2026 年 03 月 01 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20260223-20260301） 本期投资提示： 证 券 研 究 报 告 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 冯彧 A0230525080001 fengyu@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 冯彧 A0230525080001 fengyu@swsresearch.com 策 略 研 究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 比 较 相关研究 - 一、A 股本周估值（截至 2026 年 2 月 27 日） ⚫ 1）指数及板块估值比较： ✓ 中证全指（剔除 ST） PE 为 22.8 倍，PB 为 1.9 倍，处于历史 83%和 53%分位； ✓ ...

2月26日，大全能源披露2025年业绩快报，经初步核算，报告期公司实现营业收入483,852.61万元，同比减少34.71%；实现归属于上市公司股东的净亏损 112,916.79万元；扣除非经常性损益后归属于上市公司股东的净亏损为115,589.55万元；基本每股收益为-0.53元。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | (%) | | 营业总收入 | 483, 852. 61 | 741, 051. 84 | -34. 71 | | 营业利润 | -124.651.60 | -308, 479. 01 | 不适用 | | 利润总额 | -128, 016. 82 | -322, 037. 23 | 不适用 | | 归属于上市公司股东的净利 | -112, 916. 79 | -271, 813. 24 | 不适用 | | 润 | | | | | 归属于上市公司股东的扣除 | -115, 589. 55 | -263, 175. 52 | 不适用 | | 非经常性损益的净利润 | | | | | 基本每股收益(元) | ...

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 ...

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]

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]

Investment Rating - The report does not explicitly provide an overall investment rating for the industry but includes detailed valuation metrics for various indices and sectors, indicating a mixed outlook based on historical percentiles [2][5][6]. Core Insights - The report highlights significant valuation metrics for various indices, with the CSI All Share (excluding ST) PE at 22.5x and PB at 1.9x, indicating it is at the 83rd and 50th historical percentiles respectively [2][5]. - The report identifies sectors with high PE and PB valuations, such as real estate, automation equipment, and electronics, suggesting potential investment opportunities [2][7]. - The report tracks the mid-cycle economic conditions across various industries, noting price fluctuations in the photovoltaic and battery sectors, as well as trends in consumer electronics and financial services [2][3][6]. Valuation Summary A-Share Valuation - The CSI All Share PE is 22.5x, with a PB of 1.9x, positioned at the 83rd and 50th historical percentiles [2][5]. - The Shanghai Composite Index PE is 11.7x, PB is 1.3x, at the 61st and 41st percentiles [2][5]. - The ChiNext Index PE is 42.6x, PB is 5.7x, at the 41st and 67th percentiles [2][5]. Industry Valuation - Industries with PE valuations above the 85th percentile include real estate, automation equipment, and electronics (semiconductors) [2][7]. - Industries with PB valuations above the 85th percentile include industrial metals and electronics (semiconductors) [2][7]. - The white goods industry is noted for having both PE and PB valuations below the 15th percentile, indicating potential undervaluation [2][7]. Mid-Cycle Economic Tracking - In the new energy sector, the report notes a 9.2% decline in upstream polysilicon futures prices, while downstream battery prices increased by 3.4% [2][3]. - The semiconductor sector shows a 0.5% increase in the Philadelphia Semiconductor Index, indicating positive momentum [3]. - The insurance sector reports a 7.4% year-on-year growth in premium income, although growth has slowed compared to previous months [3]. Sector-Specific Insights - The report details fluctuations in the steel and cement markets, with rebar prices down by 0.2% and cement prices down by 0.6% [3]. - In the consumer sector, pork prices have decreased by 5.2%, reflecting supply pressures ahead of the Spring Festival [3]. - The report also highlights a 50.9% year-on-year increase in new wind power installations, indicating strong growth in renewable energy [2][3].

