公司价格与沪深 300 走势比较 容量电价政策落地，储能后续需求支撑明显。碳酸锂价格上涨对储能 IRR 影 响较小。全球大储招标数据持续火热，国内储能反内卷推动储能高质量发展， 美国数据中心用电激增带动大储需求，欧洲户储需求温和复苏，大储成为主 要 ...

Core Viewpoint - Daxing District is seizing new opportunities in the "14th Five-Year Plan" period, with 482 key projects underway across various sectors, including transportation, ecology, healthcare, education, and industry, aimed at injecting new momentum into high-quality development in southern Beijing [1][3]. Group 1: Transportation Development - Daxing is promoting the south extension of Metro Line 19, which will activate the area east of the Jingkai Expressway [4] - The southern road network will be further improved to support development around Beijing Daxing International Airport [4] - The planned Daxing International Tourism Resort will leverage the airport's "magnetic" and "first station" effects to attract entertainment projects [4] Group 2: Ecological Initiatives - Daxing will connect three major parks and create new public parks, garden blocks, urban galleries, and small green spaces to integrate a "15-minute park leisure circle" into residents' lives [6] - Infrastructure in key areas will be enhanced, with the introduction of quality medical and educational resources from institutions like Capital Medical University and An Ding Hospital [6] Group 3: Industrial Development - Daxing's industrial strategy focuses on the integration of innovation, industry, finance, and talent [6] - The district aims to attract high-end talent and facilitate the transformation of scientific achievements from central urban areas [6] - Key industrial parks will undergo upgrades, with a focus on aviation, biomedicine, hydrogen energy, digital economy, and commercial aerospace sectors [9]

Core Viewpoint - The company, Shuangliang Energy, is under investigation by the China Securities Regulatory Commission (CSRC) for misleading statements related to its overseas orders in the commercial aerospace sector, which has led to significant stock price fluctuations and regulatory scrutiny [1][4]. Group 1: Regulatory Issues - On February 12, the company announced it secured three overseas orders for heat exchangers, which were later clarified to be worth approximately RMB 13.92 million, representing only 0.11% of its audited revenue for 2024 [3]. - The Shanghai Stock Exchange criticized the company for not providing sufficient details about the orders and their impact on overall operations, which could mislead investors [4]. Group 2: Financial Performance - The company has reported continuous losses, projecting a net loss of between RMB 780 million and RMB 1.06 billion for 2025, following a loss of RMB 2.134 billion in 2024 [6]. - For the first three quarters of 2025, the company recorded revenue of RMB 6.076 billion, a year-on-year decline of 41.27%, primarily due to reduced sales in the photovoltaic sector [6]. - The company's debt levels are rising, with asset-liability ratios increasing from 68.49% in 2022 to 81.91% by September 2025, significantly above the industry average of 57.1% [6]. Group 3: Strategic Transformation - In response to ongoing financial difficulties, the company is attempting a strategic shift away from photovoltaic expansion towards hydrogen energy and energy-saving equipment [8]. - The company has terminated plans for a large-scale silicon project and is now focusing on raising up to RMB 1.292 billion for new projects in zero-carbon manufacturing and green hydrogen equipment [8]. - Under new leadership, the company aims to transition from traditional manufacturing to a focus on green, intelligent, and service-oriented operations, with initial contracts in the hydrogen sector already signed [10].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the wind energy sector, specifically highlighting the developments in hydrogen energy and related technologies. Core Insights and Arguments - **TRB Delivery Penetration**: The delivery penetration rate for TRB is still increasing, with a projected revenue growth of 45% in 2026, despite a high base in 2025. The current valuation stands at only 15 times earnings [1] - **Production Capacity**: The first ship's maiden voyage has commenced before the holiday, with production capacity expected to reach 700,000 tons by the end of 2027. If fully utilized, this could contribute a profit of 4 billion [1] - **Green Hydrogen Subsidies**: Anticipation of green hydrogen subsidies is noted, with green methanol production capacity expected to reach 500,000 tons by the end of 2026. This is projected to contribute an additional profit of 1 billion next year, with an incremental market value of 20 billion [1] - **Comprehensive Hydrogen Energy Assets**: The company has established a comprehensive hydrogen energy ecosystem, including alkaline and PEM electrolyzers, a 20wt green methanol production line, the world's first 30MW hydrogen turbine, integrated wind-hydrogen systems, hydrogen pipeline projects, and "wind-solar-hydrogen-storage-fuel" power station indicators. These are all key areas for hydrogen subsidies [1] - **Performance and Valuation**: For 2026, a profit of 1.4 billion is expected, with a valuation of only 11 times earnings. There is significant potential for a doubling of performance within the year, making it a key recommendation [1] - **East Cable's AR7 Project**: The AR7 project from East Cable is expected to secure contracts, with anticipation for the deep-sea planning to be released within the year. The current valuation is at a low point, making it a key recommendation [1] Other Important but Potentially Overlooked Content - The emphasis on the full hydrogen energy supply chain indicates a strategic positioning in a rapidly evolving market, which may present substantial future growth opportunities [1]

