本交易涉及其他关联方：Arrowstreet Capital GP LLC、Arrowstreet Capital Holding LLC。 2月5日，Arrowstreet Capital, Limited Partnership增持 金风科技 (02208)314.48万股，每股作价13.11港 元，总金额约为4122.83万港元。增持后最新持股数目约为4078.32万股，最新持股比例为5.27%。 ...

星标 ★ IPO日报 精彩文章第一时间推送 2月9日，金风科技（ 002202）以26.02元开盘，盘中最高价26.58元，截止收盘，其价格在26.19元，上涨幅度2.67%，已收回2月5日高达9个点的跌 幅，当时收盘价为24.82元。 这意味着金风科技暂时安全度过调查风波。 不必讳言，欧美的光伏、风电等关键绿色技术的供应链比较依赖中国，他们有些人希望通过调查推动供应链"去风险化"，减少对中国设备的依 赖。但实际上，中国企业的优势来自于市场分工，来自于中国企业自身的不断创新和发展，来自于核心竞争力的提升。 张力制图 当地时间2月3日，欧盟委员会宣布依据《外国补贴条例》（FSR）针对 金风科技 在欧盟风电市场的业务活动启动深入调查。这是欧盟FSR生效近 三年后，再度将单边经贸工具的矛头对准中国企业。 金风科技的股价并没有因此连续大跌，投资者也没有疯狂抛盘，金风科技此前的股价下跌，更多是属于风电板块内的调整，而非欧盟对它的调 查。 其实，欧盟对于金风科技展开调查，并不奇怪。此前中国企业闻泰科技就被荷兰政府莫名其妙封查，强制接管。 据报道，这次对金风科技启动调查是欧盟首次针对单一中国风电企业启动FSR深度调查，但并 ...

香港联交所最新资料显示，2月5日，Arrowstreet Capital,Limited Partnership增持金风科技（002202） (02208)314.48万股，每股作价13.11港元，总金额约为4122.83万港元。增持后最新持股数目约为4078.32 万股，最新持股比例为5.27%。 本交易涉及其他关联方：Arrowstreet Capital GP LLC、Arrowstreet Capital Holding LLC。 ...

智通财经APP获悉，香港联交所最新资料显示，2月5日，Arrowstreet Capital, Limited Partnership增持金 风科技(02208)314.48万股，每股作价13.11港元，总金额约为4122.83万港元。增持后最新持股数目约为 4078.32万股，最新持股比例为5.27%。 本交易涉及其他关联方：Arrowstreet Capital GP LLC、Arrowstreet Capital Holding LLC。 ...

宏德股份（301163.SZ）2月9日在投资者互动平台表示，公司目前向金风科技提供的产品应用区域均为 国内市场，欧盟相关调查对公司无直接影响。 ...

Group 1 - The core viewpoint of the report indicates that the power industry is expected to undergo high-quality development due to accelerated marketization and ongoing reforms in the electricity system in China, particularly in the context of the "dual carbon" strategy [2] - The report highlights that the investment in the power grid is anticipated to increase, with significant growth in transformer exports to the U.S. and other countries in the first nine months of 2025 [4] - The report emphasizes the importance of gas turbines as a primary solution for addressing electricity shortages in the U.S., with Chinese companies expected to expand their presence in international markets [4] Group 2 - The report notes that the construction of ultra-high voltage (UHV) power lines is likely to accelerate due to the rising demand for green electricity, despite a slowdown in construction during the latter part of the 14th Five-Year Plan [3] - The investment in distribution networks is expected to become a key focus during the 15th Five-Year Plan, as the reliability of power supply is challenged by the rapid growth in peak electricity load [3] - The profitability of wind power equipment is projected to continue improving, with domestic companies accelerating their international expansion, supported by high bidding volumes and rising prices [5]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery sector is expected to transition from a seasonal low to a peak demand period, with significant growth anticipated in 2026 [1] - The report highlights the potential of space photovoltaic technology and solid-state batteries, indicating a promising future for these segments [1] Industry Trends - The electrical equipment sector saw a 2.2% increase, outperforming the market, with photovoltaic equipment rising by 3.43% and lithium batteries by 0.77% [3] - In January, the energy storage sector recorded a procurement of 36.3 GWh, with a 42% increase in the average price of 4-hour systems over six months [3] - The demand for energy storage is expected to grow significantly, with projections of over 60% growth in 2026, driven by various factors including the U.S. Inflation Reduction Act [3][8] Company Developments - Ningde Times is recognized as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [1] - Other notable companies include Sunshine Power, recognized for its inverter technology, and Siyi Electric, which is positioned well for overseas expansion [1] - BYD reported a decline in new energy vehicle production and sales in January, with a significant drop in both pure electric and plug-in hybrid vehicles [3] Investment Strategy - The report emphasizes the importance of energy storage, predicting robust demand and growth in both domestic and international markets [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, highlighting firms like Ningde Times and Yiwei Lithium Energy as key players [1] - The report also suggests that the robotics sector is poised for significant growth, with Tesla's upcoming Gen3 robot expected to drive demand [12]

