转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 市场热点一 AI应用 消息面上，马斯克当地时间1月10日在社交媒体平台X发文称，将在一周内正式开源X平台最新的内容推 荐算法。这一举动被市场普遍解读为"马斯克也要涉足GEO"。 《风口研报》：提前挖掘"超预期"，捕捉下一个市场"风口"！ 1月9日11:03《风口研报》精选"GEO"主题研报并加以梳理，引用分析师观点指出：GEO是基于生成式 AI的引擎优化，旨在提升AI搜索结果的可见性，有望推动广告营销模式演进，成为AI流量时代的营销 必然选择。传统搜索引擎市场超800亿美元，但随着AI聊天机器人抢占份额，GEO有望形成百亿美金替 代市场。行业早期发展正向内容结构化、数据权威性及适配大模型推理逻辑升级，兼具技术与营销能力 的公司或率先受益。本文提及浙文互联、蓝色光标、因赛集团，截至1月12日，其区间最高涨幅分别达 10.61%、27.21%、25.63%。 《智通财经早知道》：今日复盘+明日前瞻，精选更有价值的交易资讯。 1月8日21:14《智通财经早知道》 ...

新华财经上海12月31日电 2025年，在全球能源转型加速与国内"双碳"战略深化的双重驱动下，电力设备与新能源行业迎来结构优化与全球拓展 的关键一年。行业不仅实现从周期底部向景气上行的拐点突破，更在海外市场完成了从"产品出口"到"产业出海"的进阶。 新华财经数据显示，截至2025年12月31日收盘，新华出海电新指数全年收涨97.97%，在资本市场整体上行行情中表现尤为亮眼。同期，沪深 300指数涨幅为17.66%。 回顾2025年，电新行业以"基本面修复"与"全球化提速"为核心主线，各细分领域呈现多点开花的格局。 国家能源局最新数据显示，截至11月底，全国累计发电装机容量达37.9亿千瓦，同比增长17.1%，其中新能源发电成为增长主力——太阳能发电 装机11.6亿千瓦，同比激增41.9%；风电装机6.0亿千瓦，同比增长22.4%。这一增长态势背后，是行业供需结构的持续优化，尤其是经历两年多 调整的锂电板块，在2025年迎来明确的上行拐点。中金公司研报认为，伴随产业链价格企稳与供需关系改善，锂电行业底部反转趋势逐步显 现。据行业机构近期统计数据，头部厂商产能利用率已经普遍提升至70%-80%以上。 海外市场的突 ...

【主力资金监控：金风科技净卖出超16亿】智通财经12月30日电，智通财经星矿数据显示，今日早盘主 力资金净流入文化传媒、交运设备、影视院线等板块，净流出电新行业、电力设备、电子等板块，其中 电新行业净流出超76亿元。个股方面，山子高科涨停，主力资金净买入超13.57亿元位居首位，N强一、 N双欣、蓝色光标获主力资金净流入居前；金风科技遭净卖出超16亿元，航天发展、拓维信息、中国卫 星资金净流出额居前。 转自：智通财经 ...

受政策、技术、需求三大因素的影响，电新各细分板块的起步时间和发展阶段又各有不同，行业渗透率 水平亦不同，使得各环节景气度及其业绩空间增量预期存在差异。当前时点，该行通过对板块行情和基 金持仓的复盘，结合对业绩表现的分析，以及对需求增速、应用场景、技术变革等的展望，将电新细分 板块分为"新成长+高质量发展"两大主线，探讨各板块投资机会。 新成长 1)AIDC：全球能源转型推动电网升级改造，国内外景气度共振向上；国内外互联网大厂资本开支加 速，带动相关AIDC电力设备需求量提升。2)固态电池：全固态电池具有高能量密度和高安全性的显著 优势，产业化进程加速，在政策托底的背景下，未来发展空间星辰大海。3)人形机器人：随着特斯拉、 宇树等头部厂商受益于资本赋能及重磅产品不断更新换代，叠加AI大模型赋能，人形机器人产业链将 逐步趋于成熟，或拉动对驱动系统、传动系统、传感系统等核心部件的需求。 国联民生（601456）证券发布研报称，2026年行业围绕"新型电力系统+数字基建"双重叙事展开，细分 领域分为两大主线：一是新成长主线，包括AIDC、固态电池、人形机器人等新兴高增长领域；二是高 质量发展主线，涵盖储能、风电、光伏 ...

