证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 缺电带来电网 Supercycle，户储景气向好 2026 年 03 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 2025/3/3 2025/7/1 2025/10/29 2026/2/26 电力设备 沪深300 相关研究 《锂电储能旺季可期，人形和 AIDC 加速进化》 2026-02-23 《锂电淡季尾声旺季可期，太空光伏 星辰大海》 2026-02-09 东吴证券研究所 1 / 49 请务必阅读正文之后的免责声明部分 ◼ 电气设备 11053 上涨 1.89%，表现弱于大盘。（本周，2 月 23 日-2 月 27 日，下同），发电设备涨 8.29%， 风电涨 8.24%，核电涨 7.21 ...

执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 缺电带来电网 Supercycle，户储景气向好 2026 年 03 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 2025/3/3 2025/7/1 2025/10/29 2026/2/26 电力设备 沪深300 相关研究 《锂电储能旺季可期，人形和 AIDC 加速进化》 2026-02-23 《锂电淡季尾声旺季可期，太空光伏 星辰大海》 2026-02-09 东吴证券研究所 1 / 49 请务必阅读正文之后的免责声明部分 ◼ 电气设备 11053 上涨 1.89%，表现弱于大盘。（本周，2 月 23 日-2 月 27 日，下同），发电设备涨 8.29%， 风电涨 8.24%，核电涨 7.21 ...

[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 ...

具体细节如下： 意达利控股(00720.HK) 2月26日发布公告，公司已顺利完成新股份配售及可换股债券发行，为后续业务 发展注入强劲动力，也向市场传递出稳健发展的积极信号。 一、完成新股份配售，聚焦电动车业务拓展 根据公司一般授权，配售代理已成功向不少于六名承配人，以每股0.30港元的价格，配售合共5000万股 新股份。经扣除配售相关佣金及费用后，每股配售股份净价约为0.287港元。 一、完成新股份配售，聚焦电动车业务拓展 根据公司一般授权，配售代理已成功向不少于六名承配人，以每股0.30港元的价格，配售合共5000万股 新股份。经扣除配售相关佣金及费用后，每股配售股份净价约为0.287港元。 此次配售所得款项总额约为1500万港元，经扣除配售事项相关应付佣金及费用后所得款项净额约1436万 港元。公司明确表示，这笔资金将均衡分配，其中约718万港元用于扩展集团电动车业务，助力其在电 动车市场的持续布局与拓展；另外约718万港元用于集团日常一般营运资金，夯实业务运营基础。 此次配售所得款项总额约为1500万港元，经扣除配售事项相关应付佣金及费用后所得款项净额约1436万 港元。公司明确表示，这笔资金将均衡分 ...

大家好我是大鱼 马斯克刚刚 对Giga Berlin 一万多名员工 直球喊话： 我们不会关厂 但扩张取决于 你们的选择 他把Cybercab Optimus 人形机器人 Semi电动卡车 这些未来王牌产品 直接摆上了桌 而条件只有一个 别让外部势力 把Tesla 推到错误方向 如果一切顺利 这里可能变成 欧洲最大的 工厂复合体 反之 机会就会溜走 这不是威胁 这是赤裸裸的 现实抉择 大家不要错过 今天的精彩内容 OK let's go 特斯拉的股票 周四收盘是408.58% 全天下跌了 8.75%美元 跌幅是2.1% 成交量是 5234万股 第一部分 马斯克对德国喊话 Tesla刚刚 放出一段 马斯克跟柏林厂长 安德烈· 蒂里格André Thierig的对谈 这段视频 已经在周三 直接放给柏林工厂 一万零七百 多名 员工听 你可能会问 马斯克这次 又放出什么 重磅消息了？ 今天我们就把 这段录音里的重点 一字一句 拆开来聊聊 马斯克开门见山就说 当有外部组织 把Tesla 往错误 方向推的时候 事情当然 会变 得更困难 他接着补了 一句更直接的 他说我们不会关厂 但现实来说 我们也不会扩张 这句话听起来很重 ...

