证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 8 日 [Table_Title] 太空光伏催化持续，电力设备需求高景气延续 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1. 新能源 SpaceX 收购 xAI，重视太空数据中心发展机遇 我们认为，随着可回收火箭发射成本持续下行，以及低轨卫星星 座建设日趋成熟，太空数据中心的建设与部署成本正进入持续优 化通道。2025 年光伏行业供给侧改善的预期已充分反映在当前股 价中，而卫星在轨运行对太阳能的刚性需求，以及太空数据中心 这一新兴场景的崛起，赋予光伏全新成长空间。 同时，北美光伏制造布局趋势显现，马斯克宣布特斯拉及 SpaceX 将分别扩充 100GW 光伏产能，为国内企业带来增量订单。国内光 伏设备、辅材及电池片企业有望凭借技术积累和成本优势，有望 持续斩获海外订单。短期来看，伴随海外头部企业密集到访、核 心订单加速兑现等催化事件落地，板块情绪有望持续，推动相关 标的实现估值与盈利双重共振。受益标的：双良节能、帝科股 份、奥特维、迈为股份、福斯特、连城数控、晶盛机电、拉普拉 ...

Core Insights - The competition in the AI industry fundamentally revolves around the underlying infrastructure, including energy, chips, and data centers, as highlighted by Huang Renxun's "five-layer cake" theory [2] - Elon Musk emphasized that the core bottleneck for AI applications is energy supply, noting that while AI chip production is rapidly increasing, global electricity supply is only growing at about 4% annually, leading to a potential mismatch between chip capacity and power availability [2] - China is positioned as an "exception" in this context due to its rapid growth in electricity production and capacity, which is critical for supporting its AI and technology sectors [2][3] Energy Consumption and Production - By 2025, China's annual electricity consumption is projected to exceed 10 trillion kilowatt-hours, accounting for 36.4% of the global total, which is 2.5 times that of the United States and 3.2 times that of the European Union [4] - In 2024, China's total electricity generation surpassed 10 trillion kilowatt-hours, with a global share exceeding 32% [5] - The "double ten trillion" milestone signifies China's significant lead in both electricity consumption and generation, achieved through nearly 80 years of continuous investment in power infrastructure [6] Infrastructure Development - China's extensive investment in hydropower, wind, and solar energy has established it as a global leader in electricity generation, with numerous large-scale projects across various regions [6][7] - The construction of major hydropower stations, such as those along the Yellow River and Yangtze River, showcases China's engineering capabilities and commitment to energy development [10][12] - The development of a vast high-voltage transmission network has enabled efficient electricity distribution across the country, supporting both regional and national energy needs [39][42] Renewable Energy Leadership - By 2025, China's wind power capacity is expected to reach 550 million kilowatts, representing 45% of the global total, while solar power capacity will reach 1.16 billion kilowatts, accounting for approximately 48% of the global market [21][22] - In 2024, China's wind and solar power generation combined was 2.5 times that of the United States, highlighting its dominance in renewable energy production [21] - China's complete supply chain for wind and solar energy, from manufacturing to installation, positions it as a global leader in these sectors [22] Nuclear Energy Development - China's nuclear energy program has evolved significantly since its inception, with advancements in third and fourth-generation nuclear technologies, positioning the country as a leader in nuclear power [28][30] - By 2025, China is expected to have 59 operational nuclear reactors, with a total capacity of 62.48 million kilowatts, representing 14.7% of the global total [31] - The development of advanced nuclear technologies is crucial for China's energy security and its strategic position in global energy markets [28][30] Strategic Energy Initiatives - The "West-to-East Power Transmission" project is a monumental initiative aimed at transferring electricity from resource-rich western regions to the eastern economic centers, with a total investment exceeding 1.2 trillion yuan [42][44] - This project has established a comprehensive energy network that supports China's transition to a cleaner, low-carbon energy system, aligning with its long-term sustainability goals [44] - The integration of advanced technologies in energy production and distribution reflects China's commitment to maintaining its competitive edge in the global energy landscape [45][46]

