爱建证券近日发布光储行业周报：据SMM，2025年下半年以来，光伏组件排产较为稳定。11月国内组 件企业排产增减不一，头部企业排产稍有上升，其他大多数企业减产清库，整体排产较10月下降。 SMM预计11月国内光伏组件排产不足44.5GW，存在价格反弹之后企业利润水平恢复提产的可能。 投资建议：10月光伏组件出口额约22.58亿美元，同比增长4.39%，环比下降19.34，光伏市场组件需求 趋于平淡；2025年10月国内储能月度新增招标容量同比增长85%，建议关注储能相关标的。推荐阳光电 源（300274.SZ）、南都电源（300068.SZ）、通润装备（002150.SZ）、华盛昌（002980.SZ）、首航新 能（301658.SZ）。 投资要点： 风险提示：1）竞争加剧，导致毛利率降低；2）政策风险，导致需求不及预期；3）国际贸易摩擦风 险。（爱建证券 朱攀,陆嘉怡） 183N单晶硅片主流均价较上周下降0.02元/片至1.28元/片；210N电池片均价较上周下降0.01元/W至0.29 元/W；TOPCon双玻组件价格持平，报0.69元/W。2）储能：2025年10月，磷酸铁锂电池储能系统（不 含工商业储 ...

证券研究报告 行业研究 / 行业点评 2025 年 11 月 25 日 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《动力和储能电池需求强劲，原材料和电芯价 格明显回升》2025-11-19 《电新行业 2025Q3 公募基金持仓分析》 2025-11-19 《25Q3 光伏组件出口超预期，储能需求旺盛》 2025-11-19 《新能源细分领域景气度回升，关注基本面改 善低估值标的》2025-11-17 《场景拓展打开增量空间，龙头引领固态技术 升级》2025-10-22 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 行业及产业 10 月光伏出口环比下滑，储能需求旺盛 ——光储行业周报（2025/11/17-11/21） 强于大市 投资要点： 排产：1）光伏组件：据 SMM，2025 年下半年以来，光伏组件排产较为稳定。11 月国内组 件企业排产增减不一，头部企业排产稍有上升， ...

Core Viewpoint - The report highlights the growth and stability in the photovoltaic and energy storage sectors, with significant increases in production and demand forecasts for batteries and solar components in China and globally [1][2][3][4]. Production Summary - In November 2025, China's production of power, storage, and consumer batteries is projected to reach 209 GWh, representing a month-on-month increase of 12.4% and a year-on-year increase of 64.6%, with energy storage cells accounting for approximately 33.6% of the total [1]. - Global production for the same category is expected to be 228 GWh, with a month-on-month growth of 11.2% [1]. - Domestic photovoltaic module production is forecasted to be below 44.5 GW in November, with potential for recovery in production levels if prices rebound [1]. Price Summary - In October 2025, the average bid price for lithium iron phosphate battery storage systems ranged from 0.43 to 0.7487 CNY/Wh, with an average of 0.5547 CNY/Wh, reflecting a 10% increase month-on-month [2]. - The average price for 4-hour lithium iron phosphate battery storage systems increased by 23.23% month-on-month, while the 2-hour systems saw a decrease of 5.5% [2]. - The price of polysilicon dense material was reported at 52.00 CNY/kg, with a decline in the average price of 183N monocrystalline silicon wafers [2]. Demand Summary - In September 2025, China's newly installed photovoltaic capacity was 9.7 GW, a month-on-month increase of 31.3% but a year-on-year decrease of 53.8% [3]. - The cumulative newly installed photovoltaic capacity from January to September 2025 reached 240.27 GW, a year-on-year increase of 49.3% [3]. - In September 2025, the export value of photovoltaic components was 2.8 billion USD, a year-on-year increase of 39.0% [3]. Industry Dynamics - The National Energy Administration issued guidelines on promoting the integrated development of renewable energy on November 12, 2025 [4]. - The World Power Battery Conference was held in Yibin, Sichuan, on November 12-13, 2025 [4]. - A strategic cooperation agreement was signed between Haibo Si Chuang and CATL to deepen collaboration in the energy storage sector [4]. Investment Recommendations - The report suggests focusing on photovoltaic and energy storage-related companies, highlighting significant growth in installed capacity and export values [4]. Recommended companies include: - Sunshine Power (300274.SZ) - Nandu Power (300068.SZ) - Tongrun Equipment (002150.SZ) - Huashengchang (002980.SZ) - Shouhang New Energy (301658.SZ) [4].