机器人交付进展：2月23日贾跃亭宣布EAI机器人将于下周交付，但市场对其商业化前景存疑，且机器 人业务与核心造车业务的协同效应尚未验证。 行业政策与环境 电动车行业整体承压： 政策退坡：2026年起中国新能源汽车购置税恢复征收5%，美国潜在补贴取消可能进一步抑制需求。 法拉第未来近期面临多重挑战： 财务压力：2025年第三季度财报显示运营亏损2.068亿美元，尽管融资现金流入连续六季度超过运营流 出，但亏损规模仍较大。 业务转型：公司正从FF91项目转向FF 92车型升级及FX Super One车型量产准备，同时战略投资Qualigen 约4100万美元，业务重组带来不确定性。 经济观察网 法拉第未来（FFAI.OQ）在2026年2月24日股价下跌8.04%，收盘价0.48美元，盘中振幅达 14.57%，成交额1032万美元。该股近5日累计下跌11.25%，年初至今跌幅为52.67%，显著跑输汽车制造 板块（当日涨1.98%）及美股大盘（纳斯达克指数涨1.00%）。 股价异动原因 股价下跌的直接诱因为特朗普团队计划取消电动车税收补贴的政策动向。2月24日，华尔街见闻报道 称，特朗普过渡团队考虑取消消费者购买 ...

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Viewpoints - The lithium battery storage sector is expected to enter a peak season, with significant growth anticipated in 2026. The humanoid robotics and AIDC (Automated Identification and Data Capture) sectors are also evolving rapidly [1] - The report highlights the strong demand for energy storage systems, particularly in the U.S., where the installation of large-scale storage systems is projected to grow significantly [8] - The electric vehicle market is showing signs of recovery, with expectations for increased sales in March following a slow January [27] Industry Trends - The electric power equipment sector has shown a 1.13% increase, outperforming the broader market. Key segments include new energy vehicles, lithium batteries, and power generation equipment, with notable performances from companies like Zhongcai Technology and Dongfang Electric [4] - The U.S. has released details on the OBBB Act, which clarifies cost calculation models for energy storage, indicating a competitive pricing environment for capacity [4] - The report notes that Tesla, along with other major players, is leading the global energy storage market, with significant shipments expected in 2025 [4] Market Data - In January, domestic electric vehicle sales reached 945,000 units, with a year-on-year decline of 45%. However, electric heavy truck sales surged by 191% [4][27] - The report provides detailed pricing data for lithium carbonate and other battery materials, indicating price increases for various components, such as lithium hydroxide and battery-grade materials [4] - The report anticipates a 60%+ growth in energy storage demand in 2026, driven by new policies and market dynamics [4] Company Insights - CATL (宁德时代) is highlighted as a global leader in power and energy storage batteries, with a low valuation and strong growth prospects [7] - Other companies such as Sungrow (阳光电源) and Sany (三花智控) are also recommended for their strong market positions and growth potential in the energy sector [7] - The report emphasizes the importance of technological advancements in humanoid robotics and AIDC, with companies like Tesla expected to lead the market [11]

Core Insights - The article discusses the valuation bubble surrounding AI companies, particularly those with large models that have yet to turn a profit, highlighting the risks of unsustainable valuations in the tech sector [1][6][12] Group 1: AI Valuation and Market Dynamics - The AI sector has seen companies with revenues under 500 million being valued at over 300 billion, indicating a market frenzy [1] - The narrative surrounding AI is larger than previous tech bubbles, with major companies like Google, Meta, Microsoft, and Amazon collectively spending 650 billion this year, surpassing previous investment levels [11] - The article compares the current AI boom to the electric vehicle surge led by Tesla, noting that while Tesla managed to justify its valuation through performance, other companies like Rivian have struggled [7][11] Group 2: Rivian's Journey and Financial Performance - Rivian raised 28.5 billion in funding before producing any vehicles and achieved a significant IPO, becoming one of the largest in U.S. history [3][4] - After a brief surge, Rivian's market value plummeted by over 90%, losing more than 130 billion in total market capitalization [6][12] - Rivian's Q4 2025 revenue was 1.286 billion, down 25.84% year-over-year, with automotive revenue dropping 45% [13] - The company reported a total revenue of 5.387 billion for 2025, an 8.39% increase from the previous year, but still faced a net loss of 3.646 billion [19][20] - Rivian's software and services segment saw a significant increase, with revenue growing 222% year-over-year, indicating a potential area for future growth [19][20] Group 3: Strategic Partnerships and Future Outlook - Rivian received a total investment of 5.8 billion from Volkswagen, which has helped the company reduce production costs by over 35% [8][20] - The company plans to launch the R2 model in Q2 of this year, which is seen as a critical point for demonstrating long-term profitability [19][20] - Rivian anticipates receiving an additional 2 billion from its partnership with Volkswagen, although capital expenditures are expected to rise [20]

