电力设备 欧洲海风本土单桩产能再紧张，"十五五"期间将加大氢能政策支持力度 证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 光伏：硅片价格承压，电池组件价格维持稳定。据 Infolink，本周硅料无新单成交，龙头厂 家率先释出收整产能动作，产能收敛将迈向市场化调整。本周执行仍以前期订单为主，致密 复投料均价维持 50-53 元人民币、致密料混包价格 48-50 元人民币、颗粒料价格 50-51 元人 民币。据安泰科，本周硅片价格承压下行。其中，N 型 G10L 单晶硅片(182*183.75mm/130 μm)成交均价在 1.10 元/片，较节前下跌 8.33%；N 型 G12R 单晶硅片(182*210mm/130μ m)成交均价在 1.20 元/片，较节前下跌 4.76%；N 型 G12 单晶硅片(210*210mm/130μm) 成交均价在 1.40 元/片，较节前下跌 3.45%。电池组件方面，据 Infolink，N 型电池片价格 本周持平：183N、210RN 与 210N 均价为每瓦 0.44 元人民币，183N、210RN 与 210N 价格 区间皆为每 ...

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -17% -8% 1% 10% 18% 27% 36% 45% 2025.02 2025.06 2025.10 2026.02 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：全年新增装 机超 300GW，关注太空光伏商业化进展》 2026-01-28 《电力设备及新能源行业点评报告："十五 五"国网投资四万亿，国内外电气设备需求 旺盛》 2026-01-20 《电力设备及新能源行业月报：硅片、电池 报价大幅提高，关注细分行业龙头》 2025- 12-26 投资要点： ⚫ 2 月光伏产业指数冲高盘整，细分子行业涨多跌少。截至 2 月 26 日收盘，光伏行业指数上涨 4.41%，大幅跑赢沪深 300 指数，板 块日均成交金额环比基本持平。细分子行业涨多跌少，光伏组件、 导电银浆涨幅居前。协鑫集成、聚和材料、晶盛机电、中利集团、 亿晶光电涨幅 ...

电力设备及新能源 《电力设备及新能源行业月报：硅片、电池 报价大幅提高，关注细分行业龙头》 2025- 12-26 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -17% -8% 1% 10% 18% 27% 36% 45% 2025.02 2025.06 2025.10 2026.02 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：全年新增装 机超 300GW，关注太空光伏商业化进展》 2026-01-28 《电力设备及新能源行业点评报告："十五 五"国网投资四万亿，国内外电气设备需求 旺盛》 2026-01-20 ⚫ 光伏行业治理内卷是政策重点，2026 年国内新增装机预期有所下 滑。光伏行业当前正处于新一轮的深度调整期，2026 年是光伏行 业治理的攻坚之年，治理行业"内卷"是政策重点。工信部将通过 加强部门协同，统筹施策，综合运用产能的调控、标准的引领、质 量监督、价格执法、防范垄断风险、加 ...

英大证券研究所证券研究报告 行 业 研 究 2026 年 2 月 25 日 投资评级：强于大市 执业证书编号：S0990524110001 电话：0755-83007043 邮箱：lisy@ydzq.sgcc.com.cn 最近一年走势 行业事件：2 月 11 日，国务院办公厅发布《关于完善全国统一电力市场体系 的实施意见》，全国统一电力市场顶层设计出台，电力市场化改革从区域试 点、机制探索，进入了全国一盘棋、系统化推进的新阶段。 指数表现：根据 iFind 数据，2026/2/9-2026/2/15 期间，沪深 300 上涨 0.36%， 电力设备指数上涨 1.13%，跑赢沪深 300 指数 0.77pct。 行业表现：根据 iFind 数据，2026/2/9-2026/2/15 期间，31 个申万一级行业 中，电力设备上涨 1.13%，排第 13 位。申万三级行业，电力能源相关子板块 中，输变电设备、其他电源设备Ⅲ、电网自动化设备涨幅位列前三位，分别 上涨 5.24%、5.22%、3.98%；光伏电池组件、光伏加工设备、锂电专用设备 跌幅位列前三位，分别下跌 4.08%、3.15%、2.77%。 数据来源 ...