Investment Rating - The industry is rated as "Outperform" compared to the market [2] Core Insights - The report highlights a stable production of photovoltaic components since the second half of 2025, with a slight increase in production from leading companies, while most others are reducing output to clear inventory [2][6] - The demand for energy storage is robust, with a significant year-on-year increase in battery production, particularly in the energy storage segment [2][6] - The report emphasizes the importance of recent policy developments and strategic partnerships in the energy sector, which are expected to drive growth [35][38] Summary by Sections 1. Production - Photovoltaic component production in November 2025 is expected to be below 44.5 GW, with leading companies showing slight increases while others reduce output [2][6] - Battery production for November 2025 is projected at 209 GWh, reflecting a month-on-month growth of 12.4% and a year-on-year growth of 64.6% [2][6] 2. Pricing - The average bid price for lithium iron phosphate battery storage systems in October 2025 ranged from 0.43 to 0.7487 CNY/Wh, with an average of 0.5547 CNY/Wh, marking a 10% increase [10][11] - The weighted average price for 4-hour lithium iron phosphate battery storage systems increased by 23.23% [10] 3. Domestic Demand - In September 2025, the domestic photovoltaic installed capacity increased by 9.7 GW, a month-on-month growth of 31.3% but a year-on-year decline of 53.8% [20] - The cumulative newly added photovoltaic installed capacity from January to September 2025 reached 240.27 GW, a year-on-year increase of 49.3% [20] 4. Overseas Demand - In September 2025, the export value of photovoltaic components was approximately 2.8 billion USD, a year-on-year increase of 39.0% [23][27] - The cumulative export value from January to September 2025 was 21.2 billion USD, a year-on-year decrease of 14.0% [23] 5. Industry Dynamics - The National Energy Administration issued guidelines to promote the integrated development of renewable energy on November 12, 2025 [35] - The World Power Battery Conference was held on November 12-13, 2025, highlighting the growth potential of the power battery industry [36] - A strategic cooperation agreement was signed between Haibo Shichuang and CATL to deepen collaboration in the energy storage sector [38]

华源证券近日发布大能源行业2025年第46周周报：根据国家能源局，截至2025年9月 底，我国发电装机37亿千瓦，其中新能源装机超17亿千瓦，已跃升为第一大电源，占总装机 的46%。根据电规总院，我国最高用电负荷年均新增仅约1亿千瓦，新能源装机规模与最高 用电负荷间的"剪刀差"或将持续拉大，未来十年新能源发展与电力系统的协调发展或将贯穿 始末。 储能：招投标数据验证景气电池材料价格上涨 储能招投标维持同比高增：2025年10月，储能EPC/PC（含直流侧设备）、储能系统和 储能电芯新增招标项目共计12.7GW/38.7GWh，容量规模同比增长85%。 中标数据方面：2025年10月储能EPC/PC（含直流侧设备）、储能系统、储能电芯这三 类新增采招落地总计10.5GW/30.8GWh，容量规模同比增长184%，环比-19%。分区域来 看，储能（含直流侧设备）采招落地前四名省份分别是：新疆、山东、宁夏、内蒙古，均超 3GWh。 储能系统价格方面：2025年10月，磷酸铁锂电池储能系统（不含工商业储能柜）中标加 权均价0.5248元/Wh，环比+10%。 新能源在电力系统中重要性日益凸显，"十五五"统筹规模发展与 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 11 月 16 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 电力市场框架逐步完善 储能招投标数据景气 ——大能源行业 2025 年第 46 周周报（20251116） 投资要点： 电力：市场框架逐步完善，前三季度光伏装机发布 新能源在电力系统中重要性日益凸显，"十五五"统筹规模发展与系统消纳。根据国家能源 局，截至 2025 年 9 月底，我国发电装机 37 亿千瓦，其中新能源装机超 17 亿千瓦，已跃升 为第一大电源，占总装机的 46%。根据电规总院，我国最高用电负荷年均新增仅约 1 亿千瓦， 新能源装机规模与最高用电负荷间的"剪刀差"或将持续拉大，未来十年新能源发展 ...