Core Insights - The article highlights the significant advancements in China's green development and technological innovation, showcasing how these practices can serve as a model for sustainable development in Africa and other developing regions [5][7][10]. Group 1: Green Development Practices - China's green development is exemplified by the transformation of arid land into fertile agricultural areas through innovative practices like precision irrigation, which has led to the production of high-quality apples for both domestic and international markets [5][6]. - The integration of technology in urban transportation, such as the use of autonomous electric buses, reflects China's commitment to reducing carbon emissions and optimizing traffic systems [6][9]. - The country's renewable energy capacity has reached a global leading position, with ongoing strategies aimed at achieving comprehensive green transformation in economic and social development [6][10]. Group 2: Technological Innovation - The emphasis on technological innovation in China has resulted in advancements across various sectors, including industrial production, transportation, and healthcare, enhancing overall societal welfare [8][9]. - The establishment of smart factories and the use of automation in production processes demonstrate China's focus on integrating technology into economic growth [8][10]. - China's approach to solid waste management, including modern waste-to-energy facilities, illustrates a systematic achievement in environmental governance, showcasing the potential for sustainable practices in waste management [10][11]. Group 3: International Cooperation and Learning - African nations, such as Guinea-Bissau, are encouraged to collaborate with China in areas like clean energy and smart agriculture, leveraging China's experiences to develop tailored solutions for their own contexts [7][9]. - The article emphasizes the importance of learning from China's development model, which combines ecological considerations with economic growth, providing a hopeful reference for other developing countries [7][11]. - The potential for deeper cooperation between Tunisia and China in energy transition and environmental governance is highlighted, suggesting that China's practices can help address common challenges faced by developing nations [10][11].

Group 1 - The core viewpoint of the articles highlights that "China-led renewable energy development" has been recognized as the top scientific breakthrough for 2025 by the journal Science, with a similar acknowledgment from Nature [1][5] - The development of China's wind power industry is prominently featured, showcasing its significant achievements and contributions to the global energy landscape [1][3] - The total installed capacity of solar and wind power in China is now sufficient to meet the entire electricity demand of the United States, indicating the scale of China's renewable energy capabilities [3] Group 2 - The SANY Shaoshan blade factory, recognized as the world's first "lighthouse factory" in the wind power sector, is highlighted in a special report by Science, illustrating the advanced manufacturing processes in China's wind energy production [3] - China produces two-thirds of the world's wind turbines, with a growing number of international orders, reflecting the increasing global demand for Chinese wind energy technology [3] - The articles emphasize China's journey from having minimal wind power capabilities to becoming the world's leader in installed wind power capacity for 15 consecutive years, establishing a complete wind power industry chain [5]

▲ 摄影:Ge o rg e St e i nme t z 专题中的系列照片，完整呈现了风电叶片从工厂智能制造、跨区域陆路运输到山地现场吊装的全流程关键环节，成为中国风电产业高质 量蓬勃发展的生动缩影。无论国际舆论场评价如何，中国风电产业始终以扎实的技术沉淀与超大规模的应用实践，不断突破风电开发边 界，默默重塑着全球清洁能源的版图。 日前，全球顶尖科研期刊《科学》（Sc i e nc e）杂志公布了2 025年度十大科学突破评选结果，"中国引领下的可再生能源发展"位列榜 首。同期，《自然》（Na t ur e）期刊亦将"中国引领可再生能源跨越式发展"选为2025年振奋人心的七大科学突破。其中，中国风电产 业的发展成果，被写在了最显眼的位置。 位于湖南韶山的全球首座风电行业"灯塔工厂"——三一韶山叶片工厂的系列照片，更是登上《科学》杂志"The Gr e e n Gi a nt（绿色巨 人）"专题报道。 《科学》杂志中提到，"从中国工厂涌出的技术浪潮改变了中国的能源格局... ..中国太阳能和风力发电场现在的总装机容量足以满足整 个美国的电力需求。"文中的一张配图的注释更清晰写道："风力发电机叶片正等待从三一工 ...

【文/观察者网专栏作者 心智观察所】 在瑞士达沃斯的世界经济论坛上，特朗普抛出了一个看似简单却颇具嘲讽意味的问题：中国制造了几乎 所有的风力发电机，可他在中国却找不到任何风力发电场。他还不忘补上一句，称"中国非常聪明，他 们生产风力发电机，然后以高价出售。他们把这些发电机卖给那些愚蠢的买家，但他们自己却不用"。 这番言论在社交媒体上引发了不小的波澜，但如果我们只把它当作又一次政治口水战的素材，那就真正 错失了这场争论背后更深层的故事——一个关于能源、基建、算力，以及大国竞争的故事。 事实上，特朗普的这番"找不到风电场"的说辞，要么是故意的误导，要么是对中国能源转型的严重信息 滞后。截至2025年11月底，中国的风电装机容量已经超过6亿千瓦，相当于600吉瓦。这个数字意味着什 么？它意味着中国的风电装机规模已经连续15年稳居世界第一，相当于大约600座核电机组的发电能 力。 从内蒙古苏尼特石旗那片一望无际的草原上竖立的千兆瓦级风储项目，到江苏盐城海域那些随波起伏的 850兆瓦海上风电阵列，再到广东阳江沙扒那座国内首个百万千瓦级海上风电场——这些巨型工程正在 改写着中国的能源版图。说中国没有风电场，就像说美国没有 ...

