Core Viewpoint - The energy storage sector is experiencing significant expansion, with multiple companies ramping up production capacity, including Chuangneng New Energy, Sungrow Power Supply, and Guoxuan High-Tech, collectively planning over 100GWh of new capacity [2][3][9]. Group 1: Chuangneng New Energy - Chuangneng New Energy has signed an investment agreement with the Wuhan Municipal Government for an 80GWh battery production project, focusing on power and energy storage batteries [3]. - The company has established a collaborative development layout with over 500GWh of planned capacity, enhancing supply chain resilience and market responsiveness [5]. - Recently, Chuangneng secured 16.5GWh of energy storage orders within 20 days, including contracts with Hefei Intelligent, WeaCan, Kemet, and Al Rajhi Electrical [6]. Group 2: Sungrow Power Supply - Sungrow Power Supply announced a €230 million (approximately 1.887 billion RMB) investment to build its first local production base in Poland, with planned capacities of 20GW for inverters and 12.5GWh for energy storage systems [7]. - The new factory aims to create a comprehensive clean energy manufacturing ecosystem in Europe and is expected to start production within 12 months, generating 400 local jobs [7]. - The company is also expanding its overseas presence with plans for a 10GWh battery energy storage system manufacturing facility in Egypt, set to begin operations in April 2027 [8]. Group 3: Guoxuan High-Tech - Guoxuan High-Tech plans to raise 5 billion RMB through a private placement to expand its battery production capacity [9]. - The funds will primarily be allocated to three 20GWh battery projects in Hefei, Wuhu, and Nanjing, with a total investment exceeding 14 billion RMB [11]. - The company has reported a total shipment of approximately 63GWh for the first three quarters of 2025, with a projected net profit growth of 107.16% to 148.59% year-on-year [12].

截至2026年2月9日 14:55，新能源ETF(516160)一度涨近3%，现涨2.30%，盘中换手2.8%，成交1.95亿 元。跟踪指数中证新能源指数成分股协鑫集成上涨10.04%，TCL中环上涨9.98%，爱旭股份上涨 9.95%，罗博特科，帝尔激光等个股跟涨。 中邮证券表示，分类完善容量电价是在容量市场建立前的过渡，煤电、天然气、抽水蓄能以及电网侧独 立新型储能等领域范围均有涉及。容量电价整体而言，对煤电是上调，抽蓄远期有分化压力(存量和新 增分开，由一站一价过渡到一省一价)，独立储能则是首次国家层面建立规则，气电和独立储能参考煤 电。远期而言，发电侧其他可靠性容量(例如核电、光热等等)逐步纳入，甚至用电侧(稳定可调负荷、 V2G等)也会逐步纳入。 新能源ETF紧密跟踪中证新能源指数，中证新能源指数选取涉及可再生能源生产、新能源应用、新能源 存储以及新能源交互设备等业务的上市公司证券作为指数样本，以反映新能源产业相关上市公司证券的 整体表现。指数前十大权重股分别为宁德时代、阳光电源、特变电工、华友钴业、隆基绿能、亿纬锂能 （维权）、赣锋锂业、中国核电、先导智能、金风科技。 新能源ETF(516160) ...

格隆汇2月9日丨阳光电源(300274.SZ)在投资者互动平台表示，随着AIDC数据中心对电力需求的增长， 根据IEA的判断，到2030年AIDC相关的电力需求会翻倍，同步带来配储需求的增加，公司会积极把握 市场机遇。 ...

Group 1 - The company, Sungrow Power Supply (300274.SZ), stated on its interactive platform that it is currently not involved in space photovoltaic products [1]

Core Viewpoint - Yangguang Power, a leading company in the solar energy storage sector, is advancing its listing process in Hong Kong, with a current market capitalization of 299.6 billion yuan, and demonstrating significant global expansion with overseas revenue accounting for 58% of total revenue [1] Group 1: Company Developments - Yangguang Power submitted its listing application to the Hong Kong Stock Exchange in early October 2025, positioning the IPO as a crucial support for its global expansion strategy [1] - The company plans to use the funds raised from the IPO primarily for overseas production capacity and channel development [1] Group 2: Financial Performance - In the first half of 2025, Yangguang Power's energy storage system business generated revenue of 17.8 billion yuan, marking a year-on-year increase of 128%, surpassing revenue from photovoltaic inverters and other equipment [1] Group 3: Strategic Partnerships - Yangguang Power has entered into a strategic agreement with European solar solutions provider SUNOTEC to deploy 2.4 GWh of energy storage systems in integrated solar storage projects and independent storage projects in Bulgaria and other European markets, indicating a rapid acceleration in overseas business expansion [1] Group 4: Industry Trends - Recent national policies have introduced a new pricing mechanism for independent energy storage capacity on the grid side, establishing a "base salary + performance salary" revenue system, which is expected to reshape the commercial logic of the energy storage industry, marking a transition to a new phase of high-quality commercialization [1] - As a leader in the energy storage sector, Yangguang Power is poised to benefit significantly from these policy incentives [1]

Group 1 - The company, Sungrow Power Supply, stated on an interactive platform that it is currently not involved in space photovoltaic products [2]