经济观察报记者 郑晨烨 2026年2月15日，农历除夕前一天。 在西咸新区泾河新城的高泾大道上，网约车司机林师傅在等红绿灯的间隙，摇下车窗，给并排停靠的一辆公交车按了两下喇叭。 对面的公交司机转过头，朝他挥了挥手。 林师傅关上窗，对坐在后排的记者解释，那辆公交车上的司机是他的同事，他也是那家公交公司的在职司机，而现在这辆正在跑单的网约车，是公交车公司 配给他的。 然后，林师傅又给同事发了一条语音，劝对方赶紧出来跑单，因为"春节期间滴滴有奖励"。 记者问他为什么春节也不休息，林师傅说，这几天订单多，"很多像你这样从外地回来的小孩"。为了能多挣几笔，他甚至计划在除夕当天去一趟西安咸阳国 际机场，碰碰运气，看能不能拉到几个长途单。 记者问林师傅，为什么公交司机要出来跑网约车？林师傅解释说，其所在的公交公司面临资金困难，发不出工资，为了"自救"，公司专门成立了一家新的网 约车公司，并给在职司机配了车，让他们去市场上跑单维持生计。 当记者问是否存在欠薪情况时，林师傅特意纠正了记者的说法："没有欠，就是发不出工资。" 林师傅觉得，虽然跑网约车挣得也不算多，但"总比没有收入强"。 从崇文镇到泾河新城 对于陕西省咸阳市泾阳县 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The report highlights that in 2026, the installed capacity of solar power generation in China is expected to surpass that of coal power for the first time, with the combined installed capacity of wind and solar power reaching half of the total installed capacity by the end of the year [10] - The report indicates that the energy sector is transitioning from a coal-dominated system to one led by renewable energy, reshaping the power source structure and market rules [11] - The report notes significant growth in the energy storage sector, with a cumulative installed capacity of 213 GW by the end of 2025, marking a 54% year-on-year increase [42] Summary by Sections Industry Events - The China Electricity Council predicts that in 2026, the installed capacity of solar power will exceed that of coal power, with wind and solar combined accounting for 80.2% of new installed capacity in 2025 [10] - Major energy projects are being advanced, including the successful installation of a nuclear power unit and the completion of significant transmission lines [11] Market Performance - During the period from February 2 to February 8, 2026, the Shanghai Composite Index fell by 1.33%, while the power equipment index rose by 2.20%, outperforming the Shanghai Composite by 3.53 percentage points [13] - Among the sub-sectors related to power energy, photovoltaic battery components, photovoltaic processing equipment, and cable components saw the highest increases, with respective rises of 8.10%, 6.01%, and 4.20% [19] Power Industry Operations - In December 2025, the total electricity consumption in society was 908 billion kWh, a year-on-year increase of 2.77%, with a total of 1,036.82 billion kWh consumed throughout the year, marking a 5.00% increase [21] - The newly added power generation capacity in 2025 was 54,617.1558 MW, a year-on-year increase of 26.07% [23] New Power System Situation Photovoltaics - As of February 4, 2026, the average price of polysilicon was 54 CNY/kg, remaining stable compared to the previous week [39] Energy Storage - By the end of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, with new energy storage capacity growing by 85% year-on-year [42] Lithium Batteries - As of February 6, 2026, the price of lithium carbonate was 134,000 CNY/ton, down by 1,400 CNY/ton from the previous week [46] Charging Stations - By the end of December 2025, the total number of charging infrastructure units in China reached 20.092 million, a year-on-year increase of 56.75% [51]