Summary of Key Points from the Conference Call Industry Focus - The conference call primarily discusses the **electric power and new energy industry** with a focus on various segments such as **hydrogen ammonia**, **AIDC power**, **energy storage**, **solid-state batteries**, **lithium batteries**, **wind power**, and **photovoltaics** [1][2][21]. Core Insights and Arguments High Growth and Anti-Competition Strategies - The investment strategy for 2026 emphasizes **high growth** and **anti-competition** as the main themes. Key areas of focus include: - **Hydrogen ammonia** and **AIDC power** are highlighted for their high market potential but low expectations, especially with upcoming policies like the 15th Five-Year Plan and EU carbon tariffs [2][21]. - **Energy storage** is expected to maintain good bidding conditions in the domestic market, with projections of **150 GWh** for 2025 and **250-300 GWh** for 2026 [11]. - **Solid-state batteries** are anticipated to remain relevant until **2027-2028**, with emphasis on R&D and cost reduction [1][2]. Lithium Battery and Wind Power - The **lithium battery** sector is showing positive trends in the second half of the year, but future expectations need monitoring [2]. - The **wind power** market, particularly in Europe, is performing well, with domestic profitability recovering. However, demand growth is slower compared to lithium batteries [7][15]. Photovoltaic Industry Challenges - The **photovoltaic industry** faces challenges such as supply surplus, leading to a cautious outlook. Demand is projected to be between **150-180 GW** for 2026, with a low expectation of exceeding **200 GW** [8][9][18]. - Companies like **LONGi** that are involved in energy storage are noted for their potential growth opportunities [9]. Additional Important Insights Energy Storage Market Dynamics - The **peak-valley price difference** in energy storage is currently around **0.2 to 0.4 yuan**, with regional variations. The eastern region shows a peak-valley price difference of about **0.2 yuan**, while the western region can reach **0.3-0.4 yuan** [4][10]. - The **capacity price** varies by region, with Inner Mongolia offering aggressive subsidies and Gansu adopting a more rational approach [10]. Lithium Resource Outlook - The outlook for **lithium resources** remains optimistic, with a focus on overseas storage demand and domestic bidding volumes. Monitoring data in December and January is crucial for future trends [6][21]. Risks and Opportunities - The main risks across sectors stem from demand uncertainty and potential policy changes affecting the anti-competition strategy. The need for a clear understanding of new power systems and tracking overseas data is emphasized [19][20]. - Despite challenges, there are investment opportunities in sectors like hydrogen ammonia, AIDC power, and lithium resources, particularly in regions with low expectations [21][22]. Recommendations - Companies in the **solid-state transformer (SFT)** sector such as **Sungrow Power**, **Jinpan**, **Xinte Energy**, and **Sifang Shenghong** are recommended for their technological and market advantages [5]. - In the **anti-competition sector**, lithium and wind power are prioritized, while photovoltaic companies with new growth logic are also recommended [22].

Overall Insights - The report emphasizes that the core driver of the electric new industry is "demand," while "price" contributes additional elasticity. The year 2026 marks the beginning of a new demand cycle due to changes in underlying demand drivers [4][7][26]. - Macro-level trends indicate that the direction of renewable energy development remains unchanged, with clear trends in artificial intelligence and embodied intelligence industries [4][7]. - At the mid-level, the focus shifts to high-quality development of renewable energy, with consumption becoming central, and AI expected to drive global electricity demand growth [4][7]. - Micro-level analysis shows that various segments within the electric new industry will benefit to varying degrees [4][7]. Energy Storage - The energy storage sector is positioned as the main line for renewable energy consumption, with North American AI contributing elasticity. The global energy storage installation growth rate is expected to reach 60%-80% by 2026, with the energy storage industry chain benefiting significantly [8]. - The demand for lithium batteries is projected to grow by 30% in 2026, supported by high domestic registration volumes and stable production schedules [8]. - The supply side is expected to maintain a tight balance in the second half of 2026, with recommendations for investments in lithium carbonate and companies like CATL and Putailai [8]. Power Equipment - The power equipment sector is expected to be driven by exports and global economic recovery, with AI development enhancing overseas demand expectations [9]. - Key recommendations include focusing on transformers for export and AI power supply solutions, as domestic companies are likely to capture more global market share [9]. Wind and Solar - The wind power sector is anticipated to experience high demand growth, particularly in offshore and domestic markets. The supply-demand dynamics and product structure are expected to positively impact profitability across different segments [10]. - The solar power sector faces short-term uncertainties but is expected to recover as energy storage installation ratios increase, with a return to reasonable supply-demand levels anticipated by 2027 [10]. New Directions - The humanoid robotics industry is highlighted as a significant future direction, akin to the electric vehicle boom from 2015-2019, with a focus on key suppliers and domestic manufacturers [11]. - Solid-state battery technology is also emphasized, with ongoing developments expected to enhance sustainability and certainty in the sector [11].

【主力资金监控：电网设备板块净流入超46亿】智通财经12月12日电，智通财经星矿数据显示，今日主 力资金净流入电网设备、电新行业、非银金融等板块，净流出基础化工、商贸零售、电子等板块，其中 电网设备板块净流入超46亿元。个股方面，东山精密资金净买入8.07亿元位居首位，安泰科技、比亚 迪、特变电工主力资金净流入居前；阳光电源遭净卖出超15亿元位居首位，中科曙光、永辉超市、长盈 精密主力资金净流出额居前。 转自：智通财经 ...