Group 1 - The article highlights the procurement results for the energy storage system of the 300 MW wind power project in Su Ni Te Left Banner, with the first candidate being CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. with a bid of 502,830,000 CNY [2] - The second candidate is Xiamen Haichen Energy Storage Technology Co., Ltd. with a bid of 535,500,000 CNY, and the third candidate is Xiamen Kehua Data Co., Ltd. with a bid of 549,000,000 CNY [2] - Bidders must have a cumulative performance of no less than 1 GWh in lithium iron phosphate battery energy storage system integration over the past three years, including at least two projects with a capacity of 100 MWh or more [2] Group 2 - The article references the "14th Five-Year Plan" which emphasizes the development of new energy storage and the acceleration of smart grid and microgrid construction [6] - It mentions the third-quarter financial report of Sungrow Power Supply Co., Ltd., showing a revenue of 22.869 billion CNY and a net profit increase of 59.76% year-on-year [6]

Core Insights - The multi-energy complementary integrated optimization national demonstration project in Golmud, Qinghai Province, showcases advanced technology in renewable energy, combining solar, wind, thermal, and storage systems [1][2][3] Group 1: Project Overview - The project has a total installed capacity of 700,000 kilowatts, including 50,000 kilowatts of solar thermal, 200,000 kilowatts of photovoltaic, 400,000 kilowatts of wind power, and 50,000 kilowatts of energy storage [1][2] - It is the world's first project to integrate wind, solar, thermal, storage, regulation, and load, serving as a testing ground for multi-energy complementary technology [1][2] Group 2: Technological Innovations - The solar thermal project utilizes a tower system with a maximum temperature of 565 degrees Celsius, converting solar energy into high-temperature molten salt for steam generation [1][2] - The energy storage system employs lithium iron phosphate batteries, which became the largest power-side centralized electrochemical storage station in China upon its first discharge to the grid [2] Group 3: Energy Output and Efficiency - The demonstration project generates approximately 1.263 billion kilowatt-hours of electricity annually, saving about 401,500 tons of standard coal each year [2] - During periods of reduced transmission capacity, the project maintains a wind and solar abandonment rate of less than 5%, enhancing energy stability and supporting ecological development [2] Group 4: Regional Energy Landscape - Qinghai Province has abundant clean energy resources, ranking second in national solar radiation and being the fourth-largest wind farm in China, with over 100,000 square kilometers of desert land available for renewable energy development [3] - By 2024, Qinghai's total installed power capacity is expected to exceed 71 million kilowatts, with clean and renewable energy accounting for 94.6% and 70% of the total capacity, respectively [3]

Core Viewpoint - Multiple companies have recently announced winning bids for various energy storage projects, indicating a growing trend in the energy storage sector and potential investment opportunities in this field [1][2]. Group 1: Company Announcements - Trina Storage has won a bid for a 4MW/10MWh energy storage project from Sinopec, utilizing a centralized 1500V 4000kW RS485 technology solution [3][6]. - Ganfeng Lithium has secured contracts for two grid-type energy storage projects totaling 400MW/1600MWh from China Power Construction Group [8]. - China Energy Engineering Group has been awarded a 300MW/1200MWh energy storage EPC project in Xinjiang, with a project bid price of 1.122 billion yuan, translating to a unit price of 0.935 yuan/Wh [10]. - Longyuan Environmental Protection has won a bid for a technical transformation EPC project worth 2.398 million yuan, aimed at enhancing frequency modulation capabilities [11][13]. - Taihu Energy Valley has been awarded a procurement project for a long-duration energy storage system with a capacity of 1034MWh, at a bid price of approximately 1.110 billion yuan, equating to 1.074 yuan/Wh [14][16].

Core Viewpoint - Yunnan is accelerating the construction of a new energy system, focusing on the development of green energy sources such as hydropower, wind, and solar energy, to support high-quality economic growth [1][2][3]. Hydropower Development - The newly approved Jinsha River Benzi Hydropower Station will have an installed capacity of 2.6 million kilowatts and is expected to generate approximately 10 billion kilowatt-hours annually, saving about 3.1 million tons of standard coal each year [2][4]. - Yunnan has a total hydropower installed capacity exceeding 83 million kilowatts, ranking second in the country, with six of the top ten hydropower stations located in the province [4][5]. Wind and Solar Energy Expansion - Yunnan has significant potential for wind and solar energy, with wind energy resources estimated at 123 million kilowatts and a feasible solar power installation capacity exceeding 60 million kilowatts [6][7]. - The province has initiated multiple solar and wind projects, including two solar power stations in Dali with a total capacity of 95,000 kilowatts, utilizing a tea-solar complementary model [6]. New Energy Storage Development - The new energy storage market is emerging as a stabilizer for the power grid, with projects like the lithium iron phosphate battery storage system in Chuxiong City, which has an annual charge and discharge capacity of 221 million kilowatt-hours [9][11]. - Yunnan's new energy penetration in the power system has reached approximately 70%, necessitating robust energy storage solutions to address fluctuations in renewable energy generation [11].