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The report indicates a positive outlook for the power energy industry, expecting the industry index to outperform the CSI 300 index in the next six months [65] - The total electricity consumption in China reached a historic high of 10 trillion kilowatt-hours in 2025, with a year-on-year growth of 5.0% [10] - The report highlights significant growth in the renewable energy sector, particularly in solar and wind power, with solar power installations increasing by 33.25% year-on-year [26] Industry Events - In January 2026, the national maximum electricity load exceeded 1.4 billion kilowatts for the first time, driven by increased demand due to extreme weather [11] - Tesla's CEO announced plans to expand solar manufacturing capacity significantly, which is expected to boost solar manufacturing expectations [11] Market Performance - During the period from January 19 to January 25, 2026, the CSI 300 index fell by 0.62%, while the power equipment index rose by 3.57%, outperforming the CSI 300 by 4.19 percentage points [5][13] - Among the sub-sectors of the power energy industry, photovoltaic processing equipment, photovoltaic auxiliary materials, and wind power components had the highest increases, with respective growth rates of 21.77%, 11.17%, and 7.41% [20] Power Industry Operations - In December 2025, the total electricity consumption was 908 billion kilowatt-hours, reflecting a year-on-year increase of 2.77% [23] - The cumulative installed capacity of new power generation from January to November 2025 was 44,557 megawatts, representing a year-on-year growth of 40.71% [25] New Power System Situation Photovoltaics - As of January 21, 2026, the average price of polysilicon was 54 yuan/kg, remaining stable compared to the previous week [42] Energy Storage - By the end of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, a year-on-year increase of 54% [47] Lithium Batteries - As of January 23, 2026, the price of lithium carbonate was 168,000 yuan/ton, reflecting an increase of 15,000 yuan/ton from the previous week [50] 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% [57]

Investment Rating - The industry investment rating is "Outperform the Market" [1][65] Core Viewpoints - The report indicates that the power energy industry is expected to perform well, with the industry index projected to outperform the CSI 300 index in the next six months [65] - The total electricity consumption in China reached a historic high of 10 trillion kilowatt-hours in 2025, with a year-on-year growth of 5.0% [10] - The report highlights significant growth in the renewable energy sector, particularly in solar and wind power, with substantial increases in installed capacity [11][12] Industry Events - In January 2026, the maximum electricity load in China broke records, reaching 1.417 billion kilowatts, driven by increased demand due to extreme weather [11] - Tesla's CEO announced plans to expand solar manufacturing capacity significantly, which is expected to boost the solar manufacturing outlook [11] Market Performance - During the period from January 19 to January 25, 2026, the CSI 300 index fell by 0.62%, while the power equipment index rose by 3.57%, outperforming the CSI 300 by 4.19 percentage points [5][13] - Among the 31 first-level industries, the power equipment sector ranked 11th in performance [16] Power Industry Operations - In December 2025, total electricity consumption was 908 billion kilowatt-hours, a year-on-year increase of 2.77% [23] - From January to November 2025, the newly added power generation capacity was 44.557 million kilowatts, a year-on-year increase of 40.71% [25][26] - The average utilization hours of power generation equipment decreased by 289 hours year-on-year to 2858 hours [33] New Power System Situation Photovoltaics - As of January 21, 2026, the average price of polysilicon was 54 yuan/kg, remaining stable [42] Energy Storage - By the end of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, a year-on-year increase of 54% [47] Lithium Batteries - As of January 23, 2026, the price of lithium carbonate was 168,000 yuan/ton, reflecting a week-on-week increase [50] Charging Infrastructure - By the end of December 2025, the total number of charging facilities in China reached 20.092 million, a year-on-year increase of 56.75% [57]