Core Viewpoint - The electric power equipment and new energy industry index is expected to accelerate its growth in the second half of 2025, with a year-to-date increase of 39.0%, ranking third among 29 industries that have seen index growth in 2025 [1][2]. Industry Overview - The new energy industry has gradually emerged from difficulties characterized by capacity expansion, supply-demand imbalance, plummeting product prices, and widespread corporate losses, supported by anti-involution policies [1][2]. - The industry is experiencing a rebalancing of supply and demand, with new technologies and market expansions driving demand [1][2]. Financial Performance - Overall industry profitability indicators have stopped declining, although the photovoltaic sector still faces significant profit pressure [3]. - Revenue has ceased its accelerated decline and is showing signs of a rebound entering 2025, while photovoltaic revenue continues to decline year-on-year [4]. - Net profit attributable to the parent company shows a rebound for lithium batteries, wind power, and power grids, while photovoltaic profits are declining at a slower rate, indicating signs of bottoming out [5]. Inventory and Capital Expenditure - The industry is in a destocking cycle, with significant alleviation of inventory risks; battery inventory has rebounded from its low point, while photovoltaic inventory continues to decrease [6][7]. - Absolute inventory values have significantly decreased from their peak, with battery inventory showing a notable rebound, while photovoltaic inventory is still rapidly declining [7]. - Capital expenditure, a key indicator for current investments, has been declining for batteries and photovoltaics since their peak in 2021, while wind power capital expenditure has rebounded from its low point [8]. Investment Trends - The electric new energy industry has experienced three years of volatility, with current fund holdings at historically low levels; as supply and demand recover and prices rebound, the investment value of the industry is increasing, indicating potential for fund holdings to rise [8]. - In Q3 2025, the electric new energy industry’s fund overweight ratio is 2.1%, significantly down from the 2022 peak and at a near five-year low [9]. - Among the top 15 companies by fund holdings in the electric new energy sector, nine are from the lithium battery supply chain, showing a strong correlation between institutional allocation trends and industry recovery [9]. - Leading companies like CATL have seen their fund holding ratio increase by 4.62 percentage points to 9.06% in Q3 2025, with an overweight ratio of 7.22%, indicating enhanced investment attractiveness due to performance and growth certainty [9].

【主力资金监控：三花智控净买入超16亿】智通财经12月4日电，智通财经星矿数据显示，今日早盘主 力资金净流入机械设备、家用电器、国防军工等板块，净流出电子、电新行业、食品饮料行业等板块， 其中电子板块净流出超60亿元。个股方面，三花智控大涨，主力资金净买入超16.49亿元位居首位，航 天发展、天孚通信、巨轮智能获主力资金净流入居前；航天动力遭净卖出超5亿元，新易盛、香农芯 创、中际旭创资金净流出额居前。 转自：智通财经 ...

Group 1: Commercial Aerospace - The Zhuque-3 rocket successfully completed its flight mission on December 3, launching from the Dongfeng Commercial Aerospace Innovation Experimental Zone [3] - A meeting was held by the Beijing Municipal Science and Technology Commission and other units to accelerate the construction of a space data center, which includes a plan for a space data center innovation consortium [3] - Shunhao Co., Ltd. saw its stock hit the daily limit on December 3 following the announcement of the space data center initiative [3] Group 2: Offshore Wind Power - Dajin Heavy Industry signed a supply contract with Skyborn Renewables for the Gennaker offshore wind project in Germany, with a total contract value of 1.339 billion yuan [5][6] - The contract includes a unit price of 53,000 yuan per ton, significantly exceeding market expectations, marking a shift for Dajin from a basic equipment supplier to a one-stop solution provider [6] - Dajin Heavy Industry's overseas orders exceed 10 billion yuan, with a projected 20% growth in overseas delivery volume by 2026, supporting stable performance growth [6] Group 3: AI Mobile Phones - Nubia's M153, the first phone equipped with the Doubao mobile assistant, sold out quickly, with second-hand prices ranging from 300 to 3,500 yuan [11] - The integration of Doubao's large model into mobile phones is expected to drive the formation of an Agent model, enhancing the operating system's capabilities [11][13] - Daoming Optical experienced a stock surge on December 3, linked to developments in the AI mobile phone sector [11][13] Group 4: Consumer Goods - The "Guangde Three-Piece Set" including Guangde stewing pot, Kawan Kawa milk tea, and Zhanji peach crisp has gained significant popularity, becoming a "internet celebrity" phenomenon [15] - The implementation plan to enhance the adaptability of consumer goods supply and demand is expected to accelerate industry upgrades, benefiting companies like Hai Xin Food, which saw a four-day stock increase [15][16] - Anji Food also experienced a stock surge on December 3, following favorable policies in Fujian province [17][18]