Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

2026 年 02 月 24 日 版费 行业 相关研究 近券研究报 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 煤炭/ 煤炭开采 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 产地供给恢复缓慢、进口 缩,看好煤价继续上 -煤炭行业周报（2026.2.7-2026.2.13） 本期投资后了 ● 动力煤方面，截至 2 月 13 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500 动力煤现货价收报 556、638、718 元/吨，环比上涨 23、25、23 元/吨。供 给端，据中国煤炭市场网，环渤海四港区本周日均调入量 165.76 万吨，环比上周增加 7.2 万吨，增幅 4.54%，同比增加 6.57%。需求端，据中国煤炭市场网，环渤海四港区 本周日 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for the sector compared to the overall market performance [1]. Core Insights - The report highlights a slow recovery in domestic coal supply and an expected reduction in imports, which is anticipated to support continued increases in coal prices [1]. - As of February 13, 2026, the spot prices for thermal coal at Qinhuangdao port showed increases, with Q4500, Q5000, and Q5500 grades rising by 23, 25, and 23 RMB/ton respectively [1]. - The report notes that the average daily coal inflow to the four ports in the Bohai Rim increased by 4.54% week-on-week, while the outflow rose by 14.42% [1]. - The report suggests that the current tight supply conditions, coupled with increased demand from downstream sectors, will likely sustain coal prices in the near term [1]. Summary by Sections Recent Industry Policies and Dynamics - The State Council issued guidelines on improving the national unified electricity market system, aiming for significant market participation by 2030 and full establishment by 2035 [8]. - Safety production measures in coal mines are being emphasized, with a focus on intelligent operations and strict enforcement of safety regulations [8]. Price Trends - Domestic thermal coal prices remained stable, with specific grades reporting no change in price [9][11]. - International thermal coal prices showed slight increases, with Indonesian coal prices rising by 1.2% [10]. Inventory and Supply - The Bohai Rim ports reported a decrease in coal inventory, with a total of 24.15 million tons as of February 14, 2026, down 1.96% from the previous week [21]. - The report indicates that the number of vessels anchored at the Bohai Rim ports decreased, reflecting tighter supply conditions [21]. Freight Rates - Domestic coastal freight rates decreased by 2.90%, while international freight rates showed mixed trends [28]. Company Valuation - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [33].

据交易所数据显示，截至2月24日开盘一小时，主力资金流入前20的股票分别为： 中际旭创（16.27亿元）、 华工科技（11.88亿元）、 中国中铁（10.39亿 元）、 沪电股份（6.78亿元）、 湖南白银（6.73亿元）、 润泽科技（6.44亿元）、 协鑫集成（5.92亿元）、 再升科技（5.92亿元）、 天孚通信（5.87亿 元）、 保变电气（5.56亿元）、 中国船舶（5.50亿元）、 永鼎股份（5.40亿元）、 胜宏科技（5.20亿元）、 新易盛（4.34亿元）、 北京君正（4.15亿元）、 特变电工（4.06亿元）、 洲际油气（4.04亿元）、 金风科技（4.02亿元）、 太极实业（3.92亿元）、 深南电路（3.82亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 中际旭创 | 5.27 | 16.27亿元 | 通信 | | 华工科技 | 10 | 11.88亿元 | 机械设备 | | 中国中铁 | 10 | 10.39亿元 | 建筑装饰 | | 沪电股份 | 4.5 | 6.78亿元 | 电子 | | 湖南白银 ...

光伏ETF华夏（515370）及其联接基金（012885/012886）跟踪中证光伏产业指数，涉及光伏产业链 上、中、下游企业，包括硅片、多晶硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光 伏电站等，能够更好的反映光伏产业整体表现。其跟踪指数太空光伏含量18.49%，指数维度全市场排 名第一。 2026年2月24日，A股三大指数集体高开，光伏ETF华夏（515370）上涨1.63%，持仓股协鑫集成、南网 电源涨停，露笑科技涨超6%，特变电工涨超4%。 2026年2月11日，国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》，是2021年《关于 加快建设全国统一电力市场体系的指导意见》发布以来国家出台的又一全国统一电力市场顶层设计文 件。4号文完整准确全面贯彻落实新发展理念，着眼构建全国统一大市场、实现碳达峰碳中和目标等， 统筹谋划了未来十年全国统一电力市场体系的目标与路径，是新时代指导我国电力市场建设的重要纲领 性文件，将进一步加快我国电力市场化改革进程，促进电力资源在更大范围内优化配置。 （文章来源：每日经济新闻） ...

