Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [5][18]. Core Insights - The report highlights that the AI energy crisis, as warned by Nvidia's CEO, is creating significant opportunities for the domestic power equipment industry in China, which has a complete supply chain and is well-positioned to benefit from both domestic grid investments and global AI data center expansions [4][13]. - Key areas of growth include gas turbines, solid oxide fuel cells (SOFC), nuclear power, transmission and distribution equipment, transformers, and energy storage, all of which are expected to see increased demand due to the evolving energy needs of AI and data centers [4][14][15][16][17]. Summary by Sections Investment Viewpoints - The North American electricity shortage primarily benefits power equipment already integrated into overseas supply chains, with a focus on generation, storage, and transmission sectors [5][17]. - Specific companies highlighted for investment include: - Power Generation: Boying Welding [未评级] - Energy Storage: Sungrow Power, Tongfei Co. [Buy] - Transmission and Distribution: Jinpan Technology [Buy] - Solid State Transformers: Sifang Co., New Special Electric [Buy] - Power Supply for AI Data Centers: Zhongheng Electric, Magpow, Oulu Tong [Buy] - Liquid Cooling: Invec [Buy] [5][17]. Industry Performance - The power equipment sector has shown a performance increase of 36% over the past 12 months, outperforming the Shanghai Composite Index and the CSI 300 Index [3][45]. - Recent market performance indicates a 1.19% increase in the power equipment sector, ranking it fifth among 28 sub-industries [45]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, with notable mentions including: - Sungrow Power: EPS forecast of 5.32 in 2024, with a Buy rating - Tongfei Co.: EPS forecast of 0.86 in 2024, with a Buy rating - Jinpan Technology: EPS forecast of 1.26 in 2024, with a Buy rating - Sifang Co.: EPS forecast of 0.86 in 2024, with a Buy rating - Magpow: EPS forecast of 1.08 in 2024, with a Buy rating [8][19].

2025 年 12 月 03 日 工业硅：偏弱运行为主 多晶硅：震荡行情，关注后续仓单注册情况 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 Si2601收盘价（元/吨） | T | T-1 15 | T-5 205 | T-22 -10 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601成交量（手） | 9,145 216,787 | 18,896 | 2,775 | -104,204 | | | | Si2601持仓量（手） | 203,274 | -8,525 | -59,402 | -24,490 | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 57,705 | 1,280 | 4,390 | - | | | | PS2601成交量（手） | 338,696 | 157,433 | 150,820 | - | | | | PS2601持仓量（手） | 142,133 | -2,626 | 13,706 | - ...

Report Overview - Report Date: December 3, 2025 - Report Title: Guotai Junan Futures Commodity Research Morning Report - Green Finance and New Energy - Covered Commodities: Nickel, Stainless Steel, Lithium Carbonate, Industrial Silicon, Polysilicon 1. Report Industry Investment Rating - Not provided in the report 2. Report Core Views - Nickel: Fundamental factors limit its upward potential, and it will trade in a low - level range [2][4] - Stainless Steel: High inventory and weak supply - demand, while cost limits the downside [2][4] - Lithium Carbonate: Weak spot trading, and the high - level oscillation will continue [2][9] - Industrial Silicon: Mainly in a weak operation [2] - Polysilicon: In an oscillating market, and attention should be paid to subsequent warrant registration [2][12] 3. Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel's main contract was 118,050 yuan, with a change of 200 yuan compared to T - 1. The trading volume of Shanghai Nickel's main contract was 88,522 lots, a decrease of 57,307 lots from T - 1. For stainless steel, the closing price of the main contract was 12,465 yuan, up 20 yuan from T - 1, and the trading volume was 144,713 lots, down 98,850 lots from T - 1 [4] - **Macro and Industry News**: Indonesia's forestry working group took over more than 148 hectares of PT Weda Bay Nickel's mining area due to violations. China suspended an unofficial subsidy for imported copper and nickel from Russia. Indonesia imposed sanctions on 190 mining companies. The Indonesian government suspended the issuance of new smelting licenses. Some nickel wet - process projects in Indonesia may reduce production in December, affecting about 6,000 nickel metal tons [4][5][7] - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0 [8] Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 94,860 yuan, down 260 yuan from T - 1. The trading volume was 73,196 lots, a decrease of 50,687 lots from T - 1. The spot - 2601 basis was - 460 yuan [9] - **Macro and Industry News**: SMM's battery - grade lithium carbonate index price was 94,864 yuan/ton, down 114 yuan/ton from the previous trading day. BYD's November car sales were 480,186 units, and the cumulative sales from January to November were 4.18 million units, a year - on - year increase of 11.3% [9][10] - **Trend Intensity**: Lithium carbonate has a trend intensity of 0 [11] Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2601 contract for industrial silicon was 9,145 yuan/ton, up 15 yuan from T - 1. The closing price of the PS2601 contract for polysilicon was 57,705 yuan/ton, up 1,280 yuan from T - 1. Industrial silicon's social inventory was 550,000 tons, and polysilicon's manufacturer inventory was 281,000 tons [12] - **Macro and Industry News**: Jiangsu Rundaxin Energy's new metallized TOPCon high - efficiency battery was launched, with a core conversion efficiency exceeding 26.5% [12][14] - **Trend Intensity**: Industrial silicon has a trend intensity of - 1, and polysilicon has a trend intensity of 0 [14]