【浙商电新】固德威：澳洲户储需求火爆，在国内探索AI+能源应用 #澳洲户储补贴加码；公司是澳洲户储核心受益标的。 澳大利亚推出72亿澳元户用电池补贴计划，引爆户储需求。 5月1日后，14kWh以下才可拿到全额补贴，补贴按照功率段阶梯式递减。 我们认为5月1日前会存在大容量户储系统抢装，且退税减少也可能对备货需求产生刺激。 固德威在澳洲市场深耕多年，20 【浙商电新】固德威：澳洲户储需求火爆，在国内探索AI+能源应用 #澳洲户储补贴加码；公司是澳洲户储核心受益标的。 澳大利亚推出72亿澳元户用电池补贴计划，引爆户储需求。 5月1日后，14kWh以下才可拿到全额补贴，补贴按照功率段阶梯式递减。 我们认为5月1日前会存在大容量户储系统抢装，且退税减少也可能对备货需求产生刺激。 固德威在澳洲市场深耕多年，2015年设立澳大利亚子公司，在澳洲市占率居于前列，澳洲市场需求向上弹性极 大。 #英国发布150亿英镑热泵户储补贴计划；公司热泵和户储产品有望受益。 英国政府发布《温暖家园计划》（WHP），将在2026-2030年投入150亿英镑的公共资金，通过补贴和低息贷款， 用于高达500万户家庭的升级，使家庭安装热泵、光伏和 ...

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Insights - The UK has launched the "Warm Homes Plan" (WHP), which aims to upgrade housing facilities and reduce energy costs, with a public investment of £15 billion (over 140 billion RMB) to retrofit 5 million homes by 2030. This is the largest home energy retrofit project in the UK to date, targeting significant improvements in residential energy efficiency and promoting the widespread adoption of rooftop photovoltaics, energy storage, and heat pumps [4][5] - The Boiler Upgrade Scheme (BUS) will provide £7,500 subsidies for eligible applicants to install liquid circulation heat pumps, with an additional £2,500 for those choosing air-source heat pumps or other new products. The plan also includes £5 billion for low-income household support and £2 billion for consumer loans, which will cover heat pump installations [5] - The plan anticipates the installation of 3 million new home solar systems by 2030, tripling the number of households with solar power. It allocates at least £7 billion to support investments in solar + storage + heat pumps, with £5 billion designated for low-income households and £2 billion for consumer loans [7] - The UK aims to achieve an annual installation of over 450,000 heat pumps by 2030, supported by a £2.7 billion fund (approximately 26 billion RMB). The market for heat pumps is expected to grow rapidly, with sales projected to reach 84,000 units in 2024 [7][8] Summary by Sections Warm Homes Plan - The WHP is a significant initiative with a £15 billion investment to retrofit 5 million homes by 2030, enhancing energy efficiency and promoting renewable energy technologies [4][5] Boiler Upgrade Scheme - The BUS provides substantial subsidies for heat pump installations, encouraging the adoption of energy-efficient heating solutions [5] Solar and Energy Storage - The plan aims for 3 million new home solar installations by 2030, with significant funding allocated to support this growth, particularly for low-income households [7] Heat Pump Market - The UK government is committed to increasing heat pump installations, with a target of over 450,000 units annually by 2030, backed by a dedicated funding scheme [7][8]

Summary of Key Points from Conference Call Records Industry Overview - The UK government has launched a £15 billion "Warm Homes Programme" aimed at helping users install photovoltaic systems, energy storage, heat pumps, and insulation materials to alleviate energy shortages, which is expected to leverage a total investment of £38 billion [1][1] Funding Allocation - The funding distribution includes: - £4.4 billion for direct subsidies to low-income households for home upgrades, including photovoltaic systems, energy storage, insulation materials, and clean heating [1][1] - £2.7 billion for heat pump subsidies, with a target of installing 61,000 new heat pumps in 2025, 450,000 by 2030, and 1.5 million by 2035 [1][1] - £1.1 billion for heating network construction [1][1] - £5.3 billion for loan funds [1][1] Market Impact - The subsidies are estimated to stimulate over £100 billion in demand for household storage and heat pump equipment, benefiting early movers in the Chinese market significantly [1][1] Company Insights - **Airo Energy**: A leading player in household storage with a strong market share in Europe. Expected to generate over £400 million in revenue from household storage in the UK by 2025, and has begun small-scale supply of home heat pumps [1][1] - **GoodWe**: A leading company in household storage with deep market penetration and early layout in Europe [2][2] - **Deye Co., Ltd.**: A leading enterprise in household storage with strong manufacturing competitive advantages and differentiated competitive advantages in emerging markets [3][3] - **Rujing Technology**: A core supplier of heat pump controllers, with key products widely used in well-known brands such as Gree, McQuay, Ariston, Haier, Mitsubishi Heavy Industries, Carrier, and Bosch [4][4] Additional Companies to Watch - Companies to monitor include Jinlang Technology, Penghui Energy, Shouhang New Energy, Keda, Tongrun Equipment, and Pylon Technologies [4][4]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 近期户储领域利好不断 2025年12月，澳大利亚宣布对"Cheaper Home Batteries"计划进行扩容，将向该计划额外拨款约50亿澳元。 此外，欧洲天然气近期价格大涨，Dutch TTF天然气价格从之前底部的30欧元/MWh上涨至40欧元/MWh。 风险分析： 政策支持力度不及预期；行业竞争加剧。 发布日期： 2026- 01-26 事件： 近日，英国发布《Warm Homes Plan》，提出到2030年，将投入150亿英镑公共资金，用于改造500万套房 屋，并帮助100万家庭摆脱能源贫困。 英国此次补贴力度较大，预计将大幅刺激需求 根据《Warm Homes Plan》，英国将投入150亿英镑公共资金，其中2 ...

