电力设备及新能源 年度策略报告 同步大市-A(维持) 电力设备及新能源板块近一年市场表现 2026 年 2 月 10 日 行业研究/行业年度策略 投资要点： 全球 AIDC 景气共振，看好直流供电产业趋势。 资料来源：常闻 | 首选股票 | | 评级 | | --- | --- | --- | | 002364.SZ | 中恒电气 | 买入-B | | 002028.SZ | 思源电气 | 买入-A | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 688303.SH | 大全能源 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688411.SH | 海博思创 | 买入-A | | 603688.SH | 石英股份 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 601137.SH | 博威合金 | 买入-A | AIDC 电源革命创新机，光伏反内卷静待供需拐点 1）全球智算需求高增，大厂资本开支提升：国外云厂商资本开支持续超 ...

Investment Rating - The industry investment rating is maintained at "Synchronize with the market - A" [1] Core Insights - SpaceX's application for deploying a satellite system with up to 1 million satellites has been accepted by the FCC, which aims to support advanced AI models and related applications [2] - The utilization rate of photovoltaic power generation is projected to reach 94.8% by 2025, with wind power utilization at 94.3% [3] - The National Energy Administration announced that by December 2025, there will be 6,190 new registered photovoltaic power generation projects [4] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Technology (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Longxin Technology (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [3][4] Market Performance - The report indicates a 7.4% year-on-year increase in the national electricity market transaction volume by 2025 [4] - The report highlights a stable price trend for polysilicon, silicon wafers, battery cells, and modules, with no significant fluctuations observed [5][7][8] Investment Suggestions - Key investment directions include: - BC new technology: Aishuo Co., Ltd. - Supply-side focus: Daqo New Energy, Flat Glass Group - Energy storage direction: Haibo Technology, Sungrow Power Supply - Market-oriented direction: Longxin Group - Domestic substitution direction: Quartz Co., Ltd. - Attention to space photovoltaic: Liancheng CNC, Dike Co., Ltd., Longi Green Energy, and others [9]

Core Viewpoint - Haibo Sichuang's stock performance shows a slight increase of 0.04% with a trading volume of 714 million yuan on February 9, indicating strong market interest and activity in the company's shares [1] Financing Summary - On February 9, Haibo Sichuang had a financing buy amount of 110 million yuan, with a net financing purchase of 18.29 million yuan after repaying 91.77 million yuan [1] - The total financing and securities lending balance reached 981 million yuan, accounting for 3.32% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1] - No shares were sold or repaid in the securities lending segment on February 9, with a balance of 0 shares, also reflecting a high percentile level over the past year [1] Business Performance - As of September 30, Haibo Sichuang reported a total of 9,378 shareholders, a decrease of 7.72% from the previous period, while the average circulating shares per person increased by 15.31% to 4,044 shares [2] - For the period from January to September 2025, the company achieved a revenue of 7.913 billion yuan, representing a year-on-year growth of 52.23%, and a net profit attributable to shareholders of 623 million yuan, which is a 98.65% increase year-on-year [2] Dividend and Shareholding Structure - Haibo Sichuang has distributed a total of 198 million yuan in dividends since its A-share listing [3] - As of September 30, 2025, several new institutional shareholders have entered the top ten list, including Dongfanghong HuGangShen Mixed Fund, holding 861,000 shares, and Rongtong Industry Trend Selected Stock A, holding 853,600 shares [3] - Notably, previous major shareholders such as Western LiDe Carbon Neutral Mixed Fund and Invesco Great Wall New Energy Industry Stock A have exited the top ten list [3]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-06 | 海博思创 | 688411 | 中信证券股份有限 公司总部(菲雪亚 218.72 | 3936.96 | 18 | 中信建投证券股华 | 2月6日，海博思创大宗交易成交18万股，成交额3936.96万元，占当日总成交额的4.29%，成交价218.72元，较市场收盘价223.18元折价2%。 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-02 | 海博思创 | 688411 | 220.17 | 1651.28 | 7.5 | 西部证券股份有限 公司西安系关街证 | 华泰证券股份有限 公司上海浦东新区 | | 2月2日，海博思创大宗交易成交7.5万股，成交额1651.28万元，占当日总成交额的1.04%，成交价220.17元，较市场收盘价224.66元折价2%。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002227 | 奥特迅 | 9.68 | -10.04% | 1.39万 | 1347.65万 | | 688411 | 海道屋與 | 224.66 | -5.81% | 6.72万 | 15.66 Z | | 301590 | 优优绿能 | 198.98 | -5.58% | 8540.97 | 1.72亿 | | 002364 | 中恒电气 | 29.76 | -5.22% | 1 26.73万 | 8.19亿 | | 002630 | ST华西 | 2.23 | -5.11% | 7.67万 | 1710.08万 | | 002851 | 麦格米特 | 120.99 | -4.87% | 17.82万 | 22.10亿 | | 300153 | 科泰电源 | 32.32 | -3.46% | 12.68万 | 4.19亿 | | 300491 | 通合科技 | 26.57 | -3.14% | 7.09万 | 1.92亿 | | 30087 ...

