投 资 策 略 电力设备及新能源行业 超配（维持） 电力设备及新能源行业 2026 年上半年投资策略 零碳纪元启华章，曦源永续万代春 2025 年 11 月 24 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 资料来源：东莞证券研究所，iFinD 使部分企业陷入低价无序竞争的困境，多数光伏企业正处于极限经 营和普遍亏损的阶段。光伏行业破解"内卷式"恶性竞争的关键， 在于从"价格战"转向"价值战"，以技术创新驱动产业质变。截 至2025年第三季度，光伏行业的资本支出正处于显著收缩的通道中。 在当前严峻的经营压力下，资本开支的锐减意味着未来新增产能将 大幅减少，光伏企业主动放缓扩张步伐并对资本支出进行结构性调 整，标志着光伏行业的竞争核心正从规模扩张的比拼，转向技术、 品牌和盈利能力的竞争，实现从"量"到"质"的战略转型和高质 量发展。光伏企业将重 ...

装备制造 [Table_ReportDate] 2025 年 11 月 24 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 储能电芯价格持续上行 s [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 [Table_ReportType]装备制造行业周报（11 月第 3 周） [Table_S 市场行情回顾 ummary] ： 上周 5 个交易日机械设备、电力设备及汽车行 ...

鹏辉能源（300438.SZ）11月24日在投资者互动平台表示，目前公司主要储能产品基本满产满销，相关 产品价格较上半年有一定的上涨。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：目前储能市场缺电芯产品，请问贵公司作为全球储能 电芯供应商目前公司电芯有涨价吗？ ...

新华财经北京11月23日电（记者王小璐）本周，国内碳酸锂期价波动加剧。前几个交易日，碳酸锂加速上涨，周四一举突破10万元/吨大关，但当日收盘 后，广期所宣布调整碳酸锂期货相关合约交易手续费标准及交易限额。受此影响，周五碳酸锂期货大幅跳空低开，同时市场传言江西枧下窝矿山可能提前复 产，这加剧了盘面跌势，包括主力合约在内的多个合约收盘封板跌停。 10万元/吨会成为碳酸锂上涨的阶段性顶部还是上涨中继？市场分析认为，考虑到本轮碳酸锂价格上涨主要受终端需求改善推动，中长期在供需两旺态势下 有望震荡偏强运行。但短期需警惕季节性因素及枧下窝矿山复产带来的扰动，以及资金踩踏带来的短线超跌风险。 终端需求改善推动去库 供需两旺有望持续但需警惕季节性因素波动 由于盘面波动剧烈，20日，广州期货交易所出手为市场降温，对碳酸锂期货相关合约的交易手续费标准及交易限额作出调整。这一监管动向遇上外围市场情 绪转弱，21日碳酸锂市场快速降温，同时市场传言江西枧下窝矿山可能提前复产，加剧市场跌势，包括主力合约在内的几乎所有合约收盘均封板跌停，单日 跌幅达9%，本周波动更是接近17%。 面对这样的盘面表现，市场无论多头还是空头，都有些信心不足。 ...

Core Insights - The current supply tightness in the battery industry is prompting leading automotive companies to secure orders from top battery manufacturers, indicating a competitive landscape for battery procurement [3][4] - The domestic power battery installation volume reached 578.0 GWh from January to October, reflecting a year-on-year growth of 42.4% [4][6] - The upcoming adjustment in the new energy vehicle purchase tax policy is expected to influence battery demand, with companies implementing strategies to mitigate the impact [5][7] Industry Overview - The Chinese new energy vehicle market continues to grow rapidly, with production and sales reaching 1,301.5 million and 1,294.3 million units respectively from January to October, marking a year-on-year increase of 33.1% and 32.7% [6] - In October alone, the installation volume of domestic power batteries was 84.1 GWh, a month-on-month increase of 10.7% and a year-on-year increase of 42.1% [6] - The market is witnessing a structural competition between power batteries and energy storage batteries, with both sectors driving the growth of the battery industry [9][10] Company Strategies - Companies like Chery are implementing policies to ensure customers are not adversely affected by the upcoming tax changes, offering subsidies to cover potential tax increases [5] - Guoxuan High-Tech has reported a strong order volume and high capacity utilization, indicating confidence in continued growth [7] - Many battery manufacturers are diversifying into energy storage solutions, with companies like Funeng Technology developing innovative products to capture market share [9][10] Future Outlook - The global battery production capacity is projected to reach 7.5 TWh by 2030, with a demand of 5 TWh, suggesting a balanced supply-demand scenario [8] - The competition among second and third-tier battery manufacturers is intensifying, with differentiation and strong customer relationships becoming critical for sustainable growth [10]