智通财经APP获悉，华福证券发布研报称，头部企业更受益于海外储能需求的爆发，将有效平滑国内储 能需求端的波动，建议当前时间点需要非常重视宁德时代(03750)A股(300750.SZ)为代表的储能锂电龙头 和阳光电源(300274.SZ)为代表的储能龙头公司低位绝对收益布局机会。 华福证券主要观点如下： 事件 发改委和能源局正式出台《关于完善发电侧容量电价机制的通知》。就本次政策的出台，从政策、产 业、投资各个维度该行回答资本市场几个核心关切点。 政策出台背景和目的 储能近况：碳酸锂上涨确实已经造成了"负反馈"，影响面跟"集成价格&EPC价格"、"容量电价"计算得 到的IRR有关 当前时间点，碳酸锂期货价格已经回归至15万内，之前负反馈影响预期正在减弱，投资意愿（招投标和 是否装机）正在修复。此外2月份储能电芯头部企业排产环比下滑约10%，整体比较稳健。 风险提示：政策风险、储能需求不及预期、原材料价格大幅波动等。 出台背景：136号文明确推动新能源全面入市，同时明确不强制配储，标志着新型储能正从十四五的强 制配储的"政策需要"到十五五的"市场需求"转变。《关于促进新能源消纳和调控的指导意见》明确要将 新型储 ...

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 power equipment sector saw a 2.2% increase, outperforming the market, with solar energy 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 by over 60% in 2026, driven by new policies and market dynamics [3][4] Company Developments - Ningde Times is positioned as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [4] - Sunpower is recognized as a global leader in inverters, with significant overseas market integration [4] - Other notable companies include Ganfeng Lithium, BYD, and Enjie, all of which are expected to benefit from the ongoing trends in the lithium battery and energy storage markets [4] Investment Strategy - The report emphasizes the importance of energy storage, predicting a compound annual growth rate of 30-50% over the next three years [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, such as Ningde Times and Yiwei Lithium Energy, as well as companies involved in energy storage integration [4] - The report also highlights the potential of humanoid robots and automation technologies, suggesting a significant market opportunity in the coming years [4]

东吴证券近日发布电力设备行业跟踪周报：电气设备10727上涨2.2%，表现强于大盘。(本周，2月2日-2 月6日，下同)，光伏涨3.43%，电气设备涨2.2%，锂电池涨0.77%，发电设备涨0.37%，核电跌0.35%， 新能源汽车跌0.12%，风电跌0.01%。 以下为研究报告摘要： 投资要点 电气设备10727上涨2.2%，表现强于大盘。(本周，2月2日-2月6日，下同)，光伏涨3.43%，电气设备涨 2.2%，锂电池涨0.77%，发电设备涨0.37%，核电跌0.35%，新能源汽车跌0.12%，风电跌0.01%，涨 幅前五为杭电股份（603618）、三变科技（002112）、新动力、通光线缆（300265）、晶盛机电 （300316）；跌幅前五为中电电机（603988）、中际旭创（300308）、中材科技（002080）、华光股 份、晓程科技（300139）。 行业层面：储能：1月储能采招：36.3GWh，4小时系统均价半年上涨42%，宁夏需求强劲；甘肃零碳园 区建设：储能容量占比/绿电直供比例/需求响应能力纳入指标体系；国网山东省电力公司：进一步优化 储能等项目接入管理；宁夏累计废止超15GWh储能项目 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The space photovoltaic industry is progressing, with significant capital expenditures from major CSP manufacturers exceeding expectations [1] - The demand for energy storage is driven by ongoing electricity shortages in the U.S., highlighting the cost-effectiveness of leading companies [14] - The report emphasizes the importance of new directions such as space photovoltaics, AIDC, and robotics, which are catalyzing investment opportunities [14] Summary by Sections Photovoltaics - The space photovoltaic sector is gaining traction, with SpaceX's application for 1 million satellites accepted by the FCC, indicating a robust future for space-based data centers [20] - The China Photovoltaic Industry Association released cost analysis, indicating that the average full cost of mainstream photovoltaic products is expected to stabilize, providing support for price recovery [21] - The report highlights the potential for significant growth in global photovoltaic installations, with annual additions projected between 725-870 GW during the 14th Five-Year Plan [22] Energy Storage - Sunshine Power announced plans to establish a production base in Poland, aiming for 20 GW of inverter capacity and 12.5 GWh of energy storage systems [39] - The report notes a 45% year-on-year increase in EU battery storage capacity, with large-scale storage systems becoming the main growth driver [39] - January saw a significant increase in independent storage projects, with a total of 12.3 GW/36 GWh of bids, despite a year-on-year decline due to procurement timing [40] Lithium Batteries - The demand for lithium batteries continues to strengthen, with all segments showing a willingness to maintain prices, indicating ongoing profitability improvements [14] - The report recommends focusing on battery segments, particularly companies like CATL and EVE Energy, which are expected to perform well in the medium term [14] Wind Power - The report emphasizes the start of a new wind power cycle during the 14th Five-Year Plan, with significant opportunities in commercial aerospace and offshore wind projects [14] - Companies involved in wind turbine manufacturing and components are highlighted as key investment opportunities [14] Power Equipment - The domestic power grid's investment plan is projected at 5 trillion yuan, with significant improvements in pricing and demand driven by electricity shortages in the U.S. [14] - The report suggests focusing on opportunities in AI for power management and virtual power plants [14] New Directions - The report highlights the importance of developments in humanoid robotics and AIDC technology, with specific companies recommended for investment based on their potential in these sectors [14]