（来源：CGTN） 不妨一起来看看，在CGTN发布的视频评论区，海外网友们是如何讨论的： 特朗普做他最擅长的事……装疯卖傻。 最好别讲蠢话，用事实打消所有疑虑，这样就不会显得那么糟糕，毕竟谁都能查到真实数据。全球各国的旅行者都在分享亲身经历：中国的街道更安全、 更整洁、更安静——无论白天黑夜，女性尤其感到安心，带孩子出行也更放心。 特朗普散布虚假信息。中国（在风力发电方面）最内行。最真挚的爱献给中国。 CGTN在国内平台发布系列报道后，网友们自发回应，纷纷分享自己拍摄的风电场照片，用亲身见证的画面回应质疑，生动展现了中国风电建设的蓬勃发 展。 特朗普当然找不到中 国的风力发电站 ，你得亲自去看看才行，特朗普显然压根儿没费过这个心。 CGTN将国内网友的实拍发布至海外平台，外国网友的回复亮了。 CGTN#中国风机随手拍 活动已开启，欢迎你的参与。 你在哪里见过风力发电机、太阳能板、海上发电场等清洁能源基础设施？是家乡的山林、旷野、海边，还是你的旅途中？快来分享你定格的瞬间，和全球 网友一起见证中国的绿色力量！ 分享内容：分享你身边的风力发电机、太阳能板、海上发电厂等基础设施。 要求：图片，需标注拍摄时间与地点。 ...

Core Viewpoint - The Chinese government, represented by the Foreign Ministry spokesperson, emphasizes its commitment to global green and low-carbon transformation, countering U.S. President Trump's comments on China's wind power industry [1] Group 1: China's Wind Power Industry - China has the world's largest installed capacity of wind power, maintaining this position for 15 consecutive years, with an installed capacity exceeding 600 million kilowatts by the end of November 2025 [1] - During the "14th Five-Year Plan" period, China's exports of wind and solar products have helped reduce carbon emissions by approximately 4.1 billion tons in other countries [1] Group 2: Global Green Development - China has established the most comprehensive carbon reduction policy system and the largest renewable energy system globally, actively sharing its achievements in green development [1] - The Chinese government expresses its willingness to collaborate with other countries to promote global green and low-carbon transformation, aiming to build a clean and beautiful world [1]

新华社北京1月22日电（记者董雪、袁睿）针对美国领导人在瑞士达沃斯发表关于中国风力发电机的言 论，外交部发言人郭嘉昆22日在例行记者会上答问时表示，作为负责任发展中大国，中方愿同各方一 道，继续推动全球绿色低碳转型，共同建设清洁美丽的世界。 郭嘉昆说，中国构建了全球最完备的碳减排政策体系和最大的可再生能源体系，并积极分享绿色发展成 果。中国风电装机规模已连续15年稳居世界第一，截至2025年11月底，中国风电装机容量超过6亿千 瓦。"十四五"时期中国出口的风电和光伏产品累计为其他国家减少碳排放约41亿吨。 "中国在应对气候变化、推动全球可再生能源发展应用方面所作努力有目共睹。"郭嘉昆说，作为负责任 发展中大国，中方愿同各方一道，继续推动全球绿色低碳转型，共同建设清洁美丽的世界。 有记者问：美国总统特朗普21日在达沃斯称，中国生产了大量风力发电机，但他在中国找不到任何风电 场，并称中国一直在向"愚蠢的"人出售风力发电机。外交部对此有何评论？ ...

新华社北京1月22日电（记者董雪、袁睿）针对美国领导人在瑞士达沃斯发表关于中国风力发电机的言 论，外交部发言人郭嘉昆22日在例行记者会上答问时表示，作为负责任发展中大国，中方愿同各方一 道，继续推动全球绿色低碳转型，共同建设清洁美丽的世界。 ...