智通财经APP获悉，中邮证券发布研报称，光伏产业存在供需预期差，供给的"反内卷"行动持续推进， 另一方面，中国于2025年11月3日正式提交2035年国家自主贡献，中国是能源转型的行动派，该行预计 国内的相关配套措施会密集发布，大基地的消纳有望加速解决，因此该行认为需求的改善有望提前到 来。建议关注一体化组件，隆基绿能(601012.SH)、晶科能源(688223.SH)等。 报告中称，2025年1-9月，光伏行业累计新增装机规模240.3GW，同比+49.3%，消纳率95%。2025年4-5 月受136号文531截止带来的抢装潮，9月装机9.7GW，同比-53.8%。随着机制电价模式的逐步适应和优 化，该行预计2025年全年光伏装机有望达到300GW。风光发电量占比持续提升，全年看有望超过20%。 供给端的"反内卷"政策持续推动，叠加中国提交NDC3.0，该行预计国内的相关配套措施会密集发布， 大基地的消纳有望加速解决，基于此，该行认为2026年整体需求有支撑，整体的预期差加大。 ...

Power Industry - The power demand is expected to maintain a steady growth of 5% to 6% in 2026, driven by stable macroeconomic development and new growth drivers, while the supply-demand balance remains loose, leading to a downward trend in grid electricity prices, with pressure shifting from South China to East China [4][5] - New energy investment is projected to decline from the 2025 peak, with an expected new installed capacity of 250 to 300 GW in 2026, focusing on large bases and offshore wind power, while the industry structure is likely to concentrate further towards state-owned enterprises [4][5] - The recommended investment order based on sector trends and investor risk preferences is as follows: waste-to-energy > nuclear power > thermal power > new energy [5] Photovoltaics - The photovoltaic industry is facing temporary pressure on demand growth, with a projected global new installed capacity growth of approximately -10%, but the overall profitability of the industry chain has bottomed out and is slightly recovering [2][9] - The industry is expected to achieve marginal improvements in supply-demand relationships and further price recovery in 2026, with polysilicon and integrated components likely to turn profitable, while auxiliary materials like glass and films may see a rebound in profitability [9][10] - Domestic energy storage is anticipated to reach an economic turning point, benefiting from the increase in wind and solar installations, with significant investment opportunities arising from both domestic and overseas demand [9][10] Wind Power - The outlook for new wind power installations in 2026 is optimistic, with expected new capacity of 120 to 130 GW, driven by rising wind turbine prices, a recovery in offshore wind, and expansion in export directions [3][12] - The profitability of the wind power industry chain is expected to improve significantly, with the wind turbine segment likely to see a rebound in profitability due to increased demand and higher prices [12][13] - The domestic offshore wind sector is projected to continue its recovery, with significant growth potential in 2026, particularly in the context of a low base from 2025 [12][13]