聚焦高成长，突围反内卷——2026年电新行业投资策略

Summary of Key Points from the Conference Call Industry Focus - The conference call primarily discusses the electric power and new energy industry with a focus on various segments such as hydrogen ammonia, AIDC power, energy storage, solid-state batteries, lithium batteries, wind power, and photovoltaics [1][2][21]. Core Insights and Arguments High Growth and Anti-Competition Strategies - The investment strategy for 2026 emphasizes high growth and anti-competition as the main themes. Key areas of focus include: - Hydrogen ammonia and AIDC power are highlighted for their high market potential but low expectations, especially with upcoming policies like the 15th Five-Year Plan and EU carbon tariffs [2][21]. - Energy storage is expected to maintain good bidding conditions in the domestic market, with projections of 150 GWh for 2025 and 250-300 GWh for 2026 [11]. - Solid-state batteries are anticipated to remain relevant until 2027-2028, with emphasis on R&D and cost reduction [1][2]. Lithium Battery and Wind Power - The lithium battery sector is showing positive trends in the second half of the year, but future expectations need monitoring [2]. - The wind power market, particularly in Europe, is performing well, with domestic profitability recovering. However, demand growth is slower compared to lithium batteries [7][15]. Photovoltaic Industry Challenges - The photovoltaic industry faces challenges such as supply surplus, leading to a cautious outlook. Demand is projected to be between 150-180 GW for 2026, with a low expectation of exceeding 200 GW [8][9][18]. - Companies like LONGi that are involved in energy storage are noted for their potential growth opportunities [9]. Additional Important Insights Energy Storage Market Dynamics - The peak-valley price difference in energy storage is currently around 0.2 to 0.4 yuan, with regional variations. The eastern region shows a peak-valley price difference of about 0.2 yuan, while the western region can reach 0.3-0.4 yuan [4][10]. - The capacity price varies by region, with Inner Mongolia offering aggressive subsidies and Gansu adopting a more rational approach [10]. Lithium Resource Outlook - The outlook for lithium resources remains optimistic, with a focus on overseas storage demand and domestic bidding volumes. Monitoring data in December and January is crucial for future trends [6][21]. Risks and Opportunities - The main risks across sectors stem from demand uncertainty and potential policy changes affecting the anti-competition strategy. The need for a clear understanding of new power systems and tracking overseas data is emphasized [19][20]. - Despite challenges, there are investment opportunities in sectors like hydrogen ammonia, AIDC power, and lithium resources, particularly in regions with low expectations [21][22]. Recommendations - Companies in the solid-state transformer (SFT) sector such as Sungrow Power, Jinpan, Xinte Energy, and Sifang Shenghong are recommended for their technological and market advantages [5]. - In the anti-competition sector, lithium and wind power are prioritized, while photovoltaic companies with new growth logic are also recommended [22].