Core Viewpoint - The silicon wafer market is experiencing downward pressure on prices due to weak downstream demand and high costs for battery manufacturers, leading to a significant reduction in procurement demand and production rates [1][2]. Price Trends - The average transaction prices for various types of silicon wafers have decreased: - N-type G10L (182*183.75mm/130μm) at 1.20 CNY/piece, down 4.76% week-on-week - N-type G12R (182*210mm/130μm) at 1.26 CNY/piece, down 4.55% - N-type G12 (210*210mm/130μm) at 1.45 CNY/piece, down 4.61% [1][3]. - The prices for downstream battery cells remain stable, with mainstream prices at 0.41-0.45 CNY/W and module prices at 0.71-0.75 CNY/W [1]. Market Dynamics - The market is characterized by weak demand, with terminal installation demand remaining soft and rising silver prices increasing cost pressures on battery companies, leading to a pessimistic industry sentiment and significant production cuts [1][2]. - The overall operating rate in the industry has slightly decreased, with leading companies operating at 50% and 46%, while integrated companies maintain rates between 50%-68% and other companies between 50%-70% [1]. Future Outlook - In the short term, silicon wafer demand is expected to remain weak, with a forecast of narrow fluctuations in the market due to adjustments in battery cell production and expectations of declining silicon material prices [2]. - Post-holiday, as rigid orders from downstream gradually release, the supply-demand relationship for silicon wafers is anticipated to improve, potentially providing some market support [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002865 证券简称：钧达股份 公告编号：2026-012 海南钧达新能源科技股份有限公司 关于为全资子公司及全资孙公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 近日，海南钧达新能源科技股份有限公司（以下简称"公司"）为全资子公司上饶捷泰新能源科技有限公 司（以下简称"上饶捷泰"）向中国建设银行股份有限公司上饶市分行申请综合授信额度事项提供连带责 任保证担保，最高担保限额为人民币5,760万元；为全资孙公司滁州捷泰新能源科技有限公司（以下简 称"滁州捷泰"）向中国建设银行股份有限公司来安支行申请综合授信额度事项提供连带责任保证担保， 担保最高本金余额为人民币20,000万元；为全资孙公司滁州捷泰向交通银行股份有限公司上饶分行申请 综合授信额度事项提供连带责任保证担保，担保主债权最高本金余额为人民币25,000万元。具体担保事 项以担保合同中的约定为准。 公司于2025年12月4日召开第五届董事会第六次会议、2025年12月24日召开2025年第四次临时股东会， ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][61] Core Insights - The report highlights the recent policy changes by the National Development and Reform Commission and the National Energy Administration regarding the capacity pricing mechanism for power generation, which aims to enhance the profitability of coal and gas power sources and stimulate investment in new energy storage projects [10] - The report indicates a significant increase in installed power generation capacity, with a total of 389 million kilowatts by the end of 2025, reflecting a year-on-year growth of 16.1%, and emphasizes the shift towards renewable energy sources [11][12] - The average utilization hours of power generation equipment decreased to 3119 hours in 2025, down 312 hours from the previous year, indicating challenges in energy consumption efficiency amidst rapid capacity expansion [12][27] Industry Events - On January 30, 2026, a notification was issued to improve the capacity pricing mechanism for coal, gas, and pumped storage power generation, establishing a new pricing mechanism for grid-side energy storage [10] - The National Energy Administration released national electricity statistics for 2025, showing a substantial increase in solar and wind power generation capacity [11] Market Performance - During the period from January 26 to February 1, 2026, the Shanghai and Shenzhen 300 index rose by 0.08%, while the power equipment index fell by 5.10%, underperforming the broader market [13][15] - Among the sub-sectors related to power energy, only the comprehensive energy service and hydropower sectors saw slight increases, while thermal power equipment and battery-related sectors experienced significant declines [19] Power Industry Operations - In December 2025, the total electricity consumption reached 908 billion kilowatt-hours, a year-on-year increase of 2.77%, with a total annual consumption of 10368.2 billion kilowatt-hours, reflecting a 5.00% growth [20][22] - The newly added power generation capacity for 2025 was 54617.1558 megawatts, with notable growth in thermal and wind power, while hydropower and nuclear power saw declines [22][24] New Power System Developments - As of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, a year-on-year increase of 54%, with new energy storage capacity growing by 85% [44] - The report provides detailed pricing trends for various components in the photovoltaic industry, indicating stability in polysilicon prices and fluctuations in battery component prices [37][47][48] - The total number of charging infrastructure units in China reached 20.092 million by the end of December 2025, marking a 56.75% increase year-on-year [51]

本周硅片市场观望情绪较为浓厚，上下游呈僵持博弈局面。尽管在出口退税政策和白银价 格飙升影响下，组件、电池价格持续上涨，但是价格上涨未能有效向前端传导，需求偏弱导 致硅片价格暂无明显波动。具体来看，其一，虽然在去库进展缓慢压力下，部分小厂价格开 始小幅下探，但国内硅片大厂报价依旧坚挺；其二，国内终端需求一般，同时电池厂在成本 压力下，对高价硅片的接受度降低，导致硅片采购需求订单偏少。因此本周硅片市场以零星 成交为主，上游挺价，下游压价，整体市场处于拉锯阶段，硅片价格暂稳运行。据调研，本 周行业整体开工率无明显变化，其中两家一线企业开工率在 50% 和 48% ，一体化企业开工 率在 50%-70% 之间，其余企业开工在 50%-72% 之间。 | 隆基绿能科技股份有限公司 | TCL 中环新能源科技股份有限公司 | | --- | --- | | 晶澳太阳能科技股份有限公司 | 晶科能源控股有限公司 | | 阳光能源控股有限公司 | 弘元绿色能源股份有限公司 | | 北京京运通科技股份有限公司 | 高景太阳能股份有限公司 | | 江苏美科太阳能科技股份有限公司 | 双良硅材料(包头)有限公司 | | 宇泽半导体 ...