Core Viewpoint - The rising prices of various bulk raw materials are putting pressure on downstream companies, prompting them to announce plans for commodity futures hedging to mitigate the impact of price fluctuations and ensure product profitability [1][4]. Market Performance - Since 2025, the prices of bulk raw materials have shown a trend of oscillating upward, with significant increases in key manufacturing materials such as copper and aluminum. In 2025, the spot copper price increased by 34.34%, and as of January 14, 2026, the London Metal Exchange (LME) copper price reached a historical high of $13,407 per ton, while domestic copper futures also surpassed 100,000 yuan per ton. Aluminum prices have similarly surged, with the main contract on the Shanghai Futures Exchange breaking through 25,000 yuan per ton, setting a new record [5][6]. Causes of Price Increase - The recent rise in prices for non-ferrous metals and bulk raw materials is attributed to a combination of supply and demand factors, policy influences, and market expectations. Supply constraints are due to environmental regulations, capacity repairs, and green transitions, while demand is driven by the recovery of global manufacturing and rapid growth in emerging industries such as new energy vehicles and energy storage. Additionally, ongoing growth stabilization policies and a relatively loose international liquidity environment support price increases [5][6]. Corporate Hedging Activities - In response to the ongoing price volatility, there is a noticeable increase in the willingness of listed companies to engage in hedging to "lock in costs." Since 2026, nearly 20 manufacturing companies have announced plans to conduct commodity futures hedging, covering various materials including copper, aluminum, stainless steel, and lithium carbonate. For instance, Shuangliang Energy Systems Co., Ltd. announced plans to engage in futures investment to stabilize production costs affected by raw material price fluctuations [6][7]. Trend in Risk Management - The trend of engaging in hedging activities reflects an enhanced awareness of risk management among companies. By locking in future raw material procurement costs or product sales prices, companies can effectively hedge against market price fluctuations, helping them stabilize costs and profit expectations in uncertain markets. The core goal of hedging remains "stabilizing operations" rather than "seeking profits," with a focus on matching hedging ratios and durations [7][8]. Future Outlook - As raw material prices remain high, it is expected that companies will adopt more systematic and refined approaches to managing price fluctuations. This includes optimizing combinations of futures and options tools, enhancing supply chain collaboration, and upgrading technology to increase product added value, thereby strengthening operational resilience [7].

Core Viewpoint - The rising prices of various bulk raw materials are putting pressure on downstream companies, prompting them to announce plans for commodity futures hedging to mitigate the impact of price fluctuations and ensure product profitability [1]. Group 1: Price Trends - Since 2025, the overall price of bulk raw materials has shown a fluctuating upward trend, with significant increases in key manufacturing materials such as copper and aluminum. For instance, the spot copper price rose by 34.34% in 2025, and the London Metal Exchange (LME) copper price reached a historical high of $13,407 per ton on January 14, 2026 [1]. - Aluminum prices have also surged, with the main contract on the Shanghai Futures Exchange breaking through 25,000 yuan per ton, marking a historical peak since 2026 [1]. Group 2: Supply and Demand Factors - The increase in raw material prices is attributed to multiple factors, including supply constraints due to environmental regulations, capacity repairs, and green transitions, alongside rising demand driven by the recovery of global manufacturing and the rapid growth of emerging industries such as new energy vehicles and energy storage [2]. - Continuous growth-stimulating policies and a relatively loose international liquidity environment have further supported the price increases [2]. Group 3: Corporate Hedging Activities - In response to ongoing price volatility, there is a noticeable increase in the willingness of listed companies to engage in hedging activities to "lock in costs." Since 2026, nearly 20 manufacturing companies have announced plans to conduct commodity futures hedging, covering various materials including copper, aluminum, stainless steel, and lithium carbonate [2]. - For example, Shuangliang Energy (600481) announced its intention to engage in futures investment to mitigate cost fluctuations caused by raw material price volatility, ensuring relative stability in production costs and maintaining normal operating profits [2]. Group 4: Risk Management Trends - The trend of engaging in hedging activities reflects an enhanced awareness of proactive risk management among companies. By locking in future raw material procurement costs or product sales prices, companies can effectively hedge against market price fluctuations, stabilizing costs and profit expectations [3]. - Industry experts emphasize that the primary goal of hedging remains "stabilizing operations" rather than "seeking profits." Companies with high raw material cost ratios and scientifically sound hedging strategies can hedge against significant price increases, focusing on operational stability [3]. - Looking ahead, as raw material prices remain high, companies are expected to adopt more systematic and refined approaches to managing price fluctuations, including optimizing the combination of futures and options, enhancing supply chain collaboration, and upgrading technology to increase product added value [3].