Industry Insights - The U.S. has released details on the OBBB Act, clarifying the MACR cost calculation model, which needs to penetrate into MP and MPC [3] - The State Council is exploring competitive pricing to form capacity electricity prices, allowing users above 10kV to directly participate in the electricity market [3] - In 2025, the top five global energy storage system shipments are expected to be Tesla, Sunshine, BYD, Huawei, and CRRC [3] - Poland has introduced a subsidy policy for household energy storage systems from 2026 to 2030, with a total budget of 1 billion Polish zloty, targeting 62,500 units for systems above 12kWh [3] Company Insights - CATL plans to publicly issue a science and technology corporate bond with a coupon rate of 1.69% [4] - Huichuan Technology expects 2025 revenue to be between 42.97 billion to 46.67 billion yuan, with a year-on-year growth of 16% to 26% [4] - New Zobang anticipates achieving 9.6 billion yuan in revenue in 2025, driven by increased demand for battery materials and organic fluorochemicals [5] - Trina Solar faced regulatory warnings due to incorrect claims of collaboration with SpaceX, clarifying that no such business exists [5] - Lin Yang Energy's controlling shareholder plans to increase holdings between 50 million to 100 million yuan within the next 12 months [5] Investment Strategy - The energy storage sector is expected to see over 60% growth in 2026, driven by strong demand and the impact of the U.S. Inflation Reduction Act [6] - The domestic electric vehicle market showed a total of 945,000 units sold in January, with a year-on-year increase of 45% [6] - The battery and separator sectors are recommended for investment, with a focus on leading companies such as CATL and Yiwei Lithium Energy [6] - The wind power sector is projected to grow significantly, with domestic offshore wind expected to reach over 12GW in 2026, a year-on-year increase of over 50% [6] - The photovoltaic sector is currently facing weak demand, but potential growth is anticipated from space photovoltaic projects [6]

Core Viewpoint - The article discusses the implications of Trump's high tariffs on graphite, a crucial material for electric vehicle (EV) battery production, which could significantly impact the U.S. EV industry and its reliance on Chinese graphite supplies [1][3][5]. Group 1: Tariff Impact on U.S. EV Industry - Trump has imposed tariffs exceeding 160% on graphite, aiming to disrupt the EV supply chain, which heavily relies on Chinese graphite [1][3]. - The U.S. EV industry is already facing increased production costs due to these tariffs, leading to higher prices for consumers [1][5]. - The tariffs are expected to raise battery costs by at least 10%, further inflating vehicle prices [5][10]. Group 2: U.S. Dependence on Chinese Graphite - China produces 78% of the world's natural graphite and 90% of its refined graphite, making the U.S. heavily dependent on Chinese imports [3][12]. - The U.S. imports 59% of its natural graphite and 68% of its synthetic graphite from China, highlighting the critical nature of this supply chain [3][12]. - Domestic U.S. graphite production is limited, with quality not meeting battery-grade standards, making it difficult to replace Chinese supplies in the short term [5][10]. Group 3: Market Reactions and Future Outlook - Following the announcement of tariffs, Tesla's stock experienced a slight decline, while domestic graphite companies saw a minor increase in their stock prices [5]. - The International Trade Commission's upcoming vote on the tariffs could significantly affect U.S. graphite import trade, potentially costing billions [5][10]. - Despite the tariffs, the global demand for graphite remains strong, particularly in Southeast Asia and Europe, indicating that U.S. companies may still face challenges in sourcing alternatives [10][12].