截至发稿，姚晨曦累计任职时间10年317天，现任基金资产总规模19.48亿元，任职期间最佳基金回报 89.22%， 任职期间最差基金回报-35.91%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，中海基金旗下1只基金重仓特变电工。中海环保新能源混合（398051）四季度减持39.85万 股，持有股数115.61万股，占基金净值比例为3.13%，位居第四大重仓股。根据测算，今日浮盈赚取约 167.63万元。 中海环保新能源混合（398051）成立日期2010年12月9日，最新规模8.22亿。今年以来收益14.26%，同 类排名548/8994；近一年收益62.51%，同类排名837/8199；成立以来收益171.1%。 中海环保新能源混合（398051）基金经理为姚晨曦。 2月24日，特变电工涨5.04%，截至发稿，报30.20元/股，成交44.28亿元，换手率2.96%，总市值1525.94 亿元 ...

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

2026年2月18日，路透社曝出了一则让市场意外的消息。 印度政府官员透露，新德里已经开始放松对购买中国设备的限制，允许国有电力和煤炭企业在无需 政府审批的情况下，有限度地从中国采购关键设备。 这是自2020年边境冲突以来的首次实质性松动，一举为中国企业敞开了规模高达7000亿至7500亿美元 的印度政府采购市场。 一名印度官员的解释很直白：这次豁免是出于"国家利益"，因为继续阻止中国产品进口，将直接损害印度的制造能力。 一个由高级官员组成的小组已经批 准了相关豁免措施，正式命令预计很快发布。 政府部门面临设备短缺和项目延误，已多次提出放宽中国产品准入的要求。 五年了，印度终于承认了一个残酷的现实：想替代中国制造，却必须先买中国设备。 这个曾经在边境冲突后对中国电力设备设下重重关卡的国家，如今主 动打开了政府采购的大门。 不是外交姿态的调整，不是关系缓和的信号，而是一个简单的算术题，未来三年，印度输电项目的变压器和电抗器缺口高达 40%。 没有这些"电力心脏"，新建的工业园区运转不起来，规划的数据中心接不上电，承接全球制造业转移的雄心被卡在了最后一公里。 产业现实面前， 政治意愿不得不低头。 印度电力部门的内 ...

大年初二，王晖参赞到特变电工阿玛丽亚水电站给节日期间奋战在一线的职工拜年，向大家致以新春祝福的同时，提醒大家节日期间一定要注意 安全生产，一起过个祥和平安的中国年。 （原标题：王晖参赞到阿玛丽亚水电站慰问一线职工） 此外，节日期间，王晖参赞还陪同孙勇大使到中水对外凯雷塔和苏阿皮提水电站、博法中铝铝土矿和国电投氧化铝厂考察慰问、与中铝国电投河 南矿业和益丰船务等公司举行座谈会，并到宝武、华为和云南斯盖尔等公司走访慰问。 微信图片_20260219190406_372_48.jpg ...

（来源：千龙网） 我是特变电工的一名巡线员。别人看我天天和铁塔电线打交道。但我知道，我巡的是"光"走过的路。这 条路很长，我一个人走不完。好在，我有来自不同民族的兄弟们。我们分享同一块馕，操心同一段线 路。我师父把"手艺"传给了我，我又把它传给了徒弟们。这些年，我脚下的路没变，但路尽头的人家， 灯更亮了，笑声更多了。这些铁塔和电线，像是长在地里的石榴藤，把我们这些不同民族的"石榴籽"， 紧紧地聚在了一起，越来越甜。我想给你讲讲，我和我的兄弟们，还有这条"光明之路"的故事。 ...