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

Group 1: Core Insights - The report highlights the promising prospects of space photovoltaic technology, with Elon Musk announcing plans for SpaceX and Tesla to achieve 100GW/year solar capacity each over the next three years, specifically for space AI data centers and Starlink satellites [1][79] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Amazon projected to spend approximately $200 billion in 2026, Google between $175 billion and $185 billion, and Meta between $115 billion and $135 billion, indicating a surge in demand for power equipment [2][25] - The solid-state battery industry is advancing with strategic partnerships and new equipment solutions, while applications are being tested by major automotive companies, suggesting a growing market for related companies [3][64] Group 2: Industry Summaries - The global energy storage demand is expected to grow steadily, with projections indicating a 40% year-on-year increase in global storage installations to reach 455GWh in 2026, driven by domestic policies and international market needs [3][30] - The wind power sector is anticipated to see a 10%-20% growth in new installations in 2026, supported by strong order backlogs and improving profitability for manufacturers, with a focus on both onshore and offshore wind projects [4][49] - The photovoltaic industry is undergoing a transformation with advancements in space solar technology and traditional solar production, with a focus on supply chain improvements and new technology integration, particularly in the context of reducing costs and enhancing efficiency [1][78] Group 3: Company Focus - Key companies to watch in the photovoltaic sector include Mibet, JinkoSolar, and Junda, which are actively engaging in space photovoltaic initiatives and partnerships with aerospace firms [1][79] - In the AI-driven power equipment sector, companies like Jinpan Technology, Xinte Electric, and Hewei Electric are positioned to benefit from the increased capital expenditures by major tech firms [2][25] - The solid-state battery supply chain includes companies like CATL, Rongbai Technology, and Dangsheng Technology, which are making significant strides in material and equipment development [3][64]

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The China Electricity Council forecasts a 5%-6% growth in electricity consumption for 2026, with a significant decline in proxy electricity prices in February [5][12] - Over 80% of provinces and cities reported a year-on-year decrease in proxy electricity prices in February, with Jiangsu, Inner Mongolia, and Liaoning experiencing the largest declines of 29.3%, 25.6%, and 23.1% respectively [5][14] - The report anticipates that by the end of 2026, the installed capacity of solar power will exceed that of coal power for the first time, with renewable energy sources accounting for half of the total installed capacity [5][14] Summary by Sections Industry Outlook - The report predicts that by 2026, the total installed capacity of renewable energy will reach half of the total installed capacity, with solar power surpassing coal power for the first time [5][14] - The total electricity consumption in China is expected to be between 10.9 and 11 trillion kilowatt-hours, reflecting a year-on-year growth of 5%-6% [5][14] Investment Trends - In January 2026, the State Grid completed fixed asset investments of 30.8 billion yuan, a year-on-year increase of 35.1% [6][14] - The Southern Power Grid plans to invest over 24 billion yuan in the first quarter of 2026, marking a year-on-year increase of over 20% [7][14] Proxy Electricity Prices - The report highlights that proxy electricity prices have generally decreased, with significant drops in various regions, indicating a more favorable supply-side environment [5][14] Key Companies and Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and integrated coal power operations, such as Huaneng International and Huadian International [8][14] - It also recommends monitoring companies in the wind and solar sectors, including Xintian Green Energy and Longyuan Power [8][14]