Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Group 1: Power Equipment Industry Insights - The power equipment sector is expected to see significant growth driven by overseas expansion and advancements in technology, particularly in 800V HVDC systems, with key companies to watch including Sifang Co., Jinpan Technology, and Xuchang Electric [1][36] - The wind power sector is projected to maintain a growth rate of 10%-20% in new installations in 2026, supported by strong order backlogs and stable pricing, with major players like Goldwind Technology and Sany Renewable Energy highlighted [1][39] - The overall profitability of wind turbine manufacturers is recovering, with exports contributing positively to performance, indicating a synchronized recovery in both domestic and international markets [1][39] Group 2: Lithium Battery Industry Trends - The lithium battery supply chain is anticipated to experience a reversal in the downward price trend, with significant profit recovery expected in 2026, particularly for solid-state batteries and large-scale energy storage cells [2][72] - New technologies such as steel-shell batteries and silicon anodes are expected to achieve mass production in 2026, laying the groundwork for widespread application from 2027 to 2030 [2][72] - The electrification transition is driving explosive growth in global energy storage demand, with key companies like CATL and EVE Energy recommended for investment [2][72] Group 3: Photovoltaic Industry Developments - The photovoltaic sector is undergoing supply-side adjustments, with innovations like low-silver and silver-free pastes becoming critical for cost reduction, and the market is expected to see the ramp-up of these technologies in 2026 [3][72] - The profitability of silicon material is recovering, and the industry is gradually expanding into semiconductor fields, indicating a shift in focus for photovoltaic companies [3][72] - Investment opportunities are emerging in new technologies such as solid-state batteries and flexible converters, with companies like Xiamen Tungsten and Wolong Electric Drive highlighted for their potential [3][72] Group 4: Investment Recommendations - The report suggests focusing on companies that are expanding overseas and improving performance, particularly in the lithium battery and wind turbine sectors, with specific recommendations for companies like CATL and Goldwind Technology [3][37] - The anticipated acceleration in capital expenditure in the AIDC sector is expected to benefit domestic power equipment manufacturers, with a focus on companies like Sifang Co. and Jinpan Technology [36][37] - The report emphasizes the importance of monitoring the recovery of pricing and profitability in the wind power sector, particularly for leading companies in the supply chain [39][68]

近期，美国所谓"对等关税"引发市场震动。对此，国轩高科表示将通过海外产能与供应链体系搭建应对 关税可能带来的长期影响。一方面，公司构建了全球多元市场供应格局，除美国市场外，海外业务已覆 盖亚太、欧非市场，增强了抵御局部风险的能力;另一方面，公司与海外客户与供应商加强沟通合作， 共同面对关税带来的挑战，以平稳过渡全球市场的本地化生产供应。 对于后续市场拓展的侧重点，国轩高科也在业绩说明会期间作出正面回应：动力电池市场方面，在现有 战略客户基础之上，侧重拓展中高端、大电量车型市场；储能市场方面，重点推进储能大电芯市场的布 局，同时逐步完成从电芯销售向集成销售的转型，进一步提升产品销售占比。此外，与国内外主流厂商 合作开发全新应用场景，包括低空飞行、人形机器人等新兴领域，进一步拓展业务深度与广度，实现业 务持续增长。 在当前锂电产能阶段性供需错配背景下，头部企业产能规划一直是市场关注的要点。在本次会议期间， 国轩高科指出，公司新增产能的节奏紧密围绕市场需求和战略规划展开，一方面稳步推进全球化产能布 局，确保海外项目按计划落地。目前，公司越南电芯工厂已建成并投产，摩洛哥、美国伊利诺伊州和斯 洛伐克的工厂均在稳步推进中 ...