Core Insights - The cancellation of the "mandatory storage" policy and overcapacity in the energy storage market have led to intense price competition, prompting leading companies like Penghui Energy to accelerate their international expansion [1] Group 1: Market Demand and Supply - There has been a significant increase in orders for energy storage, with the company reporting that orders are scheduled until next year [1] - In October 2025, new bidding projects for energy storage reached a total of 12.7GW/38.7GWh, representing an 85% year-on-year increase, although a 11.24% decrease compared to the previous month [2] - The electrification transition is driving explosive growth in global energy storage demand, with domestic market needs and international factors such as power supply shortages in the U.S. and unstable grids in Europe contributing to this trend [2] Group 2: Production Capacity and Challenges - Penghui Energy's production lines for major energy storage products are currently at full capacity, leading to price increases for some products compared to earlier in the year [3] - The company’s production base in Quzhou has a capacity allocation of 30% for exports and 70% for domestic sales, with plans for further capacity expansion in 2024 [3] - The Quzhou base was established in October 2022 and achieved product rollout within 10 months, with ongoing plans for additional production lines to be operational by mid-next year [3] Group 3: Technological Innovations - Solid-state batteries represent a significant technological advancement in lithium batteries, with expectations for small-scale production by 2027 supported by government funding [4] - Penghui Energy has improved the energy density of its solid-state batteries from 280Wh/Kg to 320Wh/Kg, enhancing performance stability [4] - The development of AI technology is anticipated to optimize energy storage systems, particularly in adapting to the continuous power demands of AI computing centers [4][5]

（文章来源：第一财经） 黑猫股份在互动平台表示，公司导电炭黑产品可以应用于储能电芯。 ...

Group 1: Energy Storage - The global large-scale energy storage tender data remains robust, with rising energy cell prices confirming strong downstream demand for energy storage [1] - Domestic large-scale energy storage is experiencing non-linear growth after reaching an economic inflection point, driven by a surge in electricity consumption from data centers in the U.S. [1] - European household storage demand is showing a mild recovery, while emerging markets are exceeding expectations in household storage demand [1] Group 2: Wind Power - The domestic offshore wind power sector continues to show high prosperity, with the acceleration of industrial chain and market mechanisms [1] - Recent developments include the public announcement of sea area usage reports for four offshore wind projects in Jiangsu and the initiation of a 20MW floating wind power demonstration project in Yangjiang [1] Group 3: Photovoltaics - The photovoltaic industry chain is experiencing weak price stability, with ongoing discussions about anti-involution storage policies, although actual implementation requires specific details [1] - Battery cell prices have shown slight downward fluctuations, while prices in other segments remain weakly stable, influenced by changes in terminal demand [1] Group 4: Electric Vehicles - Prices for upstream lithium battery raw materials are rising, with lithium carbonate and lithium hydroxide increasing for the fourth consecutive week [3] - The capacity utilization rate for power batteries exceeds 92%, with major companies like CATL and Zhongchuang Innovation operating at full capacity [3] - A new trend of deep joint ventures between vehicle manufacturers and battery producers is emerging, with 17 mainstream new energy vehicle companies launching tax rebate schemes [3] Group 5: Robotics and Hydrogen Energy - Yuzhu Technology has completed IPO guidance, while Tesla is expanding its Texas Gigafactory [4] - The full-size industrial humanoid robot Walker S2 from Ubtech has officially begun mass production and delivery [4] - The hydrogen energy sector is seeing increased support policies, with the world's largest solid-state hydrogen storage project successfully launched, driven by IMO emission reduction goals and European carbon taxes [4] - The hydrogen energy industry is developing positively, with a focus on constructing a factor assurance system and reducing financing difficulties [4]

但是，我们必须穿透表面的噪音，去看数据和本质。 储能确实很卷，但它从未出现过光伏那种，几乎包括行业龙头在内全链条爆亏的局面。 警惕性是好事，但别被历史经验绑架 隆基绿能对精控能源的收购落锤，再次将市场的焦点引向那个老问题： 又是熟悉的巨头扎堆跨界，储能会不会变成下一个"光伏"？ 这种警惕当然有其逻辑基础。毕竟，"大宗商品、标准化交付、价格血战" 这些标签，储能和光伏都贴 上过。尤其是在2022年后，两者价格同步暴跌了 70%，相似度高到足以让人心生寒意。 本周甚至有传闻称，某储能龙头和电池巨头直接开启了30%的价格战，这像极了光伏全产业链亏损前的 至暗时刻。 考虑到，光伏主产业链已经很长时间没有赚钱的消息了，无论是头部还是中腰部玩家都处于一种亏麻的 状态，需要靠国家出手搞"反内卷"来稳住局面，甚至不少企业亏损减少都能拿出来庆祝一番，这肯定不 是一个好的比较对象。 回头看，哪怕是身处竞争最艰难的2024年，行业龙头的毛利率依然坚挺得惊人： 宁德时代的储能电芯毛利率能稳在27%左右。 阳光电源的系统毛利率接近40%。 哪怕是不造电芯和逆变器的特斯拉，其储能系统毛利率也长期在30%以上。 战报会骗人，战线不会骗人。 ...

[Table_IndNameRptType] 电力设备 行业周报 锂电材料价格上涨，储能需求持续火热 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 [Table_IndRank] 行业评级：增持 报告日期： 2025-11-19 [Table_Chart] 行业指数与沪深 300 走势比较 -28% -11% 6% 23% 40% 57% 11/24 2/25 5/25 8/25 电力设备 沪深300 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 分析师：王璐 执业证书号：S0010525040001 电话：18301818122 [Table_Report] 相关报告 ⚫ 电网设备：关注"高比例新能源消纳"创新调控方向，烟威特高压登 州升压环评公示 新型电力系统从系统运行端看，需聚焦"高比例新能源消纳"，创新调控 模式。需通过提升惯 ...