推广热泵采暖是2050年碳中和目标的重要抓手，国际能源署预计至2050年，热泵将满足全球超半数采暖 需求，市场规模可达万亿级别，装机量有望提升至2023年的3.3-4.3倍。目前欧洲市场热泵渗透率仍较 低，2024年为12%，多数国家渗透率低于20%;欧洲热泵保有量Top2的国家，法国、意大利2024年渗透率 为20.4%、16%，有较大提升空间;德国、英国渗透率极低，仅为5.4%和1.9%，2024年起两国从政策层面 明显加强补贴力度，例如英国BUS计划多次提升公共资金预算，德国建筑能源法案力推可再生能源的使 用，热泵补贴上限最高可达70%。欧盟设定2030年达到6000万台热泵保有量的战略目标，2024年保有量 为2553.7万台，仍有3400多万台的缺口，据此测算，2024-2030年欧洲热泵保有量复合增速有望达 15.3%，将带动我国热泵出口持续增长。 风险提示 海外宏观环境变化的风险;海运费波动的风险;原材料成本上行的风险。 25年12月热泵出口创历史12月的新高，26年出口景气度有望延续 欧洲是我国热泵最主要的出口目的地，其热泵补贴政策的变化是导致我国热泵出口波动的重要原因。 2021-2022年 ...

人民财讯1月27日电，银河证券研报指出，海关总署数据显示，2025年12月，我国热泵相关整机及零部 件出口额为16.2亿元，同比增长21.7%，连续20个月实现同比增长，并且较2022年12月历史出口高峰时 期增长25.9%，创下历史12月单月出口新高峰。2025年全年，我国热泵相关整机及零部件出口额164.6亿 元，同比增长17.7%，预计2026年出口景气度将延续。推广热泵采暖是2050年碳中和目标的重要抓手， 国际能源署预计至2050年，热泵将满足全球超半数采暖需求，市场规模可达万亿级别，装机量有望提升 至2023年的3.3—4.3倍。欧盟设定2030年达到6000万台热泵保有量的战略目标，2024年保有量为2553.7 万台，仍有3400多万台的缺口，据此测算，2024—2030年欧洲热泵保有量复合增速有望达15.3%，将带 动我国热泵出口持续增长。研报预计需求将从整机端逐渐传导至核心零部件与控制系统端，形成全产业 链共振，利好我国热泵整机及零部件出口企业，以及在欧洲暖通市场有并购标的的企业。 ...

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [4]. Core Insights - The UK has launched the "Warm Homes Plan," committing £15 billion in public funds to retrofit 5 million homes and assist 1 million families in energy poverty by 2030. This plan is expected to significantly boost demand for residential solar storage and heat pumps [1]. - The plan allocates £2.7 billion for subsidies and £2 billion for low-interest loans to support the purchase of residential solar storage and heat pump systems, alongside £5 billion for assistance to low-income households and £1 billion for heating network investments [1]. - The anticipated growth in the residential solar storage and heat pump sectors is substantial, with projections of 3 million new solar installations and over 450,000 heat pumps installed annually from 2026 to 2030 [1][2]. Summary by Relevant Sections Residential Solar PV - By the end of 2025, the UK is expected to have a cumulative installation of 1.6 million residential solar PV systems, with less than 200,000 new installations in 2025. The "Warm Homes Plan" aims for an additional 3 million installations from 2026 to 2030, translating to an annual increase of 600,000 installations [2]. Residential Energy Storage - In 2025, the UK is projected to add 0.7 GWh of residential energy storage, equivalent to 70,000 units based on a 10 kWh per unit calculation. If 600,000 new solar PV systems are installed annually, with a storage integration rate of 50%, this would result in 300,000 new storage units each year, potentially increasing to 600,000 units if the integration rate reaches 100% [2]. Heat Pumps - The report indicates that approximately 60,000 heat pumps will be installed in 2024. The "Warm Homes Plan" targets an average annual installation of over 450,000 heat pumps from 2026 to 2030, representing a significant increase compared to 2024 [2]. Investment Recommendations - The report suggests focusing on companies benefiting from the European and Australian residential storage markets, such as Airo Energy, GoodWe, Jinlang Technology, and Pylontech. It also highlights the potential for valuation increases in the residential storage sector and recommends low-valuation leading companies like Deye Technology [3]. Additionally, it advises attention to companies in the heat pump sector, such as Rujing Technology, and battery cell manufacturers like Penghui Energy, which may see improved profitability with unexpected demand increases [3].

zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所上市"后备军"217 家，分布在高端装备、TMT 等新质生产力行业中 截至 2026 年 1 月 20 日，北交所已有 217 家公司获受理，待上会企业 167 家，覆 盖高端装备（71 家）、TMT（29 家）、化工新材料（35 家）、消费（21 家）、生 物医药（13 家）等多元细分领域。受理和辅导中公司中，包含了一些新质生产 力公司，我们从中首选专精特新、单项冠军企业、"独角兽"企业。同时，我们 也着重关注氢能源、商业航天、低空经济等行业。 后备军筛选系列已 29 期，筛选出一批已经上市的新质生产力公司 北交所策略专题报告 2026 年 01 月 26 日 优中选优，布局营收超 10 亿、利润过亿的成长领军者华晟智能等 ——北交所策略专题报告 北交所研究团队 在 2025 年北交所上市的 26 家公司中，本系列报告我们优选出星图测控、开发科 技、天工股份、广信科技、酉立智能、志高机械、宏远股份、能之光、三协电 机、世昌股份、锦华新材、江天科技等。其余优选公司中已过会公司包括：英氏 控股、雅图高新、金钛股份、新恒泰、原力数 ...

Core Insights - Daxing District is experiencing a significant industrial transformation with the implementation of the "6+5+3" industrial development blueprint, leading to breakthroughs in the airport economy, health industry, hydrogen energy, software revenue, and commercial aerospace [1] Group 1: Industrial Development - The health industry in Daxing has doubled in scale over the past five years [1] - The hydrogen energy sector is leading the city, while the software industry has crossed two hundred billion revenue thresholds [1] - The commercial aerospace base is becoming a crucial support point for Beijing's "South Arrow North Star" layout [1] Group 2: Collaborative Development - Industrial collaboration is deemed essential for Daxing's growth, with a focus on creating a "1+1>2" win-win situation [2] - Daxing and Beijing Economic-Technological Development Area are working together in sectors like pharmaceutical R&D and intelligent transportation, facilitating mutual benefits [2] - Ongoing commercial cooperation is being promoted to enhance the synergy between the two regions [2] Group 3: Regional Cooperation - Daxing's strengths in R&D, headquarters economy, and high-end services complement Hebei's capabilities in equipment manufacturing and resource support [3] - Market-oriented cooperation pilot projects are being initiated based on the complementary advantages of both regions [3] - A pragmatic approach and a spirit of shared benefits are emphasized for effective regional collaboration [3] Group 4: Support for Innovation - Daxing's industrial policies and business environment provide robust support for technology innovation companies [3] - The establishment of an industrial guidance fund, in collaboration with leading investment institutions, amplifies financial leverage for innovation-driven manufacturing enterprises [3] - Companies in Daxing report a strong sense of benefit from the favorable business environment [3] Group 5: Green Transformation - Green transformation is identified as a key driver for high-quality development in Daxing [4] - Daxing has prioritized green standards in various plans, creating ample opportunities for renewable energy companies [4] - The focus on technological innovation, industrial upgrading, and urban construction is essential for achieving green development [4]

南沙本土培育的科技企业巨湾技研专注极速充电技术研发，其自研的巨湾极速电池，最大充电功率 800kW，0—80%充电仅需5.5分钟，是全球唯一可规模量产的6C倍率动力电池。 新年的晨光中，广州市南沙区行政中心广场上，身披红绶带的企业家代表们与区领导并肩而立。快门按 下的瞬间，定格了"十五五"开局之年南沙政企同心的第一个画面。 开局之年当有开局之势，起步之时当有关键之为。1月4日，广州南沙在2026年首个工作日举行优秀民营 企业和优秀民营企业家表彰大会，将30家优秀民营企业和79位优秀民营企业家请到舞台中央。 这场新年第一会不仅是对过往成果的致敬，更以"开局即冲刺"的姿态，释放出2026年南沙发展的重要信 号：尊重企业和企业家的立场坚定不移，支持民营经济发展的力度一以贯之，优化营商环境的决心毫不 动摇。 政企同心 共赴"图南之志" "十五五"的序幕拉开，谁将成为南沙发展的主角？ 新年第一会给出了明确答案。 舞台上的核心地位，源于民营企业对南沙发展实实在在的贡献。获奖企业覆盖智能制造、生物医药、现 代物流等重点领域，构成了南沙现代产业体系的坚实基础。 而获奖企业家均扎根南沙、深耕实业，在技术创新、产业升级、就业带动 ...