Summary of Key Points from Conference Call Industry Overview - The hydrogen energy sector is identified as a new economic growth point for the "14th Five-Year Plan" period, as emphasized by the General Secretary [1] - The Ministry of Industry and Information Technology (MIIT) has officially recognized hydrogen energy as a key future industry during a special meeting [1] - The National Energy Administration has clarified the promotion of renewable energy for hydrogen production, indicating a significant scale-up in hydrogen and ammonia production [1] Core Insights - Hydrogen energy is considered an important non-electric utilization carrier, transitioning from demonstration trials to large-scale implementation [1] - Specific supportive policies for the green hydrogen industry are expected to be introduced intensively, indicating medium to long-term investment value [1] Key Recommendations - **Electrolyzers**: Companies recommended include Huadian Technology, Huaguang Huaneng, Shuangliang Energy, and Shenghui Technology [2] - **Fuel Cells**: Recommended companies are Guofu Hydrogen Energy, Xiongtao Co., Yihuatong, and Reshaping Energy [3]

顶层定调层层加码，从总书记定调新增长点，到能源局细化试点先行 【东吴公用】碳市场大幅扩容，版图清晰 【国金电新】两会在即 双碳高度再提，氢能再强调投资机会！_260227 2月26日，#生态环境法典首次将绿色低碳发展独立成编，并专设"应对气候变化"章节，明确了碳核算体系、碳市 场交易监管、产品碳足迹管理等核心制度；同时能源局再提非电利用目标，#推动可再生能源制氢氨醇等非电利用 规模跃升。 【东吴公用】碳市场大幅扩容，版图清晰 【国金电新】两会在即 双碳高度再提，氢能再强调投资机会！_260227 2月26日，#生态环境法典首次将绿色低碳发展独立成编，并专设"应对气候变化"章节，明确了碳核算体系、碳市 场交易监管、产品碳足迹管理等核心制度；同时能源局再提非电利用目标，#推动可再生能源制氢氨醇等非电利用 规模跃升。 顶层定调层层加码，从总书记定调新增长点，到能源局细化试点先行，#氢能产业已站在重要节点！从12月底我们 反复提示投资窗口期已经打开，重点布局政策下投资密集度最高、率先跑通经济性弹性方向。 绿醇：国内外氢能政策共振打开需求，率先投产、能保障销售渠道的绿醇生产商：#嘉泽新能、电投绿能、中 集安瑞科、中国天 ...

在江苏连云港徐圩港口，伴随着"咔哒"一声脆响，粗壮的输油臂与船载储罐精准对接。在低沉的泵送轰 鸣与清晰的口令声中，液氨以精确控制的流速，通过保温管道注入液氨运输船的专用储罐。装载完毕 后，这艘承载着"绿色新石油"的巨轮解缆启航，驶向韩国——全球首船绿氨正式出海，一条可再生能 源"海上绿色通道"由此打通。 近日，远景首船绿氨正式出海启航，从赤峰工厂出发，经连云港港口，最终运送至全球特种化学品巨头 韩国乐天精密化学(LOTTE Fine Chemical)。此次交付成功验证了从"绿电制氢合成氨"到"储运报 关"至"国际海运"的端到端全链路，标志着远景打通绿氨生产到应用的完整价值链，开启"绿色新石 油"参与全球零碳贸易的新时代。 远景赤峰零碳产业园不仅是全球最大的绿色氢氨产业基地，也是全球最大的100%可再生能源电力系 统，通过物理AI智能调度的风电、光伏生产绿氢并合成液氨。在赤峰海关的大力支持下，项目团队快 速完成液氨的属地法检、电子底账申请并疏通出口通关流程，保障首船货物的顺利交付。 远景能源高级副总裁、首席产品官娄益民指出，"这艘船承载的不仅是绿氨，更是我们对'人类可持续未 来'的承诺。此次首航成功，证明远景 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the fiscal year 2025, driven by increased LNG vehicle sales and strategic business decisions. Group 1: Financial Performance - Total operating revenue reached 1.079 billion, representing a 71.15% increase compared to the same period last year [1] - Net profit attributable to shareholders was 7.0429 million, marking a 108.55% increase year-on-year [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 42.2703 million, reflecting a 157.27% increase compared to the previous year [1] Group 2: Business Operations - The growth in revenue was supported by a decline in domestic LNG prices and an increase in LNG vehicle sales, alongside the company's ongoing international business expansion [1] - The traditional natural gas refueling segment experienced heightened market demand, while the hydrogen energy business maintained stable development, consolidating overall scale [1] - The company strategically abandoned some low-profitability orders to focus on higher-margin projects, which, combined with cost reduction and efficiency improvement strategies, led to an increase in gross profit [1] Group 3: Legal and Equity Changes - The company recognized a provision of 61.47 million for a lawsuit involving its wholly-owned subsidiary, which significantly impacted net profit attributable to shareholders [2] - The increase in equity attributable to shareholders and share capital was primarily due to the issuance of shares to specific investors during the reporting period [2]