证券研究报告 | 行业点评报告 2026 年 02 月 01 日 储能系列报告（18） 全国容量电价政策重磅发布，大储迈向高质量发展 中游制造/电力设备及新能源 事件：近日，国家发改委、能源局发布《关于完善发电侧容量电价机制的通知》， 文件明确建立电网侧独立新型储能容量电价机制。对服务于电力系统安全运行、 未参与配储的电网侧独立新型储能电站，各地可给予容量电价。容量电价水平 以当地煤电容量电价标准为基础，根据顶峰能力按一定比例折算 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 宁德时代 | 300750.SZ | 1611.1 | 11.5 | 14.9 | 23 | 5 | 强烈推荐 | | 亿纬锂能 | 300014.SZ | 132.3 | 2.0 | 2.2 | 28 | 3 | 强烈推荐 | | 阳光电源 | 300274.SZ | 313.1 | 5.3 | 5.9 | 26 | 7 | 强烈推荐 | | 海 ...

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

1月30日，海博思创涨5.11%，截至发稿，报229.80元/股，成交4.41亿元，换手率1.48%，总市值413.85 亿元。 苏大明累计任职时间2年21天，现任基金资产总规模89.02亿元，任职期间最佳基金回报18.55%， 任职 期间最差基金回报0.38%。 数据显示，太平基金旗下1只基金重仓海博思创。太平睿安混合A（010268）四季度持有股数8000股， 占基金净值比例为0.96%，位居第六大重仓股。根据测算，今日浮盈赚取约8.94万元。 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。 太平睿安混合A（010268）成立日期2020年11月10日，最新规模2.06亿。今年以来收益1.64%，同类排 名7322/8872；近一年收益4.58%，同类排名7430/8126；成立以来亏损4.2%。 责任编辑：小浪快报 太平睿安混合A（010268）基金经理为杨行远、苏大明。 资料显示，北京海博思创科技股份有限公司位于北京市海淀区 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002630 | ST华西 | 2.40 | 2.13% | 32.71万 | 7716.64万 | | 002364 | 中恒电气 | 32.72 | 0.99% | 47.81万 | 15.49 Z | | 002951 | 金时科技 | 13.47 | -0.74% | 2.08万 | 2808.96万 | | 300491 | 通合科技 | 27.50 | -0.97% | 11.27万 | 3.15亿 | | 688719 | 爱科赛博 | 47.17 | -1.32% | 2.26万 | 1.08亿 | | 002227 | 圆特迅 | 11.95 | -1.32% | 4.22万 | 5079.41万 | | 601727 | 上海电气 | 8.76 | -1.46% | 135.78万 | 11.93亿 | | 920110 | 雷特科技 | 37.68 | -1.46% | 1909.21 | 722.63万 | | 600212 ...